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 17 Rimula Road, Corio, Victoria, 3214
<img width="470" src="/images/stories/rimula.jpg">
This four-bedroom Corio house includes a garden shed and a double garage and is on an 840-square-metre corner block. The tenants are on a month-to-month lease but have lived in the property for seven years and are keen to stay on. The current rent is $280 per week, and although listing agent Bob Bartulovic of CJ Keane &amp; Co says the property could possibly rent for $300 per week, having tenants of such good quality makes it worth accepting a slightly below-market rent.
<a target="_blank" href="https://www.cjkeane.com.au/index.cfm?pagecall=property&amp;propertyID=2038736">Bartulovic  is marketing the property</a> with price hopes of $230,000 plus, and if it sells for $230,000 and is rented at $280 per week, that would secure an investor a gross rental yield of 6.3%, above the gross indicative yield of 5.8% for Corio 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 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 $4,000 and over five years to be $8,000.
The median house price in Corio was unchanged in the past year, according to RP Data.
The property will be open for inspection Saturday, May 19 at noon and will go to auction Saturday, June 9 at noon.
For more about prices and yields in <a target="_blank" href="/news">Corio, see the RP Data suburb page.</a>
For another investment prospect open for inspection this weekend, see page 2.
 
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13/54 Amy Street, Regents Park, NSW, 2143
<img src="/images/stories/amy.jpg">
On the top floor of a modern complex, this three-bedroom apartment is currently rented out for $410 per week. Although the tenants are on an expired lease, listing agent Sang Tat of Elders Real Estate says this is current market rent for the area and the tenants are keen to stay. The apartment includes a laundry and a balcony and is within walking distance of Regents Park Station, shops and schools.
Tat <a href="https://www.eldersrealestate.com.au/residential/buy/property-apartment-nsw-regents-park-496163" target="_blank">is marketing the property</a> with price hopes of $350,000 plus, and if it sells for that price that would secure an investor a gross rental yield of 6.1%, above the indicative gross rental yield of 5.8% for Regents Park units, 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 $8,000 and over five years to be $28,000.
The property will be open for inspection Saturday, May 19 at noon and will go to auction Saturday, June 2 at 2.30pm.
For more about prices and yields in <a target="_blank" href="/news">Regents Park, see the RP Data suburb page</a>.
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Friday form guide: Yields of up to 6.3% in Corio

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The top four most expensive home sales this week were all over the $4 million mark, according to RP Data.
Views were no doubt a factor for the buyer of number-one property 76/3 Macquarie Street in Bennelong, this week’s most expensive sale. The three-bedroom 202-square-metre harbourfront has panoramic views across Sydney Harbour, including picture postcard vistas of the Opera House, city, Harbour Bridge and Botanic Gardens.
It was sold by Savills agent Anthony Flood in conjunction with The Barron &amp; Dowling Property Group Double Bay agent Kate Dowling.
The week’s top sales were roughly evenly split between New South Wales and Victoria, with NSW properties appearing on the list four times and Victoria represented five times. The ninth property was a stately Northern Territory five-bedroom home with views over Fannie Bay.
1. 76/3 MACQUARIE STREET, SYDNEY, NSW, 2000, three-bedroom unit, sold on May 9 by Savills Sydney for $4.9 million
2. 50 FELLOWS STREET, KEW, VIC, 3101, four-bedroom house, sold at auction on May 12 by Jellis Craig Real Estate Hawthorn for $4.4 million
3. 162 MONT ALBERT ROAD, CANTERBURY, VIC, 3126, four-bedroom house, sold at auction on May 12 by Kay &amp; Burton Real Estate Hawthorn for $4,166,000
4. 6 FITZGERALD STREET, BALWYN, VIC, 3103, four-bedroom house, sold at auction on May 12 by Jellis Craig Real Estate Hawthorn for $4,025,000
5. 4/44 MONA ROAD, DARLING POINT, NSW, 2027, three-bedroom unit, sold at auction by 1st City Hasemer + Caldwell Eyles for $3.7 million
6. 15A WOLLOMBI ROAD, NORTHBRIDGE, NSW, 2063, four-bedroom house, sold on May 9 by Birch Lang and Company Surry Hills for $2.7 million
7. 17 NORTH TERRACE, CLIFTON HILL, VIC, 3068, three-bedroom house, sold at auction on May 12 by Jellis Craig Real Estate Clifton Hill for $2.52 million
8. 66 HUNTER STREET, STRATHFIELD, NSW, 2135, five-bedroom house, sold at auction by George Ellis &amp; Co Real Estate for $2.35 million
9. 74 EAST POINT ROAD, FANNIE BAY, NT, 0820, five-bedroom house, sold at auction on May 12 by Colliers International Darwin for $2.25 million
10. 367 DANKS STREET, MIDDLE PARK, VIC, 3206, five-bedroom house, sold at auction on May 13 by Greg Hocking Real Estate for $2.25 million
 
