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A historic store dating back to 1886 has been listed for sale in Gundaroo, NSW.
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-gundaroo-nsw-2620/161838" target="_blank">The Gunadaroo Store</a>, built in 1893, and an attached cottage named Sally Paskin’s Store, built in 1886, have been listed for sale and come with a potter's shed, a picnic garden and water features.
<a href="/news">Gundaroo </a>is just north of the ACT border, 30 kilometres north of Canberra.
The store currently operates as a boutique gift store and has been recently renovated and has high ceilings, kauri floors and expansive interiors.
“The Gundaroo Store and the Caladonia Store next to it were like Myers and Bunnings and Woolworths all rolled into one. It provided a wide range of goods for people to buy," says vendor Peter Thorne.
“It had everything from haberdashery, hardware items even explosives for miners because gold was found in the region. It basically provided everything you could possibly want.”
The building is mostly constructed of wood from various parts of the world.
“It’s a lovely old building, particularly interesting because the floors are New Zealand kauri and they’re all original and the ceilings are baltic pine, from the other side of the world. Packing cases were pulled apart and used to construct buildings. If you look across the front there’s a section made of packing case timber,” Thorne says.
“Moving from Sydney has been the best thing we ever did for a whole range of reasons, but the community is fantastic. There are lovely people here. The craft festival especially sticks in our memory as being a wonderful occasion. “
Agent Chris Dixon says he enjoys the construction of the building.
“It really does a very solid feel and you don’t often see buildings constructed like that these days,” Dixon says.
“The lovely high ceilings, the kauri floors, the sheer size lends itself to many options and opportunities.”
Dixon says Gundaroo is a popular tourist spot.
“It’s very popular with Canberrans and those living the regional areas but it’s also quite popular with Sydneysiders. People often come down to Canberra and do the winery tours here and there are a number of villages within half an hour of Canberra,” Dixon says.
“Peter Thorne is a fascinating fellow. He’s an engineer by trade and he has dabbled in all sorts of enterprises, but he and wife Jenny have been quite enterprising running it as a boutique store. It was previously Devonshire teas and arts and crafts and for a while it was restaurant.”
The Sally Paskins store is still in largely original condition.
“It’s one of the only excellent examples of slab hut constructions left,” Dixon says.
Thorne bought the property in 1976 after leasing the property for a year. He and his partner discovered the property when driving down to Sydney to sell tiles in Canberra. They operated as an arts and craft store, then added a tea room and then ran a spit roast restaurant for a while.
The expressions of interest campaign closes at the end of November, and Dixon is seeking offers over $1 million for the property.
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Sally Paskin's 1886 store listed for sale in Gundaroo

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The organisers of mega-music festival Splendour in the Grass have listed their historic Byron Bay home for sale.
Jessica Ducrou and Dain Thomas are looking for $3.5 million for their 109-year-old farmhouse.
The couple recently renovated the property, named Killarney, with their home styling due to feature in the December issue of Vogue Living.
<img src="/images/stories/2012/10/splendour1.jpg">
The couple bought the five-bedroom Queenslander in 2010 for $2.65 million. Prior to this it traded for $1,595,000 in 2005.
The two-level <a target="_blank" href="/news">Byron Bay</a> property features a large veranda, five bathrooms a formal lounge room with an open fireplace. The open-plan kitchen and dining area overlooks the entertaining deck, gardens and swimming pool.
The saltwater pool sits next to a large cabana with a barbecue.
Marketing for <a target="_blank" href="https://maps.google.com.au/maps?q=21+Cooper+Street+byron+bay&amp;hl=en&amp;sll=-25.335448,135.745076&amp;sspn=42.130286,56.513672&amp;hnear=21+Cooper+St,+Byron+Bay+New+South+Wales+2481&amp;t=m&amp;z=16">21 Cooper Street</a> suggests it’s a few minutes’ walk from Tallows Beach and 10 minutes from Byron Bay centre.
The property has expired development approval for a guest cottage at the back of the garden and current approval to operate as a bed and breakfast.
The property is being marketed by Unique Estates agent Nicolette van Wijngaarden.
The expressions of interest campaign closes on November 30.
Ducrou founded Splendour in the Grass in 2001 after co-founding Homebake in 1996.
The festival has drawn headline acts such as Coldplay, Smashing Pumpkins, Wolfmother, Kanye West, Pulp, Sonic Youth and Moby.
The couple have battled the local council after the council failed to approve the Byron Bay festival and they had to move it to Woodford, Queensland.
They will be moving the festival back to Byron Bay after securing trial approval to operate the festival at a site in North Byron Parklands.
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Splendour in the Grass organisers list Byron Bay home

