AGENT EXITS, LOW LISTINGS HURT MCGRATH

AGENT EXITS, LOW LISTINGS HURT MCGRATH

PROFITS have dived 72 per cent at real estate group McGrath (ASX:MEA) to $2.4 milllion on the back of low property listings.

Listings with company-owned offices were down 20 per cent in the half year, and there's been an exodus of agents, which has dampened sales results.

McGrath speculates Australians have been put off selling ...

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ABACUS DOUBLES ITS MONEY ON WORLD TRADE CENTRE SALE

ABACUS DOUBLES ITS MONEY ON WORLD TRADE CENTRE SALE

MELBOURNE's World Trade Centre has sold for $267.5 million, having more than doubled in value since 2014.

Abacus Property Group (ASX:ABP), with joint venture partners KKR and Riverlee Group, has exchanged contracts for the sale of World Trade Centre in Melbourne CBD for $267.5 million.

Abacus and KKR purchased 70% of the property from ...

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OREANA WINS GOLDEN PUNT WITH ASCOT DEVELOPMENT

OREANA WINS GOLDEN PUNT WITH ASCOT DEVELOPMENT

THE OREANA Property Group has bought the last slice of ISPT's Pakenham Racecourse development in Melbourne for $7 million, following a heated expressions of interest campaign. Oreana secured the 25.48 hectare Ascot Central site in the sale, a development consisting of 475 residential lots. Ascot Central forms a primary hub for the...

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MELBOURNE GROUND FLOOR SHOP SELLS FOR $4.71 MILLION

MELBOURNE GROUND FLOOR SHOP SELLS FOR $4.71 MILLION

CHINESE property developer Hengyi has sold the home of a popular Melbourne café for $4.71 million marking the largest ground floor shop sale in the CBD for 2016.

The 518 Little Bourke Street property, which is leased to Little Billy Café on a 10-year term, forms part of Hengyi's William Court portfolio - listed for sale...

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NOVOTEL SALE REFLECTS HOT BUYERS' MARKET

NOVOTEL SALE REFLECTS HOT BUYERS' MARKET

AFTER two decades in the hands of a private syndicate, The Novotel Melbourne Glen Waverley has been sold to the Sydney-based iProsperity Group for $73.6 million. Colliers International's Gus Moors, Neil Scanlan and Guy Wells finalised the deal with the Asian offshore investment advisory firm, following an expression-of-interest campai...

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MELBOURNE CBD OFFICE SELLS FOR $80 MILLION

MELBOURNE CBD OFFICE SELLS FOR $80 MILLION

A MAJOR office space in Melbourne's CBD has been snapped up by a private Chinese investor for an estimated $80 million.

The sale, by an unlisted property trust associated with Melbourne businessmen Ron Lazarovits and Max Fremder, was negotiated on the vendor's behalf by Colliers International and Teska Carson.

The 10-level office b...

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FOREIGN INVESTORS MAKE 'SEISMIC SHIFT' TO RETAIL

FOREIGN INVESTORS MAKE 'SEISMIC SHIFT' TO RETAIL

AN offshore buyer has snatched up 19th Hole Shopping Centre in Woodend, acquiring the 18,201sqm site for almost $18million.

The neighbourhood shopping centre was listed for sale for the first time in 50 years by Colliers International selling agents Tom Noonan and Tim McIntosh.  The pair fielded more than 150 enquiries from local, syndic...

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DEVELOPER BUYS BUCKLEY'S CORNER

DEVELOPER BUYS BUCKLEY'S CORNER

BUCKLEY'S Corner in Footscray has sold to a Melbourne developer for $5.5 million.

The property located at 26-30 Buckley Street - benefits from a premium location within the Footscray culinary and business activity precinct, offering diverse retail, food and lifestyle attractions including the renowned Footscray Market.

CBRE's David...

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NEW OFFICE SPACE LEASES RISE 21 PER CENT

NEW OFFICE SPACE LEASES RISE 21 PER CENT

STRONG small business activity has driven a 21 per cent increase in the amount of office space leased across major Australian markets, according to Colliers International's latest Office Demand Index. The reports shows that a total of 448,163sqm of office space was leased nationally as of September YTD 2016, with 85 per cent of t...

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CHINESE SNAP UP AUSTRALIAN HOTELS

CHINESE SNAP UP AUSTRALIAN HOTELS

CHINESE investors accounted for 42% of the $1.7 billion in hotel sales in Australia year-to-date according to new research from CBRE.

CBRE Hotels Executive Director Robert McIntosh says the Australian hotel market is being increasingly targeted by Asian capital with Chinese investors leading the charge.

