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An 1842-built bluestone pub in Darlington in south-west Victoria, halfway between Ballarat and Warrnambool. has sold for $274,000.
The Elephant Bridge Hotel, named after the nearby basalt Mount Elephant, comes with seven rooms and lounge, dining and bar areas. It’s also supposedly haunted by ghost of Adeline Eliza Satchwell, who died in 1943 at age 83.
She inherited the pub from her father in 1889 and went on to be Australia’s oldest licensee after running the pub for 54 years.
According to a former publican of the pub, Adeline sits at the front corner window.
She was born in 1861, married twice and had 10 children.
Punters say the hotel is also haunted by a girl of about 20, a man in his 30s and a young girl who drowned in the pub’s well.
Agent Rob Rickard from Elders Real Estate Camperdown says bidding started at $200,000 and bidding went up to $274,000 with four active bidders.
“The ghost wasn’t there bidding or there in attendance,” Rickard says.
“I never had the opportunity to meet any of the ghosts but I was always keeping an eye out. We had 20 inspections throughout the campaign and we had no encounters.”
Rickard says all bidders have interest in running the hotel as a pub.
The pub was bought by a couple who looking to restore the building and run it as a tavern, wine bar and bed-and-breakfast venture.
With floorboards throughout, the pub features many of the original details. There are wedding photos of the original owners dating back to 1882.
The freehold building was offered with vacant possession. It sits on 6000 square metres on the tranquil Mount Emu Creek.
The pub had been expected to sell for $220,000 to $320,000.
The former owner had been running the hotel for seven and a half years and is looking to retire from the industry.
“Properties like this are incredibly rare really. I think the property will be very saleable in the future. It’s a rare commodity that was offered.”
Rickard says in coming months he may be selling another old pub in a different town.
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'Haunted' 170 year-old Victorian bluestone pub in Darlington sells 

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The Palace Theatre (formerly known as The Metro) has sold for $13 million to a Chinese investor in a sale that could signal the end for the historic music venue.
The 1912-built three-storey venue was sold by Ferrier Hodgson under Bankwest instructions.
The site sold in 2007 for $9.8 million and made headlines last year with plans being prepared for a 140-metre apartment tower.
In 2011, planning consultanting company Urbis reportedly met Planning Minister Matthew Guy to discuss plans for the site.
At the same time Urbis senior consultant Nick Touzeau reportedly met separately with Melbourne City Council, the National Trust and Department of Planning statutory approvals manager Adrian Salmon, all on behalf of an unnamed developer.
CBRE sales agents Mark Wizel, Josh Rutman and Scott Callow were marketing the building internationally as a prime development site.
“Sites of this size at the top end of Bourke Street are not readily available for acquisition,” Wizel said during marketing.
The venue, at 20-30 and 30A Bourke Street, was originally built as a cinema and later used as the Melbourne Revival Centre – a religious organisation.
It was infamous in the late 1990s as the Metro Nightclub but most recently it has been the site of The Palace Theatre, where artists such as Kylie Minogue, Arctic Monkeys and Death Cab for Cutie have performed. The venue has shows scheduled until December, with Refused and Primal Scream the latest additions.
The 1,442-square-metre site has 25 metres of Bourke Street frontage.
Property Observer understands the buyer is a mainland Chinese investor who  had only recently joined discussions.
There is no development approval on the site, but the new buyer is expected to lodge plans soon. Architects Elenberg Fraser are believed to be involved with the design of those plans.
Agents weren’t able to comment on the transaction.
Agent Josh Rutman says there has been an influx of large mainland Chinese buyers in Melbourne recently.
“We’ve been pretty fortunate with four significant mainland Chinese buyers over the last four months including a $40 million sale on the corner of Russell Street and Little Bourke Street,” Rutman says.
“They’re now putting their money where their mouth is and they’re picking up some high-profile sites.
“There’s no shortage of appetite even with the dollar where it is.”
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Melbourne CBD's Palace Theatre sells for $13 million to likely Chinese developers

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Harare in Zimbabwe the fourth least liveable city in the world, according to The Economist, no doubt due to Robert Mugabe’s repressive regime and its violent police state nature.

The Economist Intelligence Unit’s Liveability Survey assesses the locations around the world that provide the best or the worst living conditions.

Property Observer has looked at the cities ranked <a href="https://www.propertyobserver.com.au/international/what-property-investors-can-buy-in-the-least-livable-cities-in-the-world-six-to-10/2012082756216" target="_blank">six through 10</a>, plus number <a href="https://www.propertyobserver.com.au/international/buying-property-in-dhaka-bangladesh-the-least-liveable-city-in-the-world/2012090356226" target="_blank">one, Dhaka, Bangladesh</a>, <a href="https://www.propertyobserver.com.au/international/chinese-investment-and-mining-driving-property-prices-but-port-moresby-papua-new-guinea-world-s-second-least-liveable-city/2012090256363" target="_blank">two, Port Moresby, Papua New Guinea</a>, <a href="https://www.propertyobserver.com.au/international/property-in-lagos-nigeria-could-be-boosted-by-an-oil-boom-but-threat-of-violence-is-high/2012083056316" target="_blank">three, Lagos, Nigeria</a>, and <a href="https://www.propertyobserver.com.au/international/what-property-investment-is-like-in-algiers-one-of-the-world-s-least-liveable-cities/2012082856272" target="_blank">five, Algiers, Algeria</a>.

