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There were 521 sales in Perth for the week ended April 12, down 16% from the 617 recorded the same week last year. However, the Easter long weekend fell later in April in 2011.
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Perth records 16% fewer sales than same week last year: REIWA

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Founder(s): Chris Edmonds, Joscelyn Edmonds Revenue: $1.02 million Started: 2009 Head Office: Tasmania Employees: 2 Website: <a href="https://www.startupsmart.com.au/weblink?cid=5777&amp;fid=36&amp;ord=1" title="www.ezyonlinebathroomsandkitchens.com.au">www.ezyonlinebathroomsandkitchens.com.au</a>
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The Edmonds own Ezy Online Bathrooms and Kitchens – an online retailer of bathroom, kitchen and laundry items – with a commitment to luxury designer products at competitive prices. 
“There was a definite gap in the market for a retailer that was able to supply competitively priced, designer bath and kitchen products to regional and remote areas,” Joscelyn says. 
“We started with a traditional bricks-and-mortar business, however, believed that in order to survive we could not only rely on the local market. 
“We watched with interest the rise of eCommerce and worked to create an online model of the business. The bricks-and-mortar business was closed down in mid 2010 to focus purely online.” 
According to Joscelyn, the most difficult aspect of starting up the business was the resistance among many suppliers to deal with a pureplay online retailer. 
“Due to the nature of our product, we also had difficulties in the early stages finding reliable transport channels for distribution around Australia,” she says. 
However, Joscelyn says the reluctance of some suppliers forced the business to source alternative suppliers, which, in many cases, proved to be more profitable. 
Meanwhile, the options and quality of service regarding distribution have also improved. 
“We have now partnered with a couple of companies that specialise in transporting goods for eCommerce retailers,” Joscelyn says. 
“We are passionate about what we do and specialise in high-quality products for all your bathroom, kitchen and laundry building or renovation projects, all at factory-direct prices.” 
“The rapid growth of the business has allowed us to reinvest money in website development and advertising.”
This article originally appeared on <a target="_blank" href="https://www.startupsmart.com.au/">StartupSmart</a>.
 
 
 
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StartupSmart Awards 2012: Ezy Online Bathrooms and Kitchens

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Slater &amp; Gordon is investigating launching a class action on behalf of aggrieved borrowers and mortgagors of Bankwest and the Commonwealth Bank of Australia.
The claims stem from Bankwest’s perceived behaviour following its 2008 takeover by the CBA, with many small property developers alleging their debts were unfairly called in.
Last month, National senator John Williams launched a senate inquiry into the relationship between banks, receivers and valuers, which is likely to touch on <a href="https://www.smartcompany.com.au/financial-services-and-insurance/048739-class-action-lawyer-welcomes-senate-inquiry-into-banking-sector">some of the claims in relation to Bankwest</a>.
Slater &amp; Gordon commercial and project litigation lawyer Van Moulis toldSmartCompany the law firm was conducting its due diligence with litigation funder, IMF Australia.
“There is momentum building up now, for instance in the form of the senate inquiry which has been announced along with the involvement of IMF,” says Moulis.
“Our due diligence in relation to the class action is continuing and IMF does its own due diligence, it has lawyers on staff.”
“We are looking at whether some of those people with Bankwest loans were hard done by when Bankwest re-valued their securities and called up their loans in the period after CBA took control of Bankwest.”
“So far we have selected 120 people [for the class action] but we have also had a lot of telephone enquiries both before and after the recentFour Corners program.”
“The types of cases we are looking at are primarily commercial developments and involve property developers and small to medium-sized business owners.”
“We expect the senate inquiry will get underway in two to three months and it is hoped the enquiry will uncover more facts which will be relevant and useful for the class action.”
Moulis says it is difficult to say when the class action is likely to commence but he would like to have seen some of the results of the senate inquiry first, which is expected in the next two to three months.
“I am not just focused on the litigation,” says Moulis, emphasising the possibility of a pre-trial settlement.
“These days we have pre-trial protocols in the Federal Court where parties have to take genuine steps to resolve grievances outside court, so I would be interested in talking to the CBA and I would like a copy of the purchase agreement between the CBA and Bankwest as I believe there is a part which is quite relevant.”
“I am not interested in pursuing a case that has no merit so if they can show me the agreement an aspect of the class action may even be resolved.”
James Middleweek, investment manager at IMF, says the litigation funder had been approached to consider funding the class action and was currently investigating the merits of the claims.
“At the end of the day cases like this need funding and they are expensive, it is unlikely that a class action would proceed if it was not funded by a litigation funder,” says Middleweek.
A spokesperson for Bankwest told SmartCompany the bank strongly denies the allegations.
“Due to the global financial crisis and the broader economic environment property values and property development in general suffered between 2008 and 2011 and Bankwest assisted many customers through this period and continues to do so,” says the spokesperson.
”Bankwest has acted fairly with all its customers since its acquisition by the CBA and honoured all of the existing contractual and credit commitments with customers.”
“The bank does not gain anything financially when receivers are appointed so the suggestion that Bankwest forced customers into receivership is absurd.”
“When our customers do sometimes face financial difficulties, our overriding priority is to work closely with them on an individual basis to try and assist them wherever possible.”
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
 
