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Melbourne’s median property prices will likely double over the next decade and Australia is not experiencing a property bubble, says Real Estate Institute of Victoria CEO Enzo Raimondo.
“The trend over the last 10 years or more has been upwards. If you look at the median price today, compared to what it was in 2000, we’ve more than doubled,” he told Channel 31.
“It will probably double again in 10 years to over $1 million. Long term the price trend is upwards.”
He concedes 2011 has not been a good year for real estate.
“It’s been a very soft year. Demand has been low. Clearance rates are down to around the low 50s from peak of 70s and 80s a few years ago.”
But given the volatility of the share market he says the real estate industry has been holding up well.
The Australian property market is at the bottom end of a cycle and will likely experience the same conditions through to mid-December, according to Raimondo.
“It’s probably the best time for first-home buyers and others to look at buying a property to relocate to, or as an investment.”
Events in Europe and the US have affected confidence in the Australian market, which is actually very strong, according to Raimondo.
“The economy is quite sound, our banking system is good. Media about what’s happening in Europe and the US dampens confidence in Australia.”
He says there is room for further rate cuts he and he suspects that while the Reserve Bank is hesitant to cut rates further, it might be forced to do so given events in Europe and the US.
“I think the RBA will look at what the economy is doing generally. I don’t think they really want to cut rates because they think there’s some strength in the economy, but given what’s happening in Europe they may have to cut it again between now and the end of next year.”
 
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awalsh-7Ub9EypybQ

Melbourne median house price to double again to more than $1 million in next decade: Enzo Raimondo

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Estate agents are rushing through listings aimed at first-time buyers in light of the September announcement that the NSW government will withdraw stamp duty concessions for first-time buyers who purchase established dwellings from January 1, 2012.
Seven out of the 12 properties on offer at last week’s specially conducted first-home buyer auction held by Ray White were sold under the hammer. First-home buyers dominated the night, and the rest of sales went to investors.
It was marketed as the Last Chance Auction.
Ray White agent Penny Timothy confirms the company is pushing people to sell before the deadline falls.
“Owners that were maybe considering selling in the next six months, we have encouraged them to do so,” she says.
“The rush to meet the deadline has bought people out.”
Under the First Home Plus Scheme, eligible first-home buyers in NSW currently receive stamp duty exemptions on all homes valued up to $500,000 and stamp duty concessions on all homes valued between $500,000 and $600,000.
On a home valued $500,000 this grant is worth $17,990.
<a target="_blank" href="https://www.propertyobserver.com.au/residential/nsw-first-home-buyers-have-a-month-left-to-secure-stamp-duty-concessions-on-established-homes/2011112952604">On January 1, 2012 this will altered so the subsidy is only offered to off-the-plan homes and empty lots in an attempt to encourage new building projects.</a>
The national first-home owner grant of $7,000 still applies.
EPS Property Search Director Patrick Bright says he has concerns that emotional first-home buyers will pay unsustainable prices for properties in a bid to save money on stamp duty costs.
“Unfortunately, when incentive schemes are in place many buyers see the money they are saving but forget to evaluate whether the current prices will be sustainable when the incentive comes to an end,” he says.
He advises investors to be very wary at this point as they will be competing with a rush of home-buyers.
“Home buyers will typically pay more than an investor, and new home buyers who have a deadline to beat could inadvertently pay a premium for existing properties in a bid to save money on stamp duty costs,” he says.
“Investors would be wise to tread cautiously in this climate to ensure they don’t get caught up in an emotional bidding war.”
Although the grant only applies to homes under $600,000, Bright says it will have a knock-on effect on more expensive properties.
”Those wishing to buy in the next price bracket from $600,000 up to $1 million may have to fork out a little more as the sellers of the sub-$600,000 properties upgrade their homes.”
Bright says he supported the decision by the O’Farrell government to tighten the stamp duty exemptions, as the savings were essentially passed on to vendors though increased sale prices.
The Last Chance Auction Results
9/24 Royston Street, Darlinghurst sold for $470,000 through Nick Harrington. It last sold in 2001 for $247,000.
701/40 Macleay Street, Potts Point sold for $553,000 through Penny Timothy.
1/8 Macleay Street, Potts Point sold for $461,000 through Penny Timothy.
12/5-7 Esplanade, Elizabeth Bay sold for $345,000 through Ian Campbell.
3/20-22 Springfield Avenue, Potts Point sold for $337,500 through Tracey Saye. It last sold in 2004 for $226,000.
14/322 Victoria Street, Darlinghurst sold for $250,000 through Laura Bitar.
107/88 Crown Street, Woolloomooloo passed in. Nick Harrington was seeking $635,000.
5/42 Bayswater Road, Potts Point passed in. Nick Harrington was seeking $320,000.
17/67-69 Macleay Street, Potts Point passed in. Tracey Saye was seeking $450,000. It last sold in 2004 for $315,000.
15/8 Macleay Street, Potts Point passed in. Tracey Saye was seeking $330,000.
77/71 Victoria Street, Potts Points was withdrawn. Nick Harrington was seeking $800,000. It last sold in 2006 for $530,000.
35/51 Roslyn Gardens, Elizabeth Bay sold before auction for $282,500 through Laura Bitar. It last sold 2001 for 176,000.
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Agents rushing NSW vendors hoping to get first-home buyers before the stamp duty concessions conclude

