<html><body>
A Bellevue Hill unit that sold for $2.92 million leads the top 10 notified sales of the week, according to RP Data.
The 373-square-metre apartment with harbour views last sold in 2005 for $2,005,000. It was briefly listed in 2008 but no sale was reported. The median unit price in <a target="_blank" href="/news">Bellevue Hill</a> is $652,250, according to RP Data.
<img src="/images/stories/2012/06/astongarden1.jpg">
This is the second week in a row with no sales reported over $3 million.
Six of the top 10 sales this week were in NSW, with the remaining four in Victoria.
<a target="_blank" href="/news">A double oceanfront block on Collaroy Beach sold this week for $8.7 million</a>, but the sale price was unreported.
1. <a target="_blank" href="https://www.myrp.com.au/n/1-7-aston-garden-bellevue-hill-nsw-2023/myrp-490?propertyId=1366521">1/7 Aston Garden, Bellevue Hill, NSW, 2023</a>, four-bedroom unit, sold at auction on June 21 by Raine &amp; Horne Double Bay for $2.92 million
2. <a target="_blank" href="https://www.myrp.com.au/n/2-10-yarranabbe-road-darling-point-nsw-2027/myrp-490?propertyId=2064819">2/10 Yarranabbe Road, Darling Point, NSW</a>, three-bedroom unit, sold at auction on June 19 by Bradfield Cleary for $2.9 million
3. <a target="_blank" href="https://www.myrp.com.au/n/331-gallaghers-road-glen-waverley-vic-3150/myrp-490?propertyId=15711131">331 Gallaghers Road, Glen Waverley, VIC, 3150</a>, six-bedroom house, sold at auction on June 23 by Ray White Real Estate Glen Waverley for $2.88 million
4. <a target="_blank" href="https://www.myrp.com.au/n/20-mistral-avenue-mosman-nsw-2088/myrp-490?propertyId=4493146">20 Mistral Avenue, Mosman, NSW, 2088</a>, four-bedroom house, sold before auction on June 23 by McGrath Estate Agents for $2,425,000
5. <a target="_blank" href="https://www.myrp.com.au/n/134-addison-road-manly-nsw-2095/myrp-490?propertyId=3970516">134 Addison Road, Manly, NSW, 2095</a>, four-bedroom house, sold on June 19 by Century 21 Williams Manly for $2.16 million
6. <a target="_blank" href="https://www.myrp.com.au/n/280-aldington-road-kemps-creek-nsw-2178/myrp-490?propertyId=3270620">280 Aldington Road, Kemps Creek, NSW, 2178</a>, four-bedroom house, sold at auction on June 23 by Inglis Property Macarthur for $2.07 million
7. <a target="_blank" href="https://www.myrp.com.au/n/2-northcote-avenue-balwyn-vic-3103/myrp-490?propertyId=9565093">2 Northcote Avenue, Balwyn, VIC, 3103</a>, six-bedroom house, sold at auction on June 23 by Marshall White Real Estate for $2.05 million
8. <a target="_blank" href="https://www.myrp.com.au/n/34-norbert-street-balwyn-vic-3103/myrp-490?propertyId=9565080">34 Norbert Street, Balwyn, VIC, 3103</a>, four-bedroom house, sold at auction on June 23 by Jellis Craig Real Estate Hawthorn for $1,935,000
9. <a target="_blank" href="https://www.myrp.com.au/n/7-selwyn-street-artarmon-nsw-2064/myrp-490?propertyId=8131994">7 Selwyn Street, Artarmon, NSW, 2064</a>, four-bedroom house, sold at auction on June 23 by McGrath Estate Agents for $1.85 million
10. <a target="_blank" href="https://www.myrp.com.au/n/783-punt-road-south-yarra-vic-3141/myrp-490?propertyId=13144899">783 Punt Road, South Yarra, VIC, 3141</a>, five-bedroom house, sold at auction on June 23 by Bennison Mackinnon Real Estate for $1.83 million
</body></html>

