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Darlinghurst's tightly-held Oxford Square retail centre has been listed by a syndicate headed by veteran property developer Leon Fink with reported $70 million-plus hopes.
The low-rise Oxford Street complex site last traded in 1986 for $24.2 million when sold by the insurance company, The National Mutual Life Association of Australasia Limited.
The retail and commercial complex, built in 1969, had a 2005 renovation. It sits in the shadow of  the former Koala Travel Inn which was transformed into a 191-apartment residential project called Monument by Multiplex Living.
<img src="/images/stories/2013/04/oxfordapril11one.jpg" width="470" height="313" alt="oxfordapril11one">
The fully leased retail centre earns $5.48 million in net income per year. The list of tenants in the building include Duffy Bros Supermarket, Liquorland, Chemist Warehouse, NAB, Fitness First and Deutscher &amp; Hackett art auctioneers and gallery. The building is 100% leased.
Before outgoings, the gross rental income is $6.99 million per year.
Duffys Supermarket, on 1,425 square metres, alone attracts 1,600 customers a day to the complex located between Riley Street and Pelican Street in a densely populated area.
The commercial building on offer has a net lettable area of 12,088 square metres on its 5,446 square metre island site at 55-73 Oxford Street.
It has basement parking for 37 vehicles.
It is being sold by Jones Lang LaSalle agents Simon Rooney and Luke Harris.
According to JLL, the property has an established main trade area of 17,310 people which is set to increase with the addition of more residential developments.
<img alt="oxfordapril11two" height="329" width="470" src="/images/stories/2013/04/oxfordapril11two.jpg">
Harris says the population of the area is forecast to grow 1.5%.
Marketing for property says the centre is in a high spending power catchment with main trade area income levels significantly higher than Sydney metropolitan benchmarks, on both a per household and per capita basis - 74% and 17% above the average, respectively.
 
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The weighted average lease expiry in the centre is 5.65 years by area and 5.56 years by gross income.
The leases are generally structured over three year terms with some ranging between two and seven year terms. The leases have fixed 3.0% to 4.0% rent increase reviews as well as CPI reviews.
The outgoings for the 2014 financial year are forecast at $1,524,791 per annum - $126 per square metre.
Internally, the layout of the common mall forms an L shape with Duffy’s supermarket located near the Riley Street entrance.
Recent sales in the area include the Castle Hill Homemaker Centre, which sold for $19 million in February, the Supa Centa <a target="_blank" href="/news">Tuggerah</a>, which sold for $23.5 million in December, the Kings Cross Centre, which sold for $24.5 million in November, and the Centro <a target="_blank" href="/news">Toormina</a>, which sold for $65.5 million in December.
The expressions of interest campaign ends on May 9. Oxford Square Investments was the investment syndicate owned by the Fink and Birnbaum families.
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Darlinghurst's Oxford Square retail centre listed with $70 million-plus hopes

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Vacancy rates in the twin border towns of Albury and Wodonga increased from 1.5% in February to 1.9% in March, according to the REINSW and the REIV.
In January the vacancy rate for the two towns was 3.4%, before tightening in February and then easing slightly in March.
The two real estate institutes are co-operating to produce the figure, which they started reporting last month.
According to RP Data, the median rent in <a href="/news">Albury</a>, $318 per week, is higher than in <a href="/news">Wodonga</a>, which has a median rent of $275. And median house prices in Albury, $388,500, are much higher than in Wodonga, which has a median house price of  $250,000.
In Albury a four-bedroom home on 934 square metres at <a href="https://www.realestate.com.au/property-house-nsw-albury-112890963" target="_blank">801 Delany Street</a> (pictured below) is listed for sale at $345,000. It last traded for $334,000 in 2004, according to RP Data.
<img src="/images/stories/2013/04/alburywodongaaprill11one.jpg" width="470" height="293" alt="alburywodongaaprill11one">
And a three-bedroom home on 976 square metres at <a href="https://www.realestate.com.au/property-house-nsw-albury-113206267">15 Klinberg Court</a> is listed for sale at $398,000. In 2006 it was on the market for $397,000 and in 2005 at $453,000 according to RP Data.
A three-bedroom home on 651 square metres at <a href="https://www.realestate.com.au/property-house-nsw-albury-111311403">985 Bralgon Street</a> is listed at $150,000. It currently rents at $180 per week.
And a three-bedroom home on 625 square metres at <a href="https://www.realestate.com.au/property-house-nsw-albury-113127783">25 Kurrajong Crescent</a> was listed at $259,000. It currently rents at $330 per week.
 