[smartcode_project:default project_id=94828]

The survey doesn’t include the absolute worst of the worst, just cities or business centres that people might feasibly want to live in or visit. So it does not include cities like Kabul in Afghanistan or Baghdad in Iraq, both in the grip of conflict.

Conflict is generally found to be the primary reason for the position of the bottom ranked cities.

“Threat of armed conflict will not just cause disruption in its own right, it will also damage infrastructure, overburden hospitals, and undermine the availability of goods, services and  recreational activities,” the report says.

Healthcare is shockingly poor and has the worst rating by a long way. Culture and environment rates notably highly, as does education, but infrastructure and stability score poorly.

Click to enlarge

<a href="/images/stories/2012/08/liveable.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/liveablethumb.gif"></a>

Smart Traveller says the situation in Zimbabwe is generally calm, with occasional outbreaks of political violence in some urban and rural areas. It says there is potential for the security situation to deteriorate quickly.

“You should remain vigilant in high-density (lower-income) urban areas because of the potential for the security situation to deteriorate,” the site says.

“Residents and visitors can be arbitrarily detained or arrested.”

The greater metropolitan area has a population of 2.8 million as of 2009 and is Zimbabwe’s largest.

Mugabe’s land reforms have led to white assets being seized ostensibly to redistribute to the poorer black community, but much of the land remains in the hands of government cronies. It is possible for foreigners to buy in the country, though buyers should obviously exercise due diligence.

That said, we’ve hit the listings to see what’s available.

Serbian-run website Numbeo lists the inner-city apartment prices in Harare at $1,000 a square metre. The numbers are based on user contributed figures and should be taken with a hefty pinch of salt.

Prices are quoted in US dollars as the Zimbabwe dollar was effectively abandoned in 2009.

A c<a href="https://pamgoldingproperty.co.zw/home/100k-150k/seldom-available-2/" target="_blank">harming two-bedroom flat</a> (pictured below) in the suburb of Avondale is listed for sale at US$120,000 (A$115,775). It comes with a front and back yard and a granite kitchen. Lovely. 

<img src="/images/stories/2012/08/harare1.jpg">

And <a href="https://pamgoldingproperty.co.zw/home/200k-500k/attractive-home/" target="_blank">a three-bedroom, two-bathroom house in Highlands</a> (pictured below) is listed for sale at US$270,000. It comes with a very good borehole.

<img src="/images/stories/2012/08/harare2.jpg">
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Harare has poor healthcare and political violence, but property is relatively inexpensive

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All Victorian property owners will pay a fire levy in the wake of a post-Black Saturday shakeup by the Baillieu government.


From July 2013 all property owners will pay a yearly base fee of $100 for residential property and $200 for commercial, industrial and farming property as well as an as-yet unknown levy based on the capital improved value of the property. 

The redesign of the levy comes after recommendations by the royal commission into the Black Saturday bushfires. The levy, which previously only applied to those with property insurance, will pay for the budgets of the Metropolitan Fire Brigade and the Country Fire Authority.

GST and stamp duty charges on the fire levy will also be dropped. 

“Under this model all Victorian property owners will fairly contribute to the provision of our state’s fire services,” Premier Ted Baillieu says.

“These changes will ensure everyone contributes a fair share to the fire services, not just those who adequately insure their properties.”

But Property Council of Australia Victorian’s Jennifer Cunich says fewer than 15% of fires start in commercial properties.

“It is unfair to place a disproportionate burden on commercial property owners who have invested in buildings and systems that significantly lower fire risk. Our premium properties are absolutely going to be slugged,” she told Fairfax  Media.

She says Victoria, like other states, needs to set a cap on the levy for commercial property and the changes need to recognise the lower risk of fire in commercial properties.

She estimates a $1 billion property would attract a $830,000 levy, making Victoria a less attractive for investors. 

She says the changes to GST and stamp duty are “fantastic”.

The levy will be collected by councils overseen by the State Revenue Office.

State opposition spokesman Tim Holding says because the figures for the variable rate are unreleased, Victorian property owners still have no idea how much they will pay.

“It beggars belief that the government can release the average ... levy for every local government area in Victoria and yet they will not release the variable component percentage on which this levy is based,” he says.