cknowlton-QnEa6ntUYP

Bellevue Hill unit tops week’s reported sales at $2.92 million: RP Data

<html><body>
With the auction of The Block 2012 South Melbourne terraces coming up on Saturday and all of the rooms now revealed, Property Observer inspects each of the four terraces for comparison.
Sophie and Dale's <a target="_blank" href="https://www.kayburton.com.au/property/401-dorcas-street-south-melbourne">401 Dorcas Street</a>
<img src="/images/stories/2012/06/kitch401.jpg">
<img src="/images/stories/2012/06/dining401.jpg">
<img src="/images/stories/2012/06/line.gif">
Mike and Andrew's <a target="_blank" href="https://www.hstheblock.com.au/">403 Dorcas Street</a>
<img src="/images/stories/2012/06/kitch403.jpg">
<img src="/images/stories/2012/06/dining403.jpg">
<img src="/images/stories/2012/06/line.gif">
Brad and Lara's <a target="_blank" href="https://www.buxton.com.au/cgi-bin/show_item.pl?Type=Property&amp;OID=4020713">405 Dorcas Street</a>
<img src="/images/stories/2012/06/kitch405.jpg">
<img src="/images/stories/2012/06/dining405.jpg">
<img src="/images/stories/2012/06/dining4052.jpg">
<img src="/images/stories/2012/06/line.gif">
Dani and Dan's<a target="_blank" href="https://www.rtedgar.com.au/?pagecall=property&amp;propertyID=2067340"> 407 Dorcas Street</a>
<img src="/images/stories/2012/06/kitch407.jpg">
<img src="/images/stories/2012/06/dining407.jpg">
{module Block kitchens}
{module Block 2012 winner}
</body></html>

Inside The Block 2012 – the kitchens and dining rooms

<html><body>
For the many people who were interested in the property at 2/4 Shakespeare Grove Hawthorn there was one thing more important to them than location – their pets. Unusually, the owners’ corporation in this block does not allow pets, and this fact ruled many potential buyers out of contention.
For those who want to have a harmless punt, there's now a tipping website, <a target="_blank" href="https://www.propertytycoon.com.au/" rel="nofollow">www.propertytycoon.com.au</a>, where punters can guess auction five results in Melbourne and Sydney, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
One of the five properties featured in the competition this week is <a href="https://www.realestate.com.au/property-apartment-vic-hawthorn-110646605" rel="nofollow">2/4 Shakespeare Grove, Hawthorn (pictured below).</a>
<img src="/images/stories/2012/06/shakesp.jpg">
Luckily for the vendor there was one potential buyer in the crowd of around 50 who was not concerned about the “no pets” clause and threw out the only bid of the auction at $1.56 million. With no other interested parties this buyer secured the right to negotiate exclusively with the vendors.
The vendors obviously knew they were sitting on a very good piece of real estate and extracted more than $100,000 from the buyer before the contacts were signed at $1,685,000.
In Sydney the scene was set for a big auction at <a href="https://www.realestate.com.au/property-apartment-nsw-clovelly-110592373" target="_blank">3/10 Ocean Street, Clovelly</a> (pictured below), with six registered bidders and the sight of whales frolicking in the ocean out the front.
<img src="/images/stories/2012/06/oceangrove.jpg">
The property was quoted at $1 million plus and after an opening bid of $950,000 four of the six registered bidders got involved before the bidding came to a halt at $1.22 million.
This figure was not what the vendor had in mind and the property was passed in and negotiations continued inside. A further $3,000 was extracted from the buyer and the property was formally sold for $1.25 million. Cheers.
</body></html>

'No pets' rule knocks out bidders for Hawthorn auction tipping competition property

<html><body>
{yoogallery src=[images/stories/december13local]}
Australand's Carlton development Local is selling briskly, with less than a week left until the <a href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863" target="_blank">Victorian government's $13,000 first-home bonus expires on June 30.</a> The bonus applies to all properties purchased by first-home buyers under $600,000 until this date.
Some 68 of the 116 apartments have sold so far, and 35 of these have been since the start of the year. 
<img src="/images/stories/2012/06/localchart2.png">
Owner-occupiers made up 45% of these sales, with overseas and local investors comprising a quarter each. First-home buyers have made up just 5% of the sales so far.
The Local project, which launched in early November, will comprise two low-rise buildings, one designed by Fender Katsalidis architects and the other by Arm Architecture. 
One-bedroom apartments will range in size from 44 to 54 square metres and cost between $350,000 and $450,000.
The majority of the development will comprise two-bedroom apartments ranging in size from 64 square metres to 74 square metres. Prices range from $500,000 to $670,000.
There will be six three-bedroom apartments of between 91 and 96 square metres. Prices start from $780,000 for these units.
Sarah Bloom, development director, built form, of Australand, says the inner-city location appeals to buyers.
“Located only 1.6 kilometres from the CBD, Local is at the very heart of what makes cosmopolitan Carlton the perfect inner-city lifestyle location,” Bloom says.
“Bounded by Palmerston, Canning and Elgin streets, residents will enjoy gracious tree-lined avenues, while stylish restaurants and cafés, great shopping, cinemas, and some of the city’s oldest parks and gardens are all conveniently located.”
Both buildings will have six green star sustainability ratings, with features such as water-efficient fixtures, solar-boosted hot water, rainwater harvesting and future-proofing for greywater supply.
The Fender Katsalidis building includes a communal rooftop with barbecue area and pizza oven.
</body></html>

