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Dramatic house price growth in central Queensland’s mining regions appears to have stabilised, according to Herron Todd White’s latest report.
The July Month in Review report found prices in Mackay, Rockhampton and Gladstone remained steady in recent months.
The report found a large number of residential properties have come onto the market in Gladstone and suggested some prices would have to be reduced in order to achieve sales.
An influx of worker accommodation over the next couple of years is said to be contributing to lower confidence in the area.
“Consequently we highlight the potential for market correction following the construction of major LNG projects and therefore do not foresee further large increases in capital growth,” Herron Todd White says.
Future workforce numbers in the area are hard to predict, and the report says housing demand may change.
In Mackay rentals figures have grown in the last six months, resulting in increased demand for the sub-$450,000 market from owner-occupiers avoiding paying rent and keen investors cashing in on rental increases.
And in Rockhampton the median sale prices has remained steady over the past 24 months.
The report found sales volumes in the under-$350,000 price range have improved in the first half of 2012 due to buyers enjoying affordable investment houses and low vacancy rates.
However, the prestige housing and coastal unit markets have suffered over recent years, with extended selling periods and reduced list prices required to secure a sale.
For more information on buying in Queensland mining hotspots, read our free eBook <a href="http://propertyobserver.com.au/ebooks/free-ebook-property-investing-in-queenslands-resources-boom">Property investing in Queensland’s resources boom</a>
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Central Queensland mining region house price growth stabilising: Herron Todd White

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Mining railway lines bring big construction employment and housing requirements with them.
There were estimates of 1000 workers required for the rail infrastructure build over three years of Waratah Coal's Galilee Basin China First Project and then by way of permanent operational employment around 460 for operation/maintenance of rail infrastructure 
Queensland’s Gailee Basin is one step closer to securing a mining rail line, with Indian mining group Adani and coal carrier QR National undertaking a feasibility study for its rail corridor.
Adani’s mine is expected to begin digging operations in July 2013 at an expected cost of around $4 billion.
Rail lines are said to be the main hurdle for development in the relatively untapped Galilee Basin. Five mines in the area could produce more than 200 million tonnes of coal a year if it can be transported.
By 2016 the $6 billion line would connect Adani's Carmichael coal mine to the Abbot Point Coal Terminal and possibly the future Dudgeon Point Coal Terminal.
The line would handle 60 million to 80 million tonnes of coal per year from Adani’s $10 billion mining project.
Last month the state government approved work on two lines in the area – one direct to the port at Abbot Point, touted by Indian coal miner GVK, and Adani’s proposal for a smaller track to connect with QR National's existing railway network in the Bowen Basin.
After the approval the ABC reported land owners were concerned about the projects.
Land owners in the path of the proposed lines could face compulsory acquisition.
Coal from the mine is destined for power stations in India.
The study is expected to be completed by March 2013.
For information on investing in mining areas, read our free book <a href="http://propertyobserver.com.au/ebooks/free-ebook-property-investing-in-queenslands-resources-boom">Residential property investment amid Queensland's resources boom</a>.
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Rail line for Queensland’s Gailee Basin mooted, with feasibility study underway 

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A 125-year-old former bank in Maitland NSW has sold after four years on the market at $1.25 million.
Built in 1887 at a cost of £20,000, the three-storey, former CBC bank was designed by George Allen Mansfield in the Italianate Classical Revival style, and the property bears his name.
The heritage-listed property is one of 53 buildings he designed for Commercial Banking of Sydney Ltd.
From 1888 to 1990 Mansfield was used exclusively as banking chambers by CBC Bank and later NAB.
A local citizen bought the property in 1990 and for eight years the ground floor remained vacant and boarded up, while the upper floors were intermittently leased out as office space, according to Heritage NSW documents.
<img src="/images/stories/maitland1.jpg">
Heritage NSW says this had the fortuitous effect of preserving the internal architecture of the original banking chambers.
The current owners, John and Barbara Murphy, bought the property in 1998 for $350,000.
They immediately set about restoring the property to set up a function centre and bed and breakfast business.
The sandstone building features terrazzo chequer-tile flooring, ornate cedar polished doors and windows, two large Doric marble columns, two large granite fireplaces, original embossed plaster ceilings, a wide cedar staircase and sandstone-arched windows.
<img src="/images/stories/maitland2.jpg">
A large amount of cedar wood was used in the construction, which was sourced from the nearby Paterson township in the 1880s.
While on the market the building has continued to operate as a $500 a night function centre with its grand foyer, function rooms, dining room, bar, former kitchen area and cool room. The main function room has seven-metre ceilings.
Upstairs the building has been used as a residence. Over the two upper floors there are 10 bedrooms, multiple bathrooms and kitchen facilities.
<img src="/images/stories/maitland3.jpg">
The property sits on 1,909 square metres and has a landscaped courtyard garden.
John Laws reportedly started his radio career here, when the top floor was used as a broadcasting room, according to former employee Ian S. Watts.
Watts says the bank was robbed in 1983 by two men who hid in the bank overnight. In the morning staff were bound and gagged and threatened with sawn-off shotguns.
Maitland was started as three separate settlements West Maitland, Morpeth and East Maitland which were amalgamated into the City of Maitland in 1945
Until the late 1800s Maitland was the predominant commercial and economic hub of the Hunter Valley, outstripping the penal settlement of Newcastle.
Agent Michael Maffey from Tony Cant Real Estate Maitland sold the property in April. The last asking price was $1.9 million plus, with the asking price having steadily decreased from $2.4 million in 2008.
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Century-old former Maitland bank finally finds buyer after four years on the market

