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A UBS banking analyst says the latest round of interest rate cuts by the Reserve Bank could put Australia at risk of a dangerous surge in house prices.
UBS's Jonathan Mott recently told the Australian Financial Review that record-low mortgage rates meant the “ingredients are now in place for another bout of sustained house price inflation in Australia and Sydney in particular.”
“Given Aussie housing is already expensive by most metrics we see this as undesirable and dangerous.”
The latest 25 basis point cut by the Reserve Bank was passed on in full by the banks including a bonus 28 basis cut by Westpac.
According to the Australian Bureau of Statistics capital city house prices are currently above their previous 2010 record high.
ANZ economist Warren Hogan recently predicted there was a growing debate about “how much frothiness we’ve got in the property market over the next year or so”.
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awalsh-7Ub9EypybQ

RBA cut risks dangerous price surge: UBS Jonathan Mott

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As sales activity picks up dramatically in Tasmania, Property Observer looks at the top 10 Tasmanian suburbs with the greatest number of house sales over the June quarter.
The list is topped by Kingston, in outer Hobart, with 45 sales over the quarter.
In Kingston, sales are up 25% over the quarter and 96% over the year.
Number two is Sandy Bay, an inner Hobart suburb, with 39 sales over the quarter, up 14.7% over the quarter.
The suburb on the list with the greatest quarterly increase is Moonah, in middle Hobart, up 187.5% over the quarter to 23 sales.
 
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<td width="268" height="20">Suburb</td>
<td width="80">No. of Sales</td>
<td width="137">% Quarterly increase</td>
<td width="123">% Yearly increase</td>
<td width="88">Median Price</td>
<td width="224">% Yearly median price change</td>
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<tr height="20">
<td height="20">Kingston</td>
<td align="right">45</td>
<td align="right">25.00%</td>
<td align="right">95.70%</td>
<td align="right">$340,000</td>
<td align="right">-9.30%</td>
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<tr height="20">
<td height="20">Sandy Bay</td>
<td align="right">39</td>
<td align="right">14.70%</td>
<td align="right">34.50%</td>
<td align="right">$585,000</td>
<td align="right">14.70%</td>
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<td height="20">Devonport</td>
<td align="right">38</td>
<td align="right">18.80%</td>
<td align="right">-5.00%</td>
<td align="right">$232,000</td>
<td align="right">-9.90%</td>
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<td height="20">Lenah Valley</td>
<td align="right">32</td>
<td align="right">128.60%</td>
<td align="right">77.80%</td>
<td align="right">$381,000</td>
<td align="right">-3.40%</td>
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<td height="20">Howrah</td>
<td align="right">32</td>
<td align="right">18.50%</td>
<td align="right">60.00%</td>
<td align="right">$363,000</td>
<td align="right">-0.30%</td>
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<td height="20">Claremont</td>
<td align="right">25</td>
<td align="right">19.00%</td>
<td align="right">78.60%</td>
<td align="right">$235,000</td>
<td align="right">-6.70%</td>
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<td height="20">Trevallyn</td>
<td align="right">24</td>
<td align="right">50.00%</td>
<td align="right">41.20%</td>
<td align="right">$322,500</td>
<td align="right">13.20%</td>
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<td height="20">Glenorchy</td>
<td align="right">24</td>
<td align="right">41.20%</td>
<td align="right">60.00%</td>
<td align="right">$270,000</td>
<td align="right">8.90%</td>
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<td height="20">Moonah</td>
<td align="right">23</td>
<td align="right">187.50%</td>
<td align="right">228.60%</td>
<td align="right">$275,000</td>
<td align="right">3.40%</td>
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<td height="20">Riverside</td>
<td align="right">22</td>
<td align="right">22.20%</td>
<td align="right">22.20%</td>
<td align="right">$301,500</td>
<td align="right">22.60%</td>
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The top 10 Tasmanian locations for June quarter house sales

