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The luxury property boom in London is unsustainable, according to Grosvenor Group, the £5.8 billion investment group.
It told Reuters that the rate of luxury home price growth in London looks shaky after years of foreign investment in the safe-haven market.
Luxury home prices there have increased 53% since 2009 compared to 25% in the rest of Greater London, according to Knight Frank.
The influx of cash came as investors sought refuge from Europe's debt crisis and political uncertainty in the Arab world and Russia.
"The extremely high rate of growth over the last two, three years is a thing I'm concerned about and I think it's probably unsustainable," Grosvenor's chief executive Mark Preston told Reuters last week.
"As those crises recede then perhaps there's less interest in capital moving internationally for safe haven reasons.  (And) we're reaching values in prime London that are just extremely high by historic standards."
He said the group would now focus on diversifying the business by investing in Canadian residential and British rental homes to offset the risk of slowing price growth in the luxury housing market.
According to Knight Frank, London is the third most expensive place in the world to buy a house after Monaco and Hong Kong.
Grosvenor Group owns most of London's upscale Mayfair and Belgravia districts. It is headed by Gerald Grosvenor - the Duke of Westminster – with a £7.4 billion fortune. 
Last month the group sold a 50% stake in the Brisbane tower 400 George Street to South Australia’s Motor Accident Commission for $195.8 million. It is also looking sell the Bank of Queensland building at 259 Queen Street for a reported $190 million.
And, along with Leighton Properties, it sold the Eclipse Tower in Parramatta to REST Industry Super for $167.5 million last November.
According to Reuters, its London estate, which it has owned for more than 300 years, comprises 300 acres of Mayfair and Belgravia with more than 1,500 homes, shops and offices as well as investments in China, Europe and North America and a fund management arm.
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London luxury property market price growth unsustainable: Grosvenor Group

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Demand for apartments could slow in favour of houses as the 20 to 34-year-old segment of the population move onto the next stage of their lives, according to new research by BIS Shrapnel.
The age bracket, which it labels the echo baby boomers, has been driving apartment occupancy for the last 10 years, according to its Emerging Trends in Residential Market Demand report.
At the same time, it found there has not been any major evidence of an increase in the rate of downsizing by those aged 65 and over.
The age-bracket has been over-represented in demographic make-up of Australia as the children of the baby boomer generation grow up while overseas migration is strong in that age bracket.
“The growth in the 20-to-34 year old group has fuelled occupancy of units and apartments in the inner and middle suburbs of the capital cities over the past decade, mainly as renters,” says BIS Shrapnel senior manager Angie Zigomanis.
“However, as this group increasingly moves into their late 30s and early 40s in the coming decade and enters their next life stage, the question is whether they will still live in medium and high density dwellings.”
According to the 2011 Census, around 63% of households with a household head aged 20 to 34 years old lived in detached houses, but this figure is 80% for households where the household head is aged 35 to 49.
And 71% of households among 35 to 49 year olds were families with children, compared with only 39% of 20 to 34-year-old households.
“Assuming the current 20 to 34 year olds in multi unit dwellings move on to separate houses, as has already been evident among 35 to 49-year-old households, then this will translate to higher demand for new detached houses,” says Zigomanis.
“This would provide some relief for land developers, builders and building materials suppliers who mainly service the detached house market and have found the going tough in recent years – although the challenge will be for all stakeholders to ensure that the greenfield land market will be able to meet this potential increase in demand.”
<img alt="bisshrapnelapril22one" height="320" width="470" src="/images/stories/2013/04/bisshrapnelapril22one.jpg">
But BIS Shrapnel does propose an alternative future where apartment dwellers grow to like living in apartments and don’t move on to houses, thereby increasing the average age of those living in apartments.
This would drive demand for apartments appropriate for family with young and growing children, offering more space, both indoor and some outdoor, or located adjacent to public outdoor spaces.
“It could also trigger greater renovation activity as the emerging 35 to 49 year olds who still want a house purchase in established areas and tailor the house to their needs,” Zigomanis says.
BIS Shrapnel says this alternative theory is currently online likely in New South Wales where households have much a higher propensity to live in townhouses, units and apartments.
In Queensland, Western Australia, and South Australia the demand for apartments won’t be as strong, while the jury is still out on Victoria.
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Ageing echo baby boomers may temper apartment demand: BIS Shrapnel