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Bankwest class action gathers steam as 120 business owners and property developers sign on

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Cashed-up downsizers in the pricey Melbourne suburb of Brighton have shown strong interest in luxury apartments, with 25% of Cbus Property’s Warleigh development sold within a week of its launch at the end of February. About 35% of the units have sold so far. Cbus Property acquired the 9,015-square-metre property at 30-44 Warleigh Grove, Brighton in December 2010. The disused North Brighton Croquet Club site was offloaded by the New Zealand-based retirement living company LifeCare Residences, which acquired control from ASX-listed fund manager Abacus two years earlier.
The development aims to emulate the indoor-outdoor feel of its freestanding neighbours, with half of the site’s 9,000-square-metre block given over to open outdoor space.
“Growing up only a couple of hundred metres from Warleigh Grove, I have a close connection with the site, and a design sensitive to the neighbourhood character of surrounding street scape was a key criteria to the design brief,” says Cbus Property development manager Andrew Potter.
<img src="/images/stories/warleigh1.jpg">
“It’s paramount as a designer to produce spaces that are not only aesthetically pleasing, but usable and functional,” says Jack Merlo of Jack Merlo Design.
“The outdoor areas allocated to many of the homes are almost as large as the apartments themselves. Generous timber decks and the use of bluestone and natural stone materials give a warm palette and provide a complementary connection between inside and out,” he says.
<img src="/images/stories/warleigh2.jpg">
“The private courtyards and terraces have been oriented to look over the communal lawn area to increase the sense of space for residents.”
The Warleigh will comprise a mixture of 108 townhouses and apartments across three sections: Luxe, Domaine and The Residences.
Domaine is the largest, with 62 one-, two- and three-bedroom apartments. Prices will range from $490,000 to $1.7 million, and they range in size from 57 square metres to 130 square metres, excluding terraces.
<img src="/images/stories/warleigh3.jpg">
Luxe will comprise 39 two- and three-bedroom apartments, which will range in size from $970,000 to $1.7 million and from 87 square metres to 147 square metres, excluding terraces.
The most exclusive section is The Residences, which will be made up of seven three-bedroom townhouses priced from $1.9 million to $2.2 million. They will range from 180 square metres to 220 square metres and will include their own double garages and separate addresses.
The development is a 10-minute drive to Brighton Beach and a one-minute walk from North Brighton train station.
<img src="/images/stories/warleigh4.jpg">
The project was designed by SJB Architects and aims to blend in with the older homes in Brighton.
<img src="/images/stories/warleigh5.jpg">
“We have captured the stately home character that you see throughout Brighton and adapted it to this development,” says SJP Architects director Charles Justin. “The architecture has very strong geometric forms and contrasting finishes to the facades such as metallic bronze, copper cladding and charcoal render, as well as natural materials including timber, brickwork and stone.”
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Cashed-up downsizers show strong interest in Brighton development The Warleigh