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Sydney maintains the greatest fall in online property listings with a 17% decline over the past year, as Sydney and national levels continued, not unexpectedly, to fall during July.
Across the country, the number of properties listed for sale online fell during July by 2.1% with Sydney mirroring the decline to sit at 27,973 listings, according to data providers, SQM Research.
There were a total of 351,487 properties listed online over July, down 2.5% from July last year, SQM's Louis Christopher noted.
Year on year, every capital city except Canberra and Melbourne recorded decreases in property advertised for sale.
National property listings peaked in November 2012 and have fallen since then. Sydney's property listings peaked one year earlier and have continued to remain at lower than prior years.
"It's pretty clear that the Sydney trend is a far more pronounced than the national trend," Christopher told Property Observer.
<img height="172" width="470" src="/images/stories/2013/08/tassiesales-aug-5-table.jpg" alt="tassiesales-aug-5-table">
The biggest decrease in listings in Sydney was in the CBD where they fell 28.4% over the year. The lower north shore fell 26.2%, the northern beaches fell 26.4% and the eastern suburbs fell 25.3%.
Christopher says these decreases potentially point to a pick-up in the Australian housing market though it still believes the level of stock is elevated at a national level.
“It is becoming more and more evident that the housing market is beginning to pick up in this capital city and SQM Research believes that this will continue into the Spring selling season,” Christopher says.
Melbourne had no significant change over the month and still has the most online residential sales listings of all the capital cities.
Christopher says the listings are still elevated across Australia.
“However, there is now a large contrast between the readings of certain cities. Take Melbourne as an example - Despite apparent high clearance rates at auction, there is still too many listings on the market, creating headwinds for a Melbourne housing recovery,” he says.
“In contrast, Sydney is clearly experiencing a shortage of listings in the market, which is putting upward pressure on real estate prices. This is particularly the case in the inner ring where listings have fallen by approximately 25% over the past 12 months.”
Adelaide recorded the most significant monthly drop in stock, falling 4.5% over July to 17,536 properties. Year on year it fell 6.2%.
Darwin was the only capital city which recorded a monthly rise in listings, up 0.9% over June to 1,302 properties.
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National vendor hibernation continues into July, especially in Sydney: SQM

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Sales activity in Tasmania has jumped in the lead-up to spring led by a surge in Launceston sales, according to the Real Estate Institute of Tasmania.
It found there was a “dramatic” 10.5% increase in property sales in Tasmania for the June quarter with sales up 19.2% for the year, though price increases were small.
Launceston house sales activity led the charge for quarter, up 34.4% and 11.8% for the year, recording the biggest increase in two years.
Hobart house sales jumped 18% for the quarter and 37.4% for the year – the biggest quarterly increase in three years, according to REIT president Adrian Kelly.
“Although it could be argued these figures are skewed due to the low volume of sales, the figures still remain positive, particularly given the market conditions over recent years,” Kelly says.
Running against the trend, the North-West centres had a slight decrease in house sales, down 1.7% for the quarter but up 7.5% for the year.
The median house price in Tasmania increased 2.5% for the quarter, up 3.2% over the year.
Click to enlarge
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Kelly says these are positives signs for Tasmania’s real estate market, especially at a time with historically fewer properties coming onto market.
“Whilst sellers feel it is a good strategy to wait until spring before listing their property I suggest they discuss this approach with their agent, as selling in winter when there are fewer properties available for purchase can sometimes work in their favour,” he says.
As activity increased, time on market decreased. The average time to sell a house in Tasmania was two weeks quicker in the June quarter, now at 75 days.
First home buyers remained steady over the quarter, accounting for 19% of house sales while second home buyers still holding a majority of the market at 55%.
Launceston was the most popular with interstate buyers, making up 20% of sales for the quarter.
Kingston, in outer Hobart, is one of the suburbs with the highest turnover rates.
In February a newly built four bedroom house on 755 square metres at <a target="_blank" href="https://www.realestate.com.au/property-house-tas-kingston-113027323">1 Kelp Street</a> (pictured below) sold for $537,500 through agent Dion Flanagan from Charlotte Peterswald Real Estate. The site last traded for $110,000 in 2005. According to RP Data it spent just 30 days on market.
{yoogallery src=[images/stories/2013/08/aug5kingston]}
And in May, a 1980-built four bedroom house on 2.13 hectares at 72 Leslie Road sold for $510,000, according to RP Data. It last sold for $230,000 in 1997. It spent 269 days on market.
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Sizeable 10.5% increase in Tasmanian June quarter property activity: REIT