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Australian Securities and Investments Commission needs to clamp down on rogue self-managed super fund (SMSF) advisers, according to wealth advisory group Chan &amp; Naylor.
Its director of financial planning, David Hasib, says the relatively new nature of SMSF products means regulation is lagging behind.
“Australia’s financial landscape has grown dramatically in its diversity and complexity over the years, yet education requirements for advisers have lagged,” says Hasib.
“It should not be acceptable to play the role of financial adviser in the general sense – the industry is evolving so quickly that it requires specialised advisers that are up to date and add real long-term value to clients.”
He says a lack of regulation means anyone can be an SMSF adviser and many don’t advise clients of potential pitfalls of SMSFs.
“A quick internet search will reveal the growing numbers of online spruikers, bearing no relevant qualifications at all, who are cashing in on the new SMSF market,” says Hasib.
“The problem is detrimental to those on the receiving end of uninformed advice, as well as the reputation and integrity of an otherwise healthy industry which will find itself tarred with the same brush.”
He recommends minimum qualification levels and increased professional development hours with penalties for those operate without them.
Andrea Slattery, CEO at SPAA, the peak body for SMSF advisers, says trustees should always seek out SPAA members for advice.
"There are so many people getting into the industry who see it as an opportunity and there's a need for trustees to seek out genuine specialists and SPAA members are the only ones who have undergone rigorous training," Slattery says.
Slattery says ASIC and the ATO are increasingly moving towards regulation for SMSF advisers.
"We believe there is a need for people to do more to work towards accreditation and to get recognition. The ATO have already increased their powers and will be increasing their further to regulate the sector."
"Right now there are people that are providing services in Australia that are not specialists and may not be competent with the complex rules around advice advice in SMSF and what we're trying to do is build integrity in the industry and advise trustees to use a specialist adviser."
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Clamp down on rogue SMSF advisers: Chan & Naylor

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An 1878-built hotel in Portland, Victoria, has been listed for sale with $1.29 million hopes.
{yoogallery src=[images/stories/2012/09/oct2portland]}
Annesley House was originally built as the residence and surgery of Dr Brewer, then chief medical officer and mayor of Portland.
The two-bedroom residence consists of seven furnished apartments, which have been run as self-contained holiday accommodation by vendor Mark Robinson, who bought the property in 2004.
The two-storey brick structure was designed by architect Daniel Nicholson. Heritage documents say the building is an interesting example of a substantial 19th-century townhouse design in an Italianate style.
Brewer passed the building on to the Wadmore sisters in the early 1900s. They converted the mansion into a guesthouse. In the 1940s the building passed onto a Mrs Luers, the daughter of a local politician and poet. She continued to run the building as a guest house until the current owners bought it in 2004.
When it was built the Portland Guardian reported it was “one of the finest that a private gentleman in a country district need desire”.
Inside pictures of Annesley House on page 2 
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Robinson has undertaken significant restoration of the property, including remodelling the original kitchen, while keeping many of its original features and furnishings, including a bell to summon the servants.
{yoogallery src=[images/stories/2012/09/oct2portland2]}
Current rates at the hotel start at $155 per night.
Portland Bay was named in December 1800 when Lieutenant James Grant on the Lady Nelson sighted it for the first time and named it after a Secretary of State, the Duke of Portland.
It was set up as whaling station and trading port in the early 1830s, but it soon attracted pastoralists as the fertile nature of the land was discovered.
Eventually the sheltered bay became a permanent township, with the government commencing the set out of a new township in 1840.
As the Victorian goldfields became overcrowded ships were diverted to Portland, with the first immigrant ships sailing directly from Great Britain in Portland in 1852.
The 1,344-square-metre property includes proprietor's rooms and off-street parking and garages.
It is being sold by Mike Barrett from Charles Stewart Warrnambool.
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Heritage 1870s Portland, Victoria, Annesley House hotel listed

