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A 125-year old warehouse conversion in a Melbourne laneway, the former home to De Lacy restaurant, has been listed for vacant possession sale.
One of four properties historically known as Marks’ Warehouses, <a target="_blank" href="https://www.commercialrealestate.com.au/property/2010402137/for-sale/vic/melbourne/development-land/offices/retail">29 Niagara Lane</a> was built in the Flemish Medieval style designed by architect George De Lacy Evans.
The 1887-built building is best known as the De Lacey restaurant which ran for 22 years before closing in 2007. It was reopened in 2008 but has since closed again.
{yoogallery src=[images/stories/2013/05/may21niagara]}
Prior to this it operated as a prominent art gallery.
And before it began its life as a gallery it was the home of a cordial and spurious health product import business, as advertised in the image below.
<img alt="niagaramay21one" height="897" width="350" src="/images/stories/2013/05/niagaramay21one.jpg">
In 2006 The Age described the premises as “a classic Melbourne hidden gem oozing potential”.
Agent Peter Moore is marketing the property for use as a hospitality business, retail or showroom use, or for office or residential conversion, subject to council approval. It is zoned capital city 1.
It comes set up as a restaurant with cooking and bar facilities, a cool room, wine storage, a dishwasher and preparation and serving equipment.
The previous owner renovated the property to create a spacious entry, a central kitchen and a high clearance space between the entry and first-floor level.
The renovation included a restoration of the original building facades so the patina of the original building fabric has been retained.
It is one of four warehouses built in 1887 for Henry Marks by builder Daniel Sinclair, according to heritage documents.
“The first floor openings to the main facade are segmental arches, the second storey round arched,” according to heritage documents found in 1980. “In the Queen Anne Revival style, the parapeted gable ends are topped with finials.”
“Internally the floors are of Tasmanian Ironbark. The ceilings are timber-boarded and the floor to ceiling heights are seven metres.
“The buildings still retain their American barrel hoists. The lowest floor is a semi-basement, which allowed the ground floor to be at wagon tray level.”
All four warehouses are heritage listed.
The 98 square metre site has an internal space of 220 square metres.
It is being sold by Melbourne Commercial Group agent Peter Moore. The short notice listing goes to auction on May 31 with a price guide of around $1.8 million.
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awalsh-7Ub9EypybQ

Melbourne heritage laneway building listed for sale

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Development group Stockland will cut 80 jobs as the new chief executive, Mark Steinert, enacts his cost cutting focus, according to The Australian Financial Review.
It reports the $8.6 billion listed property group has cut gross overheads by 10% in the past year and is aiming for another 10% in 2014, with half of that coming from staffing costs and the remainder from better processes and a national approach to procurement.
The cuts follow an announcement by Steinert that cost-cutting would be a primary focus of his regime.
Steinert recently dropped the three ‘r’ focus on residential, retail and retirement, in favour of a focus on medium density residential and retail.
The <a href="https://www.propertyobserver.com.au/australian-capital-territory/stockland-executive-team-shake-up-as-tim-foster-and-mark-hunter-sacked/2013050861155" target="_blank">executive team at Stockland was also given a shakeup</a> recently with the group announcing the departure of chief financial officer, Tim Foster, and head of residential, Mark Hunter.
And Steinert said there was pain ahead for Stockland investors before a recovery from about 2016 onwards with another <a href="https://www.propertyobserver.com.au/residential/residential-recovery-underway-but-more-pain-for-stockland-as-%2449-million-write-down-revealed/2013051261300" target="_blank">$49 million worth of write-downs identified on previously impaired projects</a>.
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Stockland to shed 80 jobs

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Quest Serviced Apartments has appointed a new chief executive officer, hired from within the company.
Zed Sanjana, the general manager of the company since 2011, will be the new CEO.
The role of CEO had formerly been filled by executive chairman Paul Constantinou since he founded the business 25 years ago. He will continue as executive chairman.
Constantinou says it was important to separate the two roles because of the rapid expansion of the business over the last decade.
“There comes a point in the life-cycle of every successful business when rapid growth means you must take stock and work out the best way for the business to move forward,” Constantinou says.
“This appointment will enable me to focus on the strategic direction and growth of the Quest Franchise Network, whilst Zed and his team oversee the day-to-day operational aspects of the business.
The business now has more than 150 properties across Australia, New Zealand and Fiji.
Sanjana says he was looking forward to a new challenge.
“The Quest brand is already one of the strongest amongst business travellers. My appointment now leaves Paul free to accelerate the company’s growth while I manage and balance the needs of our franchisees, employees and guests.”
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Quest appoints new CEO

