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Just over a third of Australian property companies enforced pay freezes in 2012, while 6% cut remuneration rates in 2012, according to the Avdiev Property Industry Remuneration Report.
The report found 60% of property companies increased remuneration levels but at a median rate of 3% - above a 2.2% CPI rise but below the 3.5% figure for the general workforce found by the Australian Bureau of Statistics and below the median figure of 4% for the industry in 2011.
The report found staff retention through remuneration is a major concern for the property industry.
After four years of austerity in the property industry employers are looking for ways of retaining staff, says Rita Avdiev, managing director of the Avdiev Group.
“They have to balance this with managing business costs – how to determine the right remuneration increases while keeping salary expenditure under control,” she says.
The report found business conditions have remained on a plateau since 2011, with companies worried about tight margins, fierce competition to win projects, ongoing company bankruptcies and uncertainty about near term business conditions.
“However there is growing unrest among loyal employees whose pay has been left on hold for some time,” Avdiev says.
“They have been very patient for a long time, but their patience is running out. Clients who are commissioning in-depth reviews for key staff express concern about the team’s willingness to stay loyal without a serious uplift in salaries and incentives”.
And the report found women’s participation in industry dropped in 2012, down from 42% to 40%.
“The general sentiment in the industry is slowly lifting, but companies are determined to wait and see what happens next,” Avdiev says.
“The upcoming election is weighing heavily on any decisions that could be made in more certain times. Everyone is waiting for someone else to make the first move, but no one is taking that crucial first step.”
<a target="_blank" href="https://www.avdiev.com.au/consulting.htm#remreport">The Avdiev Report is for sale</a> containing results from 120 companies who have contributed salary data for their 17,500 employees in 280 positions across NSW, Victoria and Queensland.
Photo by Paul Dunleavy, courtesy of Flickr.
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awalsh-7Ub9EypybQ

Property companies froze salary increases in 2012

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Lend Lease’s wooden residential tower construction Forté has sold half of its 23 apartments with another few deals in the pipeline.
Two owner-occupiers have settled and moved into the groundbreaking tower, situated in Melbourne's <a href="/news">Docklands</a>, while a mix of investors and owner-occupiers are in the process of settling.
<img alt="fortemarch18one" height="350" width="470" src="/images/stories/2013/03/fortemarch18one.jpg">
The marketing campaign for the building began on February 22, well after the building’s completion in December 2012.
Most of the 10-storey construction is made from cross-laminate timber – a material billed as very quick to work with and environmentally friendly.
According to Lend Lease, by using wood, Forté reduced carbon dioxide equivalent emissions by more than 1,600 tonnes when compared to concrete and steel – the equivalent of removing 400 cars from the roads.
<img alt="fortemarch18two" height="313" width="470" src="/images/stories/2013/03/fortemarch18two.jpg">
Lend Lease’s Daryl Patterson says the technology allows for a more efficient and environmentally-friendly construction process.
“Designed and produced in a factory environment, Forté was 30% faster to build, safer and with higher precision than traditional construction materials. It also resulted in reduced construction traffic to and from site, caused less disruption to the community and produced less waste,” Patterson says.
“Unlike Europe where the revolutionary material has been used for more than a decade, Australia is only at the beginning of its CLT journey and still has a way to go to recognise the enormous potential in our market.
<img alt="fortemarch18three" height="313" width="470" src="/images/stories/2013/03/fortemarch18three.jpg">
“While we are in the early stages of developing environmentally-friendly apartment buildings, we are noticing a changing perception among consumers towards the long-term value that sustainable housing offers.”
He says cross-laminate timber offers better thermal performance and requires less energy to heat and cool, reducing energy and water costs with average savings of $300 per year or up to 25% less than a typical code-compliant apartment.
<img alt="fortemarch18four" height="311" width="470" src="/images/stories/2013/03/fortemarch18four.jpg">
Forte is the tallest timber building in the world, claiming the title from the eight-storey apartment block Stadthaus, Murray Grove, in London.
The $11 million timber tower comprises approximately 760 panels, measuring up to 16.5 metres by three metres, shipped from Austria.
Mr Patterson says the quick construction of the tower is mainly due to its similarities to that of an Ikea flat-pack.
Prices in the tower start at $424,000 for one-bedroom apartments and $579,000 for two-bedroom apartments.
<a href="https://www.propertyobserver.com.au/developments/forte-scaffolding-comes-down-unwrapping-the-world-s-tallest-timber-building/2012121958596" target="_blank">Property Observer followed the constuction through a series of photos</a>.
Meanwhile, Lend Lease has just started work on a new Docklands library and community centre, using cross-laminate timber and reclaimed hardwood.
<img alt="fortemarch18five" height="311" width="470" src="/images/stories/2013/03/fortemarch18five.jpg">
Lend Lease, along with Places Victoria and the City of Melbourne, hope the project will be Australia’s most modern library.
Designed by Clare Design and Hayball, the $13 million project is due to be finished in late 2013.
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Lend Lease's wooden Forté in Melbourne Docklands reaches halfway sales point