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Compulsory fire levy from July 2013 for all Victorian property owners

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The office market in Melbourne faces strong short term headwinds with the landmark projects in the Docklands precinct coming to market soon while major Melbourne tenants contemplate moving interstate, according to CBRE.
The overall assessment for Australia's national office outlook is flat given the likelihood of weak employment growth and structural changes in tenancy space efficiency.
In Melbourne, there are "risks" of major mining tenants moving to Perth while the Tatts Group have already announced a shift to Brisbane.
Many Docklands projects are coming to market in 2013 and 2014 which will also pull tenants away from the established Melbourne CBD, the report noted.
CBRE says more supply coming onto market at a time of weaker demand is likely to put pressure on rental growth.
Office rents in Melbourne grew 3% over 2012 but in 2013 that figure will drop to 1% in 2013 and 2% in 2013-2017.
CBRE says there will be a net absorption of 13,000 square metres, down from 49,100 square metres in 2012. Pre-GFC levels were 89,600.
The vacancy rate in Melbourne is expected to increase in coming years.
Across Australia CBRE finds major tenants like banks have been losing employees and focussing on using space more efficiently which will lead to a softer market.
“Flexible working and activity based working will limit future demand for space. This, coupled with improvements in technology allowing more employees to work remotely and increases in outsourcing means that achieving historical absorption rates will be more challenging,” writes CBRE head of research Stephen McNabb.
Perth is expected to be the strongest market though Queensland is expected to increase somewhat.
“Activity in the engineering pipeline is expected to keep economic growth strong over the next three years at least which should keep office market conditions tight with vacancy well below long term averages.”
“Little or no new supply will enter the Perth office market in the next two years but there is still underlying demand placing downward pressure on vacancy rates over the short term. This supports the strongest rental growth in Australia.”
The Queensland economy has been gaining momentum but this hasn’t necessarily translated into even job distribution across the market, the report finds. In Brisbane, employment was flat across the financial year whereas job numbers closer to resource activities jumped.
“This suggests a degree of regionalisation of employment in Queensland which contrasts to Perth, where the city is benefitting from strong mining/engineering construction activity in the north west WA.”
“New supply is expected to put some pressure on vacancy rates further out and is expected to hold back rental growth relative to historical averages.”
In Sydney the market is expected to remain balanced and tight in the short term with Barangaroo the main issue. A significant boost in demand is required to backfill CBD space.
“We struggle to find a surprise element that could pull the Sydney market higher.”
In Canberra softer demand from the public sector is expected to reduce demand with a muted forecast.
In Adelaide increasing supply will increase vacancy rates over the short term.
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Established Melbourne office market faces short term headwinds from Docklands and interstate departees: CBRE

