Property

Perth's median house price fell to $443,000 during the June quarter, slightly lower than originally forecast, according to the Real Estate Institute of Western Australia's official data.

Despite the downturn in the residential property sector during the past eight months, three Western Australian developers have posted increased profits for the year to June.

A group of Western Australian property developers is still waiting to receive a planning document that would allow more than 3,000 hectares of land in the Peel region to be converted to housing.

Housing affordability in Western Australia has improved over the June quarter in the latest confirmation that house prices are weakening, while across the country levels remained at a 24-year low.

The latest major leasing deal for the CBD's new office towers has got over the line, with the federal government's Department of Education, Employment and Workplace Relations signing on as the anchor tenant for Queensland-based First State Developments' p

The downturn in the financial sector has hit West Perth-based financial services company Centrepoint Alliance Ltd, which today reported an $11.8 million goodwill writedown and a full year net loss of $9.5 million.

Despite forecasting a profit growth in excess of $40 million for the 2008 financial year, Western Australian property developer Port Bouvard Ltd has reported an 88 per cent slump in net profit to $3.2 million.

West Perth-based intellectual property group ipernica Ltd has reported a record net profit after tax of $15 million for the 2008 financial year, up 244 per cent on the previous year.

Shares in agribusiness investment manager Great Southern Ltd jumped briefly higher today after a major restructure proposal to create a company with three business streams.

Perth-based property and land developer Peet Ltd has overcome challenging conditions in the housing market to post another full-year record profit.

Mining hospitality and accommodation provider Auzcorp will develop a $45 million, 136-room hotel in Tom Price after being selected as the preferred bidder under the government's Landbank program.

Fremantle's Queen Victoria Street has long been home to an assortment of car dealerships and retailers, but plans to allow high-density development along the strip could lead to a redevelopment of the entire area.

High levels of rental property demand are expected to continue in Western Australia as new data shows little relief for renters in the short to medium-term future.

The suburbs of Pepppermint Grove, Nedlands, Cottesloe and Cambridge have been ranked in the top 25 areas to live in, according to BankWest's inaugural Quality of Life Index.

The falling Australian dollar could play out nicely for industrial company Schaffer Corporation Ltd which posted a six per cent increase in net profit to $11 million for the 2008 financial year.

Property manager Charter Hall Group has confirmed Medicare Australia will lease 5300 square metres of commercial office space at its ONE30 Stirling Street project, located on the fringe of Perth's CBD area.

Housing affordability in Western Australia has improved over the June quarter in what is the latest confirmation that house prices are weakening while across the country levels remained at a 24-year low.

Osborne Park-based Joyce Corporation has sold its South Australian property for over $4 million.

A $25 million refurbishment of the Perron Group-owned Mirrabooka Square Shopping Centre will be the first step towards a wider revitalisation of the area, if approved by council.

A series of market indicators for Perth's residential property sector have revealed the slowest June quarter in at least five years, but analysts are divided over whether the slowdown will continue.

Eight months after revealing plans to build a remote operations centre at Perth Airport, iron ore giant Rio Tinto has signed a deal to lease 6,000 square metres of space at the emerging office park.

FIGURES from the Urban Development Institute of Australia (WA) show lot sales fell 9.5 per cent in the June quarter, to 1,057 lots.

In a sign that Perth's commercial property market may be warming up, Wesfarmers House has sold to Jandakot-based Ascot Capital Ltd for almost $85 million, although the price represents a significant discount on the property's 2007 value.

With three Liberal leaders - Matt Birney, Paul Omodei, and Troy Buswell - humiliatingly dumped since Colin Barnett's resignation after his failed bid to oust Labor's Geoff Gallop in 2005 - the Liberals have Mr Barnett again leading them.

The vision of creating one of the Asia-Pacific region's best airports - with 45 aerobridges and costing just $1 billion - has become a major challenge for Perth Airport.

Ascot Capital Ltd has bought the Wesfarmers House from Orchard Funds Management for $85 million in one of Perth's biggest property sales this year.

Higher production costs have hit Frankland River Olive Company Ltd which is looking to offload its Parmelia Olive Grove property.

West Perth-based ipernica Ltd will lend its knowledge to a Melbourne company caught in legal proceedings in the United States over its intellectual property rights.

Market volatility is likely to impact Bunnings Warehouse Property Trust's earnings in the 2009 financial year as it reported a $39.3 million fall in the fair value of investment property portfolio, in contrast to a $167.9 million rise the previous year.

Diploma Properties has joined the ranks of WA developers capitalising on the demand for apartments along Rockingham's waterfront, with plans to launch a new project later this year.

Many Western Australians, myself included, consider Ralph Sarich a household name, so I was surprised last week to discover that many people in Perth have little or no awareness of how he built his $1 billion fortune.

PROPERTY developer Marchmont has placed its Bushmead Road industrial site in Hazelmere on the market.