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A Singaporean-based developer plans on building 1,000 apartments on the site of Melbourne’s former Carlton &amp; United Breweries where a wall collapse killed three people last week.
Chip Eng Seng’s high-rise development will be built on a 2,927-square-metre block on the southwest corner of the site, incorporating a two-storey, heritage-listed bluestone building.
It will include a street level retail space, a number of podium levels of secure parking and two levels of basement car parking, according to information released on the Singapore Stock Exchange this week.
It recently bought the parcel of land from Grocon for $32 million.
The purchase is subject to review by the Foreign Investment Review Board.
The company recently posted record profits of SIN$81 million for the year ending December 31 2012.
It has been quite active in the Melbourne market, with its local arm CEL last year selling out its 338-unit MacKenzie Street development, 33M, and construction due to start on its <a href="https://www.propertyobserver.com.au/victoria/melbourne-cbds-tallest-residential-tower-crown-tussle/2013022858541">$170 million 71-storey development, Tower Melbourne, at 150 Queen Street</a> in the middle of the year.
CEL bought the MacKenzie street block for $20.2 million in 2010 and the Queen Street development for $25.5 million in 2011.
The MacKenzie Street development sold out in eight months. Construction of the 555-unit Tower Melbourne is due to finish in 2016.
Tower Melbourne was the <a href="https://www.propertyobserver.com.au/developments/singapore-developer-cheeky-for-selling-unapproved-melbourne-cbd-high-rise-project-off-the-plan-lord-mayor/2012101657194">subject of some controversy</a> with the developers marketing properties before it had received development approval.
The wall collapse last week, which some parties blamed on excessive signage, was on Grocon’s part of the CUB site. The site has remained undeveloped for almost 30 years with Grocon’s $800 million development, Swanston Square, struggling to get off the ground.
Building was due to begin in July last year.
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Singaporean developer to build tower at Melbourne's CUB site

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Australian economists mostly agree that the Reserve Bank of Australia’s decision to <a href="/news">leave the cash rate on hold at 3% yesterday</a> likely signifies the end of any further rate cuts this year.
They tend to agree too that while the easing phase has come to an end, any cash rate increases are unlikely to happen again soon.
Commsec’s Craig James says, “With home prices and share prices lifting and global risks dissipating, the Reserve Bank would also be loath to keep super low interest rates in place too long”.
But he adds it’s too early for the RBA to be flagging potential rate hikes either later this year or early next year.
He says the easing bias is still appropriate both to highlight the risks that still exist in the global economy and to sustain momentum in the domestic economy.
Commsec expects the RBA will keep rates unchanged for the next six months and says there is a very small chance it will cut the rate again but this is becoming increasingly unlikely.
“If the Reserve Bank was to cut rates in the next few months it would likely be prompted by fresh global turmoil, especially combined with evidence of weaker US and Chinese growth, low domestic inflation and a high Australian dollar,” James says.
“An interest rate hike would only be contemplated if there were solid evidence of stronger US and Chinese economic growth, firmer domestic growth, greater confidence of a lift in investment outside the mining sector and greater upside risks for Australian inflation.”
HSBC chief economist Paul Bloxham described yesterday's rate-hold as “tactically dovish”.
He says given the high Australian dollar, it’s prudent for the RBA to be dovish, but that it doesn’t necessarily mean it will follow through with further cuts.
“With demand already picking up in the interest-rate sensitive sectors of the economy, we remain of the view that the easing phase is done,” Bloxham said
He offered no prediction of how long until the next cash rate increase.
ANZ said the easing bias is increasingly tactical with it increasingly unlikely that they will cut rates again.
ANZ expects the RBA will maintain its bias towards further easing if the non-mining economy does not pick more strongly but it probably won’t cut rates further.
“While we still view a rate cut mid-year as a distinct possibility, in part because this will follow the next read on businesses’ capital expenditure intentions, the chances of a cut occurring appear to have diminished. Nevertheless, we see little risk of a rate rise this year as some are predicting.”
 