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Four of top 10 sales of the week above $4 million: RP Data

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A Melbourne property that would suit downsizers drew a lot of interest, but few bidders, at its weekend auction.
There's now a tipping website, <a target="_blank" href="https://www.propertytycoon.com.au/" style="font-size: 14px; text-align: left;">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.
As expected a lot of grey heads greeted the auctioneer at 2/1 Mountain Grove, Kew (<a target="_blank" href="https://www.propertyobserver.com.au/auctions/melbourne-auction-tipping/2012051054648">featured on Property Observer on Friday</a>), as a huge crowd of downsizers look on with interest. But as is becoming all too common a big crowd did not mean lots of bidders as only two buyers contested the auction.
<img src="/images/stories/mountaingrove.jpg">
Luckily for the vendor it only takes two to make an auction as the property (pictured above) eventually sold for $1.23 million, just slightly above the agent's anticipated selling range.
<img src="/images/stories/holkham.jpg">
Good interest leading up to the auction of 9/8 Holkham Avenue, Randwick (<a target="_blank" href="https://www.propertyobserver.com.au/auctions/sydney-auction-tipping/2012051054649">also featured on Property Observer on Friday</a>) failed to extract a bid that was acceptable to the vendor after the auction had finished. The property (pictured above) passed in for $707,000 before the highest bidder went inside to nut out a deal that made the vendor happy.
When the dust settled a sold sticker did appear on the board, but maybe the price was not exactly what the vendors wanted as they requested the price not be disclosed.
Agent Charles Stevens can tell us the price was in excess of $720,000.
 
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A big crowd doesn’t mean many bidders for auction tipping competition properties 

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Lend Lease has sold about 70% of its flagship Docklands development Convesso Concavo, with more than two-thirds of sales occurring in the past six months after the second tower launched.
Convesso Concavo, the developer's flagship luxury complex, will comprise 455 apartments across two towers, with 220 one-, two- and three-bedroom units in Convesso. There are another 235 in Concavo. The developer has sold about 320 units across both buildings thus far, with sales more heavily weighted in Convesso. Convesso launched in late 2010, and Concavo apartments came onto the market in October 2011. 
<img src="/images/stories/convesso2.jpg">
The developer <a target="_blank" href="https://www.propertyobserver.com.au/developments/lend-lease-sells-over-100-units-in-convesso-concavo-docklands-development-in-a-month/2011120552677">had sold just over 100 of the apartments in Convesso Concavo in November last year</a>. 
Prices start from $465,000 for a one-bedroom apartment to more than $5 million for the three-bedroom penthouses in Convesso. In Concavo, prices range from $495,000 to more than $3 million. 
<img src="/images/stories/convessoflicker.jpg">
The development has been designed by architectural firm Bates Smart, and its curved, glass-filled exterior is meant to be “an expression of the reflections of light on the water that lies before them,” according to the marketing brochure.
<img src="/images/stories/convesso3.jpg">
Many of the units have interactive displays that allow the inhabitants to monitor their electricity consumption, communicate with other residents in the building and climate control every room of their homes.
The more expensive units have car parks directly outside their doors, making them feel less like apartments and more like houses. 
The complex is expected to achieve a seven-star NABERS rating and is billed as "Australia's most sustainable luxury residential towers".
<img src="/images/stories/convesso4.jpg">
“Despite the sustainability credentials, Convesso apartments are not necessarily more expensive than similar apartments in the Docklands, they are still market competitive,” says architect Kevin Masci of Bates Smart.
<img src="/images/stories/convesso6.jpg" style="font-size: 14px; text-align: left;">
“At the moment buyers embrace green-star features, providing it’s at a reasonable cost, but in time green-star residential buildings will be recognised as the new state-of-the-art.”
The buildings will include amenities such as 24-hour concierge, a 25-metre lap pool, gymnasium, spa, sauna, deck areas with barbecues, residents’ lounge, cinema and business centre.
<img src="/images/stories/convesso7.jpg">
Convesso is currently under construction and is expected to be finished later this year. Construction on Concavo is expected to begin at the end of July or early August this year and is set to be completed in mid-2014.
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Sales ramp up for Lend Lease Docklands project Convesso Concavo

