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Peter Bushby has been elected the new president of the Real Estate Institute of Australia, replacing Pamela Bennett.
Bushby began his career in real estate in 1972 and has worked in the northern Tasmanian market of greater Launceston for the past 40 years.
He was a partner in Bushby First National and opened his own real estate agency in 1997.
Responding to October housing data, Bushby says the RBA’s recent cash rate cut last week was justified, and that there has been a modest housing market response to previous cuts.
“In trend terms, increases were recorded in all states and territories except the Australian Capital Territory, which remained flat. The largest increase was in the Northern Territory, up 3% in trend terms,” Bushby says.
He also called on the RBA to further cut rates in early 2013.
“The RBA’s rate reduction in December was justified. With inflation within the RBA’s target zone, I hope they act in the interest of home owners with an early 2013 reduction. That would certainly make it a happy new year,” he says.
Bushby has been a member of the Real Estate Institute of Tasmania state executive since 2003 and was the REIT’s president from 2007 to 2010. He is also an associate and fellow member of the Real Estate Institute of Australia.
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Peter Bushby elected REIA president

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13/26 Bayshore Drive Byron Bay, NSW, 2481 <img width="470" src="/images/stories/2012/12/bayshore.jpg">
Just one kilometre from the beach, this single-level, two-bedroom villa is currently tenanted at $380 per week. It includes a single lock-up garage, and listing agent Brett Connable of Ray White says it presents a "great investment opportunity".
Connable <a target="_blank" href="https://myproperty.raywhite.com/PropertyDetails.aspx?id=869488">is marketing the property </a>with price hopes of $329,000 plus, and if it sells for that price, that would secure an investor a gross rental yield of 6% at its current rent, above the gross rental yield for Byron Bay units of 5.3%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
<a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $8,000 and over five years to be $29,000.
The median unit price in Byron Bay fell 20.7% in the past year but rose 11.4% in the past five years, according to RP Data.
For more information about prices and yields in <a target="_blank" href="/news">Byron Bay, see the RP Data suburb page.</a>
The property will go to auction Saturday, December 8 at 10am.
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Friday form guide: Yields of up to 6% in Byron Bay

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<a target="_blank" href="https://www.propertyobserver.com.au/queensland/ytc-wednesday-flicker-5-anna-bligh-sells-her-highgate-hill-home/2012120458287"><img src="/images/stories/2012/12/1mplus.gif"></a>
The price hopes for Sydney-based former <a target="_blank" href="https://www.propertyobserver.com.au/queensland/ytc-wednesday-flicker-5-anna-bligh-sells-her-highgate-hill-home/2012120458287">Queensland premier Anna Bligh's south Brisbane home</a>, which sold this week. There were five registered bidders, but not a single offer at its September auction. Anna Bligh has been recently spotted at open for inspections in the Sydney suburb of Paddington.
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<a href="/news"> <img src="/images/stories/2012/12/11point1percent.gif"></a>
The percentage of residential property sales in Sydney in the year to August 2012<a href="/news"> that were over $1 million</a>, according to RP Data.
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<a href="https://www.propertyobserver.com.au/international/oscar-wilde-s-chelsea-home-listed-by-myce-lee-through-savills/2012120258193" target="_blank"><img src="/images/stories/2012/12/1point15mpounds.gif"></a>
The price hopes for a one-bedroom flat in London's Chelsea that was once part of <a href="https://www.propertyobserver.com.au/international/oscar-wilde-s-chelsea-home-listed-by-myce-lee-through-savills/2012120258193" target="_blank">Oscar Wilde's home</a>. Wilde wrote many of his famous works, including Picture of Dorian Gray and The Importance of Being Earnest, in the library, which is now the bedroom. 
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<a href="https://www.propertyobserver.com.au/international/ytc-wednesday-flicker-4-one-cornwall-the-world-s-most-expensive-terrace-house/2012120258234" target="_blank"><img src="/images/stories/2012/12/100mpounds.gif"></a>
The likely price hopes for <a href="https://www.propertyobserver.com.au/international/ytc-wednesday-flicker-4-one-cornwall-the-world-s-most-expensive-terrace-house/2012120258234" target="_blank">One Cornwall Terrace</a>, located on the Outer Circle road around The Regent's Park, London. It is reportedly the world's most expensive terrace house.
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<a href="/news"><img src="/images/stories/2012/12/3percent2.gif"></a>
The <a href="/news">official cash rate after the RBA cut rates this week</a>. The new setting is the lowest the cash rate has been since a period from April to September 2009, following the GFC.
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<a href="/news"><img src="/images/stories/2012/12/20percent1.gif"></a>
The approximate percentage of mortgage borrowers <a href="/news">who have a fixed-rate loan</a>, according to Mortgage Choice. Borrowers who fixed around September 2008, when the average three-year fixed rate was 8.75% and just before the RBA began drastically cutting the cash rate, would have had to endure three years of substantially higher mortgage repayment than those who chose a variable-rate mortgage.
<hr>
 