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Brisbane is on track for a property market recovery in 2013 driven by strong employment and population growth coupled with a supply shortage and rising rents, according to John McGrath’s autumn property report.
A noticeable increase in buyer enquiries in the last quarter of 2012 bodes well for 2013, which McGrath says will act as a springboard for 2014 and 2015.
As first-home buyers have dropped off, investors from Sydney, Melbourne and locally are filling some of the void.
Buyers are particularly drawn to sub-$500,000 apartments and townhouses in <a target="_blank" href="/news">Toowong</a>, <a target="_blank" href="/news">St Lucia</a> and <a target="_blank" href="/news">Paddington</a>, with strong yields and low vacancy rates.
“The typical local upgrader is swapping a two bedroom workers’ cottage worth $600,000-$800,000 for a $1M-plus Queenslander. There’s not a lot of cross-town moving, as low interest rates and good value prices are enabling people to buy a larger home in inner city areas where they already live,” McGrath writes.
McGrath says downsizers remain active with many selling $1 million-plus family homes and buying a smaller $700,000 property and then reinvesting the remaining cash.
McGrath tips <a target="_blank" href="/news">Hawthorne</a>, Toowong and <a target="_blank" href="/news">West End</a> as top picks for investors in Brisbane.
“Hawthorne has undergone a huge transformation with the emergence of lifestyle amenities, food markets and café culture that’s attractive to families and young professionals. Watch this space as home renovators move in,” McGrath writes.
“Toowong, just 4km from CBD and less than five minutes to the St. Lucia campus, it’s attracting an investor market who want to capitalise on the demand from young professionals and students.
“West End is an urbane suburb with great café culture, it has that real inner-city feel. Close proximity to Southbank, there is a surge of development attracting both investors and owner-occupiers.”
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Brisbane residential market tipped for recovery: John McGrath