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An 1889-built hotel in Cullen Bullen, 124 kilometres inland from Sydney, has been listed for sale.
John Surian, director of Raine and Horne Parramatta, says the history of the pub, the only one in <a href="/news">Cullen Bullen</a>, dates back to the past century. 
According to a heritage study the rectangular Victorian-style hotel was built in two stages along roadside frontage.
“The first southern section of the hotel was constructed in 1890 of ashlar render with a dentilled parapet wall column and urn. A four-panelled doorway with double two-pane windows are visible at the skyline,” Coalpac’s heritage study says.
“The second section is simpler in design and consists of dry pressed brick with smaller pane windows. A two-storey Edwardian veranda continues along the entire street facing facade.”
Agent Mitchell Woods is asking $400,000 to $450,000 for the <a href="https://www.realcommercial.com.au/property-retail-nsw-cullen+bullen-500461719" target="_blank">Royal Hotel premises</a> (pictured below), giving a potential yield of around 8%.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/10/royalhotel.jpg" width="470">
The pub currently earns $36,703 per year on a 10-year lease expiring in 2019.
The vendors renovated the building three years ago, replacing the bathrooms, the main bar area, kitchen, cool room, beer lines and other auxiliary works.
The 1,461-square-metre hotel includes a main bar area, a cool room, bistro rooms and furniture, a kitchen, 10 rooms for accommodation, a laundry and a store room.
The town is the centre of local mining operations, with the major coal extractor in the area, Coalpac, recently applying for a 20-year extension of its licence. The town is also close to a power station.
Coalpac wants to expand its mining operations in the area, with plans to start open-cut coal mining in the Ben Bullen State Forest, which borders the Gardens of Stone National Park.
The plans would raze 10,000 hectares of forestland and is facing opposition from environmentalists.
Coalpac says if the plans don't go ahead, electricity prices are destined to rise.
The rent increases annually with CPI, and the tenant pays all the outgoings and maintenance.
A vacant block at the back of the property is included in the sale.
The pub last sold in 2003 for $375,000, according to RP Data.
According to the 2011 census, the town has a population of 183 people with 83 households.
Europeans first settled at Cullen Bullen with the 1815 construction of Cox’s Road across the Blue Mountains.
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Cullen Bullen's only pub listed for sale

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Melbourne real estate agents continue to underquote properties selling at auction, according to the latest Property Observer survey on the issue.

An analysis of 74 sales catalogued by National Property Buyers over the last four weeks shows 55 of those properties sold for above the price range indicated by the selling agent prior to auction.

That’s just shy of 75% of properties selling for more than the upper bracket of the quoted price range.

On average, those 55 properties sold for 8.7% above the upper bracket of the price range indicated by the agents.
Property Observer’s <a target="_blank" href="https://www.propertyobserver.com.au/news/underquoting-still-rife-in-melbourne/2012100456988">most recent underquoting survey</a> found 75% of September surveyed properties sold for over price indications. Those that sold above went for an average of 6.5% over.

Prior to that, <a target="_blank" href="https://www.propertyobserver.com.au/auctions/melbourne-auction-listings-typically-selling-at-5-above-upper-end-estimate/2012090956435">an analysis of 220 auction results</a> in the months leading up to spring found 77% of properties were selling above price guides. Those that sold above were going for an average of 5% above expectations.

Just one property sold for below the price range indicated by agents prior to auction.