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The two most expensive sales of the week were whole-floor units in the same building in Queensland’s Kangaroo Point.

The 15-level 1 Scott Street building sits on the south bank of the Brisbane River near the Story Bridge. The fifth-storey apartment (pictured above) sold for $4.13 million, and the 10th-storey apartment (pictured below) sold for $4.62 million.

The near-identical apartments sold on the day the tender closed. They were bought by locally based owner-occupiers. The project approval was secured by the Brisbane developers Waterford Properties with a design by architects Jackson Teece and construction by Hutchinson Builders.

Agent Denise Gustafson from Style Estate Agents says there are no more apartments left in the 2011-built building, with all 12 selling for between $4 million and $8 million.

The apartments were held off the market last year to see if the economy improved. Gustafon says this year there has been a campaign with two tenders every five weeks.

The apartments are both 432 square metres, including a 116-square-metre balcony.

NSW dominated the rest of this week’s 10 most expensive property sales, taking six spots on RPData’s list.

Four-bedroom houses featured strongly on the list, accounting for five of the sales. The remaining positions were taken by a three bedroom unit, a three bedroom house and a five bedroom house.

All of the properties sold for more than $2 million, with four of the 10 sold at auction.

1. 110/1 Scott Street, Kangaroo Point, QLD, 4169, three-bedroom unit, sold on June 29 by Style Estate Agents Brisbane for $4,62,381

2. 105/1 Scott Street, Kangaroo Point, QLD, 4169, three-bedroom unit, sold on June 29 by Style Estate Agents Brisbane for $4.13 million

3. <a href="https://www.myrp.com.au/n/143-seaforth-crescent-seaforth-nsw-2092/myrp-490?propertyId=6144382">143 Seaforth Crescent, Seaforth, NSW, 2092</a>, four-bedroom house, sold on June 28 by Richardson &amp; Wrench Seaforth for $3.4 million

4. <a href="https://www.myrp.com.au/n/63-govett-street-randwick-nsw-2031/myrp-490?propertyId=5754488">63 Govett Street, Randwick, NSW, 2031</a>, four-bedroom house, sold at auction on June 30 by McGrath Estate Agents for $2,605,000

5. <a href="https://www.myrp.com.au/n/86-ellery-parade-seaforth-nsw-2092/myrp-490?propertyId=6140389">86 Ellery Parade, Seaforth, NSW, 2092</a>, five-bedroom house, sold at auction on June 28 by Belle Property Manly for $2.465 million

6. <a href="https://www.myrp.com.au/n/1-bulkara-road-bellevue-hill-nsw-2023/myrp-490?propertyId=1368562">1 Bulkara road, Bellevue Hill, NSW, 2023</a>, four-bedroom house, sold at auction on June 28 by Elders Real Estate Double Bay for $2.3 million

7. 5/17 Greenoaks Avenue, Darling Point, NSW, 2027, three-bedroom unit, sold on June 27 by 1St City Hasemer + Caldwell Eyles for $2.25 million

8. <a href="https://www.myrp.com.au/n/3a-walter-street-claremont-wa-6010/myrp-490?propertyId=11864322">3A Walter Street, Claremont, WA, 6010</a>, four-bedroom house, sold on June 26 by Paxton Hoad for $2.175 million