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Sydney has maintained its position as the city with the third most expensive retail rent while Melbourne has slipped one spot to number eight and Brisbane remains at number nine, according to CBRE.
Melbourne’s slight decline was despite it being globally the third-fastest-growing market, with rental growth in local currency at 32.3% growth for the year to September 30. It came in behind Hong Kong at 52.8% and Beijing at 40%.
“Melbourne started off at a low base and was further helped by many international tenants targeting this market, which has been cheaper and more easily obtainable than Sydney,” the CBRE report found.
“In Australia, global brands continue to open new stores, however many domestic retailers are consolidating as shoppers flock to the new foreign entrants in the market,” says CBRE global chief economist Ray Torto.
<img src="/images/stories/cbreglobalrents.gif">
Source: CBRE
Sydney’s commercial rent was €9,823 per square metre, Melbourne was €6,230 and Brisbane’s was €6,230 for the third quarter.
The list was topped by New York at €15,244 per square metre and Hong Kong at €13,601.
A limited amount of prime retail space available in Australia and competition from new market entrants pushed Australian cities up the list, according to CBRE regional director of retail services, Joshua Loudoun.
“Over the course of the next 12 months we would expect that the Australian markets would slip slightly down the rankings due to numerous challenges faced by domestic retailers, in particular the record levels of outbound tourism, together with increasing labour and utility costs that have placed further pressure on occupancy costs,” Loudoun says.
The impact of the Eurozone crisis on consumer confidence led to global commercial rents levelling off in quarter three, the report found.
Total global retail rents largely flat at -0.6% from quarter two to quarter three, with the Americas falling  2% and rents unchanged in the Asia Pacific and Europe, Middle East and Africa regions, the report found.
“This represents a significant slowdown from earlier in the year as retailers take a more cautious approach to expansion.”
Despite an uncertain economic outlook, retailers continue to expand their international store networks, the report found.
“The emerging markets, particularly Asia, provide attractive opportunities for growth, although prime locations in Europe’s biggest cities are also attracting a high level of occupier demand, as consumers increasingly target major destinations with the widest choice of retailers,” Torto says.
“Overall, however, retailers have been taking a more cautious approach to expansion, resulting in flat rental growth across the globe in the third quarter – a considerable slowdown from earlier in the year.”
 
 
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Sydney still number three for retail rents while Melbourne slips one spot: CBRE

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Yahoo! Real Estate topped a list of the top real estate websites in America released by Hitwise in its October report.

