<html><body>
<img src="/images/stories/2012/06/church.jpg" width="470">
The former 1860-built Bible Christian Church in Gore Street, Fitzroy (pictured above), sold at its weekend auction for $3.41 million.
The bluestone building was once used as a furniture factory after its ceased operating as a tabernacle. It comes with tall brick-embellished Georgian windows and a 1911-added Greek Revival-style façade.
The building was converted 10 years ago into a three-bedroom, two-bathroom house with a six-car garage.
It features an ornately carved and suitably religious front door and an original banner in the lounge-room proclaiming “Holiness becomes thy house”.
The Bible Christian Church was a Methodist denomination founded by William O’Bryan, a Wesleyan Methodist local preacher in 1815 in North Cornwall. Its mission in Australia was established in 1850.
 Storage of the wine should be no issue with the house’s large wine cellar and basement workshop.
The marble kitchen has a butler's pantry, and two sets of French doors open to an east-facing paved terrace. The two bedrooms are on the same level, separated by a bathroom. Upstairs is storage space with the possibility to convert into another bedroom.
Sarah Case from RT Edgar had the listing in conjunction with Nelson Alexander agent Arch Staver, who were looking for buyer interest around $3 million, which was its reserve. There were three bidders.
It was among the 57% clearance rate in Melbourne, which was up on the 53% clearance rate of the prior weekend and the same weekend last year, according to the Real Estate Institute of Victoria.
Sydney’s agents secured a 57.2% weekend clearance rate, according to Australian Property Monitors.
<img src="/images/stories/2012/06/stalbanschurch.jpg" width="470">
If you missed out on that church you needn’t worry – Property Observer has found some other church offerings in Sydney and Melbourne.
The property at 1231 St Albans Road in St Albans is a 1918-built Anglican church (pictured above). St Jude's is now a one-bedroom loft conversion. The dainty home has the original stained glass windows, pew hymn board and high cathedral ceilings. Ian Clarke from Belle Property Pymble is looking for $438,000 for the house. Lovely.
<img src="/images/stories/2012/06/somervillechurch.jpg" width="470">
The property at 9 Grant Road, Somerville (pictured above), was a church from 1855-1988. St John’s was a Presbyterian church and is being sold with a full history including photos from its long tradition. It’s now a four-bedroom open plan home, with three single-room bungalows. Chrissy Kouvaras from Harcourts Frankston is selling the house and is looking for offers in excess of $400,000.
<img src="/images/stories/2012/06/boroniachurch.jpg" width="470">
An old Templar church is up for sale at 3 Wadi Street, Boronia (pictured above). The property has been converted into a three-bedroom home complete with the original bell tower and a not-so-original bowling alley. The former congregation area now serves as an open-plan office and living room. Oliver Hammacher from hockingstuart Boronia is looking for $680,000 to $740,000 for the house.
 
<hr class="system-pagebreak">
 
Or if you’ve got the energy to do a conversion yourself, there are these unconverted churches up for grabs.
<img src="/images/stories/2012/06/malvernchurch.jpg">
The property at 12-14 Spring Road Malvern is an 1880-built Wesleyan Methodist Church. The heritage-listed building sits on 798 square metres of land and comes with the classic pitched slate roof, leadlight windows and polychromatic bricks. It’s being sold by a developer who built apartments to the south and east. Jock Langley from Abercromby's Real Estate is looking to sell for $2.5 million plus, with expressions of interest ending August 7.
<img src="/images/stories/2012/06/gladstonechurch.jpg">
Or for something bigger, 23a Gladstone Street Moonee Ponds is a 1,050-square-metre church (pictured above) currently run by an Australian Christian Churches group. Luciano Deodato from Brad Teal Real Estate Essendon says the 100-year-old former Catholic Church is currently under offer. The agents had been chasing $1.9 to $2.2 million.
<img src="/images/stories/2012/06/comboynechurch.jpg">
And for something further out, 1-3 Thone Street, Comboyne (pictured above) is a 1917-built Roman Catholic church. The 2,251-square-metre church has been the gathering place for the Comboyne Parishioners since the early 1900s. Kevin Debreceny from Kevin Debreceny Port Macquarie is selling the still-operational church at auction on July 21 for $250,000 to $265,000.
<img src="/images/stories/2012/06/daylesfordchurch.jpg">
And Daylesford, a town full of churches, has an offering for the enthusiastic renovator. The property at 19a Camp Street (pictured above) is a 1903-built Presbyterian Church called St Andrews. The 2,347-square-metre property comes with many original features including stained glass windows, a spire, ceiling roses, cathedral ceilings, floorboards and even a rare Austrian church organ, one of only two in the world. In fact the organ is the only heritage-listed part of the building. Purchasers will be banned from selling the organ but do have the option of gifting it to another church. Agent Aaron Gay is looking for offers above $950,000.
</body></html>