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Thornbury has the highest auction clearance rate of all Melbourne suburbs so far this year, at 96.4%, according to the Real Estate Institute of Victoria (REIV).
Of the 28 auctions held in the suburb this year, 27 have sold.
There are 13 properties up for auction this weekend, according to <a href="https://realestate.com.au" target="_blank">realestate.com.au</a>.
A three-bedroom house on 443 hectares at <a href="https://www.realestate.com.au/property-house-vic-thornbury-113141219" target="_blank">135 Clarendon Street</a> (pictured below) is being auctioned with a price guide of $700,000 to $750,000 by Jellis Craig agent Anthony Lapadula.
<img src="/images/stories/2013/03/thornburymarch19one.jpg" width="470" height="350" alt="thornburymarch19one">
According to RP Data the property had been listed for $680,000 to $730,000 before being revised up.
A three-bedroom house on 494 hectares at <a href="https://www.realestate.com.au/property-house-vic-thornbury-113100463" target="_blank">89 Leinster Grove</a> (pictured below) has been listed for $730,000 to $780,000 by Hocking Stuart Northcote agent Sam Rigopoulos.
<img src="/images/stories/2013/03/thornburymarch19two.jpg" width="470" height="355" alt="thornburymarch19two">
The last sale price recorded by RP Data was the three-bedroom <a href="https://www.domain.com.au/Property/For-Sale/House/VIC/Thornbury/?adid=2010274123" target="_blank">8 Keon Street</a> (pictured below) on 367 square metres, which sold at auction for $711,000 on March 9 through Harcourts Northcote agent John Bisignano.
<img src="/images/stories/2013/03/thornburymarch19three.jpg" width="470" height="288" alt="thornburymarch19three">
<a href="/news">Thornbury</a>, 7 kilometres northeast of Melbourne, is sandwiched between Northcote and Preston.
The suburb's median house price, currently $690,000, has fallen by 3.2% in the last year. The median asking rent for houses is $470 per week.
The median unit price is $379,000, down 0.4% over the last year. The median asking rent for units is $300 per week.
It has a population of 17,434, according to the 2011 census. The suburb has one train station, is connected to two tram lines and is serviced by two popular bike trails.
There are a number of bars and pubs along High Street, as well as restaurants and shops.
<a href="/news">Mill Park</a>, an outer Northern suburb, came in second with a clearance rate of 92%. So far in 2013, 25 auctions have taken place with 23 selling.
<a href="/news">Camberwell</a> came in third with a clearance rate of 90.7%, as 39 of the 43 auctions this year sold.
<table style="width: 470px;" border="0" cellpadding="0" cellspacing="0">
<colgroup>
<col width="133">
<col width="90">
<col width="103">
<col width="101">
</colgroup>
<tbody>
<tr height="17">
<td height="17" width="133">Suburb</td>
<td width="90">Total Auction</td>
<td width="103">Sold at auction</td>
<td width="101">Clearance rate</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">THORNBURY</a></td>
<td align="right">28</td>
<td align="right">27</td>
<td align="right">96.40%</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">MILL PARK</a></td>
<td align="right">25</td>
<td align="right">23</td>
<td align="right">92.00%</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">CAMBERWELL</a></td>
<td align="right">43</td>
<td align="right">39</td>
<td align="right">90.70%</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">SURREY HILLS</a></td>
<td align="right">20</td>
<td align="right">18</td>
<td align="right">90.00%</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">RICHMOND</a></td>
<td align="right">69</td>
<td align="right">60</td>
<td align="right">87.00%</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">HAWTHORN EAST</a></td>
<td align="right">36</td>
<td align="right">31</td>
<td align="right">86.10%</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">ALBERT PARK</a></td>
<td align="right">20</td>
<td align="right">17</td>
<td align="right">85.00%</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">GLEN WAVERLEY</a></td>
<td align="right">38</td>
<td align="right">32</td>
<td align="right">84.20%</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">ST KILDA EAST</a></td>
<td align="right">25</td>
<td align="right">21</td>
<td align="right">84.00%</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">BRUNSWICK</a></td>
<td align="right">31</td>
<td align="right">26</td>
<td align="right">83.90%</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">ELSTERNWICK</a></td>
<td align="right">23</td>
<td align="right">19</td>
<td align="right">82.60%</td>
</tr>
<tr height="17">
<td height="17"><a target="_blank" href="/news">COBURG</a></td>
<td align="right">40</td>
<td align="right">33</td>
<td align="right">82.50%</td>
</tr>
</tbody>
</table>
Source: REIV
Note: this table covers suburbs which had 20 or more auctions between 01/01/13 and 16/03/13.
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Thornbury tops list of Melbourne suburbs with highest clearance rates