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<a href="https://www.propertyobserver.com.au/new-south-wales/ron-medich-seeks-%2440-million-plus-for-harbourfront-point-piper-home/2012050754580" target="_blank"><img src="/images/stories/40mpluys.gif"></a>
The price hopes <a href="https://www.propertyobserver.com.au/new-south-wales/ron-medich-seeks-%2440-million-plus-for-harbourfront-point-piper-home/2012050754580" target="_blank">Ron Medich has for his Point Piper harbourfront home</a>, which has now been officially listed for sale. The harbourfront property had previously been quietly listed for sale, having never been publicly marketed in print or internet.
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/news/ofarrell-government-backtracks-on-50-of-sydneys-future-housing-growth-in-urban-fringe/2012050454557"> <img src="/images/stories/70percent.gif"></a>
The percentage of new homes built in Sydney over the next four years<a target="_blank" href="https://www.propertyobserver.com.au/news/ofarrell-government-backtracks-on-50-of-sydneys-future-housing-growth-in-urban-fringe/2012050454557"> that will be in existing areas</a>, according to the NSW government's new Metropolitan Strategy discussion paper.
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/manly-sea-eagles-co-captain-jamie-lyon-selling-newport-nest-title-tattle/2012050654571"><img src="/images/stories/1point15mplus.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/manly-sea-eagles-co-captain-jamie-lyon-selling-newport-nest-title-tattle/2012050654571">price hopes for the Newport home of Manly Sea Eagles co-captain Jamie Lyon</a>. Jamie and wife Ellie are off to Warriewood, where they are building a new home.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/victoria/house-prices-fell-in-all-melbourne-regions-in-past-year-with-essendon-the-worst-performer-residex/2012050754581"><img src="/images/stories/minus8point75.gif"></a>
The house price growth in the <a target="_blank" href="https://www.propertyobserver.com.au/victoria/house-prices-fell-in-all-melbourne-regions-in-past-year-with-essendon-the-worst-performer-residex/2012050754581">Melbourne suburb of Essendon </a>over the 12 months to March 2012, according to the Residex. Every Melbourne region had negative house price growth during the past year, with Essendon prices declining the most.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/economy/federal-budget2012-tax-breaks-for-green-buildings-dumped/2012050854605"><img src="/images/stories/405m.gif"></a>
The amount of money the federal government will save in the next four years by <a target="_blank" href="https://www.propertyobserver.com.au/economy/federal-budget2012-tax-breaks-for-green-buildings-dumped/2012050854605">axing green buildings tax breaks </a>in the federal budget. The scheme had never come into effect, being shut down before it began.
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/donna-hays-paddington-terrace-off-the-burner-as-buyer-takes-a-%2423-million-bite-title-tattle/2012050854619"><img src="/images/stories/2point3m.gif"></a>
The approximate sale price celebrity cook <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/donna-hays-paddington-terrace-off-the-burner-as-buyer-takes-a-%2423-million-bite-title-tattle/2012050854619">Donna Hay secured</a> for her Paddington investment terrace. It was extensively renovated after being bought as an investment for $1.42 million in 2003.
 
