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The first application stage of James Packer’s planned $1 billion casino in Sydney’s Barangaroo development has been signed off by Premier Barry O’Farrell.
O’Farrell announced the proposal had moved to the second stage of government consideration.
“The proposal has undergone an initial assessment – signed off by the heads of the Department of Premiere and Cabinet and The Treasury – which concluded it should now be the subject of rigorous financial appraisal to see if it’s in the state’s best interests,” O’Farrell says.
He says the move to stage two does not guarantee the future of the development, it just means the government is now working with Crown to assess the proposal.
He says they would have to honour their exclusivity agreement with The Star Casino, which means Packer’s development would not be operational before November 14, 2019.
Crown chief executive Rowen Craigie says Crown welcomes the move to stage 2.
“The announcement by the NSW government to progress Crown’s Proposal from stage 1 to stage 2 is a major step forward for this exciting project,” Craigie says.
“No other organisation can deliver this unique project at Baranagaroo. Crown’s record demonstrates that it can provide a centrepiece for Sydney that will draw millions of visitors and employ around 2,000 people in construction and operation. A six-star hotel report on the waterfront at Baranagaroo will assist Sydney to compete with the best cities in the world for international tourists and for major conferences and events.”
Given O’Farrell’s insistence the project not involve poker machines, the development will focus on high-rolling VIP gaming.
“Crown is proposing that VIP gaming would only be available for international high rollers, mainly from Asia together with interstate and local VIP players on an invitation-only basis.”
<a href="https://www.asx.com.au/asxpdf/20121025/pdf/429ndp8t636538.pdf" target="_blank">The $1 billion six-star project will have 350 hotel rooms, restaurants, spas and pools, and dedicated training colleges.</a>
It will be designed via an international architecture competition.
It is expected to contribute $400 million annually to the state economy as well as additional gaming tax revenue.
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awalsh-7Ub9EypybQ

James Packer's Sydney casino given amber light

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The Real Estate Institute of Australia says all first-home buyers should receive a first home-owners grant, not just people buying new homes.
REIA president Pamela Bennett says she is concerned by moves by New South Wales, Queensland and South Australia to limit the grant to first-home buyers purchasing new homes.
“Not only is this in breach of the InterGovernmental Agreement (IGA) but it ignores the evidence that 70% of first-home buyers have a clear preference for established houses.”
“The IGA clearly states that assistance to first-home buyers will be uniform and that an eligible home will be new or established.
“First-home buyers make up 17.7% of the market.  REIA strongly urges the Federal Treasurer, Wayne Swan, not to agree with the states’ requests for an amendment to the IGA and effectively ignore the needs of this considerable section of the buyer’s market.
“The socio-economic demographic of most first home buyers shows a clear preference to live close to existing facilities and work as opposed to buying in new housing estates.  Lifestyle, public transport and commuting are just a few of the factors concerning those entering the market.
“Furthermore, first home buyers of established homes often embark on a program of home-improvement and renovation, which helps stimulate the building sector.”
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REIA says all first-home buyers should get grants, not just those buying new homes

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Nearly one year after Age journalist Chris Vedelago lodged a freedom of information request with the Foreign Investment Review Board, <a target="_blank" href="https://theage.domain.com.au/home-investor-centre/blogs/domain-investor-centre-blog/foreign-investment-dont-ask-dont-tell-dont-know-20121020-27yk7">his questions remain unanswered</a>.
<a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/chrisvedelago/status/260973191361601536"><img src="/images/stories/2012/10/vadelagotweet.jpg"></a>
His November 2011 application sought information on the board’s monitoring and compliance activities involving temporary residents — how many had applied, been approved to buy, and what investigations had been conducted or penalties levied for violations of the law.
The board finally released some documents though in a heavily redacted form.
Vedelago says the documents show the regulator “has either woefully failed to do its job or is abusing the FOI system”.
The documents show the board had not engaged in any compliance activities relating to temporary residents, despite 2010 announcements the board would clamp down on the activities of temporary residents.
He says the blank record is either due to incompetence or dishonesty from the board.
Vedelago has applied to the Australian Information Commissioner for a review of the decision.
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Age journo Chris Vedelago still waiting for full FIRB response after a year: Tweet of the day