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Victorian planning minister Matthew Guy has approved plans to build the tallest highrise in the southern hemisphere, despite concerns it will cast a shadow over the Shrine of Remembrance.
Australia 108, a proposed 108-storey apartment and hotel tower, came under fire from Melbourne Lord Mayor Robert Doyle who said it could overshadow the Shrine of Remembrance and that at 388 metres it exceeded the city council's height limits.
The tower will be 91 metres higher that the Eureka tower.
Guy announced on Twitter this morning that he had approved the $600 million development saying he had no objection from the Shrine trustees and that it would provide hundreds of jobs while taking pressure off existing suburbs.
<img src="/images/stories/2013/03/guymarch18one1.jpg" width="470" height="260" alt="guymarch18one1">
Architects Fender Katsalidis, who designed the nearby Eureka Tower, are behind the Australia 108 project, which would be the world's 18th tallest building at 70 Southbank Boulevard.
According to The Age, the project is backed by private investors Nonda Katsalidis, Benni Aroni, Adrian Valmorbida, Ian Fayman, Gary Caulfield and Mark Hopkinson.
Apartments in the building start at $425,00 for a 1 bedroom unit, $575,00 for a two bedroom and $775,00 for a three bedroom. There will be 664 apartments.
<img src="/images/stories/2013/03/guymarch18two.jpg" width="400" height="831" alt="guymarch18two">
The building will feature a six star hotel with 288 rooms from levels 83 to 101 with two restaurants and two bars which will feature glass floors looking straight down to the ground.
The building will include landscaped terraces above the carpark, a pool and gym, a theatre seating up to 40 people, a function room, a library, a business centre and a fresh food market and a café.
Work on the project is due to start later this year.
In a press release issued later, Guy said the building will be an outstanding addition to the Melbourne skyline.
"I am proud to approve a tower that will define our city for many years to come and which I am sure will become as iconic a Melbourne landmark as Flinders Street Station or Federation Square," Guy writes. "The Australia 108 mixed-use tower will be an icon both visually and for those who will live in it, stay at its hotel, dine at the level 84 Sky Lounge or visit the level 108 Star Bar.
"Towers such as Australia 108 are consistent with the Coalition Government's drive to concentrate high-density development in defined areas and out of existing, quiet neighbourhoods. "Every apartment in this tower is one less apartment in an existing quiet neighbourhood."
Q1, in the Gold Coast is the current tallest building in the southern hemisphere at 323 metres, followed by the Eureka Tower in Melbourne at 265 metres, 120 Collins Street in Melbourne at 265 metres, 101 Collins Street in Melbourne at 260 metres and the Rialto Towers in Melbourne at 251 metres.
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Tallest building in southern hemisphere approved for Melbourne

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Sydney is leading a national property market recovery which will stimulate surrounding areas, according to John McGrath in his Autumn market report.
McGrath says the primary trends Sydney has seen over the past few months have been an increase in investors, particularly self-managed super funds, fewer first home buyers and the slow return of downsizers and retirees.
McGrath is predicting strong competition in the mid-high range market this year, compared to last year when there was more activity in the sub-$1 million market. Clearance rates are up and more people are attending auctions suggesting they just want to “get on with it”.
A retreat of first-home buyers is giving investors more room in the lower end of the market while the upper end of the market is being driven by downsizers and “the Chinese aristocracy”.
He says as share prices rise so too will personal wealth, meaning many downsizers who put off moving post-GFC may now but up.
Offshore buyers are tipped to increase with the introduction of the ‘significant investor visa’, which enables fast-tracked residency for those who invest more than $5M in business, government bonds or managed funds, “will no doubt have a flow-on effect to harbourside/beachside property and new apartments”.
He says new capital spending will be another boost for the broader Sydney market, with projects such as the Inner West Light Rail extension and the North West Rail Link likely to stimulate price growth and yields.
His top tips for Sydney include <a href="/news">Erskineville</a> and surrounds, <a href="/news">St Ives</a> and <a href="/news">Forestville</a>.
He says Erskineville is “where all the smart money that can no longer afford Surry Hills is going”. The university and the hospital drive strong rental demand in the area.
He recommends St Ives for purchasing a family home with $1 million netting buyers what they could normally only buy for $1.6 million in trendier suburbs.
“Believe me when I say that it’s hard to go past this area for great family living with its own village,” McGrath writes.
In St Ives, <a href="https://www.realestate.com.au/property-house-nsw-st+ives-112958859" target="_blank">a four-bedroom house</a> (pictured below) on 1,144 square metres has been listed for sale at more than $900,000. The single-storey home last traded for $867,000 in 2009.
<img src="/images/stories/2013/03/stivesmarch15one.jpg" width="470" height="351" alt="stivesmarch15one">
And a <a href="https://www.realestate.com.au/property-house-nsw-st+ives-112910447" target="_blank">four-bedroom single storey house</a> (pictured below) on 923 square metres which last traded $630,000 in 2006 has been listed for more than $900,000.
<img src="/images/stories/2013/03/stivesmarch15two.jpg" width="470" height="352" alt="stivesmarch15two">
He says although Forestville is a forgotten suburb it ticks all the boxes for great lifestyle and capital growth.
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St Ives the family-friendly $1 million Sydney residential prospect: John McGrath

