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Sydney’s Double Bay is closer a $110 million redevelopment of Kiaora Lands, with joint-venture partners Woolworths and Woollahra Council agreeing on commercial plans.
The plans, which were first discussed in 2008, include shops, a Woolworth’s supermarket, a library and a car park built.
The agreement comes after stalls in talks between the two parties in council meetings where three councillors voted to prolong discussions.
The Wentworth Courier reports that the deal includes two loans totalling more than $75 million from Woolworths, with $25 million to be funded through the council’s property reserve.
The Double Day project does not include the neighbouring Sheaf Hotel, which has been a long mooted addition to the project.
The Solotel hotel group is currently trying to <a href="https://www.propertyobserver.com.au/news/new-south-wales/double-bay-s-sheaf-comes-with-golden-expectations/2011071350797" target="_blank">sell the neighbouring heritage-listed 1936 Sheaf Hotel</a> with $80 million hopes through John Musca of Jones Lang LaSalle.
 
 
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Double Bay Kiaora Lands project progresses

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The Reserve Bank is unlikely to reduce interest rates again in December, according to ANZ.
Based on minutes from the RBA’s November 1 meeting, during which the board cut rates by 0.25%, ANZ’s Ivan Colhoun says there is no sign the RBA would cut rates again soon.
“There is little in the text or the construct of the RBA's arguments to suggest that the RBA will cut interest rates again as early as December,” Colhoun says.
He says he can foresee only five situations where the RBA might ease rates, including a collapse of global growth from a possible global credit event.
Other events that might encourage the RBA to cut rates would a reduction in the forecast of inflation rates, a cut in forecasts for Australian economic growth independently from global economic developments, substantial cuts by the government in its forthcoming mid-year economic and fiscal outlook, or if the RBA decided that the downside risks to growth continued to increase and was a little less restrictive in terms of its policy settings.
“Our conclusion is that the RBA will likely ease policy a little more but still probably not as quickly as market pricing, abstracting from a significant financial collapse emerging in Europe,” he says.
“The risks to this view still seem tilted to the downside at the present time, but are emerging more slowly than during the GFC.”
 
 
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December rate cut unlikely: ANZ

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Six Melbourne artists have hung 36 paintings that portray six homeless teenagers painted progressively over the past three years, during which time the bonding has encouraged some of the subjects to find their way off the streets.
The exhibition is now a fundraising effort for Melbourne Citymission, which is raising money for a new education academy.
<img src="/images/stories/toseeasmile.jpg">
To See a Smile from Someone, by Joseph Attard
Dubbed Fusion6, the collective of six artists worked with the clients of Melbourne Citymission’s Frontyard program, which addresses the physical, emotional and social needs of homeless young people.
All the artists have children or grandchildren and had been meaning to do a project on teenage identity for a long time when artist Helen Edwards met the CEO of Melbourne Citymission by chance and the project was born.
“The synergy between the two people was amazing,” says Ivor Edwards, Helen’s husband and project spokesman.
<img src="/images/stories/melissa-by-terrianne.jpg">
Melissa, by Terrianne Murray
Over the three years some of the six subjects have found their feet and have achieved independence.
“The exhibition shows that despite the terrors and the darkness there can be a positive outcome,” Ivor Edwards says.
“It’s about the humanity that exists in all of us.”
<img src="/images/stories/cristel-by-terrianne.jpg">
Cristal by Terianne Murray
The subjects stayed with project for the full three years, initially volunteering out of a desire to return something to Melbourne Citymission.
“They were incredibly brave. Given the nature of their problems, to be able to talk to the artist about their lives took a lot of courage. And to stick with it for that amount of time was amazing,” says Citymission spokesperson Joni Tooth.
The six artists involved in the exhibition are Joseph Attard, Helen Edwards, Regina Hona, Lyn Mellady, Terrianne Murray and Raelene Sharp.
<img src="/images/stories/a-heavy-load--raelene_sharp1.jpg">
A Heavy Load by Raelene Sharp
Each artist painted one portrait of each subject, resulting in 36 paintings.
All of the paintings are up for sale with prices ranging from $4,200 to $15,000, and 80% of each sale goes to Melbourne Citymission.
Ivor Edwards says many of the paintings would look great in a boardroom or a corporate lobby.
Detour: Portraits from a Hard Road runs until December 3 at Gallery 15 on 15 William Street. 
Donations can be made at <a href="https://www.melbournecitymission.org.au">www.melbournecitymission.org.au</a>
 