9. <a href="https://www.myrp.com.au/n/52-wolseley-road-mosman-nsw-2088/myrp-490?propertyId=4512487">52 Wolseley Road, Mosman, NSW, 2088</a>, three-bedroom house, sold prior to auction on June 28 by L J Hooker Mosman for $2.15 million

10. <a href="https://www.myrp.com.au/n/23-elizabeth-street-elsternwick-vic-3185/myrp-490?propertyId=10894555">23 Elizabeth Street, Elsternwick, VIC, 3185</a>, four-bedroom house, sold at auction on June 30 by Biggin &amp; Scott Real Estate Elsternwick for $2,101,000

 

More apartments in Brisbane you may like

[smartcode_project:default project_id=90553]

[smartcode_project:default project_id=94607]

 
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Two whole-floor Brisbane apartments the most expensive sales of the week: RP Data

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Lend Lease’s timber development Forté in Docklands is gaining height at a rapid pace in the latest update to our photographic survey of the site.
<img src="/images/stories/2012/06/fortejune1.jpg">
Work on the project began four weeks ago, and the development is already taking form.
Unveiled in May, the building is due to be the world’s tallest wooden residential building.
It appears to have started on parts of its fourth storey. It was at level one when the first photos were taken. Four weeks later it’s now getting closer to its eventual height of 32 metres.
<img src="/images/stories/2012/06/fortejune4.jpg">The $11 million building will be Australia’s first timber high-rise building. Set on an elevated concrete podium, the building will rise to 10 levels and will be built with prefabricated wooden panels made from cross-laminated timber and will feature 23 apartments.
Site work commenced in February with a targeted completion date of October – quicker than it takes to build some single-family houses.
<img src="/images/stories/2012/06/fortesite3.jpg">Forté's progress as of June 8
<img src="/images/stories/2012/06/fortejune3.jpg">
Forté's progress as of June 29
{module Would you buy an apartment in a timber building?} 
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Lend Lease’s Forté, set to be world’s tallest timber high rise, towering quickly

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The buyers of units in Gold Coast’s troubled high-rise development Oracle have been knocked back in their second bid to escape contracts.
They had been trying to exit their contracts with South Sky Investments Ltd to buy the units, arguing that the change of letting managers and name of the development constituted a breach of contract.
The appeal by six buyers against a previous ruling in the Supreme Court was dismissed by Court of Appeal Justice Margaret McMurdo.
They originally purchased units in Tower 1 of the Oracle development but before settlement, Peppers Retreat, Resorts and Hotels was given letting rights to the tower and tower was to be renamed Peppers Broadbeach.
Supreme Court Justice John Muir said there was no evidence that the value of an apartment would fluctuate any more if the letting business was conducted by Peppers as opposed to any other manager.
The six buyers argued “the change from ‘The Oracle’ to ‘Peppers Broadbeach’ denotes a change from an independently recognisable (‘branded’) apartment tower to a hotel/resort in a chain of hotel/resorts,” McMurdo wrote in her ruling.
“There was no suggestion in the evidence … that The Oracle was a name which carried with it any particular attraction for purchasers or that the failure to use it exclusively or predominantly to identify Tower 1 would result in any detriment to the appellants.
“The mere fact that a development is given a name and that name is used in promotional and contractual documentation says little, if anything, about whether there is to be found in the contract an implied promise that the name will be used in respect of the completed building.”
Sales in the $700 million development have picked up recently, led by interest from local buyers. Gold Coast residents have bought $20 million worth of the 505 apartments.
The development has been in the hands of receivers KordaMentha since December 2010 after the Nikiforides family's Niecon business ran into trouble when a financier withdrew from the project.
The appeal was dismissed with the appellants paying all costs.
The appellants were John Maclain Gough and Norma Patricia Groves; Derick Brisley and Debbie Brisley; Jeffrey Aiden Wicks and Julie Kathryn Wicks; Patricia Gaye Ryan; Vicki Anne Taylor and Jennifer May Ferguson; and John Clifton Parsons and Dorothy Anne Parsons.
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Buyers of Gold Coast’s Oracle not allowed to escape contracts over name change

