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Westfield malls fall 10% in just six months
Owner of the Westfield malls, Scentre Group, has seen the value of Australia’s largest shopping centre portfolio plummet in value by 10 per cent, over the past six months. The official report will be released on August 25, but they have stated the ‘expected fall’ was “principally due to the estimated impact of the COVID-19 pandemic”. Scentre released figures last…
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The Hemsworth brothers plan a Byron yoga centre
It’s modest, considering the mammoth mansion that Chris Hemsworth built in Byron, but plans have been submitted for a small yoga studio to be built on a 35 hectare block the Hemsworth family bought last year, for a cool $4.25 million. The cabana will be just 58sqm, and is situated by an artificial dam the family has also built on…
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Britney’s hideaway back on the market
The Beverly Hills home where Britney Spears went into hiding in 2007, after divorcing her husband and becoming the target of paparazzi, is back on the market, at a cool $6.8 million. Spears lived in the house from 2007 to 2012, when she sold it at a $2m loss. The house was listed for $9 million in 2018, but did…
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Housing values drop for a third month in a row
Australian housing values have suffered a third consecutive month of declines. CoreLogic’s home value index dropped 0.6 per cent over July, an ever-so-slight improvement from June’s 0.7 per cent drop, but a drop all the same. CoreLogic’s head of research, Tim Lawless, explains: “The impact from COVID-19 on housing values has been orderly to-date, with CoreLogic’s national index falling only…
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High-yield commercial property investments still in demand
Investment in high-yield commercial properties, especially those with long-term tenants, is flourishing despite the pandemic, according to RE/MAX U’s Deepen Khagram. “Investors are very focused on yields and we are achieving very good outcomes with commercial property that we are taking to the market,” he said. Mr Khagram recently re-sold a 7-Eleven Service Station in Burpengary East for $5.4m, representing…
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New Zealand’s tallest building is officially open for business
New Zealand’s tallest office building, the PwC Tower, opens for business today (July 27) on the waterfront in downtown Auckland, after eight years in planning and construction. Standing about 180 metres tall, the 39-level steel…
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Stamp duty relief welcomed by Property Council and HIA
The NSW Government’s plans to provide stamp duty relief for first home buyers purchasing newly built properties worth up to $1 million has been welcomed by numerous bodies. Under the new plans, from August 1, the stamp duty exemption limit will be lifted from $650,000 to $800,000 for the purchase of a newly-built home. The stamp duty concession will also…
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Sydney’s top office towers to tumble in value
Sydney’s most expensive office towers are expected to fall in value by as much as 30 per cent, according to a new report from Goldman Sachs. The drop in values will be due to both the impact of the pandemic on the economy, and a “cyclical downturn” already well under way before COVID-19. “The first six months of the 2020…
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NZ realtor offers no-commission sales
Mackenzie's Real Estate in Wellington are making the leap from commercial real estate into residential, and frankly, it couldn't have happened at a worse time. But owner Euan Mackenzie is hoping that a zero-commission offer…
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Victorian homes selling faster now than 12 months ago
While all the news from Victoria at the moment seems to fall firmly into the ‘doom and gloom’ category, new data from the Real Estate Institute of Victoria (REIV) paints a sunnier picture. REIV President Leah Calnan says that, despite the pandemic, residential property across the state is selling faster now than 12 months prior. The average home in Victoria…
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Mall in Melbourne CBD to sell for half its 2016 price
In 2016, it was billed as “Melbourne’s newest premier fashion destination”, a re-branded inner-city mall that had just undergone a major $30m facelift, but now St Collins Lane is being sold for less than half of what JP Morgan paid for it just four years earlier. The Australian Financial Review reports that a “local fund manager backed by offshore capital”…
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Jon Bon Jovi flips $20m mansion, buys $43m estate a few blocks away
After a four-decade career, 130 million album sales, and tours to over 34 million people worldwide, it’s safe to say that Jon Bon Jovi isn’t living on a prayer anymore. He is also quite the house flipper. In one single day last week, he sold a Palm Beach pad he and his wife had renovated only a few months ago…
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Commercial real estate investment down 32% in Asia Pacific
JLL have delivered some not-so-surprising news: Commercial real estate investment across Asia Pacific fell by 32 per cent in the first half of 2020. Investments were down 26 per cent during the first quarter, rising to 39 per cent in the second quarter, as travel bans, economic hardship, and lockdowns impacted the real estate market. Singapore was the hardest hit…
