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Owners corporation managers are becoming involved in residential developments earlier and earlier on, according to Andy Dawson, managing director of Engine Property Group.
Dawson spoke to Property Observer as part of our Day in the Life series.
{qtube vid:=SFsbTEceQbI}
As soon as planning permits are approved for large residential development, owners corporation managers can become involved providing feedback on how the building will work.
The role has extended far beyond that of being just a strata manager and now involves consultation on laws, lay-out, and structure of residential buildings from day one.
"If you break down from our perspective what we actually do, right from the moment that the actual town planning permit is issued and there are architectural drawings we’re asked to have a look at the drawings, to look at the machinations of the building, look at how many buildings there are, what type of amenities there are, how we actually structure the owners corporation," Dawson told Property Observer.
Photos: ILK South Yarra
New developments, prestigious and otherwise, have more and more common spaces. <a href="https://www.propertyobserver.com.au/victoria/vue-de-monde-communal-kitchen-for-melbourne-development/2013092365193">Banquet kitchens</a> are the norm these days, buildings aren’t complete without their <a href="/news">own cinema</a>, and <a href="/news">shared rooftops</a> are now almost as important as what is in the newly completed apartment.
But with that rise of shared spaces comes the added burden on the owners corporation for managing and funding them.
<blockquote class="twitter-tweet">
Pool at South Yarra, Ilk <a href="https://twitter.com/search?q=%23propertyobserving&amp;src=hash" target="_blank">#propertyobserving</a> <a href="https://twitter.com/search?q=%23ilksouthyarra&amp;src=hash" target="_blank">#ilksouthyarra</a> <a href="https://t.co/UEovBOF8Jd" target="_blank">pic.twitter.com/UEovBOF8Jd</a>
— Jennifer Duke (@JennieDuke) <a href="https://www.propertyobserver.com.au/https://twitter.com/JennieDuke/statuses/380251428985380864" target="_blank">September 18, 2013</a>
</blockquote>
The organisational and technical infrastructure required far surpasses what was required in previous styles and require a far larger owners corporation.
Working out the operational costs of these spaces is integral to maintaining body corporate fees at their advertised rate, and working this out takes months.
Dawson says larger firms are generally able to keep body corporate fees within 10% of the advertised rate even after several years.
"We have to set quite reasonably budget allocations so incoming purchasers know what the level of the owners corporation fees are."
The increasing complexity of developments also means there is an increasing number of owners corporations for each development. It’s common for them to have eight different bodies for one development.
"They’re a function of cost centres they don’t want to be paying for the costs of a person living in another tower."
Day in the life
8.30am: Get to work and check emails
9:30am: Meeting with managers to organise staff for upcoming hand-over of development
11:30am: Site visitation to Tip Top development in Brunswick. Discussions with developers on how to approach owners corporation structures.
12:30 Lunch meeting with an architect on the design of a communal kitchen
14:30 Meeting the building manager of 27 Little Collins Street on how to move 170 people into the development, using just one goods lift, without disrupting the operations of the Sheraton Hotel.
16:00 Meeting with Engine’s Lawyers to develop presentation on the legal obligations of a developer in an upcoming site
Video Transcript
Alistair: Prestigious new developments these days seem to offer more and more shared spaces, from rooftop cinemas, massive gyms, beautiful gardens and banquet kitchens but this drive towards shared facilities requires a sleeker much more engaged owners corporation structure to manage these spaces. We spent the day with Andy Dawson, head of Engine Property Group to talk about how they manage this emerging breed of new developments.
Andy: Engine Property Group is a property asset management company. We look after every aspect of property save and except sales and rentals. So when common property is created an owners corporation is deemed to exist and the owners corporation is the owners and they can own a multi-level residential tower or they can own an estate or a planned-community and we assist them with their functions under the act to fulfil the repair maintenance of common property and enforcing the rules and regulations in that environment.
Alistair: So which sort of developments do you cover?
Andy: We’ve got some beautiful sites, we have some beautiful established sites. We have representation at New Quay, the Nolan Tower, Royal Domain Tower, we have properties in Port Melbourne, Bay Apartments and out to the east we have Mitcham Village. We have wonderful estates Solomon and Allamanda. Out in the east we have Marriot Waters and we’ll be taking a trip today to a beautiful development, probably the most prestigious development in South Yarra which was delivered by Little Property which is Ilk.
