Real Estate News

A local private investor has purchased a property at Mill Park in Melbourne's outer north-east. The property was sold with a 15 year lease to Hungry Jacks at $181,500 net pa, reflecting a yield of 5.67%.

Two shops in Melbourne's Royal Arcade have sold at auction to separate private investors. The shops are leased to Royal Tiffany Jewellers and The Games Shop, on yields of 4.47% and 3.7% respectively.

LandMark White Limited has acquired a 55% shareholding in Guardian Securities Limited through its fully owned subsidiary, LMW Invest Pty Ltd. Guardian recently began operating in the managed funds industry, focusing on property syndication and mortgage funds.

A Newspoll survey has found that 21% of current mortgage holders find it difficult to meet their payments, while more than half of respondents are concerned about the possibility of further interest rate rises over the next 12 months.

Property group Devine Limited has acquired a 2000 sqm strategic site in Melbourne's CBD. The site was purchased from Sundew Pty Ltd, Eizik Nominees Pty Ltd and Quintov Nominees Pty Ltd in an off market transaction.

The freehold and business of the Prince Alfred Hotel on Church Street in Richmond, Victoria, has sold at auction to an undisclosed investor for $2.6 million above its reserve price.

A Hong Kong-based private investor has acquired an office and retail building in Crows Nest. The property was sold with development approval in place, however the purchaser has no plans to develop the property in the short term.

A fully leased strip of four shops and two offices at 47-49 High Street in Berwick, Victoria, has sold at auction to a private syndicate of investors and developers.

According to the latest Ashe Morgan Winthrop Property Investors Survey, over 66% of surveyed property professionals expect to see an improvement in the residential property market over the next six months.

Stamp duty is a major obstacle to housing affordability, according to REIA president Graham Joyce, who calls stamp duty a transaction tax which discriminates against property, as it is not levied against other asset classes.

Retail Development and Investment (RDI) has emerged as a new player in the area of major shopping centre transactions, with total shopping centre sales achieved this financial year totalling over $60 million.

An undisclosed investor has acquired a vacant building on Bathurst Street in Sydney's CBD, with plans to convert the three storey freehold back into a licenced establishment. The property had operated as a pub up until the 1970's.

Watpac Limited has sold its Optus Centre building to capitalise on strong investor demand for commercial office space and to provide immediate financial returns to shareholders. The building has 3000 sqm of office and retail space, with Optus as the major tenant.

Resort Corp has received papal blessing to embark on its first greenfield commercial development site on the Gold Coast, after purchasing a 2.89 hectare development site from the Catholic Church's Archdiocese of Brisbane.

Watpac has signed a construction contract with Colonial First State Property Management for the delivery of a new $35 million Australian Film Television and Radio School at Sydney's entertainment quarter, previously Fox Studios.

Two industrial properties achieved strong results at auction yesterday, indicating that investors are prepared to bid strongly for older style industrial properties in Melbourne's key south east industrial areas.

This year is shaping up as the year of recovery for the residential property market in New South Wales, according to property researcher Terry Ryder, who says our property market is looking better than it has in four years.

The playing field for project office space has moved to an entirely new level over the past five to seven years, according to Jones Lang LaSalle's director of fringe office leasing, Christian Sandstrom.

A freestanding property in West Perth has sold at auction to a private investor. Zoned office and residential, the property has not been offered to the market since 1972.

Marshall's Diesel Service has acquired and will occupy a new warehouse in Garbutt, Queensland. The property, located at 5 Corporate Crescent, comprises a 580 sqm warehouse on a 1397 sqm parcel of land.

A car showroom in Southport, Queensland, has sold at auction to an undisclosed investor on a yield of 6.1%. The property is located at 40 Ferry Road and sold just above its reserve price.

A local developer has acquired a 2.6 hectare site in Echuca, Victoria. The property was offered with vacant possession after being marketed as a potential bulky goods and showroom development site.