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The city of Algiers, the capital of Algeria, is the fifth least liveable city in the world, according to The Economist.
It ranks 135th out of the magazine's list of the world's 140 most liveable cities (<a href="https://www.propertyobserver.com.au/international/melbourne-surpasses-vancouver-as-worlds-most-liveable-city-as-sydney-drops-to-seventh/2012081456033" target="_blank">Melbourne is ranked first, with Sydney seventh</a>). 
Property Observer has looked at the cities ranked <a target="_blank" href="https://www.propertyobserver.com.au/international/what-property-investors-can-buy-in-the-least-livable-cities-in-the-world-six-to-10/2012082756216">six through 10</a>, plus number <a target="_blank" href="https://www.propertyobserver.com.au/international/buying-property-in-dhaka-bangladesh-the-least-liveable-city-in-the-world/2012090356226">one, Dhaka, Bangladesh</a>, <a target="_blank" href="https://www.propertyobserver.com.au/international/chinese-investment-and-mining-driving-property-prices-but-port-moresby-papua-new-guinea-world-s-second-least-liveable-city/2012090256363">two, Port Moresby, Papua New Guinea</a>, <a href="https://www.propertyobserver.com.au/international/property-in-lagos-nigeria-could-be-boosted-by-an-oil-boom-but-threat-of-violence-is-high/2012083056316" target="_blank">three, Lagos, Nigeria</a>, and <a href="https://www.propertyobserver.com.au/international/harare-has-poor-healthcare-and-political-violence-but-property-is-relatively-inexpensive/2012082956292" target="_blank">four, Harare, Zimbabwe.</a>
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<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/liveable.gif"><img src="/images/stories/2012/08/liveablethumb.gif"></a>
The Economist Intelligence Unit’s Liveability Survey assesses the locations around the world that provide the best or the worst living conditions.
The survey doesn’t include the absolute worst of the worst, just cities or business centres that people might feasibly want to live in or visit. So it does not include cities like Kabul in Afghanistan or Baghdad in Iraq, both in the grip of conflict.
Conflict is generally found to be the primary reason for the position of the bottom ranked cities.
“Threat of armed conflict will not just cause disruption in its own right, it will also damage infrastructure, overburden hospitals, and undermine the availability of goods, services and  recreational activities,” the report says.
The city of Algiers, the capital of Algeria, is number five. <a target="_blank" href="https://www.propertyobserver.com.au/international/what-property-investors-can-buy-in-the-least-livable-cities-in-the-world-six-to-10/2012082756216">We have also looked at numbers six to 10. </a>It rates somewhat OK in its education and healthcare levels, according to The Economist, but it's bought down by its stability and infrastructure.
You’ll have to brush up on your French if you want to buy property here. All the lisitings are in French on sites such as <a href="https://www.dzimmo.com/">dzimmo.com</a> and <a href="https://www.green-acres.com" target="_blank">green-acres.com</a>. 
The currency is the dinar – one Australian dollar is worth about 83 dinars.
The city was founded in 944 AD and has been occupied by various conquers ever since. Algeria achieved independence in 1962 but in the 1990s it descended into civil war. Since then the situation has been turbulent, with terrorist groups operating in the city.
That said, the city is home to some beautiful architecture dating back to 1097. In 2010 the population was 3.5 million.
Smart Traveller says it regularly receives information indicating that terrorists are planning attacks against a range of targets, including places frequented by foreigners, Western and Jewish interests, as well as premises and symbols associated with the Algerian government.
The investment website Global Property Guide says owning a rental property or one to be used as a hotel or resort can be beneficial but it would be wise to think carefully about purchasing real estate in Algeria because of the political strife.
A<a href="https://dz.green-acres.com/en/properties/8304a-villa.htm" target="_blank"> luxury 180-square-metre, six-bedroom villa </a>with a view over the city and ocean (pictured below) is being sold for $530,460. It sits on 400 square metres of land. 
<img src="/images/stories/2012/08/algiers1.jpg">
A <a target="_blank" href="https://dz.green-acres.com/en/properties/8304a-villa.htm">somewhat dingy three-bedroom apartment </a>(pictured below) with sea and city views is being sold for $82,576. It’s in the heart of Bou Ismail town centre, which is a “very secure, good neighbourhood,” according to the listing.
<img src="/images/stories/2012/08/algiers2.jpg">
<a href="https://www.dzimmo.com/detail.php?ann=1a6c75bb02" target="_blank">This Spartan property</a> (pictured below) is listed as a luxury villa. It’s up for sale at $200,000. The 300-square-metre property comes with two bedrooms and view over the city.
<img src="/images/stories/2012/08/algiers3.jpg">
Property Observer notes there may be an opening for any real estate photographers game to move to the city.
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What property investment is like in Algiers, one of the world's least liveable cities

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The least liveable cities in the world may not the first place an investor may look to buy but who ever said conventional wisdom is the best wisdom?
Property Observer at what’s available for property investors in the world’s least liveable cities: <a target="_blank" href="https://www.propertyobserver.com.au/international/buying-property-in-dhaka-bangladesh-the-least-liveable-city-in-the-world/2012090356226">number one, Dhaka, Bangladesh</a> <a href="https://www.propertyobserver.com.au/international/chinese-investment-and-mining-driving-property-prices-but-port-moresby-papua-new-guinea-world-s-second-least-liveable-city/2012090256363" target="_blank">two, Port Moresby, Papua New Guinea</a>, <a target="_blank" href="https://www.propertyobserver.com.au/international/property-in-lagos-nigeria-could-be-boosted-by-an-oil-boom-but-threat-of-violence-is-high/2012083056316">three, Lagos, Nigeria</a>, <a target="_blank" href="https://www.propertyobserver.com.au/international/harare-has-poor-healthcare-and-political-violence-but-property-is-relatively-inexpensive/2012082956292">four, Harare, Zimbabwe</a> and five, <a href="https://www.propertyobserver.com.au/international/what-property-investment-is-like-in-algiers-one-of-the-world-s-least-liveable-cities/2012082856272" target="_blank">Algiers, Algeria.</a>
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/liveable.gif"><img src="/images/stories/2012/08/liveablethumb.gif"></a>
The Economist Intelligence Unit’s Liveability Survey assesses the locations around the world that provide the best or the worst living conditions.
The survey doesn’t include the absolute worst of the worst, just cities or business centres that people might feasibly want to live in or visit. So it does not include cities like Kabul in Afghanistan or Baghdad in Iraq, both in the grip of conflict.
Conflict is generally found to be the primary reason for the position of the bottom ranked cities.
“Threat of armed conflict will not just cause disruption in its own right, it will also damage infrastructure, overburden hospitals, and undermine the availability of goods, services and  recreational activities,” the report says.
Africa and Asia are home to all 13 cities in the bottom tier, with violence from crime, civil insurgency, terrorism or war playing a strong role in keeping them at the bottom of the pack. 
10. Abidjan
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Abidjan in Côte d’Ivoire is the best of the worst. None of the ratings given by The Economist for things like healthcare, culture and environment, stability and education are too low except for stability, which is particularly low, on par with Harare.
The city is the former capital of Côte d’Ivoire and remains the financial centre. It’s the third largest French-speaking country in the world and has a population of more than 5 million people.
A lot of the industry of the city comes from oil and manufacturing.
The main threats come from civil unrest and crime. It has improved recently, however, with the arrest of former president Laurent Gbagbo and the swearing in of President Alassane Ouattara.
However, there is still violence in the country.
“On 19 July 2012, there were violent attacks in the western towns of Duekoue and Nahibly, including at an internally displaced persons camp in Nahibly. And in June 2012 several alleged militia attacks resulted in numerous casualties in the western region, including seven United Nations peacekeepers and nine other people who were killed near the town of Tai close to the Liberian border,” the Australian Department of Foreign Affairs and Trade (DFAT) says.
Crime is the main threat in the cities.
“Car- and bus-jackings are common, and checkpoints and roadblocks may be encountered. You should avoid confrontations with police and security forces. Armed robbery is common, including of businesses and restaurants. Some robbers have been reportedly wearing military uniforms.
“We advise you not to walk across the De Gaulle and Houphouet-Boigny bridges in Abidjan as pedestrians have been attacked and robbed even during the day.”
A <a target="_blank" href="https://www.propertyobserver.com.au/https://www.immo-abidjan.com/Listing/Villa/224">five-bedroom duplex with a swimming pool</a> (picutred below) costs $382,000. It is more than 1,200 square metres and comes with two living rooms and a large garden.
<img src="/images/stories/2012/08/abidjan1.jpg">
A<a target="_blank" href="https://www.propertyobserver.com.au/https://www.immo-abidjan.com/Listing/Appartement/143"> three-bedroom apartment with access to a pool </a>(pictured below) is being rented for $1,091 per month.
<img src="/images/stories/2012/08/abidjan2.jpg">
 