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Investors could be given the keys to the prison cells of the Pymble police station. The heritage listed building has been listed for sale at more than $800,000.
The brick building on a corner block opposite Pymble railway station is being marketed as a commercial site.
The lock-up, at <a target="_blank" href="https://richarddutton.com.au/real-estate/property/622977/for-sale/house/nsw/pymble-2073/1116-pacific-highway/">1116 Pacific Highway</a>, was recently rezoned to high density development but it retains the option of business or office usage with consent.
Agent Laurie Castorina from Professionals Berowa markets the property as being suitable for medical, para-medical, professional occupancy and possibly restaurant uses.
But he says it could equally be converted into a family home, though it may be a squeeze getting a double bed into one of the two prison-cells.
It includes a reception area, three offices, an open plan office, a staff room, male and female toilets and showers and basement storage areas.
The <a target="_blank" href="/news">Pymble</a> property also has two garages and on-site parking at the rear.
Castorina says this “charming home” still includes most of its original features including four fireplaces. It comes on 465 square metres.
In 1988 the station was named the efficient station in the northern region which covers stretch of coast from Sydney Harbour to Tweed Heads.
The award found the station had a high standard of service, firm leadership and a commitment to the principles of policing.
Police moved out of the station in 1994 after finding the quarters too cramped.
"We have 42 police and five auxiliary staff at Pymble and we need more space," Inspector Abbott told Fairfax Media at the time.
"There has been a lot of housing development in Pymble and surrounding areas in the last 10 to 20 years, and our workload has increased substantially."
At that time Pymble Police Station served 75,000 people.
It’s not the only police station on the market right now though.
Less cashed up police station enthusiasts could spend $125,000 on the <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/VIC/Willaura/?adid=2010259839">former Willaura police station</a>, $470,000 on the <a target="_blank" href="https://www.realestate.com.au/property-house-sa-mclaren+vale-112865451">former McLaren Vale police station</a>, or try their luck at the auction of the former <a target="_blank" href="https://www.realestate.com.au/property-house-vic-seaford-113109487">Seaford police station</a>. Those looking to lease could try the <a target="_blank" href="https://www.commercialview.com.au/2-24-burleigh-street-burwood/commercial-lease-details-5409557">former Burwood police station</a> at $45,000 per annum.
And the <a href="https://www.propertyobserver.com.au/victoria/old-bluestone-carlton-police-station-with-squizzie-taylor-links-listed-by-state-government/2013041860481" target="_blank">police station which held Melbourne's notorious Squizzie Taylor </a>has been listed for sale by the state government.
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Former Pymble police station offered with cells included