awalsh-7Ub9EypybQ

Former Bible Christian Church fetches celestial $3.41 million at Fitzroy auction

<html><body>
Hobart’s Museum of Old and New Art has won the people’s choice award at the Australian Institute of Architects’ 2012 Tasmanian Architecture Awards.
Designed by Fender Katsalidis, MONA also won the Alan C Walker Award for Public Architecture.
The museum is carved into a peninsula of Hobart’s Moorilla wine estate and features interconnecting chambers that eschews a programmed circulation strategy for individual journeys of discovery.
“MONA is a place of mystery, exploration and wonder – unconventional, unpredictable, where the visitor can feel comfortably lost amongst extraordinary art,” the jury noted.
The museum was started by eccentric millionaire and professional gambler David Walsh in 2011. It’s the largest privately funded museum in Australia. The gallery represents the whims of Walsh, who says the museum acts as a subversive Disneyland.
Visitors arrive to the sex- and death-themed museum via a ferry service, which docks near the grand entrance. Entry leads down into the subterranean chambers, where the journey begins.
Nonda Katsalidis and Walsh became friends after Walsh moved into the penthouse designed by Katsalidis in Melbourne.
“He is the greatest architect in the world for my purposes, in terms of what I wanted to do,” Walsh told Australian Design Review.
“He doesn’t build the same building over and over again.”
In total, 23 prizes and commendations were awarded at the ceremony.
</body></html>

Hobart’s Museum of Old and New Art wins people’s choice award for Tasmanian architecture

<html><body>
The vendor of 8 Yarra Bank Court in Abbotsford has signed the house up to a Twitter account in an attempt to harness social media to sell the property.
Every day or so the house tweets another sweet comment about how things are going in the area and what a joy it is to live there. A recent tweet was "Spectacular view of the moon rise from the bedroom balcony at Yarra Bank CRT tonight", and another read "So wet cold and miserable outside. So warm and toasty from inside with the central heating on. Perfect day at YBC."
After joining Twitter 21 days ago the account already has 272 followers.
<img src="/images/stories/2012/06/housetwitter.jpg">
The campaign is part of a growing social media trend in Australia, recently started by Northcote resident Kurt Opray. He reckons his house sold for $135,000 above his reserve price after signing the house up to Twitter and YouTube and starting a blog. It all generated publicity on old media, via print and television coverage.
Opray has since started a business offering the same service to vendors. Other houses he has currently signed up for Twitter and blogs include a three-bedroom house in Beaumaris, a four-bedroom house in Sandhurst Golf Club and a three-bedroom house in Mildura.
He generally charges around $4,000 for each campaign, with a large focus on reaching an audience interested in buying property. In an interview with Alan Kohler for Qantas in-flight radio, he said his aim was use twitter to entice people to the area. He suggests to make it very conversational giving people a feel for what it's like living in the house.
"The fellow who ended up buying the house said he did spend some time looking through the blog the day before the auction, which is fabulous."
"You have to understand how to get the right followers [on Twitter]."
"There's ways to use Twitter to find people who have an interest in something you're purveying."
He advocates the use of social media on top of an agent's usual marketing campaign.
Since the media storm surrounding his sale it seems more and more vendors are running custom Twitter accounts, and it seems the trend may sometimes assist – South Morang's 10 Mirrabucca Street sold late last month after just three weeks on the market.
 