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Economists agree RBA easing cycle may be over but increases to the cash rate not imminent

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The New Jersey house where Bruce Springsteen wrote his breakthrough album Born to Run has been listed for sale.
The Boss, who has just completed his tour of Australia, rented the cottage in the 1970s and wrote the album from 1974 to 1975.
<a href="https://www.susanmclaughlin.com/address.php?property_ID=149" target="_blank">The asking price is US$349,000</a>, which could be tempting for those looking to re-live the glory days of Bruce Springsteen.
The vendors of the house (pictured below) are hoping the buyer doesn’t take a wrecking ball to the property and are keen to see it preserved as a piece of rock'n'roll memorabilia.
<img alt="springsteenapril3one" height="338" width="470" src="/images/stories/2013/04/springsteenapril3one.jpg">
The Boss spoke about living in the house in the documentary Wings for Wheels: The making of Born to Run. In the documentary, Bruce returns to the house and reminisces about it.
He says it’s the first house he ever lived in by himself.
You can watch the clip where he talks about the property here.
The five-bedroom, one-bathroom property covers 77 square metres and is just 200 metres from the beach.
Presumably, Springsteen sometimes wandered down to the beach to gaze over the sun rising over the Atlantic Ocean to see the light of day.
<img alt="springsteenapril3two" height="320" width="300" src="/images/stories/2013/04/springsteenapril3two.jpg">
It has a front porch, a small fenced yard and a patio, but no secret garden. It is zoned commercial-residential so buyers could turn it into anything from a <a target="_blank" href="?option=com_googlesearch_cse&amp;q=restaurant">restaurant</a> to a four-storey office building.
Springsteen says he played piano in one of the front rooms while composing the album.
Potential buyers are also offered the option of buying a one third share of the property. There are currently three owners of the property with two willing to share a third ownership.
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Ultimate rock'n'roll souvenir: Bruce Springsteen's former home listed

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Knight Frank has created a special sales team specifically targeting wealthy Chinese investors following the introduction of the significant investment visa (SIV)
The head of the team, Dominic Ong, says the 888 visa - colloquially called the "Golden Ticket" visa -favours Chinese investors.
“Although the rules of the SIV specifically exclude direct investment in real estate, SIV applicants are allowed to invest in an unlisted managed fund that holds Australian direct property assets and/or a trading business/ company,” Ong says.
Investors can invest $5 million in approved investments for four years and be eligible for permanent residency.
No SIVs have been issued by the Department of Immigration since the program was launched at the end of November last year.
A spokesperson for the department told Property Observer last month that, 287 expressions of interest had been processed, with 131 invitations to apply issued by late February.
Interest has been concentrated on investments in NSW, Queensland and Victoria.
There are no English speaking requirements, but applicants must stay in Australia for at least 160 days within those four years and the applicant, spouse and dependent family members can live in Australia immediately after approval.
The Knight Frank team includes Chinese born agents and people with experience dealing with Asian investment.
Ong says the creation of division is imperative for Knight Frank with the massive spending power of the Chinese and the increasing presence of China’s wealthy individuals and funds in the Australia commercial market.
“With the recent Sydney purchases of the Sydney Water Board site ($100 million), 231 Elizabeth Street ($201 million), 1 York Street ($117 million), 10 Barrack Street ($62.5 million), 333 Kent Street ($48 million), 80 Alfred Street ($49 million) and the Palazzo Versace Hotel in Queensland ($68.5 million), Chinese investors are becoming even more prominent on our local shores,” Ong says.
He predicts Chinese spending overseas is increasing and won’t peak for another five years.
“During my recent visit to Shanghai and Beijing, we are seeing Chinese investors increasingly looking to diversify their portfolios and they view Australia as a safe haven and a long term investment destination,” Ong says.
“We are currently working with some 20 groups of Chinese investors sourcing office towers and shopping centres to hotel investment and land development projects.”
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Knight Frank launches significant investor visa team ahead of Chinese investment influx

