<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

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Cassidy Knowlton

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News