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Investors in the Gold Coast can earn yields of up to 6.4% on units, according to data by the Real Estate Institute of Queensland.
Units in <a href="/news">Upper Coomera</a> have a median price of $270,000 and a weekly rent of $335 giving gross yields of 6.4%, according to the REIQ.
According to RP Data, the median price for units dropped 18.4% in the last year.
Online real estate unit listings are few and far between for the suburb. According to the 2011 census, there are 7,128 dwellings in Upper Coomera, but 82.5% of those were houses.
A three-bedroom unit at <a href="https://www.realestate.com.au/property-unit-qld-upper+coomera-113377803" target="_blank">10/8A Clydesdale Drive Upper Coomera</a> (pictured below) is listed for sale at $270,000 to $300,000. It currently rents at $360 per week giving a potential gross yield of 6.93%.
<img alt="coomeraapril22one" height="307" width="470" src="/images/stories/2013/04/coomeraapril22one.jpg">
A four-bedroom townhouse at <a href="https://www.realestate.com.au/property-townhouse-qld-upper+coomera-112148839" target="_blank">96/1 Sauvignon Parade Upper Coomera</a> sold in February for $260,000. It was advertised for rent at $385 per week in November giving a potential gross yield of 7.7%.
Units in Merrimac and Robina – postcode 4226 – have gross yields of 6.2%, according to the REIQ. The median price in that postcode is $340,814 with a median weekly rent of $403.
A one-bedroom retirement unit at <a href="https://www.realestate.com.au/property-retirement+living-qld-merrimac-112843583" target="_blank">304/5 Bourton Rd Merrimac</a> is listed for sale at $125,000. It is currently rented at $350 per week giving a potential gross yield of 14.56%.
A three-bedroom unit at 10/23 Bourton Road Merrimac sold in November for $307,000. It was listed for rent at the same time for $385 per week giving a potential gross yield of 6.52%.
A three-bedroom unit at <a href="https://www.realestate.com.au/property-unit-qld-robina-111741935" target="_blank">33/12 Promenade Avenue Robina</a> is listed for sale at $375,000 to $399,000. It currently rents at $410 per week giving a potential gross yield of 5.69%.
A two-bedroom unit at <a href="https://www.realestate.com.au/property-apartment-qld-robina-109337956" target="_blank">117/25 Lake Orr Drive Robina</a> is listed for sale at $200,000. It currently rents at $400 per week giving a potential gross yield of 10.4%.
And Oxenford, in the west, has yields of 6.1%, according to the REIQ. It has a median price of $260,000 and a median rental of $305.
A three-bedroom unit at <a href="https://www.realestate.com.au/property-unit-qld-oxenford-112741787" target="_blank">23/1-2 Carnarvon Court Oxenford</a> (pictured below) is listed at $280,000. It currently rents for $360 per week giving a potential gross yield of 6.69%.
<img alt="coomeraapril22two" height="346" width="470" src="/images/stories/2013/04/coomeraapril22two.jpg">
A two-bedroom unit at <a href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/financial/properties/259246" target="_blank">2/14 Illusion Court Oxenford</a> sold for $227,000 on February 6. It was advertised for rent at $310 per week giving a potential yield of 7.1%.
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Upper Coomera units offer highest yield prospects amid top eight Gold Coast suburbs

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The former V8 Supercars driver Steven Johnson, son of Dick Johnson, has relisted his Maudsland home, 16 kilometres inland from the Gold Coast.
The five-bedroom house, at <a href="https://www.realestate.com.au/property-house-qld-maudsland-113510275">28 Lagoon Park Drive</a>, has 900 square metres of living space.
The fully automated house comes with ensuites for every bedroom, a luxury home cinema, a guest house, multiple garages for nine vehicles and a 19 metre swimming pool adjoining an impressive outdoor living and entertainment area with a six-person spa and a teppanyaki bar.
It is in a Riverstone Crossing Estate in <a href="/news">Maudsland</a>, an exclusive community with its own security guards, an environmental maintenance team, its own gym and leisure centre, and sporting grounds. Any buyers will have to pay $52.51 per week in community costs.
Johnson bought the property for $575,000 in December 2007.
According to RP Data, Johnson had the property listed for sale from May 2011 to March 2012 without selling – 280 days.
It goes to auction on May 12.
The property was designed Steven and his wife Bree for entertaining as well as family time with their children Jett and Lacy.
"I wanted more space for motorbikes and my son races go karts and we have a tinny and other equipment -- I wanted the man shed so to speak I guess," Johnson told The Gold Coast Bulletin.
"There's no people out here. With the racing side of things it's very hectic and there's a lot of people around so when I come home I don't feel like I need to deal with people, I can come home and relax without a neighbour at the back fence asking how I went in my last race."
Johnson, nicknamed Junior, debuted at the Australian Touring Car/V8 Supercar Championship Series in 1994 and has had 366 race starts, three race wins and 11 podium finishes.
He announced his retirement from V8 Supercars earlier this year.
He currently competes in the Australian Carrera Cup Championship.
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Former V8 Supercars driver Steven Johnson lists Queensland home

