Star promise no extra pokies in spectacular new $2 billion development The boss of the Star Entertainment Group says its proposed $2 billion Broadbeach masterplan does not require any more pokies added at the site. Star CEO Matt Bekier, who revealed to the Bulletin new artist impressions and details of its seven-tower vision, promised the expansion plan would include no request to add to its 1600 pokies. “I’m happy to put that stake in the ground,” he said. “If you look at our expansion plans they are really focused on the tourism business. “We think this market has enough slot machines and if those tourists gamble, they are mostly likely to play table games where we have spare capacity. These plans are not contingent on expansion of pokies.” The commitment is a major line in the sand from The Star as debate heats up on the Gold Coast about whether...

Sydney, Melbourne rental yields surge in March, Domain says  Weaker house markets in Sydney and Melbourne are pushing up rental yields for investors as purchase prices fall or rise more slowly than rents, Domain Group's latest figures show. In Sydney, the most expensive city for housing, the gross yield on houses picked up to 3.11 per cent in the March quarter from 3.08 per cent in December even as the median weekly asking rent held at $550, Domain's quarterly Rental Report shows. The figures show the sharp turnaround in the residential market in the NSW capital, where house prices have cooled from their previous white-hot state to chalk up a 2.1 per cent decline in the first three months of the year. "We haven't seen any change in asking rents for houses in Sydney," said Nicola Powell, Domain's data scientist. "It suggests we are seeing a softening sale market." It's a similar...

Very strong market conditions in Sydney and Melbourne have pushed average home value growth across the five mainland capitals up 1.1 per cent so far in February, CoreLogic figures show. Price growth in the NSW capital of 2.6 per cent for the first 27 days of the month is pushing the city back into the heady levels of price growth it saw two years ago, the data provider said on Monday, ahead of releasing the full month's figures on Wednesday. "The strong capital gain conditions are likely to push the annual growth rate for Sydney close to the cyclical high of 18.4 per cent which was recorded over the twelve month period ending July 2015," CoreLogic head of research Asia Pacific Tim Lawless said. Over the month to date Melbourne home values have gained 0.7 per cent, while Brisbane and Adelaide have also increased, CoreLogic said. Perth values have fallen...