 
 
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Artists capture the lives of young homeless

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The Reserve Bank will need to cut interest rates a second time for the mortgage market to fully recover, says outgoing Commonwealth Bank CEO Ralph Norris.
Norris says mortgage lending increased in the lead-up to the RBA’s 0.25% cash rate cut on Melbourne Cup Day and further cuts would help encourage that trend.
Norris says while demand for loans is sluggish as consumer and business confidence remains shaky with the global economic slump, the home loan market is showing early signs of improvement.
“We are starting to see in this quarter that the mortgage market is a little more active,” he says.
“It is a little early to say if it is purely seasonal or if there is some impact from the recent rate reduction.
“But typically, we would expect that really to be supported by a second rate reduction to see a bounce [in the mortgage market].”
He stopped short of demanding these cuts, saying the governor of the Reserve Bank is “more than adequately qualified to make that those calls”.
The November 1 rate cut to 4.5% was the first reduction by the RBA since 2009.
 
 
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Second rate cut needed to help mortgage market: CBA's Ralph Norris

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Australian construction industry profits are due to slip as the number of construction projects diminishes and construction costs increase in 2012, according to the latest report by Rider Levett Bucknall.
“Risk-averse banks and lending institutions continue to demand high levels of pre-sales in order to satisfy their stringent risk criteria. Consequently, there are still large numbers of projects unable to gain access to finance,” says RLB head of global research Roger Hogg.
Levels of construction in the Darwin and Canberra markets began to ease in the third quarter of 2011 and currently tenders in the marketplace are being keenly contested.
Darwin is hardest hit, with tender prices predicted to fall 11.4% and construction costs due to increase 5.3%, according to RLB.
In Adelaide tender prices will fall 3.4% and costs will increase 4% in 2012.
Tender prices increased moderately in other cities but labour and material costs are expected to exceed these price rises.
In Brisbane tender prices will increase 1% but costs are expected to rise 4%. In Canberra tender prices will increase 2.4% as costs increase 3.5%, in Melbourne prices will increase 2.7% as costs increase 3.5% and in Sydney prices will increase 2.2% as costs increase 3.5%.
Hogg says the private sector has failed to take in the slack from government stimulus projects.
“With the private sector failing to replace the government stimulated construction and infrastructure programs, contractor concerns regarding diminishing workloads will increase through the remainder of 2011 and into 2012,” he says.
The report found that residential construction work done for the June quarter was down 8% year-on-year and the national housing sector down 12% as house prices continued to fall in most capital cities.
National apartment construction slipped 2% although Melbourne bucked this trend, growing 11% by volume.
It also found that total non-residential construction work fell 24% for the June quarter year on year, thanks to weakening demand and low levels of consumer and investor confidence.
Hogg says as construction work falls, competition increases and to add to the pain costs are increasing at the same time.
“Margins are still being placed under pressure as competition for work is elevated. In the context of general levels of CPI, continued stable labour, materials and fuel costs will further enhance the cost competitiveness of building in Australia,” he says.
“It is difficult to say when these conditions will ease, but much depends on the strength and speed of the global recovery and the confidence this will provide the larger lenders.”
However, the outlook is not entirely grim. A number of projects have been awarded in Adelaide, including the $800 million Southern Expressway. National office construction increased 6.8% and industrial construction increased 20.8%.
 