Mariner Financial has identified Germany as an outstanding growth market for office property, with the group's wholly owned subsidiary, Mariner's Securities Limited, recently acquiring four German office buildings.

A local investor has purchased a strip of shops in Salisbury, South Australia, following auction. The retail property received strong interest due to the current lack of supply, according to selling agent Steve Bobridge of Savills.

Australian investors are currently under-represented in global property securities, yet poised to reap the benefits of attractive risk-adjusted returns as the asset class becomes globalised, according to APN Funds Management.

Two industrial properties achieved strong results at auction yesterday, indicating that investors are prepared to bid strongly for older style industrial properties in Melbourne's key south east industrial areas.

Marshall's Diesel Service has acquired and will occupy a new warehouse in Garbutt, Queensland. The property, located at 5 Corporate Crescent, comprises a 580 sqm warehouse on a 1397 sqm parcel of land.

A Bankstown factory retail outlet leased to Barbeques Galore and Rebel Sport for ten years with a ten year option, has sold at auction to a private syndicate. The lease currently pays a combined net rental of $816,315 pa.

Micris Pty Ltd has sold and leased back its warehouse at 32 Enterprise Street in Cleveland, Queensland. The sale of the 1918 sqm warehouse was negotiated with a two year lease-back including a one year option.

Macquarie Goodman has purchased a 48,000 sqm distribution centre in Fengxian, Shanghai, for A$19.64 million. Located in one of Shanghai's major industrial precincts, the property is linked to major transportation hubs via the A4 expressway.

A vehicle service warehouse at 85 Bourke Street, Woolloomooloo, has sold at auction to a local developer. The property has 15 metre frontage to Bourke Street and sits on a 340 sqm parcel of land.

A local investor has acquired an ACT car yard for $2 million before auction. The property was sold by the Lloyd family to take advantage of current superannuation tax arrangements before new laws come into effect after 30 June.

A private investor has paid $900,000 at auction for a showroom and warehouse in Keswick, South Australia. The property is zoned Commercial Main Road and is within close proximity to Adelaide's CBD.

A warehouse in the Sydney suburb of Turrella, has sold at auction to Tokava Pty Ltd for $3 million. The property was previously occupied by owner Pennicook Davison Pty Ltd.

Paramount Browns has acquired an industrial block adjoining their premises in Gepps Cross, South Australia, for $2.06 million. The vacant site was sold by the Department of Finance and Administration and the Australian Radio Network.

An undisclosed owner occupier has purchased a warehouse building in Pooraka, South Australia, for $3.2 million in a off-market transaction. The building occupies a 4407 sqm site.

Victoria's 81% clearance rate for commercial property auctioned during February helped move the national clearance rate up 6% points to 67%, according to independent property analyst CPM Research.

A warehouse complex in the Redwood Gardens Industrial Estate in Dingley, has sold for $2.425 million. The property comprises office space, a high clearance factory and a clear span warehouse with large internal cubic capacity.

A local developer has purchased an industrial site at 50A Princes Highway in Dandenong, Victoria, for $2.84 million. The site was purchased at auction from Lenro Properties Pty Ltd.

A warehouse in North Melbourne has sold for $1.35 million to an undisclosed purchaser. The buyer will occupy the property's upper level office space while Victoria Import Co. Pty Ltd will continue to lease the ground floor warehouse.

A 1800 sqm industrial building at 87 Marigold St, Revesby, has sold at auction for $1.689 million after interest from three bidders. While a second industrial property in Fairfield East sold at auction for $1.395 million.

A modern, fully leased warehouse in Knoxfield, Victoria, has sold the day before auction for $1.95 million to an undisclosed investor. The building sits on 4913 sqm site with a street frontage of around 50 metres.

Colliers International research has revealed that the median price paid for industrial and commercial property in the Sunshine Coast dropped by 12% in the fourth quarter of 2006.

