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Investors are expected to invest $800 million in office assets in Melbourne this year, with activity focused outside the CBD, according to the latest report by CBRE.
The Melbourne Office MarketView report found St Kilda Road has been the site of a series of sales in the six months leading to March 2012.
“With a shortage of assets available in the CBD there has been a progressive shift towards properties previously overlooked by investors and this has resulted in a number of transactions outside the CBD/Docklands precinct,” CBRE senior director of institutional investment properties Mark Coster says.
“We expect interest in the St Kilda Road precinct to continue to strengthen, given its relative affordability compared to other markets and increasing momentum on the leasing side.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/cbremay11.gif"><img src="/images/stories/cbremay11thumb.gif"></a>
Major transactions in the six months leading to March include 601 St Kilda Road, which sold for $30 million to Shakespeare Investments; 484 St Kilda Road, which was purchased for $68 million by Abacus and Heitman LLC; 441 St Kilda Road, which sold for $58 million to Centuria Property; and 607 St Kilda Road, which sold for $28.5 million to private Chinese investor Casino Investments.
Offshore investors are expected to be the main drivers, closely followed by domestic groups with private investors and syndicators focussing on the lower price bracket. Assets above $50 million have attracted offshore investors while private investors and syndicators have been seeking assets backed by government tenants with long weighted average lease expiries.
“At a global level, Australian office assets continue to appear attractively priced based on conventional pricing models,” says CBRE senior research analyst Erin Obliubek.
“This, coupled with the resilience of the Australian economy, high liquidity, attractive investment yields and market transparency, is driving investor interest in key CBD markets such as Melbourne.”
Melbourne recorded $1.1 billion in sales in 2011 accounting for 15% of the national office sales volume.
Significant transactions in 2012 include the $53 million sale of 565 Bourke Street, $67 million sale of 477 Collins Street and the sales of 50% interests in 242 Exhibition Street and 120 Collins Street.
There has been an ongoing compression in investment yields in both the CBD and suburban markets, according to the report.
“In the CBD, implied yields have recovered by 60 basis points since the market trough in Q3, 2009 to be circa 7%.”
The report says premium yields were considered to be in the 6.5% to 7% range.
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St Kilda Road to lead Melbourne office sales: CBRE

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A 1913-built Art Nouveau backpackers' hostel in Melbourne has sold for $10.75 million with an expected yield of more than 8%.
Previously known as the Sir Charles Hotham Hotel and the Hotham Private Hotel, the building on the corner of Flinders Street and Spencer Street was first listed for sale by the vendor in June 2010.
The property, 2-8 Spencer Street and 566-580 Flinders Street, last sold in 2006 to Australian Budget Accommodation Group for $6.15 million when offloaded by the Ivany family.
Current tenants All Nations Backpackers Hostel have a lease until 2018, after which the marketing suggests there will be redevelopment potential for the site.
The corner block has a land area of 883 square metres with a 20.9 metre frontage to Spencer Street and 40.2 metres to Flinders Street.
Property Observer understands the buyer is associated with private investor Peter Russell's Kurrawonga Pty Ltd, which was last in the news when it secured the London &amp; Lancashire Building at 400 Collins Street for $7.5 million in 2009.
A Malaysian investor had been tipped to buy the property for $12 million in February this year but backed out after undisclosed issues.
Kliger Wood agents Russell Meerkin and Grant McKenzie had marketed the property for $12 million last November.
The current net annual rental is $885,586.
“The building is an older style Art Nouveau style four level and part five level structure which has three retail tenancies including a Seven Eleven store, a café and an entertainment facility on the street frontage with the upper levels and part of the ground floor including a bar and reception area are conducted by Nomads Backpackers,” Meerkin says.
“Most of the leases have further periods to run and allow annual defined rental increases and in most cases options to renew.”
When the hotel was first erected the daily press described as one of the largest in the city.
“The location commands the shipping trade, adjacent to wharves and Spencer Street Railway Station, Harbor trust offices and Railways Offices, fish market- proposed improvements to bring mail and other large freight right up to the City- all to benefit the hotel.”
“It includes cellar, ground floor with large public bar, private bar, billiard room, four bar parlours and offices; three storeys and open flat on roof; first floor has large dining room, and services, drawing room, reading and smoking rooms, nine bedrooms with linen press, bathrooms and lavatory accommodation; second floor has private sitting and dining rooms, bedrooms servants bedrooms and facilities; third floor has 14 bedrooms, servants dining room, modern kitchen; cellar one of the largest and best in Melbourne; passenger and goods lifts, electric lighting.”
Heritage documents say the building is a well preserved example of Edwardian Freestyle architecture in Melbourne.
“Sir Charles Hotham Hotel is significant architecturally as a large, well-preserved and successful corner hotel design in the Edwardian Freestyle, by the important architect William Pitt, and is a major part of a notable Edwardian and late Victorian-era commercial streetscape in both Flinders and Spencer streets, consisting mainly of hotels,” Australian cultural heritage consulting firm Graeme Butler says.
“Historically, Sir Charles Hotham Hotel is significant for its location with other Edwardian-era and late Victorian-era hotels near the wharves and railway that served them, underscoring the major means of travel at that time. The new Sir Charles Hotham Hotel was built during the state's economic recovery after the Great Depression of the 1890s and remains the largest Edwardian-era hotel built within the Central Business District.”
 