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Shopping mall windfall kicks against COVID trends
Two Sydney shopping centres have been bundled up and sold for $91.5 million, a price in step with valuations made in a pre-COVID market. This is despite shopping mall vacancies hitting a 20-year high in May. The Pemulwuy Marketplace and West Ryde Marketplace were taken to market by the Charter Hall Retail Partnership No.1 Trust. “Both centres represented an opportunity…
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Return to print is a sign of confidence in the real estate sector
News Corp Australia will resume printing of three community papers in lucrative Sydney real estate markets this week. The Wentworth Courier, The Mosman Daily and North Shore Times will return. Not coincidentally, these papers were among the few community print titles to be spared from News Corp recent cull, where 76 papers moved to digital-only. These three papers reach 85…
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Environmental reform for building codes “sensible and long overdue”
Reforms to the Environment Protection and Biodiversity Conservation Act that aim to streamline regulatory legislation for both housing and commercial property projects have been welcomed by The Property Council of Australia as “sensible and long overdue.” “There has never been a more critical time to ensure that our regulatory regime is free of unnecessary process and strikes the right balance…
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Confidence within the property industry is on the rise
The easing of COVID restrictions over the last few months has resulted in a surge of confidence in the property industry since April. The latest ANZ/Property Council survey took place between June 15 and July 1, surveying 955 industry folk. Not surprisingly, the states and territories with the biggest shift in sentiment were those least impacted by COVID-19: South Australia,…
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Miranda Kerr bought a historical Hunter Valley vineyard
Miranda Kerr has been revealed as the mystery buyer of QT Hotels’ $7.5m Loggerheads Estate in the NSW Hunter Valley. The 215-acre property sold for the full asking price, having last sold in 2016 to QT Hotels for $6m. The property boasts the vineyard, which spans for 10 acres, a fully-licensed cellar door wine sales outlet, a seven-bedroom residence, plus…
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More of Sydney’s CBD to go pedestrian-only from next week
The City of Sydney has fast-tracked plans to turn more of George Street into a pedestrian-only boulevard, a move that will substantially change the heart of Australia’s largest city. From Monday, the following changes will be made to the city. The extension of the existing southbound lane closure of George Street between Bathurst and Campbell streets to Rawson PlaceClosure of…
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The new normal? Office blocks with touch-less entry
The technology wasn't developed for COVID-19. It had been in the pipeline for quite some time. But The Gateway building on Macquarie Street in Sydney is the country's first office tower to implement hand-scanning technology, allowing workers to enter without touching a thing. The Gateway building at Sydney’s Circular Quay has become the country’s first…
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Matterport announces AI capabilities that will turn smartphones into 3D capture devices
Spatial data company, Matterport, has announced its latest breakthrough, Matterport 3D Capture for Smartphones, which will turn consumer smartphones into 3D capture devices. The capability, which was demonstrated for the first time recently at an invite-only event at San Francisco’s most exclusive property – Residence 950 – will support iPhone and Android devices. The first iPhone version is expected to be available…
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Young cadet joins Ray White Commercial NSW ranks
Ray White Commercial NSW – Sydney City Fringe has welcomed Zoe Barrett to the family in the role of Sales and Leasing Associate. “I grew up in Strathfield but moved to Chippendale to be nearer university in 2014 and have been living in the inner-city since. I know the inner-west, inner-city and city back to front,” Ms Barrett said. “I…
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LJ Hooker raises funds for Humpty Dumpty
The LJ Hooker Foundation has donated almost $45,000 to its charity partner, Humpty Dumpty Foundation, following the real estate network’s recent national awards nights and conference. A series of live auctions, with items donated by the likes of Audi, realestate.com.au and Inhouse Style, saw LJ Hooker business owners, agents and property managers raise their hands for the good cause. LJ…
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LJ Hooker helps make sick kids’ lives a little easier
The no-reserve House for Life charity auction has raised $986,000 valuable dollars for Mater Little Miracles, a charity devoted to helping sick and premature babies. The House for Life project by Plantation Homes saw the delivery of a stunning custom four-bedroom, two-storey Hamptons-inspired home, which was auctioned at The Surrounds master-planned community at Helensvale. This year, Plantation Homes welcomed land…
