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The Melbourne suburb of Meadow Heights is the worst-performing suburb in the Victorian housing market over the past year, according to the latest Residex market index.
The suburb, which is 18 kilometres north of Melbourne CBD, suffered a drop of 9.7% in median house prices over the 12-month period, with the median house value now at $441,000.
In August 2011, the suburb had small gains of 0.77%, before losing 10.47% in the past year. Sales rose 3.47% in the past 12 months, with only 1,550 properties being sold.
In regards to rent, the median price rose 1.47% to a $345, equating to a median of 4.1%.
It was the hardest hit in the metropolitan suburbs, with <a href="https://www.urban.com.au/property-observer" target="_blank">Essendon </a>hit second hardest, with house prices falling 8.44%. In <a href="https://www.urban.com.au/property-observer" target="_blank">Brunswick </a>the median house price fell 7.69%, in <a href="https://www.urban.com.au/property-observer" target="_blank">Fitzroy </a>it fell 5.67% and in <a href="https://www.urban.com.au/property-observer" target="_blank">Doncaster </a>the median house price fell 5.96%.
<a href="https://www.urban.com.au/property-observer" target="_blank">Meadow Heights</a>, which was previously known as Broadmeadows North, underwent a property boom in the late 1980s and early 1990s. Demand for new houses rose, forcing potential buyers into the outer-suburban area.
There is one shopping centre in the suburb, the Centro Meadow Heights, which has a SUPA IGA supermarket and over 25 retail outlets.
The suburb has numerous parks, the largest being the Broadmeadow Valley Park, which is filled with soccer fields and playgrounds. The Shankland Wetlands, which is home to a variety of native birds, is also in the area.
According to realestate.com.au, a very meagre 14 properties are for sale, with only 10 properties available for rent.
This <a target="_blank" href="https://www.realestate.com.au/property-unit-vic-meadow+heights-107166090.pdf?1923cc5d6f3e4c6ae4ef78ec004dab80">three-bedroom house</a> (pictured below), within walking distance to the shopping centre, was recently sold for $305,000 by Jason Real Estate Glenroy.
<img src="/images/stories/2012/09/rosedale1.jpg">
Something a little closer to the median house value, <a href="https://www.realestate.com.au/property-house-vic-meadow+heights-105826325.pdf?ab39445eec613da45104b31ed1d7b537" target="_blank">this four-bedroom house</a> (pictured below) was sold for $403,000 by YPA estate agents, with the opportunity to purchase extra land from the council to modify the barbecue area.
<img src="/images/stories/2012/09/dunkeld.jpg">
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Meadow Heights worst-performing Melbourne suburb in past year: Residex

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Japanese fashion brand Uniqlo has confirmed plans to open its first Australian store. Currently there are 903 Uniqlo outlets worldwide.
The company, best known for its multi-coloured micro-fibre wools and cottons clothing, will establish a Melbourne office in December.
Uniqlo spokesperson Aldo Liguori says the company's first store will open in 2013-2014.
“We expect to open one store in Australia during the fiscal year 2013," he says.
"We believe there is strong potential for the Uniqlo brand among consumers in Australia.”
Uniqlo is a subsidiary of Fast Retailing Pty Ltd, a global fashion operation.
The company was founded in 1984 in Japan, where it is listed on the Tokyo Stock Exchange.
Over the years, Uniqlo has moved into the fast fashion market.
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Japanese fast fashion powerhouse Uniqlo begins plans for Australian opening

