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GUEST OBSERVATION
It’s been almost two years since the Living Away from Home Allowance (LAFHA) was reformed by the government, essentially limiting access to tax concessions to employees maintaining a home in Australia.
Since then, high-end rental properties in Sydney’s CBD have struggled to command the premium prices they had been achieving prior to the legislative changes.
Properties priced over $1,500 per week have had much higher vacancy rates since the reform, resulting in many owners having to lower their rental offer to secure tenants.
I recently came across a stunning penthouse in the northern CBD that was vacant for almost five months. In the end, the owners had to reduce their original asking price by more than 40% – from $2,400 per week down to $1,500 per week. We’ve also seen various instances of existing tenants wanting to renegotiate their current rental price so they are not paying over the current market average.
Two bedroom apartments located in the northern end of the city with fantastic views that used to achieve rental income of $1,200-$1,400 per week now have to consider offers of around $1,000 per week to keep vacancies to a minimum.
The good news is there is still a huge premium on one bedroom properties in the city, with some furnished apartments leasing for as much as $975 per week. And, inner city properties priced in the $500-$1,000 per week rental bracket seem completely unaffected by the reform – this buoyant segment of the market continues to be leased within days.
Rental properties on the eastern outskirts of the city particularly between <a href="/news">Woolloomooloo</a> through to <a href="/news">Vaucluse </a>also continue to thrive.
Landlords must be competitive and keep their properties presented at a high standard in order to secure tenants at the best rental price. It is important to remember, however, that meeting the market is essential. On average, properties priced over $2,000 per week have had to consider offers 10-20% lower than what they had previously been getting. In these instances, you are often more likely to benefit from accepting lower rent for a short period, than having the property vacant for a few weeks or in some cases a few months.
CARLIE ZIRI is a director of <a href="https://www.lifestylepropertyagency.com/" target="_blank" rel="nofollow">Lifestyle Property Agency.</a>
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Sydney’s high-end properties struggle to command top rental prices

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The demand for properties in inner city Sydney is at an all-time high. Properties are selling at record prices upon first inspection, and the huge influx of investors returning to the inner city property market, means there is a shortage of quality stock available – particularly for properties priced up to $1.2 million.
Many vendors are holding on tight; refusing to part with investments they bought years ago that are now yielding rental returns as high as $800 per week, on a property they purchased for just $400,000 10 years ago.
There was a time during the early 2000s that investors shied away from purchasing properties in the inner city. Banks tightening their lending requirements and only financing between 60-80% of property values meant that many investors were cut out of the market and properties under 50 square metres were very hard to finance at all.
This was a tough period for investing in inner Sydney. Hundreds of new apartments were released to the market each year, but heavy finance restrictions fuelled lots of bad press about investing in city apartments. At the time, many experienced city agents were managing 30-40 listings simultaneously, and the time-frames to sell these apartments would span up to 12 months.
How times have changed! If anything, the financial crisis has helped the city market by giving buyers the confidence to invest in property again, as opposed to other high risk investments and shares and stocks which can be volatile.
New developments have been selling out in just hours upon release, and command exuberant prices – including Barangaroo, which completely sold out in hours despite prices starting at $1 million for one-bedroom apartments, and most recently York &amp; George, another inner city development which sold almost 90% of its apartments on the first day of release.
Self-managed super funds have also gained momentum, buying up investments in the inner city market; yields are so good with the guaranteed reward of long-term capital growth.
We’ve also seen a growing number of tenants who have chosen to buy into the market so as not to pay the ever increasing rental prices. It’s all part of the shift toward more and more local and international residents embracing our fabulous inner city lifestyle, and just wanting to be in it to enjoy it. It’s no wonder why the city of Sydney is one of the most in demand property markets in the world.
While it is encouraging to see our once tough inner city market experience such a boom, properties at the higher end of the market are still harder to move. This is particularly true for those who bought off-the-plan for properties priced over $1.8 million in the past four to five years.
These properties are still averaging 12 months on the market and there is a much smaller pocket of people who can afford to spend $2-$6 million on apartments in the city. The higher end is predominantly owner occupied and over time we look forward to this end of the market picking up.
As we say goodbye to 2013 we are excited for the year ahead and once again look forward to a buoyant inner city market place.

