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Victorian first-home buyers who buy a residential lot or a house-and-land package in the outer-Melbourne development of Potters Grove before June 30 would save themselves in excess of $8,000 compared with those who wait until after this date.
<img src="/images/stories/2012/06/potters1.jpg">
And developer Integrated Development is throwing in an extra $5,000 sweetener for first-time buyers of land or house-and-land packages in Potters Grove, in Officer, about 50 kilometres south-east of Melbourne.
Marketed by Oliver Hume Real Estate, the 26 lots in the first release of Potters Grove range from 325square metres to 512 square metres and are priced between $169,000 and $222,000.
<img src="/images/stories/2012/06/potters2.jpg">
A number of house-and-land packages are also available, ranging from $332,124 to $495,640. All of these are substantially below the Victorian government’s $600,000 threshold for first-home buyers to secure the <a target="_blank" href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863">$13,000 first-home bonus</a>, which expires on June 30.
<img src="/images/stories/2012/06/potters3.jpg">
From July 1 this year, first-home buyers  will be entitled to a 20% reduction in stamp duty on houses under $600,000. A buyer of a $495,640 house-and-land package at Potters Grove would receive $13,000 from the Victorian government towards the purchase of her new home on June 30, compared with a savings of $4,342 in stamp duty on July 1.
<img src="/images/stories/2012/06/potters4.jpg">
The developer’s own $5,000 bonus also expires on June 30.
“Officer is fast becoming one of Victoria’s most sought-after address, and we’re excited to be able to give first-home buyers a helping hand in purchasing their very own home at Potters Grove,” says Integrated Development director Jeff Garvey.
The project launched on April 21, and 15 lots have been sold so far.
Potters Grove is named for the nearby Berwick Pottery, and it is less than a kilometre from Officer railway station.
The median house prices in Officer fell 8.1% in the past year to $320,000, according to <a target="_blank" href="https://www.myrp.com.au/">RP Data.</a>
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cknowlton-QnEa6ntUYP

Officer development Potters Grove lures first-home buyers with additional sweetener as government deadline looms

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Some 20,000 people turned up to Dorcas Street, South Melbourne on Saturday and Sunday for The Block 2012’s open for inspections, but potential buyers were possibly few and far between.
<img src="/images/stories/2012/06/bl2.jpg">
Only 2,000 managed to get to the front of the queue and walk through the four recently renovated terraces on each weekend day, but they seemed more interested in waving to the crowds from the rooftop terraces and cooing over the décor than requesting depreciation reports or researching the suburb. The listing agents are taking their actual likely buyers through the four terraces at quiet mid-week by appointment open for inspections far away from the milling Saturday crowds.
<img src="/images/stories/2012/06/bl3.jpg">Most of the throng seemed content to jam to oldies music broadcast live by radio station Gold 104.3 and browse the food stalls and sausage sizzles set up in the street. Occasionally producers threw Block hats and T-shirts into the crowd, eliciting cheers of victory and boos of disappointment for those who missed out.
<img src="/images/stories/2012/06/bl4.jpg">The contestants themselves made an appearance on Saturday, receiving a rockstar welcome from those waiting in the occasional drizzle. After the hard work of renovating a terrace house at breakneck speed it must have been a relief to have no duties more taxing than signing hats and T-shirts for adoring fans.
<img src="/images/stories/2012/06/bl5.jpg">
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Potential buyers seemed few and far between as crowds thronged The Block 2012's open for inspections

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This weekend a large crowd at an Elsternwick auction did not translate into many bidders, but in Sydney an Erskineville auction drew more competitive bidding.
There's now a tipping website, <a style="font-size: 14px; text-align: left;" rel="nofollow" target="_blank" href="https://www.propertytycoon.com.au/">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.
At 1 Baxter Street, Elsternwick (pictured below) a lot of neighbours looked on as only one punter had his heart set on joining their community. After an opening vendor bid of $750,000 a solitary live bid of $760,000 closed out the auction proceedings.
<img src="/images/stories/2012/06/baxterst.jpg">
However. the passed in value was a long way off both the vendors and purchasers expectations and after a short negotiation a contract was signed at $840,000.
There was a bit more strength in the auction for 48a John Street, Erskineville (pictured below), as four bidders competed for the property before it was passed in at $1.12 million. The purchasers had to up the ante by $15,000 before the vendor agreed to sell for $1.135 million.
<img src="/images/stories/2012/06/stjohn.jpg">
The sale was a good result for the vendor, who paid $791,000 for the property in 2006 and has pocket capital growth at just over 6% per annum. This is almost double the median growth for Sydney houses over the same period.
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More strength in Sydney than Melbourne in auction tipping competition properties