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The Melbourne property market looks softer compared with other capital city markets, the Reserve Bank of Australia has noted in its March 2013 Financial Stability Review.
The report found Melbourne could be prone to an oversupply of stock.
“Although housing loan arrears rates are currently low across most parts of Victoria, the outlook for the Melbourne property market appears to be softer than for other large cities and some banks have signalled that they will be alert to any signs of deterioration in asset performance,” says the RBA.
“The current stock of land for sale is at a high level and building approvals data point to increases in the stock of housing, and potential oversupply, in some parts of Melbourne, particularly the inner-city apartment market.
“This is on top of previous strong supply of detached housing in the outer suburbs. The increase in the stock of housing is consistent with Melbourne dwelling prices declining further and recovering less of their earlier decline than prices in most other capital cities have done.” 
According to Residex, Melbourne recorded a modest 0.28% rise in house prices during February. It puts the median house value at $556,500 now, unchanged from a year ago.
For units, Residex found median prices increased 0.62% over February to $426,000, up just 0.51% over the year. Rents have remained unchanged over the year.
And according to RP Data the Melbourne market has been going nowhere for the last 12 months with house prices up just o.58% over the year.
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Melbourne property market softer than other capital cities: RBA

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A quirky art deco building in <a href="/news">Malvern</a>, in Melbourne’s inner south-east, has passed in at auction and remains on the market.
The building, currently the site of an obstetrics and gynaecology clinic, has been held in the same hands for the last 30 years.
Kliger Wood agent Nick Breheny expected the property to sell for more than $1.5 million. It passed in on a vendor bid of $1.55 million.
The two storey brick structure on 214 square metres even features its own clock tower.
As well as possible rental potential the building has a small advertising sign that currently brings in $1900 per year.
Breheny says <a href="https://www.realcommercial.com.au/property-retail-vic-malvern-500629143" target="_blank">the building</a> will most likely be bought by a potential owner-occupier or as an investment for consideration for mixed use conversion.
Co-agent Lou Montalti says it’s hard to gauge a rental yield as it most suits an owner occupier.
It comes with a 5.6 metre street frontage and is currently licensed for medical occupancy.
The property has is set up with a ground floor reception, two consulting rooms and toilet amenities.
On the first level there are four more consulting rooms and a kitchen and toilets.
“There are a number of options for this prominent building ranging from refurbishment and redevelopment with the permits secured, to leasing it out as the permit for use as medical consulting rooms remains in place,” Breheny says.
“This property enjoys a key location on the western side of Wattletree Road close to the Glenferrie Road corner with the immediate area providing an array of prominent retail, services and popular food outlets.”
Inside, the building features a striking spiral staircase.
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Quirky Malvern art deco medical building still on the market with $1.5 million plus hopes

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Plans for the $2.5 billion redevelopment of Darling Harbour have been unveiled by the NSW state government.
Plans lodged reveal a vast network of public spaces including a convention centre, a grass-covered exhibition centre and a theatre. The project will also include new public gardens, 1,400 apartments, a 2,000-person ballroom and a new 680-metre tree-lined boulevard.
The Darling Harbour Sydney International Convention Exhibition and Entertainment precinct is now open for public exhibition by the NSW Planning and Infrastructure department’s major projects division.
Eventually the project, being built by <a target="_blank" href="/companies/lend-lease">Lend Lease</a>, will include an 900-room international hotel but plans have yet to be lodged.
The 33-metre-high terraced convention centre (pictured below) will provide 40,000 square metres of exhibition space and a 5,000-square-metre outdoor deck.
<img alt="darlingmarch27one" height="226" width="470" src="/images/stories/2013/03/darlingmarch27one.jpg">
Lend Lease describes the project as a “distinctly Sydney experience”, with architect Ken Maher from Hassell enhancing Sydney’s public spaces through water engagement, green spaces, children’s playground and activities, pedestrian connections and cycle networks.
Chief Executive Officer of Darling Harbour Live, Malcolm Macintyre, says the project will reinvigorate the precinct, reconnecting the area north to south and east to west.
“Our design approach has been to ensure we don’t have an isolated precinct within the city but one that knits the city together through its activation, scale and density, and importantly provides more public space and parkland,” Macintyre says.
“It will add more public space, a new residential neighbourhood at the heart of the city, and new links to the surrounding neighbourhoods.”
<img alt="darlingmarch27two" height="311" width="470" src="/images/stories/2013/03/darlingmarch27two.jpg">
 
