In a sign that Perth's commercial property market may be warming up, Wesfarmers House has sold to Jandakot-based Ascot Capital Ltd for almost $85 million, although the price represents a significant discount on the property's 2007 value.
Increased building activity in Perth's suburbs will create more than 400,000 square metres of new office space over the coming years, as more tenants are pushed out of the traditional CBD and West Perth markets by record low vacancy rates.
Property developers in Western Australia are likely to face higher costs for water connections to projects in regional areas if changes to developer contributions, put to the state government by the Economic Regulation Authority, are adopted.
The development of Coral Bay has been stalled for the past few decades, but the wheels of change have now started to turn, with site works for a village housing up to 400 people due to start in the near future.
It's a matter of debate among those in the building industry as to how far construction costs will rise during the next year, but the consensus is that the double digit increases of the past few years will continue.
A draft policy to reform the way contributions for social infrastructure are sourced from residential property developers has generated mixed responses from the industry, with submissions from the Property Council of Australia (WA) and Satterley Property