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Sydney’s weekly auction clearance rate jumped nearly 8 percentage points from the week before, according to RP Data.
RP Data recorded an auction clearance rate of 75.3% for the week, up from  67.7% the week before. 
From a total of 378 it has so far recorded 385 auction results of which 290 sold.
The number may change as more results are counted. 
And according to APM there was a clearance rate of 78.6% over the weekend compared to 69% the week before.
Of the 268 auctions recorded by APM 224 sold at a total value of $185 million. The number may change as more results are counted.
The median sale price for houses was $835,000 and $635,000 for units. Last week it was $920,000 for houses and $617,750 for units.
And at the same time last year the clearance rate was 58.2%.
Two weeks ago APM's initial result of 78% was subsequently revised to 69%.
The cheapest auction sale recorded by APM was a <a href="https://www.realestate.com.au/property-unit-nsw-mount+druitt-113642647">two-bedroom unit on Hythe Street in Mount Druitt</a> which sold for $230,500.
It last traded for $250,000 in 2003, according to RP Data.
APM's Andrew Wilson told APM News on Fairfax Media the Sydney market continues to rise on the back of low interest rates and the nation’s best performing capital city economy.
He says Sydney’s weekend auction clearance rates have averaged 75% since Easter and says the housing market is showing no signs of slowing down.
He says there are signs of a revivial in the prestige market with eight sales above $2 million over the weekend. 
Canterbury Bankstown had the highest regional result on Saturday with a clearance rate of 83% with an average sale price of $628,667. The upper north shore at 81% and the inner west at 80% came close as well. 
And he says demand for apartments close to the city remains strong with the the $1.09 million sale of a <a href="https://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/NSW/Haymarket/?adid=2010418931" target="_blank">three-bedroom unit on Quay Street at Haymarket</a>. 
"Sydney’s weekend auction market continues to strengthen with clearly its best autumn performance for three years with just two weekends to the Queen’s Birthday holiday which signals the start of the winter selling season," Wilson writes.
"Although according to last week’s budget national economic performance is predicted to deteriorate, the Sydney economy continues to be a standout. Latest April ABS unemployment data now had the Sydney rate falling to just 4.9 percent- the lowest rate of all the state capitals and more good news for the local housing market."
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Sydney weekend clearance rate jumps 8 points from last week

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Melbourne’s weekend auction clearance rate was 13 percentage points higher than the same time last year, according to the Real Estate Institute of Victoria.
It recorded a clearance rate of 73% at its weekend auctions compared to 60% the same time last year.
It was also up from last weekend which had a clearance rate of 70%.
The REIV says after a small dip in the clearance rate over the school holidays the market has returned to this year’s underlying trend.
It says the recent interest rate cut should help to further boost buyer sentiment over winter.
Of the 617 auctions recorded by the REIV, 453 sold and 164 passed in – 96 of those on vendor bids.
The cheapest house sale recorded was a <a target="_blank" href="https://www.realestate.com.au/property-house-vic-doveton-113587363">three-bedroom, 1-bathroom house on Tristania Street in Doveton</a>, near Dandenong, which sold for $270,000.
In 2011 it was on the market for $290,000 but did not sell, according to RP Data.
According to the REIV, $333 million of property changed hands via auction and $300 million in private sales.
There was a median sale price of $744,500 for houses and $508,750 for units.
REIV’s statistics closely match RP Data’s which found there was a weekly auction clearance rate of 72.7% in Melbourne in the week to May 19. It recorded 596 auction results through the week of which 433 sold.
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Melbourne weekend clearance rate up from last year: REIV

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Ratings for The Block Sky High and House Rules both fell on Wednesday night, according to OzTAM.
The Block fell from 1.308 million viewers on Tuesday night to 1.062 million, slipping from second place to fourth place. It was beaten by The Big Bang Theory and the news offerings from Channel Seven and Channel Nine.
House Rules fell from <a href="/news">803,000 viewers on its launch night</a> to 784,000, but stayed 11th in the rankings.
House Rules again performed the best in Perth, given it’s the site of their current renovation home, ranking third, with the number of viewers increasing from 153,000 to 168,000.
In Adelaide The Block fell from fourth place with 116,000 viewers on Tuesday night to 13th place last night with 76,000 viewers.
The Block performed the best in Melbourne with 394,000 viewers, coming in again at second place but with viewer numbers dropping from 487,000 the night before.
As House Rules airs this week at 7.30pm on Tuesday, Wednesday and Thursday, it will go head to head again tonight for 30 minutes as the The Block Sky High airs weeknights at 7pm for an hour.
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The Block Sky High and House Rules fall in ratings