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A 1914-built Gothic Revival Church in Dunkeld, 250 kilometres west of Melbourne, has been listed for auction by the Uniting Church.
The Church is selling <a href="https://www.domain.com.au/Property/For-Sale/Rural/VIC/Dunkeld/?adid=2010325412" target="_blank">the property</a> following moves to consolidate all church congregations in the town into a single premises.
<img alt="dunkeldmarch15one" height="348" width="470" src="/images/stories/2013/03/dunkeldmarch15one.jpg">
The vendors are expecting about $125,000 for the property, consisting of two buildings, the church and a church hall, on two separate titles over 4,000 square metres.
The church is constructed from locally made bricks on a freestone base from Mount Abrupt in an early English Gothic revival style, according to heritage documents. It was designed by architects Clegg, Miller and Cain and built by E. H Patterson of Hamilton.
<img alt="dunkeldmarch15four" height="314" width="470" src="/images/stories/2013/03/dunkeldmarch15four.jpg">
“The church has a rectangular plan of four bays divided by buttresses, no porch and no chancel or vestry,” heritage documents say.
“The gabled roof is pitched at 60 degrees and is clad with corrugated iron. Architectural details are elaborated in cement render, now painted white. The facade is symmetrical about the front door which is timber and double leaved. Above the door there is a large tripartite window under a simple hood mould. The side windows are treated as single lancets.”
The cypresses in front of the church date back to its construction.
The church replaced an earlier timber church on the property which was built in 1867.
<img alt="dunkeldmarch15three" height="314" width="470" src="/images/stories/2013/03/dunkeldmarch15three.jpg">
It started life as a Wesleyan Church under the Hamilton circuit, later coming under the Penshurst Circuit and finally as the church increased in popularity it become the centre of the Dunkeld Circuit, according to heritage documents.
In 1902 it became a Methodist church and only became a Uniting Church in the late 1970s.
In 2002 a heritage survey found the church was in excellent condition and retained a high degree of integrity.
<img alt="dunkeldmarch15two" height="314" width="470" src="/images/stories/2013/03/dunkeldmarch15two.jpg">
“Several additions and changes have been made to the interior of the church since its construction in 1914. These include the erection of an honour roll above the pulpit in 1919, which records the names of those who served and fell in World War One; changes to the lighting system from petrol lamps to electricity in 1939; carpeting the isles and the sanctuary; a communion table and the erection of a Latin Cross in 1959 above the pulpit, relocating the honour roll to the west wall,” heritage documents say.
It will be sold with all its internal architecture such as the pine lined flooring, timber lined ceilings and a series of historic leadlight windows but excluding its pews which the vendors will attempt to return to the families of the original donors.
The church hall, built at a later period, is currently used a Sunday school.
The buildings are connected to power, water and sewerage.
The <a target="_blank" href="/news">Dunkeld</a> church goes to auction on April 13 through agent Bart O’Sullivan.
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Dunkeld Uniting Church for auction with $125,000 hopes

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The unemployment rate was unchanged at 5.4% in February according to the Australian Bureau of Statistics.
This a better-than-expected result, with 25 economists polled by Bloomberg this week forecasting the unemployment rate to rise to 5.5%.
The number of people employed increased by 71,500 to 11,628,300, primarily due to an increase in male part-time employment and female full-time and part-time employment.
The number of people unemployed increased by just 400 people to 660,000.
There was an increase in the seasonally adjusted aggregate hours worked, up 11.3 million hours to 1,632.8 million hours.
The seasonally adjusted labour force participation rate increased by 0.3 percentage points to 65.3%.
The underemployment rate was 7.1% in February which, combined with the unemployment rate, gives a labour force underutilisation of 12.5% in February.
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Unemployment stays steady through February at 5.4%

