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A house in Peppermint Grove looks set to break the selling price record for the Perth suburb if it sells near its $25 million asking price.
Chiritta, an 1896 to 1899-built seven-bedroom house on 4080 square metres is being sold by the founders of Channel 9 Perth, Ann and Denis Cullity.
{yoogallery src=[images/stories/2013/03/march11chiritta]}
The couple bought the heritage-listed home 52 years ago from the Roe family – descendants of Perth’s first surveyor-general John Septimus Roe, a name strongly associated with Perth.
The limestone federation bungalow-stlye home was built for John’s son, Augustus Roe, the police magistrate from 1897 onwards.
It comes with six bathrooms and views over the city and the Swan river.
It features wide verandahs, high ceilings, arched passageways and french doors.
According to <a target="_blank" href="https://www.realestate.com.au/property-house-wa-peppermint+grove-113062699">the listing</a>, the house has been expanded over the past 52 years. It now has grand formal drawing and dining rooms, a study, two offices, a sunroom, a family room, an informal dining room and a five-car garage.
The bungalow-style house compromises a central limestone structure with verandahs and is capped by a large roof.
The house was designed by turn-of-the-century architect and World War I general J Talbot Hobbs, who also designed the Royal Freshwater Bay Yacht Club, Windsor Hotel, St Luke's Rectory and Newspaper House – all in Perth.
The house is being listed by co-agents Mack Hall from Mack Hall Real Estate Claremont and William Porteous from William Porteous Properties International Pty Ltd Dalkeith.
Mack Hall says the sellers are looking to sell because they are downsizing.
The highest sale price achieved in Peppermint Grove was 43 View Street, which sold for $16 million in 2010, according to the REIWA.
If it sells the property will be among some of the most expensive sales in WA.
In 2009, a Saunders Street property in Mosman Park sold for $57.5 million and in 2007 a Bindaring Parade home in Claremont sold for $23 million.
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Peppermint Grove home set to shatter price record

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Property prices on the east coast are expected to rise by between 5% and 10% over 2013 as part of an overall turnaround in the property market, according to John McGrath.
Strengthening economic conditions overseas, falling mortgage rates, improving business and consumer confidence, low unemployment, low inflation and growing rental yields all bode well for the property market in Australia, says McGrath, CEO of McGrath Estate Agents, in his Autumn report.
He says east coast property prices are improving with certain areas receiving a noticeable uptick and people are sensing that the bottom of the market has been reached.
Most notable for the east coast region is a rise in activity at the upper end of the market, which has been “stagnant for several years”.
He says Sydney is the best performing market with positive signs also being seen in Brisbane.
Across the east coast, McGrath is predicting 5% to 10% growth in all major markets.
“In a recovery, confidence is key. The GFC had an impact on Australians’ confidence and while the property market has presented fantastic opportunities for some time, many have been slow to respond, preferring to wait until the market has ‘found its bottom’,” McGrath writes.
“This now appears to be changing.”
He says the US and Europe appear to have stabilised while the ASX All Ordinaries Index increasing 25% since June will give a boost to the top end of the market.
McGrath says interest rate cuts have boosted consumer confidence, which he says will provide strength to the lower end of the market.
A Coalition win at the federal election, which looks increasingly likely, will provide further confidence for corporate Australia.
Though there have been talks of the end of the mining boom, McGrath says Australia will continue to reap the rewards for some time, especially as the Chinese economy is set to grow by 8% this year.
He says rising home loan applications are a key indicator of an improving market and notes that mortgage broker AFG, have reported a 24% increase in applications in January while between 35% to 50% of loans in NSW and Queensland are going to investors.
“The investor trifecta of cheap money, rising rents and price growth is bringing them back in droves. Cash and term deposits are far less attractive and there’s continuing strong interest in purchasing via self-managed super funds,” McGrath says.
“This year will be the turnaround year. Those who get in first will reap significant rewards as they ride the wave of price growth from the bottom,” McGrath writes.
“As prices continue to rise, we’ll see a surge of confidence and ‘fear of missing out’, which will stimulate continued investment over the next 3-5 year cycle.”
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East Coast property prices could rise 10% in 2013: John McGrath