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Mining tycoon and eccentric billionaire Clive Palmer has spent $10 million on the former Club Med resort at?Bora Bora in Tahiti, French Polynesia.
The 30-hectare resort has 150 rooms, a 200-seat theatre and a private bay. It comes with four villas and 46 staff units. It was marketed by CBRE Hotels.
Palmer told Fairfax he had no plans to refurbish the resort yet, but that the resort does hold development potential.
He says he bought the property for “relaxation, serenity and because no?one else was going to buy it”.
“I will bring my family here – it’s one of the most beautiful places on Earth.”
He says he will be staying at his resort next month when attends the Asia-Pacific Forum, set up to discuss the promotion of socio-economic development and growth in the Pacific islands.
The purchase is the latest in a series of tourism related acquisitions and plans by Palmer.
Last year he bought the Hyatt Regency at Coolum in the Sunshine Coast.  He has also bought the <a target="_blank" href="https://www.propertyobserver.com.au/leisure/clive-palmer-buys-distressed-golf-courses-at-discount/2011092051616">Robina Woods and The Colonial golf courses at Robina</a> for $7 million and this year his Gold Coast purchases has totalled $6 million.
He told Fairfax the Bora Bora purchase is unlikely to be the last. “I’ll take a look at anything.”
The club was shut down by owners Club Méditerranée SA in 2009.
The resort is set in Faaopore Bay on the south coast of Bora Bora, 250 kilometres from Tahiti. Parisian interior designer, Christian Liaigre worked on the internal furnishings, borrowing themes from the island tattoos.
Celebreties who stayed there include Ringo Starr, Harrison Ford, Meg Ryan, Patrick Swayze, Senator John McCain, Janet Jackson, Pierce Brosnan, Drew Barrymore and Cameron Diaz.
Prices ranged from $200 to $375 per night to stay at the all-inclusive resort.
The rooms are a mix of stand-alone and duplex bungalows and two-storey, motel-style buildings, though the beachfront bungalows were the preferred choice for holiday makers.
CBRE’s marketing in 2009 said the property is a “world-class resort destination offering scenic beauty, political stability and high-quality resort product”.
The deal comes after Palmer’s failed attempt to buy <a target="_blank" href="https://www.propertyobserver.com.au/leisure/chinese-mining-tycoon-beats-clive-palmer-to-acquire-lindeman-island-with-plans-to-redevelop/2012042554429">the Club Med in Lindeman Island in the Whitsundays,</a> when he was outbid by a Chinese mining tycoon.
Photograph by Thomas Wasserberg, courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>.
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Clive Palmer buys former Club Med resort in Bora Bora for $10 million

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Sydney’s Landmark Randwick development has had a surge in off-the-plan investor interest driven by the upcoming changes to stamp duty concessions.
David Gray of agency Mint360property says the weekend’s sales launch was the biggest rush to he’s ever seen in the east.
The NSW government’s home builders’ bonus, which provides stamp duty exemption for buyers of new property under $600,000, expires on July 1.
<img src="/images/stories/2012/06/mint1.jpg">
Mint360property marketer Arthur Perdis says almost all of the 70 groups that came to the launch put in an offer. He says 70% of the buyers were owner-occupiers.
Of the 42 one-bedroom apartments building, 32 sold on the day. All seven of the two-bedroom, one-level apartments sold. Eight of the 16 two-storey two-bedroom Skyhomes sold.
<img src="/images/stories/2012/06/mint2.jpg">
One-bedroom and one-bedroom plus study apartments cost $550,000 to $650,000, the most popular range.  Two-level two-bedroom apartments cost $700,000 to $800,000. And the Skyhomes cost $750,000 to $800,000.
Mint360property’s Diane Goncalves says buyers were driven by changes in stamp duty concessions. She says buyers saved up to $22,490 by buying this week instead of next.
Landmark Randwick is a 117 apartment low-rise residential development in Randwick by developer Zonie Property Group. The building is one kilometre from Coogee Beach and shopping centre The Spot.
The four-building site occupies 4,900 square metres over a three-street frontage on the eastern side of Avoca Street.
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Mint360 secures rush of fresh sales as Landmark Randwick launches

