THREE DAYS after banking giant Commonwealth Bank announced a surprise increase of its fixed interest rate, rival banks Westpac and National Australia Bank have followed suit.

Westpac yesterday informed its mortgage holders of interest rate increases of between 0.1 per cent and 0.5 per cent, for most of its loans. The bank’s four and five year loan rates have ballooned from 6.69 per cent to 7.19 per cent.

Westpac was followed by the National Australia Bank, which also lifted rates on its four and five year loans, by between 0.15 and 0.4 per cent.

Former Mirvac managing director Robert Hamilton should be patting himself on the back.

In January 2004, the businessman who co-founded the Mirvac development empire 35 years ago, dared criticise what was becoming a growing trend by listed property trusts in Australia – to target property assets internationally, particularly in the United States where high property yields made them attractive, relative to local property asset offerings.

The Punt Hill Group has announced plans to build 127 new serviced apartment rooms, in two separate projects in Melbourne’s south-eastern suburbs.

Retail investors are spoilt for choice at the moment, with another portfolio of shops about to be put to the market, this time in Swanston Street.

With the spring selling season just around the corner, here’s a good tip for buyers.

Using a little trick many valuers, analysts and banks use – you can calculate an approximate sale price of a house, by working backwards according to how much rent it can return.

Private investment company The Baker Group has paid $4.15 million for a busy car wash in Punt Road South Yarra.