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The convention centre is expected to be finished by 2016, with the current convention centre, built in the 1980s, staying open until 2015.
Deputy premier Andrew Stoner told News Ltd the development would deliver $5 billion to the economy, providing 3700 construction jobs and ongoing employment for 4000 people.
"It is just 450m away from Central and 700m from Town Hall stations, yet the precinct has always felt as though as it was disconnected from its <a href="/news">Haymarket</a>, <a href="/news">Ultimo</a> and <a href="/news">Pyrmont</a> neighbours," he told News Ltd.
"The masterplan creates strong pedestrian links with the north-south boulevard and five new east-west pedestrian connections through the precinct.
"It aligns the light rail stops with entrances to the new facilities to improve pedestrian flow."
The plans will extend Tumbalong Park by 3000 square metres to 11,000 square metres and will include an outdoor event space for 25,000 people.
<img alt="darlingmarch27three" height="315" width="470" src="/images/stories/2013/03/darlingmarch27three.jpg">
The 20-hectare site for the project is bounded by the light rail line to the west, Harbourside shopping centre and Cockle Bay to the north, Darling Quarter, the Chinese Garden and Harbour Street to the east, and Hay Street to the south.
Haymarket, the residential and commercial precinct to the South, includes building envelopes between six and 40 storeys across six plots.
The neighbourhood is due to be completed from 2016 through to 2023 by Lend Lease in a separate development, will include 1400 apartments, with accommodation for 1000 students, and possibly a library.
The plans are on exhibition at the <a href="https://majorprojects.planning.nsw.gov.au/index.pl?action=view_job&amp;job_id=5752" target="_blank">Planning website</a> until May 10.
 
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Sydney's Darling Harbour redevelopment plans unveiled

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A high-rise project in Perth remains in limbo after a planning commission delayed ruling on possible height limits.
Developers Golden Group hope to build a series of skyscrapers up to 53-storeys high on the <a target="_blank" href="/news">Belmont</a> Park Racecourse site, on the Great Eastern Highway, but the West Australian Planning Commission was reportedly set to cap the height at 30 storeys.
But the commission recently asked for further information from the state architect and the City of Perth before making a decision, according to the minutes of a meeting.
A planning officer had recommended that the commission endorse the plan subject to conditions including a reduction of the maximum building height to 30 storeys.
<a target="_blank" href="/news">Perth’s</a> tallest building is Central Park on St George’s Terrace at 51 storeys.
<a target="_blank" href="https://www.goldengroup.com.au/developments/perth-developments/perth-race-course">Golden Group’s plans</a> include 4,500 new dwellings, 31,000 square metres of retail space and 60,000 square metres of office space all on 22 hectares.
The $3.5 billion plans were designed by architect firm Foster + Partners.
The project design consists mainly of residential towers between four and 13 storeys tall with a few taller towers up to 53 storeys high.
A spokesperson from Golden Group was unwilling to talk about the project but confirmed the group was waiting on the commission's ruling.
Golden Group managing director Andrew Sugiaputra had previously said that according to the state government’s 2031 document, more than 320,000 dwellings were needed to cater for Perth’s growth, with 47% provided by infill development in the metropolitan areas.
“Extensive public consultation had been undertaken by our team and relevant stakeholders have provided support for our development in its current form,” Sugiaputra told The West Australian.
Sean Morrison, chairman of Future Perth, a development advocacy group in WA, said any height limits imposed would be an outrage.
“It seems to me that some bureaucrats have plucked this 30-storey limit out of the air to try and maintain the Perth CBD’s phallic bragging rights,” he told The West Australian.
“We don’t have caps on urban sprawl so why should we have caps on inner city residential developments?”
The site is three kilometres east of the Perth CBD, just over the Swan River.
The state government is spending $140 million rebuilding the nearby train station which also service Burswood Casino.
The site, in <a href="/news">Burswood</a>, is currently one of the two major horse racing venues in Perth.
The median unit price in Burswood is $697,500 according to RP Data, dropping 5.4% over the past year.  The median asking rent is $380 per week, giving a gross indicative yield of 2.8%
The median house price is $789,000, increasing 11.3% over the past year. The median asking rent for houses is $1,050 per week, giving a yield of 6.9%.
Premier Collin Barnett had hoped to use the site to build a new 60,000 seat stadium, but has shifted plans to south of the Graham Farmer freeway.
Any height limits would be in stark contrast to the direction Melbourne is taking, with state planning minister <a target="_blank" href="https://www.propertyobserver.com.au/victoria/tallest-building-in-southern-hemisphere-approved-for-melbourne/2013031759915">Matthew Guy recently approving the tallest building in the southern hemisphere</a>.
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Perth skyscraper plans in limbo as height ruling delayed