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Charter Hall and TA Global’s Solis development in Little Bay Cove is 95% sold, with just three one-bedroom apartments still available.
<img src="/images/stories/2012/06/solis1.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.
NG Farah agents Dennis Vertzayias and Peter Goulding are marketing the project.
<img src="/images/stories/2012/06/solis2.jpg">
There are three apartments under this threshold remaining in Solis, all one-bedders. Prices start from $499,000.


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<img src="/images/stories/2012/06/solis4.jpg">
All 10 of the two-bedroom apartments, which start from $600,000, have sold, and 32 of the 35 one-bedroom apartments have also been snapped up.
<img src="/images/stories/2012/06/solis5.jpg">
Goulding says about 70% of the apartments sold to owner-occupiers, with the rest sold to investors.
 
<img src="/images/stories/2012/06/solis6.jpg">
The Sydney suburb of Little Bay Cove is next-door to the 85-hectare Prince Henry Hospital site. Listed property trust Charter Hall is developing the 13.6-hectare parcel of land in partnership with Malaysian developer TA Global. More than half will be open space, but the project was delayed because Randwick Council initially voted against the proposal.
<img src="/images/stories/2012/06/solis7.jpg">
“While Randwick Council is now supportive of the project, most councils don’t want to be seen to be supportive because it’s an increase in density,” Charter Hall joint managing director David Southon told the Australian Financial Review. “Now they can say to their constituents, ‘Don’t blame us. we didn’t approve it’.”
<img src="/images/stories/2012/06/solis8.jpg">
Construction on Solis is set to start next month and is expected to take about 18 months.
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Three units, all under $600,000, remain in Little Bay Cove development Solis: June 30 investor countdown

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3/49 Rawson Street, Aberdare, NSW, 2325
<img src="/images/stories/2012/06/rawson1.jpg" width="470">
Close to schools, parks, shopping centres and Cessnock CBD, this vacant two-bedroom apartment is in a block of four, and the three others are currently rented at $275 per week, says listing agent Bryce Gibson of LJ Hooker. 
Gibson <a href="https://www.ljhooker.com.au/DK8F5N" target="_blank">is marketing the property</a> with price hopes of $200,000 plus, and if it sells for that price that would secure an investor a gross rental yield of 7.2% if it were rented out at $275 per week. This is significantly above the indicative gross rental yield for Aberdare units of 5.5%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
<a 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 $6,000 and over five years to be $22,000.
The property will be open for inspection Saturday, June 16 at 9am and will go to auction Saturday, June 30 at 10am.
For more information about prices and yields in Aberdare, see the RP Data suburb page.
For another investment prospect open for inspection this weekend, see page 2.
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47 Sunderland Avenue, Ashburton, VIC, 3147
<img src="/images/stories/2012/06/sunderland.jpg" width="470">
The tenants of this two-bedroom Ashburton house are paying $1,560 per month and are on a month-to-month lease. Tim Dwyer agent Natalie Hall says this is about at market rent for the area, considering the house is "fairly original", and the tenants are keen to stay on. The house is on a 635-square-metre block of land and includes a bungalow or third bedroom. It is close to a newly completed adventure playground. 
Hall <a target="_blank" href="https://www.timdwyer.com.au/">is marketing the property </a>with price hopes of $650,000 plus, and if it sells for $650,000 that would secure an investor a gross rental yield of 2.9%, about at the indicative gross rental yield of 2.9% for Ashburton 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 Ashburton fell 11.2% 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 $6,000.
The property will be open for inspection Saturday, June 16 at 10.30am and will go to auction Saturday, July 30 at 12.30pm.
For more about prices and yields in Ashburton, see the RP Data suburb page.
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Friday form guide: Yields of up to 7.2% in Cessnock

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<a target="_blank" href="https://www.propertyobserver.com.au/tax/nsw-doubles-its-first-home-grant-for-new-homes/2012061255075"><img src="/images/stories/2012/06/35420.gif"></a>
The amount a <a target="_blank" href="https://www.propertyobserver.com.au/tax/nsw-doubles-its-first-home-grant-for-new-homes/2012061255075">NSW first-home buyer who purchases a $550,000 new home will get in government assistance</a> from October 1 this year. But if it is not new, the first-home buyers will secure nothing.
 