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9. Tehran 
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Tehran, the capital of Iran, is a big, sprawling, smoggy hot city with some of the best healthcare in the bottom 10 cities in the world. It falls down with its poor infrastructure and low ratings for culture and environment, according to The Economist. It’s probably not being helped by years of trade embargos.
Smart Traveller warns that most of the dangers come from civil unrest in the country, which are quickly and violently put down.
“Since the Iranian presidential election in June 2009 there has been heightened political tension and an unpredictable security situation. Large demonstrations and violent clashes, resulting in some deaths, have taken place in Tehran and other cities in Iran. Further incidents are possible. You should monitor developments closely and avoid any demonstrations or political gatherings,” says the site.
The metro area has a population of 13 million people – it’s the 13th largest city in the world. The city is home to countless sites of historical significance, but modern developments have taken their toll.
Bloomberg reports the average cost of residential property in the city is about $1,550 per square metre. It reports in affluent northern Tehran prices can rise to about $11,500 per square metre.
Prices have been booming in the city, which has led to tighter government controls on the sector. Measures have been taken to prevent speculation, barring the resale of homes within fixed time limits.
A <a target="_blank" href="https://iranestate.com/en/properties/buy/apartment/tehran/5025f0064ef82">three-bedroom, three bathroom apartment in Sanad</a> is being sold for $850,000. The glitzy-looking apartment (pictured below) has access to a pool and a spa.
<img src="/images/stories/2012/08/tehran1.jpg">
A larger, <a target="_blank" href="https://iranestate.com/en/properties/buy/apartment/tehran/5010f0351446f">400-square-metre, three-bedroom apartment (pictured below) is being sold </a>for $930,515 and comes with amazing views of sprawling Tehran.
<img src="/images/stories/2012/08/tehran2.jpg">
 
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8. Douala
 
<ol start="1"></ol>
Douala in Cameroon is next, with reasonably high stability but very poor healthcare and education options, according to The Economist. In 2008 it had a population of 3 million people. The DFAT warnings for the country are relatively tame compared with some of the other offerings on the list.
“Criminal activity is a serious problem throughout Cameroon. Violent crime is common in residential centres and on rural highways. Armed highwaymen operate throughout the country.”
“Carj-ackings, muggings, robberies and petty theft occur in the capital city, Yaounde, and in the regional cities of Douala, Kribi and Maroua.
“There have been several incidents of robbery and rape committed against foreigners in Douala. Avoid travel after dark. There have been a number of attacks by gangs of armed gunmen on restaurants and hotels known to be used by foreigners.”
All in all, not as bad as it could be.
The country is bordered by Nigeria, Chad, the Central African Republic, Equatorial Guinea, Gabon and the Republic of the Congo.
The country runs close ties with France although corruption is pervasive at all levels of government.
A <a target="_blank" href="https://www.immodere.com/consulter-detail.php?ID=D30_4951">nine-bedroom, six-bathroom mansion</a> in the city is being sold for around $727,000. It comes with two living rooms, a swimming pool and two-metre barbed-wire fence. 
<img src="/images/stories/2012/08/douala.jpg">
For those with a smaller budget,<a target="_blank" href="https://www.immodere.com/consulter-detail.php?ID=G13_5700"> a 714-square-metre villa</a> (pictured below) is being sold for around $110,000.
<img src="/images/stories/2012/08/douala2.jpg">
 