<hr>
Carlie Ziri is the director of <a target="_blank" href="https://www.lifestylepropertyagency.com/" rel="nofollow">Lifestyle Property Agency.</a>
 
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Inner Sydney market is booming, but we're still waiting for top end to kick off

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Having built million dollar rent rolls during my career in real estate, I have learned not to underestimate the importance of what is truly the most central asset of any real estate agency.
Historically, our industry has tended to undervalue property management teams, while sales agents have attained all the glory and remuneration.
Over time this dynamic has started to change as more and more principals focus on building their rent roll income. Revenue generated from a rent roll is reoccurring and secure; sales income can be variable and volatile.
A rent roll is a real estate agency’s property management portfolio. It should be well managed and retention should always be a priority as it generates guaranteed income on a monthly basis. If you are lucky enough to have built a decent sized portfolio, you could have a very valuable asset.
The rent roll is also a source of sales listings for the sales team so the overall income regenerated from property management is priceless to a real estate agency.
It is also the only part of the business that a bank will recognise and lend money against as an asset.
When a real estate agency is valued, regardless of how large your sales team is, or how many sales you are turning over each year; the value of your rent roll is between 80–90% of your entire business value.
A rent roll is normally valued between $2.50–$3.50 for every dollar generated in management fees per annum. This value depends on many things including (but not limited to) the condition of the rent roll, location and geographic spread of the properties, average rental value, management fee per annum and vacancy rates.
Managing and retaining a rent roll is a very challenging role; you have to meet the demands of your tenants, landlords, internal stakeholders and other external third parties. It is your responsibility to ensure the properties are maintained beautifully, your tenants are living happily and that your landlords’ income is being paid on time and maximised with minimal vacancy.
Only time will tell what impact the new Liberal government will have on consumer confidence and on property sale prices. Currently, the rental market is going from strength to strength – another key reason why the rent roll should be a key area of focus for an agency.

<hr>
Carlie Ziri is the director of <a rel="nofollow" href="https://www.lifestylepropertyagency.com/" target="_blank">Lifestyle Property Agency.</a>
 
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Don't underestimate the importance of rent rolls: Carlie Ziri

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In 2003, the State Government announced that the stevedoring wharves at East Darling Harbour would be transformed into a new urban precinct. And now, momentum is building as the long awaited and often controversial Barangaroo – a $6 billion commercial, residential and leisure development – is set to revitalise this quiet part of the city.
The Barangaroo Concept Plan was approved in February 2007 and has been amended each year to increase the floor space and to refine the Headland Park and Northern Cove.
In 2010, it was amended again to include a hotel on a pier with additional height and floor space.
The development’s most controversial amendment, however, was the recently approved Crown Casino, which will undoubtedly attract an influx of international high rollers to the precinct.
Earlier this year, we interviewed a couple of key Barangaroo stakeholders for a feature in our Lifestyle Guide publication. Greg Flynn, Barangaroo Developer, Lend Lease, said in what is destined to become Australia's first large-scale carbon neutral community and there will be approximately 800 apartments in the residential component of Barangaroo South.
The development will offer 159 waterfront apartments, with a mix of one, two and three-bedroom apartments, all with uninterrupted harbour views.
Andrew Wilson, Managing Director, Barangaroo South, said the apartments were Sydney’s last significant CBD residential waterfront opportunity and he described its contemporary design as offering the quintessential Sydney harbour living experience that would enhance Sydney's position as a must-see destination.
It is anticipated that the apartments will be released to the market during the second half of this year and completed in mid-2015.
Each building is targeting a 5-Green-Star residential rating and incorporates a range of sustainability measures.
At ground level, Barangaroo South will include cafes and a standout signature restaurant at the northern end facing the square and cove.
It will also be Sydney’s newest dining ‘hot spot’ and home to some of the most esteemed local and global chefs.
For over a decade, Barangaroo has been a cause of concern among residents that live in the northern part of Kent Street.
Many property owners in this area purchased million dollar views when height restrictions were in place and, while Barangaroo was still in its planning stage, the value and sales potential of some of these apartments were negatively affected.
With apartments in Barangaroo tipped to start selling from $1million, I am confident that residents in Kent Street as well as Walsh Bay and The Rocks can expect an increase in the value of their properties over the next 5-10 years.
Carlie Ziri is the director of <a rel="nofollow" href="https://www.lifestylepropertyagency.com/" target="_blank">Lifestyle Property Agency.</a>
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Barangaroo development will revitalise East Darling Harbour

