Perth's housing construction boom is fuelling a blowout in the number of properties available for lease, with the proliferation of apartments in particular prompting the state’s top real estate group to question whether developers and government policy were providing what residents want.
When a prepared site was converted into the 77-apartment Adara complex near Cockburn in just 11 days late last year, the ‘potential’ for modular construction techniques in Perth became a reality.
The state government has been urged to consider other measures to boost revenue rather than increasing property stamp duty, which has become a significant contributing factor in the stalling residential market, according to an influential local property player.
Not surprisingly, sales activity dipped this week due to the long weekend which based on REIWA’s historic data does not happen when Australia Day falls between Tuesday and Thursday.
A new location in Bunbury will be the home of the state government’s Department of Parks & Wildlife, with up to 300 employees to be housed at a Koombana Drive headquarters.
Developers are keen to take advantage of new planning guidelines at Scarborough Beach, with the state government-backed $57.5 million revitalisation designed to encourage hundreds of millions of dollars worth of private sector investment.
Local governments are making little headway in hitting the state government’s goal that 47 per cent of new housing development be made in existing areas, according to a progress report on the planning framework, Directions 2031.
Final design works and construction valuations are under way for the long-awaited $70 million DoubleTree by Hilton hotel in Karratha, with building expected to begin before the middle of the year, albeit at a new location, in the Pilbara town’s CBD.
Mining entrepreneur Nik Zuks has put four Perth properties up for sale as he deals with the sharp slump in the iron ore market, which has slashed the value of his flagship company Bellzone Mining plc.
Construction on Chinese developer JianHe Jian Group’s $100 million residential and commercial project opposite Perth Zoo in South Perth is expected to begin later this month, after local builder JA
Woods Bagot has been ranked seventh in a list of the world’s top 100 architecture firms for the second consecutive year, with the company’s Perth studio emerging as one of its most strategically important.
Apartment developers are shrugging off concerns of oversupply in key markets, a slowing pre-sales environment and falling rental values, pushing on with plans for significant new projects, both in the CBD and suburban areas.
Commercial rents in the Perth CBD have been tipped to fall by 9.4 per cent over the next 12 months, with the Western Australian capital one of only two major Australian cities to experience a contraction in office rental values.
A surprise fall in home loan approvals in November shows the national housing market is starting to moderate and a rate cut should be on the cards early in 2015, according to the Real Estate Institute of Australia.
Apartment developers are increasingly being forced to sweeten their offering as increased supply turns the off-the-plan market largely in favour of prospective buyers.
Perth-based residential rentals-dedicated website rent.com.au is going public, unveiling a $10 million-plus plan to list on the Australian Securities Exchange via a backdoor listing through Select
Forecasting firm BIS Shrapnel has tipped the Perth office vacancy rate to peak at 23 per cent by 2018, a figure significantly higher than the expectations of the city's leading commercial property agents.
Department store chain Kmart is set to move its Western Australian distribution centre from Canning Vale to Jandakot, with plans in motion to establish a $40 million facility at Jandakot Airport.
Two major retail redevelopment projects in Cannington will move closer to construction later this week, with regulatory approval expected for a $235 million expansion of Westfield Carousel and a $2
The office building at 220 St Georges Terrace has been sold for $35 million, with a local private buyer purchasing the building in a deal brokered by commercial agency Knight Frank.
Geraldton-based builder Serena Guidice has become the first ever woman to be named National Young Builder of the Year by the Master Builders Association.
Western Australia’s biggest homebuilder and the state’s most prolific land developer say the heat has come out of the new house and land market, with home buyers set to reap the rewards of an affordability breakthrough over the next 12 months.
