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Prices for some apartments in Vicland’s Southbank development, Habitat, have been cut by $30,000.
Motion Property is selling four two-bedroom apartments, which now start at $530,000.
Until June 30, first-home buyers who buy a property under $600,000 <a target="_blank" href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863">will be entitled to a $13,000 bonus from the Victorian governmnent. </a>From July 1 this year, first-home buyers will be entitled to a 20% reduction in stamp duty on homes under $600,000. For a home costing $600,000, this equates to a stamp duty savings of $6,214, less than half what a first-home buyer would secure from the first-home bonus.
<img src="/images/stories/2012/06/habitat.jpg">
The building is the work of Melbourne architectural firm RotheLowman, which instead of individual balconies for apartments designed communal, three-storey vertical gardens with built-in furniture on each level. This was to avoid the noise from the neighbouring elevated freeway.
The building is currently under construction on Clarke Street, and the roof is expected to include landscaping, a cinema and dining spaces.
The project is billed as environmentally friendly, even including a bike workshop on the bottom floor.
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awalsh-7Ub9EypybQ

Southbank development Habitat slashes two-bedroom prices by $30,000, with first-home buyer deadline days away

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Ray White recently celebrated its 110th anniversary. The five great-grandsons of Ray White met up in Sydney celebrate the 1902 founding with group chairman Brian White. Ray White once sold pigs, insurance and rural real estate in a railway siding that has since been restored as a museum dedicated to the founder. It is a remarkable milestone, and Ray White is one of many Australian real estate agencies that have exceeded the 100-year mark.
1839
Elders Real Estate bills itself as the oldest agency in Australia. It was established in 1839 after Alexander Lang Elder arrived in Port Adelaide from Scotland. The agency now has more than 400 offices across Australia.
1858
Richardson and Wrench was founded in Sydney in 1858, before much of Australia had been explored by settlers. Liverpool-born founder Robert Richardson set up shop at 235 George Street at the age of 31.
1859
Kelly &amp; Shiel in Carlton was started in 1859. It was awarded a Lord Mayor's Commendation recognising the contribution of small businesses to Melbourne.
 1866
Carlton Gaetjens in Adelaide was founded in 1866. <span style="line-height: 115%; font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;; font-size: 11pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-AU; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">The agency is run by the 86-year old Ken Gatjens – great-grandson of Herman Gatjens who married into the agency in 1886. With Ken's grand daughter now working in the agency, there have been six generations of the family working there. <span style="line-height: 115%; font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;; font-size: 11pt; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-AU; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">It was originally founded by Adolph Heinrich Bartels and Christoph Meyer. Bartels was the Mayor of Adelaide from 1871 to 1873. 
1872
W.B. Simpson &amp; Son in North Melbourne has been run by the same family since its founding in 1872 by William Simpson. The current principal, Darrell Simpson, was joined by his son Richard Simpson, the fifth-generation Simpson to be involved with the company.
1881
Blacks Real Estate in Queensland’s Mackay has been run by the same family since 1881. The family-run agency now has 20 employees.
1883
Raine and Horne’s website claims it is the oldest family-owned agency in Australia. It was established by Tom Raine and Joseph Horne in Sydney’s Elizabeth Street in 1883.
1890
Biggin Scott was founded by former mayor of Prahran TGL Scott on Chapel Street in 1890. The company now employs more than 200 people.
1890
P. Leahy agency in Mosman was founded in 1890 by Paddy Leahy. The agency is currently in its fourth generation of family ownership.
1890
The First National O’Donoghues agency site has been operating as a real estate agency since 1890. O’Donoghues bought the JC Adams Real Estate Agency in 1974.
1892
Ron Loiterton Real Estate Agents in Cootamundra was founded in 1892. The agency sells residential, rural and commercial property throughout the Cootamundra, NSW region.
1889
Sommerville First National was established by James Somerville in 1889 in Hercules Street, Ashfield. Sommerville was a founding member of the Real Estate Institute of New South Wales, and later principal Eric Morrison was also a member in 1978.