The properties analysed were only those where a price range was given with a lower and upper price indication.

Buyers’ agent Catherine Cashmore, who compiled the raw data for this survey, says buyers can expect to pay more than the price indicated before auction.

“Price quotes are important to attract buyers in the first place – no buyer likes to play guessing games when it comes to putting a price on an advertised listing.  However, as with any auction, the quote has to be at a level to attract as many potential purchasers as possible, whilst at the same time, not being too far from vendor expectation to achieve a sale,” Cashmore says.

“There are still agencies who quote at a level which we know from our own research to be too low to reasonably achieve a sale within the advertised range – we come across them weekly – and it would be fair to suggest buyers can expect to pay above the advertised price quote in most circumstances, especially when there is competition.

“However, bear in mind, every real estate sales agency quotes differently, so it's always important to do the necessary leg work to avoid wasting time and money inspecting a home, which will only ever achieve a sale price in excess of the advertised figure.”
 
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Cashmore says more owner-occupiers in the market can push up auction prices.

“Stock levels have been plentiful this year, however the 'best of the best' has not been in abundance.  Owner-occupiers have dominated the inner-city market (with numbers of investors reduced due to continual poor consumer confidence), and it's well known that owner-occupiers are the demographic willing to pay an extra 5-10% more to secure the home of their dreams.  Hence why owner-occupiers fuel price growth and hence why 'investment grade' homes are chosen to attract this demographic.

The most extreme case of underquoting, or overly enthusiastic bidding, was a two-bedroom <a target="_blank" href="/news">Collingwood</a> house that sold for $662,500, 50% above the pre-auction indicated price range of $400,000 to $440,000.

A four-bedroom <a target="_blank" href="/news">Fitzroy North</a> house sold for $1,845,000, or 29% above the pre-auction indicated price range of $1.3 million to $1.43 million.

And a two-bedroom <a target="_blank" href="/news">Hawthorn </a>apartment sold for $652,000, 25% above the pre-auction indicated price of $470,000 to $520,000.

The $600,000 to $1 million bracket had the most cases of underquoting. Of the 26 sales in that bracket analysed, 23 or 88% sold for above the pre-auction indicated price range.

Of those 23, 17 sold for more than 5% above. Those 11 properties sold for an average of 11% over the pre-auction indicated price range.

For properties selling under $600,000, 64% sold for above expectations for an average of 5.7% over.

For properties selling over $1 million, 70% sold above expectations, an average of 10.2% over.

The property sales analysed come from National Property Buyers weekly survey of the Melbourne market.

The properties recorded those thought to be investment-grade or cream of the crop properties. They are thought to be properties that hold the best potential for long-term capital growth and rental demand.

The price quotes are received as close as possible to the auction date to avoid step quoting practices.

Cashmore says agents who put their price quotes too high risk scaring away potential clients. While Cashmore agrees price quoting can be frustrating for clients they must realise that more legislation won’t stop the practice.
 

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Sale prices edge 8.7% above estimates of Melbourne agents underquoting at October auctions 

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The notion of an Australian property housing bubble is misguided according to BT Financial Group chief economist Chris Caton.
Caton describes as simplistic the comparison with US housing market and the argument that Australian housing prices are overpriced when measured in terms of disposable income.
“When other countries are thrown into the mix, the argument that we have a housing price bubble in Australia is much harder to sustain,” Caton said at a conference of mortgage brokers in Thailand.
“The fact is our housing prices are in broad alignment with many similar economies, so it’s my belief talk of a housing bubble is misplaced.”
Caton also predicts lower rates and higher housing prices over the next 12 months.
“Although I’m not as bullish as some other economists on lower interest rates, I still expect at least one cut in the cash rate and possibly two as the Reserve Bank prepares for a downturn in mining.”
He says he expects a pick-up for housing credit and house prices over the next year, led by WA.
“I suspect we will be back at next year’s conference and housing prices will have risen over the past 12 months.”
Caton says while there are major economic problems in the world, he think there will be minimal impact on Australia.
“The Euro-zone remains an issue, but it’s more about contagion across Europe than a Greece in isolation. Greece per se is not an issue; its economy is small. It’s Italy and Spain we have to worry about. That said the trend in the long-term bond rate in those two countries in the past three months gives ground for some confidence.”
“The US is facing an inadvertent massive tightening of fiscal policy with tax increases and spending cuts totalling close to 5% of GDP in early 2013 (the so-called fiscal cliff) because of past policy decisions. Were this to happen, the US would be pushed back into recession, but common-sense should prevail.”
He says China remains a worry “but only because it’s been such a good news story for Australia”.
“The commodity boom we have enjoyed because of China’s strong growth is unlikely to continue. But we will still enjoy healthy terms of trade with China.”
BT is the wealth management arm of The Westpac Group and has been operating since 1969.
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Australian property bubble argument misguided: BT Group