Houses with Twitter accounts
95 Todd Ave Yeppoon, Queensland <a href="https://twitter.com/#!/@95ToddAve" target="_blank">@95ToddAve</a> 140 followers
29 Pacific Boulevard Beaumaris, Victoria, <a href="https://twitter.com/#!/@BeaumarisHouse" target="_blank">@BeaumarisHouse</a> 0 followers
22 Quarterdeck Road, Sandhurst, Victoria <a href="https://twitter.com/#!/@sandhursthouse" target="_blank">@sandhursthouse</a> 17 followers
32 Cale Street Como, WA, <a href="https://twitter.com/#!/@ComoHouse4Sale" target="_blank">@ComoHouse4Sale</a> 67 followers
56 Rose Avenue Glen Waverly, Victoria, <a href="https://twitter.com/#!/@GlennyHouse" target="_blank">@GlennyHouse</a> 126 followers
5/67 Canadian Bay Road, Mount Eliza, Victoria <a href="https://twitter.com/#!/@MountElizaUnit" target="_blank">@MountElizaUnit</a> 286 followers
31 Nara Road Mitcham, Victoria, <a href="https://twitter.com/#!/@31NaraRoad" target="_blank">@31NaraRoad</a> 171 followers
10 Landon Place, Sheffield, Tasmania <a href="https://twitter.com/#!/@TasHouse4Sale" target="_blank">@TasHouse4Sale</a> 10 followers
19 Karnu Drive,Ninderry, Sunshine Coast, Queensland <a href="https://twitter.com/#!/@NinderryHouse" target="_blank">@NinderryHouse</a> 80 followers
15 Clearview Pde, Hazelbrook, NSW, <a href="https://twitter.com/#!/@Hazelbrook4Sale" target="_blank">@Hazelbrook4Sale</a> 86 followers
8 Yarra Bank Court, Abbotsford, Victoria <a href="https://twitter.com/#!/@YarraBankCourt" target="_blank">@YarraBankCourt</a>
</body></html>

Three bedrooms, two car spots and 140 characters: Houses with their own Twitter accounts

<html><body>
Three square metres is all it takes to run a hotdog shop, apparently.
Possibly Melbourne’s smallest retail food store, Dognation squeezes into its tiny alleyway nook like a sausage into a bun.
The owner of the morsel-sized shop, Seong-Lee Ang, thinks it’s the smallest food shop in the city.
“Our leasing agents said they have never heard of anything as small as three square metres for a food shop,” says Ang.
He says demand is high for small unique spaces like the one he has and places are hard to find.
<img src="/images/stories/2012/06/dognation2.jpg">
“We get a lot of people who would be dying to take the space we’ve got because it’s one of those iconic things for Melbourne. Especially for little laneways, they’re always in really high demand.”
Ang pays a higher than usual price per square metre but ultimately pays very little given the size.
“On a square metre basis we pay probably double the going rate. But compared to the total annual rent of other shops it’s not much.”
Leasing agent Andrew Hewett from Fitzroys says the shop was originally leased for $4000 a square metre with two years ago with 4% annual increases.  
The novelty of such a small shop is part of the draw for consumers, Ang says.
“The talking point of us being in such a tiny spot has been a really big thing, besides the product itself,” he says.
“It is a big factor to us to say what is our productivity out of such a small space, and there are definite advantages from a cost point of view.”
Ang seems attracted to strange locations and plans to open another branch inside an espresso bar on Southbank next month.
“We’re doing a store within a store concept. Using space within a different shop and creating a small brand within a brand. We are essentially a lunch trade only, so we can take advantage of the lunch hours within the other shops.
“It’s a private arrangement, it’s not an official sublet. We’ve got a connection with the owners of the espresso bar, it’s an internal arrangement.”
But it’s not the only tiny shop in Melbourne though. On the way back from visiting Dognation, Property Observer popped into Switchboard for a quick coffee.
Owner Joe Sayers says the kitchen area for the coffee shop is just 1.8 square metres, but there’s enough room for a coffee machine and two staff. The former cigarette booth now has seating opposite in what was formerly the building’s switchboard. Switchboard even offers a limited food menu so perhaps Dognation isn't top dog with its claim to miniature fame. Maybe it's time to play ketchup.
</body></html>