1892
Curnow Dyett Real Estate in Bendigo has been run since 1892, Bendigo’s oldest continually running agency. The agency says it has a proud tradition of helping Bendigonians realise their home ownership dreams.
1894
Ewing Real Estate in Gunnedah, NSW, was established in 1894. The family ownership of the company spans four generations and is currently run by principals Bob and Don Ewing.
1895
After a brief spell in Melbourne, James Thomas Peet established Peet in Perth’s William Street in 1895. The business was no doubt bolstered by his former business partner’s assumption of the role of mayor of Subiaco.
1898
Forsyth in Sydney’s Willoughby was founded by Robert Todd Forsyth in a wooden shack in 1898. The business is still run by descendants of the Forsyth family.
1899
Callagher Estate Agents in Annandale was founded in 1899 by an ancestor of the current principal. The agency is in its fourth generation of family ownership.
1902
Ray White recently celebrated its 110th anniversary. The five great-grandsons of Ray White met up in Sydney celebrate the 1902 founding with group chairman Brian White. Ray White once sold pigs, insurance and rural real estate
1903
Miller and James, based in Temora, NSW, was established in 1903. The agency says that 100 years on, the goal is still the same and while agents have altered their methods to suit the modern world they remain committed to professional service.
1907
Kelly and Sons in King Street Newtown dates back to 1907. The business was founded in Parkes by William A Kelly. It remains in family ownership to this day. The Kelly family forefathers arrived with the second fleet in 1790.
Do you know of any more agencies across Australia that should be on this list? <a target="_self" href="mailto:news@propertyobserver.com.au">Email us and let us know.</a>
<div class="mcePaste" id="_mcePaste" style="position: absolute; width: 1px; height: 1px; overflow: hidden; top: 0px; left: -10000px;">?</div>
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The oldest real estate agencies in Australia as Ray White – by no means the oldest – marks 110 years

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Telstra is suing the owners of 447 Collins Street after being forced to vacate office space from the building, which shed part of its marble façade in January.
Parts of the Suncorp building remain inaccessible after a two-metre marble panel fell off the building plummeted into the forecourt in late January.
Telstra is seeking nearly $500,000 from Industry Super Property Trust, saying it spent $304,642 on temporary leases and wages for staff unable to work after the telco was forced to move 462 staff out of their offices in the 1960s-built building. Telstra is also claiming an extra $170,000 for the costs it took to speed up the refurbishment of new offices.
<img src="/images/stories/2012/06/marble5.jpg">
Telstra was leasing three levels of the building before access was cut off.  Telstra already had plans to move into a new building in Latrobe Street.
Building owner the Industry Super Property Trust will not be renewing leases, and tenants will be leaving over the next year, with Suncorp the last to leave in mid-2013.
Meanwhile, the ground-floor tenants are still awaiting a final compensation figures from ISPT.
“We just want them to pay out enough to set up another shop, that’s all we want,” one shop owner told Property Observer.
“Every week they pay us a little bit, but they are still deciding on a final figure. But it’s already been a long time.
“We haven’t heard anything from them. They were supposed to call back, but they haven’t.”
Another shop owner gave the same story.
<img src="/images/stories/2012/06/marble2.jpg">
“Everybody is hard-hit, of course. But we still don’t know what’s happening.”
ISPT chief executive Daryl Browning says the company currently plans on keeping the building.
“At this stage the intention is to keep the building,'' Browning told Fairfax.
<img src="/images/stories/2012/06/marble3.jpg">
“The floors that are vacated will not be reoccupied because the work that would be needed on the facade is likely to be disruptive to tenants. The certainty is it would be easier to conduct the work with an empty building, whatever the work may be.”
Since 2006 ISPT has had approval to build a Buchan Group-designed 11-storey office block and a two-storey restaurant on the site. The permit was extended in September 2011 and is due to expire in December 2015. However, the building was recommended for heritage protection in July 2011 by Melbourne City Council.