 
 
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Slower times predicted for construction industry in 2012 given risk-averse banks 

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“Global economic headwinds” have slowed the growth of rents and capital values of offices in the Asia Pacific region in the third quarter of 2011, according to CBRE’s global chief economist.
The Asia Pacific Office Rent Index, which measures office rent, rose 12.9% year-over-year, “reflecting a continued strong rebound from the global recession,” says CBRE global chief economist Robert McGrath.
But there was just a 2.2% increase for the third quarter, “indicating that even in the region with the strongest growth, the recovery has moderated”.
It was the same story with the Asia Pacific Capital Value Index, which measures office capital, which increased 1.1% for the quarter 16.5% year on year.
“[The] quarterly increase was well below the average quarterly growth of 3.7% since Q3 2009,” McGrath writes.
However, Asia Pacific fared better than the rest of the world. The global quarterly growth of office rent was just 0.9% with a year-on-year increase of 5.1% while the average quarterly growth of office capital was 1.1% with a year-on-year increase of 10.7%.
“Although both rents and capital values continued to rise, quarterly growth rates lost momentum,” says CBRE global chief economist Raymond Torto.
“Even in Asia – which continues to propel both indices higher – activity slowed due to global economic headwinds.”
America fared poorly in Office Rent Index, with a year-on-year increase of just 1.5% and a stunted quarterly growth of 0.4%.
“Although the Americas Rent Index reached its trough in Q2 2010, Q3 2011 marks only the third quarter of notable rental growth, reflecting the lingering strains in the aftermath of the global financial crisis as well as the uncertainty arising from employment, consumer confidence and debt-related challenges,” says McGrath.
Despite Its feeble rent performance, the Office Capital Value Index for America was stronger, with quarterly growth increasing 1.5% and a year-on-year growth of 10.5%.
“[The increases demonstrate] that investor demand remains strong despite economic uncertainty,” says McGrath.
 
 
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Asia Pacific office rents growing more slowly due to 'global economic headwinds': CBRE

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<div>- Afghan property dealer Haji Baqi, who <a href="https://www.bbc.co.uk/news/world-asia-15334158" target="_blank">says he has lost nearly $300,000 (£191,500) in the past four weeks</a> due to suicide attacks in the Afghan capital.</div>
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Quote of the week: Hard to be an Afghan property developer

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The skyline of Brisbane could reach new heights with a 90-storey CBD tower approved by the council and set for 2015 completion.
<img src="/images/stories/111inside.jpg">
Developer Billbergia intends to build the 274-metre tower named 111+222 on the site of an abandoned Vision project bounded by Mary and Margaret streets.
It will stand 31 metres above Harry Triguboff’s Meriton Soleil tower, which was officially opened two weeks ago.
Billbergia bought the site for $40 million in 2010 in a liquidation sale of Austcorp’s failed $1 billion tower, which had been due for May 2012 completion before it went nowhere during the global financial crisis, leaving a water-logged eight-storey pit. The site previously sold for $24 million in 2004.
Billbergia has secured funding from AMP Capital.
The Bates Smart-designed development proposal was for two towers: a 36-level, 45,000-square-metre commercial office building at 111 Mary Street and a 92-level, 297-metre, 112,900-square-metre tower at 222 Margaret Street.
But aviation issues prompted Brisbane City Council to seek a cut in the height by 23 metres to 274 metres given concerns it would block radar signals from Brisbane Airport.
Billbergia spokesman Rick Graf said the company would appeal the decision to cut 23 metres.
The council approved the plans for the floor space.
<img src="/images/stories/111inside2.jpg">
The larger tower will be a commercial and residential development and will include a 380-room five-star hotel and 800 apartments. It will have room for 1,000 car parks across eight basement levels.
Spokesman Rick Graf confirms four major hotels are vying for rights to run the hotel in the mega tower.
Bates Smart has promoted the development as environmentally friendly with the north-facing rooftop of 111 Mary Street angled to incorporate a photovoltaic array, while the roof of 222 Margaret Street will incorporate wind turbines. It will come with a gas-fired trigeneration plant, which will provide on-site power generation.
As approved the project will come in as the fourth tallest building in Australia, although there are mooted plans to build a 280-metre tower on the former CUB brewery site in Melbourne, as well as a planned Southbank Tower that might peak out at 276 metres.
Currently Melbourne has four of the 10 tallest buildings in Australia, though Gold Coast takes position one.
The tallest building in Australia is Gold Coast’s Q1 tower, with its antenna reaching 323 metres. Completed in 2005, it’s the world’s third-tallest residential tower. The 80 level colossus was designed by Atelier SDG and Innovarchi and inspired by the Sydney Olympic Torch.
Second is Sydney’s iconic 309-metre Sydney Tower structure. Construction finished in 1981, and it cost $36 million. The tower features the Skywalk at 268 metres, which lets visitors walk around on a glass floor. It was designed by Donald Crone and Associates.
Third is Melbourne’s 297-metre Eureka tower in Southbank. Finished in 2006, the 91-storey building <a href="https://www.propertyobserver.com.au/developments/fender-katsilidis-ever-changing-place-in-melbourne-s-skyline/2011101351927" target="_blank">was designed by Fender Katsalidis</a>. The tower features the Eureka Sky Deck, which extends out of the building so visitors can look into the void.
Melbourne takes fourth place too with the 265-metre 120 Collins Street. The 52-level Hassell- designed building was completed in 1991. The postmodern building features a granite façade.
Collins Street again takes fifth place with the 260-metre 101 Collins. The 57-level office building was completed in 1991. Designed by Denton Corker Marshall, the lobby of the building features rows of imposing columns.
Melbourne’s 251-metre Rialto towers take sixth place in Australia. Designed by Gerard de Preu and Partners and Perrott Lyon Mathieson, the towers were finished in 1986. The construction was built on the former sight of the Victorian era Robb’s Buildings. Rialto became part of sporting history with its annual 242-metre stair race.
Perth gets a spot at number seven with the 249-metre Central Park Tower. Designed by Forbes and Fitzhardinge, the 51-level building was completed in 1992. The office block towers over Perth and includes a landscaped park.
Just behind is Perth’s latest 244-metre skyscraper, which has just topped out and is expected to open soon at number eight. Construction began in 2008 and it’s due to become to the global head office for BHP Billiton. It 46-level façade is a wall of glass.
The Gold Coast comes in on the list again at equal ninth with the 243-metre Soul tower. The 77-level tower has topped out and it is expected to open in 2012. The residential building in Surfers Paradise cost $850 million.
And at equal ninth Brisbane has the 243-metre Soleil Meriton building. The 76-level tower is set to open very soon as a series of serviced apartments with 10 levels of underground car parks.
 