<hr>
 
<a target="_blank" href="https://www.propertyobserver.com.au/news/brisbane-unit-prices-ease-37-but-17-wipe-out-in-cairns-and-whitsundays-reiq/2012060855041"><img src="/images/stories/2012/06/17percent.gif"></a>
The fall in villa, apartment and townhouse prices in <a target="_blank" href="https://www.propertyobserver.com.au/news/brisbane-unit-prices-ease-37-but-17-wipe-out-in-cairns-and-whitsundays-reiq/2012060855041">Cairns in the 12 months to March 2012</a>, according to the Real Estate Institute of Queensland.  The median unit price in Cairns was March 2012 was $212,500, compared with $265,000 in March 2011.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/residential/falls-creek-and-mount-hotham-best-for-ski-properties-with-prices-cooling/2012060855039"><img src="/images/stories/2012/06/22point8percent.gif"></a>
The amount that house prices in <a target="_blank" href="https://www.propertyobserver.com.au/residential/falls-creek-and-mount-hotham-best-for-ski-properties-with-prices-cooling/2012060855039">Victoria's Alpine region have fallen in the year to March</a>, according to the Real Estate Institute of Victoria. 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/residential/house-prices-fall-in-26-countries-in-march-quarter-with-australia-in-longest-downturn-in-a-decade-global-property-guide/2012061255071"><img src="/images/stories/2012/06/26.gif"></a>
The number of countries that experienced house price falls during the March quarter,<a target="_blank" href="https://www.propertyobserver.com.au/residential/house-prices-fall-in-26-countries-in-march-quarter-with-australia-in-longest-downturn-in-a-decade-global-property-guide/2012061255071"> according to the Global Property Guide's latest house price indices survey</a>. House prices rose in only 10, and Australian house prices fell for the fifth straight quarter to be down 6.04% from a year earlier, the longest downturn for a decade.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/nathan-tinkler-sells-merewether-home-to-his-executive-troy-palmer-for-a-friendly-%E2%80%93-and-possibly-underpriced-%E2%80%93-%2428-million/2012061255087"><img src="/images/stories/2012/06/2point8m.gif"></a>
The price <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/nathan-tinkler-sells-merewether-home-to-his-executive-troy-palmer-for-a-friendly-%E2%80%93-and-possibly-underpriced-%E2%80%93-%2428-million/2012061255087">Hunter Sports Group boss Troy Palmer has paid for his boss Nathan Tinkler’s redundant beachside Merewether property</a> as Tinkler moves to Singapore. It's a very friendly price, as Tinkler bought the four-bedroom, three-bathroom 2006-built Merewether house for a then bullish record-setting $4.3 million in 2008 from the rugby league legend Andrew Johns.
 
<hr>
<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"><img src="/images/stories/2012/06/22490.gif"></a>
The <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">potential stamp duty savings for NSW property investors who buy before July 1 this year</a>. It’s available if buyers put a deposit down for an off-the-plan purchase or new house costing less than $600,000. Of course, taking the bonus and buying now requires a punt on the future of house prices.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/trends/time-to-buy-a-dwelling-sentiment-improves-but-unlikely-to-flow-through-to-purchases-westpacs-bill-evans/2012061355096"><img src="/images/stories/2012/06/8point2percent.gif"></a>
The amount by which the <a target="_blank" href="https://www.propertyobserver.com.au/trends/time-to-buy-a-dwelling-sentiment-improves-but-unlikely-to-flow-through-to-purchases-westpacs-bill-evans/2012061355096">"time to buy a dwelling" index in the Westpac Melbourne Institute Index of Consumer Sentiment</a> rose in June. The “time to buy a dwelling” index now stands at 128, compared with 118.2 in May and 115.4 in June last year, well above the historical average of 122.3.
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The 7 must-know numbers of the week, starting with NSW's new first-home buyer grant