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At the end of last year, predictions were flying around left right and centre about the state of the market in 2012. There was a lot of buoyancy following the RBA’s double interest rate cut, with the industry confident it would result in buyers flooding the market. In truth, while the cuts didn’t deliver the influx of buyers experts were hoping for, it has definitely boosted confidence.
It’s relatively early days in 2012 but here in Brunswick, we’re already witnessing some interesting trends take place. A key movement has been the type of buyers we’re seeing – second-home purchasers are generally married with one child. Many young professional couples are seeking apartments because they want to live within 10 to 15 kilometres of the CBD, and they’re willing to sacrifice space in order to have all the amenities nearby. Similar to the rest of the world – especially the capital cities in Asia and Europe – people are turning to apartment living to be located close to the city, a trend I believe will be highly prevalent in Australia in the next century.
We started 2012 with a bang, sitting around a 95% clearance rate in our first five weeks of auctions. In February, we sold a three-bedroom, single-fronted house in <a target="_blank" href="https://realestate.melbournetimesweekly.com.au/overview/3321823/417-barkly-street-brunswick-3056/">Barkly Street</a> for $1.01 million – the highest price ever achieved for a single-fronted house in Brunswick. We’re also expecting a four-bedroom home in <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/VIC/Brunswick-East/?adid=2009560271">Kingfisher Gardens</a> to draw a lot of interest due to its proximity to cafes, shops and public transport. A few auction sales have been 10% to 15% above the reserve, proof of increased buyer confidence, especially compared to last year when we had properties selling up to 10% below the asking price.
Auction activity has now cooled off slightly as more sellers put their homes on the market. Still, we’re finding that any properties not selling at auction are being sold pretty soon after. Auctions have now become part of a process for obtaining that final sales result. Often we need an auction to transpire to truly see what a property is worth, and for vendors to understand what the market’s willing to pay for their home.
<img src="/images/stories/brunswick2.jpg">
We’re finding sellers also prefer auctions because unlike private sales, auctions are regulated. Vendors know an auction sale is final and not subject to any clauses such as finance or building inspections. Private sales, on the other hand, can typically take much longer and because they’re unregulated – buyers can get caught up in various bidding methods, be it a closed ballot, boardroom auction or informal bidding war.
Price-wise, last year was definitely a better opportunity for investors in Brunswick, but unfortunately a lot of them weren’t financially ready to buy at the time and they’re now competing – and often being priced out – by first-home buyers returning to the market.
Looking ahead, I think the doom and gloom from last year is gone and buyers are ready to settle down and secure their homes. Across the board, I predict a 5% increase in prices in areas within a 10-kilometre radius of the city – including Brunswick, <a target="_blank" href="https://www.propertyobserver.com.au/victoria/top-10-victorian-capital-growth-hotspots-with-ivanhoe-a-shining-star-for-past-five-years-reiv/2012040254123">which was listed by the REIV in the top 10 growth suburbs for the five years ending 2011.</a> Clearance rates in Melbourne will remain around 58% to 63% all year, with Brunswick a little higher at 70% to 75%. Even throughout 2011 our clearance rates were hovering around 60%, attributed mainly to buyers seeing us as an affordable alternative to the more affluent neighbourhoods of Fitzroy, Carlton and Northcote. Currently our days on market are sitting at 38 days – a slight improvement from last year at 43 days – and I expect this to stay consistent for the next 18 months.
We’re at a time in the market where the playing field is pretty even, so it’s a good opportunity for both buyers and sellers alike. Buyers should bear in mind it’s always hard to find something that ticks all the boxes no matter what the state of the market, so they need to weigh up if they’re willing to sacrifice their dream home now to pay less for a property that meets 75% of their needs, or wait six months to find their perfect match when prices are higher.
Robert Elsom has 15 years’ experience in real estate and is director of <a target="_blank" href="https://www.hockingstuart.com.au/">hockingstuart </a>Carlton, Brunswick and Northcote.
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Brunswick: The hockingstuart mid-2012 autumn property review