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Brisbane tower set to be third tallest in Australia and loom over Harry Triguboff’s Soleil

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Farm income during 2011 and 2012 is expected to be double the average of the previous two decades due to a combination of high food prices and bumper crops, according to Philip Lowe, assistant economic governor with the Reserve Bank.
Speaking at Australian Farm Institute Agriculture Roundtable Conference, Lowe said in an uncertain global financial environment the outlook for Australian agriculture was good.
According to IMF figures, global food prices have increased 40% since 2004 and other figures show commodities such as wool, beef, wheat and sugar experienced similar boosts.
These increases have had an impact on the costs of inputs for farming, like fuel fertiliser and seed, but overall Lowe says the rise in prices is good news for domestic producers.
Lowe says the near-record-breaking expected winter wheat crop of around 40 million tonnes follows a good harvest last year. Farm output has increased by about 70% since the mid-1990s.
“This combination of generally high prices and high output has provided a substantial boost to aggregate income of the farming sector over the past financial year, and another favourable outcome is expected this year,” Lowe says.
“After adjusting for inflation, farm incomes over these two years are expected to be almost double the average of the previous two decades.”
Lowe says the increase in global demand for food comes from the rising food consumption in Asia as well increased meat consumption, which demands large amounts of grain, as well as an increase in the use of foods for non-consumption purposes like bio-fuels. This comes with a modest expansion in the global supply due to urbanisation in Asia and an increase in extreme weather.
Ivan Colhoun from ANZ Research says: “While the speech is mainly focused on the medium-term positive outlook for agriculture, there was some guidance about monetary policy. It's currently neutral, and it seems increasingly dependent on how things play out in Europe.”
“The European situation remains grim… there is likely to be considerable uncertainty about the global economy for an extended period.
“Encouragingly, the US economic data has generally been better than expected recently, corporate balance sheets remain strong and there are few signs that the financial turbulence has led to the significant deferral of spending on capital goods that caused so much damage in 2008 and 2009. At the same time, while Asian growth has slowed, growth remains firm and is increasingly domestically sourced (something that needs to continue to increase across time),” he says.
He also notes: “The downward trend for global food prices over the past 100 years appears to have ended.”
 