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In Wodonga a four-bedroom home on 757 square metres at <a href="https://www.realestate.com.au/property-house-vic-wodonga-113215603">10 Inverness Street</a> is listed for sale at $275,000. In 2011 it was listed for sale at $300,000, according to RP Data.
A four-bedroom home on 701 square metres at <a href="https://www.realestate.com.au/property-house-vic-wodonga-113406167">385 Lawrence Street</a> is listed for sale at $250,000. In 2007 it was on the market for $214,000.
A two-bedroom house on 370 square metres at <a href="https://www.realestate.com.au/property-house-vic-wodonga-113479679">4/12 Emery Court</a> is listed for sale at $209,000. It currently rents for $235 per week.
A three-bedroom house at <a href="https://www.realestate.com.au/property-house-vic-wodonga-113330415">2 Clarendon Avenue</a> (pictured below) is listed for sale at $349,000. It is marketed as having a potential rent of $380 per week.
<img src="/images/stories/2013/04/alburywodongaapril11two.jpg" width="470" height="305" alt="alburywodongaapril11two">
Agent Georgette Nehme says there are solid returns to be had in Albury. She has a number of properties listed with rental returns with rental yields above 6.5%.
Her head of rental James Veneris says the rental market is tighter than it is sluggish.
“Around here you’d find supply tends to equal demand. If anything, demand is a little bit higher. My guess for an average vacancy rate in the town would around 2%,” Veneris says.
Nehme’s firm deals just in properties on the NSW side of the border.
In Wodonga, agent Jamie Maynard from First National says the published vacancy rate sounds about right for the town.
“It would be pretty comparable with us at the moment. We’ve got about 250 rental properties with about 8 available,” Maynard says.
He says most properties give rental yields of 5.5% to 6%, which is bringing in out-of-town investors.
“The majority of sales are from the local market but investor market has jumped considerable due to interest rates being so low and the yield being so terrific.”
He says there are many short-term industry and government workers in the area looking to rent and increasingly people are working in Albury but living in Wodonga.
Prices are lower in Wodonga because there is more vacant land, Maynard says.
There were 6,377 rental homes managed by real estate agents in Albury City and the City of Wodonga in 2011, according the 2011 census. They represented 20% of all homes in the region.
Wodonga, Victoria, accounted for 40% of the rental homes and Albury, NSW, accounted for 60%.
“It is interesting to note the region has a very high proportion of rental homes – 17% – managed by a government housing authority,” REINSW chief executive Tim McKibbin said in March.
The 2011 census found the median weekly household income in Albury, $1,120, was higher than Wodonga, $931.
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Twin border towns Albury and Wodonga get combined residential rental vacancy index

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A Chinese group spent $19.8 million last week on a York Street office building in the Sydney CBD being sold by pub king Christopher Cheung.
The Beijing-based group could be primed to build a hotel or a residential building on the site. The buyers reportedly undertook little due diligence on the building before purchasing, suggesting a plan to knock down and rebuild.  
The 628 square metre property, at 32 York Street, was listed by Cheung late last year with $20 million-plus hopes.
The <a target="_blank" href="/news">CBD</a> property was marketed by Savills Australia agent Benjamin Azar with the potential for redevelopment into a hotel or residential scheme.
Owners of the nearby Grace Hotel reportedly had eyes on the site before the Chinese group came in, according to The Australian Financial Review.
The 1964-built building sits next to Sydney’s most iconic and well-known commercial office and retail strips, just south of King Street.
There are 763 square metres of retail space on the lower and upper ground floors and 4,111 square metres of office space on the nine upper levels.
The total gross income for the property sits at $1.47 million, with $920,675 coming from office rents, with another $476,961 coming from retail rents.
Cheung, the owner of Cheung Properties, currently owns and operates four businesses – The Bourbon in <a href="/news">Potts Point</a> (which he bought in 2010 with a revamped opening last month), The Coogee Bay Hotel in <a href="/news">Coogee</a> (which he plans to transform into a $150 million retail and entertainment hub), Cruise Bar in West Circular Quay and Key Largo Bar &amp; Bistro in <a href="/news">Rushcutters Bay</a>.
Property Observer previously noted <a href="https://www.propertyobserver.com.au/office/pub-king-christopher-cheung-lists-york-street-sydney-cbd-office-building-with-%2420-million-plus-hopes/2012100256839/Page-1">Cheung was selling the property to focus on his pub portfolio.</a>
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Chinese group buys Christopher Cheung's York Street office building in Sydney