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The federal government has called on state governments to introduce stamp duty concessions for seniors to help encourage them to downsize.
Federal ministers Jenny Macklin and Mark Butler released a joint statement announcing the <a target="_blank" href="https://www.propertyobserver.com.au/demographics/federal-budget-s-trial-program-encouraging-downsizing-to-smaller-homes-without-affecting-aged-pensions/2013051461357?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=latestnews">$112 million pilot scheme</a> to encourage seniors to downsize and calling for stamp duty concessions to make it work.
“We would also like to see state governments move to assist seniors who wish to downsize by introducing or improving concessions on stamp duty, and therefore removing a further impediment to downsizing,” they said.
The federal budget announcement on Tuesday included a scheme to make it easier for pensioners to downsize their family home by excluding any profits from means-testing for the pension.
Those eligible will be able to invest up to 80% of the net gain from downsizing, up to a limit of $200,000, in a special account which is excluded from means testing for 10 years.
The scheme has been cautiously welcomed by representative bodies but they say that stamp duty remains the biggest impediment to downsizing for seniors.
Groups say stamp duty costs are prohibitively expensive and make downsizing an expensive choice even with this scheme.
The REIA’s Peter Bushby says the scheme is a positive move but it doesn’t go far enough.
“It is most unfortunate that stamp duties as an impediment to downsizing have again been ignored,” Bushby said.
“The Budget has called on the jurisdictions to reform inefficient state taxes including stamp duty. This pays lip service to the need for reform and ignores the leadership role that the Commonwealth should be taking.”
<a target="_blank" href="https://www.propertyobserver.com.au/economy/act-to-lead-federal-budget-downsizing-seniors-home-scheme-given-stamp-duty-concession-availability/2013051561368">ACT is the principal leader in stamp duty concessions for seniors</a>.
Groups are also <a target="_blank" href="https://www.propertyobserver.com.au/demographics/seniors-group-say-swan-s-seniors-house-downsizing-pilot-unlikely-to-work/2013051461362">criticising the stringent restrictions on the budget</a>.
The scheme is only available to people who have owned their home for 25 years or longer.
Mary Wood, executive director of the Retirement Living Council, says “25 years is overly onerous and don’t reflect the needs and circumstances of most aged pensioners”.
Michael O’Neill, chief executive of Nation Seniors Australia, says the special account is restrictive and means pensioners won’t be able to use the money for daily expenses.
The three year trial will commence on July 1, 2014 where senior Australian homeowners who downsize when buying another home will have <big>an option to invest</big> at least 80 per cent of surplus funds remaining (up to a cap of $200,000) <big>in a special account</big>. The funds invested in the account would be exempt from the age pension means test for up to 10 years. The scheme would only be available to Australians over age pension age who have owned their home for at least 25 years.
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Federal government calls for state government stamp duty concessions for downsizing seniors

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James Packer has chosen a winning design for his $1 billion Barangaroo tower, Crown Sydney.
British architecture firm Wilkinson Eyre took the podium with a unanimous decision from the judging panel, which included representatives from Crown, Lend Lease, NSW Department of Planning and Barangaroo Delivery Authority.
Urban Taskforce chief executive Chris Johnson described the Wilkinson Eyre design (pictured below) as a series of interwoven curves that emphasise the vertical form.
{yoogallery src=[images/stories/2013/05/may3barangaroothree]}
The winner is due to be formally announced today, but Packer let the news slip yesterday.
“This city deserves a building that is truly special and the Wilkinson Eyre’s design delivers it. It’s a wonderful moment for Crown,” Packer told The Australian Financial Review.
It was the <a href="https://www.propertyobserver.com.au/news/gone-is-the-hotel-over-the-water-but-crown-s-james-packer-still-harbours-inspirational-architecture-for-barangaroo-hotel/2013050260965" target="_blank">design</a> which polled the highest in our reader survey taking in 60% of the votes. When released it was described as a series of interwoven curves that emphasise the vertical form.
Former Prime Minister and former chairman of the Barangaroo Design Excellence Review Panel Paul Keating had said that all the designs were "heading in the direction of being a significant building for Sydney".
But earlier this month he announced his preferred design options were either the Adrian Smith and Gordon Gill Architecture's sea shell-inspired tower or the Wilkinson Eyre design over the Kohn Pedersen Fox design.
The 60-storey six-star resort hotel and casino still needs approval from the planning department before it can reach Packer’s desired height of 235 metres. The site is currently approved for 170 metres.
Packer wants the tower to be the next Sydney icon, up there with the Sydney Opera House.
I want this building to be instantly recognizable around the world and feature on postcards and memorabilia promoting Sydney,” Packer said.
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Wilkinson Eyre design wins Packer's Crown Sydney Barangaroo tower competition