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The house that technology built
Students from Curtin University’s School of Design and the Built Environment, led by Dr Jane Matthews, have put innovative new Australian software through its paces to design an accessible residential unit that may be built in Perth. The project has been initiated and managed by JLL Project and Development Services and supported by architectural firm Studio Halton and software developer…
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Ray White Commercial welcomes Victor Sheu to the team
Ray White Commercial NSW – Western Sydney has welcomed experienced agent Victor Sheu to the team. Assuming the role of Associate Director, Mr Sheu will have a focus on Asian markets, investment sales, and development transactions. “I began my post-university professional life working for a project marketing company, where I specialised in Chinese companies buying assets off-the-plan. This gave me…
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New Property Tree dashboards reinvent agency reporting
Agency owners and operators who use Rockend’s Property Tree will notice a new change to dashboards – and it’s set to reinvent agency reporting. The new, re-imagined and enhanced set of dashboards offer access to a richer set of visually appealing reports, fuelled by real-time data, that are customisable by the user. The new release includes five dynamic dashboards available…
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LJ Hooker and Damien Cooley contribute to a miracle
A Queensland agency has forfeited its sales commission for the auction of a high-end Hamptons-style home as part of a fundraising drive set to benefit premature and unwell babies. LJ Hooker Pacific Pines Helensvale is selling and marketing a no-reserve auction for the Mater Little Miracles this Sunday. Leading national auctioneer Damien Cooley will handle the gavel on the day.…
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DiJONES Real Estate supporting women’s charity Dress for Success
It’s no secret that in the real estate business, first impressions matter. So Sydney and Southern Highlands-based real estate agency, DiJONES, found a natural connection with Dress for Success – a charity dedicated to helping vulnerable women create a solid first impression as they seek to re-enter the jobs market or take part in an important life event. Relying on…
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Concierge team digs deep for OrangeSky
Ray White & Loan Market’s Concierge team recently presented a $5000 donation to Orange Sky Australia – a Brisbane-based charity which helps the homeless with free mobile laundries and hot showers. Orange Sky Australia is the world’s first free mobile laundry service for people experiencing homelessness in Australia, and it has just expanded to Auckland. The idea was born five years…
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Buxton opens commercial division headed by industry’s best
Award-winning Victorian real estate group, Buxton, has announced the launch of a Commercial and Industrial division, Buxton Commercial, led by sought-after industry specialist, Kenny Oliver. With company origins dating back to the 1860s, Buxton has grown to a network of 24 residential offices, a project marketing division (Projects by Buxton) and now Buxton Commercial to round out its property ecosystem.…
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New Delhi conference proves huge business platform for RE/MAX
An Australian-New Zealand contingent has recently returned from the fifth annual Asia Pacific Convention for the global real estate giant, RE/MAX, which took place in New Delhi, India from August 19 to 21. RE/MAX Australia and New Zealand managing director, Michael Davoren, said the event represented a continued building of relationships. “After a succession of conferences, people are now talking…
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Ray White Commercial celebrates its 2019 winners
More than 150 guests descended on the Great Room in Brisbane’s W Hotel to celebrate the top offices and individual achievers as part of the annual Ray White Commercial awards on Friday, August 30. Ray White Commercial Head of Agency Operations Michael McCullagh said he was proud of every member and their achievements for the 2018-19 financial year.“Looking around the…
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realestate.com.au targets first home buyers with second series of How to Home Loan
realestate.com.au has continued its partnership with comedian Jess Harris –twentysomething, Wine – to release a second series of the hugely popular How to Home Loan video series, which explores the frustrations of first home buyers when embarking on their home purchasing journey. Season two of the tongue-in-cheek educational campaign shines a light on the realities of buying a home and…
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Search begins for young leaders in NSW and ACT
First National Real Estate has proudly announced its 2020 coast-to-coast sponsorship of the Seven News Young Achiever Awards. Hosted in conjunction with the the Seven Network, the awards aim to bring recognition to young people who are making a difference through two key categories – The First National Real Estate Leadership Award and the First National Real Estate Innovation Award. Conducted…
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