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It is becoming difficult to buy good property in Melbourne says WBP Property Group buyers agent, Greville Pabst.
He says the REIV’s reported weekend clearance rate of 75% in Melbourne shows Melbourne buyers are increasingly confident.
<a target="_blank" href="https://twitter.com/grevillep"><img alt="tweet-of-the-day-aug-5" height="77" width="470" src="/images/stories/2013/08/tweet-of-the-day-aug-5.jpg"></a>
He predicts annual median price growth will reach 10% if clearance rates in Melbourne stay between 70% and 75% in Melbourne over spring.
The REIV’s reported clearance rate is up from 69% last weekend and 60% for the same weekend last year.
It was based on 479 auctions of which 361 sold and 118 passed in, 68 of those on a vendor bid.
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Melbourne market confident as clearance rate jumps

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The average discount rate of properties in Melbourne has jumped nearly a full percentage point in one month, according to Australian Property Monitors.
The average discount in Melbourne in May was 7.3%, up from 6.4% in April.
In Canberra discount rates have dropped from 4.9% in April to 3.9% in May.
Changes in other cities were less dramatic with Perth the next biggest change, falling from 4.9% to 4.5%.
And for days on market, Adelaide was the <a href="https://www.propertyobserver.com.au/residential/no-slowing-in-canberra-house-and-unit-sales-speed-apm-heat-chart-apmnews/2013052961778" target="_blank">only capital city to show any significant improvement in April selling times</a>.
<img alt="heatchartmay30twothumb" src="/images/stories/2013/05/heatchartmay30twothumb.jpg" width="470" height="653">
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Level of vendor discounting jumps in Melbourne: APM heat chart

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The National Trust of Victoria is offering exclusive guided tours of Government House. 
The <a target="_blank" href="https://www.trybooking.com/Booking/BookingEventSummary.aspx?eid=49366">$15 tour</a> looks at the grand State Rooms, the billiard room and a visit below stairs to the old kitchens and mews.
The tours run most Mondays and Thursdays.
Government House, home to Alex Chernov, is next to the Royal Botanic Gardens in Melbourne.
<img height="210" width="470" src="/images/stories/2013/05/tweetofthedaymay30.jpg" alt="tweetofthedaymay30">
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Tweet of the day: Take a tour of Victoria's Government House 