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The introduction of a federal budget scheme to encourage seniors to downsize their home by quarantining profits from price differences might inspire many empty-nesters to finally make the shift. 
Those in Victoria might be helped by recently published information from the Real Estate Institute of Victoria which shows the most profitable places in Victoria to downsize.
The information shows retirees could unlock hundreds of thousands of dollars by downsizing even within their own neighbourhoods.
The REIV has published <a href="https://reiv.com.au/Property-Research/Census-research/Downsizing" target="_blank">interactive maps</a> which suggest how much money age pensioners could return to their bank accounts by moving to a smaller home in the same area.
Its a handy guide given the <a target="_blank" href="https://www.propertyobserver.com.au/demographics/federal-budget-s-trial-program-encouraging-downsizing-to-smaller-homes-without-affecting-aged-pensions/2013051461357?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">$112 million pilot</a> to assist age pensioners to downsize their homes by providing a means test exemption of up to $200,000 for ten years.
The scheme only allows people to benefit if they have been in their existing home for 25 years or longer.
<img alt="downsizingapril5one" src="/images/stories/2013/04/downsizingapril5one.jpg" width="470" height="250">
According to the REIV data, pensioners moving from a three-bedroom house in <a href="/news">Brighton East</a> into a nearby two-bedroom unit would unlock $453,750.
In <a href="/news">Mornington</a>, moving from a three-bedroom unit to a two-bedroom unit would unlock $232,500. In <a href="/news">Beaumaris</a>, moving from a four-bedroom house to a three-bedroom house would unlock $290,000.
The study found the suburbs with the greatest downsize potential were those in the inner to middle Melbourne suburbs such as <a href="/news">Kew</a> and <a href="/news">Ivanhoe</a> as well as those along the bay such as in <a href="/news">Sandringham</a> and <a href="/news">Beaumaris</a>. It found those suburbs have a high share of retirement-aged, lone-person households as well as relatively higher house prices.
By downsizing from a four-bedroom home to a three-bedroom home, residents would unlock, on average, $145,000. <a href="/news">Beaumaris</a> was the top in this category, followed by <a href="/news">Parkdale</a>, <a href="/news">Northcote</a>, <a href="/news">Caulfield South</a> and <a href="/news">Williamstown</a>.
Those downsizing from a three-bedroom house to a two-bedroom unit stand to unlock $220,000 on average. Top suburbs for this were <a href="/news">Malvern East</a>, <a href="/news">Essendon</a>, <a href="/news">Williamstown</a>, <a href="/news">Ivanhoe</a> and <a href="/news">Brighton East</a>.
Those downsizing from a three-bedroom unit to a two-bedroom unit stand to unlock $159,000 on average with the top suburbs being <a href="/news">Malvern East</a>, <a href="/news">Mornington</a>, <a href="/news">Kew</a> and <a href="/news">Bentleigh</a>.
REIV CEO Enzo Raimondo said that through downsizing retirees could increase their incomes and remain in the same area they had been living.
“Retirees can take advantage of the 25 or 30 years spent paying off their home loan by downsizing. This research will give them the tools to weigh up the options.
“By downsizing not only do they unlock the wealth generated over 25 or 30 years but they can also access a simpler lifestyle.”
He says downsizing isn’t for everyone, but those that do can access funds to help boost their retirement income.
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REIV offers guidance on likely pocketed price difference when age pensioners downsize Melbourne homes