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7. Tripoli
<ol start="1"></ol>
Tripoli was recently the site of a massive armed revolution helped by NATO airstrikes and a well-supplied citizen army. Since this however, Libya now has a relatively high stability rating considering it’s in the bottom 10 cities. The culture and environment rating is what brings it down, as well as healthcare and education opportunities.
An interim government was announced in November 2011, but violence does continue in the country.
Smart Traveller warns there are sporadic clashes between rival armed militias across Libya.
“Australians should be aware of the possibility of retaliatory measures from pro-Qaddafi supporters,” the site warns.
“The fighting in Libya has placed severe strain on public services, especially hospitals, clinics and provision of clean water.”
Prior to his untimely death at the hands of revolutionaries, Muammar Qaddafi reportedly used to offer about $45,000 to all newlyweds to buy their first home and all loans were interest-free.
One can only assume that deal has since lapsed.
In the Alsyahya area of Tripoli <a target="_blank" href="https://www.libyankey.com/homedetails/670/Alsyahya-Tripoli-Libya-Real-Estate/photo">a nine-bedroom marble-floored villa</a> (pictured below) is being sold for $2.65 million. The 1992-built villa is on 1,000 square metres and comes with parking for five cars.  
<img src="/images/stories/2012/08/tripoli1.jpg">
On the other end of the spectrum a <a target="_blank" href="https://www.libyankey.com/homedetails/854/Krimia-Tripoli-Libya-Real-Estate/photo">300-square-metre villa in Krimia</a> is being sold for $113,500. It needs a bit of work out the back, but it looks like a nice little place.
<img src="/images/stories/2012/08/tripoli2.jpg">
 
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6. Karachi
 
<ol start="1"></ol>
Karachi in Pakistan is the sixth least liveable city in the world, with even less stability than Nigeria. The city scores poorly for culture and environment, but education and infrastructure are higher than the others at the bottom end, according to The Economist.
Smart Traveller warns there is a very high threat of terrorist attacks in the country, with kidnapping and sectarian violence rife in the country. The website recounts numerous recent attacks in Karachi.
“Since January 2011, hundreds of civilians have been killed in Karachi as a result of political, sectarian and gang violence. In the first week of July 2011 a large number of people were killed in the ongoing violence. Political and sectarian violence occurred in Karachi in October 2011 and caused a number of deaths. Further violent clashes may occur.”
The town is the financial centre of Pakistan and the largest city in the country with a population of more than 21 million people. Locally it’s known as the city of the lights.
The nicest area is generally considered to be in South Karachi, in the downtown area.
A <a target="_blank" href="https://www.zameen.com/Property/clifton_block_9_250_square_yard_townhouse_for_sale-229978-1671-1">five-bedroom, six-bathroom townhouse in Clifton, in South Karachi</a> (pictured below), is being sold for $261,970. In a gated community, the home has been “recently updated with porcelain tiles, complete new electrical/plumbing, bath tiles”. It has two modern kitchens. “This area has ample water as well,” the listing says. 
<img src="/images/stories/2012/08/karachi1.jpg">
<a target="_blank" href="https://www.zameen.com/Property/karachi_clifton_house_with_excellent_immaculate_finish_for_sale-59506-5-1">A 700-square-metre, six-bedroom house, sadly not pictured, in Clifton is being sold for $906,822.</a> It comes with two lounges, two drawing rooms, excellent designing immaculate finish, very secure area and also extra space outside the boundary wall for planting a garden.</body></html>

What property investors can buy in the least liveable cities in the world: Six to 10