Alistair: What’s changed in the industry?
Andy: You could purchase an apartment back in the early 80s and upon settlement you receive your owner’s manual and your keys and you would arrive at the apartment complex and possibly be met by a retired bank manager. Your movement would be organised. Now the delivery of service is at such an acute level that we have worked so hard and can see the high level development companies that attract purchasers. Their service proposition with regards to delivery has increased because apartments are now seen as homes, buildings are now seen as communities. The level of owner occupier is significantly higher. If you break down from our perspective what we actually do, right from the moment that the actual town planning permit is issued and there are architectural drawings we’re asked to have a look at the drawings, to look at the machinations of the building, look at how many buildings there are, what type of amenities there are, how we actually structure the owners corporation. It’s not unusual in these larger developments to have anywhere from six to eight owners corporations and they’re a function of cost centres they don’t want to be paying for the costs of a person living in another tower. So we have to have a look at the structure of the owners corporations, the cost allocations. We have to set quite reasonably budget allocations so incoming purchasers know what the level of the owners corporation fees are.
Andy: So if you can imagine, you’ve purchased your apartment, you move in, and then you arrive at the apartment complex and you’re met by one of our team who’s the building manager. There’s been a lot of lead-up work for two to three months to that particular point in time. So someone comes in and straight away they feel the building is clean, safe, it’s secure, it’s compliant, and they can go to their website. They can have a look at how to book into the movie theatre, the barbeque area, how do I go about this, what are the rules, what can I can’t do, who do I contact? It all augurs well for maintaining that higher standard. And we’re lucky enough to be working with groups that are continually evolving up and we’re continuingly evolving up. So that’s our significant point of difference and that’s where I see our industry as going.
Alistair: So where are we heading?
Andy: Toorak Road, the new very prestigious Ilk development that’s been recently handed over by Little Property.
Alistair: So you’ve been working with Little Property for a while?
Andy: Yeah we’ve got a great relationship with Little. We’re very fortunate to have tremendous relationships with a lot of high end developments. We try and work really hard. We have our scabby knees but we try and work really hard to maintain the respect and deliver in accord with their expectations and purchasers’ expectations.
Andy: It was delivered in stages. The first stage was end of June early July; the second stage was end of August. And that’s getting nearly 400 people into a building over that period of time.
Andy: We’re standing on the ninth level of Ilk Tower. Which is Little, in South Yarra’s development. So there are six owners corporations at Ilk. We’re standing on one owners corporation here which the residential towers share. Which is the common amenities here, it’s a beautiful entertaining area where people can have their own private parties, catering, bring in a chef, over there we have cinemas, barbeques, it really is well done. But the point I’m making is it’s a common property and an owners corporation. Above us is the North Tower, that’s an owners corporation. Below this slab is the South Tower, that’s an owner’s corporation. The point I’m making is the people in the South Tower don’t contribute to the costs of the people in the North Tower but they share the costs of these cost. We have a retail component and we have a car park component. But again the whole process of bringing a $100 million plus building on stream, in anticipation of 400 residents where you know that people have just experienced that journey I’ve spoken about with regards to customer relations. It’s so critical for us to hit it right.
Andy: Behind the scenes, behind that area there is plant and equipment. And that plant and equipment is being loaded up on building management system so we know who the core supplier is, who the manufacturer is, what types of warranties are involved, both from a manufacturing perspective and from a service perspective. And that is so important. People don’t think of this, they think it might just be heating and cooling equipment. But the reality is, if something goes wrong and you just have a strata manager who gets the call they might just ring a contractor to come and fix it. But from our office we know who to go directly to. We know who the service providers are and all that is a function of not breaching warranties. And again that’s a function of cost saving. So it’s a situation of managing a building parcel in its entirety rather than just having one particular discipline which is strata management.
<a href="mailto:awalsh@propertyobserver.com.au">awalsh@propertyobserver.com.au</a>
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awalsh-7Ub9EypybQ