<a href="https://www.propertyobserver.com.au/victoria/ytc-wednesday-flicker-1-moe/2012120458289" target="_blank"><img src="/images/stories/2012/12/4point7percent1.gif"></a>
The <a href="https://www.propertyobserver.com.au/victoria/ytc-wednesday-flicker-1-moe/2012120458289" target="_blank">house price growth in Moe</a> in the October quarter, according to Residex. Moe is the best-performing Victorian housing market over the quarter. 
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The 7 must-know numbers of the week, starting with Anna Bligh's home movements

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Victoria will miss out on the recovery in the property markets of the other major states, according to BIS Shrapnel.
The forecasting firm told a journalists' lunch in Melbourne it was expecting a recovery in NSW, Western Australia, Queensland and Northern Territory in the next few years, with WA the "first cab off the rank", according to senior manager of residential property Angie Zigomanis.
"It's not a resources story, it's a supply and demand story," says Zigomanis, noting rising population growth in those areas. 
NSW is set to benefit from rising population growth coupled with an "atrocious undersupply in housing in the past 10 years", according to BIS Shrapnel managing director Robert Mellor. 
Despite the undersupply, the NSW market has been constrained by affordability concerns for the past decade, says Zigomanis. But in the new low-interest-rate environment, affordability is back to circa 2001 levels, which will spur on a recovery in housing.
Queensland is also set for a housing market recovery, with the next 12 months set to be a consolidation phase and growth picking up in 2014, according to BIS Shrapnel.
But Victoria will be left behind, facing level growth for at least the next three years, says BIS Shrapnel, which forecasts vacancy rates will rise in the next year due to a big influx of residential developments currently in the pipeline coming online. 
Zigomanis says Victoria could experience falls in capital growth for the next two to three years, and if housing picks up in the other states, as it is forecast to do, the RBA could raise interest rates again by 2015, which would nip Victoria's possible recovery in the bud. In that case, a recovery in the Victorian housing market could be five years off.
The firm is equally bearish on the Victorian economy as a whole, saying unemployment could rise to over 6.5% in the next few years. 
"I don't think people realise how bad it's going to be in Victoria," says BIS Shrapnel chief economist Frank Gelber. 
But at least Victorians be glad they are not living across the Bass Strait.
"Tasmania's a basket case," says Zigomanis. 
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Victorian property market recovery could be five years off: BIS Shrapnel

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Darwin dwelling prices have increased 11.7% in the year to date, as nationally dwelling prices were virtually at a standstill, recording a 0.1% decline.
The latest figures from RP Data-Rismark show Darwin is alone among Australian capitals, with Sydney the next best performer, with dwelling values increasing 2.5% in the past 11 months. 
Other capitals were more or less stagnant, with only Melbourne showing a decline over 1%. Melbourne dwelling values are down 3.3% for the year to date.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2012/12/rpdec33.gif" rel="shadowbox"><img src="/images/stories/2012/12/rpdec33thumb.gif"></a>
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Darwin house prices record double-digit growth in 2012 as national dwelling values tread water: RP Data-Rismark