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The Harbourside Shopping Centre in Sydney’s Darling Harbour has been listed for sale by Suntrack Holdings, part of  John Beville’s property empire.
The three level three-level retail and entertainment centre on 20,500 square metres has more than 300 metres of water frontage to Cockle Bay.
{yoogallery src=[images/stories/2013/05/may30darlingharbour]}
Beville bought the site in 2004 for $127 million from Malaysians Kar Wai Chan and Thomas Tiong, who bought the site for $111 million in 1995 and spent $70 million refurbishing the site.
Beville’s 2004 purchase followed the $150 million sale of the Marrickville Metro shopping centre to AMP Capital Investors.
Comments by the selling agent suggest the Harbourside will sell for more than $250 million.
“One hundred per cent interests in retail property above $250 million are keenly sought after and rarely offered for sale within the Australian property market,” says Jonathan Fox from Stonebridge Property Group.
The centre, at <a href="https://www.stonebridgeproperty.com.au/property/iconic-sydney-landmark-retail/">2-10 Darling Drive</a>, has a net lettable area of 20,022 square metres and attracts 14 million visitors a year.
Beville has come under fire from the state government earlier this year, saying the 25-year old property would hamper the $2.5 billion redevelopment of Darling Harbour.
National president-elect of the Australian Institute of Architects, Paul Berkemeier, described the centre as a “tired tourist trap” and it had “passed its use-by date”.
The centre still has 75 years left on its 99-year lease from the Sydney Harbour Foreshore Authority.
The Australian Financial Review reports the site could likely attrract interest from near neighbours Infrastructure NSW, Lend Lease and Echo Entertainment, who have interest in building a hotel and casino on the site to compete with Crown’s Barangaroo development.
The shopping centre was officially opened by Queen Elizabeth in 1988 in a $1 million ceremony that included a lavish fireworks display.
<img src="/images/stories/2013/05/darlingharbourmay30one.jpg" width="342" height="494" alt="darlingharbourmay30one">
Above: Caption Ian Hayson with Queen Elizabeth at the 1988 opening of Harbourside. Image courtesy of Hayson Group.
It was built by Ian and Tom Hayson’s group Merlin Australia who bought the site, then the Sydney Wool Stores, in the 1980s.
The Haysons were keen to replicate the success of Baltimore’s redevelopment of the old Inner Harbor into festival markets for the bicentennial celebrations.
After securing the support of the premier Neville Wran and public works minister Laurie Brereton, the Hayson’s redeveloped the site into the festival markets which formed the centre piece of the bicentennial celebrations. The site was also vital in securing the Olympic Games in 2000.
It is being sold by Stonebridge Property Group agents Jonathan Fox and Carl Molony through an expression of interest campaign that closes on July 17.
Receivers of Beville’s group Bevillesta sold The Top Ryde shopping to US private equity giant Blackstone for $341 million late last year.
Top Ryde was built by Beville in 2010 and cost about $800 million but receivers were appointed a year later.
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Harbourside Shopping Centre in Darling Harbour listed for $250m plus

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The secluded hill-side neighbourhood of Pullenvale out of Brisbane is in the spotlight after coal tycoon <a href="https://www.propertyobserver.com.au/queensland/nathan-tinkler-lists-indulgent-brisbane-acreage-mansion-tinkler-twowaterslides/2013052161547" target="_blank">Nathan Tinkler listed his magnificent acreage </a>and there are many listings there that seem to take forever to sell.
The Tinklers are seeking to sell their indulgent four hectare acreage (pictured below) in <a href="/news">Pullenvale </a>for between $4 million and $5 million. Rebecca Tinkler bought the property in 2007 for $5.2 million.
{yoogallery src=[images/stories/2013/05/may21tinkler]}
It is one of many luxurious listings in the suburb of Pullenvale, 14 kilometres south-west of Brisbane, but if the marketing campaign goes anything like their neighbours it may be some time before it sells.
A four-bedroom, four-bathroom Geoffrey Pie designed house on a four hectare acreage at <a href="https://www.realestate.com.au/property-acreage+semi+rural-qld-pullenvale-110668165" target="_blank">736 Grandview Road Pullenvale</a> (pictured below) is still listed for sale.
<img src="/images/stories/2013/05/pullenvalemay30one.jpg" alt="pullenvalemay30one" width="470" height="350">
It has been on the market for more than 18 months.
It has an undisclosed asking price, but in April last year agent Noel Elliott from Urban 8 Real Estate was looking for $4.85 million for the property.
The home includes a billiard room with adjacent bar, a 1,500 bottle wine cellar, a library, an outdoor spa, a 2 million litre dam, and a private elevator.
The vendors bought the property in 2003 for $700,000, according to RP Data.
 