Hotdog shop Dognation almost cuts the mustard in one of Melbourne’s smallest retail premises

<html><body>
Developer Dexus’ super-green Sydney development One Bligh Street has been named the best tall building in Asia and Australasia by The Council on Tall Buildings and Urban Habitat.
This makes it one of the seven best tall buildings in the world for 2012 according to the council, the first time an Australian building has won the award.
The building houses Australia’s tallest naturally ventilated sky-lit atrium, a feature that impressed the judges.
"The dramatic, naturally ventilated central atrium connects the office workers with nature at the inner depths of the plan, giving a sense of openness for the entire building,” says jury panel member Werner Sobek, founder of Werner Sobek Group.
The council says buildings were selected for their design and technical innovations, sustainable attributes and the enhancement of both cities and the lives of their inhabitants.
“The winners display remarkable creativity, as well as a respect for the environment, connection with place, and the urban surroundings,” says awards committee chairman Richard Cook of Cook+Fox Architects.
The building could still be named the world’s best tall building at the 11th Annual Awards Ceremony and Dinner at the Illinois Institute of Technology in Mies van der Rohe’s iconic Crown Hall, Chicago. From the four regional best tall building winners, one overall winner will be selected and bestowed with the “Best Tall Building Worldwide” award, to be announced on the night.
The other regional winners were the Absolute Towers in Mississauga, Canada; Palazzo Lombardia, Milan, Italy; and Doha Tower, Doha, Qatar.
One Bligh Street has been valued at around $629 million and has a six-star green star rating. Standout features for the building include its double-skin façade and glass atrium but it requires high rents to deliver a suitable return to its owners.
Rents are believed to be in the $900 to $1,100 per square metre range for lower floors, rising up to around $1,300 for the upper floors.
Law firm Clayton Utz is the tower’s anchor tenant, and the Commonwealth government's Ministerial and Parliamentary Services recently leased three floors. Papua New Guinean oil and gas company Oil Search also just leased two levels, and financial media group Bloomberg is tipped to be the next tenant to sign on.
</body></html>

Dexus’ One Bligh Street named best tall building in Australasia 

<html><body>
On the night of June 21, CEOs and senior management at many major Australian companies won’t be going home to their penthouse apartments but will sleep on the ground to raise money for the Saint Vincent de Paul Society.
Participants of the CEO Sleepout will spend a night sleeping outside to experience a night of homelessness with limited bedding and food.
So far 1,032 participants have raised a total of $1.48 million, in an effort to raise awareness of homelessness in Australia.
The event was launched by Carnival Australia CEO Ann Sherry, who spoke about hidden face of female homelessness.
“For me, the number of women and children who are homeless is a statistic and phenomena that we shouldn’t tolerate, and I think that is true of all homelessness.”
She called on female business colleagues to take up the challenge.
NSW is well in the lead in terms of fundraising at the time of writing. NSW has raised $767,646 with 271 participants, Queensland’s 158 have raised $499,433, WA’s 114 have raised $360,098, Victoria’s 148 have raised $299,817, South Australia’s 100 have raised $226,094, ACT’s 153 have raised $225,694 Northern Territory’s 37 have raised $58,487 and Tasmania’s 51 have raised $49,036.
The participants include Westpac’s Gail Kelly, Commonwealth Bank’s Ian Narev, ABC’s Mark Scott, Jones Lang La Salle’s Andrew Balzanelli and CBRE’s Phil Rundle and Andrew Stewart.
Kevin Rudd will take part in the event again this year. Last year he opted to sleep in Melbourne, saying Queensland’s warm nights were “simply too soft”. Malcolm Turnbull has signed up this year though so far he’s raised just $365 since signing up on May 24. Other politicians include Federal MP Kelly O’Dwyer and Queensland’s leader of the opposition Annastacia Palaszczuk.
To donate, visit <a href="https://www.ceosleepout.org.au/">https://www.ceosleepout.org.au</a>
</body></html>

