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Lowering the entry requirements for real estate agents as part of a bid for a national licensing system will put consumers at risk, according to the Real Estate Institute of Australia.
The REIA says a potential national licensing system mooted by the Council of Australian Governments dumbs down entry requirement agents to the detriment of both the profession and consumers.
“REIA, in the past, has been supportive of national licensing, but not at the cost of consumer protection,” Robyn Waters, world president elect of the International Federation of Real Estate says.
She says agent licensing levels will drop leading to an increased consumer risk and a lowering of professional standards.
“We also do not want to see the abolition of ongoing professional development as it would result in many practitioners not participating in legislative updates which are pertinent to their area of real estate practice,” Waters says.
“Many Australian families and small businesses rely on real estate agents to either negotiate or sell the single biggest investment they will make – be it the family home or a small business.”
Waters is representing Australia at the Asia Pacific Real Estate Congress currently on in Singapore.
The meeting looks at the challenges and opportunities which prevail in the region for real estate professionals as a result of globalisation.
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awalsh-7Ub9EypybQ

Dumbed down real estate licensing rules will hurt consumers: REIA

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Australia should follow New Zealand’s lead in allowing first home buyers to withdraw from their superannuation to help purchase a home, according to the Real Estate Institute of Australia.
The voluntary Kiwisaver superannuation scheme allows first home buyers to withdraw some or all of their savings to buy a home and committed members also receive a once-off payment of up to NZ $5000 for home deposits.
Members of the scheme can choose to contribute 3%, 4% or 8% of their gross salary and their employer contributes at least 3% of their gross salary. The government seeds the account with NZ $1000 and contributes up to NZ $521 per year.
Members are normally unable to touch their money until they are 65. The scheme started in 2007.
The NZ $5000 payment functions as New Zealand’s only first home owners grant.
In the year to March 10,733 KiwiSaver members have used the first home owners initiatives, according to New Zealander housing minister Nick Smith.
The REIA says access to schemes like this could help improve Australia’s declining home ownership.
“With over 82% of all Australian households holding at least some savings in their superannuation account and the average value across all households at $142,429, some access to these sources could reverse the current trend of declining home ownership,” REIA president Peter Bushby says.
“Both of these features can also be used to help with the overall deposit when buying land to build a first home house on. Furthermore, if a person has previously owned a home but is currently in a similar financial position to a first home buyer, they may still be eligible for both features.”
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Australia could learn from New Zealand's first home buyers super scheme: REIA

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Canberra's house prices grew over the June quarter to their highest point ever, according to the latest housing market report from Australian Property Monitors.
"The Canberra housing market has recorded solid growth over the June quarter, which follows a subdued period earlier in the year," the report says.
"Median house prices rose by 1.8% over the June quarter, to be up 4.2% over the 2013 financial year. Canberra’s median house price is now at an all time high of $576,248."
The unknown equation in the Canberra market is the impact of the federal election and any possible cuts to the public service.
However, today regular observer <a href="https://www.propertyobserver.com.au/hotspots/canberra-needs-to-stand-by-for-some-earth-quaking-changes-terry-ryder/2013090464794?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=upperright" target="_blank">Terry Ryder wrote</a> that "Canberra generally has the most consistent city market in Australia. It often has the lowest unemployment and the highest average incomes in the land. That provides a solid under-pinning for property markets."
Howver, Terry Ryder also goes on to say that the ACT needs to "stand by for some earth-quaking changes" as a result of the upcoming federal electionand that "whoever wins the election will put the cleaners through the federal public service, particularly if we have a Tony Abbott-led government on Monday morning."
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Canberra house prices hit all-time high in June: APM