<hr>
<a href="https://www.propertyobserver.com.au/residential/court-overturns-%241000-sheriff-sale-of-braybrook-home-valued-at-%24630000/2012050954635" target="_blank"><img src="/images/stories/630k.gif"></a>
The estimated value of a <a href="https://www.propertyobserver.com.au/residential/court-overturns-%241000-sheriff-sale-of-braybrook-home-valued-at-%24630000/2012050954635" target="_blank">six-bedroom Braybrook home that was sold in a no-reserve sheriff's auction for $1,000</a>. The sale was overturned by Victorian Supreme Court this week.
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The 7 must-know numbers of the week, starting with Ron Medich's price hopes for Point Piper harbourfront

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There were 823 sales in Perth this week, up 40% from the same week last year and up 6% from the 774 sales last week, according to the Real Estate Institute of Western Australia.
<img src="/images/stories/reiwamay11.gif">
 
 
 
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Perth sales up 40% on the same week last year: REIWA

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27 Grace Street, Cabramatta, NSW, 2166
<img src="/images/stories/graceave.jpg">
In the popular Sydney suburb of Cabramatta, this three-bedroom house is on 658 square metres and is close to Cabramatta high school. The $400 a week lease will have expired by the time the property goes to auction, but LJ Hooker agent Patrick Yeung says the tenant is keen to stay on and that $400 per week is market rent for the area. 
Yeung<a href="https://www.ljhooker.com.au/442F8S" target="_blank"> is marketing the property</a> with price hopes of $380,000 plus, and if it sells for that price that would secure an investor a gross rental yield of 5.5%, well above the indicative gross rental yield of 4.1% for Cabramatta 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.
Yeung recently sold a nearby property for $435,000 that was in much worse condition but in a better location than the Grace Street property. The tenants in that house paid $330 per week. The median asking rent for Cabramatta houses is $380 per week. 
<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 $10,000.
The property will be open for inspection Saturday, May 12 at 11.15am and will go to auction Saturday, June 2 at noon.
For more about prices and yields in Cabramatta, see the RP Data suburb page.
 
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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.
Torzillo<a target="_blank" href="https://www.raywhite.com/vic/thomastown/771925/"> is marketing the property</a> with price hopes of $360,000 plus, and if it sells for $360,000 and is 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.
The property will be open for inspection Saturday, May 12 at 10am and will go to auction Saturday, May 19 at 3pm.
For more about prices and yields in <a target="_blank" href="/news">Thomastown, see the RP Data suburb page.</a>
 
 
 
 
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Friday form guide: Yields of up to 5.5% in Cabramatta

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Vendor discounting levels for houses in some cities have increased over the year but there have been slight reprieves for sellers in recent months, according to a new report by RP Data.
Across Australia vendor discounting is now at -7.2% for houses and -6.1% for units.
The resource boom cities of Darwin and Perth were the only capitals where the average discount necessary to secure a sale for houses was lower in March 2012 than in March 2011.
Average discount levels for units went up in four capital cities (Melbourne, Adelaide, Hobart and Canberra) over the year, remained unchanged in Sydney and went down in the rest.
Click to enlarge
<img src="/images/stories/rpmay112thumb.gif">
Houses are taking longer to sell in most capitals than they were last year. The average time on market has decreased in Brisbane, Perth and Darwin compared with the same time last year but has increased in all other capitals.
Click to enlarge
<img src="/images/stories/rpmay114thumb.gif">
“The improvement in vendor metrics in Brisbane, Darwin and Perth and the weakening conditions in Melbourne is a reflection of the overall market conditions highlighted by the amount of stock currently available for sale across these cities,” says RP Data senior analyst Cameron Kusher.
Click to enlarge
<img src="/images/stories/rpmay111thumb.gif">
Kusher notes that the increased time properties are lingering on the market is an indication of increased volumes.
“The elevation in the volume of stock available for sale certainly reflects a lower level of demand for housing credit,” Kusher says.
Click to enlarge
<img src="/images/stories/rpmay112thumb.gif">
Recent figures from Australian Property Monitors, which include both units and houses, show that <a href="https://www.propertyobserver.com.au/residential/sunnier-property-market-outlook-across-australia-as-vendor-discounting-peaked-in-mid-2011-apm/2012051054637">the average discount required to secure a sale</a> has increased in Sydney, Melbourne, Adelaide, Canberra and Darwin.
APM’s data also shows that the level of discounting peaked in mid- to late 2011, and that the lowest level of discounting required to secure a sale for the past year was in early 2012, for the most part. APM notes that the average discount has increased in recent months in most capitals.
APM data also notes that the number of days property is lingering on the market <a href="https://www.propertyobserver.com.au/residential/sunny-days-of-quick-sales-long-behind-in-most-capitals-as-property-stock-lingers-on-the-market-apm/2012050854592">has increased in most capitals</a> compared with this time last year.
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Vendors somewhat stubborn as time on market increases in most capitals: RP Data