Australand's Carlton development Local more than half sold as first-home buyer deadline draws nearer

<html><body>
<a href="https://www.propertyobserver.com.au/residential/water-usage-rates-suggest-melbourne-is-awash-with-unlisted-vacant-properties/2012062155215" target="_blank"><img src="/images/stories/2012/06/90k.gif"></a>
The possible number of <a href="https://www.propertyobserver.com.au/residential/water-usage-rates-suggest-melbourne-is-awash-with-unlisted-vacant-properties/2012062155215" target="_blank">unoccupied Melbourne homes that are not listed for rent</a>, according to an analysis of water usage by lobbying groups Earthsharing Australia and Prosper. Casting doubt on regularly reported vacancy rates, Deakin researcher Phillip Soos used City West Water and Yarra Valley Water figures to look for homes that consume less than 50 litres of water per day, saying these are all most likely unoccupied.
 
<hr>
<img src="/images/stories/2012/06/52percent.gif">
The percentage of Australians who expect mortgage rates to fall over the next 12 months, according to the Westpac-Melbourne Institute consumer survey. This is the first time since Westpac began asking the question (in February 2010) that a majority expected interest rates to fall.
 
<hr>
<a target="_blank" href="/news"><img src="/images/stories/2012/06/3point41m.png"></a>
The <a target="_blank" href="/news">price the former 1860-built Bible Christian Church in Gore Street, Fitzroy fetched at auction</a>. The bluestone building was once used as a furniture factory after its ceased operating as a tabernacle. It comes with tall brick-embellished Georgian windows and a 1911-added Greek Revival-style façade.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/judith-neilson-unveils-her-sculptural-%241475-million-residential-warehouse-wonderland-to-enliven-chippendale/2012061855173"><img src="/images/stories/2012/06/6point78m.gif"></a>
The<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/judith-neilson-unveils-her-sculptural-%241475-million-residential-warehouse-wonderland-to-enliven-chippendale/2012061855173"> projected cost of Judith Neilson's planned renovation of her recently purchased Chippendale warehouse</a>. The $14.75 million O’Connor Street warehouse project was formerly the Simona fashion headquarters now set directly opposite the upcoming Central Park precinct. Neilson is the founder of the White Rabbit Collection, one of the world's most significant collections of Chinese contemporary art,
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/rebecca-gibney-packing-up-after-selling-in-clareville/2012061955186"><img src="/images/stories/2012/06/1point3m.gif"></a>
Packed to the Rafters star Rebecca Gibney's initial price hopes for her Clareville home<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/rebecca-gibney-packing-up-after-selling-in-clareville/2012061955186">, which she sold this week.</a> The couple didn’t have the time to turn it into their dream home.
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/one-in-five-queensland-and-wa-real-estate-offices-made-a-loss-in-2011-macquarie-benchmarking-report/2012061955194"><img src="/images/stories/2012/06/1in5.gif"></a>
The rough proportion of <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/one-in-five-queensland-and-wa-real-estate-offices-made-a-loss-in-2011-macquarie-benchmarking-report/2012061955194">Queensland and WA estate agencies that made a loss in 2011</a>, according to the Macquarie 2012 Residential Real Estate Benchmarking report.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/girvan-estate-australias-tallest-private-home-sold-after-two-years/2012062155213"><img src="/images/stories/2012/06/30metres.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/girvan-estate-australias-tallest-private-home-sold-after-two-years/2012062155213">approximate height of Australia's tallest private home</a>, which sold this week after two years on the market. The Girvan tower was built at a cost of more than $2 million by local Peter Grey atop a hill on a back road between Stroud and Bulahdelah.
</body></html>