Bunnings Warehouse in Wendourie, Ballarat, has sold for $7.3 million during Burgess Rawson's first portfolio auction for the year at Melbourne's Crown Casino. The 28 February auction brought in $11.724 million.

Recent Colliers International research shows that the Greater Townsville commercial and industrial vacancy rate is at a tight 3.75%, with the area currently enjoying strong economic and population growth.

Cedar Woods' Laverton airfield redevelopment project, 'Williams Landing', has received Victorian Government planning approval for a transit oriented town centre and adjoining master planned residential community.

Balacart Properties has purchased an office and warehouse at 59 Steel Place in Morningside for $1.45 million from MFS Diversified Group. The property was settled yesterday.

A 1125 sqm warehouse/office in Lonsdale, South Australia, has sold at auction to a private investor for $910,000 on a yield of just over 8%.

The CEC Group Limited is proposing to develop an industrial business park in Townsville. The Cairns based developer has acquired a 53 ha lot for the proposed development, for which a 100 lot sub-division application has been lodged.

Columbia Sportswear has purchased a new combined office warehouse in Banyo, Brisbane, for $3.735 million. The property was purchased from the Industrial Development Group.

A local private investor has purchased a property at Mill Park in Melbourne's outer north-east. The property was sold with a 15 year lease to Hungry Jacks at $181,500 net pa, reflecting a yield of 5.67%.

Two shops in Melbourne's Royal Arcade have sold at auction to separate private investors. The shops are leased to Royal Tiffany Jewellers and The Games Shop, on yields of 4.47% and 3.7% respectively.

The freehold and business of the Prince Alfred Hotel on Church Street in Richmond, Victoria, has sold at auction to an undisclosed investor for $2.6 million above its reserve price.

A Hong Kong-based private investor has acquired an office and retail building in Crows Nest. The property was sold with development approval in place, however the purchaser has no plans to develop the property in the short term.

A fully leased strip of four shops and two offices at 47-49 High Street in Berwick, Victoria, has sold at auction to a private syndicate of investors and developers.

Retail Development and Investment (RDI) has emerged as a new player in the area of major shopping centre transactions, with total shopping centre sales achieved this financial year totalling over $60 million.

Resort Corp has received papal blessing to embark on its first greenfield commercial development site on the Gold Coast, after purchasing a 2.89 hectare development site from the Catholic Church's Archdiocese of Brisbane.

A car showroom in Southport, Queensland, has sold at auction to an undisclosed investor on a yield of 6.1%. The property is located at 40 Ferry Road and sold just above its reserve price.

A local developer has acquired a 2.6 hectare site in Echuca, Victoria. The property was offered with vacant possession after being marketed as a potential bulky goods and showroom development site.

A local investor has purchased a strip of shops in Salisbury, South Australia, following auction. The retail property received strong interest due to the current lack of supply, according to selling agent Steve Bobridge of Savills.

A residential development site in Hawthorn, Victoria, has been snapped up at auction by a local developer. The property has development approval for 45 apartments, 3 retail shops, a 212 sqm office and basement parking for 60 cars.

Two adjoining retail shops in Box Hill North, Victoria, have sold at auction to an undisclosed investor.  The shops sit on one title and sold over $100,000 above reserve.

A Bankstown factory retail outlet leased to Barbeques Galore and Rebel Sport for ten years with a ten year option, has sold at auction to a private syndicate. The lease currently pays a combined net rental of $816,315 pa.

A residential and retail building at 102 Burton Street in Darlinghurst, has sold at auction on a yield of 3.57%. The property was put on the market for the first time in 40 years, according to MGM Properties.

A retail and office building in Port Melbourne has been snapped up at auction by a consortium associated with Port Travel, the current tenant of the property. The building includes ground floor retail space and upper floor office space.

A showroom with an attached dwelling located at 326 Hawthorn Road in Caulfield, has sold at auction for $1 million. The property was offered with vacant possession under instructions from the executor of a deceased estate.