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Complete with its sloping walls, balconies and staircases, the famous Ettamogah Pub at Table Top has been listed for liquidation sale about a year after its closure.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/ettamogah1.jpg">
The iconic original pub has been listed through Angus Macleod of Ray White Rural Wagga in conjunction with Ray White Hotels, acting under instructions from Andrew Bowcher, the official liquidator at RSM Bird Cameron.
It's been listed, along with the Ettamogah concept licence, after entertainment industry entrepreneur Leigh O'Brien, its owner, encountered financial difficulties.
It was reported in 2011 that O'Brien <a href="https://www.theage.com.au/victoria/ettamogah-publican-pursued-for-9-million-20110528-1f9rh">owed creditors about $9 million</a>.
The pub dates back to 1987 when built by Albury businessman Lindsay Cooper, based around the famous cartoons published by Ken Maynard.
The cartoons were published in the now defunct Australian Post magazine.
Maynard, who passed away in 1998, created the comic strip featuring the Ettamogah Pub and a motley bunch of characters, including koalas, kangaroos, kids and Struth, the boots-wearing cockatoo.
The original pub in Table Top was a faithful re-creation of the distinctive lopsided architecture and has since become an iconic tourist attraction. 
It is 15 kilometres out of Albury.
The timber watering hole, a replica of Ken Maynard's long-running Ettamogah Mob cartoon in the Australasian Post magazine, is set on 10 hectares.
The complex attracted about 1 million people a year at its peak when owned by a De Bortoli Wines subsidiary.
Another Ettamogah Pub was opened in 1989 in Queensland and then a further two pubs constructed, most recently in 2003, in Rouse Hill, Sydney and in 2001 in the town of Cunderdin, Western Australia, 156 kilometres east of Perth.
In 1992, both the original pub in Table Top and the one on the Sunshine Coast were put up for sale, with the buyer acquiring worldwide trademark and licence rights to the Ettamogah Pub “intellectual property”. It was bought in 1994 by current owner Leigh O'Brien.
Offers close on October 26.
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Ettamogah Pub at Table Top, Albury, in liquidation sale

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The popular Horizons Resort on Lake Jindabyne, NSW, has been listed for sale.
Ian Dore of Resort Brokers Australia has been appointed to sell the four-star tourist accommodation resort, which is priced at $2,995,000.
The large resort has 120 self-contained residential apartments, three separate conference rooms catering up to 250 people, as well as a tented function room. 
The holiday destination also includes a restaurant, bistro and bar, as well as a heated indoor swimming pool, gym, tennis court and undercover parking for visitors and employees. 
<img width="470" src="/images/stories/2012/09/horizons.jpg">
The first stage of the resort was built in 1995 and the final stage completed in 2000. The resort was owner-operated by the original developer. In 2002, management and leasing agreements were sold to an independent operator until 2011, when a protracted court case gave 100% control back to the original owner, who has since put the commercial property up for sale. 
The greatest demand for the resort is during the winter ski season, from June to September, with an occupancy rate of 90%.
It is also a destination during the summer period for weddings, conferences and events. It has an annual occupancy rate of 47%.
The 120 apartments include studios, deluxe studios and two-storey split apartments for the executive studios.
The price for one night for a studio apartment during the winter season is $250, with a deluxe studio at $300 and the executive studio valued at $450. 
During the summer season, excluding the holiday period of Christmas and New Year's, the cost for one night in a studio is $125, a deluxe studio for $150 and an executive studio for $275.
The 12 staff members are currently employed for the full year, with numerous casuals working during the winter ski season.
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Horizons Resort at Lake Jindabyne, NSW, listed for $2,995,000

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The popular tourism town of Bendigo, known for its rich gold mining history, has been the top-performing Victorian housing market over the past year, according to the latest Residex regional market index.
House values in the central northern town are up by 4.25% for the year ending August 2012, bettering the previous 12-month increase of 2.85%.
The median house price in <a href="https://www.urban.com.au/property-observer" target="_blank">Bendigo</a> is $264,000.
Residex reports there was a 9.49% jump in sales activity, with 2,941 properties sold during 12-month period.
The average house rent price in Bendigo was up by 1.8% for the year, to $280, equating to a median yield of around 5.5%.
Bendigo outperformed other strong regional towns, including Shepparton (3.18% increase in house values), Mildura (up 2.92%) and Wodonga (up 2.93%).
Those regional towns were the only positive localites, with towns going back in value including Ballarat (-1.97%), Geelong and surrounding area (-3.8%), Castlemaine (-2.6%) and with Mornington and surrounding area at -4.06%.




