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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

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Alistair Walsh

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