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{qtube vid:=PSh3sIVXZ5I&amp;feature}
In this week’s Purchase or Pass we check out the pros and cons of a potential investment property and get the panel’s view on whether we would choose whether to buy or not based on our own personal property investing criteria.
This week we have a <a target="_blank" href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-bronte-nsw-2024/169285">two-bed, one-bath unit in a small block of four</a>, seven kilometres from the city and just over one kilometre from the local shops and leisure facilities. The property presents very well and so would be perfect for tenant to move into straight away. It’s on the ground floor and the main bedroom opens out onto a covered balcony. The main debate on this unit will be that there is no specific allocated parking – it’s scattered parking worked on a first in best dressed basis and there’s only two spots for the four units.
So John, I guess the first issue there aside from the parking is whether everything hits the right criteria. It’s the right location, it’s obviously well presented, it’s a nice block of four, all of those things are pretty straight forward.
John: It’s very modern today. The whole unit is looking pretty good in terms of its presentation and obviously there’s air-conditioning as well.
Chris: Now we talk about this parking quite a lot. There are lots of different types of parking. It can be on title, it can be not on title, it can be scattered parking or no parking. This one is quite different. Here we have two spots for the four units. Does it really matter if there’s one spot, two spots or three if there’s no guarantee does it really matter what your chances are?
John: I don’t think it does. The other thing that I would point out about that block of units is if you look at it it’s an older style and you have a very large land content for a small block of units. So from my point of view I would love to actually buy the whole block and not just a little bit of it. And you can also see that you could actually cut into the land to actually create parking both at the front and back of it. So it allows a lot of development application. I wouldn’t be excessively worried about the parking however.
Chris: I’ve seen some places like Tamarama in Bondi that have the most amazing views and people have looked at really digging into the ground and building it. It might cost something like $200,000 per car park that they’re creating but in those kind of areas it’s actually worth spending that kind of money if you have a $2 million or $3 million apartment.
John: Obviously what you have to do in a situation like this where there is limited car parking is actually look where the car parking facilities are on-street and if the on-street parking isn’t too bad then don’t worry.
Chris: One of the tell-tale signs for me is I looked up on the internet and I found it took actually 109 days to sell this uni. So originally they were after $650,000-plus and then it was advertised for $600,000-plus. Now they actually sold it for $663,000 so they got the right price which is pretty good, but 109 days to me that’s a big tell-tale sign that either the parking or something else isn’t quite right.
John: I think it’s probably two things going on there. I think it’s probably the parking having an some impact on it and at the same time, the mere fact that they had to reduce it and probably even the $663,000 that they sold it for is probably still over the top a little bit. So I think those two things are probably influenced the overall outcome that we have.
Chris: So purchase or pass for you?
John: Well I think I’m balanced depending given the poor parking that is there and the fact that it sold in 109 days, I really want something that would sell much faster than that so I’m going to pass.
Chris: And look that was the same thing for me. I think the days it took to sell tells the whole story here. If I’m going to buy an investment property I want to know that it can be sold in an instant if I needed the cash and 109 days is just too long for me. But well done to them for getting the right price. So I’m going to pass.
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Purchase or Pass? A Bronte unit with scattered parking: Chris Gray and John Edwards

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Economist David Bassanese says the Reserve Bank of Australia will cut interest rates again despite effects from rate cuts being already seen.
The Australian Financial Review columnist says rising unemployment from the mining and manufacturing industries will force the RBA to lower rates again by the end of the year.
“It’s true that asset prices especially are responding to lower interest rates, but whether this will be enough to contain unemployment in the face of the looming mining sector downturn and extreme pain from the high exchange rate remains to be seen,” Bassanese wrote today.
He says the rate cuts are having an effect on the interest-rate sensitive sectors of the economy including a moderate lift in housing demand.
Auction clearance rates lifted to their highest level since mid-2010
“As I’ve argued since last year, rising established house prices are exactly what we should be expecting at this stage. After all, measures of home mortgage affordability are below long-run average levels,” he wrote.
“My call has been that a 10% to 15% pop higher in nationwide house prices is possible by early 2014.”
He said with non-mining sector parts of the economy picking up house price growth will be more pronounced in Sydney and Melbourne.
This will lead to increased confidence and spending despite sluggish employment growth.
And retail spending has been strong so far this year while consumer sentiment remains above long-run average levels.
“So far so good, but serious questions remain over the smoothness of the transition in economic growth from the mining investment boom to non-mining domestic spending,” he wrote.
“In terms of the housing sector, for example, the upturn in home building demand remains reasonably modest and is not yet destined to provide major growth offset from the downturn in mining investment.
“Meanwhile, sectors sensitive to the exchange rate, such as manufacturing and even mining, are also feeling the pinch, with the $A remaining at relatively high levels.”
Holden has announced massive job cuts while Woodside is scaling back LNG operations.
He says the decline in business conditions have been led by the mining sector and there is extreme weakness in manufacturing.
“The labour market reflects this sectoral tug of war. The number of job advertisements measured by ANZ Bank fell in March after two promising monthly gains, while the nation’s unemployment rate ticked up to 5.6%.”
“My call is that unemployment will reach 6% by year end, which should be enough to goad the RBA into cutting interest rates again.”
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Unemployment will force the RBA to cut rates again while house prices set to rise 10%: David Bassanese

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Investors in Queensland stand to earn yields of up to 6.4% on Brisbane units, according to statistics released by the Real Estate Institute of Queensland.

