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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.
<hr>
 
<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.
<hr>
<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. 
<hr>
<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.
<hr>
<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

<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Cassidy Knowlton

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