What does your owners corporation actually do? A day in the life of an owners corporation manager

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The Southport Magistrates court has jailed Gold Coast property agent Steven Chen from United Property Specialists for nine months for $300,000 of breaches relating to the management of trust accounts.
Chen pleaded guilty to five charges of improperly paying out trust account money and one charge of carrying out the business of a real estate agent without the appropriate licence, according to Queensland Office of Fair Trading.
Between July 2011 and November 2011 Chen made unauthorised withdrawals and transfers from trust accounts, costing his clients $324,480.
He failed to account for the monies or pay them to those entitled to them.
He was found guilty of improperly paying out trust account money and carrying out the business of a real estate agent without the appropriate licence.
Chen was also permanently disqualified from holding a property agent’s licence.
He will serve three months before being considered for conditional release.
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Gold Coast property agent jailed for trust account breaches

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The Australian Securities and Investment Commission has banned a Melbourne mortgage broker for five years for providing misleading information on loan applications.
ASIC also cancelled the credit license of Tony Quach’s TQ Smartchoice Pty Ltd.
It says he submitted false and misleading information relating to applicants’ income, employment and savings.
He made declarations to lenders that he had met and obtained all information from the applicants.
But Quach had failed to meet some of the applicants before submitting the applications to lenders.
It says Quach also met some applicants but still submitted applications including information and documents obtained from a person other than the applicant.
“ASIC takes allegations of loan fraud very seriously. We will continue to remove from the industry those involved in misleading loan applications,” ASIC Deputy Chairman Peter Kell says.
ASIC’s is currently investigating a further 20 loan-fraud cases.
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Melbourne loan fraud mortgage broker banned by ASIC

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Sydney auction homes are selling for 15.3% above their price guides, according to a September through November analysis by property advisory firm Intelligent Property Services Group.
This is up from August when they were selling for 12.19% above price guides and in 2012 auctions were being bid up to 8.95% above price guides.
ISPG’s Ramon Mitchell says the increase comes as a direct result of a rapid market upswing in market sentiment with increasing numbers of buyers competing for a limited amount of quality housing stock.
“Whether intentionally or not, agents are habitually underestimating the final sales price of their home – particularly in auction “hotspots” such as the inner east and inner west,” Mitchell says.
But he says it may not be a case of deliberate underquoting with many sale prices grossly above their reserves.
One of most extreme cases seen by ISPG was a three-bedroom Darlington terrace at <a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Chippendale/?adid=2010734317" target="_blank">59 Cleveland Street</a> (pictured below) which sold for 33.33% above its price guide in late October.
{yoogallery src=[images/stories/2013/11/08/darl]}
It had a pre-auction price guide of $700,000 but it sold for $1.05 million.
A three bedroom Kirribilli terrace at <a href="https://www.domain.com.au/Property/Sold/House/NSW/Kirribilli/?adid=2010687947" target="_blank">73 Broughton Street</a> (pictured below) sold for 24% above its price guide of $900,000.
{yoogallery src=[images/stories/2013/11/08/kir]}
Mitchell says it was an investment property bought in 2002 for $750,000 and was one of the cheapest torrens title properties available for sale in Kirribilli.
“I was at the auction bidding for a client, after having made a strong pre-auction offer of $975,000 which, interestingly since it was in the absence of any other offers and at $75,000 over guide, was declined. We were, however advised that our offer ‘will buy it on the day’,” Mitchell says.
“We had a robust $1.1 million max bid authority on the day and felt we were in a strong position. Clearly, the market had other ideas.”
<img src="/images/stories/2013/11/08/73BroughtonSt_Kirribilli_2_Auction-one.jpg" width="470" height="427" alt="73BroughtonSt_Kirribilli_2_Auction-one">
There were 23 registered bidders at the auction, at least seven of which were bidding above $1.1 million.
It eventually sold for $1.189 million – $289 above the price guide.
A four-bedroom Redfern terrace at <a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Redfern/?adid=2010730944" target="_blank">111 Marriott Street</a> (pictured below) sold in late October for 27.03% above price guide.
It was advertised at $875,000 but eventually sold for $1.208 million – $332,500 more than the price guide.
{yoogallery src=[images/stories/2013/11/08/red]}
And a three-bedroom St Peters terrace at <a href="https://www.domain.com.au/Property/Sold/House/NSW/St-Peters/?adid=2010714671" target="_blank">51 Lackey Street</a> (pictured below) sold for 27.03% more than the price guide.
It was advertised at $675,000 but sold for $925,000 – $250,000 more than the price guide.
{yoogallery src=[images/stories/2013/11/08/st]}
Mitchell says many buyers are pushing the limits on gearing and says when they overdo it at auction they will probably only find out the bad news on subsequent valuation, particularly affecting investors.
“Overpaying and suffering paltry yields as a result is not an ideal starting point for the investment,” Mitchell says.
He says banks tend to be more accepting of over-the-odds prices when they sell under the hammer rather than pre-auction.
“When people are paying similarly inflated prices pre-auction, we’ve seen quite a few fall-overs as a result of bank valuations coming in short.  It seems to be a rather fine “comfort level” line between the two scenarios.”
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Sydney auctions selling 15.3% above price guides since September