A showroom in the Northland Homemakers Centre in Preston, Victoria, has sold at auction to an undisclosed investor. BabyCo has leased the showroom for five years with a five year option.

Zacamoco Boutique Property Developments has announced the appointment of L.U. Simon Builders to its $40 million St Falls development at Falls Creek. The development is the first of three new ski resorts planned for the Victorian Alps.

A recent financial adviser survey has found that the overwhelming majority of advisers expect an increased interest in global direct property over the coming year, according to Macquarie Direct Property.

Devine Limited has strategically acquired a third parcel of land adjoining the company's recently purchased Butter Board site at Hamilton in Brisbane. The third site was purchased for $3.2 million from Johnema Holdings.

Three retail properties have sold at an executors auction in Victoria on sub 4% net yields. Two of the properties are located on Douglas Street in Noble Park, while the other property is located in the adjoining suburb of Springvale.

A freehold retail and residential property at 650 Crown Street, Surry Hills, has sold for $1.15 million to a local investor following an expressions of interest campaign.

CVC Limited has confirmed that approval has been granted for the development of a 14,157 sqm retail and lifestyle centre on a site located in Belrose allowing CVC to complete the sale to CVC Trinity Property Fund.

A fully leased retail building in Chadstone, Victoria, has sold at auction for $2.43 million. The property comprises five retail shops occupied by a variety of service retailers.

An historic retail property located at 405 Bay Street in Port Melbourne, has sold at auction for $2.16 million, approximately 30% higher than the reserve price. The property was sold by Farem Brothers.

Property group Devine Limited has acquired a 2000 sqm strategic site in Melbourne's CBD. The site was purchased from Sundew Pty Ltd, Eizik Nominees Pty Ltd and Quintov Nominees Pty Ltd in an off market transaction.

An undisclosed investor has acquired a vacant building on Bathurst Street in Sydney's CBD, with plans to convert the three storey freehold back into a licenced establishment. The property had operated as a pub up until the 1970's.

Victoria's 81% clearance rate for commercial property auctioned during February helped move the national clearance rate up 6% points to 67%, according to independent property analyst CPM Research.

A Sydney CBD mixed-use building occupying the corner of George and Goulburn Streets has sold at auction for $9.165 million. The property was sold by Scruffy Murphy's Pty Ltd.

The Iris Hotel Group's portfolio of hotels has been sold on a sale and leaseback basis to T W Hedley Pty Ltd for approximately $300 million. Jones Lang LaSalle Hotels handled the deal which includes range of hotels in the Sydney metropolitan area.

Under instructions, a restaurant with an upper floor residence has sold at auction for $6.35 million. The southern peninsula freehold in Sorrento, Victoria, has an absolute beachfront and was formerly used as an aquarium.

Property development company CP1 Limited and joint venture partner Raptis Group, have formed a special purpose vehicle, CIRA International Pty Ltd, to acquire the site of the Gold Coast International Hotel and adjacent land for $70m.

After a year of strong sales restricted supply of local hotel assets will push investors offshore and to regional locations for new opportunities according to Jones Lang LaSalle's Hotel Investment Outlook.

Sydney's hotel market may be losing pace despite the strong overall performance of Australian hotel markets in 2006, according to ABS findings and Colliers International Research.

Australian hotel markets continue to feature as some of the most tightly held markets in the region, according to Jones Lang LaSalle Hotels' latest Hotel Investor Sentiment Survey.

Coles Group Limited today announced the acquisition of the Queensland based Talbot Hotel Group for approximately $53 million, including merchandise and transaction costs. The purchase includes six hotel leaseholds, six liquor barns and 11 detached bottleshops.

A private trust has purchased a backpackers hostel in Sydney's north before the scheduled auction. The trust acquired the freehold property for $3.3 million and plans to operate the premises upon settlement of the sale.

Investment and financial services group MFS Limited has agreed to acquire the Saville hotel management business from Stockland for $114 million. Stockland announced plans in August 2006 to sell its hotel management business, which operates under the Saville Hotel Group brand.

