Dan Wilkie rejoins the Business News editorial team as Associate Editor, after having launched Australia China Business Review as founding editor-in-chief. While specialising in commercial and residential property writing, Dan also writes across industries and assists editor Mark Beyer in planning and producing Business News' daily emails, fortnightly magazine and website publishing. Dan is a graduate of Curtin University.
Property investors in Perth are facing a bleak outlook, according to new research, which showed a combination of oversupply of units and apartments, lending restrictions and low rental returns would result in 15 per cent negative growth over the next five years.
Fresh forecasts have delivered a mixed outlook for Perth residential property in 2019, with CoreLogic-Moody’s Analytics predicting another year of median house price declines, while Domain expects the Western Australian capital to be Australia’s best-performing city.
Perth’s next wave of CBD developments is taking shape, with Brookfield Property Partners’ plans to add an 8-storey office tower to a redeveloped Elizabeth Quay busport approved this week, and its $360 million riverside headquarters for Chevron also understood to have gotten the nod from planning authorities.
Finbar Group is embroiled in a court battle over whether it has to tell potential buyers of apartments at its $50 million Palmyra project that the D’Orsogna factory across the road may produce bad smells.
Australian institutional investors and offshore property powerhouses sharpened their focus on potential upside in Perth’s office market in 2018, as the total value of transactions approached $1 billion.
Builders could soon face tougher penalties for not paying subcontractors on time, but the Master Builders Association has warned several reforms proposed to solve recurring payment issues could increase construction costs and result in more company collapses.
Housing affordability is improving in Western Australia, but the number of first homebuyers active in the market has continued to decline, according to new research by the Real Estate Institute of Australia and Adelaide Bank.
The developer behind a long-running bid to build a 24-hour Puma service station in Dunsborough faces an uphill battle to get the project approved, after Western Australia’s Court of Appeal overturned a Supreme Court ruling that gave it the go-ahead last year.
Saracen Properties will reassess plans for a redevelopment of the historic Royal George Hotel in East Fremantle, after Planning Minister Rita Saffioti backed a proposal to limit building height on the site to seven storeys.
A recent deterioration in profits among China’s steel producers is boosting the prospects of lower-grade iron ore producers such as Fortescue Metals Group, with steelmakers expected to shift their focus to reducing costs rather than boosting volumes if margins continue to decline.
Wesfarmers chief executive Rob Scott says while decisions to sell out of Bunnings’ loss-making operations in the UK and Ireland, and to demerge supermarkets giant Coles, were easy in a commercial sense, the Bunnings move in particular proved taxing on an emotional level.
A crackdown on lending by Australian banking regulators has placed further pressure on Western Australian homebuilders, with a decline in housing finance in the state extending to a sixth consecutive year.
Satterley Property Group has welcomed advice from the Environmental Protection Authority that confirmed there were no health risks over its landholdings in Mandogalup, but uncertainty still hangs over whether part of the southern suburb is appropriate for residential development.
UPDATED: Residential construction outfit Builton Group is closing its doors, after staff were told not to come to work on Monday, while an announcement that the company has been placed into administration expected later today or over the weekend.
Prominent land developer Nigel Satterley has predicted more pain to emerge from Perth’s apartments market, forecasting widespread price falls and more projects to fail as pressure builds on developers.