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Anaylst to PCA: Carbon Tax to Balloon Construction Costs Much Higher Than Anticipated

australian office building

THE cost of building an office tower could rise 1.7 per cent under a carbon tax, substantially more than the previous estimates of between 0.2 and 0.5 per cent.

Building a 200 square metre home would also rise by 1.7 per cent, or about $18 per square metre, because of the tax, according to new research prepared for the Property Council of Australia, by adviser Allen Conosulting Group.

An initial price of $23 per tonne of carbon will be imposed on Australia’s top 500 carbon emitters from July 1, 2012. This will rise to $25.50 per tonne in the 2015 financial year.
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Mohamed al-Fayed Reaps $A2.5 Billion From Harrods Sale

Harrods London

Harrods LondonMOHAMED al-Fayed has reaped about $A2.5 billion from the sale of one of the world's most famous shops, Harrods, in Britain.

The sale ends 25 years of ownership by Mr al-Fayed, who paid <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 415 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-520092929 1073786111 9 0 415 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0cm; margin-right:0cm; margin-bottom:10.0pt; margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;} .MsoPapDefault {mso-style-type:export-only; margin-bottom:10.0pt; line-height:115%;} @page Section1 {size:595.3pt 841.9pt; margin:72.0pt 72.0pt 72.0pt 72.0pt; mso-header-margin:35.4pt; mso-footer-margin:35.4pt; mso-paper-source:0;} div.Section1 {page:Section1;} --> £615.

The new owner is the Qatari royal family.

Harrods includes seven levels of retail space and includes 300 department stores attracting some 15 million shoppers a year.
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Telstra to Float Chinese Real Estate Website Soufun

Beijing

Beijing
TELSTRA will float major Chinese real estate website Soufun.

Telstra, which is not commenting further because it is uncertain where Soufun would be listed, paid $US254 million for a 51 per cent stake in SouFou in August 2006, under the directorship of Sol Trujillo.

It is one of seven Chinese investments for Telstra, which also owns websites for cars, electronics and mobile phone services.

In a statement, Telstra said "Subject to regulatory requirements, further details will be provided as the process proceeds".
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Move Over Simcity, New Internet-Based Property Development Game Arrives

simcity

REAL estate hobbyists will be able to play the part of a property entrepreneur, as part of a new internet-based computer game set to hit the market soon.

Property Mogul will allow players to acquire, sell and manage properties to build a portfolio. Players start with $1 million, and can utilize real estate agent help to advice on game based purchasers. Agents will be represented with an online avatar.

“Property Mogul is an entertaining and interactive game where players buy, sell and manage real estate, allowing them to apply real life principles to achieve virtual property tycoon status,” said Century 21 Australia chairman and owner Charles Tarbey. The agency has developed the game with Engaging Communications.
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Google Updates its Australian Street View Images

google street view

ONLINE real estate voyeurs may notice Australia’s capital cities looking greener, cleaner and generally more attractive.

After some 18 months touring roads in cars with roof-mounted cameras, and then blurring the scenes it recorded for privacy, internet-based business Google this week replaced much of the Australian imagery it uses for its Maps and Street View technologies (a UK Google Street image capturing a drunk man, pictured, right).

Google’s much anticipated upgrade – the first major improvement to the Street View service introduced here in August 2008 – affects capital cities, coast and country towns.

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BHP’s Plans to Move its Headquarters to Perth Delayed

city square perth

MINING giant BHP Billiton looks unlikely to relocate its headquarters to Perth any time soon, according to news reports.

In 2008 Perth mayor Lisa Scaffidi labelled a new building BHP was occupying at City Square as “BHP’s new national headquarters” raising speculation the giant will leave its long-time home in Melbourne.

The mayor told a council meeting BHP’s Melbourne operations would be “significantly downgraded” in what was “a major boon” for Perth.
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Ritziest Suburbs Fall Hardest Since GFC Peak: RP Data-Rismark

hunters hill

AFTER what has been a largely bleak economic backdrop, the country’s most affordable suburbs are performing better than its ritziest.

According to research group RP Data-Rismark, exclusive suburbs including Mosman Park in Perth and Hunters Hill in Sydney (pictured, right) have reported drastic median price drops of more than 30 per cent since “the peak”, which it deems to be August 2008 (about six months after when many agents say the downturn started in the large Sydney and Melbourne markets).

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PCA Questions New Australian Population Strategy

generic aerial

A CONTROVERSIAL new population strategy - which sets no population target at all - has concerned peak property bodies.

The Gillard government's first population strategy, Sustainable Australia, Sustainable Communities, is "political in nature' according to the Property Council of Australia chief executive Peter Verwer, who added it contained "little more than motherhood statements, previously announced government initiatives and ongoing government programs."

"This is not a detailed plan for managing population growth and to describe it as a policy or a strategy would be stretching credibility," Mr Verwer was quoted as saying in The Australian. "We need to grow our population, which needs taxation revenue to fund vital services," he added.
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