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The first tenants have moved into Collins on Bourke, the largest mixed-use commercial development in the Sydney suburb of Alexandria in the past five years.
The development is about 45% leased after about seven months, with tenants including alcohol company Suntory (1,470 square metres leased at $385 per square metre), Samuel Smith &amp; Son and Negociants Australia (4,500 square metres of combined office and warehouse space), medical centre Galen &amp; Gray (450 square metres) and childcare facility Explore and Develop (550 square metres of internal space plus 550-square-metre balcony).
<img src="/images/stories/collinsonbourke1.jpg">
“Collins on Bourke offers tenants a contemporary business space with an ideal work like balance,” says Michael Crombie of Colliers International.
“Bourke Street is really buzzing, and it’s the clearest sign that this suburb is truly coming of age. Collins on Bourke will lead further change as tenants look for more creative, better quality and better value accommodation.”
Graphic and website design company Attractivo is set to move into one of the high-tech suites, having secured a lease for just under $35,000 per year.
“The tenancy mix we’ve attracted is outstanding and we’re expecting enquiry to only strengthen now the project is complete and the site starts to come to life,” says owner representative George Mitsis.
“It’s a clever diversity of accommodation and tenants have seen the value in what this combination of businesses can bring to them as occupiers of the space, but also the broader south Sydney community.
“It’s the kind of place that recognises the shift in how people are choosing to live and work.”
Collins on Bourke will be near Sydney’s $1.7 billion mixed-use Green Square developments, which is set to house about 20,000 homes and 22,000 jobs, according to the City of Sydney’s website.
<img src="/images/stories/collinsonbourke3.jpg">
A recent report <a href="https://www.propertyobserver.com.au/australian-capital-territory/fringe-office-markets-outpace-metro-neighbours/2011080451030">by The Property Council found that non-CBD office market vacancy rates</a> are declining at three times the speed of their CBD neighbours.
Collins on Bourke’s high-tech suites lease for about $450 per square meter per year, with showrooms along Collins and Bourke streets available for about $500 per square metre and high-clearance warehouse space for about $280 per square metre.
<img src="/images/stories/collinsonbourke2.jpg">
The four-level, 21,000-square-metre building was developed by HSF Property Developments and Grant Samuel Capital to a design by Turner &amp; Associates Architects.
Vicinity Wine Bar and Restaurant is set to open in the 600-square-metre prime position on the corner of Collins and Bourke in late June, which is when the building will officially open. Vicinity will belong to the Prospero Group, which is responsible for Manta Bar and Restaurant in Woolloomooloo.
The building will also include a Plus Fitness gym at ground level.
Construction began in October 2010 and finished in March this year.
 
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Commercial tenants move into Collins on Bourke in Sydney's Alexandria

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There were 831 sales in Perth for the week ending May 23. This is up from 671 the same week last year and up from the 762 four weeks ago.
<img src="/images/stories/reiwamay25.gif">
 
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Perth sales up 9.1% from four weeks ago: REIWA

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<a href="https://www.propertyobserver.com.au/industry-news/rolls-royce-lifestyle-over-for-refund-founder-wayne-ormond-as-creditors-to-investigate-if-company-traded-insolvent/2012052354812" target="_self"><img src="/images/stories/3.gif"></a>
The number of <a href="https://www.propertyobserver.com.au/industry-news/rolls-royce-lifestyle-over-for-refund-founder-wayne-ormond-as-creditors-to-investigate-if-company-traded-insolvent/2012052354812" target="_blank">Rolls-Royces that Refund Home Loans founder Wayne Ormond owned in the past</a>. He says they have all been disposed of or repossessed.
 