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The Australian Securities and Investment Commission says some real estate agents are offering kickbacks to financial advisers to advise investors to use an SMSF to purchase the real estate agents' properties.
It says financial advisers may be banned from receiving them under the Future of Financial Advice reforms.
“This is because the commissions or benefits could reasonably be expected to influence the financial product advice given to retail clients,” the agency says.
Meanwhile it has warned real estate agents off advising their clients to invest in property using a self-managed super fund.
“ASIC is concerned that with the increased popularity of SMSFs and property investment, real estate agents may not realise they are providing financial product advice and need an Australian financial services licence when making recommendations or statements of opinion to a person to use an SMSF to invest in property,” it says.
Individuals caught face fines of up to $34,000 or two years imprisonment while companies face fines of up to $170,000.
‘We want to ensure the SMSF sector remains healthy and vibrant so investors can be confident that, if they are receiving advice about investing through an SMSF, their adviser holds an Australian financial services licence and is aware of its obligations’, ASIC Commissioner  Greg Tanzer says.
It wrote to the Real Estate Institute of Australia to clarify regulations with agents.
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ASIC warns real estate agents: stop spruiking SMSFs

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The Barangaroo developers have released a new masterplan for Central Barangaroo in a bid to assure Sydneysiders they will not be encroaching on public land.
The aim is to have 50% of the 5.2 hectares of land in the Central Barangaroo site publicly accessible.
<img alt="barangaroo_nov_7_one" height="353" width="470" src="/images/stories/2013/11/07/barangaroo_nov_7_one.jpg">
Photo courtesy of barangaroo.com, artistic impression
The masterplan now includes a new waterfront park and event spaces.
Central Barangaroo will include 2.6 hectares of waterfront public space and a 14 kilometre foreshore promenade stretching from Woolloomooloo to the Anzac Bridge.
<img alt="barangaroo_nov_7_two" height="289" width="470" src="/images/stories/2013/11/07/barangaroo_nov_7_two.jpg">
Photo courtesy of barangaroo.com, artistic impression
“The refined master plan framework provides the opportunity for Central to be more active and engaging, with greater flexibility allowing for a diversity of uses. Central will provide a platform for events such as live music, festivals and outdoor art exhibitions,” chief of the Barangaroo Delivery Authority, John Tabart says.
<img alt="barangaroo_nov_7_three" height="264" width="470" src="/images/stories/2013/11/07/barangaroo_nov_7_three.jpg">
Photo courtesy of barangaroo.com, artistic impression
The plan includes the preservation of a site for future use as a music venue.
There is a network of laneways to ensure pedestrian access to the foreshore.
The master plan will be placed on public display before being lodged as a planning application.
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Central Barangaroo public spaces revamped in new masterplan