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A Moonee Ponds property has appeared third on SQM Research's list of the 10 most discounted properties in Australia, which this week contains no units, only houses. 
Some of the houses on the list have been on the market for years, with SQM director Louis Christopher pointing out that the ninth-ranked property, 1302 Birkdale Place, Magenta on the NSW central coast, has been on the market for 1,446 days, or almost four years. Its price hopes have been reduced by $250,000, or 36%, in that time.
"We have seen a lot of price slashing occurring on the central coast, with many homes either stagnating in value or decreasing over time," Christopher says. 
"A region that was not too long ago a hotspot for Sydneysiders who desired an affordable seaside home, the central coast property market is softening considerably, with a vast supply of homes on the market priced to sell. This could be partially due to the fact that the area is highly reliant on tourism, a facet of the Australian economy that has suffered substantially over the past two years. The NSW central coast also has a pretty narrow based economy and with the high rate of supply added to the property market over time, it is understandable that there has been an oversupply of real estate in the area."
In contrast, 60 Margaret Street, Moonee Ponds, has been on the market for just over a year, and its vendors have this week slashed its $1 million price hopes by 38%, to $620,000. It is currently operating as a beauty salon. It last sold in 2008.
 
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">1</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009160249" target="_blank">27 Shaws Pocket Road, Cedar Creek, Queensland, 4207 </a>
On the market since: August 15, 2011
Initial asking price: $1.19 million
Current asking price: $699,000
Reduction: 41%
Days on market: 293
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">2</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106542744" target="_blank">11 Pyrites Road (via Nairne), Brukunga, SA, 5252</a>
On the market since: May 23, 2010
Initial asking price: $253,000
Current asking price: $155,000
Reduction: 39%
Days on market: 741
 
3
<a href="https://www.realestate.com.au/property-house-vic-moonee+ponds-107312818" target="_blank">60 Margaret Street, Moonee Ponds, Victoria, 3039</a> (pictured)
On the market since: April 9, 2011
Initial asking price: $1 million
Current asking price: $620,000
Reduction: 38%
Days on market: 420
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">4</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008435199" target="_blank">502 Tarni Court, Port Adelaide, SA, 5015</a>
On the market since: January 28,2010
Initial asking price: $725,000
Current asking price: $450,000
Reduction: 38%
Days on market: 707
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">5</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105812631" target="_blank">1892 Stapylton Jacobs Well Road, Jacobs Well, Queensland, 4208</a>
On the market since: July 12, 2009
Initial asking price: $515,000
Current asking price: $320,000
Reduction: 38%
Days on market: 1,056
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">6</h2>
<a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/NSW/Greendale/?adid=2008766488">202 Wolstenholme Avenue, Greendale, NSW, 2745</a>
On the market since: January 16, 2011
Initial asking price: $2.95 million
Current asking price: $1.85 million
Reduction: 37%
Days on market: 504
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">7</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106211228">15 Gretel, Two Rocks, WA, 6037</a> 
On the market since: December 26, 2009
Initial asking price: $1.1 million
Current asking price: $699,000
Reduction: 36%
Days on market: 889
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">8</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007736307">26a Paling Street, Thornleigh, NSW, 2120</a>
On the market since: May 16, 2009
Initial asking price: $1.1 million
Current asking price: $700,000
Reduction: 36%
Days on market: 1,113
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">9</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007217761" target="_blank">1302 Birkdale Place, Magenta, NSW, 2261</a>
On the market since: June 17, 2008
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
Days on market: 1,446
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">10</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009467436" target="_blank">4565 Channel Highway, Middleton, Tasmania, 7163</a>
On the market since: January 24, 2012
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
Days on market: 132
 
SQM Research also offers a list of the <a target="_blank" href="https://www.sqmresearch.com.au/top100bargains.php" title="SQM Research">Top 100 Biggest Bargains in Australia </a>for sale.
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Moonee Ponds overlooked beauty makes debut at number three on SQM discounted properties list