The 7 must-know numbers of the week, starting with the potential number of unlisted vacant Melbourne homes

<html><body>
The warehouse premises where Channel Ten filmed its ratings dud The Renovators is undergoing something of a major renovation itself – the 3.2-hectare Rosebery site is set to become the master-planned community Rosebery Park, and its first stage, Genesis, has just been released.
<img width="470" src="/images/stories/2012/06/rosebery1.jpg">
Rosebery Park will comprise 550 apartments, and Genesis comprises 105 studios and one-, two- and three-bedroom apartments. Of these, the one-bedders and some of the two-bedroom offerings will be under the $600,000 threshold for buyers to secure the NSW government’s home builders’ bonus, if they purchase before July 1.
<img width="470" src="/images/stories/2012/06/rosebery2.jpg">
Contracts began to be exchanged on June 9, and thus far about 20 units have been sold. Caroline Fagerlund of CBRE, who is marketing the properties, told Property Observer the sales thus far have been to a mix of owner-occupiers and investors, with most of the sold units under $600,000 as buyers secure stamp duty exemption. 
<img width="470" src="/images/stories/2012/06/rosebery3.jpg">
Buyers who want to take advantage of the NSW government’s home builder bonus, which applies to new properties under $600,000 for both owner-occupiers and investors and exempts buyers from stamp duty, have until July 1 before the scheme expires. <a target="_blank" href="https://www.propertyobserver.com.au/residential/budget-s-first-home-buyer-%248000-bonus-might-actually-pause-nsw-new-home-purchasing-until-october/2012061355094">First-home buyers would probably be wise to wait until October to purchase</a> if they are willing to risk missing out on the last few apartments, but <a target="_blank" href="https://www.propertyobserver.com.au/landlords/nsw-property-investors-condundrum-take-the-%2422490-housing-bonus-now-or-just-%245000-after-july-1/2012061255081">upgraders and investors could miss out on a stamp duty savings of up to $22,490</a> if they don't purchase by July 1.
<img width="470" src="/images/stories/2012/06/rosebery4.jpg">
The 40-square-metre studios start from $340,000, and the one-bedroom-plus study apartments start from $565,000 and are up to 59 square metres. The two-bedroom offerings start from $570,000 and are up to 96 square metres. All of these units would be eligible for the home builders’ bonus.


<hr class="system-pagebreak">
<img width="470" src="/images/stories/2012/06/rosebery5.jpg">
Fagerlund says the most popular offerings so far have been two-bedroom offerings under this price point.
The two-bedroom courtyard apartments are a bit more expensive, starting from $640,000. The three-bedroom apartments range in size up to 116 square metres and begin at $785,000.
<img width="470" src="/images/stories/2012/06/rosebery6.jpg">
TMG is developing the project, which has been designed by architectural firm Bates Smart along with PTW. Interiors are by SJB Interiors, and the project is being marketed by CBRE.
<img width="470" src="/images/stories/2012/06/rosebery7.jpg">
“Rosebery Park will be a model estate for the rest of Sydney to admire, with tree-lined streets, good infrastructure and planned community facilities,” says CBRE director of residential projects Caroline Fagerlund. “This is a lifestyle for today, and capital growth for tomorrow.”
<img width="470" src="/images/stories/2012/06/rosebery8.jpg">
Rosebery Park is just six kilometres from Sydney CBD, and Fagerlund says the location will appeal to owner-occupiers and investors.
“Rosebery is close to many of Sydney’s best recreational attractions, such as our sporting stadiums, top golf courses, Randwick Racecourse, and our world-famous beaches, including Bondi, Bronte and Coogee,” Fargerlund says.
The median sale price for Rosebery units is $527,000, according to RP Data, and the median asking rent is $520 per week.
<img width="470" src="/images/stories/2012/06/rosebery9.jpg">
</body></html>

Renovators' site Rosebery gets new life as Rosebery Park development: June 30 investor countdown