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Certain Victorian suburbs deemed to have significant local character will be protected from towering apartment developments as part of changes to residential zoning.
Residential zones 1,2 and 3 will be replaced by neighbourhood residential, general residential and residential growth zones.
The 'neighbourhood residential' zone, billed as the strictest zoning in Australia, was created to ensure that any developments in areas with character that are of predominately single and double storey residences “respect the identified neighbourhood character, heritage, environmental or landscape characteristics".
New residential developments will have an eight metre height limit, if there is no other height limit in the area, as well as lot size restrictions.
The zone also allows for easier approval of medical centres and convenience stores to cater to an aging population.
The zone prohibits brothels, cinemas, nightclubs, certain retail premises, offices and others.
The boundaries of the zoning will be revealed with its implementation on July 1.
“This is the first time we will have a zone to genuinely protect neighbourhoods from inappropriate development,” planning minister Matthew Guy told The Herald Sun.
“It provides mandatory controls for councils on the numbers of lot, and on height – it is a very strong zone and it will help communities protect their streetscapes.”
Higher density residential development and office and retail projects will be restricted to the other two new zones – general residential and residential growth.
The reforms may prove unpopular with developers depending on where the boundaries fall.
“Melbourne is home to many important thoroughfares and activity centres which are ideal locations for appropriate housing developments,” Property Council of Australia state executive director Jennifer Cunich told The Herald Sun.
“It is important these areas be zoned correctly in order to provide housing choice for our growing population.”
Guy told The ABC the criteria councils will use to determine the new zones will be developed over the next two months.
"We will work with the Municipal Association and councils to make sure we have a criteria that looks at heritage issues, environmental issues, areas around existing transport links," he said.
The general residential zone will allow moderate housing growth and diversity with a nine metre height limit. The residential growth area will allow for medium density unit developments and will enable minor commercial uses.
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New Victorian zoning rules to keep high-rise developers out of heritage suburbs

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Property development group Sunland will build $700 million worth of new residential projects across Australia this year with more than half of those in south east Queensland.
Of the nine projects Sunland will undertake this year, five will be in south east Queensland with $378 million worth of developments planned, adding 389 luxury homes, apartments and town houses.
Sunland’s Queensland projects include a new development at Mariners Cove and a 47-storey apartment building in the Brisbane CBD.
Victoria is the next biggest development hotspot with $221 million worth of developments planned adding 479 luxury homes on land purchased last year in Point Cook and another Melbourne suburb.
And in Sydney Sunland will start work on their $100 million ‘Dahlia’ development with 170 homes in North Kellyville, in the city’s outer north west, on the 10 hectare site it paid $10.6 million for in February this year.
Managing director Sahba Abedian told The Australian Financial Review Sunland had been “very selective in our acquisitions” and said he was expecting the Queensland market to make a cautious recovery.
In an ASX release he said the announcements were fuelled by strong first-half financial results for the company.
The Sunland portfolio now comprises 3,248 apartments, residential homes and land allotments with a realisable value of $1.4 billion, excluding Gold Coast multi-storey developments.
Last month, Sunland reported a <a href="https://www.propertyobserver.com.au/industry-news/palazzo-versace-hotel-sale-helps-lift-sunland-interim-profits-as-residential-sales-slow/2013021459356" target="_blank">strong rise in interim profits</a> for the half-year to December 31 on the sale of the Palazzo Versace hotel on the Gold Coast for $68.5 million at the end of 2012.
This was up from profits of just $185,000 in the previous corresponding period.
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Sunland's unveils $700 million pipeline of mainly SE Queensland residential projects

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Perth’s CBD is set to undergo a transformation as the street level of the CBUS property at 140 William Street gets converted into a Melbourne laneway-style series of bars and restaurants.
Under the proposed changes to plans, 140 William will include a series of laneways with artworks from local artists.
<img src="/images/stories/2012/12/perthlaneways.jpg">
The development has been used as the site of a number of pop-up shops after it struggled to attract shoppers and retain tenants.
Kristi Dempster, the building's retail manager, says it has proposed the alteration of a number of architectural elements of the building to create a well-connected and enticing space with increased light and a strengthened structure of laneways and public spaces.
The three-tower development was designed by architectural firm Hassell.
It consist of 36,000 square metres of commercial office space, leased to the state government, and 6,000 square metres of retail, food and entertainment tenancies.
The building also incorporates Perth’s new underground station the City Railway Station.
Located at the corner of Murray Street Mall and William Street, it comes with pedestrian entrances from William Street, Murray Street Mall and Wellington Street along with access from Forrest Place.
It is the largest building in Western Australia to gain a five-star green star office design rating.
The development has two basement level car parks with two levels of retail and three linked commercial towers above and a restored heritage precinct facing Wellington and William streets.
“Together with Cbus Property, our challenge is to create a more accessible and inviting retail and dining destination at 140,” Dempster says.
“Redevelopment will attract more people to 140 and the Perth CBD to experience the cosmopolitan laneway culture. The existing heritage buildings will provide the perfect backdrop for the engaging artworks, making 140 the place to visit in Perth.”
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Perth to get series of Melbourne-style laneways