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Art Nouveau backpackers' hostel on Spencer Street sells for $10.75 million

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Tasmania dominates a list of properties that have been on the market for a long time, with many vendors unwilling to discount despite spending years on the market, according to the latest report by SQM.
Five of the 10 properties on the market for long periods are in Tasmania. Properties on the list have in some cases been for sale for four years.
Managing director of SQM Research, Louis Christopher, says while a Queensland listing tops the list, he’s not surprised Tasmania features so heavily.
“We believe that the Hobart housing market has been slowly deteriorating of late and so it comes as no surprise that properties from this city are prevalent in both our 'longest days on market' and our 'most discounted' list,” he says.
He found many of the listings had not significantly reduced their asking price despite not selling.
“What we find amusing time and time again when we look at these properties, is that more often than not, these homes have not been discounted substantially even after being on the market for years in some cases.”
“In most cases they do just hang around on various real estate advertisement channels for months and months and months on end - seen by many as what can only be described as failed sales.”
Christopher suggests it might be prudent to start discounting properties such a long period.
“Yes, when you look at the localities of some of these homes you can see why their vendors may be having trouble finding a potential buyer as a lot of these properties are not situated in highly popular areas.”
“However for the most part, lack of buyer interest for an extended period of time is more commonly due to overpricing- after all, theoretically there is a buyer for every property - it's just about getting the price right.”
There are three of the 10 properties from NSW and two from Queensland.
Three of the properties - Buckland Tasmania and two in Magenta NSW - featured on this list <a target="_blank" href="https://www.propertyobserver.com.au/hotspots/properties-lounge-on-market-for-years-if-vendors-don-t-price-realistically-sqm/2011092051629">appeared in a similar list published by SQM in September 2011.</a>
 <h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">1</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/QLD/Woorim/?adid=2007103693" target="_blank">11 Ottiwell St, Woorim, Queensland, 4507</a>
On the market since: April 19, 2008
Initial asking price: $560,000
Current asking price: $499,000
Reduction: 11%
Days on market: 1,465
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">2</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/TAS/Buckland/?adid=2007685342" target="_blank">5090 Tasman Hwy, Buckland, Tasmania, 7190</a> (pictured)
On the market since: May 18, 2008
Initial asking price: $250,000
Current asking price: $195,000
Reduction: 22%
Days on market: 1,437
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">3</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/QLD/Russell-Island/?adid=2007161321" target="_blank">7 Hill St, Russell Island, Queensland, 4184</a>
On the market since: May 22, 2008
Initial asking price: $315,000
Current asking price: $310,000
Reduction: 2%
Days on market: 1,432
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">4</h2>
<a target="_blank" href="https://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Magenta/?adid=2007162731">1403 Magenta Dr, Magenta, NSW, 2261</a>
On the market since: May 22, 2008
Initial asking price: $600,000
Current asking price: $535,000
Reduction: 11%
Days on market: 1,430
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">5</h2>
<a href="https://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Magenta/?adid=2007217761" target="_blank">1302 Birkdale Pl, Magenta, NSW, 2261</a>
On the market since: June 17, 2008
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
Days on market: 1,404
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">6</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/TAS/White-Beach/?adid=2006781491" target="_blank">22 Beach St, White Beach, Tasmania, 7184</a>
On the market since: July 1, 2008
Initial asking price: $250,000
Current asking price: $170,000
Reduction: 32%
Days on market: 1,393
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">7</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/TAS/White-Beach/?adid=2006781491" target="_blank">14886 Tasman Hwy, Cranbrook, Tasmania, 7190</a>
On the market since: July 2, 2008
Initial asking price: $195,000
Current asking price: $185,000
Reduction: 5%
Days on market: 1,392
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">8</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/TAS/Nubeena/?adid=2007919524" target="_blank">15 Clarke St, Nubeena, Tasmania, 7184</a>
On the market since: July 2, 2008
Initial asking price: $230,000
Current asking price: $230,000
Reduction: 0%
Days on market: 1,392
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">9</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/TAS/Swansea/?adid=2006459960" target="_blank">Lot 42 Cambria Dr, Dolphin Sands, Tasmania, 7190</a>
On the market since: August 28, 2008
Initial asking price: $425,000
Current asking price: $345,000
Reduction: 19%
Days on market: 1,335
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">10</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Quakers-Hill/?adid=2007889013" target="_blank">11 Voysey Cl, Quakers Hill, NSW, 2763 </a>(pictured)
On the market since: September 11, 2008
Initial asking price: $1,300,000
Current asking price: $1,500,000
Reduction: -15%
Days on market: 1,319
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Properties still on the market for years even without any big discount: SQM