The top ten yielding postcodes for units in Brisbane are led by Brisbane City along with Moorooka and Greenslopes - all with a gross yield of 6.4%.

The median price in postcode 4000, which includes Brisbane City and <a target="_blank" href="/news">Spring Hill</a>, is $438,057 with rents at $542.
Click to enlarge
<a href="/images/stories/2013/04/reiqapril18one.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/04/reiqapril18onethumb.gif"></a>
Property Observer undertook a survey of current rental listings to ascertain the actuality of the statistically derived figures with the live marketplace. The random results suggest a correlation, with perhaps the weakest being Greenslopes.
In Brisbane City a two-bedroom, two-bathroom unit in <a target="_blank" href="https://www.realestate.com.au/property-apartment-qld-brisbane+city-113556795">347 Ann Street</a> (pictured below) is listed for sale in the mid to high $400,000s. It currently rents via a corporate letting firm for $540 per week unfurnished. If it sold for $475,000 it would give a potential gross yield of 5.91%.
<img src="/images/stories/2013/04/reiqapril18two.jpg" width="470" height="350" alt="reiqapril18two">
It is being sold by Alexander Veal from Next Property Group Brisbane.

Also in Brisbane City is a two-bedroom, two-bathroom unit in <a target="_blank" href="https://www.realestate.com.au/property-apartment-qld-brisbane+city-113454399">120 Mary Street</a> is listed for sale at $489,000. Marketing for the property suggests a potential rental of $660 to $690 per week giving a potential gross yield of 7.34%.

It is being sold by Tom Kralikas from North South Real Estate.

And <a target="_blank" href="https://www.realestate.com.au/property-unit-qld-brisbane+city-113297995">unit 1003 at 92 Quay Street</a> Brisbane City is listed for sale at more than $495,000. It currently rents at $650 per week giving a potential gross yield of 6.83%.

It is being sold by Justin Hagen from Calibre Real Estate.

<a target="_blank" href="/news">According to RP Data</a> Brisbane City unit prices increased 4.3% in the last year.
 
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The median price in <a target="_blank" href="/news">Moorooka</a>, six kilometres south of the CBD, is $287,500 with rents at $355 per week, according to the REIQ.

A two-bedroom <a target="_blank" href="https://www.realestate.com.au/property-unit-qld-moorooka-113379479">unit 1 at 28 Hamilton Road</a>, Moorooka, (pictured below) is listed for sale at more than $279,000. According to RP Data it was last listed for rent at $340 per week in January 2012. This would give a potential gross yield of 6.34%. It last traded for $200,000 in 2010.
<img src="/images/stories/2013/04/reiqapril18three.jpg" width="470" height="349" alt="reiqapril18three">
It is being sold by Wayne Hankinson from Go Gecko.

A two-bedroom <a target="_blank" href="https://www.realestate.com.au/property-unit-qld-moorooka-113034435">unit 2 at 116 Chaucer Street</a> Moorooka is listed for sale at more than $390,000. According to RP Data it was last listed for rent at $400 per week in 2012. This would give a potential gross yield of 5.33%. It last traded for $390,000 in 2009. 

It is being sold by David Cotterill from Belle Property.

The median price in <a target="_blank" href="/news">Greenslopes</a>, 4.5 kilometres south of the CBD, is $293,500 with rents at $362 per week, according to the REIQ.

A two-bedroom unit at <a target="_blank" href="https://www.realestate.com.au/property-unit-qld-greenslopes-113581675">3/58 Douglas Street</a> Greenslopes is listed for sale at more than $310,000. It is currently rented at $290 per week giving a potential gross yield of 4.86%. 

It is being sold by Di Dent from Harcourts.