CEOs to swap four-poster beds for sleeping bags in CEO Sleepout

<html><body>
Retail centres should be changing their tenant mix to improve performance over the next 12 months, according to the latest report by Jones Lang LaSalle.
Jones Lang LaSalle's Retail Centre Managers’ Survey found the key factor expected to improve performance of individual retail centres over the next 12 months is a new tenant mix.
“Those retail centres that have deliberately changed their tenancy mix or attracted new tenants with strong customer appeal have reported solid growth during a challenging trading period,” says Richard Fennell of Jones Lang LaSalle.
“With clothing and footwear continuing to struggle, sub-regional shopping centres are re-focusing their tenancy mix to better reflect the needs of their catchment and growth sectors.  This includes specialty food, dine-in cafes/restaurants, and a range of services that bring repeat customers to the centre.”
He says the ability to improve tenancy mix is constrained by limited demand and the need for injection of capital before tenants commit and recommends alternative lease terms and tenant incentives.
“Alternative lease terms are being considered in order to accommodate new or struggling retailers.  This may include shorter lease terms and percentage rent deals. Centre managers have also reported some rent reversion at the end of the lease period in order to retain tenants,” he says.
“There is also a higher expectation on the part of tenants for incentives.  These include both rent-free periods and fit-out contributions, with tenants having limited capital to cover the cost of fit-outs.”
Vacancy rates increased slightly from 4.2% in December 2011 to 5.1% in March 2012 for neighbourhood centres and from 1.1% to 1.4% in March 2012 for sub-regional centres.
<img src="/images/stories/2012/06/jlljune14.gif">
Tenant enquiry improved slightly, but from a very low base. Enquiry remains weak, with food retailers and the discount variety sector (in sub-regional centres) showing the main interest.
The report found the average rental growth for neighbourhood centres was 2.8% for the year ending March 2012. Sub-regional centre growth has been weaker, averaging just 1.3% over the 12-month period.
Sentiment in retail centres across Australia had improved slightly following the Reserve Bank’s cash rate cut in May. The report was published before June’s further rate cut.
According to the report, 57% of centre managers expected some growth in sales over the next 12 months, up from 49% in February, though their sentiment is described as “caution optimism”. Those in the 57% primarily expect growth of less than 3%. Those expecting sales to decline fell from 31% to 21%.
Research director David Snoswell says the Reserve Bank’s 50-basis-point cut in the official cash rate in May is the main reason for improving sentiment among centre managers.
Despite the positivity of centre mangers consumers remain cautious, with <a href="https://www.propertyobserver.com.au/trends/time-to-buy-a-dwelling-sentiment-improves-but-unlikely-to-flow-through-to-purchases-westpacs-bill-evans/2012061355096" target="_blank">the Westpac-Melbourne Institute Index of Consumer Sentiment showing no recovery in May following the rate cut</a>.
“Cautious consumers are going to be wary of spending the savings from lower mortgage payments on retail goods, at least in the short term,” says Snoswell.
</body></html>

Retail centres need to change tenant mix to improve performance: Jones Lang LaSalle

<html><body>
The ski season is nearly upon us with the Queen’s birthday long weekend. As thrill-seekers flock to ski resorts in Victoria and NSW, many may be thinking of buying investment property on the slopes.
Property Observer has cleared the frost and found the cheapest properties available right in the ski fields.
And we’ve found Victoria’s Falls Creek and Mount Hotham are the place to look for cheap properties in the ski fields.
A recent REIV report found property prices in the Alpine region had dropped 22.8% in the year to March 2012. This is confirmed by local agent Paul Englisch from Alpine Property Dinner Plain.
“I would suggest it’s more than 22% with the recent sales we’ve had,” says Englisch.
“There’s more currently for sale that there has been in the last 10 years at any one time. And the prices have all gone down.
“It’s impossible it will last though. In Dinner Plain, just down the road, we’ve started selling more than we’re listing. The total number of properties for sale has being reduced by half there.”
Other agents echo this sentiment, with one suggesting prices have dropped by more than 30% over the year.
$44,500
<img src="/images/stories/2012/06/fallsunit.jpg">
A <a href="https://www.realestate.com.au/property-apartment-vic-falls+creek-108022321" target="_blank">twin suite in Falls Creek </a>will set you back just $44,500. Rooms 208 and 209 in Silverski Lodge are being sold by RT Edgar Alpine. They each have one bathroom, sleep two people in a bunk bed and share a generous balcony. Agent Christa Zirknitzer says annual outgoings for the property are $3,400. An exact figure for income for the property was unavailable, but Zirknitzer says average income is 2% to 3%. The asking figure is what the vendor paid last year in Morry Schwartz’s mass sell-off.
$79,000
<img src="/images/stories/2012/06/fountains.jpg">
In Mount Hotham, unit 2A in Fountains Apartments is available for $79,000 through PRDnationwide. It comes with a small kitchenette, ensuite and a bunk bed, but there is no gas attached to the apartment. The unit is usually leased as staff accommodation and earns $6000 + GST per season. The unit costs $2,171 in outgoings.
 
