Meanwhile, an owner occupier is also expected to be a prominent bidder for a medical centre and large development site in Prahran, in a deal which could be worth more than $7.5 million.

The University of Melbourne has bought a Carlton office building it has been occupying as a tenant for 15 years, in a deal believed to be worth around $26.4 million.

Listed property development and investment company Folkestone is believed to have onsold a retail shopping centre it bought late last year, in the upmarket seaside town of Sorrento.

The last property asset of failed developer Westpoint is believed to have sold to local private investor Harry Chua for $2.7 million.

German-based industry products supplier EBM-PAPST Australia Pty Ltd has pre-committed to a 2000 square metre office warehouse building in Laverton North, being developed by Vaughan Constructions.

Reports out this week that property taxes have already smashed Treasury's May budget forecasts, come as no surprise to the Real Estate Institute of Western Australia.

Treasury forecasts predict that property-related tax collections will rake in a staggering $2.04 billion from the 2005-06 financial year. This is up from $1.8 billion on previous estimates.