ISPT has contested the decision, arguing “the condition of the existing building means it is not feasible to retain the existing building in its current form”, according to a December Melbourne City Council document.
The inclusion in a heritage overlay would affect future approvals if ISPT were to allow the current approval for plans to lapse.
Blockades remain in place around the building, with 40% of the façade clamped on to prevent more falling. All panels from the Flinders Lane side of the building have been removed.
The blockades still restrict access to the building, effectively stopping any street traffic from entering the ground-floor businesses.
The Godfrey &amp; Spowers-designed building was cordoned off in January after a two-metre-by-one-metre marble panel became dislodged and plummeted into the courtyard – a popular lunchspot for nearby office workers. No one was injured.
<img src="/images/stories/2012/06/marble4.jpg">
The panel, one of a reported 1,200 that coated the building, likely fell due to a combination of age and weather, according to a Melbourne City Council spokesperson.
“The panels are fixed to the building using a combination of mechanical fixings to support the load and an adhesive to keep the panel in position,” the spokesperson told Property Observer at the time.
“It appears that over time the adhesive has permitted sufficient movement so as to allow the panel to move beyond the safe limit of the mechanical support.”
ISPT is one of the largest property funds in Australia, managing $7 billion worth of investments. In Melbourne it owns 500 Bourke Street, Casselden Place, 114 William Street, Melbourne GPO, 474 St Kilda Road and 50 Lonsdale Street.
ISPT bought 447 Collins Street for $81 million from AXA in November 2004.
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Telstra to sue Collins Street office building owner after falling marble forced tenants out

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One of Japan’s largest property developers, Sekisui House, launched the first of three environmentally friendly homes in its 150-home Coolum Residences development in the Sunshine Coast on Friday, in conjunction with Lend Lease.
The homes are built using the company’s Shawood system – billed as an environmentally friendly system of building that Sekisui House say has some of the most advanced eco-friendly design elements ever built in Australia.
The homes are developed with Queensland Architects using a combination of imported technology and local materials.
Construction materials for the homes are pre-engineered offsite, including the timber frames and metal joints. According to Lend Lease, each home uses photovoltaic roof tiles, highly insulated windows, wall ventilation and energy monitoring systems. The buildings are billed as low maintenance and include a self-cleaning external webbing.
<img src="/images/stories/2012/06/shawood1.jpg">
Lend Lease says there could eventually be 150 Shawood homes at the Coolum Residences development.
Coolum Residences is a 150-hectare block 120 kilometres north of Brisbane, with much of the project marketed towards Japanese investors.
Prices for the Shawood homes start at $1.5 million.
<img src="/images/stories/2012/06/shawood2.jpg">
Sekisui House, which bought AV Jennings in 2009, increased its exposure to the local property scene through an agreement with Lend Lease in 2010.
The 50/50 joint venture partnership focuses on residential master-planned projects in Queensland and Victoria.
As part of the 2010 agreement, Sekisui House bought land holdings from Lend Lease at Hyatt Coolum on the Sunshine Coast, as well as a 50% interest in the adjoining Hyatt Coolum resort.
Sekisui House intends building up to 450 new homes on the land, while Lend Lease will provide development management services.
Lend Lease Development bought the Hyatt Coolum in 2003 from Japan's Kumagai Gumi for about $35 million.
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Sekisui House debuts Shawood environmentally friendly homes at Coolum Residences on the Sunshine Coast

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Queensland had a bigger shift towards homes with four or more bedrooms than any other state in Australia from 2006 to 2011.
According to census data, homes with four or more bedrooms now represent 34.4% of dwellings in Queensland, up from 31% in 2006.
The proportion of three-bedroom homes in Queensland dropped from 45% to 42.1%.
The average number of bedrooms in Queensland is now 3.2.
Western Australia has the highest average number of bedrooms at 3.3, unchanged from 2006, though the proportion of homes with four or more bedrooms did rise by 2.2 percentage points.