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The growing number of people choosing to downsize and reside in inner city apartments is a well-established trend that has been happening in international cities for quite some time.
In Sydney this trend has taken a couple of decades to surface, with large-scale building of major high-rise developments in the inner city only starting in the early 1990s.
In recent years, however, our most inner city area – spanning from The Rocks – Woolloomooloo has undergone a cosmopolitan makeover and new property developments have attracted an influx of diverse, wealthier residents who are embracing the perks of city living.
Most of the time these new developments offer spectacular views, have 5-star facilities that require no maintenance, and are located just minutes from work, fantastic restaurants, great shopping, entertainment, numerous transport options and everything else Sydney has to offer.
The shift toward apartment living in Australia, particularly in the capital cities, has been highlighted in recent ABS numbers.
Furthermore, stand-alone housing approvals are at recessionary levels, while apartment approvals are at an all-time high.
There are many factors contributing to the rise in inner city living.
A growing number of Sydney-siders are shying away from the great Aussie dream of a home with a backyard and a pool, in favour of an inner city pad.
Empty nesters are growing tired of maintaining large homes once their children have moved out, and many people are abandoning the long daily commute to be close to work, and adore the vitality, convenience and cosmopolitan vibe that the inner city offers.
This property trend is likely to continue as the population ages and we are already experiencing a surge in demand for 1-2 bedroom apartments in convenient locations.
With this amazing city maturing every year, conditions are ripe with rental demand being driven up by these affluent, corporate executives attracted to the lifestyle that accompaniesinner city apartment living.
I predict median property prices in Sydney will rise by around 2-3% in 2013; and over the next few years, I expect our fabulous city to become more and more like other mature international cities including London and New York where apartment living continues to thrive.
Carlie Ziri is the director of <a target="_blank" href="https://www.lifestylepropertyagency.com/" rel="nofollow">Lifestyle Property Agency.</a>
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Median property prices in Sydney will rise by around 2% to 3% in 2013: Carlie Ziri

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For many people, an investment property forms part of their retirement plan. In order to avoid any major cracks in the future, this precious nest egg should be nurtured along the way so it lives up to its promise of financial security when the time is right.  
This is why it is so important that you select an agency that you can trust, to manage your property as if it were their own.  
With tax time looming it’s the perfect time to ensure you’re getting the right level of service from your agent. Paying a management fee covers more than just rent collection; it is also a tax deductible service that should ensure your agent keeps your property well maintained and earns you maximum rental return.  
To ensure successful management of your investment property and returns, you need to work with a qualified agency that has a committed and professional approach. Your agency must have attention to detail, knowledge of all the appropriate legalities, and efficient procedures in place to manage the day-to-day demands of a portfolio of investment properties.
The average management fee in NSW ranges between 5% – 7% depending on location and service provided. However, it is the little things that will set a great agent apart from the average.
Ensuring the property is spotless when a tenant leaves is so often overlooked; with dirty vents, cupboards, light fittings and many small areas missed during a vacate inspection. These issues will just build up over each new tenancy and lead to early replacements. A good agent will also ensure everything is in working order rather than waiting for the new tenant to advise.
Detailed pictures of the property are essential in today’s market. Images ensure there is no debate over the condition of the property at the end of a lease, and with a furnished property, an agent can ensure the property is styled as beautifully as it was when it was handed over.
Organising cleaners, removalists, tradesmen and sourcing any service the property or landlord needs should all be part of the deal and at the end of the financial year, your agency should give you a complimentary end of year statement to pass on to your accountant.
Finally, communication is key. Keeping landlords up to date with values and market trends is something our agency is passionate about delivering on a regular basis.
Rohan Alexander, my Associate Director at Lifestyle Property Agency, has specialised in managing and leasing inner city properties for over a decade and always goes above and beyond for clients. Just recently, to ensure a deal was closed for the landlord, he organised a crane to lift a large piece of furniture onto the balcony as it wouldn’t fit in the lift of the apartment building. Both the landlord and tenant were extremely happy with the outcome.  
According to Rohan, the following checklist outlines everything a good property manager should be doing for their clients:
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<li>
Manage the property like it’s your own. Be positive, enthusiastic and proactive – there is always a solution!
</li>
<li>
Ensure there is a minimum of two routine inspections per annum – it is essential to monitor the property during tenancies. Many agencies don't even carry out one inspection per annum!
</li>
<li>
Review the market rent every 6-12 months, depending on the length of the tenancy. The smallest increase will maximise your return
</li>
<li>
Have a great relationship with both the owner and tenant; looking after both parties ensures a smooth tenancy
</li>
<li>
Be proactive with maintenance rather than reactive
</li>
<li>
Ensure your tradesmen are good at what they do, are reasonably priced and reliable
</li>
<li>
Always return calls! Many people don’t hear back when enquiring about a rental property. Prospective tenants, owners and current tenants should always receive a response, whether it is good or bad news
</li>
</ol>
Choosing the right agent is worth the initial investigation and like anything the cheapest is not always the best. Make sure that this small tax deductible cost is working for you and your property portfolio, to maximise the opportunity for positive capital growth in the future.
Carlie Ziri is the director of <a rel="nofollow" href="https://www.lifestylepropertyagency.com/" target="_blank">Lifestyle Property Agency.</a>
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The importance of choosing the right property manager for your investment: Carlie Ziri