<hr>
 
$79,000
<img src="/images/stories/2012/06/jackfrost.jpg">
For the same price in you can buy apartment five in Mount Hotham’s Jack Frost through RT Edgar. The unit sleeps three people in a three-part bunk bed and includes a decent-sized kitchen, a small entertaining area and a renovated bathroom. The apartment is expected to earn $7,000-$8,000 a year with annual outgoings of $3,200. The similar but renovated neighbouring apartment number four is selling for $105,000, with the same rent and outgoings.
<hr>
 
$92,500
<img src="/images/stories/2012/06/falls3.jpg">
In the same lodge, <a href="https://www.realestate.com.au/property-alpine-vic-falls+creek-105702103" target="_blank">room 207 is up for grabs through the same agent</a>. At $92,500 the room is somewhat bigger and more comfortable but still only sleeps two people in a bunk bed. Again, outgoings are $3,400, and it’s expected to earn a similar income.
 
<hr>
 
$105,000
<img src="/images/stories/2012/06/falls2.jpg">
And for $105,000, <a href="https://www.realestate.com.au/property-studio-vic-mount+hotham-107580512" target="_blank">apartment 520 in The Arlberg </a>is up for sale through Alpine Property. It sleeps five people, comes with a new bathroom, a sizeable kitchen and ski storage. The property was renovated two years ago at a cost of $20,000 and has not been leased since then. A similar, but unrenovated, apartment in the same building earns $17,000 a year. However the apartment is expected to cost $5,000 a year in head lease charges and another $5,000 on commission, utilities, cleaning and other fees.
RT Edgar Agent Rob Ford recently sold apartment 519 at The Alberg for $95,000. He says the apartment will earn $15,000 a year with outgoings of $6,000.
Ford says The Alberg generates the best returns in Hotham.
“It’s got a very established in-house management company, there’s a lot of return guests. The outgoings generally are very low, and the occupancy levels are very high.”
One thing was clear from speaking to agents in the area. It all depends on the snow.
“Snow equals money. If we have a good season then everyone is happy,” says Paul Englisch.
And given recent snowfalls, this could be a good one.
Photograph of Mount Hotham courtesy of Tourism Victoria.
</body></html>

Falls Creek and Mount Hotham best for inexpensive ski properties, with prices cooling 

<html><body>
A barn-house that looks straight out of midwest America has been listed in Garfield, 70 kilometres south-east of Melbourne.
A dream for fans of Americana, the property is even pictured with a classic 1950s jukebox.
Agent Graeme Dimsey from LJ Hooker Cranbourne says the vendor, Robert Seger, is a fan of all things American.
“He did a lot of travelling to America, he’s got a lot of custom-built American cars. He has a lot of nostalgic things he’s collected over the years,” he says.
“He liked what he saw in the midwestern barn and decided to build a house on top of one.
“He built it just because he could. He’s a very cool character.”
The property is billed as being ideal for horse trainers or agistment. Mustangs can run free on the property’s 15-hectare spread. The barn comes with five stables, a 90,000-litre underground tank and bore, numerous loose boxes and timber post and rail fencing.
Upstairs is a four-bedroom residence with timber floorboards, dark-tiled bathroom and a huge kitchen big enough to prepare and cook a Thanksgiving day roast turkey and pumpkin pie.
There is room for a small muscle car collection in the property’s three-car garage, as well as plenty of room for uncovered parking.
Dimsey says a lot of the wood used on the property is reclaimed timber.
“A lot of the timber you see, all the posts and things, a lot of it came from Queenscliff when they ripped down the jetty, all the reclaimed boardwalks and jetties.”
Dimsey expects to sell for around $1.3 million.
</body></html>