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Queensland property tycoon Kevin Seymour has partnered with mining magnate Gina Rinehart to form a mining joint venture.
The two have partnered on a coal project in central Queensland where drilling is under way to test the extent of the reserves.
Seymour says it will be some time before extraction starts.
Seymour made his fortune in property but has recently been turning towards the resource sector.
Last year he set up Seymour Energy, which acquired mining exploration rights over areas in Queensland’s Galilee and Adavale basins.
Seymour recently backed out of plans to build his tower at 300 Queen Street in Brisbane.
"We are just looking at buying it, subdividing it and selling it off," Seymour told The Australian.
"Right at the moment, we are not that bullish on property -- we are treading very carefully.
"We've got seven coal exploration areas, four gas areas, and one oil area."
He says his current mining interests could total more than one billion tonnes of coal reserves.
"The potential worth is huge.”
He has interests at the Gilmore gas fields, Augathella, covering an area of more than 400,000 square kilometres.
"They could produce an enormous amount of gas," he says.
Seymour features on the BRW rich list with an estimated fortune of $585 million. Rinehart tops the list with an estimated fortune of $29.17 billion.
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Property tycoon Kevin Seymour partners with Gina Rinehart in coal project

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Australian property companies have been cutting staff numbers as part of austerity measures in response to a slowing economy, according to a report by human resources group Adviev.
The report found 59% of the 113 surveyed property companies had introduced austerity measures, with most reducing head count by a median of 10% and some by up to 20% over the last six months.
Staff at property development and property finance companies were hardest hit by austerity measures, while property consultants and funds management staff fared the best.
Adviev managing director Rita Avdiev, who has been tracking property company employment since 1987, says a lack of liquidity in the market was affecting property finance and development.
“A new reality has set in as the slowing economy continues to worry companies in the property industry.”
“The forecast slowdown in the resources sector has become a concern and measures are being taken to ride out falling business conditions.”
A range of austerity measures was introduced, including cutting annual pay rises to a median of 3% for senior staff and 3.5% for others.
The cuts, aimed at reducing cost of operations and focusing on corporate expenditure, also included reducing travel expenditure, forcing people to take outstanding leave and axing business or division operations and reducing benefits.
The report found short-term incentives, usually paid in the form of performance bonuses, have remained stable for 59% of companies, with 22% increasing incentives and 19% decreasing them.
The average short-term incentive paid was 18% of total fixed remuneration.
Short-term incentives are forecast to drop next year, while overall median remuneration increases by 3.6%.
 
<table style="width: 470px;" border="0" cellspacing="0" cellpadding="0">
<colgroup>
<col width="246">
<col>
<col>
<col>
<col width="86">
<col>
<col>
<col>
<col width="136">
<col>
<col>
<col>
<col width="163">
<col>
<col>
<col>
</colgroup>
<tbody>
<tr height="65">
<td height="65" width="246">Position</td>
<td width="86">East coast average March 2012</td>
<td width="136">Median % increase for last reviews to September 2012</td>
<td width="163">Predicted % increase for next reviews, October 2012 - September 2013</td>
</tr>
<tr height="20">
<td height="20">Funds manager (under $1 billion)</td>
<td align="right">370000</td>
<td align="right">4</td>
<td align="right">3</td>
</tr>
<tr height="20">
<td height="20">Portfolio manager</td>
<td align="right">288000</td>
<td align="right">4</td>
<td align="right">3.1</td>
</tr>
<tr height="20">
<td height="20">Development manager</td>
<td align="right">175000</td>
<td align="right">4</td>
<td align="right">3.2</td>
</tr>
<tr height="20">
<td height="20">Operations/property manager (senior)</td>
<td align="right">135000</td>
<td align="right">3</td>
<td align="right">4</td>
</tr>
<tr height="20">
<td height="20">Centre manager</td>
<td align="right">150000</td>
<td align="right">2.8</td>
<td align="right">3.5</td>
</tr>
<tr height="20">
<td height="20">Specialist valuer</td>
<td align="right">152000</td>
<td align="right">2.5</td>
<td align="right">4.5</td>
</tr>
<tr height="20">
<td height="20">Assistant architect</td>
<td align="right">50000</td>
<td align="right">3.8</td>
<td align="right">3</td>
</tr>
<tr height="20">
<td height="20">Senior project manager</td>
<td align="right">147000</td>
<td align="right">3.1</td>
<td align="right">3.5</td>
</tr>
<tr height="20">
<td height="20">Consultant</td>
<td align="right">75000</td>
<td align="right">3.5</td>
<td align="right">3</td>
</tr>
<tr height="20">
<td height="20">Contract administrator</td>
<td align="right">120000</td>
<td align="right">3.8</td>
<td align="right">4</td>
</tr>
<tr height="21">
<td height="21">Design manager</td>
<td align="right">134000</td>
<td align="right">3.8</td>
<td align="right">3.9</td>
</tr>
</tbody>
</table>
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Property companies cut jobs given difficult market conditions