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The Sydney 2000 postcode is unlike any other property market in the country.
It is predominantly an investor market with almost two-thirds (63%) of its 14,000 apartments currently leased to tenants.
It is a unique and dynamic market but it can also be fickle and erratic. With over 20 years’ experience selling and leasing inner city property, I am passionate about educating buyers on how to make their investment in our beautiful city work in their favour.
The key to success is to have an innate understanding about what you are buying, and a realistic view of the returns and capital growth you can expect to see in the short, medium and long term.
Within the Sydney CBD, there are three distinct markets with different characteristics that investors need to be aware of:
City North – covers Margaret Street through to Walsh Bay
Mid City – starts from Hunter Street through to Bathurst Street
City South – runs south of Bathurst Street through to China Town
Property prices vary between these precincts, with the City South home to more affordable residences, while the northern tip of the city offers some of the most expensive real estate inAustralia, with apartments achieving over $65,000 per square metre for a small piece of Sydney’s inner city lifestyle.
One thing that is common among all of these precincts is volatility, and the return on your investment can vary dramatically depending on where the property is located and what attributes it has.
For example, in the space of one week, I negotiated a deal where one client made over$300K on an apartment she owned for just 12 months, while another client made a $25K loss on an apartment he owned for over 15 years.
These apartments were located within three blocks of each other; however the latter apartment had no view, balcony or parking, while the former offered all three of these imperative attributes.
At the moment, there is no shortage of premium apartments with big price tags in new city developments; there is however, a high demand for one and two-bedroom apartments in the more affordable price range of $550,000 to $1 million.
With many buyers looking to purchase before the end of the financial year, owners with inner city properties priced between $550,000 and $1 million are in a prime position to achieve a record price over the next few weeks.
The tricky part is finding a vendor who is willing to sell; most I have spoken to are achieving such great returns, they are not willing to sell.
The Sydney CBD offers buyers a secure investment in the medium to long-term, and with the right choice, rental returns are higher than other Sydney suburbs.
However, it is imperative that the property ticks certain boxes.
There are five key things I strongly recommend you look for to ensure your inner city purchase is a successful venture:
1) Building: Purchase in a well-managed and desirable development
2) Views: Harbour or iconic views attain the highest capital growth. If your budget is limited, ensure you at least have a great city outlook
3) Parking: Although not essential, it has a big impact on your property’s re-sale value
4) Outgoings: Ensure outgoings are reasonable and have long-term sustainability
5) Location: Buy in a development that is well placed to offer residents a fabulous inner city lifestyle with key desirables in arms reach i.e. transport, shopping, restaurants,entertainment and parks.
Carlie Ziri is the director of <a rel="nofollow" href="https://www.lifestylepropertyagency.com/" target="_blank">Lifestyle Property Agency.</a>
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Five tips for investing in the Sydney CBD residential market: Carlie Ziri

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I often get asked by my investor clients about whether they should furnish their investment properties.
The answer to this really depends on your market and current demand.
For example, over the past few years in inner city Sydney, I have seen a growth in the number of investors who choose to furnish their apartments not just for a higher financial return but also for practical reasons – with many choosing to live in the property between tenancies.
Overall, there is much more interest in unfurnished properties in this market; around 75% of my clients who are looking for a lease property will ask for an unfurnished place that can be fitted out to suit their taste and style. Generally, unfurnished tenancies are longer-term leases with minimal vacancy and wear and tear.
However, good quality unfurnished apartments available for lease in the inner city are getting harder to come by with close to 85% of apartments sold in this market over the past year have been to owner-occupiers.
If you do decide to furnish your property to lease, there are a few key things you will need to consider:
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<li>
Furnished properties generally have a shorter lease term – usually between 3-12 months – so you need to factor in a higher turnover of tenancies, which means increased possibility of vacancy and more frequent leasing fees.
</li>
<li>
If you are going to do it, it needs to be done well! Your apartment needs to be beautifully styled and warm and inviting. It also needs to be fully equipped; it’s easy to forget the smaller details like kitchen utensils, vacuum cleaners, linen, and so on.
</li>
<li>
Monitor all your furnishings and ensure that your entire inventory is well maintained. Items should be replaced promptly if they are not working. Most properties need an update of furnishings or restyling every 3–5 years
</li>
</ul>
When furnishing an investment, you need to be aware that although you may receive a premium of between $100-$250 a week for the furniture; once you have factored in the probable vacancy due to the shorter-term leases, the maintenance of inventory items and extra agency fees – you’re likely to achieve a better return on an unfurnished property.
In saying this, if your investment is more of a lifestyle choice and you’re able to use your city pad in between tenancies, then enjoy!
Carlie Ziri is the director of <a target="_blank" href="https://www.lifestylepropertyagency.com/" rel="nofollow">Lifestyle Property Agency.</a>
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The pros and cons of furnishing your investment property