The report found that 37.48% of all visits to the real estate websites went to the top 10 websites for the month of October 2011.

It found the average visit duration for real estate websites was eight minutes, 55 seconds for October, up one second from the previous month.

 

1. <a href="https://realestate.yahoo.com" target="_blank">Yahoo! Real Estate</a> 

2.<a href="https://www.zillow.com" target="_blank"> Zillow</a> 

3. <a href="https://www.realtor.com" target="_blank">Realtor.com </a>

4. <a href="https://www.trulia.com" target="_blank">Trulia.com</a>

5. <a href="https://www.homes.com" target="_blank">Homes.com </a>

6. <a href="https://realestate.aol.com" target="_blank">AOL Real Estate </a>

7. <a href="https://realestate.msn.com" target="_blank">MSN Real Estate </a>

8. <a href="https://www.rent.com" target="_blank">Rent.com</a> 

9. <a href="https://www.ziprealty.com" target="_blank"> ZipRealty </a>

10. <a href="https://www.mynewplace.com" target="_blank">MyNewPlace</a>

11. <a href="https://www.apartmentguide.com" target="_blank">Apartment Guide </a>

12. <a href="https://www.frontdoor.com" target="_blank">FrontDoor Real Estate </a>

13. <a href="https://www.apartments.com" target="_blank">Apartments.com </a>

14. <a href="https://www.loopnet.com" target="_blank">LoopNet </a>

15. <a href="https://www.remax.com" target="_blank">RE/MAX Real Estate </a>

16. <a href="https://www.weichert.com" target="_blank">Weichert.com</a>

17. <a href="https://www.redfin.com" target="_blank">Redfin </a>

18. <a href="https://www.homefinder.com" target="_blank">HomeFinder </a>

19. <a href="https://www.rentals.com" target="_blank">Rentals.com </a>

20. <a href="https://www.listingbook.com" target="_blank">Listingbook Services</a>

 

<h2>Latest Urban listings on the market right now:</h2>

[smartcode_project:default project_id=22699]

[smartcode_project:default project_id=2929]

[smartcode_project:default project_id=3490]

[smartcode_project:default project_id=3783]
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Top 20 real estate websites in America

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The level of distressed commercial property available in Australia is expected to increase and dramatically exceed demand in quarter four of 2011, according the latest report by the Royal Institute of Chartered Surveyors.
The level of global supply is expected to outstrip demand by 60%, up from an estimated 40% in the third quarter.
<img src="/images/stories/distressed-property.gif">
Source: RICS
The level of interest in distressed properties from specialist funds in Australia is down from the second quarter.
Demand exceeded supply for distressed commercial property in New Zealand in quarter three, but RICS expects supply to exceed demand in quarter four. 
The global increase is led by Ireland, Southern Europe and the United Arab Emirates.
“Of the 25 countries included in the report, respondents in roughly three quarters indicated that they expected the supply of distressed assets to rise in the coming quarter, compared to the previous quarter,” the report found.
“Respondents in 15 countries expect supply to rise beyond increasing demand from investors, compared to only 11 in Q2.”
Germany and Russia were among the few European countries holding ground.
Germany had a slight increase in interest in distressed properties and in Russia levels of demand by specialist funds but the supply of distressed properties is also expected to fall.
“Other European commercial property markets have again weakened amid fears of the crisis intensifying in Greece and the political instability in debt-burdened Italy further threatening the single currency,” the report found.
“China and Brazil are still prospering, with both countries expecting the number of foreclosed properties coming to the market to decline over the near term.”
Distressed property is a one that is under a foreclosure order or is advertised for sale by its mortgagee.
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Commercial property distressed sales forecast to rise in Australia, with New Zealand catching up: RICS