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Nightcliff is Darwin’s most searched suburb by buyers, but with a median house price of $843,448 it’s out of reach for many. But nearby Coconut Grove has a median house price that is 19.8% cheaper.
Westpac has compiled a list of 10 Darwin suburbs where it’s cheaper to buy than in their more popular but pricey neighbouring suburbs.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/09/03/darwin-houses-sept-3-big.gif" rel="shadowbox"><img src="/images/stories/2013/09/03/darwin-houses-sept-3-small.gif"></a>
The hidden gem suburbs are close to the popular suburb but have a lower cost median house or unit price. The most popular suburbs were determined by the most searched for suburbs on realestate.com.au.
“Buyers who want to truly own their home sooner can find real value by simply considering a suburb which is just a stone’s throw away from their first preference,” says Westpac’s Gai McGrath.
If you wanted to buy a house in Darwin’s fourth most popular suburb, Parap, with a median house price of $808,054, you could consider travelling just three kilometres down the road to The Narrows where the average house price is 27% cheaper at $591,916.
You could own your home 15 years and eight months sooner and save $216,138 in purchase price $244,122 in interest repayments over time, according to Westpac.
If you wanted to buy a unit in Golden Grove, Adelaide’s eighth most popular suburb, you could consider travelling eight kilometres to Salisbury East where the average unit price is 28% cheaper.
The hidden suburb with most marked difference with its more popular counterpart was The Gardens which with a median house price of $719,522 is 40.5% cheaper than Larrakeyah’s $1.21 million.
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Darwin's 10 hidden gems: Parap is 27% cheaper than The Narrows and just 3km away

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Three retired Hitachi train carriages have been hoisted onto the roof of a novel Collingwood office development.
The design for the six-office development, End to End , by architecture firm ITN Architects, allows tenant access to the trains. Each of the six tenants will reportedly have half a train each, with access via an elevator from the basement.
One of the carriages may be turned into an art gallery or a bar.
The development at 48 Easey Street is a tribute to graffiti art including the notorious train graffiti.
In 2012, two of the unsold offices in the five level building were being marketed at $1.5 million. According to the <a href="https://end-to-end.yolasite.com/">developer website</a> the offices are still available.
The trains were hoisted into place on August 31 and September 1 with photos placed on the <a href="https://www.facebook.com/itnarchitects" target="_blank">ITN Architects' Facebook page</a>.
They were bought from train enthusiast John Horne who bought 120 carriages for $2600 each from the Victorian state government.
Photos courtesy of ITN Architects.
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Decommissioned trains hoisted onto roof of Collingwood office development

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Investors should proceed with caution in the Pilbara given recent announcements from Rio Tinto, according to Helen Collier-Kogtevs from Real Wealth Australia.

There are concerns Rio Tinto may not proceed with some new mines in WA’s Pilbara district after it widened its iron production guidance for the next five years.

Rio Tinto told analysts in Perth that annual exports of iron ore could range from 300 million tonnes to 375 million tonnes in 2018. But back in May it said that figure would be 360 million tonnes to 375 million tonnes, The Australian reports.

That means annual mine production could only rise marginally from the 290 million tonnes it plans to reach next year after a US $10 billion ($11.15 billion) expansion is finished.

Collier-Kogtevs says announcements like these should raise red flags for investors.

“I caution any investor looking at the Pilbara or any mining region to do extreme due diligence,” Collier-Kogtevs told Property Observer.

“When it comes to considering mining towns for investment they are high risk for a reason. Yes you get high returns but they are high risk and you really need an exit strategy in place.”

But despite the risk, there is still money to be made in the Pilbara.

“I would not say avoid at all costs. I have clients investing there and making a truck load of money. But I have people contacting me who have invested there who are in a whole lot of financial pain.”

“It’s all about doing the research. Understand what’s going on and not just at a micro level, you have to understand what’s happening with mining at the macro level.

“A lot of investors have come unstuck not looking globally and the impact that has on our resource market.”

In February 2012 Collier-Kogtevs recommended the Pilbara towns of Newman and Port Hedland as investor hotspots.

She described Newman as a town with a medium investment risk.

“Newman experiences high capital growth, high positive cash flow, medium to high entry level cost and medium risk. The town is strategically important to the national economy, has great historical performance and great projected performance, low vacancy rates, a high per capita income level and a high demand for housing,” Collier-Kogtevs wrote at the time.

“Port Hedland experiences high capital growth, high positive cash flow, high entry level costs and medium risk.”

Since then, Collier-Kogtevs says mining has gone off the boil.

“When I contributed to that article I was looking 12 months ahead,” she told Property Observer, “the landscape has changed.”

“I really didn't expect the government to bring in two new taxes. There a couple of things out of your control as an investor – death, taxes, changes in government and laws. So you do the best you can with the information you've got or the research that you’ve done do to make the best financial decision for yourself and circumstances.

“I'm aware of people buying off the back of a hotspot being nominated. I try and tread with caution; I'll share my opinion but I make sure to tell people to do their extreme diligence and base their decisions on their circumstances.”

