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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

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

Joel Robinson

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

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

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

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

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

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

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

Cassidy Knowlton

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