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Vendors no longer have to offer as deep discounts as last year to secure sales of their properties, new data released by Australian Property Monitors reveals.
The amount of discounting required peaked in winter and/or spring in mid- to late 2011, according to APM, with the most discounting required between June and November last year in all capitals.
In Sydney, Brisbane, Perth, Darwin and Hobart discounting has reached its lowest level in a year in early 2012, according to APM researcher Clinton McNabb. However, there has been a slight rise in required discounting in all but two capitals – Melbourne and Canberra. 
Melbourne, Adelaide and Canberra vendors now offer less of a discount than they did in mid-2011, but more of a price reduction than in April last year. 
Brisbane vendors have consistently had to offer the deepest discounts to secure sales, except for in July last year, when Perth vendors offered discounts of 10.4%, compared with Brisbane's 10.3%. 
Click to enlarge
<a href="/images/stories/apmmay10.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/apmmay10thumb.gif"></a>
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Sunnier property market outlook across Australia as vendor discounting peaked in mid-2011: APM

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The government announced in the budget that it would not be proceeding with a tax break for energy-efficiency upgrades of commercial buildings – a loss of $405.2 million over forward estimates and $1 billion over the life of the program.
This program would have enabled businesses that upgraded buildings from two stars to four stars or higher a bonus tax deduction of 50% of the cost of the eligible assets or capital works.  The government argues that the institution of the carbon price, support available from Low Carbon Australia and also potentially the Clean Energy Finance Corporation (CEFC) makes this program redundant.
This program was always a relatively clunky way of incentivising upgrades in energy efficiency of existing buildings, that would be far better dealt with through an energy efficiency credit trading scheme. However it is the only meaningful program for driving upgrades in the energy efficiency of existing commercial buildings. Unlike new buildings, the far more numerous stock of existing commercial buildings were never subject to any form of minimum energy efficiency standards. Therefore upgrading their energy efficiency represents a large opportunity for cost-effective abatement.
Low Carbon Australia and the CEFC are not really equivalent replacements. Low Carbon Australia’s funding falls well short of a billion dollars. Also the CEFC is an unknown quantity and could represent an administratively onerous and inconsistent model for incentivising energy efficiency. Plus the carbon price impact on electricity prices will not overcome split incentive problems in the sector.
Hence the displeasure of the CEO of the Energy Efficiency Council, Rob Murray-Leach who said: “The government justified this budget cut by saying that the Tax Breaks would have been a more expensive way of cutting emissions than the carbon tax. This is absolute rubbish. This program would have helped building owners save energy and save money, which means that it would have lowered the cost of meeting Australia’s greenhouse gas targets.”
Murray-Leach continued noting that: “The government knew they were going to introduce a carbon price last year, but they didn’t cut the tax break for green buildings in May 2011. This cut is nothing to do with a carbon price, and all about the government saving money at the expense of business”.
To drive rapid improvement in the energy efficiency of Australia’s building stock requires a straightforward, transparent, rules-based qualification model; rather than reliance on project by project selection processes that rely strongly on the individual judgement of program administrators. The loss of the tax break is a backward step in this regard, and disappointing for the energy-efficiency sector.
Hopefully the property sector will now come to their senses and get behind a National Energy Savings Initiative instead of lobbying for tax breaks.
This article originally appeared on <a target="_blank" href="https://www.climatespectator.com.au/">Climate Spectator.</a>
 
 
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Federal budget 2012: Tax break of $1 billion for green building over before it began

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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