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The decline of the live export trade has cut the value of agricultural land in the Northern Territory with major land holders slashing the reported value of their holdings.
Herron Todd White's latest report says there were no new confirmed sales of commercial sized rural property in the <a href="https://www.propertyobserver.com.au/northern-territory/" target="_blank">Northern Territory</a> in March apart from a small cattle block in the Florina District near <a href="/news">Katherine</a>.
“Details remain confidential at this stage however the sale will reflect a discount on the 2009 purchase price in the order of 35%,” Herron Todd White writes.
Meanwhile Macquarie Pastoral Fund’s Paraway Pastoral, one of Australia’s largest landholders, has lost $23 million after being hit by property devaluations, according to ASIC documents obtained by The Australian Financial Review.
The $700 million fund’s properties in Queensland and Northern Territory had $27 million wiped off their value over the year to December 2012.
The fund, which recorded profits of $700,000 last year, blames 2012’s losses on the declining live export market.
Valuations from Herron Todd White and M3 Property Strategists recorded a carrying value of $424 million for its overall portfolio of 3.6 million hectares.
But properties in Northern Australia, which include the 1 million-hectare Walhallow Station and the 1.5 million hectare Davenport Downs fell 8% in value to $248 million.
Indonesia is a critical live export market for Australian cattle producers. In 2007 Australia exported 772,000 live cattle to Indonesia but that dropped to just 278,000 in 2012 because of Indonesia's moves to become self-sufficient in beef following a temporary suspension of live cattle exports in 2011.
 
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The collapse of the live export trade led to the market being flooded with cattle and sheep.
The fund didn’t pay any dividends to its shareholders but it has set aside more than $9 million to reinvest into property.
After spending $111 million on live stock properties in 2011, the fund did not purchase any major property in 2012, though its sister company Lawson Grains did, including $16 million of land in northern NSW.
Australian Agricultural Company recently posted a $40.8 million decline in its portfolio’s value.
It said the fund was hardest hit in the Northern Territory where properties were “impacted by the live cattle suspension”.
“This result was primarily due to flow-on effects from the Federal Government’s live cattle export suspension in mid-2011,” the company’s chairman, Donald McGauchie said in March.
“As a result of the suspension, cattle which would have ordinarily been exported to the Indonesian market remained in the Australian market. This caused over-supply issues and a subsequent deterioration in the domestic cattle price.”
He said the suspension “created a challenging property market in northern Australia, which has led to a significant decrease in the value of AACo’s extensive land holdings in the region.”
Herron Todd White’s latest monthly report says the situation may not last though, with the government’s push to introduce legislation allowing property holders to diversify how they use the land.
“During this recent period of uncertainty in the north of the Northern Territory where the market is still finding it difficult to stomach the prospect of placing all eggs in just one basket (ie the live export market), it looks like there will soon be more to consider now that the Northern Territory Government has announced their intention to push through with proposed changes to the Northern territory pastoral land act,” Herron Todd White writes.
“The proposed amendments aim to give 38 pastoralists greater freedom to utilise their property’s natural attributes and diversify the income streams possible from their cattle station.
“It would appear that the support for the change is wide and if enacted could have significant benefits for the Northern territory pastoral industry and is likely to change the way buyers and sellers look at a particular cattle station.”
 