"Recent volatility in global eq...

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FRIDCORP UNVEILS LATEST SYDNEY PROJECT

FRIDCORP UNVEILS LATEST SYDNEY PROJECT

FRIDCORP has launched its $700 million BEYOND precinct in a bid to transform Sydney's Hurstville. The 13,927sqm masterplanned community will comprise a mix of 556 one, two and three-bedroom apartments across four buildings up to 20 levels high. BEYOND will also feature a 5000sqm retail plaza anchored by Woolworths that will link t...

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DEVELOPER SCORES SOUTHBANK SITE FOR $80M TOWER

DEVELOPER SCORES SOUTHBANK SITE FOR $80M TOWER

A HONG KONG developer has scooped one of the last major permit-approved sites within Melbourne's Crown Casino precinct for $8.8 million. The Southbank location has been earmarked for an $80 million 38-level residential tower designed by local architecture firm Fender Katsalidis. Located at 18 Moray Street, the sale set a new bench...

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BIG PLAYERS JOIN UP FOR SMALL TOURISM DEAL

BIG PLAYERS JOIN UP FOR SMALL TOURISM DEAL

THE founders of Carsales.com and Jayco Caravans have made a minor play in the Melbourne tourism market with the $4.65 million acquisition of Gumbaya Park, an  amusement park near Pakenham in the city's south-east. Jayco's Gerry Ryan, who is worth an estimated $370 million, and Carsales' Wal Pisciotta have joined forces in...

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INVESTORS LOOK BEYOND CBDS FOR PRIME COMMERCIAL REAL ESTATE

INVESTORS LOOK BEYOND CBDS FOR PRIME COMMERCIAL REAL ESTATE

COMPETITION for high-quality metropolitan office investments in Sydney, Melbourne and Brisbane is rising among large offshore investors, says new Colliers International research, leading to the gap between CBD and metro investor volumes tightening as the search for prime assets widens beyond the traditional business areas.

This can be se...

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CHINA BUYS YARRAWONGA BUNNINGS IN RECORD DEAL

CHINA BUYS YARRAWONGA BUNNINGS IN RECORD DEAL

BUNNINGS Warehouse at Yarrawonga has been sold to Chinese investors for $11.5 million at a company record breaking yield of 5 per cent. The transaction also marks the first ever sale of a Bunnings Warehouse to mainland China, which is expected to pave the way for further Chinese investments in the Victorian retail market. CBRE's V...

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IF THERE'S A GLUT, PELLICANO IS NOT FEELING IT

IF THERE'S A GLUT, PELLICANO IS NOT FEELING IT

MELBOURNE'S Pellicano Group may be taking a massive bite at Brisbane's inner-city apartment market, but it remains unfazed by growing talk of a property glut. The company, which next year celebrates 50 years in business, expanded into Queensland in 2004 and is currently developing the $600 million South City Square in Woolloongabb...

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SYDNEY OFFICE SPACE IN DEMAND AS TECH COMPANIES EXPAND

SYDNEY OFFICE SPACE IN DEMAND AS TECH COMPANIES EXPAND

TECH companies have taken up the space in Sydney office towers vacated by law firms that have downsized, or moved location, says GPT Group (ASX: GPT) in its interim report. GPT has secured tenants such as Uber and Amazon in the past year, and Information media and telecommunications tenants now make up 36 per cent of the company's ten...

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APARTMENT BUILDING BOOM HAS PEAKED, SAYS BIS SHRAPNEL

APARTMENT BUILDING BOOM HAS PEAKED, SAYS BIS SHRAPNEL

NEW apartment commencements will decline by 50 per cent in the next four years from today's "unsustainable" level of 107,000, says today's BIS Shrapnel Building in Australia 2016-2031 report.

Total dwelling starts reached 220,100 in 2015/16, an all-time high, but the decline is expected to start this year and this will mostly...

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HOUSE PRICES WILL SOON 'BOTTOM OUT'

HOUSE PRICES WILL SOON 'BOTTOM OUT'

WE'RE at the end of the property boom, according to BIS Shrapnel's latest report.

Rising supply and weakening investor demand will play an increasing role in the price outlook of Australia's capital cities over the next three years.

Falling interest rates won't be enough to drive growth, says BIS Shrapnel, with median house...

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WATPAC SCORES $47M MELBOURNE TOWER

WATPAC SCORES $47M MELBOURNE TOWER

WATPAC (ASX:WTP) has finalised a $47 million contract to deliver a residential tower in Melbourne. Developed by JSK Properties, Union Tower will comprise 165 one and two-bedroom apartments across 35 storeys. The project also includes a six-storey podium featuring shared and private work spaces, gymnasium, bike storeroom, common worksh...