The Aspen Group has acquired the Great Aussie Resort in Albury-Wodonga for $3 million through its Aspen Parks Property Fund.

Ocean Capital has purchased the freehold and business interests in the Cape Tribulation resorts in Far North Queensland for $8.5 million. The properties have been acquired from GPT and Voyages.

The 210 room Peppers Fairmont Resort in the Blue Mountains, New South Wales, has been sold to a private investment group for almost $45 million. Under the terms of the sale agreement Peppers Leisure Limited will continue as the resort operator.

National Leisure and Gaming has sold the freehold interests in two of its Queensland pubs and a related motel in separate transactions with a total value of $29.2 million.

The number of hotel rooms under construction has increased 17.1% since March 2006, albeit from a low base, as developers and investors realise most major markets in Australia are continuing to record strong growth in occupancy and room rates, according to Jones Lang LaSalle Hotels.

ING Real Estate Entertainment Fund has purchased the Central Hotel in Bundaberg, Queensland, for $3 million before costs. The Fund has acquired the licensed freehold interest in the hotel and has agreed terms with Dockside Investments for a new 15 year lease commencing at settlement.

Abacus Property Group has exchanged contracts for the sale of the Rendezvous Hotel in Auckland. CDL Hospitality Trusts of Singapore has agreed to purchase the property for NZ$113 million.

National Leisure & Gaming has splashed out $35 million to boost its hotel portfolio in New South Wales and Queensland to 12. The company has acquired the leasehold businesses of the Brewhouse portfolio of three suburban hotels in Sydney, as well as the Courthouse Hotel in Cairns and the Gladstone Reef Hotel Motel in Gladstone, Queensland.

Coles Myer today announced the acquisition of the Queensland-based Mr Corks Liquor Group for $51 million plus merchandise, float and transaction costs. Mr Corks comprises five hotels, three large format liquor stores and 14 drive thru bottle shops.

The Sundowner Group has listed several motor inns for sale as demand for regional hotel and motel properties across Australia's eastern seaboard continues to outweigh supply. According to Jones Lang LaSalle Hotels, investors' appetites for tourism accommodation assets outside major CBD areas are proving difficult to satisfy.

The Towers of Chevron Renaissance will be managed by the Accor Group from 1 December 2006, the Raptis Group announced today. Accor will replace S8, who previously held the management rights.

Becton Property Group has sold its 50% interest in its Accor Premiere Vacation Club joint venture holiday ownership club business. The company has been bought out by joint venture partner Accor Asia Pacific.

A Hong Kong-based private investor has acquired an office and retail building in Crows Nest. The property was sold with development approval in place, however the purchaser has no plans to develop the property in the short term.

A fully leased strip of four shops and two offices at 47-49 High Street in Berwick, Victoria, has sold at auction to a private syndicate of investors and developers.

Watpac Limited has sold its Optus Centre building to capitalise on strong investor demand for commercial office space and to provide immediate financial returns to shareholders. The building has 3000 sqm of office and retail space, with Optus as the major tenant.

Resort Corp has received papal blessing to embark on its first greenfield commercial development site on the Gold Coast, after purchasing a 2.89 hectare development site from the Catholic Church's Archdiocese of Brisbane.

The playing field for project office space has moved to an entirely new level over the past five to seven years, according to Jones Lang LaSalle's director of fringe office leasing, Christian Sandstrom.

A freestanding property in West Perth has sold at auction to a private investor. Zoned office and residential, the property has not been offered to the market since 1972.

Mariner Financial has identified Germany as an outstanding growth market for office property, with the group's wholly owned subsidiary, Mariner's Securities Limited, recently acquiring four German office buildings.

A residential development site in Hawthorn, Victoria, has been snapped up at auction by a local developer. The property has development approval for 45 apartments, 3 retail shops, a 212 sqm office and basement parking for 60 cars.