<hr>
 
<a href="https://www.propertyobserver.com.au/retail/zara-apple-and-reviving-cinemas-among-best-performing-westfield-tenants/2012052154767" target="_blank"><img src="/images/stories/2point7percent.gif"></a>
<a href="https://www.propertyobserver.com.au/retail/zara-apple-and-reviving-cinemas-among-best-performing-westfield-tenants/2012052154767" target="_blank"></a>The<a href="https://www.propertyobserver.com.au/retail/zara-apple-and-reviving-cinemas-among-best-performing-westfield-tenants/2012052154767" target="_blank"> turnover for Westfield in the mini-major category, which includes Zara and Apple along with the likes of JB Hi-Fi, Dick Smith and Priceline,</a> for the year to March. “Retailers such as Apple and Zara demonstrate the success that can be enjoyed through an exciting and engaging retail experience. These mini-majors are proving to be great destinational retailers,” said Westfield Retail Trust chairman Richard Warburton in his address to shareholders.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/queensland/mark-mcivors-gold-coast-palm-beach-vacant-block-listed-by-receivers-title-tattle/2012052254787"><img src="/images/stories/597sqm.gif"></a>
 
The<a target="_blank" href="https://www.propertyobserver.com.au/queensland/mark-mcivors-gold-coast-palm-beach-vacant-block-listed-by-receivers-title-tattle/2012052254787"> size of the Palm Beach vacant block belonging to Mark McIvor</a>, who recently resigned as managing director of Equititrust. It last traded in 1991 at $575,000, seemingly as part of a larger lot at the time. It’s been listed for June 2 receivership auction.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/developments/record-number-of-melbourne-apartments-to-be-completed-in-2013-followed-by-plummet-in-2014-charter-keck-kramer/2012052354814"><img src="/images/stories/14000.gif"></a>
The possible<a target="_blank" href="https://www.propertyobserver.com.au/developments/record-number-of-melbourne-apartments-to-be-completed-in-2013-followed-by-plummet-in-2014-charter-keck-kramer/2012052354814"> number of apartments that could be completed in Melbourne in 2013, according to Charter Keck Cramer</a>. However, in 2014 the great spurt in the apartment construction, which kicked off in 2011, will at least halve and possibly fall as low as just 4,000 apartments.
<hr>
<a href="https://www.propertyobserver.com.au/retail/perron-group-to-acquire-half-stake-in-three-centro-centres-for-%24690-million-setting-post-gfc-commercial-retail-record/2012051754740" target="_blank"><img src="/images/stories/690point4m.gif"></a>
The price <a target="_blank" href="https://www.propertyobserver.com.au/retail/perron-group-to-acquire-half-stake-in-three-centro-centres-for-%24690-million-setting-post-gfc-commercial-retail-record/2012051754740">privately owned Perron Group has agreed to payto acquire a 50% share in a portfolio of three Centro flagship regional shopping centres</a>. This is a post-GFC record.
 
<hr>
<a href="https://www.propertyobserver.com.au/victoria/top-selling-block-2011-richmond-property-reduces-asking-rent-title-tattle/2012052354806" target="_blank"><img src="/images/stories/1100.gif"></a>
The<a href="https://www.propertyobserver.com.au/victoria/top-selling-block-2011-richmond-property-reduces-asking-rent-title-tattle/2012052354806" target="_blank"> weekly asking rent for one of the four <city style="font-size: 14px; text-align: left;">Richmond</city> properties on the hit Channel 9 renovation series</a> <a href="https://www.propertyobserver.com.au/victoria/top-selling-block-2011-richmond-property-reduces-asking-rent-title-tattle/2012052354806" target="_blank">The Block 2011</a>.  It was the dearest home sold at last year's auction – <a target="_blank" href="https://www.propertyobserver.com.au/victoria/take-two-auction-frenzy-as-only-one-offering-left-on-the-block/2011082351266">the three-bedroom <street>37 Cameron Street</street> Edwardian cottage, which Josh and Jenna sold for $1 million</a> and had a weekly $1,250 asking rent last September.
 
<hr>
<a href="https://www.propertyobserver.com.au/leisure/slim-dusty-duncan-hotel-passed-in-title-tattle/2012052454824" target="_blank"><img src="/images/stories/2poin21m.gif"></a>
The price that the <a href="https://www.propertyobserver.com.au/leisure/slim-dusty-duncan-hotel-passed-in-title-tattle/2012052454824" target="_blank">Town &amp; Country hotel in St Peter's, Sydney, was passed in at.</a> It was immortalised in the Slim Dusty song Duncan. 
 