One-bedroom homes are becoming popular in across Australia, with NSW recording the biggest increase, from 5.2% to 5.6%.
Across Australia, homes with four or more bedrooms account for 30.3% of dwellings, up from 28.1%, and the average number of bedrooms is 3.1, up from three.
<table cellpadding="0" cellspacing="0" border="0" style="width: 470px;"><tbody>
<tr>
<td width="350">
<a title="Counts the number of bedrooms in each occupied private dwelling, including caravans in caravan parks." target="_blank" href="https://www.censusdata.abs.gov.au/ausstats/abs@.nsf/Lookup/2901.0Chapter44102011">Number of bedrooms</a> 
</td>
<td width="110">
Queensland
</td>
<td width="40">
%
</td>
<td width="110">
2006
</td>
<td width="40">
%
</td>
<td width="110">
Australia
</td>
<td width="40">
%
</td>
</tr>
<tr>
<td width="350">
Occupied private dwellings
</td>
<td colspan="6"></td>
</tr>
<tr>
<td width="350">
None (includes bedsitters)
</td>
<td>
8,676
</td>
<td>
0.6
</td>
<td>
7,630
</td>
<td>
0.5
</td>
<td>
42,160
</td>
<td>
0.5
</td>
</tr>
<tr>
<td width="350">
1 bedroom
</td>
<td>
64,983
</td>
<td>
4.2
</td>
<td>
55,834
</td>
<td>
4.0
</td>
<td>
363,129
</td>
<td>
4.7
</td>
</tr>
<tr>
<td width="350">
2 bedrooms
</td>
<td>
260,607
</td>
<td>
16.8
</td>
<td>
241,392
</td>
<td>
17.3
</td>
<td>
1,481,577
</td>
<td>
19.1
</td>
</tr>
<tr>
<td width="350">
3 bedrooms
</td>
<td>
651,208
</td>
<td>
42.1
</td>
<td>
626,657
</td>
<td>
45.0
</td>
<td>
3,379,930
</td>
<td>
43.6
</td>
</tr>
<tr>
<td width="350">
4 or more bedrooms
</td>
<td>
532,756
</td>
<td>
34.4
</td>
<td>
431,408
</td>
<td>
31.0
</td>
<td>
2,350,132
</td>
<td>
30.3
</td>
</tr>
<tr>
<td width="350">
Number of bedrooms not stated
</td>
<td>
29,075
</td>
<td>
1.9
</td>
<td>
28,715
</td>
<td>
2.1
</td>
<td>
143,394
</td>
<td>
1.8
</td>
</tr>
<tr>
<td width="350"></td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td width="350">
Average number of bedrooms per dwelling
</td>
<td>
3.2
</td>
<td>
--
</td>
<td>
3.1
</td>
<td>
--
</td>
<td>
3.1
</td>
<td>
--
</td>
</tr>
<tr>
<td width="350">
Average number of people per household
</td>
<td>
2.6
</td>
<td>
--
</td>
<td>
2.6
</td>
<td>
--
</td>
<td>
2.6
</td>
<td>
--
</td>
</tr>
</tbody></table>
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Queenslanders moving into bigger homes: ABS 2011 census

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The dominance of three-bedroom houses in Australia has waned from 2006 levels, while the proportion of houses with four or more bedrooms has risen by approximately the same amount, according to ABS 2011 census data released today.
The ABS 2011 census data shows three-bedroom dwellings account for 43.6% of Australian homes, down from 45.4% in 2006. Homes with four or more bedrooms now account for 30.3% of dwellings, up from 28.1% in 2006.
The proportion of two-bedroom, one-bedroom and studio homes, including bedsitters, remain somewhat steady at 19.1%, 4.7% and 0.1% respectively.
<img src="/images/stories/2012/06/bedrooms.gif" width="470">
The average number of bedrooms per dwelling has increased to 3.1 from 3, but the average number of people per home has not changed, sitting at 2.6.