A South Melbourne office building has sold at auction for a record price of more than $4150/sqm. The building was offered with vacant possession as the current tenant's lease expires at the end of April 2007.

A strata titled office building on the eastern fringe of Adelaide's CBD, has sold at auction for $2.61 million. The 611 sqm building comprises four office suites over two storeys, while the site area includes 8 car spaces.

A retail and office building in Port Melbourne has been snapped up at auction by a consortium associated with Port Travel, the current tenant of the property. The building includes ground floor retail space and upper floor office space.

Micris Pty Ltd has sold and leased back its warehouse at 32 Enterprise Street in Cleveland, Queensland. The sale of the 1918 sqm warehouse was negotiated with a two year lease-back including a one year option.

Melbourne CBD building, Equity Chambers, has sold for $14.75 million to Melbourne based private investor, Mr John Williamson. The building was sold by investment syndicate Castle Clare Pty Ltd.

A local investor has acquired an ACT car yard for $2 million before auction. The property was sold by the Lloyd family to take advantage of current superannuation tax arrangements before new laws come into effect after 30 June.

According to Jones Lang LaSalle research, financial markets have reassessed the odds of another rate increase to greater than 50%, following the Australian & Japan Economic Outlook Conference 2007.

Two strata titled offices in St Kilda, Melbourne, have sold at auction for $1.175 million. The suites form part of a small office complex known as The Gresham and were previously owned by Dalglen Nominees Pty Ltd.

Raptis Group has purchased the remaining 50% interest in the Dolphin Arcade Project in Surfer's Paradise, for $31 million, with settlement expected before 14 December 2007.

Australasian Performing Right Associations and the Australasian Mechanical Copyright Owners Society have jointly purchased Building X in Ultimo for $11 million. The building comprises 4930 sqm of floor space on a 1290 sqm site.

A retail building in Sydney's south west has sold for $3.6 million after it was passed in at auction. The building was sold to a local investor with vacant possession.

An undisclosed owner occupier has purchased a warehouse building in Pooraka, South Australia, for $3.2 million in a off-market transaction. The building occupies a 4407 sqm site.

Gold Coast developer Hughes Holdings Pty Ltd, has purchased an office and retail property in Toowoomba for just over $1.47 million at auction. The building is currently leased to three tenants with one vacant tenancy available.

Australian Geographic has sold its headquarters at 321 Mona Vale Rd, Terrey Hills, for $4.36 million at auction. The 2570 sqm property comprises three single storey, colonial style office buildings and a small warehouse.

Victoria's 81% clearance rate for commercial property auctioned during February helped move the national clearance rate up 6% points to 67%, according to independent property analyst CPM Research.

Watpac has purchased a property at 435 St Paul's Terrace in Fortitude Valley, for $14.25 million. Watpac said that the acquisition was in direct response to current market demand and the developments forecasted profitability due to investor and tenant interest.

A warehouse complex in the Redwood Gardens Industrial Estate in Dingley, has sold for $2.425 million. The property comprises office space, a high clearance factory and a clear span warehouse with large internal cubic capacity.

A Newspoll survey has found that 21% of current mortgage holders find it difficult to meet their payments, while more than half of respondents are concerned about the possibility of further interest rate rises over the next 12 months.

According to the latest Ashe Morgan Winthrop Property Investors Survey, over 66% of surveyed property professionals expect to see an improvement in the residential property market over the next six months.

Stamp duty is a major obstacle to housing affordability, according to REIA president Graham Joyce, who calls stamp duty a transaction tax which discriminates against property, as it is not levied against other asset classes.

This year is shaping up as the year of recovery for the residential property market in New South Wales, according to property researcher Terry Ryder, who says our property market is looking better than it has in four years.

A freestanding property in West Perth has sold at auction to a private investor. Zoned office and residential, the property has not been offered to the market since 1972.

The sale of new homes and units among Australia's largest builders and developers increased by 2.9% in February, to 8,193 dwellings, according to HIA's new home sales figures.