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The federal budget has introduced a $112 million scheme to help seniors downsize but commentators have noted it doesn't address state government-imposed stamp duty requirements.
Stamp duty costs are one of the biggest impediments to retirees looking to downsize, advocates for change have said in many submissions over the years.
National Seniors chief executive Michael O’Neill says he cautiously welcomes the scheme but says stamp duty remains a hindrance.
"Any innovative attempts to alleviate the everyday living pressures on Australia’s so-called asset-rich, income-poor retirees without penalty are welcome," he said.
"However, rather than the pension assets test, National Seniors research indicates that it’s stamp duty that acts as a disincentive to downsizing.
"After doing the sums, elderly Australians with stairs and big gardens often find they simply can't afford to downsize after being slapped with state taxes and agent fees."
The Combined Pensioners and Superannuants Association of NSW’s reaction to the budget said the scheme was unlikely to work as stamp duty still acts as a major disincentive to downsizing.
Certain states do allow for some stamp duty concessions for seniors and pensioners.
The<a target="_blank" href="https://www.revenue.act.gov.au/home_buyer_assistance/pensioner_duty_concession"> Pensioner Duty Concession Scheme </a>in the ACT assists eligible pensioners downsizing by charging stamp duty at a concessional rate of $20 if the property is worth less than $412,000. To receive the pension applicants must be at least 64.
In 2008, when the scheme was introduced, Chief Minister Jon Stanhope said the step would address housing affordability.
“This will help free up larger homes for younger families, while easing the burden of looking after a larger home for elderly Canberrans who live alone,” he said at the time.
Following the ACT's introduction of the scheme, the select committee on housing affordability in Australia recommended that all state and territory governments consider stamp duty exemptions for first-home buyers and for retirees who are downsizing their primary residence.
It said stamp duty “discourages people from moving to more appropriate housing types as their circumstances change.”
In 2010 the NSW government introduced a stamp duty concession for seniors buying newly built or off-the-plan accommodation, but that ended in July 2012.
NSW currently has a non-targeted <a target="_blank" href="https://www.osr.nsw.gov.au/benefits/grant_scheme/">new home bonus of $5000</a> for anyone buying a newly built home or vacant land.
In Victoria, card-holding seniors are eligible for a<a target="_blank" href="https://www.dhs.vic.gov.au/for-individuals/financial-support/concessions/rates-and-property/stamp-duty-concession"> stamp duty exemption</a> for properties under $330,000 and then a sliding scale discount for properties up to $750,000.
And in the Northern Territory the <a target="_blank" href="https://www.health.nt.gov.au/Aged_and_Disability/Subsidies/NT_Pensioner_and_Carer_Concession_Scheme_NTPCCS/index.aspx">Northern Territory Pensioner and Carer Concession Scheme</a> allows for an $8500 concession for homes under $750,000.
The Northern Territory also has the <a href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/HomeOwnerIncentives/PrincipalPlaceofResidenceRebate/Pages/default.aspx" target="_blank">Principal Place of Residence Rebate</a> which is non-means-tested $3500 rebate for those who have previously owned a home in Australia to acquire another home, or land on which it is intended to build a home.
In May 2012 the managing director for residential of Colliers International, <a target="_blank" href="https://www.propertyobserver.com.au/tax/it-s-time-for-a-major-change-to-stamp-duty-peter-chittenden/2012051454690">Peter Chittenden called for major changes to stamp duty</a>.
“Stamp duty concessions for older people downsizing would see more homes in established areas released onto the market and this would also have the impact of better utilising of existing infrastructure, as many of these homes would be in established areas,” he wrote.
The Real Estate Institute of Australia maintains that stamp duty is one of the major impediments stopping people downsizing.
REIA’s Evgeniya Hawthorne <a target="_blank" href="https://www.propertyobserver.com.au/demographics/reluctance-of-baby-boomers-to-downsize-creating-inefficient-housing-market-reias-evgeniya-hawthorne/2012093056577">wrote about the issue</a> in September last year.
“Stamp duty is the largest cost impediment to downsizing. Appropriate policy needs to be developed to encourage more efficient allocation and utilisation of the nation’s housing stock,” she said.
In February National Seniors Australia called for stamp duty relief in WA ahead of the state election there.
In its WA budget submission, National Seniors recommended the incoming government introduce stamp duty concessions for older West Australians who want to downsize.
“Older West Australians feel they have not shared in stamp duty relief in recent years, which has primarily targeted businesses and first home buyers,” National Seniors' June MacDonald said.
The ABC’s Michael Janda wrote in February that there is a general consensus among economists that “the archaic tax” should be relegated to history.
The three year trial will commence on July 1, 2014 where senior Australian homeowners who downsize when buying another home will have <big>an option to invest</big> at least 80 per cent of surplus funds remaining (up to a cap of $200,000) <big>in a special account</big>. The funds invested in the account would be exempt from the age pension means test for up to 10 years. The scheme would only be available to Australians over age pension age who have owned their home for at least 25 years. 
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ACT to lead federal budget downsizing seniors home scheme given stamp duty concession availability

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.

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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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