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Gaetjens Real Estate in Adelaide that was established in 1866, ranks the fourth oldest estate agency on Property Observer’s list. The agency is run by 86-year old Ken Gaetjens – great-grandson of Herman Gaetjens, who married into the agency in 1886.
It was added after <a href="https://www.propertyobserver.com.au/industry-news/the-oldest-real-estate-agencies-in-australia-as-ray-white-%E2%80%93-by-no-means-the-oldest-%E2%80%93-marks-110-years/2012062555079" target="_blank">Monday’s look at Australia’s oldest real estate agencies</a>, when a reader wrote in with the addition to the list.
It was originally founded by Adolph Heinrich Bartels and Christoph Meyer. Bartels was the mayor of Adelaide from 1871 to 1873. The agency was called Bartels &amp; Meyer before Herman Gaetjens acquired the business.
Danish-born Herman Gaetjens arrived in Australia from Denmark in 1860 and later became the mayor of Henley Beach.
Ken says six generations of the Gaetjens family have worked in the agency. His son and grand-daughter currently work at the agency.
“The game will still keep going,” he says.
Ken joined the agency in 1946 after coming out of the Air Force. He joined his father Arthur, who had been working there since 1912.
Ken Gaetjens says many members of the Gaetjens have been presidents of the Real Estate Institute of South Australia. Ken was president from 1978 to 1979.
Fittingly, the company specialises in selling property for the over-50s. The agency charges pensioners a discounted rate to sell their home and help them find retirement accommodation.
The title of Australia’s oldest real estate agency is claimed by Elders, established by Alexander Lang Elder in Port Adelaide in 1839.
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South Australia’s Gaetjens Real Estate among the oldest agencies in Australia

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In this week's list of Australia's most discounted properties by SQM Research, we say goodbye to the long-running Thornleigh home. The four-bedroom Paling Street home finally sold after three years on the market. The price was withheld but it had been discounted by $400,000 and was advertised around the $700,000 mark. 
SQM director Louis Christopher says whoever bought the property secured themselves "potentially quite the bargain".
This week's list contains a mixed bag of properties, with only Northern Territory and ACT not appearing. The top discounted property remains unchanged from SQM's last list, a three bedroom horse property in Cedar Creek, Queensland. It has been on the market for 307 days and has been discounted 41%.
The only newcomers to the list are in Queen Street, Brisbane and White Beach, Tasmania. The Brisbane unit has been on the market since February 2010 and has reduced its asking price from $1.85 million to $1.15 million.
 
1
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009160249">27 Shaws Pocket Road, Cedar Creek, Queensland, 4207</a>
On the market since: August 15, 2011
Initial asking price: $1.19 million
Current asking price: $699,000
Reduction: 41%
Days on market: 307
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">2</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106542744">11 Pyrites Road (via Nairne), Brukunga, SA, 5252</a>
On the market since: May 23, 2010
Initial asking price: $253,000
Current asking price: $155,000
Reduction: 39%
Days on market: 755
 
3
<a target="_blank" href="https://www.realestate.com.au/property-house-vic-moonee+ponds-107312818">60 Margaret Street, Moonee Ponds, Victoria, 3039</a> 
On the market since: April 9, 2011
Initial asking price: $1 million
Current asking price: $620,000
Reduction: 38%
Days on market: 434
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">4</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008435199">502 Tarni Court, Port Adelaide, SA, 5015</a>
On the market since: January 28,2010
Initial asking price: $725,000
Current asking price: $450,000
Reduction: 38%
Days on market: 721
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">5</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105812631">1892 Stapylton Jacobs Well Road, Jacobs Well, Queensland, 4208</a>
On the market since: July 12, 2009
Initial asking price: $515,000
Current asking price: $320,000
Reduction: 38%
Days on market: 1,070
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">6</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.%20realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106865330">673/420 Queen Street, Brisbane City, Queensland, 4000</a> (pictured)
On the market since: February 10, 2010
Initial asking price: $1.85 million
Current asking price: $1.15 million
Reduction: 37%
Days on market: 518
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">7</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Greendale/?adid=2008766488" target="_blank">202 Wolstenholme Avenue, Greendale, NSW, 2745</a>
On the market since: January 16, 2011
Initial asking price: $2.95 million
Current asking price: $1.85 million
Reduction: 37%
Days on market: 518
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">8</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106211228" target="_blank">15 Gretel, Two Rocks, WA, 6037</a>
On the market since: December 26, 2009
Initial asking price: $1.1 million
Current asking price: $699,000
Reduction: 36%
Days on market: 903
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">9</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007217761">1302 Birkdale Place, Magenta, NSW, 2261</a>
On the market since: June 17, 2008
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
Days on market: 1,460
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">10</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.%20domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008590367">21 Fox Avenue, White Beach, Tasmania, 7184</a>
On the market since: September 27, 2010
Initial asking price: $170,000
Current asking price: $110,000
Reduction: 35%
Days on market: 630
 
SQM Research also offers a list of the <a title="SQM Research" href="https://www.sqmresearch.com.au/top100bargains.php" target="_blank">Top 100 Biggest Bargains in Australia </a>for sale.
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Brisbane apartment makes debut in sixth place on SQM most discounted list

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

Joel Robinson

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

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

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

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

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

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

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[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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