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<table width="291" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="bottom" nowrap width="64">
Postcode
</td>
<td valign="bottom" nowrap width="133">
Suburb
</td>
<td valign="bottom" nowrap width="93">
Median unit price
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3053
</td>
<td valign="bottom" nowrap width="133">
CARLTON
</td>
<td valign="bottom" nowrap width="93">
$295,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3000
</td>
<td valign="bottom" nowrap width="133">
MELBOURNE
</td>
<td valign="bottom" nowrap width="93">
$380,833
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3078
</td>
<td valign="bottom" nowrap width="133">
FAIRFIELD
</td>
<td valign="bottom" nowrap width="93">
$389,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3051
</td>
<td valign="bottom" nowrap width="133">
NORTH MELBOURNE
</td>
<td valign="bottom" nowrap width="93">
$420,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3031
</td>
<td valign="bottom" nowrap width="133">
KENSINGTON
</td>
<td valign="bottom" nowrap width="93">
$430,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3185
</td>
<td valign="bottom" nowrap width="133">
RIPPONLEA
</td>
<td valign="bottom" nowrap width="93">
$430,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3181
</td>
<td valign="bottom" nowrap width="133">
WINDSOR
</td>
<td valign="bottom" nowrap width="93">
$460,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3182
</td>
<td valign="bottom" nowrap width="133">
ST KILDA WEST
</td>
<td valign="bottom" nowrap width="93">
$460,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3183
</td>
<td valign="bottom" nowrap width="133">
BALACLAVA
</td>
<td valign="bottom" nowrap width="93">
$470,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3182
</td>
<td valign="bottom" nowrap width="133">
ST KILDA
</td>
<td valign="bottom" nowrap width="93">
$470,000
</td>
</tr>
</tbody></table>
Source: RP Data
 
 
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The 10 inner-Melbourne suburbs with the cheapest unit prices: RP Data

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Rental returns in Sydney, Brisbane and Perth have increased significantly this year while rental growth in Melbourne has been minimal, according to RP Data national research director Tim Lawless.
Average Sydney rents increased 5.9% for houses to $550 a week and 5.4% for units to $513 a week.
The median gross rental yield Sydney houses is now 4.4%, with units yielding 5.2%, both above the combined capital city average.
In Brisbane and Perth house rents increased 4.8% and 10.1% respectively and unit rents went up 8.4% and 6.8% respectively.
In Melbourne average house rents went up just 1.9% while unit rents remained the same.
“The common denominator across Sydney, Brisbane and Perth's strong rental conditions is that new housing supply has been insufficient relative to population growth,” says Lawless, writing in The Sydney Morning Herald.
“The number of dwellings that commenced construction across NSW during the June quarter was just 6,696. [In] Victoria, where housing demand is virtually the same as NSW,… there were 14,684 dwelling starts – more than double NSW.”
This decade NSW had 25% fewer dwelling commencements than the previous decade.
“With the Sydney housing market clearly under-supplied we have seen rental vacancy rates reportedly fall below 1.% and the upwards pressure on rents is likely to persist,” he says.
“This is compounded by the fact first-home buyers represent a fairly small proportion of the market.”
Lawless advises investors seeking maximum rental return to buy where rental demand is likely to be the highest and where there are clear supply constraints.
“Established suburbs close to major working nodes are generally a safe bet, as are suburbs close to universities and major public transport hubs.”
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Rents rising in Sydney, Brisbane and Perth but stagnant in Melbourne: Tim Lawless