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Global office rents and values were largely unchanged across quarter three of 2012, according to CBRE.
CBRE’s statistics show capital values ticked up 0.6%, while rents edged down 0.07%.
Gains in America were offset by weaknesses in Europe, the Middle East and Africa (EMEA) and Asia-Pacific.
“Commercial real estate investors and occupiers turned more cautious in response to political, fiscal and economic uncertainty,” says CBRE global chief economist Raymond Torto.
“Despite this, office rents and values have held their ground as both the leasing and value indices remain above year ago levels.”
The Americas had the strongest quarterly and yearly gains, reflecting the strength of the US and rising prices in Latin America and Canada, according to CBRE. The rent index rose 0.3% over the quarter and 2.9% over the year.
EMEA had a decline in capital values over the quarter with figure of 110, staying flat over last eight quarters.  The EMEA index reached a peak in 2007 at about 130 and a trough of 100 in 2009.
Asia-Pacific was the only region where the capital value index rose above the 2007 peak level.  The region experienced a recovery from mid-2010, which has stalled in the face of reduced export opportunities to Europe and the US.
Rents for EMEA and Asia-Pacific were down over the quarter and flat over the year.
The countries that bucked the trend include Germany, Poland, Norway, and Finland in Europe all performing strongly, as well as Taipei and Manila in Asia.
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Global office rents and values remain flat: CBRE

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Transaction volumes of commercial property in Australia in quarter three increased 17% from the same time in 2011, bucking the global dip of 6-7%, according to Jones Lang LaSalle research.
There have been $12.07 billion of commercial property sales to date for 2012 in Australia, compared with $12.09 billion for the entirety of 2011, according to Jones Lang LaSalle’s Global Capital Flows report for quarter three.
“That’s a solid result in light of the difficult business environment that has prevailed this year. We are operating in a more cautious global economic environment in 2012 compared with 2011,” says Jones Lang LaSalle’s John Talbot.
Foreign investment accounted for US$3.7 billion of transactions in Australia during the quarter – 16% of the total investment.
The report finds that US$2.3 billion of foreign investment was from inter-regional purchasers, including $1 billion in Sydney’s Barangaroo from the Canadian Pension Plan Investment Board.
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Sydney was the sixth most active market in the Asia-Pacific region for quarter three, with US$3.8 billion of sales. Tokyo had $9.9 billion, Hong Kong had US$6.7 billion and Seoul had US$6.5 billion.
Across the world, there was US$100 billion of direct investment in commercial real estate in the third quarter, down 6-7% from the same quarter last year, as well as when comparing the first nine months of this year to last.
In quarter three the Americas accounted for US$44 billion of investment and Europe, the Middle East and Africa (EMEA) accounted for US$33 billion.
“China remains very active, as does Hong Kong and Japan, and we see the strong REIT markets supporting further activity across the region. At the same time, large global sovereign and pension funds are returning their focus to Asia Pacific and we maintain our expectation for full year 2012 volumes in Asia Pacific to reach US$88 billion, compared with US$98 billion in 2011,” says Talbot.
Head of office investments in Australia for Jones Lang LaSalle Simon Storry says Australia followed global trends in quarter three.
“Investment activity was robust while leasing activity was subdued. The high transaction volumes reflect, in part, the weight of money seeking exposure to prime grade real estate assets,” Storry says.
“In Australia this trend is underlined by the high level of offshore interest. Over the first three quarters of 2012, offshore investors accounted for 34% of all transactions.  This compares to 25% for the full year 2011. There is no sign that this inflow will diminish as we move into 2013,” says Storry.
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Commercial property sales up 17% in Australia as globally sales fall: JLL

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Melbourne Music Week’s secret pop-up music venue has been revealed as the gothic Argus building on the corner of LaTrobe Street and Elizabeth Street.
The 86-year-old building has been in decrepit state for decades. Its first tenant, The Argus daily newspaper, closed in 1956.
The Herald and Weekly Times Group bought the Argus newspaper along with the building in 1957 and later closed the newspaper down and sold the building.
<img src="/images/stories/2012/11/argus.jpg">
Education entrepreneur and founder of Melbourne Institute of Technology (MIT) Shesh Gale bought the site in 2010. His company, MIT Group Holdings, a holding of Ghale Investments, bought the six-storey building from La Trobe University for a reported $15 million.
In Melbourne the group also own 374-376 Bourke Street, 386-412 William Street, 388-390 Lonsdale Street, 277-279 Flinders Lane (Tomasetti House), 179 Collins Street and 1151-1155 High Street in Armadale. They also own 154-158 Sussex Street in Sydney.
Ghale has the site earmarked as the future flagship campus for MIT, established in 1996.
According to BRW, the Nepalese-born Ghale is worth $269 million and is the 176th richest person in Australia.
The building was constructed in the Beaux Arts style by architecture firm Godfrey &amp; Spowers. It represents a combination of the interwar styles, a stripped classical composition with Beaux-Arts, Chicagoesque and Moderne influences.
<img src="/images/stories/2012/11/argus2.png">
Melbourne lord mayor Robert Doyle has labelled the site one of the worst bomb sites in Melbourne.
In July Doyle said it was a building of ''historic significance, but it is deteriorating as we look at it and I want to give them the strong message that we will not tolerate the tactic of allowing a building to deteriorate to a point where you can't do anything with it – we will be saying to them we are putting you on notice now''.
 
