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Flat rents in Sydney, Melbourne point to coming relief

New figures show asking rents plateauing or even falling in some markets after several years of sustained increase.

  • Michael Bleby
Greg Goodman founded Goodman Group, a logistics landlord which is now pushing into data centres.

Local REITs outpace broader market despite sagging asset valuations

Goodman Group was the standout performer in the 12 months to June 30, buoyed by rising demand from investors for exposure to data centres.

  • Updated
  • Kylar Loussikian

Pub tsar more than triples money in $30m Griffith sale

Jim Knox sold the Area Hotel in Griffith to budding entrepreneur Trent Middleton for $30m, having paid $8m for it in 2019.

  • Larry Schlesinger

London’s sky-high home rents finally growing slower than wages

Rental growth in the UK capital matched the slowest year-on-year growth among the regions, with only Wales seeing a similarly small rise.

  • Tom Rees

New home approvals rise to six-month high

As two project approvals in Brisbane and Melbourne show, soaring materials and financing costs have made new projects unviable for all but the priciest homes. 

  • Michael Bleby

Abu Dhabi’s original hedge fund island is running out of office space

A real estate frenzy puts the United Arab Emirates capital at odds with other major cities around the world, where office vacancy rates remain elevated.

  • Zainab Fattah

How it Sold

The three-bedroom townhouse at 3/29 Wheatleigh Street in lower north shore Sydney’s Crows Nest sold by private treaty for $2,915,000.

The unusual move that made this seller $4.8m

Most people with a large block to offload would do just that, but this vendor developed it – and made a much bigger profit in the process.

  • Michael Bleby
The 810-square-metre corner site in an area with residential zoning for a 15-metre building at 11-13 Stevens Street in Gold Coast’s Southport sold by private treaty for $1.5 million. It was bought by the buyer of the neighbouring 15 Stevens Street site. 

The 10-minute, $1.5m sale that was an afterthought

An interstate buyer paid $835,000 for in investment block of land, sight unseen. When they did come to see it, they bought the neighbouring block, too.

  • Michael Bleby

Luxury Property

Construction of the first stage of the Jam Factory redevelopment is due to begin next year.

Tim Gurner, Qualitas take control of Jam Factory after $180m raising

The acquisition of the remaining 50 per cent interest in the Chapel Street site by Gurner/Qualitas sees Chris Langford’s Newmark Capital exit the landmark project.

  • Larry Schlesinger

‘Insane’ mansion with Vestey family links hits market for $35m

A historic Perth mansion with links to Britain’s billionaire Vestey family has hit Western Australia’s prestige market with a guide of $35 million.

  • Bonnie Campbell
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Yesterday

Construction of the first stage of the Jam Factory redevelopment is due to begin next year.

Tim Gurner, Qualitas take control of Jam Factory after $180m raising

The acquisition of the remaining 50 per cent interest in the Chapel Street site by Gurner/Qualitas sees Chris Langford’s Newmark Capital exit the landmark project.

  • Larry Schlesinger

‘Insane’ mansion with Vestey family links hits market for $35m

A historic Perth mansion with links to Britain’s billionaire Vestey family has hit Western Australia’s prestige market with a guide of $35 million.

  • Bonnie Campbell

This Month

The number of construction firms that have gone bust has soared.

Nearly 3000 building companies go broke in a year

The construction sector remains by far the single largest category of insolvency as builders carry the ‘largest risk’.

  • Larry Schlesinger
Barista Amber Hasan at NoBo Mrkt in the Commongrounds.

Priced out of housing, communities take over development

Easing of investment restrictions allows neighbourhood groups to finance unconventional projects that banks and institutional lenders won’t touch.

  • Keith Schneider
There’s a rise in the number of men who work from home while their partners return to the workplace.

Rise of the ‘work from home’ husband as partners return to the office

In the United States, more than 2 per cent of male workers are fully remote but have a spouse who goes to a workplace.

  • Madeleine Ross
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The feud between Crown Group’s founders killed development plans for four residential towers at Brisbane’s West End.