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A shopping centre in South Grafton NSW has sold for $5.8 million.
Some 250 kilometres south of Brisbane and 500 kilometres north of Sydney,  the <a target="_blank" href="https://www.realcommercial.com.au/property-retail-nsw-south+grafton-5754484">South Grafton Shopping </a>will have an initial passing yield of 10.68%.
It was bought by a Sydney-based private investor.
The un-enclosed centre, anchrored by Bi-Lo has a total lettable area of 3,297 square metres. Its tenants also include a pharmacy and six specialty shops. It has parking for 162 cars.
It was originally built in 2002. It has frontages to Bent Street and Bligh Street.
The fully leased net operating income of the 1 hectare site is approximately $608,462 per annum.
It was sold by Knight Frank agent Ben Stewart on behalf of Denison Funds Management, part of Metro Property Syndicate.
South Grafton neighbourhood shopping centre, anchored by a Bi-Lo Supermarket, has sold for $5.8 million, reflecting an initial passing yield of 10.68 per cent. The sale of South Grafton Shopping Centre to a Sydney-based private investor was negotiated by Ben Stewart of Knight Frank, on behalf of Denison Funds Management, as responsible entity of Metro Property Syndicate. The property, prominently located on Bent Street South Grafton, has a total lettable area of 3,297sq m. In addition to Bi-Lo Supermarket, the centre houses Guardian Pharmacy and six additional specialty shops with car parking for some 162 vehicles.
Stewart says the centre is a well-located secure retail investment opportunity.
“There continues to be strong interest from purchasers for convenience based retail investments such as this. The culmination of lower borrowing costs and somewhat limited supply of quality centres has resulted in competitive offers for some vendors” Stewart says.
It had been on the market since September last year.
According to Denison there were four interested parties. Settlement is on December 19.
Denison is currently involved in a stoush over the future of the 360 Capital Industrial Fund, with mooted plans to list the $345 million fund on the ASX.
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South Grafton Shopping Centre sells with 10.68% yield.