<html><body>
9/1 Somers Street, Noble Park, VIC, 3174
<img src="/images/stories/2012/06/somersst.jpg" width="470">
Within walking distance of Noble Park train station, this one-bedroom Noble Park apartment is currently leased to a long-term tenant of 10 years, whose rent has recently been increased to $150 per week, which listing agent Chris Drieberg 0f Stockdale &amp; Leggo says is market rent for the area. 
Drieberg <a href="https://www.stockdaleleggo.com.au/details.asp?internetid=260703&amp;OFFICE_ID=&amp;order=&amp;suburb=3112&amp;surround=&amp;price1=0&amp;price2=9999999&amp;category=&amp;bedrooms=&amp;bathrooms=&amp;garages=0&amp;propertyType=&amp;OFFICE_GROUP_ID=&amp;offset=&amp;st=" target="_blank">is marketing the property</a> with price hopes of $150,000 plus, and if it sells for that price that would secure an investor a gross rental yield of 5.2%, above the indicative gross rental yield for Noble Park units of 4.8%, 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 target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $2,000 and over five years to be $5,000.
The median unit price in Noble Park
The property will be open for inspection Saturday, June 23 at 11am and will go to auction Saturday, July 7 at 11am.
For more information about prices and yields in Noble Park, see the RP Data suburb page.
For another investment prospect open for inspection this weekend, see page 2.
 
<hr class="system-pagebreak">
292 Ocean Grove, Laurieton, NSW, 2443
<img src="/images/stories/2012/06/martinst.jpg" width="470">
The tenants of this three-bedroom Laurieton property are paying $1,300 per month in rent, and the 4,496-square-metre block is close to natural features such as the beach, river and lake. 
LJ Hooker agent Martin Newell <a target="_blank" href="https://www.ljhooker.com.au/F87GQH">is marketing the property </a>with price hopes of $300,000 plus, and if it sells for $300,000 that would secure an investor a gross rental yield of 5.2%, above the indicative gross rental yield of 4.3% for Laurieton houses, 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.
The median house price in Noble Park increased 1.2% in the past year, according to RP Data.
<a target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $4,000 and over five years to be $8,000.
The property will be open for inspection Saturday, June 23 at 11am and will go to auction Thursday, July 5 at 6.30pm.
For more about prices and yields in Laurieton, see the RP Data suburb page.
</body></html>

Friday form guide: Yields of up to 5.2% in Noble Park

<html><body>
Furniture sales have resembled a well-used couch over the past five years. Trading conditions across the furniture market have been affected by volatile demand across the housing industry along with fluctuations in disposable income, consumer sentiment and consumer tastes and preferences.
These factors created mixed results for furniture retailers, which culminated in sales falling by 1.7% per annum in the five years through 2011-12. Sales were also affected by increasing levels of competition from department stores and online shopping websites. Despite this, the overall furniture market remained resilient, offering consumers the latest trends in furniture fashion displayed in clever store layouts, eye-catching catalogues and through offering flexible terms of payment.
Industry revenue is set to rise by 1.5% to $7.3 billion in 2011-12. Consumer demand for furniture goods will be driven by growth in disposable income levels of 4.4% and a more stable trading environment evidenced by a rise across the domestic economy. However, sales will be affected by a decline in house construction and almost static change in interest rates. Sporadic shifts in consumer spending patterns along with continued demand for heavily discounted and promotional products will also characterise industry sales for the year.
The industry will remain subject to intense competition from department stores and, in particular, online shopping sites, which have become a real threat to the future viability of the industry. In terms of total market size, merchandise retailed by furniture stores may also be purchased from department stores, fabric retailers, and online shopping and auction websites. IBISWorld estimates that the industry accounts for about 60% of total furniture retailing sales, with the remaining 40% of revenue derived from sales by other retailers. Hence, the total retail market for furniture items is estimated to average about $12.2 billion.
<img src="/images/stories/2012/06/furna1.gif">
<img src="/images/stories/2012/06/furna2.jpg">
Furniture retailers will experience a steady trading environment over the next five years, with sales rising 2.1% per annum to reach $8.1 billion in 2016-17. Demand will primarily be driven by solid growth in disposable income levels, which will influence the quantity and quality of merchandise purchased by consumers. As a result, retailers may experience a shift in consumer preferences toward middle-market furniture. Sales will also be boosted by a recovery in consumer sentiment, which is expected to fuel growth in consumer spending power. Despite the positive trading conditions expected during the next five years, furniture retailers will continue to experience intense competition from external players, such as department stores and online shopping sites eager to attract a larger share of the market.
 