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Rural towns in Victoria’s east dominated the list of Victorian localities with the greatest gross rental yields for houses. Houses in Dimboola, north of the Grampians, had the highest yields at 8%. Corinella had the highest weekly median rent at $320 of regional Victorian localities.
<table border="0" cellspacing="0" cellpadding="0" width="380"><tbody>
<tr>
<td valign="bottom" nowrap width="92">
Locality
</td>
<td valign="bottom" nowrap width="144">
Gross Rental Yield (%)
</td>
<td valign="bottom" nowrap width="144">
Weekly Median Rent
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Dimboola</a>
</td>
<td valign="bottom" nowrap width="144">
8%
</td>
<td valign="bottom" nowrap width="144">
$145
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Ararat</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$220
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Corinella</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$320
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Merbein</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$200
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Mortlake</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$188
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Nathalia</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$210
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Red Cliffs</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$220
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Seymour</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$250
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
Terang
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$225
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
Warracknabeal
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$155
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
Yallourn North
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$180
</td>
</tr>
</tbody></table>
Source: RP Data
 
 
 
 
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The top 10 regional Victorian localities with the highest rental yields: RP Data

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Meriton boss Harry Triguboff is seeking fresh Sydney residential development sites, as well as increasing output, as he’s noticed an uptick in local apartment buying interest.
After having about 70% of his market made up by Chinese investors, he told The Australian it’s now a 50-50 split with local buyers.
“It started before interest rates fell, due to rents going up and fixed [home loan] rates were already coming down,” he says.
Triguboff has noted a drop in building projects during the financial crisis had also resulted in pent-up demand.
"People who were sharing, at home or renting are feeling more secure [about buying] as rates are coming down.”
Triguboff says he has his eye set on sites in Green Square near the airport and Dee Why in Sydney’s northern beaches after spending $25 million on a site in Sydney’s North Ryde and a further $55 million in Chatswood on Sydney’s north shore.
His acquisitions could total $150 million.
“We will probably build 1,700 [apartments] a year now, it may get to 2,000, but I can’t see more than that.”
His investment push coincides with the recent interest rate cuts. Triguboff expects the Reserve Bank will cut the cash rate by a further 50 basis points over the next year but wants them to go further.
"No one thought the bank would cut 50 basis points.”
Meriton’s apartment rents have increased 5% over the past year, with some buildings performing better than others.
Despite wider residential apartment price decreases in Sydney, Meriton’s apartment prices have remained stable, according to The Australian.
In the Gold Coast however, Meriton’s apartment prices are down 20% from two years ago.
In Sydney, Meriton averages about $480,000 for a one-bedroom unit and $550,000 for a two-bedroom unit.
Triguboff says Meriton has been able to build more quickly to respond to demand with improved technology and mechanisation and some councils shifting to a more pro-development standpoint.
He foresees an increase in competition, sensing that large Chinese developers could take a footing in the Australia market.
Currently he says he faces little competition.
"So far, it’s only small developers, apart from Frasers."
 