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The six-storey Argus building was built in 1926 and is riddled with asbestos.
La Trobe University bought the site for $8 million in 2004 to use as a campus but sold it after asbestos removal and renovation costs proved too high. The university reportedly spent more than $34 million developing the site.
In 2010, Ghale had indicated he would spend about $50 million on the renovation, which would be completed by the end of 2011. Any evidence of this has yet to be seen.
"We have been working on a number of design options over the last two years which are ready to go ahead and currently considering the option of staged development, which we hope to  finalise in the very near future," a spokesperson for the company told Property Observer.
Prior to La Trobe University's ownership, the building was owned by the Stamoulis family’s Ryssal-Three Pty Ltd, who tried for many years to sell and sell the property.
La Trobe University took legal action against the vendor claiming it was misled over the state of the building. The action was settled out of court.
A large portion of the roof and several floor sections in the 1920s building are missing. Badly cracked concrete exposes rusty iron beams and severe water damage throughout. Much of it will remain off limits, with just the two lower floors to be used.
<a href="https://blog.melbmusic.com/" target="_blank">Melbourne Music Week</a> has taken on a short-term lease for the building to use a festival site. The tenancy was meant to be kept a secret until November 16, the opening day, but details were leaked to The Age.
The tenancy was orchestrated by event entrepreneurs Kevin Karlberg and Starr Guzman of Marksthespot in conjunction with the City of Melbourne.
''Our main theme is reclamation,'' Guzman told The Age.
''We become a living organism in something that has decayed and we bring out the beauty in it.''
The festival will be restricted to the bottom two floors, with most of the building off-limits due to missing roof and floor sections, exposed rust and water damage.
Festival organisers say asbestos has been removed and stress tests allow 400 people upstairs and 800 downstairs once stairs are built.
The festival starts on November 16 with French dance duo Housse de Racket.
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Argus building to host Melbourne Music Week before long-awaited MIT campus transformation

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The managing director of Savills Queensland says government promises to cut red tape have been successfully delivered.

Matthew Buckley says recently released policies show the length the government is willing to go to rebuild certainty and stimulate construction as an important pillar of the Queensland economy.

Buckley says measures to cut red tape have been welcomed by “a development industry hungry for certainty in the planning of their developments”.

Recent moves to scrap the $7000 first home buyers grant and replace it with a $15,000 first home owners construction grant is “clearly going after immediate activity in the residential construction market.”

He says widening stamp duty concessions to all home-buyers will encourage migration to the state. 

Buckley was particularly pleased with moves to reduce certain infrastructure charges for businesses.

“The most valuable and immediate stimulus is the complete removal of transport, recreation and stormwater infrastructure charges for projects that commence in the next six months and complete by March 2015. Then, for projects that start in April 2013 to September 2013 and complete by March 2015, they will receive 50% discount to the same charges,” Buckley says.

“The Government cannot change the post GFC economic environment by themselves. But these policy initiatives, alongside a clearly more accessible and business-friendly approach might just create the incubator for recovery that we have all be waiting for.”

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Savills welcomes Queensland government moves to kick-start development

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Leighton Properties intends to start building a 55,000-square-metre office building at 567 Collins Street within weeks, according to a company statement.
It has plans to building a 26-level tower at the site between Spencer and King streets after signing an anchor tenant agreement.
Leighton Contractors has been appointed to build tower and is considering signing an anchor tenant lease for building, occupying the podium campus component of the building.
<img src="/images/stories/2012/11/5672.jpg">
Law firm Corrs Chambers Westgarth has also agreed to lease 8,800 square metres of the building.
The company has bought the entire site having exited a partnership with APN in 2008.
“This is an exciting new chapter for Leighton with Leighton Properties and Leighton Contractors  working together as a team to achieve an outstanding result in leasing, design and construction,” says managing director Mark Gray.
“567 Collins St will be an iconic contribution to the Melbourne central business district, and an exemplar of Leighton’s expertise in the development of high sustainability, architectural and urban quality and amenity.
“We are confident of the prospects for a new premium building on Collins Street which will redefine the centre of business activity in Melbourne.”
The building includes a two-three level high foyer comprising a lobby, cafe and retail component, two levels of health club, seven levels of podium campus office and 16 levels of upper tower office with a net lettable of 54,770 square metres.
The tower will occupy a 3,942-square-metre site with a 74-metre frontage to Collins Street.
It is designed by architects Cox and Spowers and is hoped to achieve a six-star green star office design v2 rating with the Green Building Council of Australia.
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Leighton Properties to begin construction of 567 Collins Street, Melbourne, within weeks

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