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Apartment living can be fabulous, but with over 70,000 residential strata developments in NSW alone, there are several things to consider before committing to purchase, the most obvious being budget, location and lifestyle.
It is also important that the size of the building be taken into account. For example, if you want modern facilities including a gymnasium, pool, and concierge service, you may want to consider a larger development – more people contribute to maintenance and management costs, making outgoings more reasonable in the long term.
And then there is the endless stream of other questions you need answered before proceeding with the investment. Is the building pet friendly? What is the split between owner-occupiers versus tenants? Are the outgoings (levies) sustainable over the long term? Is the development well managed by a reputable company and are there any pending issues? Are the common walls well insulated? Will your views ever be built out? What is the capital growth potential, rental return and demand? What are the by-laws of the building that you need to adhere to?
The good news is that you don’t have to figure it all out on your own. There is plenty of assistance and support at hand for apartment owners and investors that can provide answers while saving you time and money.
Firstly, you should have a good conveyancer who can give you the right advice about the contract, by-laws and all other terms relating to the purchase.
Unlike buying a house, the reality of communal living is that you are investing in an entire building development and essentially buying the air space, fixtures and fittings that are within the apartment. Common walls and common areas are the responsibility of the owners' corporation on or executive committees of each development, making it imperative that you thoroughly research the building and its history before purchasing.
The easiest way to investigate this is to find a good strata search company that can arrange a comprehensive strata report on the particular building you are looking at. This will cover all the necessary information on the development, including whether the sinking fund has a sufficient amount and the minutes from previous strata meetings. The report will also shed light on any short or long-term structural issues that could cost you in the future.
Another great source of assistance is The Owners Corporation Network (OCN), a not-for-profit organisation established in 2002 by representatives from 13 of Sydney’s largest buildings at the time.
Karen Stiles, OCN’s executive officer, says that by working closely with the government and industry bodies and hosting various forums, meetings and seminars, the OCN’s ultimate goal to improve strata living.
According to Stiles, over half the new dwellings to be built in our metropolitan areas over the next decade will be strata-titled. She says that it is essential that Australians transition as painlessly as possible from the idea of being the kings of their quarter-acre blocks to living in a well-managed ‘vertical village’.
Stiles added that the OCN is a support network that thrives because very few people have the knowledge or skill required to effectively manage their assets particularly when dealing with developers, builders and contractors in an increasingly complex area.
Carlie Ziri is the director of <a target="_blank" href="https://www.lifestylepropertyagency.com/">Lifestyle Property Agency.</a>
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How to decide what is most important when buying an apartment

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When purchasing an apartment, all investors and owners share common goals: to ensure the value of their property increases and that their property’s development is well managed for the entirety of its future.
This is why I am often surprised when I come across clients who underestimate the impact that a building management firm can have on their investment. Investing in a building that is managed by a reputable, knowledgeable and responsive company is essential for the maintenance of the development’s assets, which ultimately contributes to the property’s long-term growth.
When a new building’s executive committee is deciding on which company to appoint to manage the development, the decision is often based on cost. Unfortunately, this can affect the long-term value of the development, as there are many other factors that need to be considered.
An established and capable building management firm will have a highly skilled team and structured processes to ensure the building is maintained on a daily basis, preventative maintenance schedules are operational and managed effectively, bylaws are adhered to, a detailed monitoring system is in place, and security systems are well-maintained and updated annually.
The company should also be financially savvy, cost-effective, and have experience in preventative and corrective maintenance and dealing with OH&amp;S standards. The firm should also have a good selection of quality service providers to maximise the longevity of the development’s assets.
Defect management is another important issue which falls under the realm of building management. Where owners are within their seven-year home owner's warranty period, defects should be raised immediately to the builder and the Home Owner Warranty insurer.
My husband, George Ziri, who is director of Building Facilities Management Solutions (BFMS Pty Ltd ), says when discussing defect management, the building manager should always conduct themselves in an impartial manner to establish credibility between the owners and the builder/developer.
Building managers also need to be realistic when producing defect reports. According to George, it’s best to wait for the sixth year of the home owner's warranty before the owner works with an independent building consultant to review the property and status of defects.
This review will give both the owner and builder the assurance of independent advice. The consultant will also support the owner as an expert witness, in the event they wish to pursue any legal matters.
Reliable and trusty building management is essential in all developments. For investors, property location and views can go a long way in ascertaining the value of their purchase; but, it is also worth remembering the building’s management also plays a large part in determining what an investment is worth now and in the future.
Carlie Ziri is the director of <a href="https://www.lifestylepropertyagency.com/" target="_blank">Lifestyle Property Agency.</a>
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A capable building manager will increase the value of your investment property: Carlie Ziri

South East Queensland developer&nbsp;<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a>’s entry into the Gold Coast apartment market has progressed from pipeline to market, with its Chevron Island project Bronze on Chevron now formally available to purchase ahead of a planned 2029 completion.