Crown Group founder fails to raise funds to buy back 473-unit site

Crown Group co-founder Paul Sathio had won the tender to buy the site but was unable to accrue enough funds by the settlement date.

  • Campbell Kwan
There is no single, simple way to get more housing built.

How to end our incoherent housing policies

There is no silver bullet to fixing housing affordability. What government can do is adjust the policy mix to make it more cost-effective.

  • Jason Nassios and James Giesecke
Home building: A ship floats along the Moskva river past a construction site of a new apartment complex in front of the Russian Government’s main building and a Stalin-era skyscraper in Moscow, Russia.

Russia ends housing mortgage subsidy that stoked a property boom

With state support ending for most eligible groups, the real estate market that’s been one of the key drivers of Russia’s wartime economy faces uncertainty.

  • Chris Miller
240 Queen Street in Brisbane has just under 25,000 sq m of office space.

Quintessential’s $250m Brisbane office deal confirms valuation slump

Quintessential’s $250m purchase of 240 Queen Street in Brisbane from Brookfield crystallises a 17pc fall in the tower’s value from its peak.

  • Larry Schlesinger
Tourist boats on the Douro River near the historic city centre of Porto.

Meet the mayor who sees Airbnb as an agent for good

It’s better to have a short-term rental in a house that’s been refurbished than to have a ruin, says the head of Portugal’s second-largest city.

  • Joao Lima

Kevin Maloney on selling Segenhoe and bringing Kentucky to the Hunter

Kevin Maloney on why he’s selling elite equine stud Segenhoe, and why the Upper Hunter is ripe for Kentucky-style tourism.

  • Bonnie Campbell
Changing hands: Family housing units in the military base at Fort Cavazos in central Texas, previously named Fort Hood. 

Lendlease sells US military housing business for $480m

The divestment of its contract to maintain and manage 40,000 military housing units is the latest part in the $4.5 billion divestment and global retreat.

  • Michael Bleby
The three-bedroom townhouse at 3/29 Wheatleigh Street in lower north shore Sydney’s Crows Nest sold by private treaty for $2,915,000.

The unusual move that made this seller $4.8m

Most people with a large block to offload would do just that, but this vendor developed it – and made a much bigger profit in the process.

  • Michael Bleby

Sydney home prices jumped 6pc, but one city achieved quadruple that

Residential property owners bagged the capital gains in the past 12 months despite higher interest rates.

  • Nila Sweeney
One Tree’s North Star Aggregation grows cotton in the summer months.

US private equity firm lists $250m farming portfolio

Proterra Investment Partners is having another go at selling its One Tree Agriculture portfolio spanning 21 farms in NSW and Queensland.

  • Larry Schlesinger
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June

Sarah Kay takes over as Woods Bagot CEO from 1 July 2024.

‘Huge demand’: Australia’s largest design firm expands worldwide

Architecture practice Woods Bagot is focusing on growing demands for luxury and non-traditional consultancy services for design firms.

  • Michael Bleby and Patrick Duffy
A crowd for the auction of 45 Ford St, North Ryde, on Saturday.

Property buyers spooked by talk of another rate rise

Fewer home buyers are willing to pay above the auction reserve and more buyers are pulling out on fears of another increase in interest rates.

  • Nila Sweeney
Developers have snapped up a new fund to increase density in Queensland.

Developers rush to snap up $350m Qld fund to boost housing density

The industry has called for new tax incentives to increase housing supply following the mad rush to snap-up a development fund.

  • James Hall
The $10 million renovation by Tonkin Zulaikha Greer of Mike Cannon-Brookes’ Campbell House private office in Sydney’s Woollahra won the top NSW award for commercial architecture. 

Cannon-Brookes’ $10m office reno tops architecture awards

The focus on giving new life to old buildings is crucial at a time when preserving embodied carbon of existing buildings is an increasing priority.

  • Michael Bleby

Late pub baron’s super chic apartment hits market for $19m-plus

The family of late Sydney hotelier Paul Irvin is selling his Darling Point apartment after a major designer overhaul revealed stunning harbour views.

  • Bonnie Campbell

Original URL: https://www.afr.com/property