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{qtube vid:=7xHweZamJjU&amp;feature}
This week on Purchase or Pass we analyse a potential property and talk about the pros and cons before making judgement on whether it will make a good investment.
This week we have <a href="https://www.domain.com.au/Property/?adid=2010270309" target="_blank">a two-bedroom and one-bathroom unit</a> in a small block of nine, directly opposite the beach, about 11kms from the Sydney CBD. All you have to do is cross the street. The unit has a lock-up garage and there’s an opportunity to park a second car on the driveway in front although this is not officially on the title. The unit is on the first storey of a three storey walk up and gets $650 a week in rent. The major grey area from an investment perspective is that it’s a company title, although there have been discussions to changed it to strata title.
Chris Gray: John, I guess the first thing to try and identify is what is company title? Most people just think of <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/friday-march-15-ear-purchase-of-pass-a-coogee-apartment-with-high-strata-fees/2013031259840">strata</a> title but there’s still quite a few company titled properties out there, aren’t there?
John Edwards: If you have an interest in a unit that is strata titled you have got an interest in your own unit and you can do pretty much whatever you like to it within the rules of the body corporate that governs the block of units that your unit is in. However if you have a company title you own a share in a company which owns the building or the block of units. The consequence of that is that you don’t have any great say in what you can with your unit at all. In fact you are at the behest of the directors of the board that governs that particular company title so that might mean for example they don’t like the tenant that you’re about to put in your unit or they might say they don’t like tenants at all. So there are some negative issues. However, if you can buy a company titled block of units, and buy the whole lot and then convert it to strata title you’re going to make some serious money.
Chris Gray: That’s the thing. It could easily change it by 10% or maybe even 20% if you’re lucky.
John Edwards: It’s probably more likely that you’d get 10% to 20% rather than 0% to 10%.
Chris Gray: I guess one of the main issues is with the company title properties, because generally it was an old way of doing things, it’s typically the really old owners that are actually 60 or 70 that are actually on the board of directors so for new youngsters coming in they quite often don’t like the youngsters, they don’t like the renters. So they’re the kind of people that might be blockading you and there’s nothing you can do.
John Edwards: But strategically what you might like to do is to find a company title which is predominantly owned by these older people and live in it as long as you can. You probably don’t have a life expectancy less than theirs.
Chris Gray: Wait for them to die?
John Edwards: You could progressively pick them all up and you will make a lot of money in the process of renovation and rejuvenation and the conversion to strata title. And these old blocks are usually very good for conversion.
Chris Gray: Specifically this block they’ve actually been talking, because you can do a strata check or a company title check, and there’s actually discussions about converting it. Obviously there’s no guarantee but as long as you can afford to hold on then you can get the bank finance which may only be 70% rather than 80% or 90%, so if you’ve got the cash you can hold on then maybe it’s a great opportunity.
John Edwards: You are making a good point there. The bank financing of these blocks is more difficult than what it is if it wasn’t company title. So there are some things.
Chris Gray: Obviously it’s right opposite the beach, there’s some fantastic views that we’ve seen. How would you analyse getting something 55 square metres, which is pretty small but right opposite the ocean, versus going something a block back but maybe having 70 square metres.
John Edwards: Well the view is worth more than going a block back, let me put it that way. The smaller floor area I don’t think is particularly relevant in all of this because at the end of the day the people who are going rent this out and pay you decent rent are more interested in the beach. They’re not interested in staying at home and reading a book.
Chris Gray: Exactly. So purchase or pass for you?
John Edwards: I purchase.
Chris Gray: Now this unit isn’t for everyone. It’s company title can be restrictive, however if you’ve got a long term focus and have the ability to put down more money as a deposit then I think this could be a cracking property with never to be built out views. I love unique properties such as this and if they convert to strata title it will be even greater so I’m definitely going for a purchase as well.
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Purchase or Pass? Company title unit opposite the beach in Sydney with John Edwards