The 119-apartment development on Mawarra Street marks the Brisbane-headquartered builder-developer’s first residential play in the Gold Coast, following its expansion south from Brisbane and the Sunshine Coast.

<a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-surfers-paradise-qld-4217">Bronze on Chevron</a> comprises a mix of two-, three- and four-bedroom residences, with pricing starting from just over $1.5 million. The project is being delivered under Gardner Vaughan’s fully integrated model, with the group acting as both developer and builder, a structure it has consistently applied across its South East Queensland portfolio.

[smartcode_project:default project_id=107520 project_image_fid=367182]

Architecture has been designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jeremy-ferrier-landscape-design">Jeremy Ferrier</a>. The building presents as a single-tower scheme, with a focus on maximising outlook across both the Surfers Paradise skyline and the Nerang River.

Apartments have been planned with open-plan living zones extending to generous balconies, a response to the site’s dual-aspect positioning between river and ocean. Interiors follow a restrained coastal palette, with two colour schemes offered, and an emphasis on natural light and cross-ventilation.

[smartcode_project:default project_id=107520 project_image_fid=367181]

Resident amenity is concentrated across more than 1,250 sqm and includes a resort-style pool, gym, yoga lawn and rooftop entertaining areas. A function space with catering facilities forms part of the upper-level offering, alongside north- and south-facing outdoor areas.

Ground level will incorporate two retail tenancies, intended to extend the existing village character of the surrounding streets.

&nbsp;

[smartcode_project:default project_id=107520 project_image_fid=367200]

The project sits within walking distance of Thomas Drive’s established dining strip, while maintaining proximity to <a href="https://www.apartments.com.au/developments/surfers-paradise-qld-4217">Surfers Paradise</a> beach and broader Gold Coast amenity. The location, positioned on Chevron Island between the river and coastline, has increasingly attracted mid- to high-density development in recent years as the precinct evolves beyond its low-rise origins.

Gardner Vaughan’s move into the Gold Coast was first signalled in 2025, with the group identifying the region as a natural extension of its operations. Chief Executive Officer Simon Betteridge described the expansion as both “strategic and natural”, citing demand for well-designed apartments in lifestyle-driven markets.

Construction is expected to complete in early 2029.

[smartcode_project_cta:default project_id=107520]

Joel Robinson

Gardner Vaughan brings Bronze on Chevron to market as Gold Coast debut

One of the penthouses at Lily Lane, the latest stage of Carrington Place by Ellipse Property, has set a new local apartment price record.

The four-bedroom residence, purchased by a local downsizer, sold for $5.75 million—around 75 per cent higher than the previous record of $3.3 million.

Over 40 per cent of the first release of apartments at&nbsp;<a href="https://www.apartments.com.au/new-apartments/lily-lane-at-carrington-place-castle-hill-32-carrington-road-castle-hill-nsw-2154">Lily Lane</a> have already been snapped up just six weeks since it launched to the market.

&nbsp;

Located at 32 Carrington Road, <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a> and designed by award-winning architects <a href="https://www.apartments.com.au/architects/ptw">PTW</a>, Lily Lane is directly opposite the Hills Showground Metro station. It offers a total 213 units over two 12-storey towers - a mix of 67 one-bedroom, 100 two-bedroom and 46 three-bedroom apartments - with a ground-floor retail offering.

[smartcode_project:default project_id=151821 project_image_fid=368352]

Blake Schulze, National Director – Residential at <a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a>, says around 44 per cent of buyers are&nbsp;owner occupiers, with 35 per cent being investors and 21 per cent first homebuyers.

“Developments of this calibre are very rare in the Hills District, and Lily Lane’s sales success demonstrates the depth of demand for over-sized apartments that genuinely compete with freestanding homes," Schulze says.

"We are seeing particular demand from downsizers who want to remain in the area but transition into spacious, high-quality apartment living."

On the penthouse sale, it says it shows buyers&nbsp;are prepared to pay a premium for scale, quality, and direct access to the Metro.

[smartcode_project:default project_id=151821 project_image_fid=368351]

One-bedroom apartments are sized from 50-72 sqm with prices starting at $745,000, while two-bedrooms are priced from $990,000 with sizes from 75 to 132 square metres. Three-bedroom floorplans are sized between 97 and 182 sqm,, with prices starting at $1,395,000.&nbsp;

The three remaining penthouses, spanning up to 262 sqm, are priced from $2.9 million.

Over 75 per cent of apartments include dedicated studies, multipurpose rooms or family rooms, with select layouts offering walk-in pantries and laundries. Apartments are appointed with premium Miele appliances including ovens, washing machines, dryers, gas cooktops and dishwashers, while larger residences also incorporate integrated Miele microwaves, Fisher &amp; Paykel integrated refrigerators and five-burner Miele cooktops.

