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REIA responds to budget

REIA president, Noel Dyett, said that the Budget required a strong government response to current uncertain international economic conditions and domestic inflationary pressures sitting side by side with favourable terms of trade that demonstrated fiscal restraint.

The REIA says that while the treasurer has walked a fine line, the budget package delivers a platform for the Government’s vision for the enhancement of productivity and continued economic growth.

Reverse mortgage warning for younger seniors

Industry experts have expressed concern that with the under 70 age bracket being the fastest growing sector in the reverse mortgage market, younger seniors are compromising the equity in their home too early.

DA lodged for retirement community

Australian Unity and Australand have lodged a DA with the Wingecarribee Shire Council in the Southern Highlands for a new retirement living community in Bowral, New South Wales, as part of a joint venture.

Aevum acquistion increases market lead

The Cove, located in Daley’s Point and Wamberal Gardens, located in Wamberal, were purchased for $13 million and in total comprise 166 Independent Living Units operating under a deferred management fee and share of capital growth model.

Specialist retirement living company, Aevum Limited has acquired two mature retirement villages on the Central Coast of New South Wales, further increasing its market leading presence in the state.

New stock for aged care

Almost 25% of existing retirement village stock in Australia is over 30 years old but a strong pipeline of new supply is emerging, according to Jones Lang LaSalle's recently launched National Retirement Village Database (NRVD).

Almost 25% of existing retirement village stock in Australia is over 30 years old, however a strong pipeline of new supply is emerging, according to Jones Lang LaSalle's recently launched National Retirement Village Database.

Burwood redevelopment for sale

Located at 1 Railway Parade this site measures approximately 3840 sqm in area and is situated on the northerly alignment of Railway Parade, directly opposite Burwood Plaza and in close proximity to Burwood Railway Station.

A redevelopment opportunity in Burwood, New South Wales, with DA approval for 233 apartments within three towers, plus 2220 sqm of retail and commercial floor space, has been put on the market by Savills.

Tweed waterfront site sold

The 4.5 hectare site is one of the most strategic waterfront sites in the highly sought after NSW-Gold Coast growth corridor and is zoned for future tourist and marina facilities.

Gold Coast developer Bob Morrison, who has developed a range of resort communities along the NSW and Queensland coastline, has purchased a waterfront site at Tweed Heads.

Commercial market stable

Located in Traralgon on the corner of Princes Highway and Church Street, the 2243 sqm premises has been leased by Officeworks for ten years with two options of five years. The annual net rent of $442,861 reflects a 7% yield on the sale price.

The national clearance rate for commercial property has remained steady in July 2007, with Victoria predictably the standout market and NSW struggling to recover, according to independent property analysts CPM Research.

A new opportunity Becton

Becton Property Group has acquired a 6236 sqm development site in inner Melbourne and plans to develop a boutique retirement village. The property is located in Caulfield and was previously the site of the Tudor Court Reception Centre.

Aevum adds another two

Developed in several stages over the past 14 years, the River Villages are mature facilities consisting of 67 independent living units offering a mixture of two-bedroom villas and units as well as large communal facilities and under cover car parking.

Aevum Limited has acquired two adjoining retirement villages in Perth from the Multiple Sclerosis Society. The River Parks and River Pines Retirement Villages are located approximately 9 kms from Perth's CBD.

Housing affordability commitment needed

This is the first time that the major property and development industry bodies have joined forces in this manner thus demonstrating the significance of this matter to their membership and the Australian economy.

Australia's residential and development industry groups have welcomed the recent policy focus by both the Australian Government and the Opposition with regard to housing affordability in Australia, but have called for a number of commitments from the government.

Becton takes over from Fincorp

The Mernda Town Centre project is just one of nine developments Becton Property Group has acquired from the administrators of the failed Fincorp group.

Becton Property Group has been accepted as the preferred buyer for nine out of ten properties in the portfolio of the failed Fincorp group. The transaction provides Becton with a 10 year development pipeline worth over $470 million.

Sites go on the market

The public tender will closing on Wednesday, 8 August 2007.

A 28 hectare site adjoining The Vines in Western Australia, is being offered for sale by public tender. Burgess Rawson is also marketing additional development sites for sale in Rivervale.

National clearance falls

According to the latest figures, all states recorded a fall in the clearance rate, resulting in national clearance to fall 6% points, down to just 58%, the lowest for the year. The national sales volume was $407 million.

The auction clearance rate for commercial property across all states declined in June, with NSW recording the month's lowest figures with a clearance rate below 50%, according to independent property analyst CPM Research.

Becton boost retirement business

Becton Property Group has acquired three greenfield development sites for its retirement business. The new sites are located in Beaumaris and Mt. Martha in Victoria and Vale in Western Australia.

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