News roundup: Strong investor demand for apartment blocks in East Australia, plus more news

For PropertyGuru’s real estate news roundup, apartment blocks are hot properties in east Australia as private investors hunt down prime property in a tight rental market. In other stories, the office vacancy in Grade A and prime offices in Metro Manila rose during the first quarter of 2024, and a list of potential rental properties near public parks in Kuala Lumpur and Selangor.

Unit blocks a super idea for investors in East Australia

Apartment blocks are hot property in the east as private investors hunt down prime property in a tight rental market. Melanie Lahoud of Ray White Commercial recently sold a block of nine apartments in Liverpool St, Rose Bay for AUD9.175 million.

“The building was owned by a local investor for many years, and it ended up selling to another local family,” she said on realcommercial.com.au.

“There’s a really strong demand for blocks of units in the east. More often than not we’re finding local investors are buying for their super funds. When buyers turn out at auction they seem to be the number one bidder rather than those looking to split them up into strata apartments.”

The unit block market remains a flurry of activity, especially around Australia’s most popular beach.

Steady rates expected for prime developments in Metro Manila CBDs — Cushman & Wakefield

The office vacancy in Grade A and prime offices in Metro Manila rose during the first quarter, according to real estate services firm Cushman & Wakefield in BusinessWorld.

Office vacancies in the National Capital Region of the Philippines increased to 16.53 percent from 16.16 percent between the first quarters of 2024 and 2023, Cushman & Wakefield said in a statement. It expects vacancy rates to stay between 15 percent and 20 percent in the near to medium term.

This is because of the combined impact of new completions, the return of spaces from right-sizing initiatives by major occupiers, and the delayed expansion plans of certain information technology and business process outsourcing management (IT-BPM) firms, the real estate agency said. “Despite the setback in overall market vacancies, we are optimistic that the commercial real estate market in Metro Manila will continue its recovery, albeit at a slower pace, for the remainder of 2024,” said Tetet Castro, director and head of Tenant Advisory Group at Cushman & Wakefield.

38 Condos to rent under RM3,000 near public parks in KL, Selangor

In an urban environment such as Kuala Lumpur and Selangor, living near public parks or green areas is not just a luxury; it’s a vital component of liveability.

Rising demand is present among property seekers and renters aspiring to attain a quality of life and well-being. Well-being is becoming a necessity when looking for a place called home. But first, let’s understand what liveability means.

The term liveability refers to the combination of factors that contribute to the quality of life and well-being of the people living within it.

Studies have shown that proximity to greenery can enhance mood, reduce stress, and encourage a more active lifestyle—benefits that are seemingly valuable in the fast-paced urban life of Kuala Lumpur and Selangor.

If you’re looking for a place to rent near green spaces in Kuala Lumpur and Selangor, PropertyGuru Malaysia has compiled a list of potential rental properties near public parks for your consideration.

The Property Report editors wrote this article. For more information, email: [email protected].