Australia’s Population Boom Continues, We’re Now at 22.5 Million

AUSTRALIAN Bureau of Statistics show the nation’s population surged 1.4 per cent last year to 22.5 million.

Victoria led the population surge recruiting 75,000 new residents in the way of immigration, more babies and a net increase from other states. The state now has 5.6 million people.

Mining states Western Australia (which gained 67,400 residents) and Queensland (66,500) were the next fastest growing states.

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Hilton to Build 8-Level, Upmarket Hotel in the Pilbara

RESIDENTS won’t have to put up with “sub-standard” accommodation around the Pilbara, in Western Australia, with the international Hilton Hotel announcing plans for a $65 million upmarket hotel in central Karratha.

The first Double Tree by Hilton Hotel will include 144 suites, 20 own-your-own apartments, bar, restaurant, fitness centre, pool and car parking.

The proposed eight level building (artist impression, below), in Karratha’s central commercial area will also include three function rooms.

“Today’s announcement is yet another example about how, not the government but the private sector, is embracing the opportunities of the Pilbara,” said minister for regional development and lands, Brendon Grylls.

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House prices flat – rents up; REIWA releases data for the Dec quarter of 2007

Preliminary data by the Real Estate Institute of WA suggests Perth’s housing market was flat-lining in the December Quarter of 2007, with no movement either up or down for the last three months of last year.

However, REIWA President Rob Druitt said he expected the data to show a small overall increase once final settlements are processed.

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Agents call for patience as rental crush resurfaces

Real estate agents and property mangers are urging prospective tenants to be patient as the annual rental crush resurfaces in Perth.

President of the Real Estate Institute of Western Australia, Rob Druitt, said seasonal factors and the low vacancy rate for accommodation was causing stress with many over worked agencies struggling to keep up with enquiries.

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Interest rate rise unwelcome in WA

The Real Estate Institute of Western Australia said today’s lift in the official cash rate by the Reserve Bank was not surprising but was disappointing.

REIWA President Rob Druitt said the WA property market was ‘cool and stabilising’ after the boom and did not require any further brakes applied to it.

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Ray White Invest & Blair Group Buy Currambine Marketplace, Perth, For More Than $50 Million

Specialist direct property funds management group Ray White Invest and private retail developer Blair Group today announced the joint acquisition of the Currambine Marketplace in Perth from Woolworths Ltd for in excess of $50m with proposed expansion plans to significantly increase the value of the property.

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No room at the inn: rental vacancy rates slump around Christmas

Residential rental vacancy rates have averaged an all-time low of 1.9 per cent across Australia for the past two and a half years, according to data published today in the Mortgage Choice/Real Estate Institute of Australia (Canberra), Market Facts report, September quarter edition.

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Commercial property in hot demand

The Real Estate Institute of Western Australia this week released its inaugural Commercial Property Commentary on industrial sales and activity in the state.

The report shows that while the total value of reported sales over the last financial year reached $3.78 billion, the number of sales actually dropped by 16 per cent on the previous year.

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Property boom should prompt tax reform

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.

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REIWA Awards for Excellence

This year REIWA held its annual Awards for Excellence presentations at the gala dinner for the Insight Conference.

President of the Real Estate Institute of Australia, Mr Graham Joyce, presented the awards which give official recognition to the property industry’s top performers.

There are 14 overall categories, but the judges are not obliged to choose a winner in each category if they feel the relevant criteria has not been fully met by nominees.

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Perth house prices climbing again

Perth’s resilient property market has bounced back from its modest slump in June, showing 2.4 per cent growth in price for the September quarter.

Data released today by the Real Estate Institute of Western Australia, is expected to show the current median price of $450,000 for the June quarter climbed to around $460,000, up by about $10,000 and marginally below the $465,000 median reached in the March quarter.

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