 
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Bumper crops and increased demand to increase farm income to near record levels: RBA 

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<img src="/images/stories/vicwarehouse_0005_rouse.jpg.jpg">
One of Melbourne’s most interesting warehouse conversion offerings is a four-bedroom <a target="_blank" href="https://www.realestate.com.au/property-townhouse-vic-port+melbourne-108350811">Rouse Street abode</a> (pictured above) in Port Melbourne with a sweet pedigree. Owner Richard O’Bryan has a history of converting industrial buildings for residential use. He cut his teeth on the Hat Factory in Prahran and went onto warehouses in Collingwood and Kensington. Also worked on the Melbourne Central Shot Tower conversion as a trainee construction manager. He’s also been responsible for the Swallow and Ariel factory in Port Melbourne and the Red Tulip development in Prahran.
He put his 30 years of experience into the Port Melbourne development converting two adjoining buildings that had been built for the Australasian Sugar Refining Company in the 1890s and Robert Harper and Company in 1900. The seven apartments were finished and sold in 2007 and since then O’Bryan combined two of the apartments into one townhouse of more than 210 square metres and kept it as his family home.
With plans to head to Bondi, the four-bedroom residence with huge entertaining and living areas, gym and its own courtyard has been listed for November 19 auction. The three-storey property has expectations for more than $1.8 million through Gerald Betts from RT Edgar in Albert Park.
“This property is unique. It’s hard to put a price on it,” says Betts.
<img src="/images/stories/vicwarehouse_0001_palmer.jpg.jpg">
In Fitzroy a grand conversion gives little away with its imposing red brick façade. Past the discreet entrance of the <a target="_blank" href="https://www.realestate.com.au/property-house-vic-fitzroy-108339686">Palmer Street property </a>(pictured above)– and its more than 185 square metres of space with a very high-roofed interior. None of the industrial past interior remains, but it has kept the wide-open spaces associated with conversion. It’s scheduled for November 12 auction with $1.1 million plus hopes through Simon Shrimpton with Jellis Craig in Clifton Hill.
<img src="/images/stories/vicwarehouse_0002_penny.jpg.jpg">
In South Yarra the work of artist Stephen Bram and architect James Brearley remains in a 1995 conversion. The 250-square-metre <a target="_blank" href="https://www.realestate.com.au/property-house-vic-south+yarra-108294126">Penny Lane property</a> (pictured above) is on a 112-square-metre block and is being sold as part of a liquidation sale under instruction by Rodgers Reidy Chartered Accountants. Estate agent Michael Major from Sutherland Farrelly East Melbourne is expecting $1.2 million plus at the November 12 auction.
<img src="/images/stories/vicwarehouse_0000_mollison.jpg.jpg">
An Abbotsford conversion has kept its rustic charm. The <a target="_blank" href="https://www.realestate.com.au/property-townhouse-vic-abbotsford-108566011">Mollison Street property</a> (pictured above) has three bedrooms and two bathrooms spread over three floors. It’s been listed with Sarah Case through RT Edgar in Toorak and the property is tipped for around $2 million.
<img src="/images/stories/vicwarehouse_0004_rossmoyne.jpg.jpg">
A Thornbury two-level warehouse conversion has been listed with a $1.09 million asking price. The three-bedroom <a target="_blank" href="https://www.realestate.com.au/property-house-vic-thornbury-107560897">Rossmoyne Street</a> home (pictured above) boasts three outdoor areas including one with a pond. Jonathan West from Nelson Alexander Real Estate in Northcote has the listing for the 335-square-metre abode, which sits on a 317-square-metre block.
For stylish warehouse conversions in Sydney, <a target="_blank" href="https://www.propertyobserver.com.au/residential/eight-residential-warehouse-offerings-in-sydney/2011110852267?source=flicker2?source=flicker2">click here.</a>
 
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Port Melbourne tops list of five special residential warehouse offerings in Melbourne

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.

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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.

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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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