<hr class="system-pagebreak">
A 7.88 hectare block of residential land at <a href="https://www.realestate.com.au/property-residential+land-qld-pullenvale-200531155" target="_blank">42 Lyndale Road Pullenvale</a> (pictured below) is listed for sale at $1.75 million plus.
<img src="/images/stories/2013/05/pullenvalemay30two.jpg" alt="pullenvalemay30two" width="470" height="339">
It has been on the market for almost one year.
It last traded for $1.95 million in 2011 and for $2.25 million in 2010.
A six bedroom, four bathroom house on 4.05 hectares is listed for sale for an undisclosed price. Like many properties in Pullenvale it has been on the market for quite some time. The last advertised price for the property at <a href="https://www.realestate.com.au/property-acreage+semi+rural-qld-pullenvale-107546097">59 Haven Road</a> (pictured below) was $2.75 million in 2009.
<img src="/images/stories/2013/05/pullenvalemay30three.jpg" alt="pullenvalemay30three" width="470" height="344">
The current marketing campaign has been on for more than two years.
It includes standard Pullenvale features such as a waterfall cascading into a swimming pool and a rooftop deck.
 
<hr class="system-pagebreak">
A five bedroom four bathroom home on 3.02 hectares <a href="https://www.realestate.com.au/property-house-qld-pullenvale-113489551" target="_blank">at 625 Grandview Road</a> is listed for sale at $1.4 million. It last traded for $1.255 million in 2010.
It has been on the market for less than two months, according to RP Data.
One of the most expensive recorded sales recently was at <a href="https://www.realestate.com.au/property-acreage+semi+rural-qld-pullenvale-108506416" target="_blank">77 Herron Road</a>, which sold for $3.55 million in June last year. It had been on the market for more than one year with an asking price of $3.95 million. 
And in September 2007 105 Herron Road sold for $6.7 million after being on the market for almost 18 months with an undisclosed price. It was bought by the former Middle Eastern boss of development firm Leighton, Laurie Voyer.
There are more than 50 listings in Pullenvale with the cheapest being a 2000 square metre vacant block at <a href="https://www.realestate.com.au/property-residential+land-qld-pullenvale-2770243" target="_blank">72 Osna Place</a> listed for $539,000.
The median house price in Pullenvale is $945,000, according to RP Data. This has dropped 10% over the last year.
The median weekly asking rent for houses is $950.
The average time on market is 128 days.
According to the Australian Bureau of Statistics the median weekly household income is $2774 - more than double the rest of Queensland.
The residents are predominantly older people, mostly Australian born but with more English and more South African people than compared to the rest of Queensland.
<img src="/images/stories/2013/05/trophyhomesstrapone.jpg" alt="trophyhomesstrapone" width="470" height="57">
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Big prices and slow sales - close look at Pullenvale trophy acreages

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Singapore’s giant observation wheel, The Singapore Flyer, has entered into receivership just five years after it first opened.
The wheel, which at 165 metres is the tallest Ferris wheel in the world, was fraught with links to companies that came under accusations of embezzlement in 2010.
And since opening in 2008 the wheel has suffered from several major break-downs, including an incident in 2008 when a fire in the control room caused the wheel to stop moving, stranding 173 passengers for six hours.
Tim Reid, Theresa Ng and Tan Aik Kiat from accounting firm Ferrier Hodgson have been appointed as the receivers and managers of the company's charged assets.
They say it’s business as usual for the wheel as they identify investors to manage and enhance the Singapore Flyer.
The troubles are reminiscent of Melbourne’s giant Ferris wheel, the Southern Star, which opened two years behind schedule in 2008 and closed 40 days later and has not yet reopened.
The troubled $100 million attraction is under major repairs and has missed several completion deadlines while suffering from safety problems.
In 2011 the 120 metre wheel broke free from restraints and started spinning in the wind, injuring two workers.
Soon after there were fears of falling debris from the wheel, which is being built by ING Real Estate.
In 2012 former premier Ted Ballieu told the Herald Sun, "it looks like what it is, which is a large, expensive, half-completed project, which has been very troubled, and the sooner it's resolved I think the better for everybody."
Former Lord Mayor Robert Doyle labelled it an embarrassment.
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Singapore observation wheel enters receivership

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."

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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."

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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.

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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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