 
 
 
 
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The 7 must-know numbers of the week, starting with the number of Rolls-Royces Wayne Ormond owned

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66 Lumby Drive, Bateau Bay, NSW, 2261
<img src="/images/stories/bateaubay.jpg" width="470">
This eco-smart four-bedroom home has 1.5kW solar panels and is currently leased at $385 per week, which is at market rent for Bateau Bay houses. The tenants are on an expired lease but are keen to stay on. The house has recently been renovated and has new downlights, carpets and air-conditioning and has a front veranda with valley views.
LJ Hooker agent Paul Witney<a href="https://www.ljhooker.com.au/1MFH3X" target="_blank"> is marketing the property</a> with price hopes of $299000 plus, and if it sells for $299,000, that would secure an investor a gross rental yield of 6.7%, well above the gross indicative yield of 5.1% for Bateau Bay 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.
<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 $9,000.
The median house price in Bateau Bay increased 1.3% in the past year, according to RP Data.
The property will be open for inspection Saturday, May 26 at noon and will go to auction Saturday, June 16 at 10am.
For more about prices and yields in Bateau Bay, see the RP Data suburb page.
For another investment prospect open for inspection this weekend, see page 2.
 
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27 Main Road, Neerim South, VIC, 3831
<img src="/images/stories/neerimsouth.jpg">
The tenants of this three-bedroom house are friends with the vendors and are paying significantly below-market rent of $170 per week. They are on a lease until December, but listing agent Pauline Soutar of Harcourts says market rent for the house would be about $250 or $260 per week. The house is on a large 1,115-square-metre block and is within walking distance of shops and transport.
Soutar <a target="_blank" href="https://www.harcourts.com.au/Property/441063/VDN8482/27-Main-Road">is marketing the property</a> with price hopes of $230,000 plus, and if it sells for that price that would secure an investor a gross rental yield of 3.8% at its current rent. A rental of $260 per week would secure an investor a gross rental yield of 5.9%. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
<a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $3,000 and over five years to be $6,000.
The property will be open for inspection Saturday, May 26 at noon and will go to auction Saturday, June 2 at 10.30am.
 
 
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Friday form guide: Yields of up to 6.7% in Bateau Bay

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The Australian Competition and Consumer Commission has approved Fairfax Media’s 50% merger with Antony Catalano’s Metro Media Publishing business, publisher of Melbourne real estate advertising glossy The Weekly Review.
The ACCC said last night on its website it was not opposed to the $35 million cash and assets arrangement that sees Fairfax’s 32-mastehead suburban stable rolled in to the new entity, valued at around $125 million. The regulator commenced its review under its Merger Review Process Guidelines in February, and later sought more information from both sides of the tie-up and other interested parties.
The Weekly Review, which first hit footpaths two years ago, competed in parallel with Fairfax’s Melbourne Weekly for property ad supremacy in Melbourne’s leafy eastern, bayside and north-eastern suburbs. It had ripped more than $20 million out of Fairfax’s treasured real estate ad revenue, which it partly uses to subsidise its journalism initiatives.
Fairfax’s existing community footprint of 1.25 million households will now be combined with The Weekly Review’s 220,000 circulation, creating a bolstered entity to take on News Limited’s REA Group.
The merger, <a target="_blank" href="https://www.crikey.com.au/2011/11/09/real-estate-wars-fairfax-set-to-buy-back-half-of-catalanos-weekly-review/">foreshadowed by Crikey last November</a>, will leave Catalano as CEO of MMP. Fairfax acquired its stake by securing stakes from a number MMP shareholders that included leading real estate agents.
In an <a target="_blank" href="https://media.crikey.com.au/wp-content/uploads/2012/05/All.pdf">internal email to Fairfax staff</a>, obtained by Crikey, Fairfax “Marketplaces” executives Nic Cola and Tony Blamey said that “The ACCC decision is a great outcome for both businesses, staff and clients, because it presents us with opportunities for growth and ensures a positive, customer-focused future for our FCN business.
“Fairfax and MMP are both committed to further development of the business model that includes providing real estate agents with the opportunity to participate in product development. Therefore, the merger will also mean that our clients are much more aligned to our future business.”
Catalano was equally effusive: “The merger will position the new entity as a significant media player in the Victorian market,” he said.
“The scale of the merged businesses will provide us with the opportunity to grow into new markets and to develop new products to better suit readers and advertiser needs.
“On a personal level, I am thrilled to reconnect with the enormous talent pool that exists within Fairfax. I spent 18 years working for Fairfax and have great regard for its people and its brands. I am looking forward to the many talented Fairfax Community Network and Metro Media Publishing staff coming together and continuing to grow our business.”
Rumours were circulating this morning that a new Catalano-helmed website will be set up to complement Domain.
It is not known if the merger will lead to synergy sackings. Staff briefings will be held tomorrow morning at Fairfax’s Media House HQ and tomorrow afternoon at Dandenong and Airport West.
Fairfax shares closed at a record low of 65¢ last night.
This article originally appeared on <a target="_blank" href="https://www.crikey.com.au/">Crikey</a>.
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ACCC approves Fairfax-Weekly Review deal

