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104 Stella Street, Fairfield Heights, NSW, 2165
<img src="/images/stories/stellast.jpg" style="border-style: initial; border-color: initial; max-width: 480px;"> 
An investor has bought this three-bedroom house in Fairfield Heights at its weekend auction for $570,000. There were 10 registered bidders. The tenant is paying $380 per week and is on an expired lease. Pretti Real Estate agent Stephen Jurinic says this is below market rent, and the property could be leased for between $400 and $420 per week. The house has timber floors, a timber kitchen and a detatched room that could make a good home office.
At its current rent it will secure its new owner an indicative gross rental yield of 3.5%, below the indicative gross rental yield for Fairfield houses of 5.1%, 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. If it were rented for $420 per week that would equate to an indicative gross rental yield of 3.8%.
<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 $10,000 and over five years to be $28,000.
The median house price in Fairfield Heights rose by 7.2% in the past year, according to RP Data.
For more about prices and yields in Fairfield Heights, see the RP Data suburb page.
 
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9/20 Joyce Street, Coffs Harbour, NSW, 2450
<img src="/images/stories/joyce.jpg" style="border-style: initial; border-color: initial; max-width: 480px;"> 
There was no interest from potential bidders in this two-bedroom Coffs Harbour townhouse, and First National Coffs Harbour agent Caroline Campbell cancelled its scheduled weekend auction. The tenants are paying $190 per week and are on an expired lease. First National Coffs Harbour agent Caroline Campbell says market rent for the property would be about $240 or $250 per week. It is within easy walking distance of the village shopping strip, schools and sports fields.
Campbell <a href="https://www.fncoffs.com/index.cfm?pagecall=property&amp;propertyID=1801184" target="_blank">is now marketing the property</a> with price hopes of $179,000. Before the scheduled auction she provided price hopes of $150,000 plus. If it sells for $179,000 that would secure an investor a gross rental yield of 5.5% at its current rent, higher than the indicative gross rental yield for Coffs Harbour houses of 5.2%, according RP Data. If it were rented at $250 per week, that would be a remarkable gross rental yield of 7.3%. 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 rates are $1,669 per year, and strata fees are $1,520 per year.
<a target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $6,000 and over five years to be $18,000.
The median house price fell in Coffs Harbour fell by 4.9% in the past year, according to RP Data.
For more about prices and yields in Coffs Harbour, see the RP Data suburb page.
 
 
 
 
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Investor form guide wrap: No takers yet for 5.5% yields in Coffs Harbour, but investor snaps up Fairfield Heights

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A Melbourne real estate agent discriminated against a female employee when it dismissed her because of her “overall young look”, the Fair Work Ombudsman has found.
Real estate agency Buxton Sandringham has agreed to pay the woman $1200 compensation and to revamp its workplace policies.
The woman was employed as a personal assistant on a casual basis in June, 2010 - when she was 23 - but dismissed a month later, shortly after she had assisted at an auction by recording bids.
One of Buxton’s male sales consultants told her that some of the company’s directors who had seen her at the auction were concerned she looked “too young”, was “too short” and would not have the presence to effectively negotiate at auctions.
He said he “needed someone he could turn into a sales person and that this was not possible for her because of her overall young look.”
The consultant terminated her employment, saying: “The reason I have done this now is because the training I would need to do would be a waste of time if I then have this concern six months later”.
The Fair Work Ombudsman investigated the matter after the woman lodged an official complaint and said Buxton had to apologise to the woman and pay her $1200 compensation.
Buxton has also agreed to develop new recruitment and termination policies, commission workplace relations compliance training for its directors and alert other Buxton Group franchisees to its breach.
Fair Work Ombudsman Nicholas Wilson says it is important for employers to treat their employees fairly and be aware of their obligations under workplace laws.
“Employers who have fair and transparent selection processes for recruitment, promotion, training and other business systems will be well-placed to cultivate fair workplaces free of discrimination,” says Wilson.
Buxton Sandringham were unable to respond to our request for comment in time for publication.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
 
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Melbourne estate agent admits sacking worker for being 'too young' and 'too short'

