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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

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Alistair Walsh

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