Joe Lenzo

RETAIL leasing has been set back 25 years by the new Retail Shops Act, says Kott Gunning senior associate George Johnston.

The office vacancy rate in Perth’s CBD has reached another record low, falling from 0.7 per cent to 0.5 per cent in January, West Perth has reached a highly improbable milestone – the area is statistically full.

With record increases in CBD office vacancies, major resources projects are tipped to prop up the market.

Perth’s leasing market is the tightest in Australia, and with talk of a major new office tower, property analysts are warning tenants need to move now to take advantage of the city’s next major construction cycle.

PERTH-BASED property developer and syndicator Primewest has bought 255 and 267 St Georges Terrace from national property group Stockland for $27.6 million.

THE slowdown in mining project development last year has affected the Perth office market, with the vacancy rate for CBD offices recording a modest increase to 5.7 per cent in January.That is up from 4.2 per cent in July last year, but was still below all other state capitals.

With limited construction under way in the CBD and West Perth, commercial tenants are looking to the suburbs for new office space.

Leading property industry player Joe Lenzo says the proposed amalgamation of a number local councils would benefit property development in the state.

The City of Perth says Premier Colin Barnett is yet to meet with the council to discuss light rail route options, with key stakeholders in the CBD split on the best option for the proposed project.

In a bid to spread the Christmas cheer, the state government has approved a special extension for Sunday shopping hours.

More than 20,000 Western Australians bought their first home in 2013 in another sign of strengthening activity in WA's residential construction sector.

Owners of older office buildings in central Perth are struggling to find tenants, with the latest Office Market Report showing a widening gap between premium buildings and the rest of the market.

The Property Council of Australia is set to release a report that calculates the true cost of poor planning and delayed infrastructure.

SPECIAL REPORT: The Economic Regulation Authority has dismissed calls from several industry bodies for the creation of an independent infrastructure advisory body, saying it is an added cost unlikely to contribute much.

Industry lobby groups have urged the state government to tread with caution when considering raising property taxes in this week’s budget.

The government appears to have reacted to pre-budget industry fears by declaring only modest cuts to new housing market entrants' stamp duty concessions, however it still earned the wrath of some industry players.

Legal action launched by three metropolitan area councils against Local Government Minister Tony Simpson is a ‘disappointing, last-ditch attempt’ to derail the merger process, the Property Council of Australia says.

The state government’s tight 2014 budget and widespread job cuts in the resources sector have put the clamps on positive sentiment in the property sector, according to the Property Council of Australia.

The City of Perth and IBM will meet with businesses and agencies over the next three weeks as the council seeks to improve the city’s infrastructure and planning, as well as create a 3D portal for investors.

The City of Perth and the Metropolitan Redevelopment Authority have formalised an agreement to cooperate on planning developments such as Elizabeth Quay, Perth City Link and the Riverside project.

The state government has streamlined the planning approvals process, rolling out consistent regulations across local governments, introducing online application systems, and removing the requirement for single homes that meet R-Code regulations to have to go through the planning approvals process.

The government’s plans for local council amalgamations have met strong opposition from some quarters, but not the big end of town.

Perth's established suburbs accounted for just 28 per cent of all urban land development in 2012, well below the long-term 'infill' target of 47 per cent, prompting calls for regulatory reform from the Property Council of Australia.

Expansion of Western Australia’s retail space is not keeping up with the state’s population growth, falling short by around 200,000 square metres, according to a new survey by the Property Council of Australia.

Industry has welcomed the state government’s commitment to creating more affordable housing options through changes to Western Australia’s strata title laws.The state government released its reform papers on strata laws today, seeking public feedback on the proposed changes.

The costs of poor planning and delayed infrastructure in Western Australia have been revealed according to a new report from the Property Council of Australia.

Developers are set to be offered incentives by local governments to create affordable housing options, part of a suite of changes to the state's planning guidelines adopted by the Western Australian Planning Commission today.

Commercial rents in the Perth CBD have been tipped to fall by 9.4 per cent over the next 12 months, with the Western Australian capital one of only two major Australian cities to experience a contraction in office rental values.

Perth’s office vacancy rate has hit 14.8 per cent, as widely predicted, the highest level reached in almost 20 years.

The state government has passed the onus for reform onto local government authorities, with boundary adjustments only set to proceed if they are backed by the councils involved.

Home builders have given an overwhelmingly positive response to the state budget, but other major players in the property sector have criticised the scrapping of the $3,000 first home buyers grant for existing homes, and described land tax increases as alarming.

Changes to residential development guidelines – designed to ensure density is built in appropriate locations – have the potential to drive up the price of housing, put pressure on existing infrastructure and encourage urban sprawl, according to prominent industry players.

Perth residents want to live in apartments, and not just in the inner city, however, a leading industry lobby group believes the state government’s planning regime is leaving them with little choice than to buy houses and land.

Developers and industry lobbyists say there needs to be a clearer direction from government to ensure density is delivered in Perth.

The state government's infrastructure spending priorities have been called into question, with a new report showing its new big ticket transport items – the $1.6 billion Perth Freight Link and the $2 billion Forrestfield Airport Link – do not stack up economically when compared to other potential projects.

An inquiry into Western Australia’s development assessment panels has recommended a more transparent process to deal with complaints regarding decisions, but has ruled out allowing third-party appeals.

Property Council of Australia’s long-serving Western Australian executive director Joe Lenzo has announced he will retire next March, with the search for a successor to begin immediately.

Perth's office vacancy rate is nudging 20 per cent but demand is turning to the positive side, according to the Property Council of Australia.The Property Council today said the Perth CBD office vacancy rate was 19.2 per cent, up from 16.5 per cent in August last year.

Educating the community on the benefits of higher-density development is looming as one of the big challenges for Lino Iacomella, who has taken the helm at the Western Australian division of the Property Council of Australia.