<hr class="system-pagebreak">
 
Product segmentation across the furniture retail market is largely guided by function and form. The relative share of each product segment has experienced modest change over the past five years. Changes in consumer tastes and furniture trends provided much of the impetus for growth across various product segments.
<img width="470" src="/images/stories/2012/06/furna-3.jpg">
Lounge and dining room
Lounge and dining room goods dominate furniture retailing and account for about 55% of total industry sales. Items classified under this segment include lounge suites (single-seater, two-seater and three-seater couches and modular suites), coffee tables, lamp tables, dining tables and chairs, buffets and hutches. This segment experienced significant change over the past five years with regard to design and functionality. Key trends include the use of glass, chrome and steel to create a modern, sleek and at times futuristic look. While traditionally shaped furniture continued to fill showroom floors, consumers increasingly sought individual designs and colours to transform their homes into modern living spaces.
Bedroom
Bedroom furniture is the second-largest product segment for the industry, accounting for about 33% of total industry sales. Items classified under this segment include bedheads and footboards, side tables, tallboys, dressers and mattresses. Changing trends and fads also affected the range of bedroom furniture stocked by industry retailers over the past five years. International markets and seasonal colours significantly influenced product lines. Advances in technology notably affected the range and functionality of mattresses on the market.
Outdoor and garden
Outdoor and garden furniture experienced strong growth over the past five years, due to the increased popularity of outdoor entertaining, the importance of garden design and the trend toward incorporating the garden settings as part of a home living area. The industry thus experienced a rise in the range of outdoor and garden furniture available to suit all household budgets and garden spaces.
Blinds
Blinds experienced growing popularity, driven by growth in the residential building construction cycle and a change in tastes and trends. While blind styles such as Holland and Roman maintained a constant share of the total blind market, the industry experienced growth in demand for timber blinds.
Other
Other furniture, such as coat stands and consoles, remained a relatively small product segment for the industry. Demand generally stemmed from a limited consumer group, often consisting of older consumers or those with a higher level of disposable income who are able to afford additional furniture pieces.
<h3>Major Players</h3>
Harvey Norman Holdings Ltd accounts for 9% market share followed by Super A-Mart Holdco Pty Limited (5.8%) and Steinhoff Asia Pacific Holdings Pty Ltd (4.5%)
<h3>Industry Outlook</h3>
Furniture retailers will bounce back over the five years through 2016-17, with sales expected to rise 2.1% per annum. Intense competition from external operators, namely department stores and online shopping and auction sites will remain a real threat to the viability of operators across the industry over the next five years. However, the industry will rebound by offering consumers specialised service and a differentiated product range, and by ensuring that products on the floor match consumer demand and expectations. Consumer demand will also be driven by trends in the level of real household disposable income, the consumer sentiment index, housing construction, household formation and interest rates.
To purchase IBISWorld’s full report on Australia’s Furniture Retailing Industry <a rel="nofollow" href="https://www.ibisworld.com.au/industry/default.aspx?indid=411">click here</a>.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
</body></html>

Furniture retailers need a revamp to keep up with changing housing decor tastes

<html><body>
Victorian first-home buyers who want to own a piece of Richmond history have until June 30 to buy in the Studio Square Heritage Apartments of Lend Lease’s Studio 9 development to secure the government’s $13,000 first-home bonus.
<img src="/images/stories/2012/06/studio91.jpg">
Thus far 23 of the 34 apartments in the 1908-built building have been sold, and selling agency CBRE has ramped up its advertising, hoping to secure more first-home buyer interest before the deadline.
From July 1 this year, first-home buyers will be entitled to a 20% reduction in stamp duty on homes under $600,000. For a home costing $600,000, this equates to a stamp duty savings of $6,214, less than half what a first-home buyer would secure from the first-home bonus.
<img src="/images/stories/2012/06/studio93.jpg">
The heritage building within the three-hectare Studio 9 development was built in 1908 as the Wertheim Piano factory.  It was later converted into a baked beans factory for Heinz before its most recent incarnation as Channel 9’s television studios.
Each of the 34 apartments has its own floorplan due to different window heights and configurations within the building. Kerstin Thompson Architecture has designed the building renovation to respect its heritage but provide modern-day living.
Subtle features, such as ebony- and ivory-coloured finishes and TV studio-style lighting, pay homage to the building’s past lives.
One-bedroom apartments start at $495,000 and start at 51 square metres. At the other end of the spectrum, three-bedroom apartments range up to 205 square metres and $1.9 million.
<img src="/images/stories/2012/06/studio94.jpg">
The building is part of stage one of a four-part release. Also included in stage one are 142 modern apartments, called Wertheim Square apartments, and 27 townhouses, of which about 15 have sold.
The development will include multiple garden spaces for community use and bike parking throughout.
</body></html>