A two-bedroom unit at <a target="_blank" href="https://www.realestate.com.au/property-unit-qld-greenslopes-113547943">51/38 Palmer Street</a> Greenslopes is listed for sale at $345,000. It currently rents at $385 per week giving a potential gross yield of 5.8%.

It is being sold by Matthew Griffiths from RE/MAX.

Outside of Brisbane, the highest unit yields in Queensland are found in <a target="_blank" href="/news">Holloways Beach</a> and <a target="_blank" href="/news">Yorkeys Knob</a> in Cairns, as well as <a target="_blank" href="/news">Chinchilla</a> in the Western Downs, both at 8.2%.

The Logan City localities of <a target="_blank" href="/news">Woodridge</a> and <a target="_blank" href="/news">Slack’s Creek</a> are next at 7.8% and 7.7%.
 
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Moorooka, Greenslopes and Brisbane City top the unit yields in Brisbane suburbs: REIQ

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Sentiment within Australia’s property industry is at an 18 month high, according to research by Property Council of Australia and ANZ.
The gains are driven by increased confidence in the housing market and easing financing conditions, according to Property Council of Australia-ANZ Property Industry Confidence Survey.
Across the country overall sentiment is up from 107 last quarter to 124 on the index. A score of 100 is considered neutral.
NSW, VIC, WA and QLD recorded the largest increases in sentiment.
Western Australia leads at 149, followed by Northern Territory at 132, New South Wales at 131, Queensland at 121, Victoria at 117, South Australia at 108, ACT at 96 and Tasmania at 96.
State by state break down as follows:
Victoria
Victoria rose 18 points on the index – the third consecutive rise, but there are concerns about rising construction costs.
The report found rising Victorian sentiment is primarily being driven by the retirement living, industrial and residential sectors, with 58%, 40% and 39% of Victorian respondents expecting increases in construction activity levels over the next 12 months for these sectors respectively.
Property Council Victorian executive director, Jennifer Cunich, says the survey also found the rising cost of construction was a growing concern for the sector, with 46 per cent of Victorian respondents indicating they believe the cost of construction will rise over the next twelve months.
“Rising construction costs undermine project viability, interstate competitiveness and threaten our ability to attract investment,” Ms Cunich says. Unless Victoria gets its construction costs under control, we will continue to loose vital investment and labour to more competitive markets.
“The Property Council hopes next month’s State Budget tackles this challenge by placing downward pressure on construction costs. Reductions in planning delays, industrial disputation and bureaucratic red tape would make a big difference to the sector’s long term outlook and investment levels.”
ANZ Head of Property Research, Paul Braddick says, “the increase in property industry confidence was likely driven largely by an improved outlook for the residential property market, with solid housing sales and positive house price growth in recent months.”
“In addition, a more stable global economic outlook and expectations of increased availability of debt finance are likely to have boosted expectations for construction activity and property capital growth in Victoria,” Mr Braddick says.
“Nonetheless, we expect property industry confidence to be weaker in the coming quarters, weighed down by a soft outlook for the Victorian economy, further slowing in Victoria’s housing construction from the recent peak and a subdued outlook for retail spending and office employment.”
New South Wales
New South Wales rose 19 points on the index.
“Sentiment across the property industry has hit new heights and now sits well above the national average,” says Property Council NSW executive director, Glenn Byres.
“In fact, NSW enjoyed the biggest lift in sentiment of all jurisdictions across the country.
“Positive expectations for national economic growth, availability of debt finance and house price growth have largely fuelled the positive result.
“There are also strong expectations for an increase in staffing levels and forward work schedules across the industry.”
Paul Braddick says, “tight residential property market demand/supply fundamentals, low mortgage rates and solid housing market sales in recent months have driven property industry expectations for house price growth and housing construction higher.”
“However expectations remained varied across sectors with the strongest expectations for capital growth in aged care and commercial office property, while a subdued outlook for retail spending is expected to drive retail property values lower in the coming year,” Mr Braddick says.
 