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Shopping centres are reportedly coming under increasing pressure from department store giants Myer and David Jones to renegotiate new lease arrangements in light of falling sales in bricks-and-mortar stores.
But the executive director of the Shopping Centre Council of Australia, Milton Cockburn, has hit back, saying department stores aren’t holding up their end of the bargain as anchor tenants.
Myer and David Jones are reassessing their position in some marginal markets with both looking at closing some stores or renegotiating new leases, according to analyst comments published in The Australian Financial Review.
Myer has closed three stores in the past year, while David Jones has closed three stores in the past five years.
In its half-year results released today, Myer confirmed it has successfully renegotiated a number of leases.
“Our focus is on maximising returns per square metre by improving productivity through enhanced store layouts, new stores, improved efficiency of floor space through refurbishments and the closure of a handful of stores. In this context, we continue to review the merits of all existing and planned stores in our portfolio, including proactive lease negotiations yielding results,” its report said.
David Jones also has several stores in its portfolio with leases due to expire soon and will be looking at doing the same.
The company has also installed foot traffic counters in a number of stores which will reportedly be used to help argue the case for rent reductions on new leases.
But there is increasing dissatisfaction among shopping centre operators as anchor tenants fail to attract the customer numbers that they should, according to Mr Cockburn.
"The limited number of department store chains in Australia gives them significant clout in lease negotiations and renegotiations," Mr Cockburn told Property Observer.
"It’s fair to say that over the last few years the department stores haven’t been pulling their weight in attracting foot traffic to shopping centres in the way anchor tenants are supposed to do.
"I guess in any such negotiations, centre owners will be asking the department stores for details of the steps they are taking in again making themselves more attractive to customers."
And it seems things might not be as bad for department stores as they claim.
The latest Jones Lang LaSalle shopping centre manager survey carried out in February found that department stores were among those categories now starting to record consistently positive growth, compared with the declines evident through 2010 and 2011.
Consumer sentiment rose again in March according to a Westpac survey, it’s now at its highest level since December 2010.
Meanwhile, Myer posted a better-than-expected profit of $88 million in for the first half of the financial year while analysts had been expecting about $85 million.
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Department stores need to pull their weight: Shopping Centre Council of Australia

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Property development group Little Projects has sold all 388 apartments in its ILK South Yarra development just as the building topped out at 24 storeys.
To celebrate the company ran a topping out ceremony where a crane hoisted an olive tree on top of the concrete structure while managing director Michael Fox posed for a photo (below).
<img alt="ilkmarch13three" height="313" width="470" src="/images/stories/2013/03/ilkmarch13three.jpg">
The tradition is a somewhat common practise in the construction industry with many skyscrapers and bridges being topped off with an evergreen tree, supposedly for good luck. The tradition is an ancient Scandinavian practise that has been carried on through the ages and popularised by immigrant ironworkers in America.
In this case the ceremony did highlight the wide panorama residents at the top end of the tower would have from their apartments.
According to Little Projects, <a target="_blank" href="https://www.ilksouthyarra.com.au/index">the building</a> is just months of being completed with settlements planned for late July 2013.
<img src="/images/stories/2013/03/ilkmarch13one.jpg" width="470" height="300" alt="ilkmarch13one">
The project will include a landscaped roof garden with barbecues and dining area, a large indoor/outdoor cinema and a swimming pool with a sauna and a gym.
<img src="/images/stories/2013/03/ilkmarch13two.jpg" width="470" height="295" alt="ilkmarch13two">
Fox says the sales of the building outperformed other projects in the area.
“ILK sold out quickly, ahead of other competition in the area. We attribute this to its enviable South Yarra location, iconic building design, outstanding residents’ amenity and the high quality fit out of each of the apartments. We have dedicated some of the best views and spaces in the building to amenity which allows for more of the residents to enjoy,” Fox says.
The company has just launched Central South Yarra, a new project in the Forrest Hill Precinct of <a href="/news">South Yarra</a>.
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Little Projects celebrates sale of all units at South Yarra's ILK development

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

Joel Robinson

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

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

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

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

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

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

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

Alistair Walsh

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