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Five years on, the US economy remains sluggish after the bursting of a house price bubble. More recently, the focus has been on China, the world’s second largest economy, and whether it too might be overwhelmed by a similar event. Reports of <a href="https://www.time.com/time/magazine/article/0,9171,2096345,00" target="_blank">“ghost cities”</a> and some property developers <a href="https://www.bbc.co.uk/news/world-asia-16009050" target="_blank">facing</a> bankruptcy have become commonplace. Some commentators have <a href="https://www.foreignaffairs.com/articles/136963/patrick-chovanec/chinas-real-estate-bubble-may-have-just-popped?page=show" target="_blank">asserted</a> that the bubble may have already “popped”. The stakes are high. The IMF <a href="https://www.imf.org/external/pubs/ft/wp/2011/wp11208.pdf" target="_blank">notes</a> that since 2007, China has contributed more – much more in fact – to world growth than any other country, and this is projected to remain the case into the foreseeable future. Given that China’s construction sector is a significant source of demand for our natural resources, Australia has more to lose than most if the economy there sours. Before commenting on the Chinese case, it is worth briefly reviewing the chain of causality in the US. From 1997, house prices in the US began to<a href="https://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----" target="_blank"> appreciate</a>. During the 2000s, the market became increasingly infected by debt-funded speculators betting on continued capital gains. In the process, banks lent money to borrowers of marginal credit worthiness requiring little or no collateral. When prices stalled and then went into sharp reverse in 2006, the banks were left holding the bag, ultimately requiring a bail out by taxpayers. Banks (and firms and households) then spent the next few years seeking to rebuild their balance sheets, as opposed to extending new loans, and this process continues today. The above story breaks down at several points when it comes to China. What is true is that house prices in China have increased rapidly during the 2000s. That, however, is about where the similarities end. Firstly, while recent<a href="https://www.ft.com/intl/cms/s/0/c0f12d0e-70e6-11e1-a7f1-00144feab49a#axzz1qMiy3UmD" target="_blank"> headlines</a> have reported that house prices in China have <a href="https://www.propertyobserver.com.au/https://www.guardian.co.uk/business/feedarticle/10149902" target="_blank">fallen </a>for a fifth straight month, what we have actually seen is a levelling off in prices. According to official data, prices nationwide remain steady compared with a year ago and remain marginally up since 2010. Unofficial <a href="https://blogs.wsj.com/overheard/2012/03/20/what-is-chinas-house-price-reality/" target="_blank">data </a>points to stronger price growth since 2010. Examples of more significant price declines in certain cities can be found, as they can in particular developments in a given city. But to tell a macroeconomic story based on these is to miss the forest for the trees. To put the above numbers in perspective, last year house prices <a href="https://www.smh.com.au/business/property/record-slump-in-house-prices-in-2011-20120201-1qsid" target="_blank">fell </a>more in Australia than they did in China. Secondly, there is<a href="https://online.wsj.com/article/BT-CO-20120325-705551" target="_blank"> little evidence</a> that any deterioration in the housing market has infected the banking system. Given that nation-wide house prices have not in fact declined, this is perhaps not surprising. There are other reasons as well. One is simply that Chinese are much more likely to fund home purchases from savings, often calling upon the assistance of family members in the process. In part this reflects cultural differences, but also strict down payment requirements imposed on borrowers by banks. Thirdly, it should not be forgotten that the key institutions in China’s banking system remain more or less government-owned. This changes the rules of the game considerably. Standard risk management variables, such as the capital adequacy ratio – which, incidentally, is extremely high amongst Chinese banks – and the non-performing loan ratio, are only of marginal relevance because the integrity of the biggest banks is guaranteed by the government. China’s central government is willing and able to act on that guarantee. The level of public debt outstanding is modest and even when contingent liabilities are taken into account, such as debt racked upon by local governments, the prospect of China falling victim to a European style public debt crisis is remote. Another example is that amid a deteriorating macroeconomic environment in which privately owned banks might elect to slow credit growth, the Chinese government can instruct banks to do the opposite, as was seen in 2009. This remains within the capability of the banks given the extremely high reserve requirements they maintain. Fourthly, in addition to continuing government ownership, there is also the fact that the banking system remains heavily regulated. For example, by fixing interest rates, the government can act to boost the margins and profits of the banks. This may be a negative from an efficiency perspective, but nonetheless can act to promote the stability of the system. Property prices in China may well be inflated. Price to income ratios, particularly in the major cities, suggest that they are. However, for high prices to constitute a bubble, they must be able to burst. In the case of China, it is not clear that they have, nor where a trigger might come from. More likely is that we are set to see a period of no or low price growth, rather than sharp declines. Of course, even stagnant house prices have implications for China’s overall rate of growth and therefore the demand for Australian natural resources. But as China’s premier, Wen Jiabao, recently <a href="https://news.xinhuanet.com/english/china/2012-03/14/c_131466703.htm" target="_blank">noted</a>, the days of average annual growth rates in excess of 10% are over. The sooner that we in Australia accept and adjust to this new reality, the better.

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 James Laurenceson is currently a Senior Lecturer in Economics at The University of Queensland. He has previously also held appointments at Shimonoseki City University in Japan and Shandong University in China. This article originally appeared on<a href="https://theconversation.edu.au/" target="_blank">The Conversation</a>. 
 