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Four-bedroom home popularity soars: ABS 2011 census

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Water usage figures suggest more than 90,000 homes in Melbourne are possibly unoccupied, according to research by lobbying groups Earthsharing Australia and Prosper.
Casting doubt on regularly reported vacancy rates, Deakin researcher Phillip Soos used City West Water and Yarra Valley Water figures to look for homes that consume less than 50 litres of water per day, saying these are all most likely unoccupied. The average water use by households is 350 litres per day, with a single toilet flush using up to 12 litres of water.
Soos says the homes his report found are not identified by REIV's rental vacancy rate and says the listing of these homes on the rental market would alleviate rental problems in the city.
He says 5.9% of homes he looked at were vacant and says the bulk of these are speculative homes, which rely on capital gains rather than rental incomes.
"Landlords have an incentive to withhold properties from the rental market, as they profit substantially from realising capital gains upon sale rather than from long-term rental income," Soos writes.
<a target="_blank" href="https://www.earthsharing.org.au/wp-content/uploads/Philip_Soos_Speculative_Vacancies_2012_Report.pdf">Essendon North has the highest vacancy rate</a>, followed by Docklands and Williams Landing.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/06/water.gif"><img src="/images/stories/2012/06/waterthumb.gif"></a>
"Surprisingly, many of these suburbs are in inner and mid-rim locations, while some are out on the fringes. Given the desirability of close proximity to the city, inner suburbs would be expected to have the least potential vacancies," he writes.
He says many investors are holding onto properties without leasing them out – contributing to the rental shortage faced in Melbourne.
"Investors are faced with a wide array of costs associated with maintaining tenants in rental properties to the point that increases in the capital value of property has become the primary source of profit," he writes.
"The rapid run-up in housing prices has provided a lucrative torrent of windfall gains via capital appreciation for investors while rents have not kept pace.
"Faced with this set of circumstances, investors may conclude that renting properties make for dubious investments when factoring in the wide array of costs associated, including time and effort."
Soos recommends government provide a substantial disincentive to withhold properties from the rental market by increasing land value tax.
He says this will lower land values as it cannot be passed onto tenants and it would act as a holding cost, requiring a rental income to cover it.
Soos also recommends the government investigate why long-term vacant properties are held off the rental market and publish the results of its inquiry.
"Until the government conducts an investigation into the causes of long-term vacancies, the benefits of having vacant property used for rental will go unmet, with tenants losing out."
Earthsharing spokesperson Kath Fitzgerald says the figures are "jaw-dropping" and that property speculators "create a media atmosphere that there is nowhere to live".
"Australia has one of the most generous residential property taxation regimes in the world. Capital appreciation has dwarfed rental income for years. Withholding properties from the market is a rational investor strategy."
"The National Housing Supply Council claims a 228,000 housing shortage nationwide. We say there is nearly half that locked up here in Melbourne."
Earthsharing Australia is a Melbourne-based organisation that believes poverty and social disorder stem from the misuse of land.
Prosper Australia is an NGO that aims to distribute wealth produced from land to the entire community.
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Water usage rates suggest Melbourne is awash with unlisted vacant properties

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Tenant demand for pop-up shops is increasing in Melbourne, with one commercial agent reporting they account for nearly 10% of leases he has signed in the last year.
CBRE associate director of retail services Max Cookes says six out of an estimated 70 leases he has signed in the last year have been pop-up shops, with demand increasing.
“There’s certainly an increased demand, many more tenants are wanting to do them,” says Cookes.
“It can be a win-win situation. Sometimes when you do a deal, especially with a big international, there’s a big leading time. They can’t hand over for six months. With a pop-up shop you can fill that shop for those six months so the landlord keeps earning income.
“You can secure a high-calibre client and maintain income at the same time.”?