 
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Harry Triguboff wants more Sydney sites as he anticipates Chinese developers could develop a presence 

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There are 10 Perth suburbs with median house prices below $300,000 according to Real Estate Institute of Western Australia statistics. Medina had the cheapest houses, $32,500 cheaper than the median in the second-cheapest suburb, Parmelia.
<table width="328" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="bottom" nowrap width="83">
Suburb
</td>
<td valign="bottom" nowrap width="245">
Median House Price (December 2011)
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Medina</a>
</td>
<td valign="bottom" nowrap width="245">
$232,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Parmelia</a>
</td>
<td valign="bottom" nowrap width="245">
$265,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Hillman</a>
</td>
<td valign="bottom" nowrap width="245">
$269,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Brookdale</a>
</td>
<td valign="bottom" nowrap width="245">
$270,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Calista</a>
</td>
<td valign="bottom" nowrap width="245">
$270,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Armadale</a>
</td>
<td valign="bottom" nowrap width="245">
$275,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Camillo</a>
</td>
<td valign="bottom" nowrap width="245">
$280,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Orelia</a>
</td>
<td valign="bottom" nowrap width="245">
$280,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Cooloongup</a>
</td>
<td valign="bottom" nowrap width="245">
$285,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Leda</a>
</td>
<td valign="bottom" nowrap width="245">
$290,000
</td>
</tr>
</tbody></table>
Source: REIWA
 
 
 
 
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The 10 Perth suburbs with median house prices under $300,000: REIWA

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Donald Trump will headline the 2012 Australian Real Estate Conference in the Gold Coast, albeit via satellite link.
He will be speaking about his brand through Skype from his American home on the American Memorial Day public holiday.
“I will give the delegates of AREC 2012 very sound advice based on my years of experience in business.  My brand has become successful because I’m passionate about it, and have been for many years.  I work at it every day, and love it,” Trump says.
He joins 20 speakers due to speak at the May conference, which is aimed at Australian real estate agents.
The two-day conference even includes a beach party with performances by Jon Stevens, the former front-man of INXS after Michael Hutchence’s death. The party is billed as a networking event.
The second main headliner act is American real estate coach and author Tom Ferry.  The CEO of YourCoach will talk about his business strategies. He coaches agents throughout America and claims to have had a direct role in the careers of 16 out of the top 100 agents in America. He was a big hit at the festival last year and has been invited back.
Other speakers include John McGrath, Li Cunxin the subject of Mao’s Last Dancer and super-agents, sales coaches, gurus and authors from Australia and America.
This year’s event, the 15th AREC summit, is expected to sell out, with 2,500 people to attend. Last year’s event had 2,000 attendees.
Past speakers at the event include Sir Bob Geldorf and Edward de Bono.
As part of the conference there will a trade show with more than 50 exhibitors.
Tickets for the event range from $995 for a basic ticket to $1,395 for a platinum ticket.
Australian speakers include Terrigal agent <a href="https://www.tret.com.au/app/articles/articles/view/mat-steinwede" target="_blank">Matt Steinwede</a>, who has  consistently ranked in the top five for the McGrath network.
 
 
 
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Donald Trump to virtually headline the 2012 Australian Real Estate Conference

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Peterborough in South Australia’s south east topped the list of the state’s localities with the highest yields for houses. There were four localities with yields over 6%.
<table width="355" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="bottom" nowrap width="104">
Locality
</td>
<td valign="bottom" nowrap width="107">
Median Rent ($)
</td>
<td valign="bottom" nowrap width="144">
Gross Rental Yield (%)
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="104">
<a target="_blank" href="/news">Peterborough</a>
</td>
<td valign="bottom" nowrap width="107">
140
</td>
<td valign="bottom" nowrap width="144">
8
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="104">
<a target="_blank" href="/news">Elizabeth North</a>
</td>
<td valign="bottom" nowrap width="107">
240
</td>
<td valign="bottom" nowrap width="144">
7
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="104">
<a target="_blank" href="/news">Port Pirie West</a>
</td>
<td valign="bottom" nowrap width="107">
175
</td>
<td valign="bottom" nowrap width="144">
7
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="104">
<a target="_blank" href="/news">Whyalla Norrie</a>
</td>
<td valign="bottom" nowrap width="107">
290
</td>
<td valign="bottom" nowrap width="144">
7
</td>
</tr>
</tbody></table>
Source: RP Data
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Peterborough tops list of South Australian localities with highest rental yields for houses: RP Data