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There's now a website, <a style="font-size: 14px; text-align: left;" target="_blank" href="https://www.propertytycoon.com.au/">www.propertytycoon.com.au</a>, where punters can guess auction results in Melbourne and Sydney, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
Both properties featured on Property Observer were passed in at their super Saturday auctions, as top-end buyers failed to show much interest. The converted warehouse at 5/4 Tullo Place, Richmond (pictured above) failed to attract the price the vendor was hoping for.
<img src="/images/stories/tullo.jpg">
"There was more curiosity from neighbors than genuine interest from buyers at the auction of 5/4 Tullo Place Richmond on the weekend as a small crowd looked on as the property received one bid at $1.3 million before being passed in," says Mark Armstrong of Property Tycoon.

"There was a bit of action after the auction however as another buyer showing interest and offered $1.5 million, but this was still a fair way of the $1.65 million the vendor is holding out for."
<img src="/images/stories/gibsonst.jpg">
The Sydney property featured on Property Observer, 21 Gibson Street, Bronte (pictured above), also struggled to get over the line.
"In Sydney the lack of off-street parking was the major objection from buyers for 21 Gibson Street, Bronte," says Armstrong.

"The auction failed to gain any real traction and was passed in for $2.025 million with a reserve of $2.4 million. 

"The result illustrates that when buyers are looking to spend that amount of money they really need every box ticked or they will simply wait for better options."
 
 
 
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Picky buyers willing to wait dampened auction tipping competition results

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<img src="/images/stories/1point4percent.gif">
The percentage of Canberrasuburbs with a median unit price of under $300,000, according to RP Data. This is the second-lowest percentage in Australia; Darwin doesn't have a single suburb with a median unit price under $300,000.
 
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<img src="/images/stories/10percent.gif">
The percentage of Melbourne suburbs with a median unit price of under $300,000, according to RP Data.
 
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The percentage of Perth suburbs with a median unit price of under $300,000, according to RP Data.
 
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The percentage of Brisbane suburbs with a median unit price of under $300,000, according to RP Data.
 
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The percentage of Sydney suburbs with a median unit price of under $300,000, according to RP Data.
 
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The percentage of Adelaide suburbs with a median unit price of under $300,000, according to RP Data.
 
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The percentage of Hobart suburbs with a median unit price of under $300,000, according to RP Data.
 
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The number of capital city suburbs with unit prices under $300,000: RP Data

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Ask anyone in real estate about 2011 and they’ll tell you it was a tough year. For the first time in nearly a decade, buyers were no longer prepared to pay the “vendor price” for their dream home. In Melton, the sentiment was no different. Last year, some properties were on the market anywhere from three months up to a year.
Having said that, we definitely didn’t feel the same impact as some of our western counterparts such as Braybrook, whose median price in December recorded a fall of 27% from its peak ($380,000, down from $518,000) or St Albans, which experienced a 18% decline from its peak median price ($360,000 down from $440,000). In fact, recently released <a target="_blank" href="https://www.reiv.com.au/en/Property-Research/Median-Prices/2011-Median-Prices.aspx">REIV figures on 2011 median prices</a> revealed Melton was in the top five growth suburbs for 2011, recording an 8% growth in its median price.
Unlike the majority of Melbourne – the auction capital of Australia – Melton’s modus operandi is a little different. Here, it’s all about the private sale. So while the rest of Melbourne has just kicked into 2012 with its first “super Saturday” last weekend, out in the ’burbs we’ve been back in full swing since the new year.
In the last three months we’ve definitely seen improved confidence, evident in our lower stock levels and quicker turnaround times – just the other day we sold a property within two days! We’ve also just listed <a target="_blank" href="https://www.realestate.com.au/property-house-vic-melton-110027169">a three-bedroom brick home</a> in the heart of Melton that has already gained a lot of interest because its asking price of $239,000 to $245,000 makes it unbeatable value.
So where’s the interest coming from? Right now, it’s the investors who are dominating our market. The small outlay – our median price is $293,500 – needed to buy in one of Melbourne’s top growth suburbs makes Melton the perfect investment for the start-up investor. Not only is impressive capital gains an advantage, but properties are also returning high rental yields substantially higher than Melbourne’s gross house rental yields of 4%<a target="_blank" href="https://m.smh.com.au/business/property/rental-returns-nothing-to-write-home-about-20120215-1t5nu">.</a> Savvy investors recognise now is the time to buy when the market is stable, as opposed to later when the pressure on prices will eventually be greater.
The fact that our median price is nearly half of Melbourne’s ($540,383) also makes our area extremely affordable – and attractive – for first-home buyers. For $250,000, buyers can typically pick up a centrally located three-bedroom brick home on a 600-square-metre block – a bargain for young families looking to upgrade, given the same price wouldn’t even get you a one-bedroom apartment in the inner city.
There’s currently a wealth of buyers waiting on the sideline due to uncertainty around unemployment and interest rates. At the moment they’re holding back but at the end of the day, when people move, it’s for life changes such as growing families, empty nesters downsizing or job relocations that won’t stop because of what’s happening in the market. We’ll see an influx of buyers as confidence continues to grow, which will start driving prices up again.
In Melton, we expect to be in the driving seat as our affordability, infrastructure, space and proximity to the city makes us the perfect choice for young families. We already have one of the highest population growth rates in Victoria at 7.1% – nearly five times the statewide average of 1.5% – and anticipate this will continue growing as buyers start to come out of the woodwork.
Julian Conte has more than a decade experience in real estate and is director of <a target="_blank" href="https://www.hockingstuart.com.au/">hockingstuart</a> Melton and Werribee.
 