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Foreign investment in commercial real estate has increased significantly, according to the latest foreign investment report by Colliers.
Foreign investors accounted for 67% of all commercial property transactions in Australia in the third quarter of 2012, compared with just 30% in the same quarter the year before.
Canada contributed more than half of the $1.88 billion of foreign sales in the quarter with a single transaction – the Canada Pension Plan Investment Board invested $1 billion into Sydney’s Barangaroo development.
Another big player in the quarter was also a pension fund – the Korean-based National Pension Service signed a $360 million joint venture partnership with DEXUS, which will co-invest in a number of industrial properties at Greystanes in NSW and Laverton North and Altona in Victoria.
The $1.88 billion of foreign investment was spread over 32 assets and bought the total amount of foreign commercial property transactions to $6.3 billion for 2012 so far.
Colliers found the largest direct transaction during the third quarter was the $105.1 million sale of the 29-storey B-grade office building at 6-10 O’Connell Street in Sydney. It was bought by the Singapore-based investment firm MGPA, its first foray into the Australian property market.
Office purchases made up 78% of foreign investment in commercial property during the third quarter. Foreign investors spent $1.5 billion on offices over 12 sales – the Baranagaroo deal as well as an additional $470 million of sales, which include the $66 million purchase of 100 Brookes Street in Fortitude Valley by the US-based Hines Global REIT.
After the office market, foreign investors were most active in the industrial sector. Foreign investors, primarily from Asia, spent $180 million over 13 industrial sales, mostly into Victoria.
This was followed by the hotel sector, where offshore buyers spent $152 million across three assets – the Palazzo Versace Gold Coast, the Rendezvous Grand in Melbourne and the Hotel Enterprize in Melbourne. These were by Singaporean and Chinese buyers.
And the fourth biggest sector was in retail where foreign buyers, primarily from Europe spent $85 million over four retail purchases, including Pittwater Place at 10 Park Street, Mona Vale, which was bought for $56.6 million by German investment firm RREEF.
Foreign investment was led by pension funds and investment managers, accounting for 63% and 13% of foreign investment during that period. A number of REITs were also active in the market accounting for 12% of investments, the largest being K-REIT’s funding arrangement with Mirvac while Hines Global REIT also continued to acquire assets.
The report found offshore private investors have increased their level of activity in Australian commercial property with $103 million worth of investment, making up 5% of offshore inflows during the period.
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Foreign investment in Australian commercial real estate up significantly: Colliers 

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Affordable housing in Melbourne is only available in fringe suburbs, with inner suburbs out of reach for most investors and all but the wealthiest first-time home buyers, according to a state government report.
The discussion paper titled Melbourne let’s talk about the future says Melbourne needs to address affordable housing in the city.
“We have an ageing population, those heading towards retirement have reduced wealth, and housing stress is a chronic problem for about 10% of households,” Planning Minister Matthew Guy says.
“Almost all of the city’s most affordable housing is in the outer suburbs with the inner suburbs out of reach to many renters and all but the wealthiest first-home buyers.”
The report finds a dramatic reduction in housing affordability over the last decade means home buyers now have less choice about where they can buy a home.
“People with less money to spend (who are at greater risk of mortgage stress) can only buy in Melbourne’s outer suburban fringe if they want to own a detached house.”
And the report finds that while the cost of the house itself is often lower in outer areas, transport costs can negate some of these savings.
More people are at risk of mortgage stress with the number of people fully owning a dwelling dropping from 40% to 30% over the last 20 years while the number of people paying off a mortgage has risen from 30% to 35%.
The report finds low-income single-person households face the most difficulties renting affordable housing.
In the March quarter, just 0.3% of one-bedroom dwellings let would cost no more than 30% of gross to a single person solely reliant on Centrelink payments.
“Without action the cost of buying or renting a house in Melbourne is likely to rise in the years ahead, particularly in established suburbs. The cost of a dwelling in the middle suburbs of Melbourne needs to be reduced if we are to have any prospect of providing an opportunity to a wider range of the population to live in these areas, and greater socioeconomic diversity in existing neighbourhoods,” Guy says.
With renters facing the most difficult affordability conditions Guy proposes a number of changes to improve affordability.
He says affordable living could be addressed by:
<ol>
<li>Increasing housing supply;</li>
<li>Reducing the cost of building;</li>
<li>Reducing barriers to affordable housing development;</li>
<li>Preserving or offsetting the loss of existing low-cost housing;</li>
<li>Encouraging new affordable housing with planning scheme controls or incentives;</li>
<li>Securing dedicated social housing – housing rented at below market cost;</li>
<li>Increasing the number of jobs in suburban areas, to reduce commuting distances and times for suburban residents;</li>
<li>Reducing the need to own a second car and even any car per household by improving cycling, walking and public transport options; and</li>
<li>Other incentives to integrate affordable housing into new developments.</li>
</ol>
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Matthew Guy's nine-step plan to addressing housing affordability in Melbourne

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.

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The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

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The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

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According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

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

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

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

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

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

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