Property

PERTH’S office market is starting to tighten again for the first time since the middle of 2008 when the vacancy rates virtually hit zero at the height of the boom.

COMPETITION between tenants is expected to place upwards pressure on rents, that could be the lone bright spot in a struggling residential property market, according to REIWA president Alan Bourke.

Western Australia’s housing construction market is seemingly emerging from its three-year trough, with industry figures showing new home sales increased for a third consecutive month in December.

Developer Aspen Group says it is ready to commence development of its latest residential land syndicate, the Enclave at St Leonards, after it received bank approval for borrowing facilities.

Stockland has upgraded its full year earnings after doubling first half profit from the previous corresponding period because of a solid increase in commercial and residential property sales.

Nomad Building Solutions has been slapped with a $4.25 million claim for damages, over delays in designing and building central facilities for Chevron's Gorgon liquefied natural gas project.

Planning Minister John Day has put out the call for 45 town planning and building experts to make up 15 development assessment panels that will be established by July.

Perth's office vacancy rate has dipped to 9.5 per cent, amid signs of further tightening that will place upwards pressure on rents, new research says.

WHILE the only way is up for developments in Scarborough – with at least five buildings above eight stories approved late last year – the beachside precinct still has some way to go before its transformation as modern tourism district is complete.

THE state government is moving to the next phase of its redevelopment of the Perth Cultural Centre, with six tenders currently being advertised from which a team of consultants will be selected to develop a master plan for the precinct.

THE receiver for the $500 million Raine Square office tower says its financiers were unable to accept any refinancing proposals put forward by the developer because the project was no longer profitable.

INVESTORS will recover an additional $67.5 million from Westpoint Group after the nation’s top corporate regulator agreed to settle litigation against Westpoint’s directors and accounting firm KPMG.

Western Australia's new home market is seemingly emerging from its three-year trough, with sales increasing for a third consecutive month in December, industry figures show.

The state government has announced Alcock-Brown Neaves Group will build 80 new homes in the Karratha suburb of Tambrey, as part of its Pilbara Cities initiative.

Rents are set to rise in Perth as competition between tenants hots up, and the tightening could help trigger a recovery in the broader residential market, REIWA president Alan Bourke says.

Out-of-pocket investors will recover an additional $67.5 million from Westpoint Group, after the Australian Securities and Investments Commission agreed to settle litigation against Westpoint's directors and accounting firm KPMG.

Perth-based residential developer Cedar Woods has announced a profit guidance of $27 million for financial year 2011, an increase of 12.5 per cent on the previous year.

Aspen Group major shareholder Entrust Funds Management has confirmed it has requested a meeting of shareholders to discuss replacing most of the current board, including managing director Gavin Hawkins.

PROJECTS in the Perth CBD and Midland worth a collective $155 million have brought the total value of developments on the books of listed property group Diploma Construction to $560 million.

LONG-TIME Perth home builder Robert Shaw doesn’t want to see another crisis in home affordability as the state heads towards another widely tipped property upturn in the next few years.

Demand for inner-city, high-density apartment living in Perth is tipped to jump on the back of a surge in mining investment, increased migration to the state and more younger buyers.

A JOINT venture between two Western Australian companies has bought two office buildings in Richmond, Melbourne, in recent months, paying about $30 million for the two.

THE Peet Yanchep Land syndicate has settled the $62 million purchase of its development site after Peet Limited bought the majority of syndicate shares.

WESTERN Australia’s commercial construction sector is reaping the benefits of the state government’s commitment to the upgrade of the state’s medical infrastructure and facilities.

Long-standing commercial and industrial construction company Sizer Builders was placed into the hands of receivers and voluntary administrators last month after trading unprofitably.

Receivers for troubled office development Raine Square say project financiers gave the developer, Westgem Investments, ample opportunity to meet its debt obligations, but Westgem chief Luke Saraceni says Bankwest would not discuss refinancing options.

The director of beleaguered office development Raine Square has labelled its receivership unnecessary, saying the project still has "strong financial metrics".

The Satterley Property Group and 17 of the state's leading builders are set to combine resources in a partnering arrangement to deliver more affordable housing.

A PROMINENT Perth-based lawyer has questioned the need for local governments to remain involved in town planning, after Planning Minister John Day last week moved to smooth the way for mid-rise development on Cottesloe’s beachfront.

OFFICE leasing is the CBD has become increasingly competitive as growing firms absorb record levels of office space, and owners of older buildings mobilise plans to reposition their stock to compete with a raft of new offerings to the market.

Building products manufacturer Wesbeam posted an improved result in financial year 2009-10, but remains short of being profitable, according to its latest accounts.

PERTH’S residential property market is in a state of oversupply and in the midst of a price correction with industry experts warning the market has been overstimulated.