UBER green property investment group Drapac will sell two of its most prominent central business district development sites, in deals expected to reap around $60 million.

The bluestone Ormond Hall in St Kilda Road, home to Victoria's first Belgian Beer Cafe, will become a boutique hotel, under plans by Stockland, the site's new owner.

The Australian weighted average median prices for houses and other dwellings have experienced their largest quarterly fall compared with previous quarters for the past five years, according to the Mortgage Choice/REIA Real Estate Market Facts released today. The Australian weighted average median house price decreased from $471,300 in the December quarter 2007 to reach $458,488 in March quarter 2008, a decrease of 2.7% over the quarter. The Australian weighted average other dwelling price also decreased by 2.7% over the quarter to $355,297.

The Pipeworks Fun Market in Melbourne's northern suburbs will be retained by owner Gersh Investment Partners, which will dream up a new future for the site with a joint-venture partner.