 
 
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Melton: The hockingstuart mid-autumn 2012 property review

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2111/250 Elizabeth Street, Melbourne, VIC, 3000
<img src="/images/stories/elizstreet.jpg" style="border-style: initial; border-color: initial; max-width: 480px;"> 
The tenant of this one-bedroom Melbourne CBD apartment is paying rent of $425 per week and is on a lease until January 2013, but agent Nathan Gibson of Harcourts says comparable apartments in the building are leased for $465 per week. 
Gibson <a target="_blank" href="https://www.harcourts.com.au/">is marketing the property </a>with price hopes in the mid-$300,000 range, and if it sells for $370,000 that would secure an investor a gross rental yield of 5.6%, under the indicative gross rental yield for Melbourne units of 6.2%, according to RP Data. A rental of $465 per week would equate to a gross rental yield of 6.5%. 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 $10,000 and over five years to be $36,000.
The median unit price in Melbourne fell by 7.5% in the past year, according to RP Data.
The property will go to auction on Saturday, March 31 at 2pm.
For more about prices and yields in Melbourne, see the <a target="_blank" href="/news">RP Data suburb page.</a>
For another investment prospect going to auction this weekend, see page 2.
 
 
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1 Kennedy Drive, Tweed Heads, NSW, 2485
<img src="/images/stories/kennedydr.jpg" style="border-style: initial; border-color: initial; max-width: 480px;"> 
This three-bedroom Tweed Heads house has a development application in place for two duplexes, or an investor could retain the long-term tenant, who is paying $260 per week. Agent Jess Hutson says although the tenant is on an expired lease, that is market rent for the area.
Hutson <a href="https://www.rainbowbayrealty.com.au/sales/properties.php?id=5433912&amp;test=1" target="_blank">is marketing the property</a> with price hopes of $299,000 plus, and if it sells for that price it would secure an investor a gross rental yield of 4.5%, significantly above the indicative gross rental yield for Tweed Heads houses of 3.9%, 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 $3,000 and over five years to be $8,000.
The median house price in Tweed Heads had no change in the past year, according to RP Data.
The property will go to auction on Saturday, March 31 at 1pm.
For more about prices and yields in Tweed Heads, see the RP Data suburb page.
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Friday form guide: Yields of up to 5.6% in Melbourne