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Mining hotspot in jeopardy - proceed with caution

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Investors are better off buying and operating vending machines than building a granny flat, according to Gavin McPherson, the head of property investment firm Oasis Property Group.
He says granny flats are for poorly informed investors in inferior areas and they attract bad tenants.
“The people that peddle this product trade on the lowest rung of investor,” McPherson told Property Observer. “Smart money knows better and doesn’t touch it.”
In NSW regulations only allow granny flats to be built on properties with a 14 metre frontage which McPherson says is only possible in the suburbs which aren’t ideal for investors.
“The stronger inner urban areas (i.e. the eastern suburbs, the north shore and inner west) thrive because it doesn’t allow this.”
“The bi product also of this is YES it does breed a very low class tenant.
“Cash flow is fine, but if you really are searching that hard for cash-flow – work an extra two to four hours a week (without the granny flat investment that does nothing for your capital value of land) or buy coke vending machines.”
But Jo Chivers, director of development firm Property Bloom, says it can add value to a home or investment in the short and long term.
“From a development perspective, it can be a quick and easy way to build your property portfolio and create high rental yields.” <a href="/news">she wrote in July.</a>
“Owners can benefit from cash-flow from the rent on two dwellings and also receive good depreciation benefits on the new flat (if being rented).  This means people can keep moving forward with their investment strategy.
“Unlike buying a single apartment for instance around Sydney which is likely to be negatively geared, adding a granny flat to a property with an existing dwelling can result in a cash-flow positive situation.”
She says small secondary dwellings are an attractive option for singles and couples – one of the fastest  growing sectors of the population.
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Granny flats worse investments than vending machines: Gavin McPherson

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Perth landlords are renegotiating leases to stop tenants who are enticed by low interest rates into buying.
There is a softening Perth rental market with more renters breaking leases and a rising vacancy rate.
The Perth metropolitan vacancy rate is at 3.4% for the quarter, according to the Real Estate Institute of WA – up 1.1 percentage points from three months ago.
And in July the REIWA reported one in four residential tenants were breaking leases – up from one in eight last year – which was putting pressure on the rental market.
Many put the increasing rate of break-leases down to loss of jobs in the resource industry. A recent report by Pit Crew Consulting found the resources workforce has contracted by about one-fifth since its peak at the beginning of this year.
But Jarrad Mahon, director of property management and investment firm Investors Edge, says one of the major influences of the softening rental market is lower interest rates which is allowing more renters to become homeowners.
“The breaking leases are mainly in the lower priced rentals under $500 per week. Where in many of those lower end suburbs it is now cheaper to buy than rent,” Mahon says.
In an attempt to keep potential buyers from breaking leases Mahon has been renegotiating leases.
“When negotiating the lease if the tenant is overly sensitive to price and the current rental market value is lower than what we are charging we have reduced the rent to keep the tenant. A $10 reduction over a year is far less costly than re-leasing the property,” he says.
“There is no positive I can see to tenants breaking lease.”
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Perth landlords lower rents to dissuade potential buyers

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The successful auction of 10 out of 12 rural properties compulsorily acquired for the abandoned Traveston Dam project could signal a revival of the property market in the Mary Valley, north of Brisbane.

The 12 properties were being sold by the Queensland Government which bought them along with 466 others in 2007 for the dam project which was eventually scuttled by Pater Garrett – the environmental minister at the time.

Of the 12 properties taken to auction, nine sold under the hammer and one sold in post-auction negotiations.

Prices for the predominantly grazing land ranged from $310,000 to $840,000.

The properties were sold by three different agencies – John Bambling from Bambling Rurual, Lex Townsend from Professionals Gympie and Matthew Condon from Landmark Harcourts Gympie.

Reports varied but there were anywhere from 200 to 400 people there on the day in what was a surprisingly strong turnout for the agents. 

“We think it was a terrific result in the context of our current market because it’s been so poor for the past couple of years. The prices on auction day were better than expected for the current market for rural properties,” Amanda Bambling told Property Observer.

Many of the properties sold to local buyers though some went to interstate investors. None of the properties sold to previous owners. Agents say it’s a sign of things to come in the area.

“It’s a good indication. There haven’t been many rural sales for quite a few years because of all the government owned up here. It’s a good here for the area and it’s good to see those places get back into production and be utilised,” Townsend said.

“The area we are selling is quite a sought after area, only minutes from Noosa and Sunshine Coast and Brisbane. I think it will pick up. 

“Once people see these sales they’ll be a little more confident to spend. There won’t necessarily be more dollars but there should be more sales. They have something to base it on.”