 
 
 
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Haunted by a Chinese property bubble

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A good turn-out at open for inspections is one of the first indicators that the market’s kicking off – four months into the new year, that’s exactly what we’ve been witnessing in Balwyn. We’ve gone from having four or five people turn up at our opens late 2011 to groups of up to 30 this year – and this is also translating into auction attendance, with our biggest auction last weekend drawing a crowd of 60 people (pictured).
Prior to our first set of auctions kicking off late February, we were already seeing strong signs of confidence returning, with nine private sales taking place in January alone – a record number compared with the usual two or three in previous years. Everybody’s been saying for a long time “save your money or pay your mortgage off before you make your next move”. It’s clear people have listened and are now in a better position to upgrade their lifestyle.
The issue in Balwyn though, is that buyers are ready but the stock is in short supply – not dissimilar to what’s happening around the rest of Melbourne at the moment, but low stock levels has always been a challenge in Balwyn, even last year. So we have an auction-oriented market with properties selling quickly – on average we’re holding six or seven auctions per weekend sometimes up to nine or 10 – and with clearance rates of at least 80%. March in particular was an exceptional month, with 25 auctions and a 90% clearance rate (compared with an average clearance of 65% in November and December).
Our first super Saturday was also a success, with only one property out of 12 passed in – indicative of the short supply in Balwyn and high demand for quality homes. The most astute vendors are reading the market well and seeing an opportunity to put their property on the market when listing numbers are low and there’s little competition against similar properties. They’re also continuing to lean towards auctions because it gives them three opportunities to sell; pre-auction, at auction and post-auction. Buyers also tend to look at auction properties first as they know there’s a limited window of opportunity to buy them and they get snapped up more quickly.
The most popular Balwyn properties are post-war 1950s three-bedroom cream or red brick homes – they sell nearly every weekend in excess of the $1 million mark. The property at <a href="https://www.domain.com.au/ore/Public/PropertyDetails/default.aspx?adid=2009452508" target="_blank">25 Winmalee Road Balwyn</a> is a classic example of the older-style home, recently selling for $1.05 million.
While we have a typical type of house, one thing we don’t have is a typical buyer. Compared to Richmond, for example, where young couples and investors dominate the market, Balwyn boasts an eclectic mix of buyers. It’s for this reason that units such as this one on <a href="https://www.hockingstuart.com.au/?autoSearch=1&amp;OID=3798627&amp;Con=S" target="_blank">Greythorn Road</a> sell well – they’re suitable for a multitude of buyers, from young families to investors or older couples scaling back.
The number of enquiries we’re getting from potential vendors on a weekly basis is also growing – not dramatically, but we’re seeing the market balance out as buyer and vendor expectations start to align. I’m predicting that once Easter and the school holidays are out of the way, May will be our busiest month yet.
The market will remain steady but we may start to see a mild increase in values later in the year – we’re talking 3% to 5%. Days on market will start decreasing and stock levels will steadily start to increase once vendors realise the market’s picking up.
In terms of sale prices the market can be summed up with one word – realistic. Most sales are meeting expectations but not exceeding them. We’re seeing sales occur within the designated price range or slightly above reserve; they’re creeping there and just making it. Vendors are more realistic about market value, buyer confidence has grown but no one’s over-excited – not just yet.
Toby Parker is director of <a href="https://www.hockingstuart.com.au" target="_blank">hockingstuart </a>Balwyn
 
 
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Balwyn: The hockingstuart mid-2012 autumn property review