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The 2012 real estate market will remain much the same as 2011, with Sydney the best bet for investors, according to RP Data national research director Tim Lawless.
“I expect all consumer activity (retail trade, lease finance and housing finance) to remain subdued as households continue to pay off debt and look to reduce their debt burden,” he told Sold magazine.
“So long as these conditions continue, the prospects of any significant growth in property values remain a way off.”
He says in the best scenario values will increase in line with inflation, but Sydney and Brisbane are likely to remain healthy.
“The overall prospects would appear to be strongest in Sydney after no growth in values for such a long time, and Brisbane due to its relative affordability to Sydney.”
“Melbourne is likely to be the weakest performer after values have increased by almost 45% from the beginning of 2007 to August 2011.
“If interest rate cuts do come to fruition, as many expect, we will probably see an increase in sales activity, however I do not expect that it will result in a significant uplift in values.”
Darwin has the highest yields among Australian capitals, with population growth strong and many short-term residents unwilling to commit to buying a house.
“Many residents do not live in Darwin for the long-term there has historically been strong rental demand,” Lawless says.
Lawless says the auction market is weak at the moment due to low levels of consumer confidence, slow growth in housing finance and general consumer caution.
“Last week, the weighted average capital city auction clearance rate was recorded at 46.4%. At the same time in recent years, the clearance rates were 54% in 2010, 72.4% in 2009 and 47.6% in 2008,” he says.
With credit harder to secure following the global financial crisis, Lawless says property values will increase at a much lower rate.
“Investors must be aware of this, and I believe should have a much greater focus on positively geared investment properties rather than the negatively geared ones, which have historically been so popular.”
He says a possible December rate will lead to consumers being more optimistic about housing, a statement <a href="https://www.propertyobserver.com.au/trends/consumers-intend-to-buy-a-house-but-holding-off-on-a-car-westpac-red-book/2011111652395">supported by Westpac’s Time to Buy a Dwelling Index. </a>
 
 
<a href="https://www.propertyobserver.com.au/trends/consumers-intend-to-buy-a-house-but-holding-off-on-a-car-westpac-red-book/2011111652395"> </a>
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Sydney tipped to be best-performing residential market in 2012: Tim Lawless

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Carmelite nuns have little faith in AGL Energy maintaining the rural tranquillity of Scenic Hills.
The Catholic religious order is concerned the “supportive environment for prayer would be lost with the noise of construction and operation of gas wells nearby and heavy vehicle traffic on local roads”.
“AGL plans to locate up to six gas wells on the Serbian Orthodox property next door to us,” writes Sister Jocelyn Kramer.
The nuns settled in the region more than 20 years ago after the region was made an environmental protection (scenic) zone in 1974. The zoning specifically prohibits extractive industries and mines.
“In contravention of the zoning, AGL Energy Ltd (AGL) has applied to the NSW Minister for Planning to put up to 72 coal seam gas (CSG) wells across Campbelltown's Scenic Hills from Mount Annan to Denham Court,” she wrote.
The nuns are concerned about damage to historic area. They raise its important Aboriginal history and its “rich colonialist heritage”.
They are also concerned about damage to Upper Canal, part of Sydney’s water catchment area, and possible damage to Mount Annan Botanic Garden’s plants and animals.
“The sheer audacity of this proposal epitomises the problem residents have with AGL's  plans for the Scenic Hills.”
“If the NSW Minister for Planning approves AGL's proposal for CSG mining in the Scenic Hills, much of its beauty and tranquillity will be lost forever.”
The group asks that no new licenses are approved until there has been extensive research on the impact of coal seam gas and associated practises and that research has been made publicly available.
“As a religious community, we recognise that economic development is necessary and we welcome research and development into renewable energy sources,” Kramer writes.
“We also believe unashamedly that there are important and enduring assets that money cannot buy, which short-sighted economic developments can irrevocably destroy in their haste to make money for the few.”
The Discalced Carmelite friars are on the same site and echo the calls of the nuns.
“It like we are collateral damage. Our very viability and the viability of this heritage landscape is threatened by a ‘blue-chip’ company determined to exploit the resources under our land,” Father Gregory Burke says.
The friars established the retreat centre in 1967.
He says AGL is deceptive in the way it is dealing with their concerns.
“We have found that they can be very economical with the truth,” he writes.
“It has been asserted to us that certain chemicals are not used. But then we were alerted that by a member of the Legislative Assembly of NSW that in fact these same chemical are used but are called additives.”
He is also unhappy with the approval process for coal seam gas projects.
“That there is no truly independent monitoring of coal seam gas extraction in NSW to ensure that the conditions of approval and safety standards are being fully met is truly a disgrace.”
“Self-regulation has meant that inevitable spills and mishaps have and will continue to be covered up.”
Burke is concerned about the unsatisfactory response of AGL to warnings issued by experts.
“Their response is that of salesmen who dismiss objections by trivialising them rather than dealing with them in a proper scientific manner,” he says.
He says that the AGL officers he has spoken to dismiss any arguments by claiming that the issues in Queensland will not apply in NSW because the geology is different.
“AGL’s sole argument is simply ‘trust us’. They seek to reassure us by stressing that they are a ‘blue-chip’ company with a long history.”
“We are not reassured by this assertion and wonder what it actually means for anyone who is not a shareholder.”
He asks for a full ban on coal seam gas extraction in Sydney’s Metropolitan Area, environmental protection areas and that the proposed Northern Expansion of the Camden Gas Field Stage 3a be dismissed.
 