<a href="https://www.propertyobserver.com.au/retail/pop-up-shops-on-the-rise-as-melbourne-retail-vacancy-rate-falls-cbre/2012032353993" target="_blank">In March, CBRE reported overall vacancy across Melbourne’s top 10 retail strips had fallen to 3.5%</a> over the second half of 2011, a figure much bolstered by pop-up shops. Pop-up shop leasing has been most prominent along Bridge Road, Chapel Street, Bourke Street and the CBD.
One recent very popular <a href="https://www.propertyobserver.com.au/retail/one-direction-has-that-one-thing-with-chapel-street-pop-up-shop/2012060454958" target="_blank">pop-up shop on Chapel Street sold merchandise for boy band One Direction.</a>
Cookes says pop-up shop lease times vary immensely.
“You lease until you find a tenant, until a permanent solution is determine,” he says. ?
“It’s very rare you do them for a few days, though. It does happen, it’s usually more clearance sales.? With pop-up shops, tenants can test the waters and see if an idea is viable.
“There’s certainly increased demand from tenants to do pop-up stores purely based on the idea that tenants can trial a market without committing to a long-term lease,” he says.
“And the rent is going to be fraction of what you would have to pay annually.”?
Cookes says there is no real formula for working out the rent pop-up shops pay.
“It’s determined by tenant demand. It’s whoever will pay the most. It really ranges. It can be $10,000 a week if it’s a high-profile location, but between $10,000 and $20,000 a month is more common.? Pop-up shops in retail strips can maintain the impression of demand.”
“Generally if it’s part of something bigger and there’s a run of five to six shops then we always push to get a temporary tenant to keep up the activation of a retail strip. However, it’s not always ideal for an owner and can make a site harder to lease,” Cookes says.
“Owners are happy to entertain it as long as it doesn’t get in the way of a leasing campaign. It can look like the owner might not be serious about getting a tenant.
“If I’m negotiating a deal with a potential tenant and the landlord is getting rent from someone else it can seem that they’re not being realistic about the rent. If it’s vacant the mindset is a little bit different. It’s easier to lease a shop that’s vacant than when it’s trading.”?
One agent Property Observer spoke to suggested that agents often didn’t charge fees given the short lease time, but Cookes disputes this.
“Of course we can charge fees. Why would we do the work if we weren’t going to get paid? We take a percentage of the total income. Sometimes we don’t bill until the end (given the ongoing nature of pop-up shops).”?
Cookes says there’s no central way for tenants to find a pop-up shop lease and they are not advertised on real estate listing portals.
“They just have to call me. Approach an agent who’s in the know.”
Retail analysts have dubbed the shoppers who flock to pop-up shops as “transumers”.
One of the most prominent city pop-up shops is the Peter Jackson store on Collins Street (pictured below), currently leased until a new international tenant moves in.
<img src="/images/stories/2012/06/pjackson.jpg">
“They’re trading until we tell them they have to get out. That’s a case in point,” says Cookes.
Cookes says he’s been impressed with the level of work some operators put in.
“There’s some really good pop-up store operators. There’s people who just take them to the next level. They look like they’ve been there permanently. And there’s people who just put in shelves and put in stock. They do a job for their business, but aesthetically it’s not fantastic.”
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Tenants test the Melbourne retail waters with increased demand for pop-up shops

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Toplace Developments' Botany project Park Grove is 80% sold less than a month after its official launch, with strong investor interest.
Park Grove consists of two low-rise apartment buildings comprising one-, two- and three-bedroom apartments and street-facing townhouses, all set in within a 3,500-square-metre development that includes native parkland.
<img src="/images/stories/2012/06/parkgrove1.jpg">
Apartment prices start at $395,000 for 60- to 62-square-metre studios. One-bedroom apartments start at $477,000, two-bedrooms at $570,000 and three-bedrooms at $670,000. The townhouses start at $850,000.
The project is being marketed by Colliers, and Colliers International residential director Ian Bennett says there has been strong investor interest in the sub-$600,000 category. There have been 120 sales so far.