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Online retailers will experience their highest volume of Christmas sales from December 7-10, according to a new survey, while sales for offline retailers will peak closer to Christmas Day. 
The findings come from the Commonwealth Bank, which surveyed more than 1,000 Australian consumers to determine where and when they will spend their money this Christmas. 
According to the survey, the average Australian is planning to spend $475 on gifts alone, equating to a total consumer spend of $7.8 billion nationwide. 
Overall, Australians are tipped to spend more than $16.2 billion on everything from festive holiday trips to the Boxing Day sales. 
Interestingly, consumers are planning to buy the vast majority (70%) of their Christmas gifts at bricks-and-mortar stores, with less than a third of gifts planned to be purchased online. 
However, online retailers will see a surge in sales two weeks before their offline counterparts. 
For online retailers, the highest volume of sales is expected to occur between Friday, December 7 and Monday, December 10. 
Bricks-and-mortar businesses can expect their busiest shopping days between Thursday, December 20 and Saturday, December 22.
For businesses in the hospitality sector, both online and offline, the busiest period will be Friday, December 21 to Sunday, December 23. 
As Christmas draws closer, MYOB has outlined some tips to help businesses survive the season. 
“The weeks leading up to Christmas may be demanding for shoppers, but they’re even more so for business owners and their staff,” MYOB chief executive Tim Reed says. 
“Now is the perfect time to plan for this busy period.”
This article originally appeard on <a target="_blank" href="https://www.startupsmart.com.au/">StartupSmart</a>.
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Bricks-and-mortar retail sales for Christmas set to peak between December 20 and 22: Commonwealth Bank

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Clothing and footwear repairers are expected to record a surge in demand over the five years through 2012-13, with industry sales rising by an annualised 5.4%.
Unlike traditional retail trade services, demand for clothing and footwear repairs has been driven by a lack of consumer confidence and a softer retail market across the domestic economy as a result of the financial crisis of 2008.
Mounting uncertainty about the stability of domestic markets and household finances led to a shift in consumer trends towards greater usage of clothing and footwear repair services. Industry demand over the past five years has also been driven by the growing popularity of up-cycling, whereby old clothing garments are transformed into new items. Trading conditions across the clothing and footwear repair industry were also influenced by trends in disposable income, interest rates and population growth.
Industry sales are set to rise by 5% to $540 million over 2012-13. Demand for clothing and footwear repair services will benefit from the reputation operators have established with consumers over the past five years.
Sales will also be aided by a projected rise in interest rates, which will lead consumers to make greater use of repair services as opposed to buying new products. Demand is also likely to be driven by the growing popularity of up-cycling clothes to turn older items into new garments.
<img width="470" src="/images/stories/2012/11/ibisnov291.jpg">
Clothing and footwear repairers are projected to post steady growth over the next five years, with sales rising from $553.5 million in 2013-14 to $624.1 million by 2017-18, or by an annualised 2.9%.
<img width="470" src="/images/stories/2012/11/ibisnov292.jpg">
Demand for the industry's services is expected to be largely driven by the downturn in consumer sentiment over this period. Sales growth for clothing and footwear repairers will also be fuelled by rising interest rates and volatility in disposable income levels.
 
<hr class="system-pagebreak">
 
<img width="470" src="/images/stories/2012/11/ibisnov293.jpg">
The range of services offered by the industry may be broadly segmented into clothing repair and footwear repair. Based on IBISWorld estimates, footwear repair is regarded as the larger of these two segments.
However, the clothing repair segment has grown significantly over the past five years. This has primarily stemmed from the overall trading landscape across the domestic economy following the downturn from the global financial crisis and the shift in consumer spending patterns and attitudes towards repairing footwear and clothing.
<h3>Major players</h3>
There are no major players in this industry.
<h3>Industry outlook</h3>
Consumer demand for clothing and footwear repairs is expected to remain strong over the five years through 2017-18, with industry sales projected to rise by an annualised 2.9%. It is anticipated that demand will be driven by the solid reputation established between operator and customer during the previous five years.
Factors such as quality workmanship or craftsmanship, timely completion of repairs and specialised service are expected to fuel the continued use of clothing and footwear repair services during this period. The trading landscape for industry operators is also projected to be driven by trends in disposable income, consumer sentiment, interest rates and population growth rates.
To purchase IBISWorld’s full, 32-page report on the footwear repair industry, <a href="https://www.ibisworld.com.au/" rel="nofollow">click here</a>.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
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Best foot forward for shoe repairers as demand surges

