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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

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

Joel Robinson

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

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

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

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

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

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

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

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