 
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NT agricultural property market still reeling from live export ban

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A Gold Coast brothel that was formerly owned by bankrupted Gold Coast entrepreneur Ken Lacey was passed in at auction last Wednesday despite strong interest from investors.
The glitzy brothel was passed in on a vendor bid of $1.5 million with no bids from the five buyers present at the auction.
Ray White agent Sam Johnson says he expects the premises to sell within a few weeks.
“We’re dealing with about eight people now. The hottest buyers in the room weren’t in the position to buy it at auction. They needed approval for more financing,” Johnson says.
“If bidding had started they might have chucked their hand in the air to make sure it didn’t sell.”
It’s now on the market for $2 million.
Johnson expects the property to rent for around $180,000 per year, which would give potential investors a 9% gross yield.
Johnson says all interested parties were interstate investors.
The property at <a target="_blank" href="https://www.propertyobserver.com.au/https://www.raywhitecommercial.com.au/nsw/chinderah/786190">31-33 Morton Street Chinderah</a> is a 568-square-metre two-level building with current approval for a 24-hour brothel formerly known as Lacey’s Club Lace bordello.
{yoogallery src=[images/stories/2013/03/march20lacey]}
The property was originally developed by Ken Lacey for his incarcerated sons.
Johnson says Lacey has since withdrawn from the sex industry.
“The property certainly has a colourful history as a previous owner of the brothel Victor Elliott was gunned down there in a contract killing in 2000,” Johnson says.
The brothel contains a kitchen, a laundry, an office, five bedrooms with ensuites on the ground floor and a large entertainment area on the first floor with a kitchen and private function rooms.
The bedrooms include luxury beds with red and white wall themes, hanging picture frames, and a complementary bath or spa.
The property also includes two large warehouses, an office and a hardstand.
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Bidders look but don’t touch at Ken Lacey  brothel auction

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The use of videos in online real estate ads has dramatically increased enquiries from potential buyers, according to real estate agency Jellis Craig.
The company found that during 2012 real estate agents experienced a 403% increase in enquiries when their property marketing featured an online video.
“New technology is integral to our marketing campaigns,” <a target="_blank" href="?option=com_googlesearch_cse&amp;q=Jellis%20Craig">Jellis Craig</a> chief executive Nick Dowling said.
The company's Annual Property Review found that 22% of consumers currently access the property market via smartphones.
Jellis Craig says its blog has become an important entry point for potential clients.
“Designed to provide our clients with the latest market analysis, the Jellis Craig blog attracted 17,252 visitors in 2012, with many of those visitors then clicking through to our website to view specific properties,” Dowling said.
The report also found social networking was helping enquiries with buyers who search online sharing details of shortlisted properties with family, friends and associates through Facebook, Google+, Linkedin or Pinterest.
The report found Jellis Craig’s social referrals grew to more than 8,882 in the 12 months.
Photo by Bernard Goldbach, courtesy of Flickr.
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Real estate videos secure wider buying audience: Jellis Craig

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Retirees could unlock hundreds of thousands of dollars by downsizing within their own neighbourhoods, according to research published by the Real Estate Institute of Victoria.
The REIV has published <a target="_blank" href="https://reiv.com.au/Property-Research/Census-research/Downsizing">interactive maps</a> which reveal how much money retirees could return to their bank accounts by moving to a smaller home in the same area.
<img height="250" width="470" src="/images/stories/2013/04/downsizingapril5one.jpg" alt="downsizingapril5one">
According to their data, moving from a three-bedroom house in <a target="_blank" href="/news">Brighton East</a> into a nearby two-bedroom unit would unlock $453,750.
In <a target="_blank" href="/news">Mornington</a>, moving from a three-bedroom unit to a two-bedroom unit would unlock $232,500. In <a target="_blank" 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 target="_blank" href="/news">Kew</a> and <a target="_blank" href="/news">Ivanhoe</a> as well as those along the bay such as in <a target="_blank" href="/news">Sandringham</a> and <a target="_blank" 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 target="_blank" href="/news">Beaumaris</a> was the top in this category, followed by <a target="_blank" href="/news">Parkdale</a>, <a target="_blank" href="/news">Northcote</a>, <a target="_blank" href="/news">Caulfield South</a> and <a target="_blank" 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 target="_blank" href="/news">Malvern East</a>, <a target="_blank" href="/news">Essendon</a>, <a target="_blank" href="/news">Williamstown</a>, <a target="_blank" href="/news">Ivanhoe</a> and <a target="_blank" 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 target="_blank" href="/news">Malvern East</a>, <a target="_blank" href="/news">Mornington</a>, <a target="_blank" href="/news">Kew</a> and <a target="_blank" 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's interactive maps show where downsizers could unlock hundreds of thousands of dollars