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Outer Hobart defied the trend of falling sales in Tasmania in the September quarter according to the Real Estate Institute of Tasmania.
After the 10.% increase in house sales in the June quarter for Tasmania, sales fell 1.6% in the September quarter as sales in outer Hobart increased 21% over the quarter and 62.8% over the year.
Click to enlarge
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Median house prices in outer Hobart increased 6.2% over the quarter to $345,000 and 12.3% over the year. 
Across Hobart prices increased 1.4% over the quarter to $352,000 and 3.5% over the year.
Launceston house sales are down 7.3% for the quarter, while house sales in the North West Centres increased 1.8%.
House prices in Launceston are down 1.3% over the quarter to to $270,000 but up 1.9% for the year. In the North West Centres prices are up 2% and 7.6%
Across Tasmania the median house price fell 1.4% over the quarter to $295,000, but is up 3.5% for the year.
The six municipalities in Tasmania recording a median house price higher than the State median are Clarence ($350,000), Inner Hobart ($510,000), Kingborough ($385,000), Meander Valley ($300,000), Sorell ($325,000) and West Tamar ($320,000).
REIT President Adrian Kelly says after such a dramatic increase in house sales during the previous quarter,it was positive not to see too large a decline in the figures.
“The September Quarter Report also showed us which suburbs in Tasmania are experiencing the highest turnover, as well as which are the most affordable and expensive,” he said.
“The top three most expensive suburbs were Battery Point, Sandy Bay and Mount Nelson.
“The top three Tasmanian suburbs with the highest turnover of house sales were Kingston, Devonport and Blackmans Bay.
“First home buyers also remained relatively steady for the June quarter, accounting for 17% of house sales across the State, with a median purchase house price of $236,250.”
He said second home buyers still hold more half the property market.
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Outer Hobart defies Tasmania market plateau

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There was a 9% lift in sales activity in October in Western Australia particularly in the central part of the Perth market, according to the Real Estate Institute of Western Australia.
There was a 15% increase in more expensive near-city sales which pushed the near city median price up by 1.9% to $520,000 for the three months to October.
There was also a 7% lift in listings during the month.
REIWA finds the number of metropolitan sales dropped away by around 6% in the quarter.
“In fact the more affordable north-east and south-east corridors in metropolitan Perth were the only sub-regions to show an increase in activity.
The vacancy rate tightened to 3.1% over the September quarter which REIWA says is above average and as a result the median rent had come down by $5 to around $470 per week.
“This change is more strongly reflected in units and apartments which have dropped $10 to a median of $450 per week,” REIWA boss David Airey says.
“Since the September quarter we have seen a further dip in properties available for lease but more notably a further drop in the median rent to $465 per week”.
Units, apartments and villas fell $4,000 in both the city and the country to $421,000 and $306,000 respectively, but Airey says the broader theme from the quarter was the narrowing of the overall buying range.
“The distribution of house sales in Perth by price range reveals the compressed nature of the market. Some 75% of turnover occurred within the band of $350,000 to $800,000 and which compares to 71% of turnover in the same bracket this time last year,” he said.
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October sales surge for WA as activity down for the quarter