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New Waterloo development Madison hopes to appeal to Sydneysiders who believe that good things come in small packages – and investors or upgraders, who have until July 1 to make up their minds to avoid paying stamp duty on the offerings under $600,000.
<img src="/images/stories/2012/06/madison1.jpg">
Construction is due to begin on the Elizabeth Street site next month and is expected to be completed at the end of 2013. The development launched in mid-May and is about 50% sold.
The 47 one-, two- and three-bedroom apartments “have been meticulously designed to take full advantage of every square inch of space,” says the marketing.
<img src="/images/stories/2012/06/madison2.jpg">
The 22 one-bedroom apartments (which come with studies/media rooms) will range from 58 square metres to 68 square metres internally and are priced from $489,000. The 13 two-bedroom units start from $595,000 and range from 72 square metres to 78 square metres. There are 10 two-bedroom apartments with studies or media rooms, and they range from 79 to 94 square metres internally. There are just two three-bedroom offerings, with prices starting from $899,000. They are 109 square metres.
<img src="/images/stories/2012/06/madison3.jpg">
First-home buyers might want to hold off until October 1 before they purchase in order to take advantage of the recently announced <a 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 bonus of $15,000</a>, but investors and upgraders who want to buy one of the units under $600,000 would be exempt from stamp duty until July 1 under <a href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863">the NSW home builders’ bonus.</a> From July 1 investors or upgraders will only be entitled to the NSW <a href="https://www.propertyobserver.com.au/landlords/nsw-property-investors-condundrum-take-the-%2422490-housing-bonus-now-or-just-%245000-after-july-1/2012061255081">$5,000 new-home bonus</a> if they buy off the plan.
<img src="/images/stories/2012/06/madison4.jpg">
The project is being developed by Loftex and is being marketed by Whiterock Residential Projects. Whiterock Residential Project chief executive Andrew Donnelly says investors and first-home buyers are increasingly moving to Waterloo.
“There is a major shift happening,” he says.
<img src="/images/stories/2012/06/madison5.jpg">
“With over 85% of apartments being sold in the inner west and eastern suburbs to first-home owners, young professionals and investors, the trend is now moving towards greater affordability and smarter, more efficient architectural design.”
The project has been designed by architectural firm Nettleton Tribe, and units have floor-to-ceiling windows to take advantage of parkside views.
The majority of the one-bedroom apartments and some of the two-bedders do not have parking, but Loftex general manager Rob Turchini told Fairfax Media he expected lack of parking would not deter buyers.
“We've found there's not much resistance to that because it's close to Green Square station and has a bus stop out the front, share cars and scooter parking," he says.
The median unit price in Waterloo is $513,000, according to RP Data, and unit prices fell 5.1% in the past year. The median asking rent is $550, and the indicative gross rental yield for the suburb is 5.6%.
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Madison Waterloo aims to maximise small spaces: June 30 investor bonus countdown

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The top-end market was again somewhat subdued this week, with the exception of six-bedroom house in Bulimba, Queensland, that sold for $5.1 million. The Queen’s birthday long weekend may have deterred vendors of top-end property, as auction volumes and clearance rates were down across the country this week.
The 850-square-metre house at the top of the list last sold in 2007 for $2.85 million. Agent Sarah Hackett from Place Estate Agents says the house “exudes elegant simplicity in every aspect of its stunning design”. The riverfront home has 3.5-metre ceilings and, in good Queensland fashion, outdoor living has been catered for with outdoor heating and a built-in barbecue.
The next highest price achieved this week was $2,355,000 for a four-bedroom house in the Sydney suburb of Kensington. Only three of the top 10 sales of the week cracked $2 million.
Nine of the top 10 highest sales of the week were in New South Wales, with no Melbourne sales above $1,425,000.
1. 23 Waterline Crescent, Bulimba, Queensland, 4171, six-bedroom house, sold at auction on June 7 by Place Estate Agents-Bulimba for $5.1 million
2. 22 Virginia Street, Kensington, NSW, 2033, four-bedroom house, sold at auction on June 5 by Bradfield Cleary Real Estate for $2,355,000
3. 22 Beresford Road, Rose Bay, NSW, 2029, four-bedroom house, sold at auction on June 9 by McGrath Estate Agents for $2.21 million
4. 12 Chuter Street, McMahons Point, NSW, 2060, four-bedroom house, sold on June 5 by McGrath Estate Agents for $1.8 million
5. 3 Lentara Road, Bayview, NSW, 2104, four-bedroom house, sold before auction on June 9 by McGrath Estate Agents for $1.76 million
6. 5/412 Edgecliff Road, Woollahra, NSW, 2025, three-bedroom unit, sold at auction on June 9 by McGrath Estate Agents for $1,625,000
7. 61 Stafford Street, Paddington, NSW, 2021, three-bedroom house, sold on June 6 by Di Jones Real Estate for $1,550,000
8. 36 Langlee Avenue, Waverley, NSW, 2024, four-bedroom house, sold before auction on June 6 by Di Jones Real Estate for $1.53 million
9. 16/3 Wulumay Close, Rozelle, NSW, 2039, three-bedroom unit, sold on June 7 by Realty International Balmain for $1,465,000
10. 3 Leonard Avenue, Kingsford, NSW, 2032, three-bedroom house, sold at auction on June 9 by N G Farah for $1,425,000
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With exception of $5.1 million Queensland property, no other $3 million-plus sales this week: RP Data 