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There are 24 Perth suburbs with median house prices of $1 million or more according to Real Estate Institute of Western Australia statistics. Peppermint Grove eclipsed the other suburbs, nearly doubling the median price of number two suburb, Dalkeith. The data comes from sales in 2011.
<table width="388" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="bottom" nowrap width="144">
Suburb
</td>
<td valign="bottom" nowrap width="244">
Median House Price (December 2011)
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Peppermint Grove</a>
</td>
<td valign="bottom" nowrap width="244">
$4,680,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
Dalkeith
</td>
<td valign="bottom" nowrap width="244">
$2,410,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Cottesloe</a>
</td>
<td valign="bottom" nowrap width="244">
$1,775,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">City Beach</a>
</td>
<td valign="bottom" nowrap width="244">
$1,750,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Nedlands</a>
</td>
<td valign="bottom" nowrap width="244">
$1,535,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Swanbourne</a>
</td>
<td valign="bottom" nowrap width="244">
$1,495,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Henderson</a>
</td>
<td valign="bottom" nowrap width="244">
$1,380,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Applecross</a>
</td>
<td valign="bottom" nowrap width="244">
$1,340,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Subiaco</a>
</td>
<td valign="bottom" nowrap width="244">
$1,300,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Claremont</a>
</td>
<td valign="bottom" nowrap width="244">
$1,250,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Mosman Park</a>
</td>
<td valign="bottom" nowrap width="244">
$1,250,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">North Coogee</a>
</td>
<td valign="bottom" nowrap width="244">
$1,230,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Mount Claremont</a>
</td>
<td valign="bottom" nowrap width="244">
$1,177,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Churchlands</a>
</td>
<td valign="bottom" nowrap width="244">
$1,150,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">South Perth</a>
</td>
<td valign="bottom" nowrap width="244">
$1,150,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Floreat</a>
</td>
<td valign="bottom" nowrap width="244">
$1,100,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Shenton Park</a>
</td>
<td valign="bottom" nowrap width="244">
$1,085,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Watermans Bay</a>
</td>
<td valign="bottom" nowrap width="244">
$1,080,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">East Fremantle</a>
</td>
<td valign="bottom" nowrap width="244">
$1,050,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Piesse Brook</a>
</td>
<td valign="bottom" nowrap width="244">
$1,030,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Salter Point</a>
</td>
<td valign="bottom" nowrap width="244">
$1,026,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">North Beach</a>
</td>
<td valign="bottom" nowrap width="244">
$1,023,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Attadale</a>
</td>
<td valign="bottom" nowrap width="244">
$1,000,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Northbridge</a>
</td>
<td valign="bottom" nowrap width="244">
$1,000,000
</td>
</tr>
</tbody></table>
Source: REIWA
 
 
 
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The 24 million-dollar Perth suburbs