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Following the successful launch of stage one of its Australia Towers development in Sydney’s Olympic Park, Ecove is set to launch the second stage, ATII.
Stage one of the development, which is now complete, has sold 209 of the 216 apartments, and the 267 apartments in stage two will launch on April 21. Stage one launched in early 2010, and construction finished a few weeks ago. Almost 80% of stage one sold within the first few weeks of the launch. 
<img src="/images/stories/at21.jpg">
The 25-metre sinuous tower is being developed by Ecove and SOPA (Sydney Olympic Park Authority) and is the second of three planned stages.
Olympic Park is a new 640-hectare Sydney suburb about 15 kilometres west of Sydney CBD and became an official suburb in 2009. The locality was part of the suburb of Homebush Bay and was redeveloped for the 2000 Sydney Olympics. More than 5,000 events are held at Blaxland Riverside Park in the suburb every year, and about 500 permanent residents now live there. There are more than 130 businesses in the suburb.
<img src="/images/stories/at23.jpg">
“Sydney Olympic Park is one of Sydney’s few master-planned suburbs, so everything is the best of the best,” says David Chittenden, general manager of residential for Colliers International.
<img src="/images/stories/at211.jpg">
“Residents at ATII will enjoy all the privileges of being in the sporting and entertainment heart of Sydney, with world-class facilities and cultural events at their fingertips, and views that will never be built out.”
<img src="/images/stories/at24.jpg">
Architectural firm Bates Smart has taken a cue from the nearby stadium precinct for the design of ATII.
“We’ve given the building ‘gills’ so that it can breathe,” says Bates Smart director Philip Vivian. “Vertical slots on the northern and southern sides of the facade encourage natural airflow through the apartments and the communal spaces.
“The design maximises light into each apartment, and horizontal sun-shading bands circling the building in varying depths provide added protection to the north.”
<img src="/images/stories/at25.jpg">
The ATII  building will have 95 one-bedroom apartments ranging from $450,000 to $595,000 and from 54 to 71 square metres internally, 132 two-bedroom apartments with between 77 square metres and 122 square metres of internal space and priced between $585,000 and $1,085,000, 26 three-bedroom apartments of between 103 and 159 square metres each ranging from $900,000 and $1,565,000 and 14 four-bedroom units, which will range from between $995,000 and $1.76 million and between 141 and 181 square metres internally. Every apartment will have at least one car space.
“Very few apartment developments offer such practical spaces and high levels of quality,” Chittenden says. “There are four different colour schemes, so buyers have a wide choice.”
<img src="/images/stories/at26.jpg">
ATII will also have four retail spaces, and the three towers between them are set to have 16 shops.
<img src="/images/stories/at27.jpg">
Chittenden says the first stage of the development (pictured above) appealed to a wide variety of buyers, and he expects similar interest for stage two.
<img style="border-style: initial; border-color: initial;" src="/images/stories/at213.jpg">
“There was a broad mix of investors, owner-occupiers, workers from the many local businesses, first-home buyers and even some empty-nesters,” he says. “Most buyers came from the inner west, the Hills district, and the Shire.”
<img src="/images/stories/at28.jpg">
Colliers estimates that one-bedroom units will rent for between $500 and $575 per week and that two-bedroom units will command rents of between $600 and $800 per week. For the pricier, larger apartments, Colliers estimates that the three-bedroom units will rent for between $700 and $1,000 per week, and that tenants will pay between $1,000 and $1,500 per week for the four-bedroom units.
<img src="/images/stories/at29.jpg">
Construction is expected to start on ATII in mid-2012 and finish in early 2014.
 
 
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Olympic Park Australia Towers launches stage two after stage one sells fast out of the starting blocks

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Boom Property Group is bringing more apartment living to a suburb that has become shorthand for house-and-land packages: Caroline Springs.
Caroline Springs, about 25 kilometres from Melbourne, has only had a post office since 2005, but property prices have been increasing rapidly. The average house price was $292,500 in 2007 and is now $420,000, according to RP Data.
<img src="/images/stories/belise1.jpg" style="border-style: initial; border-color: initial;">
"You cannot achieve the Melbourne dream of a three-bedroom house on a 500-square-metre block any closer to the city," demographer Bernard Salt told Fairfax Media about the area in 2007. "As fashionable as inner-city living like the Docklands is, there is still a large market for a suburban allotment - always has been and always will be."
Lend Lease project director Martin Gaedke told Fairfax Media in 2007 that although Caroline Springs buyers were beginning to buy smaller blocks due to affordability concerns, they still watned large homes.
"People still want relatively large houses," he said. "We've recently opened a display village here with more traditional housing, and there are still some very large homes in there. But I suppose over time, with the issue of housing affordability, people may start to review that. We're also finding block sizes may be reducing but houses are still very much the same size."
BPG’s Belise development will comprise 34 two-bedroom units and one three-bedroom unit, ranging from 73 to 99 square metres. Prices for the two-bedroom units start from $391,000.
The development launched on Saturday, March 31.
“Caroline Springs has become one of the most-sought after suburbs in the west, yet rising house prices means buying in the area is now unattainable for many. We have sought to address this demand with Belise,” says BPG managing director George Mariotti.
The $15 million project is designed by Buro Architects to complement the surrounding environment of Caroline Springs.
<img src="/images/stories/belise2.jpg">
“We strived to deliver a development that provides a sophisticated place of residence, from the entry lobby to the spacious apartment interiors, the considered design and high-quality materials flow through to achieve this,” says Paul von Chrismar, director of Buro Architects.
<img src="/images/stories/belise3.jpg">
Construction is due to start in May or June 2012 and finish in May next year.
Belise is within walking distance of many community features, including shops, schools and walking tracks.
BPG specialises in city-fringe locations and has already developed the $7 million Waterford Apartments project in Caroline Springs in November 2011.
 