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Just seven one-bedroom units remain in Serrata, which has just been completed in Melbourne’s Docklands as a joint venture between Lend Lease and Japanese developer Sekisui House.
The building comprises 83 two-bedroom apartments and 61 one-bedders and is aimed at the more affordable end of the market, including first-home buyers.
<img src="/images/stories/2012/06/serrata1.jpg">
The seven remaining one-bedroom units are priced between $425,000 and $465,000, well under the <a href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863">Victorian government’s $600,000 threshold to receive the first-home bonus</a>. The bonus is available to first-home buyers and expires June 30.
Serrata has proven popular with first-home buyers since it came to market in mid-2010.
“The project has provided first home buyers and property investors with a realistic opportunity to purchase a quality inner-city property in a great location,” says Paul Shaw, head of Lend Lease’s apartments division.
<img src="/images/stories/2012/06/serrata2.jpg">
“More than 50% of Serrata apartments were sold within the first week of launch, which shows the rising demand for apartment living close to the city.”
The building, which will accept its first residents in the next few weeks, is 15 storeys (the first 12 levels have an identical floor plan of 11 apartments, but the top three levels are much smaller and have three apartments each) and has a four-star green star rating. Each apartment comes with a smart meter in order to monitor electricity, water and gas usage. The building has no air-conditioning at this stage but is designed to maintain a fairly constant temperature with no need for climate control.
Continuing the sustainable theme, there are 65 car parks allocated to the two-bedroom buyers but enough bike parking racks for all residents and their guests.
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Seven sub-$600,000 units left in newly completed Docklands development Serrata as June 30 deadline draws closer

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Joel Robinson

Why Hyecorp continues to back Sydney's Lower North Shore apartment market

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

[smartcode_project:default project_id=135094 project_image_fid=356540]

Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

[smartcode_project:default project_id=150787 project_image_fid=366230]

While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[smartcode_project:default project_id=143932 project_image_fid=367515]

The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

[smartcode_project:default project_id=150017 project_image_fid=370960]

ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

SEQ apartment demand outpacing affordable supply as construction timelines stretch: RPM

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

[smartcode_project:default project_id=4896 project_image_fid=368543]

The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

[smartcode_project:default project_id=4896 project_image_fid=368544]

Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

[smartcode_project:default project_id=4896 project_image_fid=368588]

Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

<section data-scroll-anchor="false" data-testid="conversation-turn-150" data-turn="assistant" data-turn-id="request-WEB:55d7c6ac-8e6d-4881-ad49-0ed9bf66d1cc-74" dir="auto">
Jellis Craig Projects Director Stephen Bowtell is handling sales for the project and says Camberwell House offers a rare entry point into one of Melbourne’s most tightly held markets.

“Buyers are recognising that Camberwell House offers something they simply haven’t seen before in Boroondara,”&nbsp;Bowtell&nbsp;says.

“It combines a level of resident amenity and service typically associated with Melbourne’s premium inner-city developments, while being positioned right in the heart of Camberwell Junction.

“The response to the concierge offering has been particularly strong. Buyers appreciate not only the convenience, but also the sense of security and peace of mind that comes from having a dedicated presence in the building every day.

“When you combine that with the wellness facilities, the exceptional arrival experience, and panoramic views across both the CBD skyline and the Dandenong Ranges, it creates a lifestyle proposition that is genuinely unique within the local market.”
</section>

[smartcode_project_cta:default project_id=4896]

Above Zero launches Camberwell House in undersupplied Camberwell Junction precinct

<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

CPG unveils Castile Newstead ahead of upcoming sales launch

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

Cassidy Knowlton

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