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<div>The total number of advertised listings in Queensland, of which 14,420 are new listings, according to RP Data. This is up from a total of 76,170 at the same time last year.</div>
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<div><img src="/images/stories/81694.gif"></div>
<div>The total number of advertised listings in New South Wales, of which 15,185 are new listings, according to RP Data. This is up from a total of 66,773 at the same time last year.</div>
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<div><img src="/images/stories/71674.gif"></div>
<div>The total number of advertised listings in Victoria, of which 12,738 are new listings, according to RP Data. This is up from a total of 48,459 at the same time last year.</div>
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<div><img src="/images/stories/34435.gif"></div>
<div>The total number of advertised listings in Western Australia, of which 6,477 are new listings, according to RP Data. This is up from a total of 33,116 at the same time last year.</div>
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<div><img src="/images/stories/20779.gif"></div>
<div>The total number of advertised listings in South Australia, of which 3,590 are new listings, according to RP Data. This is up from a total of 16,438 at the same time last year.</div>
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<div><img src="/images/stories/12285.gif"></div>
<div>The total number of advertised listings in Tasmania, of which 1,497 are new listings, according to RP Data. This is up from a total of 9,256 at the same time last year.</div>
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<div><img src="/images/stories/2313.gif"></div>
<div>The total number of advertised listings in ACT, of which 648 are new listings, according to RP Data. This is up from a total of 1,800 at the same time last year.</div>
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<div><img src="/images/stories/1725.gif"></div>
<div>The total number of advertised listings in Northern Territory, of which 389 are new listings, according to RP Data. This is up from a total of 1,644 at the same time last year.</div>
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How much stock is on the market in your state? A state-by-state analysis: RP Data

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There's now a tipping website, <a target="_blank" href="https://www.propertytycoon.com.au/">www.propertytycoon.com.au</a>, where punters can guess auction five results in Melbourne, Sydney and Brisbane, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
One of the five Brisbane properties going to auction this week in round six is 40 Union Street, Clayfield. The property was built in 1926 and has been in the Molphy family since then. The last descendent, Dr Ruth Molphy, was a substantial benefactor of many charities and institutions including Prince Charles Hospital, St Hilda's and the RSPCA.
Mark Armstrong of Property Tycoon says: "40 Union Street, Clayfield, in Brisbanes inner north may not be the best-presented property going to auction in Brisbane, but it does have a few things going for it."


"It has never been sold before as it has remained in the same family since it was built in 1926. The property sits on almost 900 square metres and is located within five kilometres of the city."
He points out that although Brisbane properties <a href="https://www.propertyobserver.com.au/auctions/brisbane-market-struggles-to-maintain-momentum-with-all-five-property-tycoon-properties-passed-in/2012032654002" target="_blank">have struggled to get over the line lately</a>, this one is likely to find a buyer.
"It is a deceased estate, so for auction tippers that means unlike a lot of property in Brisbane it will sell on Saturday."
<img src="/images/stories/unionst.jpg">
If you think you know what it will sell for place a tip at <a target="_blank" href="https://www.propertytycoon.com.au/">Property Tycoon</a>.
 
 
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Brisbane auction tipping

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Founder(s): Gary Braams Revenue: $3.64 million Started: 2008 Head Office: New South Wales Employees: 1 Website: <a href="https://www.startupsmart.com.au/weblink?cid=5813&amp;fid=36&amp;ord=1" title="www.clikre.com.au">www.clikre.com.au</a>
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WINNER OF BEST START-UP PRODUCT
<img style="float: left; margin: 5px;" src="/images/stories/garybraams.jpg">
 
When Gary Braams lost everything he had in 2000 as a builder developer, he decided that he would make the most of his misfortune and create a business from the lessons he learned. 
“The issue was that I only relied on one real estate agent to sell off my apartments I was developing,” he explains. 
“He couldn’t sell enough in time. In fact he sold none of the project that was completed. I lost all my equity and went bankrupt.” 
Braams managed to build a multimillion-dollar business from his dining room table by creating a system that allows real estate agents to access stock listed anywhere in Australia and share in the commissions available. 
The commissions to total per sale can be as high as 5.5%, or even higher depending on the motivation of the vendor. 
Each member has a database to call on and therefore if you have 300 members you have 300 databases. Some members are in China. 
Braams says: “This business concept allows any current real estate agent to close up a cost ineffective business such as half the shop front real estate business out there to simply perform all the tasks from a regional based office or a home office.” 
“Shop fronts are already dying. I’m the hero who will eventually give them options to still bring in an income without the expense of an office. Clik is a virtual real estate office on your laptop or iPad.”
This article originally appeard on <a target="_blank" href="https://www.startupsmart.com.au/">StartupSmart</a>.
 
