A Japanese company has unveiled a plan to build a $250 million commercial tower on Ann Street... »
Real Estate
Commercial property industry seeks bailout aid
NEW YORK (Reuters) – A group of trade associations representing the U.S. commercial real estate industry is lobbying to be included in the Federal Reserve’s $200 billion asset-backed bailout plan in order to head off a wave of foreclosures over the next few years. In a letter to U.S. Treasury Secretary Henry Paulson, industry... »
Road key to mining push on APY land
ONE of the nation’s most troubled Aboriginal homelands is set to open up to oil exploration and mining in a bid to break the cycle of poverty and welfare dependence. Central to the plan for South Australia’s remote Anangu Pitjantjatjara Yankunytjatjara communities is construction of aroad linking the east to the west, creating a... »
$18m boost for remote housing
THE two Northern Territory islands of Nguiu and Groote Eylandt will be given $18.5 million to build houses and repair old properties under a Rudd government plan to provide incentives for Aboriginal people to sign private leases over their townships. Indigenous Affairs Minister Jenny Macklin, who will announce the funding today, said the 40-year... »
Deconstruction of building companies quickens
THE number of Australian companies that have gone into insolvency has soared over the year, with construction firms among the worst affected. Figures from the Construction, Forestry, Mining and Energy Union show the monthly rate of construction companies with winding-up applications against them has gradually increased over the year from 15 in the month... »
Wanted: new universe by the beach
FORGET about the global financial crisis and focus on what really interests Australians over summer: contemplation of the perfect seachange. But where to find such an idyll? After all, hasn’t everything within cooee of the coast been fully priced for years? Well, maybe. But then again, maybe not. The Australian seachange universe is comprised... »
Coastal towns next year’s property hotspots
COASTAL towns from Tully in Queensland to Upper Burnie in Tasmania are tipped to be among next year’s property hotspots, as house prices in capital cities experience modest falls and upmarket property languishes under the strain of the financial crisis. In its final property pulse report of the year, RP Data says it expects... »
Desperate property tenants abuse and attack real estate agents in Australia
A shortage of property to rent in Sydney, Australia, is leading to a spate of rent rage with real estate agents being abused and even attacked. The situation is causing so much concern that Australian Premier Nathan Rees is to meet with the Real Estate Institute for crisis talks as new figures reveal that... »
Ferrari first, beach house next – rich Oz property owners feeling the pinch
Sought after beachfront properties in Australia are being sold at bargain prices as the economic crisis start to hit even those who are well off. Many of them in exclusive areas like Pearl Beach and Hymas beach were bought as ‘trophy’ properties by those who made a lot of money in the finance industry.... »
Cheap rentals may be on the way
LOW to moderate income earners could move into more affordable housing within weeks under a scheme agreed to by parliament. The National Rental Affordability Scheme (NRAF) is aimed at providing 50,000 new rental dwellings over the next four years. The scheme provides federal rebates of $6000 per dwelling each year for 10 years, and... »
GPT hotel sales to drag into next year
GPT Group’s effort to offload its $800 million hotel portfolio will drag into 2009, because of the economic downturn. The economic conditions made it “difficult to determine a sales timeframe”, the company said. The struggling property trust has also warned that it will “most likely” be forced into talks with banks next month over... »