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Buyers and sellers placing belief in free online web valuations when estimating envisaged house price values are more often than not being misdirected – with serious over- and under-estimating being given.
A survey of weekend auction results across Sydney and Melbourne showed value estimates by real estate portal <a href="https://onthehouse.com.au/" target="_blank">OnTheHouse.com.au</a> were askew 67% of the time.
Of the 80 auction results analysed, 54 valuations were incorrect, with some actual sale prices up to 55% off the pre-auction valuation range given by OnTheHouse.com.au.
Just 26 sales actually fell within the wide valuation band.
Valuations are rated by accuracy as “good”, “moderate” or “rough”. There is a 20% difference between highest and lowest limits of “rough” estimates.
Managing director and chief executive officer of OnTheHouse.com.au Michael Fredericks says the valuations should only be used as a starting point.
“We call it a guesstimate, it’s not a valuation service. It’s designed to be a useful tool to be played with and utilised by members of the public and industry to try and get a better informed view on property prices and values. But it is a work in progress,” he told Property Observer.
“What we seek to do is to provide some transparency to the public around real estate prices and values where it’s a largely uninformed audience, unlike other industries like equities.”
The valuation tab on the website encourages users to “use onthehouse's Property Profile Reports to determine the property value for an individual property, or properties in a particular suburb”.
However the fine print underneath reads: “Displayed guesstimates, agent opinions and user-generated guesstimates are not a valuation of a property”.
According to Google Ad Planner, the website is the sixth most visited Australian property portal for unique users. In March figures showed more than 1 million unique visits to the site, a 850% jump between February 2011 and February 2012.
Free property valuations is one of the main services offered by the ASX-listed company, in an increasingly competitive industry offering real estate data to property consumers.
The founder of property commentary website <a target="_blank" href="https://propertyportalwatch.com">propertyportalwatch.com</a>, Simon Baker, looked up his house on the website and was shocked to find it 55% undervalued based on his estimates.
“Either I have massively overpaid for the property and the bank has no idea, or the onthehouse.com.au database is not as accurate as it could be when it comes to my property,” Baker writes.
“If you are going to build a business around property valuations, much as Zillow and Zoopla has done, you have to get it right. Not 100% right, but at least in the right ballpark. You only have one chance to impress a user, and if the information provided is questionable, the chances of them returning are low.
“If you say you have property valuations – make sure they are accurate (or as accurate as possible).”
Fredericks concedes that tool isn’t perfect, but he says it provides a starting point for people to start their valuations.
“It’s a broad challenging task, which is a process that can’t be achieved overnight,” Frederick says.
“It’s a tool using available information to be used by members of the public and property professionals to empower them and provide informed views around values.
“The appropriate behaviour for a buyer looking to form a view on what they should pay for a house is go and talk to real estate professionals.”
“The key point to understand here is, particularly in the Australian market, there are holes in the market. There isn’t sufficient aggregated market data to expect accurate estimates across the whole market.”
In Sydney a survey of 44 auction results shows just 14 sat between the valuations given, while 19 sold for more than the highest valuation and 11 sold for less than the lowest valuation.
The most over-valued Sydney property was 5 Dwyer Avenue in Blakehurst, which sold for $700,000. It was valued between $964,400 and $1,228,400. This is a difference of $264,400 from the lower valuation, or 27% below the sold price. The difference from the higher estimate is 43%.
The most under-valued Sydney property was 44 Womerah Avenue in Darlinghurst, which sold for $1.7 million. It was valued between $1.15 million and $1.22 million. This is a difference of $480,000 from the upper valuation, or 39% higher. The sold price is 42% higher than the lower valuation.
Agent Chris Chung who sold the house says people need to use other sources.
“Buyers need to look at what else has sold in the area and take other things account. But everyone has their own opinion of what a house is worth.”
In Melbourne a survey of 36 auction results showed 12 sat in the valuation range, 12 sold for more than the highest valuation and 12 sold for less than the lowest valuation.
The most under-valued Melbourne property was 26 Grace Street in Malvern, which sold for $1,815,000. It was valued between $1,040,200 and $1,172,200, which is $642,800 or 55% more than the highest valuation. It is 62% higher than the lower end of the valuation range.
The most over-valued Melbourne property was 39 Reed Street in Albert Park, which sold for $940,000. It had been valued between $1,127,400 and $1,197,400, a difference of $187,400  or 17% from the lower valuation. 
OnTheHouse Ltd was listed on the Australian stock exchange in June last year, consolidating the onthehouse.com.au website and software companies PortPlus and Console. After the listing the company purchased a 50% stake in data company Residex.
According to a June 2011 RBS Morgans report available on the website, the site’s “core expertise is the collation, cleansing and linking of data from multiple sources to provide customers with a reliable, convenient and freely accessible means of obtaining extensive property and valuation information”.
“In our view, OTH’s competitive advantage is derived from the size, depth, scope, accuracy and timeliness of its database, which is offered free to consumers.”
Fredericks says the next stage for the website is to encourage more user interaction in the valuation process.
“The next phase is far more engaged tools where property owners and agents can interact and submit content and improve and enhance the guesstimate tool.”
“We’re building windows underneath for owners, estate agents and valuers to provide content from their own view.
“And in the future releases we’re putting education requirements into it with some more explanation around what the product is and how it’s generated.”
 
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DIY website property valuations mostly askew

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

Joel Robinson

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

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

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

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

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

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

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

Sherpa sells out Flourish Oasis in booming Palm Beach

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

Alistair Walsh

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