Midwest American-style barn on the market in Garfield, Victoria

<html><body>
Property prices in prime central London rose 0.7% over May as European investors sought safer ground in the midst of the eurozone crisis, according to research by Knight Frank.
The latest increase brings prices of prime London houses 47.3% above their March 2009 low.
Knight Frank researcher Liam Bailey says interest from south west Europe has taken up the slack left by Greek investors.
"While it looks very much that the surge in Greek buyers has fallen off sharply since the beginning of the year – those who have had the funds to buy have done so – we are now seeing a noticeable uptick in interest from France, Italy, Spain and even German-based purchasers looking at the prime London market.”
Bailey says in the event of a European Union break-up, London could experience greater levels of foreign investment.
He says countries at risk of ejection from the eurozone will likely experience a massive outflow of capital, with some destined for London prime real estate.
Meanwhile, property website Primelocation.com has released research showing Britain’s residential property is worth a total of £5.6 trillion ($8.74 trillion), with almost one-third of it £1.65 trillion ($2.58 trillion), in homes in the south-east region.
The south-east region just pips London, which was put at £1 trillion ($1.56 trillion).
Outside of London, Surrey tops the list for total value, £287.6 billion ($4.49 billion), and value per head, £255,125 ($398,274). For value per head, Surrey is followed by Dorset, Buckinghamshire and East Sussex.
Despite low interest rates, however, strict lending conditions make it harder for families to pull money out of these homes by remortgaging.
Click to enlarge Click to enlarge
<a href="/images/stories/2012/06/londongraph1.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/londongraph1thumb.gif"></a>
“Property wealth per head is driven by one key factor: demand,” says PrimeLocation.com analyst Nigel Lewis.
“Homes in and around the capital will always be sought after because of the increased population density in the south and its better employment opportunities.”
Primelocation.com’s report is at odds with a recent report by Lloyds TSB Private Banking, which put the total value at of privately held UK housing stock at £3.9 trillion ($6.09 trillion) in 2011.
And as our monarch celebrates her 60th year of rule, property agency Savills UK has released an analysis of property trends over Queen Elizabeth II’s long reign.
Since her coronation in 1952, there have been four cycles of boom and bust, but inflation-adjusted figures show house price growth has exceeded 250%.
Click to enlarge
<a href="/images/stories/2012/06/londongraph.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/londongraphthumb.gif"></a>
As Her Majesty started her rule, the total value of the UK’s housing stock was between £25 and £30 billion ($39 and $47 billion), roughly the same value as Bristol today.
The report found the biggest increase over a 10-year period was 1962-72, when prices increased 48%.
Savills research director Lucian Cook says changes over the past 60 years mean more surplus income is being invested in property.
“Over the past 60 years we have seen great changes in the way we view housing. Our demands on and requirements from housing have changed, meaning that it has become part necessity, part luxury and part investment.”
“Combined with a mismatch between housing demand and supply and a shift to smaller households, this has meant that more of the nation’s surplus income has been directed at housing. As a result house prices have risen more in line with the standard rather than the cost of living, leaving the UK with an asset class worth a total of £4.3 trillion [$6.71 trillion].”
Cook says home ownership has peaked and a repeat of such dramatic growth is unlikely.
“In the short term our forecast is for real house price falls at a national mainstream market level, as inflation strips out price growth. We expect these to lead to a period of much less spectacular house price growth than we have become accustomed to at certain parts in the housing market cycle.
“Future house prices booms and sharp corrections are inevitable but there’ll be a long wait for the next boom.”
</body></html>

London prime property market shines as safe haven as Queen celebrates Diamond Jubilee 

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

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News