A residential development site in Hawthorn, Victoria, has been snapped up at auction by a local developer. The property has development approval for 45 apartments, 3 retail shops, a 212 sqm office and basement parking for 60 cars.

Gold Coast population growth is set to eclipse that of Brisbane for the first time in a decade. The rate of growth will see the Gold Coast become the fastest growing municipality in Australia, according to independent property analyst Michael Matusik.

A residential and retail building at 102 Burton Street in Darlinghurst, has sold at auction on a yield of 3.57%. The property was put on the market for the first time in 40 years, according to MGM Properties.

A showroom with an attached dwelling located at 326 Hawthorn Road in Caulfield, has sold at auction for $1 million. The property was offered with vacant possession under instructions from the executor of a deceased estate.

According to a consumer confidence report on rent, a large majority believe that rent auctions are taking place, with one in ten having offered to pay above the advertised rental price in order to secure a property.

A vehicle service warehouse at 85 Bourke Street, Woolloomooloo, has sold at auction to a local developer. The property has 15 metre frontage to Bourke Street and sits on a 340 sqm parcel of land.

Zacamoco Boutique Property Developments has announced the appointment of L.U. Simon Builders to its $40 million St Falls development at Falls Creek. The development is the first of three new ski resorts planned for the Victorian Alps.

Apartment vendors and prospective buyers should pay careful attention to the state of a property's common property, according to WBP Property Group, who regularly mark down properties that are not well maintained.

Despite solid population growth, Australia's new home builders are still building fewer homes than what is required, according to HIA, who say that current ABS figures show new home starts eased by 0.8% in the December quarter, to 37,413.

Unit and townhouse sales are surging across the Sunshine State, as new home buyers and low income earners look for more affordable housing alternatives, according to the Real Estate Institute of Queensland (REIQ).

According to Jones Lang LaSalle research, financial markets have reassessed the odds of another rate increase to greater than 50%, following the Australian & Japan Economic Outlook Conference 2007.

Devine Limited has strategically acquired a third parcel of land adjoining the company's recently purchased Butter Board site at Hamilton in Brisbane. The third site was purchased for $3.2 million from Johnema Holdings.

A freehold retail and residential property at 650 Crown Street, Surry Hills, has sold for $1.15 million to a local investor following an expressions of interest campaign.

An undisclosed buyer has paid over $1.75 million for a residential block fronting The Pines golf course at Sanctuary Cove on the Gold Coast. The double block achieved a record price for land overlooking a golf course.

Property investment continues to produce excellent returns across Australia, however rental yields need to rise in order to attract investors back to the property market, according to REIA President, Graham Joyce.

Brisbane riverfront house and land sales continue to rise, with the industry recording more than $160 million in riverfront sales during 2006, according to Dean Yesberg of Ray White in South Brisbane.

Raptis Group has purchased the remaining 50% interest in the Dolphin Arcade Project in Surfer's Paradise, for $31 million, with settlement expected before 14 December 2007.

A parcel of land, slated as the last substantial residential development site in Port Melbourne, has been bought for $9.3 million by Sinclair Brook Pty Ltd and the Macquarie Real Estate Equity Fund No 5.

A commercial building in Port Melbourne has sold for an undisclosed sum following auction, where the property was passed in after it did not reach its reserve of $1.2 million.

A Newspoll survey has found that 21% of current mortgage holders find it difficult to meet their payments, while more than half of respondents are concerned about the possibility of further interest rate rises over the next 12 months.

Property group Devine Limited has acquired a 2000 sqm strategic site in Melbourne's CBD. The site was purchased from Sundew Pty Ltd, Eizik Nominees Pty Ltd and Quintov Nominees Pty Ltd in an off market transaction.

According to the latest Ashe Morgan Winthrop Property Investors Survey, over 66% of surveyed property professionals expect to see an improvement in the residential property market over the next six months.