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Queensland
Queensland jumped 17 points in the index.
“The industry returned to the market with renewed positivity after the new year break,” Queensland executive director of the Property Council of Australia, Kathy Mac Dermott says.
“Responses show that the industry in Queensland expects more positive capital growth in all sectors over the next 12 months.” “House price expectations saw its 3rd consecutive quarter of predicted growth and led the sentiment increase.”
Paul Braddick says, “while property industry confidence remains weighed down by a soft outlook for the coal mining sector and recent job cuts to the state government public service, solid growth in retail sales and house prices in Queensland appear to be partly driving a more optimistic outlook for Queensland’s economy and property sector.”
“The survey results show the net balance of Queensland respondents expect state economic growth to increase and commercial property prices to be higher across all segments in the coming year.”
Western Australia
WA rose 18 points on the index, pushing it well in the lead.
The survey found expectations are at their highest point since the survey’s inception consolidating gains made in the March-quarter survey.
Respondents were positive about expectations for state economic growth, with the index score rising strongly from the March quarter (110) to 132 for the June quarter.
Expectations for house price growth are up across Australia with the strongest survey reading in Western Australia. The WA index climbed from 129 in the March-quarter to finish at 164 for the June-quarter.
Property Council WA executive director, Joe Lenzo, says the standout in the survey numbers was that residential is now the new darling of the property sector in WA.
“After a sustained period of negative and stalled growth the survey numbers anticipate a steady pick-up in residential capital values over the next 12-months.
“We have rebounded from previous quarters when respondents were affected by negative sentiment about the resources sector and what impacts this might have on the housing market in WA.
“The June-quarter results have shown that these jitters have receded with a marked improvement in market confidence.”
Paul Braddick says results were driven largely by the most optimistic outlook for the state economy.
“Despite a softer outlook for WA mining infrastructure spending in the coming year, recent increases in Western Australian housing prices, particularly Perth unit prices, and solid state economic growth have driven high property industry expectations for property prices and construction activity,” Mr Braddick says.
“Respondents revealed a particularly optimistic view for residential property with 80% of respondents expecting residential property prices to be higher in the coming year and 84% expecting residential building activity to be higher over the same period.”
 
<hr class="system-pagebreak">
South Australia
Sentiment rose eight points in the index.
Property Council of Australia South Australia executive director Nathan Paine cautiously welcoms the results, saying that while the lift in sentiment was supported by an improvement in the availability of finance, concerns remained about overall demand levels in the economy.
“While we welcome the positive headline result, respondents’ views of wider economic fundamentals stayed stubbornly bleak, at both the state and federal level,” Mr Paine says.
Respondents’ expectations about the availability of debt finance presented one of the big surprises, with a ten-point turn-around from four points in the negative to six in the positive. This might reflect the growing awareness of patient capital across the globe looking for a secure home. Another notable turn-around was a jump in expectations for housing price growth, a result broadly reflected across the nation.
“While we welcome these “green shoots” of optimism, it is important to note that confidence is a subjective thing, and it is relative,” Paine says.
“These results clearly show that South Australia has room for improvement.”
Paul Braddick says, “the increase in property industry confidence was likely driven by an improved outlook for the residential property market in the June quarter, with the net balance of survey respondents expecting house prices to be higher in the coming year.”
“In addition, survey respondents reported positive expectations for capital growth and construction activity in aged care property, with 51 per cent of respondents expecting aged care property values to be higher in the coming year and 68 per cent expecting aged care construction activity to increase over the same period.”
Northern Territory
Northern Territory rose one point on the index to 132.
The NT’s score on government performance has dropped by 37 index points which is only second to Tasmania, the worst performing state.
Property Council NT executive director, Raquel Nicholls-Skene, says, “now that the NT political situation has settled down and with the implementation of the planning reforms coming into play we expect to see a more positive outlook on the NT Governments performance over the next 3 months.”
“NT still has strong growth however there needs to be some recognition that not all sectors are as buoyant as the industrial sector at the moment.”
Paul Braddick, says the NT’s positive outlook was underpinned by the economic benefits from major energy project investment to demand for labour, property market returns and household income.
“The property sector is already sharing in the Northern Territory economic boom, with Darwin house prices 9.7% higher in the year to February 2013,” Braddick says.
Australian Capital Territory
ACT rose six points in the index to 96, still below the middle ground of 100.
Property Council ACT executive director, Catherine Carter, says the latest survey shows ACT continues to have the lowest sentiment of any mainland state or territory, though this had improved marginally from the March 2013 quarter.
Paul Braddick says respondents in the ACT maintained a broadly negative view of the property sector reflecting a soft economic outlook for ACT.
“With the combination of an uncertain political outlook leading up to the September federal election and a continued unwinding of the 2011 dwelling construction boom likely to have weighed on ACT property industry confidence, 50% of respondents expect ACT economic growth to be lower in the next year,” Braddick says.
 