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<a href="https://www.realestateview.com.au/Real-Estate/2-50-westfield-boulevard-westmeadows/Property-Details-buy-residential-4678973" target="_blank">2/50 Westfield Boulevard, Westmeadows, VIC, 3049</a> <img src="/images/stories/2012/11/westfield.jpg" width="470">
Comprising three storeys, this six-year-old four-bedroom townhouse is currently tenanted at $380 a week. The lease expires in December, and listing agent Jason Padula of Barry Plant says the tenant would be willing to sign another 12-month lease at the same rent, which he says is a good return for the area. The property has more than 225 square metres of living space and includes floorboards and a backyard.
Padula <a href="https://www.barryplant.com.au/property.cfm?propertyID=2212682&amp;realestate=50_Westfield_Boulevard_WESTMEADOWS_VIC_3049" target="_blank">is marketing the property </a>with price hopes of $379,000 plus, and if it sells for that price, that would secure an investor a gross rental yield of 5.2% at its current rent, above the gross rental yield for Westmeadows houses of 4.5%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
<a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $10,000 and over five years to be $36,000.
The median house price in Westmeadows fell 3.7% in the past year but rose 49.1% in the past five years, according to RP Data.
For more information about prices and yields in <a href="/news">Westmeadows, see the RP Data suburb page.</a>
The property will be open for inspection Saturday, November 24 at 12.45pm and will go to auction Saturday, December 8 at 11am.
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Friday form guide: Yields of up to 5.2% in Westmeadows

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Two $2 million-plus Western Australian properties have appeared on SQM Research's list of the 10 most discounted properties in Australia, which director Louis Christopher attributes to the flow-on effects of the GFC. 
"We have seen price corrections occurring within the prestige end of the market for some time now, not only in Western Australia but in many parts of the country," says Christopher.
"Many middle and larger company executives as well as smaller business owners, who would have previously been affording these types of properties, are still losing their jobs off the back of the global financial crisis, have seen a drop in their incomes or have been run out of business, and have suddenly become desperate vendors," says Christopher.
Christopher sticks with a recently made prediction that the property market could be heading for recovery, but he warns the recovery is "not likely to extend to the prestige market in the near future".
 
 1
  <a target="_blank" href="https://www.realestate.com.au/property-other-tas-taranna-106879142">5756 Arthur Highway, Taranna, Tasmania, 7180</a>
<a target="_blank" href="https://www.realestate.com.au/property-livestock-qld-caboolture-7262420"></a>Days on the market: 762 Initial asking price: $499,000 Current asking price: $299,000 Reduction: 40%
 
2
<a href="https://www.realestate.com.au/property-livestock-qld-caboolture-7262420" target="_blank">19 Lychee Drive, Caboolture, Queensland, 4510</a>
Days on the market: 902 Initial asking price: $949,000 Current asking price: $586,000 Reduction: 38%
 
3
<a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Greendale/?adid=2008766488" target="_parent">202 Wolstenholme Avenue, Greendale, NSW, 2745</a>
Days on the market: 664 Initial asking price: $2.95 million Current asking price: $1.85 million Reduction: 37%
 
4
<a href="https://www.realestate.com.au/property-house-wa-two+rocks-106211228" target="_blank">15 Gretel Two Rocks 6037</a>
Days on the market: 1,050 Initial asking price: $1.1 million Current asking price: $690,000 Reduction: 36%
 
5
<a href="https://www.realestate.com.au/property-house-tas-white+beach-106479093" target="_blank">588 White Beach Road, White Beach, Tasmania, 7184</a>
Days on the market: 902 Initial asking price: $780,000 Current asking price: $499,000 Reduction: 36%
 