Bendigo is situated approximately 150 kilometres north-west of Melbourne and is the fourth most populous city in Victoria, with an estimated urban population of 90,000.
According to the ANZ, <a href="https://www.propertyobserver.com.au/residential/bendigo-strongest-victorian-regional-housing-market-far-outperforming-shepparton-anz/2012070955483">Bendigo has outperformed</a> other regional and metropolitan cities in Victoria, including La Trobe Valley, Warrnambool and even Melbourne in terms of capital growth.
As of the year ending March 2012, Bendigo had a capital growth of 7%, compared with 5% in the La Trobe Valley and 4% in Warrnambool. Melbourne's capital growth fell 6%.
According to realestateview.com there are 171 properties for sale and 94 properties for rent in Bendigo. 

Recent property sales in Bendigo include <a href="https://www.domain.com.au/Property/For-Sale/House/VIC/Bendigo/?adid=2008302654" target="_blank">this three-bedroom modern home</a> (pictured below) through the Select Property Group for $295,000. Located in the heart of Bendigo, it offers magnificent views of the Sacred Heart Cathedral.
<img src="/images/stories/2012/09/vine.jpg" width="470">
A little higher than the median price, <a href="https://www.domain.com.au/Property/For-Sale/House/VIC/Bendigo/?adid=2007508586" target="_blank">this recently restored four-bedroom house</a> (pictured below) sold $367,500 through Kangaroo Flat Realty. Formerly a church (since 1891) it is approximately 325 square metres and has been revived for modern living and was sold in January this year.
<img src="/images/stories/2012/09/mackenziest.jpg" width="470">
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Bendigo best-performing Victorian housing market in past year: Residex

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The historic Lewis Anchorage site, located on Mangrove Street, Taren’s Point, in Sydney’s South, has been listed for sale with $6 million expectations.
<img src="/images/stories/2012/09/lew.jpg">
The property is situated in the southern shores of Botany Bay in close proximity to the entrance of the Georges River.
The property, which is currently occupied by boat repair and maintenance businesses, has a land area of 8,704 square metres and a <a href="https://dictionary.nwc.gov.au/water_dictionary/item.cfm?id=707&amp;xref=1" target="_blank">water lease</a> of 6,025 square metres. The sale is being conducted through Brett Cooper of Cooper Wilson, who says comparable opportunities have been few.
The site has been in the current owner’s family since 1935 commencing with a long commercial association with Botany Bay oyster farming from the early 1900s. In 1956 the Lewis family successfully dredged providing better access to Botany Bay for many vessels.
 In 1978, following the demise of the Georges River oyster industry, Lewis Anchorage shifted focus from oyster farming to the marine business. With over two acres of land, large compounds were initially sectioned off to store small boats and trailers. A boat launching ramp was constructed so that it could launch three boats at the one time.
 To provide maintenance and repairs to boats, the construction of the 70-tonne capacity <a href="https://en.wikipedia.org/wiki/Ship_lift" target="_blank">ship-lift</a> was completed in 1986, to lift boats out of the water. Since then, the site has lifted and housed huge cruisers both private and commercial for maintenance. Both Riviera and Maritimo vessels are sent to the site for packing prior to being exported. The marine repair facility has catered for many essential service vessels and a wide variety of private crafts, including Water Police, Coast Guard, Sydney Port Pilots, the Navy and the Army.
Current outgoing rates that are associated with the anchorage include Council rates ($13,348.80 plus GST per annum), water rates ($684.28 plus GST per annum) and a land tax of $35,897.30 plus GST per annum.
The property is situated in the southern shores of Botany Bay and is in close proximity to the entrance of the Georges River. <a target="_blank" href="https://www.urban.com.au/property-observer">Taren Point</a> is only six kilometres to Cronulla and 25 kilometres to the Sydney CBD.
Expressions of interest in the property close on October 11 unless sold prior.
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Historic Lewis Anchorage site fishing for $6 million new owner