In 2012 the Newman government said the properties acquired by the Bligh government for $445 million were now worth just $220 million.

Saturday’s auction suggests prices haven’t dropped quite that far. Although previous sale prices were not released, agents said the properties sold for a lot more than half their previous prices.

The $1.7 billion dam which was initiated in 2006 after a prolonged drought. It would have held 153,000 square kilometres of water but was denied approval from the federal government following extensive environmental concerns.

Saturday’s sales:
{yoogallery src=[images/stories/2013/09/03/sept3coles]}
 Bambling Rural - John Bambling

687 Coles Creek Road, Coles Creek 74.4 hectares - $535,000

2433 Bruce Highway, Coles Creek 37.61 hectares with dwelling - $425,000(pictured above)

568 Coles Creek Road, Cooran 41.65 hectares with dwelling - $625,000 (pictured below)

830 Coles Creek Road, Coles Creek 2 hectares with dwelling – passed in at $312,000
{yoogallery src=[images/stories/2013/09/03/sept3coo]}
The Professionals Gympie - Lex Townsend

388 Kandanga Creek Road, Kandanga 8.09 hectares with dwelling - $320,000

Lot 2 Bergins Pocket Road, Kandanga 30.65 hectares - $454,000

172 Ironstone Creek Road, Tuchekoi 102.5 hectares - $595,000

245-437 Newspaper Hill Road, Belli Park 123.53 hectares with dwelling - $840,000

Landmark Harcourts Gympie - Matthew Condon

45 Frayne Road, Amamoor 7.85 hectares with dwelling – sold after auction for $310,000

Lot 11 Summerville Road, Kandanga 58.51 hectares with dwelling – $405,000 

80 Traveston Crossing Road, Kybong 38.06 hectares – passed in

199 Melawondi Road, Melawondi 38.06ha with dwelling – $506,000

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Traveston Dam auctions signal possible market revival

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Dwelling approvals decreased 1.2% in Victoria, the only state where approvals fell over July, according to the Australian Bureau of Statistics.
Dwelling approvals increased in July 12.6% in the Australian Capital Territory,4% in the Northern Territory, 3.1% in Western Australia, 1.6% in Tasmania, 1.5% in South Australia, 0.6% in New South Wales and 0.1% in Queensland.
Across the country there was a 0.9% increase in the total number of dwelling units approved.
The number of private sector house building approvals rose 1.1% in July.
Private sector house approvals fell for the second month in Victoria, down 1.0% in July.
JP Morgan economist Ben Jarman told AAP there was a rebound in approvals for both the detached houses and higher density homes categories.
"I don't think there is anyone who is doubting that building approvals are trending up, the question is how sustainable is it?", he said.
"We're reasonably upbeat about what building approvals can do this year. In fact, we think they will be adding more to growth than they have in the last few quarters.
"The question is will they offset what we're seeing elsewhere, which is a fair bit of weakness."
Michael Workman from the Commonwealth Bank of Australia points out that the actual number of residential building approvals jumped 10.8% in July - 28.3% higher than a year ago and well above market expecations of 4%.
The rise was mainly driven by multi-unit dwellings which rose 24.4% to be 62.5% higher over the past year.
Approvals for detached houses rose 3.9% - now 12% higher than last year.
"Note that the volatile multi?unit segment rose by 24%, with most of it in Victoria’s approvals. It means that Melbourne’s apartment market is most probably headed for, or already in, oversupply," Workman says.
"Melbourne’s inner?city apartment prices are rising more slowly than for detached dwellings. Victoria’s strong population growth, near 100k per annum, will help restore a more balanced outcome in the next few years. On a national level, the relatively firm population growth is producing underlying dwelling demand, on our estimates, of around 170 to 180k."
Peter Jones from Master Builders Australia Residential says while building approvals are back into positive territory they still have a way to go. 
“But they are still nowhere near where they need to be to meet the under supply of housing,” Jones says.
“With the Election less than a week away both major parties need to build on this positive trend with their policies.
“The 10.8% increase seasonally adjusted for July brings building approvals back on track after two consecutive falls
“It’s a positive sign that a sustained housing recovery may be taking hold
“Strengthening the building and construction sector with the right policy settings will help kickstart the economy, increase productivity, drive a stronger building industry and more jobs."
 
 
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Building approvals down 1.2% in Victoria: ABS

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

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Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

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Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

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Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

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La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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Alistair Walsh

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