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Buying a house with a granny flat can allow buyers to earn an income from their property while still living there. It’s a double whammy.
Or investors can buy one property and earn two incomes off the one site.
In rural areas properties with granny flats can be bought for as little as $69,000, though significant work may have to be undertaken.
Property Observer has found eight houses with granny flats – either recently sold or currently for sale – that could earn buyers an income for less than $200,000.
<a href="https://www.realestate.com.au/property-house-vic-eskdale-111001571" target="_blank">1. 8 Little Snowy Creek Road, Eskdale, Vic 3701</a>
$69,000
It’s not pretty, but it’s very cheap. The “quaint” weatherboard home comes with an equally quaint self-contained bungalow. It needs renovation, but it’s in a beautiful location in the Mitta Valley at the foothills of Mt Bogong. The property comes with views over the nearby caravan park. Eskdale is a town of 200 people, 50 kilometres south-east of Albury-Wodonga.
Its being market as a great investment for someone looking to do some hard work but in return the potential income would be for the house about $160 a week and the flat rental of about $100 a week.
Agent Murray Bingham from RMB Realty Jindera is selling the property.
2. <a href="https://www.realestate.com.au/property-lifestyle-vic-lismore-7435201" target="_blank">18 William Street, Lismore, Vic 3324</a>
$110,000
In somewhat better condition this post-war vinyl-clad home comes with a large granny flat that’s currently being used as a workshop. The house comes with a country garden with established roses and various plants. Ray White Ballarat agent Trevor Booth is selling the property and says self-contained flats like this can be a great opportunity to earn income.
“It does have the advantage of being able to reduce mortgage payments by generating extra income from the flat. Though sometimes they’ll be used for the exact purpose they were intended for – elderly relatives that may have sold up their property and want to be more accessible to their immediate family.”
He says the flat could earn around $70-$80 a week and the house would rent for around $150 a week.
3. <a href="https://www.realestate.com.au/property-house-nsw-deniliquin-107410675" target="_blank">313 Finley Road, Deniliquin, NSW 2710</a>
$155,000
An “understated” home with a separately tenanted granny flat is up for sale in Deniliquin, the rice-growing town 66 kilometres north of the Victorian border at Echuca. The town recently reopened the rice mill, one of the largest in the southern hemisphere, after a break in the 10-year drought.
The owners have apparently kept the rents for the properties low with elderly residents in both.  The main house is rented at $150 per week and the granny flat is $105 per week. With some renovation work, the main house could rent for $180 per week, and the flat at $120 per week.
With the rice mill reopened, demand for rental properties has increased. And for the first time in years farmers have been given their full water allocation and are expecting a bumper crop.
4. <a href="https://www.realestate.com.au/property-house-nsw-deniliquin-107583523" target="_blank">443 Wood Street, Deniliquin, NSW 2710</a>
$165,000
In the same town by the same agent, this three-bedroom house includes a two-bedroom self-contained flat. Each is fully fenced with garden sheds and its own carport. Agent Trent Lloyd of TLC real estate says the flat could rent for $110 per week while the main house would rent for $160 per week.
5. <a href="https://www.realestate.com.au/property-house-vic-robinvale-108803351" target="_blank">23 Ronald Street, Robinvale, Vic 3549</a>
$165,000 to $185,000
Back in Victoria, this time in Robinvale, this three-bedroom family home comes with a three-bedroom bungalow out the back. The bungalow is currently set up with a canvas annex covering a purple sofa. It’s on 590 square metres.
Agent Chris Katis from Barry Plant Mildura says Robinvale is an interesting case where properties tend to be rented out by the head rather than by the room. Up to nine people have been living in the cottage, each paying $60-$70 per week, giving a potential of more than $500 a week. 
“We’re very short of housing here, and there’s a big demand for labourers on the farms,” Katis says.
“The rental situation happens a fair bit because of the lack of housing.”
6. <a href="https://www.realestate.com.au/property-house-vic-nhill-110659773" target="_blank">184 Nelson Street, Nhill, Vic 3418</a>
$169,000
In Nhill, halfway between Adelaide and Melbourne, this three-bedroom period homes come with a self-contained unit. The main house comes with a large living area and a formal dining room.
Andrew Seers from Aaron Lewis Property Agents Horsham is selling the property.
7. <a href="https://www.realestate.com.au/property-house-qld-mount+morgan-109622406" target="_blank">15 Dobbs Street, Mount Morgan, Queensland</a>
$180,000
In Mount Morgan, 32 kilometres south of Rockhampton, a three-bedroom metal-clad home just sold for $180,000, with a fully separate granny flat. The house comes with a deck, air-conditioning, steel stumps and a fully concreted handyman's work area. The whole block is 814 square metres.
The utility meters on the property were recently changed to allow for separate renting. Agent Raine and Horne agent Kerri-Anne Percival says the property market in Mount Morgan is booming. She says a possible new mine site nearby and the purchase of Mt Morgan Mines could drive prices up quickly.
8.<a href="https://www.realestate.com.au/property-house-qld-childers-110773611" target="_blank"> </a><a href="https://www.realestate.com.au/property-house-qld-childers-110773611" target="_blank">6 Noakes Street, Childers, Queensland, 4660</a>
$180,000
This house in the mining town of Childers recently sold for $180,000. The granny flat needs a new kitchenette, which agent Michael Vella says would cost $4,000, but once that’s done the flat would rent for $180 a week while the house would rent for $220 per week.
Vella says there is a massive shortage or rental properties in the town driven by mining in surrounding areas. One rental agency in the town has no  empty properties, while the others have just a handful.
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Eight two-income granny flat investment offerings for under $200,000 across Australia 