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Self-managed superfund trustees decreased their cash holdings in favour of fixed interest and direct property investments after rate cuts in the December 2012 quarter, according to the latest Multiport SMSF survey.
Cash holdings fell 1.9% to 24.5% of total SMSF investments over the December quarter while fixed interest holdings increased 0.6% to 11.2% and direct property investment went up 1.1%.
Property now makes up nearly a fifth of SMSF portfolios (18.9%) compared with 17.6% a year ago.
“With cash losing its appeal in the wake of two interest rate cuts for the quarter, SMSF trustees are looking for a new ‘safe’ home for their investments,” AMP’s Philip LaGreca says.
Growth in the allocation of funds to Australian equities by SMSFs was higher than expected over the calendar year. Most SMSF deposits are concentrated in ASX Top 20 companies which outperformed the All Ordinaries by 22% this year.
The survey looks at 1,900 funds, a sample of the SMSFs Multiport administers and the investments they held as of December 31 2012.
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SMSF holders move away from cash deposits after rate cuts

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House prices grew spectacularly in the rural Queensland town of Wandoan on the back of mining activity in the area with yields as high as 22.2% being touted, but recent reports suggest the biggest project in the area may not go ahead.
<a target="_blank" href="/news">Wandoan</a>, 300 kilometres northwest of Brisbane in the Surat Basin, had the highest price growth of any rural suburb in Australia, according to Residex’s February data. It says the median house price grew 29.95% for the year ending February.
<img src="/images/stories/2013/04/wandoanapril4three.jpg" width="470" height="295" alt="wandoanapril4three">
Mining company <a target="_blank" href="/companies/xstrata">Xstrata</a> was due to develop the biggest coal mine in the southern hemisphere just west of Wandoan, but a proposed merger with commodities company Glencore has put those plans in jeopardy.
Glencore is in negotiations with the Chinese government to approve its $35 billion acquisition of Xstrata. If it goes ahead it will make it the world’s fourth largest diversified mining company and the largest commodities trader.
Glencore chief executive Ivan Glasenberg recently told investors the merged company would be avoiding greenfield projects.
“Greenfields are risky. Greenfields do have capital overruns. Greenfields do have delays which kill the NPV (net present value) on those projects,'' he told investors in London.
That means the $7 billion Wandoan thermal coal mine now hangs in the balance.
It has been on the cards since 2007 but has faced numerous setbacks including pressure from local landowner disputes. It has yet to receive final approval.
If developed, the mine is expected to produce 30 million tonnes of coal a year.
According to RP Data, the median house price in Wandoan is $365,000, increasing 15.9% over the last year. The median asking rent is $600 per week, giving an indicative gross yield of 8.5%.
According to ABS census data, the suburb has a population of 655 people with 450 private dwellings, 35% of which are unoccupied. Most dwellings are three or four-bedroom houses.
 
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Listings on online real estate portals for properties in Wandoan reveal 51 properties up for sale, made up primarily of residential land and houses.
A fairly basic three-bedroom property on 857 square metres at <a href="https://www.realestate.com.au/property-house-qld-wandoan-113302443">9 Hoffman Street</a> is listed for sale at more than $300,000. The property is marketed as “mining accommodation” and has an advertised rental return of $500 to $600 per week, giving a potential gross yield of 10.4%.
A three-bedroom timber home on 809 square metres at <a href="https://www.realestate.com.au/property-house-qld-wandoan-112443951" target="_blank">24 Weldon Street</a> (pictured below) is listed at $380,000. According to RP Data the asking price has dropped from $420,000 in January. It was last listed for rent at $450 per week in 2010.
<img src="/images/stories/2013/04/wandoanapril4one.jpg" width="470" height="352" alt="wandoanapril4one">
And a three-bedroom house marketed with potential as accommodation for work crews at <a href="https://www.realestate.com.au/property-house-qld-wandoan-108220306" target="_blank">16 Hoffman Street</a> is listed at $350,000. According to RP Data the 809 square metre property last traded for $68,000 in 2005.
A <a href="https://www.realestate.com.au/property-residential+land-qld-wandoan-200535939" target="_blank">602-square-metre block of residential land</a> is listed at $242,000 or $402 per square metre.
And a <a href="https://www.realestate.com.au/property-residential+land-qld-wandoan-200475019" target="_blank">500-square-metre block</a> (pictured below) on the same lane is listed at $250,000 or $500 per square metre.
<img alt="wandoanapril4two" height="353" width="470" src="/images/stories/2013/04/wandoanapril4two.jpg">
LJ Hooker agent Mark Robinson, based in Brisbane, has a number of properties in the area listed for sale including two big mining accommodation developments.
He says prices are going up in the town, driven by a massive undersupply of accommodation.
Accommodation is taken up by workers from a number of projects in the area, particularly the $1.4 billion water pipeline to Dalby.
Robinson says big companies are winning contracts in the area but are unable to house workers in the town which has driven rents up massively.
“The problem is Wandoan is there’s not enough accommodation. That’s basically it,” Robinson says.
He says even if the Xstrata project doesn’t come online there is still strong demand from other projects.
“It’s on the border of the Surat Basin. The whole thing up there is getting driven by coal-seam gas which gets piped to <a target="_blank" href="https://www.propertyobserver.com.au/queensland/gladstone-property-market-cooling-with-some-20-price-corrections-htw/2013010858637">Gladstone</a>,” Robinson says.
“Xstrata have merged but coal prices are still good. You’ve got Gina Rinehart up there. You’ve got a lot of action around the area. You’ve only got to look at Mooloomba to see what happens to a town that needs accommodation.”
One of the developments Robinson is selling is a series of new five-bedroom houses built specifically to house miners.
The six properties sell for $820,000 each and Robinson says each property could earn a staggering $3,500 per week for short-term tenants. That’s a potential gross rental yield of 22.2%.
“It’s a changing space up in these mining places. It’s a work in progress. I don’t think anyone has estimated how many people will come in if everything comes online,” Robinson says.
“I think it’s definitely an investment hotspot.”
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Queensland mining hamlet Wandoan records 30% house price growth in one year: Residex