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Property sentiment at an 18 month high: Property Council of Australia

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Western Australia's retail property sector is experiencing some positive sentiment with expectations for price growth in positive territory for the second consecutive quarter, according to research by Property Council of Australia and ANZ.
Sentiment across all sectors within Australia’s property industry is at an 18 month high, according to a Property Council of Australia-ANZ Property Industry Confidence Survey.
The research found gains are driven by increased confidence in the housing market and easing financing conditions.
Across the country overall sentiment is up from 107 last quarter to 124 on the index. A score of 100 is considered neutral.
NSW, VIC, WA and QLD recorded the largest increases in sentiment.
Western Australia leads at 149, followed by Northern Territory at 132, New South Wales at 131, Queensland at 121, Victoria at 117, South Australia at 108, ACT at 96 and Tasmania at 96.
The report made reference to commercial property in the following states:
Queensland
Queensland jumped 17 points in the index.
“Respondents...expressed a positive outlook for hotels, tourism and leisure product in Queensland for the first time since the survey’s inception,” Queensland executive director of the Property Council of Australia, Kathy Mac Dermott says.
“Similarly, expectations for the retail sector continued their recent positive trend, also rising above 100 for the first time – one of only three states in the country to positively rate the sector this quarter.”
ANZ head of property research, Paul Braddick, says, “while property industry confidence remains weighed down by a soft outlook for the coal mining sector and recent job cuts to the state government public service, solid growth in retail sales and house prices in Queensland appear to be partly driving a more optimistic outlook for Queensland’s economy and property sector.”
NSW
New South Wales rose 19 points on the index.
“NSW enjoyed the biggest lift in sentiment of all jurisdictions across the country,” Property Council NSW executive director, Glenn Byres says.
Paul Braddick, says “tight residential property market demand/supply fundamentals, low mortgage rates and solid housing market sales in recent months have driven property industry expectations for house price growth and housing construction higher.”
“However expectations remained varied across sectors with the strongest expectations for capital growth in aged care and commercial office property, while a subdued outlook for retail spending is expected to drive retail property values lower in the coming year,” Mr Braddick says.
VIC
Victoria rose 18 points on the index.
Paul Braddick says, “the increase in property industry confidence was likely driven largely by an improved outlook for the residential property market, with solid housing sales and positive house price growth in recent months.”
“In addition, a more stable global economic outlook and expectations of increased availability of debt finance are likely to have boosted expectations for construction activity and property capital growth in Victoria,” Mr Braddick says.
“Nonetheless, we expect property industry confidence to be weaker in the coming quarters, weighed down by a soft outlook for the Victorian economy, further slowing in Victoria’s housing construction from the recent peak and a subdued outlook for retail spending and office employment.”
WA
Western Australia rose 18 points on the index.
Property Council WA executive director, Joe Lenzo, says the survey results are strong and that sentiment has benefitted from the re-election of the Barnett Government in WA, which guarantees the development of a number of key property projects in the State.
In construction survey results show respondents expect residential, retail, hotels and retirement construction activity to increase over the next year. Western Australia posted strong expectations for construction activity, including the strongest reading for planning office construction activity.
Commercial office price expectations have improved modestly from the previous quarter. The Perth office market has seen strong investment in-flows from international and eastern-states based investors over the last 12-months.
The retail property sector is experiencing some positive sentiment with expectations for price growth in positive territory for the second consecutive quarter.
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WA retail property sentiment positive as national industry sentiment at 18 month high: PCA

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

Joel Robinson

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

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

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

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

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.

[smartcode_project:default project_id=151449 project_image_fid=357458]

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."

[smartcode_project:default project_id=151449 project_image_fid=357463]

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.

[smartcode_project:default project_id=151449 project_image_fid=357469]

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>.

[smartcode_project_cta:default project_id=151449]

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.

[smartcode_project:default project_id=134951 project_image_fid=368645]

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."

[smartcode_project:default project_id=134951 project_image_fid=358802]

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.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<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.

[smartcode_project_cta:default project_id=134951]

Alistair Walsh

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