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There has been a restructure of Australian management at Lend Lease following profit reporting problems with construction subsidiary Abigroup.
The Australian portion of the business will be split into two divisions – property, and construction and infrastructure.
Mark Menhinnitt, the former chief executive of Lend Lease in Australia, will become the chief executive of construction and infrastructure Australia.
Tarun Gupta, the current head of investment management, will become the chief executive of property Australia.
And building executive Peter Brecht, who joined Lend Lease as part of the Abigroup acquisition, has resigned.
In September Lend Lease stood down executives at its construction and engineering subsidiary Abigroup after identifying “certain discrepancies and issues in relation to the reporting and recognition of profits and losses on two projects”.
Lend Lease says the discrepancies involved the “potential under-reporting of the anticipated profit on one project and the potential under-reporting of the anticipated loss on another project” and relate to annual results to June 30.
Responsibility for the operational and financial oversight of its construction business, including Abigroup, was been assumed by David Saxelby, who is remaining as chief operating officer and Andrew Muller chief financial officer.
Lend Lease have announced that the accounting irregularities will make no difference to the 2012 profit or the expected figure for 2013.
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Lend Lease management restructure following Abigroup irregularities

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A Docklands hair salon opposite Etihad Stadium has been listed for auction.
The property is leased to Aveda Hair salons, which runs the shop as White Lotus Hair and Beauty.
It currently earns $25,000 per annum in rental income plus GST and outgoings. The lease is a newly signed five-year lease with options to 2027.
It sits below a series of apartments called Site One complex at 757 Bourke Street.
The <a href="/news">Docklands</a> property is being sold by Domain Commercial Real Estate agent Dean Fornaro in conjunction with Burgess Rawson agent Adam Thomas.
The property is marketed as being ideal for self-managed super fund operators.
“We’ve had a lot of inquiries from self-managed super fund buyers,” Thomas says.
“This one is definitely an affordable entry level property.”
He is looking to sell the property for around $300,000 to $310,000. If it sold for $310,000 the gross yield would be 8.06%.
It goes to auction on October 31 at Crown Casino.
For those with a bit more to spend, Thomas is also marketing a Docklands restaurant with an asking price of around $850,000 and a rent of $68,959 per annum. 
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Docklands hair salon offers small investors and SMSF potential 8% return

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With the Christmas around the corner, auctioneers have started making their first bookings for 2013 auctions.
Fastidious planners, those who want to avoid competing with the many December distractions, and the 2013 early bird optimists have booked in a number of auctions for the start of next year.
Current listings include properties in Bronte NSW, along with the traditional beachside January auction locations including Noosa Head QLD, Rosebud VIC, Natimuk VIC and South West Rocks NSW.
Sydney based auctioneer Damien Cooley says the listings are starting to pick up for 2013.
“Residentially there are encouraging signs to suggest the market is continuing to improve.
"We expect this increased confidence to flow through into 2013 and particularly feel that there will be a good volume of property coming onto the market early 2013.”
He says most auctions for the new year will start in February.
New stock will be expected to hit the market from mid-January to early February with the first auctions in early February 2013, if they don't sell before, Cooley says.
“The vast majority of property hitting the market in the new year will begin their campaigns in February which will result in strong auction volume late February and right through March as vendors and buyers look to trade in the new year and before Easter.”
Cooley will be auctioning a Bronte property listed through Alex Phillips from goodyerDonnelley.
Other 2013 auction listings include <a href="https://www.realestate.com.au/property-house-vic-rosebud-111864055">3 Hope Street</a>, a three bedroom fibro home in Rosebud Victoria going to auction on January 19, through David Short from David Short Real Estate.
A beachside  cottage at <a href="https://www.realestate.com.au/property-house-nsw-south+west+rocks-111945671">18 Memorial Avenue</a> in South West Rocks NSW listed for a January 12 auction through Mark Foster from Raine &amp; Horne South West Rocks.
A Stephen Kidd designed water-front mansion at <a href="https://www.homehound.com.au/12+noosa+parade+noosa+heads+qld+4567/">12 Noosa Parade</a> in Noosa Heads Queensland has been listed for a January 25 auction through Mal Cox from Tom Offermann Real Estate.
And a 219 hectare crop and livestock farm in Natimuk Victoria has been listed for a February 8 auction through Neil Ottoson from Ottoson Partners Real Estate.
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 The 2013 auction season already starts to book fill up