 
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StartupSmart Awards 2012: Clik International

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Founder(s): David Whitfield, Steve Cahill Revenue: $930,000 Started: 2009 Head Office: New South Wales Employees: 6 Website: <a href="https://www.startupsmart.com.au/weblink?cid=5780&amp;fid=36&amp;ord=1" title="www.enlighten.com.au">www.enlighten.com.au</a>
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<img src="/images/stories/whitfield.gif" style="float: left; margin: 5px;">
EnLighten specialises in designing, marketing, distributing and installing low-energy lighting solutions. 
By combining efficient LED design with intelligent “point of use” control systems, enLighten is able to achieve world-leading energy efficiency outcomes for its clients. 
The first product in this space is a multifunction light marketed under the name “Chamaeleon”, first installed in January last year, with an updated version released in May. 
<img style="float: right; margin: 5px;" src="/images/stories/cahill.gif">
According to Whitfield, Chamaeleon regularly achieves energy savings of more than 90% and is being snapped up by the commercial property market. 
“EnLighten has already been approached by companies wanting to distribute the product in Europe and the USA,” he says. 
“Chamaeleon invariably provides ROI outcomes of less than three years and has achieved a project ROI of as little as six months.” 
During the first half of 2012, enLighten is expected to release four other products into the market, and has several larger product groups being developed. 
“EnLighten projects are resulting in record energy and cost savings for its clients,” Whitfield (pictured left) says. 
“While the LED lighting industry is exploding with copycat products that attempt to duplicate existing technologies, enLighten embarked on a course of product development that focused on achieving maximum outcomes by identifying deficiencies in ‘methods of use’ and/or existing products within the lighting industry.” 
“The suite of patented products that enLighten will release to the market over the next two years will see it emerge as a world leader in energy-efficient lighting solutions.” 
Whitfield says it can be challenging for a new product group to gain acceptance in the market, so perseverance is essential in order the challenge the “accepted way of doing things”.
 
 
 
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StartupSmart Awards 2012: EnLighten Australia

A mix of Gold Coast locals, fly-in, fly-out purchasers from Sydney and Melbourne, and Brisbane-based families has driven early sales success at Broadbeach's newest apartment tower, Lumara.

The 26-level project, a joint venture between builder-developer 5Point Projects and Bourke Projects, comprises just 37 luxury residences and is attracting a buyer profile that is looking for exclusivity, above the most amenity-rich suburb on the Gold Coast.

[smartcode_project:default project_id=150454 project_image_fid=364156]

Jamie Bourke, Director of Bourke Projects, says every buyer secured so far intends to use Lumara as a lock-up-and-leave residence, combining holiday use with the ability to work remotely when required.

“The size of the apartments, both half- and full-floor options, and the different zones within the floorplans, lends itself perfectly to dedicated home office setups and multi-generational family holidays,” Bourke says.

That flexibility has become a key drawcard for affluent buyers seeking a second residence on the Gold Coast without sacrificing the ability to conduct business away from their primary home base.

The absence of holiday letting within the building has also resonated strongly with purchasers.

“This type of buyer doesn't need to generate holiday rental income,” Bourke says. “They're paying for exclusivity, privacy and certainty around who their neighbours are.”

[smartcode_project:default project_id=150454 project_image_fid=366491]

The strong demand comes amid broader shifts in the high-end apartment market following the Federal Budget announcements in May.

“We were already seeing strong enquiry from high-net-worth buyers, but that has only accelerated since the policy changes,” Bourke says.

“A lot of those buyers are looking to place more capital into premium lifestyle assets rather than investment-grade stock that has been targeted by the Federal Government.”

[smartcode_project:default project_id=150454 project_image_fid=366486]

Designed by Cottee Parker, Lumara adopts a slender, sculpted form with an emphasis on natural materials suited to its beachfront setting. The architectural approach draws on coastal influences, with a palette of stone, timber and concrete selected for durability and the ability to weather over time.

Apartments are limited to three and four-bedroom configurations, with a maximum of two residences per floor through the mid-levels and a selection of full-floor and dual-level homes in the upper levels. All apartments are oriented to the north to maximise natural light, cross-ventilation and views across the ocean, city skyline and hinterland.

