A depressed Western Australian housing market has hit residential builders, with the number of housing starts dropping by more than 1,500 in the 12 months to June 30, according to figures released by the Housing Industry Association.
SPECIAL REPORT: Perth’s hotel capacity has increased by about 30 per cent since 2012 and Business News has identified a further 3,150 rooms that are either under construction or committed, as the city’s hotel sector is transformed.
The Property Council of Australia has welcomed proposed laws governing apartment projects in entertainment precincts, but has expressed caution about where the policy applies and its impact on planning approvals.
An improved result in Western Australia, despite challenging market conditions and continued falls in brick selling prices, has helped building materials company Brickworks boost underlying net profit to $223.7 million for the 2018 financial year.
Perth-based The Agency Group Australia has executed an option to acquire east coast real estate group Top Level for $5.5 million, while also announcing an $8.4 million capital raising and a $5 million debt conversion deal.
Perth company Parkd has struck a deal with property developer Vector Management to evaluate construction of a $9 million car park in the inner city, while the state government has announced plans for a $32 million car park at Forrestfield.