Lend Lease hoping government deadline spurs first-home buyers to lights, camera, action at Studio 9

<html><body>
expensive property a six-bedroom Templestowe house that sold at auction for $2,195,000.
In May this year 10 Summerhill Road in the middle-ring Melbourne suburb of Templestowe was listed for rent at $1,900 per week, and it was previously up for sale in November 2006. The house has a tennis court, indoor and outdoor pools, spa, sauna, gazebo, gas-fired and wood-fired oven and outdoor gas barbecue.
Ray White listing agent Frank Perri describes it in its marketing as palatial and says it offers “exquisite lifestyle in the lap of luxury”.
The second most expensive sale of the week was tightly held 4 Stathfield Avenue, in the Sydney suburb of Strathfield. The seven-bedroom house sold at its weekend auction for $2.35 million and was last sold in 1998 for $750,000, according to RP Data. The vendor also attempted to sell it in 2008.
Those two properties were the only reported sales over the $2 million mark this week, with the rest of the top 10 sales ranging from $1.7 million to $1.98 million. Four of the top 10 sales were in Victoria, with the rest in New South Wales.
1. <a href="https://www.myrp.com.au/n/10-summerhill-road-templestowe-vic-3106/myrp-490?propertyId=13499916">10 Summerhill Road, Templestowe, VIC, 3106,</a> six- bedroom house, sold at auction on June 16 by Ray White Manningham for $2,915,000
2. <a href="https://www.myrp.com.au/n/4-strathfield-avenue-strathfield-nsw-2135/myrp-490?propertyId=6494886">4 Strathfield Avenue, Strathfield, NSW, 2135</a>, seven-bedroom house, sold at auction on June 16 by Strathfield Partners for $2.35 million
3. 30A Parslow Street, Malvern, VIC, 3144, four-bedroom house, sold at auction on June 16 by Kay &amp; Burton South Yarra for $1.98 million
4. 14A Wilfield Avenue, Vaucluse, NSW, 2030, four-bedroom house, sold at auction on June 16 by Hart Estate Agents for $1.97 million
5<a href="https://www.myrp.com.au/n/73a-mont-albert-road-canterbury-vic-3126/myrp-490?propertyId=10257570">.</a><a href="https://www.myrp.com.au/n/73a-mont-albert-road-canterbury-vic-3126/myrp-490?propertyId=10257570"> 73A Mont Albert Road, Canterbury, VIC, 3126</a>, four-bedroom house, sold at auction on June 16 by Jellis Craig Real Estate Balwyn for $1.83 million
MYRP:
6. <a href="https://www.myrp.com.au/n/3-winton-street-warrawee-nsw-2074/myrp-490?propertyId=7313350">3 Winton Street, Warrawee, NSW, 2074</a>, five-bedroom house, sold at auction on June 16 by L J Hooker Wahroonga for $1.82 million
7. <a href="https://www.myrp.com.au/n/21-bromley-avenue-pymble-nsw-2073/myrp-490?propertyId=5638952">21 Bromley Avenue, Pymble, NSW, 2073</a>, five-bedroom house, sold at auction on June 16 by Century 21 Cordeau Marshall for $1.75
8. 11 Hudson Street, Hampton, VIC, 3188, four-bedroom house, sold at auction on June 16 by Hodges Sandringham for $1.74 million
9. 5/9 Lower Wycombe Road, Neutral Bay, NSW, 2089, two-bedroom unit, sold on June 14 by Raine &amp; Horne Mosman for $1.7 million
10. <a href="https://www.myrp.com.au/n/195-queens-road-connells-point-nsw-2221/myrp-490?propertyId=1923363">195 Queens Road, Connells Point NSW, 2221</a>, four-bedroom house, sold at auction by McGrath Estate Agents for $1.7 million
</body></html>

No reported sales over $3 million as Templestowe house takes top price of the week: RP Data

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[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

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>.

[smartcode_project_cta:default project_id=151449]

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]

Cassidy Knowlton

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News