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Greece's deputy foreign minister, Konstantinos Tsiaras, has denied that Australian Greeks will have their income taxed twice but says they may pay higher taxes on their properties in Greece.
Speaking from Sydney, Tsiaras said Greeks in Australia would pay a higher rate of tax on property owned in Greece and on any rental income or potential income as part of Greece's tough austerity measures.
An Australian lawyer based in Greece, John Tripidakis, told Property Observer the Greek government will be changing property tax laws so the tax-free threshold on property will be reduced to €50,000, with the remaining value of the property taxed on a progressive scale.
“This law will increase significantly the property tax that owners of properties are paying and of course affects significantly Greek Australians who own properties in Greece through inheritance, parental gift or even through purchase,” Tripidakis said.
He says these planned changes have already affected the property market in Greece.
“With regard to the real estate agents, the truth is that the real estate market has frozen and only a few conveyances take place. Many properties remain unsold, while many are putting their properties for sale in order to avoid the heavy property taxes,” he says.
Tripidakis says if Greek Australians lodge the right paperwork they won’t be liable for having their Australian income taxed twice.
“The goal of the Greek Government is not of course to impose double tax to those who claim to be foreign residents, but to reveal those who falsely claim that they reside abroad to reduce their Greek taxes,” he says.
“Although there is pressure to change this law after the protests from the Greek Federations from all over the world, this is what Greek law provides at this moment.”
The proposed austerity measures have been temporarily postponed and may even be scrapped depending on how Greece performs.
''We believe the stabilisation program that we have followed for about five months now will give us much better economic indicators,'' Tsiaras said in a speech reported by Fairfax Media.
''By the end of the year, we are going to turn the corner.''
In 2011, Property Observer <a target="_blank" href="https://www.propertyobserver.com.au/international/owners-of-greek-property-hit-with-new-tax-from-2014/2011092851715">reported</a> Australian citizens who own property in Greece would be forced to pay up to $2,000 a year in taxes, following the passing of a new, hugely unpopular property tax measure.
The new tax law required that anyone who owns property in Greece be forced to pay an annual tax levy of €1,000 to €1,500 a year.
The tax was set to begin in 2014, and would be included in power bills with failure to pay resulting in the electricity being cut off.
About 70% of Greeks own their own homes and have over €400 billion ($553 billion) invested in property, greater than the country’s sovereign debt of €350 billion ($480 billion).
According to the 2011 census there are nearly 100,000 Greek-born people living in Australia and almost 400,000 people of Greek descent.
Photo of Athens courtesy of Flickr.
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Greek Australians face tax increases on overseas properties

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.

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<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."

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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.

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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."

[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."

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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.

[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.

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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."

[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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