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Business accommodation group Quest Serviced Apartments has launched studio-style apartment offerings in some of its Melbourne and Sydney properties.
The new brand offers hotel-style rooms with a kitchenette, work area and free Wi-Fi.
Quest company research found likely demand from its extended stay business travellers.
The apartments are in Bondi Junction in Sydney and Brighton, East Melbourne, Kew and Hawthorn in Melbourne. A sixth property in the Melbourne suburb of Frankston will be released in early 2013.
“Whilst most of our guests still prefer an apartment with a separate bedroom and living area, we wanted to provide a dedicated offering to those who would rather stay in a hotel-style room – but who don’t want to sacrifice all of the other apartment facilities,” says Quest’s Paul Constantinou.
Quest has properties in more than 140 locations across Australia, New Zealand and Fiji.
The company opened eight new properties this financial year in Australia and four in New Zealand.
In Adelaide, Kyren Group is halfway through building a mixed-use development at 70 Franklin Street.
The development includes 131 serviced apartments plus 20,000 square metres of office space and 700 square metres of retail.
Colliers’ Nicholas Shinnick says the decision to include a residential component comes as Adelaide faces high occupancy rates for short-term apartments.
The company recently won the Innovators Award at the Australia New Zealand Pacific Hotel Investment Conference for its role in driving the sustainable growth of the serviced apartments market.
 
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Quest Apartments offer studio-style accommodation

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Estate agents in Nelson Bay, the suburb in Australia with the highest number of mortgage arrears, say the high mortgage arrears rate only applies to lifestyle properties, and they blame a series of poorly timed developments in the area for the number of lapsed mortgages.
<a target="_blank" href="/news">A recent report by Fitch Ratings</a> found the NSW Hunter region town has a delinquency rate of 7.8% for mortgages more than 30 days in arrears – five times the national average of 1.6%.
The Nelson Bay figure is unchanged from six months ago, and it has been consistently hard hit since Fitch’s first report in 2007.
Local agent Daniel O'Meara of O'Meara Property says although the rate is high, there are few cases where  residents are losing their homes.
“The vast majority of owners of these properties are not owner-occupiers and rarely live locally. As these are not the family home, the mortgage will often be let slip once money becomes tight.
O’Meara says part of the reason so many lapsed on their mortgages was the high number of poorly performing developments in the area.
“There are a number of developments throughout the area which were highly geared and commenced or completed construction too late to benefit from the last boom, and the loan value is so high that the borrowers have experienced higher-than-average days on market to achieve a suitable sale,” O'Meara says.
Raine and Horne agent Chris Hasson says there were a series of poorly timed decisions by developers that have since gone into receivership.
“There were a whole group of the units which went into receivership based on their developers going broke which were then bought by a super fund, so there’s a whole heap being sold,” says Hasson.
“If you took out those complexes we’d be well below the average.
“The people who developed those bought the land around the peak time in 2002 to 2003. They paid too much for the land and then bought all the units and tried to sell at a time when we’ve had GFC and other slow-downs in the market.”
Hasson says his agency has handled just two or three mortgagee repossession sales in the last six months.
“Our big feeder is retirees and families, those properties are in high demand they can sell in two or three weeks. Out stock is down 35% and demand has gone up 5% in the last six months.”
O’Meary says the 2315 postcode contains a much higher than average proportion of investment and holiday or lifestyle properties, which are not owner-occupied.
“Lifestyle or holiday properties tend to have a low return once all fees and costs are deducted, often leaving the loan unserviceable if the owner has lost employment or experienced a business downturn.”
He says investors need to do their homework before buying into the lifestyle market.
“There is always a risk in highly gearing the purchase of investment and lifestyle properties, so investors should always have a back-up plan”
“Market lows always eventually follow market highs, and we all need to account for both ends of the scale.”
The Port Stephens municipality has a population of 64,807 people with 30,516 private dwellings, according to ABS 2011 census data. Some 18.7% of dwellings are unoccupied, nearly double the state figure of 9.7%.
The median weekly household income is $999, compared with the state median of $1,237.
The median monthly mortgage repayment is $1,725, compared with the state median of $1,993.
The Fitch report blamed the high delinquency rate on “stagnation in the local housing market, which led to an accumulation of arrears in the 90+ day bucket”.
“The stagnation in the local housing market has increased the time required for foreclosed properties to sell, leading to an accumulation of arrears in the 90+ day bucket (4.57% as of March 2012).
“Furthermore, properties that are in arrears tend to be high-value properties, where the mortgage balance is on average almost three times the average loan balance in Nelson Bay,” says Fitch.
The median house price in Nelson bay is $417,500 with prices down 1.8% over the last five years, according to RP Data. For units, the median price is $310,000, down 26.4% over the last five years.
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Nelson Bay vendors not all that delinquent: Estate agents

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

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

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

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

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

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

Sherpa sells out Flourish Oasis in booming Palm Beach

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

Alistair Walsh

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