REAL ESTATE

The recent ‘ad valorem’ tax on property transfers implemented in July 1 that charges a 0.2 percent tax on transfers between $500,000 and $1 million, and 0.25 percent tax on transfers above $1 million was found to fall short of revenue expectations and may deter future investments in New South Wales.

A landmark in the city’s central business district, the former McGill’s book store, was sold in a competitive auction for $12.04 million.

Buyer interest for Centro Property Group’s shopping malls has garnered US$13.3 billion worth of bids as the first round ended last week.

Western Australia has the highest loan delinquency rates in the country with two percent of its home loan payments delayed by more than a month compared to the national average of 1.54 percent says Fitch Ratings.

The US$850 million Oracle project in the Gold Coast is now in receivership with KordaMentha now in charge of operating the twin tower development that includes 505 high-end apartments, a resort plus retail and commercial office space.

Sydney authorities are planning to offer part of the former South Sydney Hospital site at Zetland for sale to convert into more affordable housing units.

The last real estate auction for the year ended in a low note as clearance rates failed to grow and sellers pull out and opt to sell their properties next year.

Latest figures show that median prices for houses in the country decreased during the September quarter according to the Mortgage Choice Real Estate Market Facts report.

Beginning July 1, 2011, buildings that make the necessary changes to cut down on energy consumption will be eligible for a one-off bonus tax deduction worth 50 percent of the cost of the eligible eco-assets or capital works.

One of the country’s most top property groups, Stockland, has been given the inaugural CitySwitch signatory of the year award for improving office energy efficiency and cutting down carbon emissions by 800 tons annually.

New South Wales authorities have approved design revisions to Lend Lease's concept plan for Barangaroo South that will allow it to offer improved spaces for retail clients.

As Australians become wealthier and the economy grows, high housing prices are expected to remain.

Queensland construction industry is struggling as developers try to pay off interest charges on unfinished projects delayed due to the rainy season and upcoming holidays.

Ipswich city center's US$1 billion redevelopment is set to begin by the end of 2011 and scheduled to finish by 2016.

Sydney has released its latest Metropolitan Plan that maps out how the city will manage future employment, housing and population needs.

A report made by the International Monetary Fund assures that while housing prices in Australia are rising, a collapse is unlikely.

Apartment buyers in Melbourne are being warned of a possible apartment property glut as oversupply threatens funding.

A 1930s Spanish mission-style home located in the Portsea cliff-top in Victoria is set to break records when it is sold for more than US$25 million.

The ACT government has released the revisions on the Change of Use Charge (CUC) that will apply to the territory set for July 1 next year.

Demand for office space in Melbourne’s central business district remains robust and may force rents to rise as vacancies drop and supply is limited.

More Australians are considering buying homes in the United States as the Australian dollar becomes at par with the U.S. dollar according to real estate executives.

Shanghai-based, Thakral Corporation, has announced new plans to invest in mid-sized residential developments in Australia and the Asia Pacific region.

Australian contracting and property development company Watpac Limited has bagged the contract for the US$353 million construction of high-end ‘One Central Park’ residential and retail buildings located in Sydney.

Retail asset and development site sales were bolstered by investor confidence as more than US$120 million worth of properties were sold in Western Sydney this year by the CB Richard Ellis’ Parramatta Metro team.

The Melbourne metropolitan bulky goods sector has maintained strong growth this year due to low vacancy numbers and solid demand from retailers.

Plans to build a five star hotel in the former State Library has sent a heritage group into uproar.

Housing loans increased by 2.8 percent in October as new personal loans and credit card growth slowed down.

The Charter Hall Retail Real Estate Investment Trust is shedding its U.S. assets and focusing on the Australian market as it sold its 60 percent interest in a United States portfolio of 32 properties in the joint venture Desco and Regency groups for US$168 million.

A Residential Stamp Duty report from BankWest found that stamp duty rates in the country rose by 36 percent in the past five years with Victoria found to have the highest stamp duty charges among all the states.