6
<a href="https://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Magenta/?adid=2007217761" target="_blank">1302 Birkdale Place, Magenta, NSW, 2261</a>
Days on the market: 1,607 Initial asking price: $700,000 Current asking price: $450,000 Reduction: 36%
 
7
<a href="https://www.realestate.com.au/property-house-wa-armadale-105464925" target="_blank">99 Lowanna Way, Armadale, WA, 6112</a>
Days on the market: 1,277 Initial asking price: $1.85 million Current asking price: $1.2 million Reduction: 35%
 
8
<a target="_blank" href="https://www.realestate.com.au/property-house-wa-crawley-105528871">1b Hackett Drive, Crawley, WA, 6009</a> (pictured)
Days on the market: 1,319 Initial asking price: $3.95 million Current asking price: $2.6 million Reduction: 34%
 
9
<a href="https://www.realestate.com.au/property-apartment-nsw-the+entrance-106977238" target="_blank">618/ 85 -89 The Entrance Road, The Entrance, NSW 2261</a>
Days on market: 728 Initial asking price: $299,000 Current asking price: $199,000 Reduction: 33%
 
10
<a target="_blank" href="https://www.realestate.com.au/property-apartment-wa-north+fremantle-107071431">1/1 Freeman Loop	North, Fremantle, WA, 6159</a> 
Days on market: 693 Initial asking price: $4.5 million Current asking price: $2,995,000 Reduction: 33%
 
 
SQM Research also offers a list of the <a title="SQM Research" href="https://www.sqmresearch.com.au/top100bargains.php" target="_blank">Top 100 Biggest Bargains in Australia </a>for sale.
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WA luxury properties on most discounted list as GFC effects still felt: SQM Research

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After more than 30 years in the workforce, Greg Ellis proclaims this indictment on leadership and management: “I have only ever enjoyed two management teams I have worked in.”
Ellis, who is chief executive of listed online company Realestate.com.au, adds: “The sad thing is that I don’t think my experience would be atypical. My personal view is that the current company management structures are not designed to allow the average person to prosper and grow.”
For this reason, and for commercial returns, Ellis has overhauled the management structure of Realestate.com.au in the 4 ½ years since he took over the top job from the company’s founder, Simon Baker.
Realestate.com.au, which lists houses, offices and new developments for sale, employs 700 people across Australia, Italy, Luxemburg, Hong Kong and China, where it includes the 70 staff of a “co-sourcing” company, for whom it is not legally responsible, as part of the team.
Realestate.com.au’s market capitalisation is $2.3 billion. Despite a housing market that has struggled for the past four years, revenue at REA has increased 16% to 277.6 million, and net profit grew a massive 29% to $86.8 million.
Ellis says this is not because Realestate.com.au dominates the market and real estate agents have no other choice but to place ads with his company. “It think the online real estate market is more competitive than [the real estate] print market ever was. There is Domain, various industry sites, On-The-House, which is a new site, Google, Facebook – a proliferation of social, search, national and regional sites,” he says.
The reason for REA’s success is that the company understands its customers – real estate agents – and how their motivations differ from property buyers and sellers.
And the reason it understands its customers is because Ellis overhauled the management structure and tied every element of how the company operates to commercial outcomes.
Management overhaul
Management at Realestate.com.au no longer bears any relation to the typical management structures of companies, Ellis says, with a move away from a focus on top-down leadership, aggressive leadership styles, and disconnection with the customer and market.
Ellis is walking the walk of management theory in its purest form, and staking his success in the company on adopting a leadership style that academics praise and top leaders shun.
It’s all based on a <a rel="nofollow" href="https://www.human-synergistics.com.au/TransformingCultureAndLeadership/Circumplex.aspx" target="_blank">psychological profiling tool</a> that Ellis says is “rock solid”, which ranks various human behaviours.
Pointing to a circular diagram which plots the behaviour of more than 400,000 surveyed Australian employees, Ellis reveals a worrying result: most Australian managers are doing precisely the things – being aggressive and pushy (represented in red on the chart) – that illicit the worst kind of  behaviour from staff in response – passive behaviours (represented in green), such as constantly seeking approval, relying on convention, dependent and avoiding risk.
Every leader wants a different kind of behaviour: focused, achieving, self-actualising, encouraging and collegial. Ellis says: “You’ll see a correlation between these things. If you have a high “red” management team, you will have a high “green” staff. It is a humanistic consequence,” he says. “But if you have a culture that mirrored the blue qualities, the chance of economic success would be really high.”
 