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About 70% of Australian households own their homes, according to Credit Suisse. This is a relatively high percentage when compared with other countries around the world.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/csmay231.gif"><img src="/images/stories/csmay231thumb.gif"></a>
Source: Credit Suisse
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Australian home ownership at relatively high levels: Credit Suisse

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The value of lenders mortgage insurance claims have declined since the GFC, according to Credit Suisse.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/csmay232.gif" rel="shadowbox"><img src="/images/stories/csmay232thumb.gif"></a>
Source: Credit Suisse
 
 
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Australian mortgage insurance claims declining: Credit Suisse

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4 Howe Court, Thomastown, VIC, 3074
<img src="/images/stories/howest.jpg">
This property is currently vacant but has been recently tentanted at $300 per week, which Ray White agent Joe Torzillo says is at the market rent for the property. It has three bedrooms and is close to shops, schools, transport and the Western Ring Road. The 26-year-old house is on 602 square metres. It was passed in at its weekend auction for $300,000.
Torzillo<a href="https://www.raywhite.com/vic/thomastown/771925/" target="_blank"> is marketing the property</a> with price hopes of $360,000, and if it sells for $360,000 and if rented at $300 per week, that would secure an investor a gross rental yield of 4.3%. This is about at the indicative gross rental yield for Thomastown 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. Council fees are about $1,000 per annum.
<a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $6,000 and over five years to be $13,000.
The median house price in Thomastown fell by 4.2% in the past year, according to RP Data.
For more about prices and yields in Thomastown, see the RP Data suburb page.
 
<hr class="system-pagebreak">
 
1 Harcourt Street, Blackburn North, VIC, 3130
<img src="/images/stories/harcourt1.jpg">
This property in need of renvation sold at its weekend auction for $450,000 to a buyer who intends to live in it. It had been rented at $310 per week, with a rent increase to $320 per week about to take effect. The tenants were on an expired lease but were keen to stay on. The block is 516 square metres and could be suitable for redevelopment, and Noel Jones agent Tim Penhalluriack says the new owners could possibly talk to a developer later down the track. It is within easy walking distance of North Blackburn Square Shopping Centre, Blackburn High and Old Orchard Primary. It has excellent access to the freeway.
Penhalluriack<a href="https://www.noeljones.com.au/property-details/3931451/" target="_blank"> </a>gave pre-auction price hopes of $420,000 plus.
<a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $3,000 and over five years to be $5,000.
The median house price in Blackburn North fell by 6.7% in the past year, according to RP Data.
For more about prices and yields in Blackburn North, see the RP Data suburb page.
 
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Investor form guide wrap: No takers for 4.3% yields in Thomastown

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Two huge auctions finished off the autumn season of <a href="https://www.propertytycoon.com.au" target="_blank">Property Tycoon</a>, a tipping website 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.
<img src="/images/stories/albertcres.jpg">
At 39 Alfred Crescent, Fitzroy North (pictured above), a huge crowd of around 300 people looked on as two punters with deep pockets went toe to toe for almost half an hour and placing around 200 bids. When the bidding stopped the property had sold for $4.2 million.
The property was declared on the market at $3.55 million, so the vendor has netted an extra $650,000.
<img src="/images/stories/crownst1.jpg">
In Sydney the auction of 29/500 Crown Street, Surry Hills (pictured above) yielded a similar result. The uniqueness of the penthouse apartment drove two buyers to dig deep as the bidding stretched into extraordinary levels. The property finally sold for $1.6 million after initially being quoted at $1.2 million plus.
 