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Melbourne homes were selling well above auction price guides during September, according to a Property Observer analysis.
An analysis of 67 auction sales in September revealed just three sold within the pre-auction price guide given by the listing agents.
The rest sold for an average of 11.31% above the upper bracket of the pre-auction price guides.
Almost half of them sold for more than 10% above the upper price bracket.
Homes worth more than $1 million were the most likely to sell above their pre-auction price guides with all 14 surveyed selling out of the price range indicated by agents. They sold for an average 16% above.
All but two of the 30 homes worth $600,000 to $1 million sold above price guides. They went for an average of 10.9% above price guides.
Of the 23 homes worth less than $600,000, just one sold within the price guide. The rest sold for an average of 8.77% above the upper price bracket.
One of the most extreme examples was a three bedroom house in Richmond which sold for 28.75% above the pre-auction price guide.
The property at 33 Kelso Street was advertised at $1.1 million to $1.2 million but sold for $1.545 million.
RP Data records suggests the price guide increased to $1.2 million to $1.3 million a few days prior to auction, part of the step quoting process which is now the norm in the real industry, but it still sold for 15% above the upper bracket.
That same day in Brunswick East a four bedroom house at 7 Parkview Avenue which was advertised at $930,000 to $1.02 million sold for $1.295 million – 27% above the upper price bracket.
In other price brackets on the same day a three bedroom house at <a href="https://www.realestateview.com.au/Real-Estate/25-john-street-oakleigh/Property-Details-sold-residential-5996088">25 John Street in Oakleigh</a> sold for $793,000 – more than 20% above its price guide of $620,000 to $660,000.
The properties are all deemed to be investment grade properties and the auctions were attended by National Property Buyers.
In August we found <a href="https://www.propertyobserver.com.au/victoria/as-durability-of-the-rebound-is-questioned-melbourne-auction-prices-still-selling-10-above-pre-auction-price-guidance/2013082264478">homes were selling 10% above price guides.</a>
Prior to that <a href="https://www.propertyobserver.com.au/victoria/melbourne-auction-homes-selling-10-over-advertised-price/2013080863977">in the lead up to Spring they were selling at 11%</a> above pre-auction price guides.
<a href="https://www.propertyobserver.com.au/victoria/melbourne-autumn-residential-auction-prices-fetching-well-above-price-guides/2013041160327/Page-1" target="_blank">In April this year</a>, Property Observer noted homes were selling at 9.55% above the upper advertised price bracket.
In <a href="https://www.propertyobserver.com.au/residential/sale-prices-edge-87-above-estimates-of-melbourne-agents-underquoting-at-october-auctions/2012102957500/Page-1" target="_blank">October last year</a> it was 8.7%. <a href="https://www.propertyobserver.com.au/news/underquoting-still-rife-in-melbourne/2012100456988" target="_blank">In September</a> it was 6.5% and <a href="https://www.propertyobserver.com.au/auctions/melbourne-auction-listings-typically-selling-at-5-above-upper-end-estimate/2012090956435" target="_blank">in July</a> it was 5%.
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Melbourne auctions selling 11% above price guides

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Mortgage broker AFG had its biggest month ever in October, processing more than $4 billion in home loans.
The figure is 12% greater than the $3.624 billion processed the month before, which was itself a record.
The biggest increase in activity was recorded in South Australia, up 19%  for the month, followed by Victoria at 18.8%, Queensland at 11.8%, Sydney at 10.9% and last Perth at 5%.
“Low rates and intense competition amongst lenders are making the home loan market not only more attractive, but also more complex. Consumers are increasingly turning to brokers to help locate the overall package best suited to them,” says AFG’s Mark Hewitt.
Fixed home loans accounted for 27.7% of all home loans processed.
First home buyers accounted for 23% of loans in WA, 16% in SA, 11% in Victoria, 6% in Queensland and 4% in NSW.
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Mortgage broker AFG has biggest month ever, but NSW first home buyers AWOL

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

Joel Robinson

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>.

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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]

La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

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Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens, rooftop open space and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Ceerose, founded by Edward Doueihi in 1998, has become one of Sydney's more active apartment developers, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Alistair Walsh

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