[smartcode_project:default project_id=151821 project_image_fid=360285]

Lily Lane will be constructed by award-winning iCIRT-rated builder <a href="https://www.apartments.com.au/builders/decode">Decode Group</a>, with construction to commence in mid-2026 and expected to complete early 2029.

Carrington Place comprises more than 800 apartments and is being delivered across multiple stages, with completion expected in 2032. Integrated with neighbouring bushland, the project will feature over 20,000 sq, of outdoor recreational area, including a one-kilometre boardwalk to Fred Caterson Reserve.&nbsp;

The Hills Showground Metro Station is just a two-minute walk away, offering fast connectivity to Sydney’s CBD, North Sydney, Chatswood, Macquarie Park and Norwest Business Park.

[smartcode_project_cta:default project_id=151821]

Ellipse sets Castle Hill apartment record with $5.75 million Lily Lane penthouse sale

Fresh off completing its Delano Crows Nest development, Lindsay Bennelong has lodged plans for its next project, this time turning its attention to the beach.

The developer, founded by Clarendon Homes founder Peter Campbell, is proposing a 37-apartment scheme at <a href="https://www.apartments.com.au/new-apartments/17-25-ashburner-street-manly-nsw-2095">17-25 Ashburner Street</a>, Manly, positioned between the southern end of <a href="https://www.apartments.com.au/developments/manly-nsw-2095">Manly</a> Beach and East Manly Cove.

Lindsay Bennelong called on local architecture firm Platform Architects to design the new building, given their success on The Finn, Lindsay Bennelong's current luxury apartment project on North Steyne.&nbsp;

According to the Design Verification Statement by Bridie Gough of Platform Architects, the proposal “relates to the current context but also the desired future character of taller buildings suitable to the new planning controls.”

The site has been identified as a Low to Mid-Rise Housing (LMR) location, given its position within 400 metres of the Manly Town Centre E1 Business Zone. The LMR controls are intended to unlock additional housing supply in well-located areas close to public transport, allowing developers to seek increased height limits to support greater density.

“The proposal seeks to provide this increased level of housing whilst being respectful of some of the smaller scale buildings also nearby,” the statement reads.

Lindsay Bennelong Development Director Leigh Manser said the project has been carefully aligned with the intent of the LMR controls. The proposal will significantly increase housing yield on the site, replacing four houses and 10 apartments, comprising 25 bedrooms, with 37 new apartments delivering a total of 94 bedrooms.

“Sydney is in a severe undersupply, and delivering more dwellings and more bedrooms than what currently exists is exactly what the LMR policy is designed to activate,” Manser said, noting that nine of the apartments will be allocated as affordable housing for frontline workers.

“We have already commenced discussions with our community housing provider to determine the rental levels that frontline workers can realistically afford in this location,” he said. “These will need to sit well below the standard affordable housing benchmark of 20 per cent below market rent, and that has been factored into our feasibility and pricing.”

<img alt="Manly" data-entity-type="file" data-entity-uuid="ad03000f-19f9-48b4-b27d-e85ca800a1da" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-30%20at%208.41.59%E2%80%AFAM.png?VersionId=a.txHwCZgbCInlQ6QXbIrI.umvW1T.r8" />

The design of the building incorporates a wave-like indentation running through the façade, referencing the nearby coastline and anchoring the building within its local context.

The&nbsp;Design Verification Statement says careful consideration has been given to the articulation of the building, ensuring the bulk is broken down to a more human scale through a defined four-storey podium."

The scheme includes a mix of one-, two- and three-bedroom apartments.

“The design ensures a high level of amenity, with apartments offering generous private open space, many with expansive views, and all with comfortable proportions."

<img alt="Bennelong" data-entity-type="file" data-entity-uuid="6a7f2812-72a1-4959-84b0-997e8cd88aed" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-30%20at%2010.15.50%E2%80%AFAM.png?VersionId=6iMxU3MkXmHVHAoNhYBjnqgka8CUZNbk" />

<a href="https://www.apartments.com.au/developers/lindsay-bennelong-developments">Lindsay Bennelong</a>&nbsp;is currently developing Finn Manly, just three full-floor luxury apartments on North Steyne. They recently welcomed residents to its 81-unit Delano Crows Nest development, a&nbsp;carefully scaled infill project designed to bridge&nbsp;<a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a>’s lively village centre with its surrounding heritage streets.

Designed by&nbsp;<a href="https://www.apartments.com.au/architects/ajc-architects">AJC Architects</a>,&nbsp;<a href="https://www.apartments.com.au/new-apartments/delano-crows-nest-27-57-falcon-street-crows-nest-nsw-2065">Delano</a>&nbsp;is arranged across three low-rise buildings, incorporating a mix of one, two, and three-bedroom apartments alongside a limited number of townhomes addressing Hayberry Lane. The architectural approach draws on the area’s Art Deco lineage, reinterpreted through contemporary detailing and framed by landscaped communal gardens.