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The Mirvac Group has sold 50% of its stake in the Old Treasury Building, Perth to K-REIT Asia for $165 million.
It's a new A-grade commercial tower project on the site of Perth’s Old Treasury.
The deal will have to wait for approval from the Foreign Investment Review Board.
It has a construction completion date set for 2015.
The building will have 30,800 square-metre space with 98% pre-committed by a 25-year lease to the WA state government.
K-REIT will fund 50% of the development costs, at an effective rate of 7%.
Mirvac’s Bevan Towning said he was delighted with his company’s second co-investment with the Singapore-listed group.
“This transaction is Mirvac’s second co-investment with K-REIT, following the sale of a 50 per cent interest in our latest premium grade Sydney office tower, 8 Chifley Square, and we are delighted to work with K-REIT to deliver one of Perth’s flagship projects.”
Mirvac Constructions, a subsidiary of the Mirvac Group, will deliver the building under a fixed-price design. It is anticipated that on completion, Mirvac Asset Management will be appointed as property manager by the co-owners.
The property is targeting a five-star <a target="_blank" href="https://www.gbca.org.au/green-star/">green star</a> rating by the Green Building Council of Australia and is designed to achieve a 4.5-star <a target="_blank" href="https://www.cbd.gov.au/NABERSRatings.aspx">NABERS Energy Rating</a>.
Last November Property Observer reported the <a target="_blank" href="https://www.propertyobserver.com.au/developments/perth-s-old-treasury-to-become-aman-resort/2011110752242">Old Treasury buildings </a> were being refurbished into an ultra-exclusive Aman Resort, while a 35-level office tower was being developed at the centre of the site, which is part of the St George’s Terrace Cathedral Heritage Precinct.
 
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Mirvac sells 50% of the Old Treasury Building, Perth project to K-REIT Asia

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Four Queensland investors have used their self-managed super funds to buy the Springfield Marketplace Shopping Centre for $1,475,000 at a very healthy yield of 9.8%.
The sale of the 627-square-metre retail centre on a 3,235-square-metre site near Ipswich was negotiated by Knight Frank’s Andrew Burke, who says investors are keen to use their self-managed super funds to purchase such investments.
The property had previously been under offer at $1.65 million, according to a <a href="https://commercialrealestate.com.au/Property/2009810475/For-Sale/QLD/SPRINGFIELD/Retail" target="_blank">listing on commercialrealestate.com.au.</a>
Burke says that interest was “above average” because it is “hard to find something in that price range with a yield of that kind”.
“We believe the price range appealed to many self-managed super funds; disclosing the asking price allowed potential investors to instantly know if it was within their price range,” says Burke.
"Unlike some other property classes all buyers can relate to small-scale retail centres;  and finally, there was not actually a huge amount of income-generating assets on the market” he adds.
Located on 30 Commercial Drive, Springfield, the centre is 24 kilometres south-west of the Brisbane CBD.
The complex includes outlets such as Eagle Boys Pizza, Springfield Garden Restaurant, Nina’s bakery, CEBU Asian Supermarket and Salt n’ Battered.
The vendor was Itche Fa Investments.
Two weeks ago, Property Observer reported on <a href="https://www.propertyobserver.com.au/retail/suburban-shopping-centre-sales-top-%241-billion-for-year-cbre/2011091451549" target="_blank">market analysis from CBRE</a> revealing that sales of neighbourhood and sub-regional shopping centres had topped $1 billion in the past year.
A total of 38 centres have been traded this year, 37% more than in 2010, with the market sector benefitting from customers moving more towards food and service retailing.
According to Colliers, prime yields in sub-regional and neighbourhood shopping centres start from around 7% and rise up to as 10% in the secondary market.
Colliers head of national research Nerida Conisbee suggest investors consider regional shopping centres under $5 million as well as suburban strata offices.
Major property groups, including Lend Lease and Colonial First State have already started advertising investment funds specifically targeted at sub-regional and neighbourhood shopping centres.
Urbis National director of valuation Matt Cleary says, “Pricing has got back to much more in line with historical trends”. 
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Investor syndicate snaps up Queensland retail centre on near 10% yield