 
 
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Carmelite nuns have little faith in AGL Energy coal seam gas plans for Scenic Hills

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Two more Mosmanites have sued their neighbour over trees blocking their views, but neither complaint was successful in this week’s judgements, adding to the very poor batting rate of Mosman tree view court cases.
Two separate owners in a Mosman apartment block sought to convince the New South Wales Land and Environment Court to order the removal or pruning of their neighbour’s kaffir plum, jacaranda and hackberry trees.
<img src="/images/stories/mosmantree1.jpg">
The court dismissed both cases.
The first applicant in a second-floor apartment said the trees belonging to noted archictect Stan Symonds (pictured above and below) obscured views of the sky and the district to the south, while the second applicant on the ground floor said he previously had a triangular view of Mosman Bay and its surrounds before the trees ruined everything.
Commissioner Judy Fakes found that while there was an obstruction of a view for the first applicant she would not order the removal of the trees.
“In the absence of the kaffir plums, the very narrow view … along the southern boundary fence to the SSW would be obscured by other trees not subject to the court's jurisdiction and therefore, any interference with the trees is unlikely to open up the desired view,” she said.
“The nominated room is a bedroom and not a living room and therefore it is reasonable to expect that limited time would be spent in that room looking out the window.”
She added that applicant’s “living room has the desired views of Mosman Bay”.
<img src="/images/stories/mosmantree2.jpg">
She was also unconvinced about the ground-floor applicant’s argument.
“Even if I were satisfied of a severe obstruction, the discretionary matters discussed in relation to the [upstairs] property would apply.
“However, the view from … the property is not so obstructed.”
Commissioner Judy Fakes had also heard an earlier case that the two kaffir plum trees and a camphor tree had damaged the neighbour’s 13-metre brick wall, concrete paving, sewer and a sandstone retaining wall.
In regards to the sewer commissioner Fakes found that “absent any actual problems with the sewer and no evidence of any roots, there is no reason to suspect that the situation will change in the next 12 months”.
Speaking about the paving she found “the applicant was unable to produce evidence of any roots from any of the trees in the section of slab said to be damaged”.
With the retaining wall she found “there is no evidence that any part of any of the trees on the respondents' property have contributed to the displacement of one of the large blocks of sandstone.”
“I consider the removal of the tree to be disproportionate to the extent of the tree's contribution to the state of the wall and would be completely unreasonable on the evidence before me,” she said in her concluding statements.
Judges have found the residents of Mosman to be a little keen in their arboriculture objections, <a href="https://www.propertyobserver.com.au/residential/mosmanites-who-can-t-see-the-bridge-for-the-trees-take-neighbours-to-court/2011111752420" target="_blank">with eight of the 10 previous cases in Mosman dismissed.</a>
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Two more Mosmanites fail to lop their neighbour's trees 

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."

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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.

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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.

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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."

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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."

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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.

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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."

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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.

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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."

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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.

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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>.

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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.

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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."

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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.

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<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.

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Alistair Walsh

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