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Mudgee has confirmed its hotspot status with house prices increasing 17.22% over the year ending January 2013, the biggest price growth of all regional New South Wales areas, according to Residex.
The median house price in the area is now $299,500, with prices increasing 9.46% per year over the last 10 years. Prices increased 1.99% for the year ending January 2012.
Rents increased 16.13% over the last year to $360, giving yields of 6.28%.
And sales figures increased 15.09% to 497 sales.
It’s the second time Mudgee has hit the headlines recently, after <a href="https://www.propertyobserver.com.au/new-south-wales/mudgee-leads-list-of-10-top-performing-nsw-housing-markets-with-prices-up-744-residex/2012092556782" target="_blank">being declared the top-performing NSW housing market in September last year</a>.
<a href="/news">The historic area</a> is in the central west of New South Wales, 270 kilometres north-west of Sydney.
As a wine growing district with more than 40 wineries, the town attracts holiday makers and has a well-established hospitality sector.
The gold rush town has kept many of its heritage buildings with a number of historical buildings on the state heritage list.
It also benefits from nearby mining activities with six nearby resources projects tipped to open in the next three to five years.
Click to enlarge
<a href="/images/stories/2013/03/mudgeemarch22.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/03/mudgeemarch22thumb.gif"></a>
“We’re in the fortunate position where we have quite a bit of mining nearby but not on our doorstep so we have the economic benefits but not the cosmetic problems with mining,” local agent Bruce McGregor from Raine &amp; Horne told Property Observer.
“We have a strong history of investment. We’re fortunate to have pushed first-home buying 25 years ago and once you start that it flows and flows. Our investment in new homes has been driven by outside investors to some extent. The benefits of depreciation on a new home and government assistance has appealed to people from outside our area.
He says most of the vacant rental properties on the market right now are furnished serviced properties which cater to cyclical contract workers on nearby mine sites. He says their rental books show a vacancy rate at around 3%.
 
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A two bedroom home at <a href="https://www.realestate.com.au/property-house-nsw-mudgee-113126271" target="_blank">8 Gladstone Street</a> (pictured below) on 727 square metres has just sold for around $255,000. It last sold for $73,500 in 2001, according to RP Data.
<img alt="mudgeemarch22one" height="349" width="470" src="/images/stories/2013/03/mudgeemarch22one.jpg">
Agent Scott Fittler from Raine &amp; Horne Mudgee says the property could rent for $320 $340 per week, giving a potential gross rental yield of 6.93%.
And a four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-mudgee-113306311" target="_blank">162 Denison Street</a> (pictured below) on 1,036 square metres is listed for $375,000. It last sold for $317,000 in 2010 according to RP Data.
<img alt="mudgeemarch22two" height="351" width="470" src="/images/stories/2013/03/mudgeemarch22two.jpg">
Agent Chandelle Woods from Professionals Mudgee says the property has a rental potential of $395 per week, giving a potential gross rental yield of 5.48%.
Meanwhile, the Blue Mountains had a bad year, with house prices dropping 2.14% in the year to January 2013, the biggest drop in regional New South Wales. They fell 0.2% in the previous year. Rents have stayed flat while sales numbers dropped 3.47%.
But long term statistics have confirmed the New South Wales Central Coast as the worst performing rural housing market in Australia over the last 10 years.
House prices grew just 1.6% per year on average over the last decade, growing just 0.31% in the year ending January 2013.
 
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Mudgee continues run as NSW regional hotspot

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

Joel Robinson

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

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

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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."

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According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

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Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

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Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

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Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

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Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

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La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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Alistair Walsh

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