<img src="/images/stories/2012/06/parkgrove2.jpg">
“Colliers has taken more than a 1,200 enquiries both from both local Botany residents as well as newcomers to the area,” says Bennett. “Well over half of these are from property investors who recognise that the Park Grove development will spark Botany’s metamorphosis from a traditional industrial zone into a master-planned neighbourhood and a new era in modern Sydney urban community living.”
<img src="/images/stories/2012/06/parkgrove3.jpg">
Buyers who want to take advantage of the NSW government’s home builder bonus, which applies to new properties under $600,000 for both owner-occupiers and investors and exempts buyers from stamp duty, have until July 1 before the scheme expires. <a target="_blank" href="https://www.propertyobserver.com.au/residential/budget-s-first-home-buyer-%248000-bonus-might-actually-pause-nsw-new-home-purchasing-until-october/2012061355094">First-home buyers would probably be wise to wait until October to purchase</a> if they are willing to risk missing out on their first choice of apartments, but <a target="_blank" href="https://www.propertyobserver.com.au/landlords/nsw-property-investors-condundrum-take-the-%2422490-housing-bonus-now-or-just-%245000-after-july-1/2012061255081">upgraders and investors could miss out on a stamp duty savings of up to $22,490</a> if they don't purchase by July 1.
The project is billed as being environmentally friendly with features including cross ventilation, optimal solar access, rainwater harvesting and energy efficient fixtures and fittings.
<img src="/images/stories/2012/06/parkgrove4.jpg">
“Park Grove is designed to accommodate a community which will require close proximity to high-quality local shops, local schools, restaurants, cafes and other amenities, which in turn will unlock the potential of the previously overlooked suburb of Botany,” Bennett says.
“The development will have a new green urban community atmosphere and will be home to a rich and diverse landscape of architecturally designed living environments and abundant open space.”
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Investors snap up units in Botany’s Park Grove with two weeks left before bonus ends: June 30 investor countdown

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Greeks escaping the European crisis are chasing low-cost rental properties in Australian Greek communities.
Agents in Greek communities in Sydney and Melbourne say while sales patterns have not changed much since the crisis, many more young, recently arrived Greeks are seeking affordable housing.
Agent Nes Loizides from Fox First Real Estate in Oakleigh says he’s had many more Greek applicants for his shared housing arrangements.
“I do a lot of shared accommodation. I have a lot of Greeks coming into shared accommodation houses. A lot that don’t have much money are going into shared accommodation.”
“With the shared houses it’s definitely increased in the last eight to 12 months. A lot more of them are coming now.”
He says a lot of the applicants are Australian-born Greeks who have returned home after stints in Greece.
“A lot of Greeks are coming back. They were born here, went to Greece lost all their money and came back. They’re coming back and I’m giving them a place to live.”
Agent Tony Ioakimidis from LJ Hooker Earlwood says the pattern is similar in Sydney.
“We’ve had a lot of young Greeks asking for rentals. That’s what I’ve noticed.”
“I’ve been involved with property management, and I’ve had a lot of Greeks come through asking for rentals.”
The turmoil in Greece has not led to any noticeable shift in sales, however.
“Greek buyers are always on the market. Greeks like me, they buy, they don’t sell. I don’t think it made a big difference. People are concerned over there, but I haven’t noticed any changes in sales,” Ioakimidis says.
The Herald Sun recently reported an expected 65% increase in Greek migrants this financial year as Greeks seek safer shores.
A Department of Immigration spokesperson says the department acknowledges an increase in Greek migrants but says the increase does not represent a dramatic increase in the scheme of things.
But what their numbers don’t include is the number of Australian citizens moving back to Australia.
President of the Greek Orthodox Community of Melbourne Bill Papastergiadis says the number of returning Australians is around 5,000 this year.
“The people who are coming are all former citizens. Greece has the highest population of expat Australians outside of the UK,” Papastergiadis says.
</body></html>

Many Greeks choosing low-cost Australian rental housing over Greek austerity measures

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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