<hr class="system-pagebreak">
The path to blue
When Ellis walked through the door at Realestate.com.au, he found a company lacking in line management skills.
“It’s a problem at a lot of digital companies, not just in REA,” he says. “The people involved in digital are functional experts – product managers, IT, sales – but not very good at line management for a commercial outcomes. They are usually under 40 years old, they have only had two or three jobs, and it takes a long time to learn how to manage people and make a profit.”
“I had a choice. I could either employ line managers and teach them IT, or teach people here to function as managers.” Neither is an easy task, but Ellis decided it was easier to teach line management than to bring managers up to speed with IT expertise.
The company spends a lot on training and development of its executives to improve their leadership skills. “It is managerial lack of understanding of how to manage people that is the first problem,” Ellis says. “The second problem is that way the company is organised.”
Companies usually structure themselves in three ways. They have a profit and loss, a series of businesses that have nothing to do with each other, and may even compete with each other, under the same ownership structure. Alternately, companies create a series of functional divisions – sales, service, product development – that do not relate each other. Finally, companies arrange their management into a succession of sub-committees that have no authority, and push down decisions that have nothing to do with the market.
“Whoever invented the matrix structure caused the greatest human dissatisfaction in the industrial age,” says Ellis. “Add a lack of understanding of human beings and structure yourself in a way that causes human beings to become frustrated, annoyed and competitive, can you honestly sit there and scratch your head and say, ‘I don’t know why we are so bad’.”
The shift
For the past 2 ½ years, the company has been shifting across to the new structure, one in which each of the company’s three divisions – residential, commercial and development – is led by a team of functional line managers that report directly to the eight members of Ellis’ executive team.
Doesn’t that mean overlap between what one sales line manager is doing in residential and what another is doing in commercial? Not according to Ellis. “If there is a duplication, then by definition, those markets are not different markets,” he says.
There is no CEO or managing director for each of the three businesses. “We are now running our business where executive management sits across the top, and we have permanent multi-functional teams in each of our business units. They are set up to run with sales, product managers, IT people, working collaboratively in permanent teams around our line of businesses. The decision-making is pushed to the teams. They understand our strategy and our budget. They know how much money they can spend, and they are set up in 90-days blocks and can check with management team to make sure they are on track.”
Although each team reports to the executive, it is more important that the teams work together, Ellis says. Once a quarter, all three teams get together to keep communication between the business clear.
So far, the new structure involves only IT, marketing and sales. By July next year, it will include every discipline, including finance and human resources.
Measuring results
Ellis says REA’s impressive financial results are proof that the new system is working, but if the results falter, his commitment to the change will not. “That would just mean looking at why our results are down,” he says.
Staff engagement is up, with the company achieving a top-20 ranking from management consultancy TowerWatson in a recent survey of 400 global companies. Ellis says staff turnover is lower than the industry average for IT companies and for sales staff (typically 15%).
In addition, customers are happier too, with real estate agents surveyed independently giving Realestate.com.au 8.5 out of 10, up from seven out of 10 a year ago.
The big leadership challenge for Ellis is “deprogramming” executives who come from outside the company. “You have people with the wrong management framework; they are taught to be dictatorial and directive.”
But executives are quick to catch on. “You understand how human beings work, set them up for success, and regularly encourage them to speak and act in that way. Money and success do not make you happy. What makes people feel happy is being part of a community, attached to the company’s purpose.”
This article originally appeared on <a href="https://www.leadingcompany.com.au/" target="_blank">LeadingCompany</a>.
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How Greg Ellis has prioritised real estate agent satisfaction and overhauled Realestate.com.au

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

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

Joel Robinson

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

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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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.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Cassidy Knowlton

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