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The uncertain Payless Shoes future – following last Friday's voluntary administration – will likely impact on landlords, with Centro and Westfield the hardest hit.
Westfield is the landlord of 30 outlets of the discount shoes company. The plurality of these, 13 stores, are in NSW.
There are another six outlets each in Victorian and Queensland Westfields, along with two each in the ACT and Western Australia and one in South Australia, as currently listed on the Payless Shoes website.
Centro Centres has 14 NSW Payless Shoes stores, followed by 10 in Victoria, six in Queensland, three in Western Australia and one each in South Australia and Tasmania.
NSW was the dominant location of all the 234 stores with 105 <a target="_blank" href="https://www.propertyobserver.com.au/retail/payless-trodden-into-voluntary-administration-by-poor-consumer-confidence/2012092456761">Payless Shoes outlets.</a>
Second was Queensland with 54 stores; Victoria third with 44, followed by 15 in Western Australia, seven in Tasmania, five in South Australia and only four in the ACT.
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Retail landlords Westfield and Centro hit hardest by Payless administration

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Situated within Sydney’s fast-changing mid-town precinct, the 32 York Street office building has been listed by pub king Christopher Cheung with $20 million plus hopes.
The  CBD property has been marketed with the potential for redevelopment, with several different scenarios already contemplated, including hotel and residential schemes.
<img src="/images/stories/2012/09/32york.jpg" width="470">
It's been listed by Benjamin Azar from Savills Australia, whose marketing material stresses the precinct now includes premium brands Louis Vuitton, Apple and Burberry along with Telstra, CBA, IAG and Macquarie Bank.
The building is adjacent to Sydney’s most iconic and well-known commercial office and retail strips, just south of King Street. The precinct is under major transformation following the Sydney City Council’s proposed development of George Street, situated behind York Street.
<img src="/images/stories/2012/09/32york2.jpg">
It is understood Cheung is selling the property to focus on his pubs portfolio.


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The 32 York Street building is on a block of 628 square metres.
The lower and upper ground floors comprise retail space with an area of 763 square metres.
The nine upper levels, which are for office accommodation, have an area of 4,111 square metres, bringing in total a 4,874 square metres of lettable area.
The total gross income for the property sits at $1.47 million, with $920,675 coming from office rental, with another $476,961 coming from retail rental.
<img src="/images/stories/2012/09/32york3.jpg" width="470">
Currently it has an occupancy rate of 76%. Its estimated fully leased net passing income is given as $1.35 million.
The building was constructed in 1964 with part refurbished in 1986 and more in 1995.
Cheung is the owner of Cheung Properties and made <a href="https://www.smh.com.au/entertainment/restaurants-and-bars/a-new-king-joins-sydneys-pub-royalty--this-time-in-the-cross-20101117-17xpx" target="_blank">headlines in November 2010</a> when he purchased the landmark hotel The Bourbon in Kings Cross.
He also owns the Coogee Bay Hotel and in 2009 confirmed plans to transform it into a $150 million retail and entertainment hub.
The last reports regarding the redevelopment of <a href="https://www.smh.com.au/nsw/as-you-were-on-part-3a-development-proposals-20110512-1ektf" target="_blank">Coogee Bay was in May 2011</a>, when the $150 redevelopment plans before the NSW Labor government's planning department was sent back to the local council.
There has been no update since.
Expression of interest of 32 York Street closes October 18.
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Andrew Bishara

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