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OPENCORP PIONEERS A NEW WAY TO INVEST IN PROPERTY

OPENCORP PIONEERS A NEW WAY TO INVEST IN PROPERTY

OPENCORP lets property investors buy into blue chip suburbs without paying top dollar.

On top of that, the Melbourne property developer and fund manager has delivered its investors an average annualised return of 24 per cent over the past nine years.

That's a significant lead on residential price growth in our capital cities, wh...

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PICCOLO DEVELOPMENTS SNARES FITZROY SITE FOR NEW PROJECT

PICCOLO DEVELOPMENTS SNARES FITZROY SITE FOR NEW PROJECT

PICCOLO Developments is poised to launch a luxury apartment project in Fitzroy after snaring an office building for $7.8 million. The Melbourne-based developer will utilise the existing quarter acre site for the project, which was previously occupied non-profit Australian Volunteers International. Located on the corner of Argyle and F...

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OFFSHORE INVESTORS DRIVING OFFICE DEMAND IN MELBOURNE

OFFSHORE INVESTORS DRIVING OFFICE DEMAND IN MELBOURNE

OFFSHORE buyers making their mark in Melbourne are driving growth in the CBD office market, according to Colliers International. The property group's Melbourne City Sales team has recorded particular interest among Chinese investors and developers looking to establish a physical presence in the CBD. Colliers International agents O...

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MOR AND MORE BUSINESS SWITCH TO MELBOURNE

MOR AND MORE BUSINESS SWITCH TO MELBOURNE

COLLINS Tower is almost sold out following a flurry of purchases in the first half of 2016, the most recent being cosmetics brand MOR.

The international brand has snapped up some of the final available floors at the new Collins Tower at 580 Collins Street in one of the largest strata office sales in the Melbourne CBD this year.

Just one fl...

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FIRST-HOME BUYERS NOW BEING HIT BY CREDIT SQUEEZE

FIRST-HOME BUYERS NOW BEING HIT BY CREDIT SQUEEZE

TOUGHER bank lending rules for investors could be closing more first home buyers out of the property market, according to Mortgage Choice. The lending broker has revealed that investors, in particular, are struggling with the new rules introduced by the banking industry at the end of 2014 to de-risk its exposure to a possible property bub...

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AUSTRALIA'S INDUSTRIAL HOT SPOT REVEALED

AUSTRALIA'S INDUSTRIAL HOT SPOT REVEALED

MELBOURNE'S west is emerging as one of the most in-demand regions for industrial businesses nationally, according to CBRE. Research from the group shows a range of businesses and organisations have committed to more than 400,000sqm of existing or newly developed industrial space in the area over the past 18 months.  It sugges...

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VICINITY ACQUIRES SECOND OUTLET CENTRE WITHIN WEEKS

VICINITY ACQUIRES SECOND OUTLET CENTRE WITHIN WEEKS

VICINITY Centres (ASX:VCX) has bolstered its retail portfolio after acquiring DFO Brisbane for $55 million. The Melbourne-based asset manager will occupy the outlet centre under a sub-lease with Brisbane Airport Corporation (BAC), which owns the head lease over the land and buildings. The head lease expires in 2046 and BAC has an opti...

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UNIT SETTLEMENTS A TICKING TIMEBOMB, SAYS REPORT

UNIT SETTLEMENTS A TICKING TIMEBOMB, SAYS REPORT

APARTMENT settlements, and the ongoing strength of the national construction boom, are about to be tested over the next 24 months, and according to one forecaster the picture isn't pretty. The CoreLogic RP Data Property Pulse reveals that sales records will have to be smashed in some markets to avoid a massive glut of supply. The ...

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PRAHRAN SITE SNAPPED UP FOR $10M

PRAHRAN SITE SNAPPED UP FOR $10M

SP SETIA has bolstered its assault on Melbourne, after scooping a permitted development site in Prahran for $10 million. It's the Malaysian developer's fourth land purchase in the state, with plans to construct a high end residential project valued at $38 million on the site. The 850sqm site at 103-105 High Street generated st...

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VILLAWOOD SHARES $500M VISION FOR HELENSVALE

VILLAWOOD SHARES $500M VISION FOR HELENSVALE

MELBOURNE developer Villawood Properties has lifted the veil on its biggest project to date on the Gold Coast, a $500 million master-planned community that is primed to capitalise on the light rail extension to Helensvale. The Surrounds, which will ultimately comprise a mix of homes and apartments with an estimated end value of $1 billion...

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