 
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Boom Property Group launches apartment complex in emerging Melbourne suburb of Caroline Springs

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For Melburnians, Prahran is synonymous with the iconic Chapel Street, hailed as Melbourne’s most stylish shopping precinct and renowned for its funky bars and every cuisine you can think of under the sun. Situated within five kilometres of the CBD, St Kilda and Albert Park, offering every form of public transport – be it tram, train or bus – it’s no wonder it’s a haven for young professionals wanting to make the most of inner-city living.
For these (very) popular reasons, Prahran is an area that doesn’t experience the same level of turnover as some of our nearby suburbs like Brighton. To give you an idea, jump on realestate.com.au and you’ll see Brighton currently holds 42% more stock than Prahran (158 properties listed in Prahran compared to 272 Brighton).
We had our first open for inspections in late January but it wasn’t until  February 11 that we really started building some steam with our first auction. To say things have heated up since then would be an understatement – seven weeks on and we’re working on a clearance rate of 86%.  Bear in mind auctions only represent roughly 70% of our sales and don’t take into account the properties sold privately.  
Statewide, clearance rates are also picking up, with the last few weekends hovering around 60% and Prahran faring even better at 74%. Despite the Big Four breaking ranks with the RBA this year and the unemployment rate dropping in February, confidence is clearly on the rise.
Why? A lot of buyers – especially in Prahran – were holding off towards the end of last year amidst cries of the market ‘bottoming out’. They’re now realising it’s time to get on with their lives while conditions remain favourable. Despite all the hoo-haa around the big four banks raising their rates in February, <a href="https://www.tradingeconomics.com/australia/interest-rate">interest rates are still historically lower – bar the period directly after the GFC – than they have been in a decade.</a>
What’s the major difference between the market now and during the GFC? If you remember back then, despite interest rates hitting a record low of 3% in April 2009, the Rudd government’s boost to the first- home owner’s grant meant property prices were being driven to record highs due to unprecedented demand (not surprising given the first-home owner’s grant was doubled to $14,000 for existing dwellings and incredibly tripled to $21,000 for new homes).
Right now, we don’t have that same level of demand inflating property prices. As a result, housing affordability has never been so attractive, and it’s reflected in what we’re seeing in the marketplace. In the last two months, we’ve seen a 10% increase in our crowd numbers and up to 15% increase in open for inspection attendance. Very strong numbers came through a three-bedroom townhouse we’ve just listed in <a href="https://www.realestate.com.au/property-house-vic-prahran-110000416">Mary Street</a> at our first open. With a lock-up garage and courtyard, and located within walking distance to Prahran Market and Chapel Street, we’re expecting this to sell successfully come auction day.
So what can we expect for the year ahead? Our market will remain steady, so those expecting more price reductions in Prahran will be disappointed. While our median unit price decreased from <a href="https://www.realestateview.com.au/portal/propertydata?rm=medianprice&amp;state=victoria&amp;suburb=prahran&amp;postcode=">$495,000 in December 2010 to $444,000 in December 2011, our median house price actually increased from $899,000 to $997,500.</a> People<a target="_blank" href="https://www.propertyobserver.com.au/victoria/prahran-a-melbourne-auction-hotspot-as-buyers-trade-down-from-toorak/2012040254127"> flock to Prahran because of its lifestyle and location</a>, and these fundamentals won’t change and will contribute to why capital appreciation and rental yields remain consistent.
My advice to buyers is to take advantage of the steadying market now. It’s a bit of a catch 22. You can continue waiting for more confidence to return before buying, but higher confidence means more buyers. With more buyers comes greater competition, and what will that ultimately result in? Higher prices.
Andrew James has more than a 20 years' experience in real estate and is director of <a href="https://www.hockingstuart.com.au/" target="_blank">hockingstuart </a>Armadale.
Photograph of Prahran courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
 
 
 
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Prahran: The hockingstuart mid-autumn 2012 property review

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

Joel Robinson

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

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

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

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

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

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

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

Sherpa sells out Flourish Oasis in booming Palm Beach

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

Cassidy Knowlton

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