The developer also has a development site in Maroubra.

First look: Lindsay Bennelong's new Manly apartment development revealed

Fifty-nine residences across 37 levels. No more than two per floor. With 80 per cent now sold, what remains at <a href="https://www.apartments.com.au/new-apartments/madeline-by-mosaic-broadbeach-22-mary-avenue-broadbeach-qld-4218">Madeline by Mosaic</a> is a short list.

Madeline was always conceived at a scale that sits outside the normal register of Gold Coast apartment living. The residences are half- and full-floor configurations, with the largest spanning more than 400 sqm, dimensions that place them closer to the penthouse end of the market regardless of where they sit in the building.

That scale is the organising principle of everything else: how the floorplans are laid out, how the materials read, how the connection between inside and outside works.

[smartcode_project:default project_id=150135 project_image_fid=355941]

The interiors were developed in collaboration with <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser &amp; Partners</a>, the architecture practice&nbsp;<a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic</a> brought in as design partner for the first time on this project. The palette runs to natural stone, textured timbers, and soft metallics, materials chosen as much for their tactile quality as their appearance.

Light cleverly shifts across surfaces through the day, and the design is explicit about wanting that to be noticed. Full-height glazing runs across the primary living areas, and where the building faces east toward the ocean, those walls of glass are doing real work: framing a view corridor that the site's position directly opposite Broadbeach State School's playing fields keeps permanently open.

That outlook is the site's most consequential asset. In a suburb where new towers continue to rise, a protected view line is genuinely rare, and the Mary Avenue address secures it. Residents at Madeline will look out over open parkland rather than the rear of another building, a distinction that becomes more meaningful with each new development approved nearby.

[smartcode_project:default project_id=150135 project_image_fid=355939]

The private outdoor spaces are sized to match the residences themselves. Terraces on the upper levels frame uninterrupted ocean panoramas, and the planning ensures that living areas extend into those outdoor zones rather than treating them as separate attachments. The flow between the two is part of the design intent, not an afterthought.

Inside, the finish specification reflects the same approach. Rich stone benchtops, warm timber joinery, bespoke hardware, each element specified to hold up over time rather than read as a moment in a particular trend cycle.

[smartcode_project:default project_id=150135 project_image_fid=3409]

Beyond the residences, the amenity offering extends that register. A lap pool and sun deck anchor the outdoor space, alongside a magnesium pool, cold plunge, steam room, and sauna.

A commercial-grade gymnasium, residents' lounge, library, and boardroom round out a programme that functions more like a private members club than a standard building amenity floor.

Construction has commenced under Mosaic's in-house building arm, with completion scheduled for late 2028.

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Madeline by Mosaic delivers penthouse-level living across every apartment

Developer Fortezza Group is the latest to take its new apartment development, <a href="https://www.apartments.com.au/new-apartments/the-belvedere-5-7-church-street-nelson-bay-nsw-2315">The Belvedere in Nelson Bay</a>, to the NSW Government.

Fortezza, predominantly a South East Queensland developer, is the latest to apply for State Significant Development&nbsp; status through the NSW Government's Housing Delivery Authority, a pathway becoming favoured by developers to speed up the approval process.

They are planning 57 two- and three-bedroom apartments across 5-7 Church Street and 42 Donald Street, near d'Albora Nelson Bay Marina. The diverse apartment mix has sizes from just over 80 sqm to the largest three-bedroom penthouses that reach nearly 200 sqm.

<img alt="Fortezza" data-entity-type="file" data-entity-uuid="090360e1-66d7-43ad-b686-aba81f173bf2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-29%20at%2010.22.40%E2%80%AFAM.png?VersionId=DMqF96eBZolqSAAAcugX0l66ueWng66m" />

Fortezza calls the project a "piece of Istria in Nelson Bay,"&nbsp;referring to the largest peninsula in the Adriatic Sea, shared by Croatia (90%), Slovenia, and Italy, which is known for its Roman history, Venetian-style coastal towns and inland hilltop villages.

They say the The Belvedere is strategically positioned at the apex of Nelson Bay, offering unrivalled views of the ocean, the bay and captivating topography of the area.

"Our commitment to maintaining the integrity of every view and sight line has been relentless," Fortezza Group says.

"Through extensive modelling and analysis, we ensure that each apartment enjoys the natural beauty of Nelson Bay, regardless of future developments. Each design element is carefully curated to harmonise with our European heritage, drawing profound inspiration from the Roman architectural marvels in Istria. The arches, the cascades of greenery and the stonework that define our project pay homage to the structures that once exemplified Roman grandeur."

Residents will have access to a pool, communal green spaces, an office and a coffee shop.

Carlie Ziri

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