 
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Two bidders with deep pockets vied for magnificent Fitzroy North home in auction tipping competition

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<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/mrs-morris-stops-palm-beach-clifftop-sale-of-ex-gp-noble-boss-tony-morris-former-australian-home/2012051154666"><img src="/images/stories/5m.gif"></a>
The vendor bid in March for <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/mrs-morris-stops-palm-beach-clifftop-sale-of-ex-gp-noble-boss-tony-morris-former-australian-home/2012051154666">ex-GP Noble boss Tony Morris' Palm Beach clifftop home</a>. It was passed in at its March auction, and now his soon-to be-ex-wife, Vanessa Morris-Jackson, has stopped the sale. There was an application to the Australian Federal Magistrates Court by his bankruptcy trustee Andrew Wily to sell it - for reputedly about $4.6 million. But Magistrate Rolf Driver ruled against Wily’s application to delete the requirement for Vanessa’s consent to any sale of the northern beaches clifftop house.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/residential/what-baby-boomers-retirement-will-mean-for-the-sydney-property-market-bis-shrapnel-s-martin-bregozzo/2012051354458"><img src="/images/stories/25percent.gif"></a>
The percentage of<a target="_blank" href="https://www.propertyobserver.com.au/residential/what-baby-boomers-retirement-will-mean-for-the-sydney-property-market-bis-shrapnel-s-martin-bregozzo/2012051354458"> Sydney's population who are baby boomers</a>. "Location is paramount" to this group, according to BIS Shrapnel's Martin Bregozzo, and "they will not be herded off to Sydney’s Never Never."
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/1st-fleet-s-stephen-brown-owns-just-one-thousandth-of-his-%2416-million-harbourfront-watson-bay-property-listing/2012051354676"><img src="/images/stories/1over1000.gif"></a>
The amount of equity that <a href="https://www.propertyobserver.com.au/new-south-wales/1st-fleet-s-stephen-brown-owns-just-one-thousandth-of-his-%2416-million-harbourfront-watson-bay-property-listing/2012051354676" target="_blank">1st Fleet boss Stephen Brown has in his Sydney Harbour home</a>, which is on the market with $16 million price hopes. His wife, Corrine, holding the remaining 999/1,000 equity.
 
<hr>
<a target="_blank" href="https://mcconnellbourn.com.au/buying/NSW/North-Shore-Upper/PYMBLE/House/1P2397"><img src="/images/stories/31.gif"></a>
The number of contracts estate agency McConnell Bourn has received for the property at at <a target="_blank" href="https://mcconnellbourn.com.au/buying/NSW/North-Shore-Upper/PYMBLE/House/1P2397">55 Beechworth Road, Pymble</a>, which is going to auction on Saturday.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/western-australia/warren-andersons-wa-beachfront-retreat-kennebunkport-s-revised-pricing-title-tattle/2012051454623"><img src="/images/stories/5point2mplus.gif"></a>
The revised price hopes for Kennebunkport, the <a target="_blank" href="https://www.propertyobserver.com.au/western-australia/warren-andersons-wa-beachfront-retreat-kennebunkport-s-revised-pricing-title-tattle/2012051454623">Western Australian beachfront retreat of bankrupt property developer Warren Anderson</a>. The six-bedroom home has direct beach access, high ceilings and jarrah floors.
 
<hr>
<img src="/images/stories/2.gif">
The number of lenders that passed on the full RBA 50-basis-point rate cut. Of the bigger lenders, ING Direct is offering the lowest standard variable rate of 6.44%.
 
<hr>
<a href="https://www.propertyobserver.com.au/overseas/christopher-robins-16th-century-childhood-home-on-nine-not-100-acres-on-the-market/2012051554699" target="_blank"><img src="/images/stories/2mpounds.gif"></a>
The starting price <a href="https://www.propertyobserver.com.au/overseas/christopher-robins-16th-century-childhood-home-on-nine-not-100-acres-on-the-market/2012051554699" target="_blank">for the East Sussex childhood home of Christopher Robin, of Winnie the Pooh fame</a>. It’s the first time in over four decades the 16th-century English house on nine (not 100) acres has been offered for sale.
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The 7 must-know numbers of the week, starting with the vendor bid for ex-GP Noble boss Tony Morris' Palm Beach home

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.

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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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