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Darwin is the safest real estate market in Australia according to Colliers, with nearby Palmerston catching up.
The city provides a virtual safe haven for investors, with strong sales figures and exceptionally high rental returns, according the Darwin residential research report for the third quarter of 2012.
The report finds Darwin has the highest rental rates in the nation, pushing up residential sales prices.
Darwin now has an average house rental of $700 per week and a median house price of $585,000.
In Darwin the $500,000 to $600,000 price bracket remains the most popular, accounting for 42% of all house sales.
The report found the sales volume for units in Darwin increased by 29% over the quarter, with the $400,000 to $500,000 price range the most popular.
In nearby Palmerston, prices are increasing as well, closing the gap on Darwin.
“Accommodation in Darwin continues to become out of the reach of young families and singles, and in turn this is increasing demand for more affordable property in all areas,” says research analyst Lianna Georges.
“Prices in the Palmerston market continue to strengthen, and for the fifth consecutive quarter the median house price has increased.
“Since September 2011, the median price in Palmerston has increased by approximately 13% to $532,500, a figure which is quickly closing in on the median prices in Darwin.”
Colliers predicts the rental rates will keep increasing over the next six to 12 months, bringing significant change in the social dynamics of Darwin.
“Clearly, lack of affordability will impact negatively on average workers and families,” the report finds.
<a href="/news">Leanyer</a>, <a href="/news">Wulagi</a> and <a href="/news">Anula </a>were the most popular suburbs in Darwin.
The median unit in Darwin is now $500 per week, giving yields of 6.1%.
While transaction levels in <a href="/news">Palmerston </a>have stayed level, the median house price has increased for the fifth consecutive quarter to $532,500, up 13% since September 2011.
<a href="/news">Woodroffe </a>was the most popular suburb in Palmerston, followed by <a href="/news">Durack</a>.
Median unit prices in Palmerston fell slightly over the quarter, dropping to $438,000.
All in all though, Colliers is pretty upbeat about Darwin and the future of Palmerston.
“As Darwin continues to blossom into a multi-faceted city, its residential housing market is expected to entice investors. The territory is able to offer abundant employment, modern infrastructure, quality schooling and amenities, in addition to new housing which provides an ideal environment for sustained economic growth,” Georges writes.
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Darwin a safe bet for residential investors: Colliers

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Two current auction listings in Sydney’s inner east are amongst the smallest for their suburbs.
Agents are selling a 45-square-metre house in Paddington and a Darlinghurst house on about 40 square metres.
The smallest Sydney house that Property Observer is aware of is in Rozelle.
A tiny six-metre-wide terrace in Paddington has been listed for sale at more than half a million dollars.
The 45-square-metre property at <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-paddington-111902647">4 Mary Place</a> (pictured below) maximises space with a charming rustic rooftop entertaining terrace.
<img src="/images/stories/2012/10/mary.jpg">
It has been listed through BresicWhitney agents William Phillips and Maclay Longhurst with $525,000-plus hopes for its November 17 auction.
<img width="470" src="/images/stories/2012/10/mary2.jpg">
Potential buyers enter the property through its Mary Place entry into the open-plan living and dining room. One door leads into the galley-style kitchen while the other leads into a 3.2-metre by 2.4-metre bedroom and an ensuite. A hatch leads onto the rooftop storage and entertaining area.
Marketing for the property describes it as a “sundrenched” look with weathered timber floors.
Property Observer understands the house belongs to Full Square architect Dodie McMenamin.
McMenamin bought the property in 2006 for $410,000 after it was listed for two months at $435,000. Prior to that it sold for $390,000 in 2005.
The property is close to Glenmore Road and Oxford Street.
Also listed by BresicWhitney is a cosy house on about 40 square metres in Darlinghurst.
The property at <a target="_blank" href="https://www.bresicwhitney.com.au/real-estate/id/property/10066/darlinghurst/3-sims-street/#top">3 Sims Street, Darlinghurst</a> (pictured below) is listed by agents Dominic Kuneman and Brigitte Blackman for $675,000.
<img src="/images/stories/2012/10/sims.jpg">
It has a total interior area of around 60 square metres.
<img src="/images/stories/2012/10/sims2.jpg">The two-storey home comes with a tiny courtyard decorated with a wall garden of dangling plants.
It comes with a mix of polished timber floors and tiles throughout and a gas fireplace in the loungeroom.
Potential buyers enter into the living room via Sims Street. A door at the back leads onto the dining room and kitchen, which opens out to the small courtyard at the back. A staircase in the living room leads up to the two bedrooms and one bathroom on the upper floor.
According to RP Data, it last sold in 1996 for $225,000.
Sydney’s smallest home is believed to be at <a target="_blank" href="https://goo.gl/maps/Bi4Z3">180A Evans Street, Rozelle</a> (pictured below), on 27 square metres built in a former alleyway.
<img src="/images/stories/2012/10/small.jpg">It’s pictured on Google Streetview with what looks like a Red Aston Martin with a parking ticket on it.
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Pocket-sized Paddington and Darlinghurst property listings among Sydney's smallest houses

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

Joel Robinson

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

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

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

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

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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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