A two-level amenity offering is positioned high within the building on levels 20 and 21, conceived as a sky wellness retreat. Facilities include a magnesium pool, spa, sauna and steam rooms, alongside more social spaces such as a private dining room, resident lounge, workspaces and outdoor barbecue areas integrated with landscaped greenery.

The uppermost levels are reserved for larger-format residences, including several full-floor homes and a dual-level penthouse with its own private wellness features and recreational spaces.

&nbsp;

To give buyers confidence, 5Point and Bourke commenced construction ahead of the apartments launching to the market, a sure-fire way to prove they mean business, and the building will be delivered. They are targeting a 2028 completion date.

[smartcode_project_cta:default project_id=150454]

Joel Robinson

Locals, interstate holiday makers, drive early sales at Lumara, Broadbeach's newest luxury apartment tower

Often when it comes to purchasing property, the biggest barrier to entry is the deposit. Buyers of established homes typically aim for a 20 per cent deposit to avoid the added cost of Lenders Mortgage Insurance, while most property transactions require around a 10 per cent deposit when contracts are exchanged.

The off-the-plan market works differently, with buyers typically paying a deposit during construction and settling the balance upon completion. As completion approaches at <a href="https://www.apartments.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy-vic-3065">Fabbrica Fitzroy</a>, developer <a href="https://www.apartments.com.au/developers/pace-development-group">Pace</a> is making it easier for buyers to secure a residence through a deposit-matching incentive. Purchasers need only contribute a five per cent deposit*, with Pace matching the remaining five per cent.

The offer comes as Pace unveils a completed display apartment and townhouse, now available for inspection by appointment ahead of the project's Spring completion.

[smartcode_project:default project_id=139552 project_image_fid=371009]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> and landscaping by <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, Fabbrica draws on Fitzroy’s industrial and manufacturing history, incorporating references to the former Argyle Shirt Factory and Life Savers Confectionery Company that once occupied the site.

The development comprises 85 residences, spanning low-maintenance apartments through to larger-format townhouses with private street access and double lock-up garages, a relatively uncommon offering in Fitzroy’s higher-density apartment market.

Pace says the project has been designed to appeal to buyers seeking inner-city convenience without sacrificing space, flexibility, or amenity.

[smartcode_project:default project_id=139552 project_image_fid=371016]

Inside the residences, Winwood Mckenzie has focused on adaptable layouts and integrated detailing, with features including custom joinery, and concealed storage solutions. The material palette leans into warm, tactile finishes intended to complement the building’s industrial architectural language.

Fabbrica’s rooftop amenity is a key part of the project offering. Spanning around 800 sqm, the communal rooftop includes a private dining room, communal kitchen, lounge spaces, work-from-home zones, and outdoor dining areas overlooking the Melbourne CBD skyline.

[smartcode_project:default project_id=139552 project_image_fid=371017]

Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

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Pace offers five per cent deposit match at Fabbrica Fitzroy ahead of Spring completion

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

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The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

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While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

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The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Why Hyecorp continues to back Sydney's Lower North Shore apartment market

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

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Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

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While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

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The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

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ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

SEQ apartment demand outpacing affordable supply as construction timelines stretch: RPM

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

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The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

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Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

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Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

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Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

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Jellis Craig Projects Director Stephen Bowtell is handling sales for the project and says Camberwell House offers a rare entry point into one of Melbourne’s most tightly held markets.

“Buyers are recognising that Camberwell House offers something they simply haven’t seen before in Boroondara,”&nbsp;Bowtell&nbsp;says.

“It combines a level of resident amenity and service typically associated with Melbourne’s premium inner-city developments, while being positioned right in the heart of Camberwell Junction.

“The response to the concierge offering has been particularly strong. Buyers appreciate not only the convenience, but also the sense of security and peace of mind that comes from having a dedicated presence in the building every day.

“When you combine that with the wellness facilities, the exceptional arrival experience, and panoramic views across both the CBD skyline and the Dandenong Ranges, it creates a lifestyle proposition that is genuinely unique within the local market.”
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Cassidy Knowlton

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