Stamp duty is a major obstacle to housing affordability, according to REIA president Graham Joyce, who calls stamp duty a transaction tax which discriminates against property, as it is not levied against other asset classes.

Retail Development and Investment (RDI) has emerged as a new player in the area of major shopping centre transactions, with total shopping centre sales achieved this financial year totalling over $60 million.

An undisclosed investor has acquired a vacant building on Bathurst Street in Sydney's CBD, with plans to convert the three storey freehold back into a licenced establishment. The property had operated as a pub up until the 1970's.

Resort Corp has received papal blessing to embark on its first greenfield commercial development site on the Gold Coast, after purchasing a 2.89 hectare development site from the Catholic Church's Archdiocese of Brisbane.

Watpac has signed a construction contract with Colonial First State Property Management for the delivery of a new $35 million Australian Film Television and Radio School at Sydney's entertainment quarter, previously Fox Studios.

This year is shaping up as the year of recovery for the residential property market in New South Wales, according to property researcher Terry Ryder, who says our property market is looking better than it has in four years.

Marshall's Diesel Service has acquired and will occupy a new warehouse in Garbutt, Queensland. The property, located at 5 Corporate Crescent, comprises a 580 sqm warehouse on a 1397 sqm parcel of land.

A local developer has acquired a 2.6 hectare site in Echuca, Victoria. The property was offered with vacant possession after being marketed as a potential bulky goods and showroom development site.

The sale of new homes and units among Australia's largest builders and developers increased by 2.9% in February, to 8,193 dwellings, according to HIA's new home sales figures.

A residential development site in Hawthorn, Victoria, has been snapped up at auction by a local developer. The property has development approval for 45 apartments, 3 retail shops, a 212 sqm office and basement parking for 60 cars.

A South Melbourne office building has sold at auction for a record price of more than $4150/sqm. The building was offered with vacant possession as the current tenant's lease expires at the end of April 2007.

A block of land on northern New South Wales' Tweed Coast, has broken a price record in the region, with the latest deal equating to $3866/sqm, a 25% increase on the previous record of $3100/sqm set last year.

Micris Pty Ltd has sold and leased back its warehouse at 32 Enterprise Street in Cleveland, Queensland. The sale of the 1918 sqm warehouse was negotiated with a two year lease-back including a one year option.

According to a consumer confidence report on rent, a large majority believe that rent auctions are taking place, with one in ten having offered to pay above the advertised rental price in order to secure a property.

A vehicle service warehouse at 85 Bourke Street, Woolloomooloo, has sold at auction to a local developer. The property has 15 metre frontage to Bourke Street and sits on a 340 sqm parcel of land.

Zacamoco Boutique Property Developments has announced the appointment of L.U. Simon Builders to its $40 million St Falls development at Falls Creek. The development is the first of three new ski resorts planned for the Victorian Alps.

Despite solid population growth, Australia's new home builders are still building fewer homes than what is required, according to HIA, who say that current ABS figures show new home starts eased by 0.8% in the December quarter, to 37,413.

According to Jones Lang LaSalle's national director of health and aged care, Peter McMullen, the Australian seniors living property market is likely to move towards alternate rental and purchase models more commonly seen in the USA.

Devine Limited has strategically acquired a third parcel of land adjoining the company's recently purchased Butter Board site at Hamilton in Brisbane. The third site was purchased for $3.2 million from Johnema Holdings.

CVC Limited has confirmed that approval has been granted for the development of a 14,157 sqm retail and lifestyle centre on a site located in Belrose allowing CVC to complete the sale to CVC Trinity Property Fund.

Viculus Limited has purchased Brookfield Park Nursing Home, located in Traralgon, Victoria, for $4.5 million with settlement expected by the end of March 2007. Brookfield Park is a 30 bed Commonwealth funded nursing home.

An undisclosed buyer has paid over $1.75 million for a residential block fronting The Pines golf course at Sanctuary Cove on the Gold Coast. The double block achieved a record price for land overlooking a golf course.