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Couples and families are increasingly upgrading in the eastern Melbourne municipality of Manningham, according to Jellis Craig.
Jellis Craig Doncaster director Andrew Keleher says open for inspections at houses favoured by this demographic have been very well attended, pointing towards a strong market in 2012.
“Going forward we have identified two particularly strong markets. Three- to four-bedroom houses in the range of $650,000 to $750,000, for young couples moving to the area,” Keleher says in Jellis Craig’s Annual Property Review.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/manninghamcomment1.jpg"><img src="/images/stories/manninghamcomment1thumb.jpg"></a>
Source: <a href="https://www.jelliscraig.com.au/" target="_blank">Jellis Craig</a> Annual Property Review
“At a recent opening we saw 96 groups in just 30 minutes, the most intense traffic at a single viewing in two years.
“We have also found a very strong resurgence back to the acre homes through the Donvale and  Templestowe area. Many of these buyers are looking to relocate from the inner city and recognise the family lifestyle benefits of these areas, which offer great value without a big mortgage.”
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/manninghamcomment2.jpg"><img src="/images/stories/manninghamcomment2thumb.jpg"></a>
Source: <a href="https://www.jelliscraig.com.au/" target="_blank">Jellis Craig</a> Annual Property Review
Keleher says prices dropped in Manningham in 2011, but he says this increased affordability and the area remains popular.
“Buyer sentiment in the Manningham market has remained particularly positive, buoyed by talk of a new rail link, great schools and very affordable housing.
“In 2011 we saw some decline in value, but this in turn generated a perception of affordability and introduced many new buyers to the area."
 
 
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Upgrader market set to be strong in Melbourne’s leafy north-eastern suburbs in 2012: Jellis Craig

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Western Australian properties are lingering on the market despite deep discounts designed to entice buyers, according to SQM Research.
SQM Research has released a list of the top 10 most discounted properties in WA, and the property at number 10 on the list, 115 Plover Drive, Yangebup, is now offered with a 27% price reduction on its original $450 price hopes. 
In contrast, <a target="_blank" href="https://www.propertyobserver.com.au/victoria/most-discounted-properties-in-victoria-all-in-melbourne-sqm/2012031353814">the most discounted property in Melbourne,</a> 1365 Ballan Road, Wyndham Vale, only has a 25% discount on its original $2.4 million price hopes.
SQM Research director Louis Christopher points out that the most discounted property in Western Australia, 290 Viveash Road, in the Perth suburb of Swan View, has been on the market for almost four years and has been unable to entice a buyer despite a 41% discount on its original $2,290,000 price hopes.
"The number one property on this list, which has been referred to many times in the past by SQM Research, has spent years on the market – sitting on a current tally of 1,376 days," Christopher notes.
"A quick scan of the Perth top 10 will reveal that the majority of the other homes are way up there as well, and this is definitely a factor in play when it comes to substantial house price discounting. Properties that are going stale – in other words, have been on the market for extended periods of time are commonly discounted as the vendors become increasingly eager to sell.
"This is often when potential buyers do have the opportunity to bag a possible bargain – given that there are no issues pertaining to the quality of the property, as the vendors may be willing to sell properties at a lower price than their market value in a bid to make a speedy sale," Christopher says.
However, Christopher says the Perth market could be bottoming out and heading into a recovery.
"Listings have actually been falling in Perth, and second to this, loan approvals have also been rising in recent months," Christopher says. "So it is quite possible that even right now as the market is weak, it may well also be bottoming out. In future, we expect that when we revisist the most discounted properties in the city of Perth, a number of the current homes may well have exited the list."
 
1
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007193295">290 Viveash Road, Swan View, WA, 6056</a>
On the market since: June 5, 2008
Initial asking price: $2.29 million
Current asking price: $1.35 million
Reduction: 41%
Days on market: 1,376
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">2</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106211228" target="_blank">15 Gretel, Two Rocks, WA, 6037</a>
On the market since: December 26, 2009
Initial asking price: $1.1 million
Current asking price: $699,000
Reduction: 36%
Days on market: 756
 
3
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106289694">309 Scarborough Beach Road, Woodlands, WA, 6018</a>
On the market since: February 7, 2010
Initial asking price: $1.1 million
Current asking price: $750,000
Reduction: 32%
Days on market: 713
 
 
4
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105695921">61 The Strand, Applecross, WA, 6153</a> (pictured)
On the market since: September 13, 2009
Initial asking price: $7.9 million
Current asking price: $5.45 million
Reduction: 31%
Days on market: 860
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">5</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D108335651" target="_blank">124/580 Hay Street, Perth, WA, 6000</a>
On the market since: October  23, 2011
Initial asking price: $1,385,000
Current asking price: $975,000
Reduction: 30%
Days on market: 90
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">6</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106243474">4/19 Broome Street, Cottesloe, WA, 6011</a>
On the market since: January 10, 2010
Initial asking price: $1.2 million
Current asking price: $850,000
Reduction: 29%
Days on market: 740
 
7
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106544887" target="_blank">1/43 Preston Point Road, East Fremantle, WA, 6158</a>
On the market since: May 23, 2010
Initial asking price: $1.1 million
Current asking price: $800,000
Reduction: 27%
Days on market: 608
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">8</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107455436">1806/96 Bow River Crescent, Burswood, WA, 6100</a>
On the market since: June 18, 2011
Initial asking price: $969,000
Current asking price: $705,000
Reduction: 27%
Days on market: 217
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">9</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008749778" target="_blank">227 Franklin Road, Wanneroo, WA, 6065</a>
On the market since: December 27, 2010
Initial asking price: $1.5 million
Current asking price: $1,095,000
Reduction: 27%
Days on market: 392
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">10</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D108521836" target="_blank">115 Plover Drive, Yangebup, WA, 6164</a>
On the market since: May 5, 2011
Initial asking price: $450,000
Current asking price: $380,000
Reduction: 27%
Days on market: 77
 
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SQM Research also offers a list of the <a target="_blank" title="SQM Research" href="https://www.sqmresearch.com.au/top100bargains.php">Top 100 Biggest Bargains in Australia</a> for sale.
 
 
 
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Perth vendors offering deeper discounts than Melbourne but market could be bottoming out: SQM

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There were 822 sales in Perth for the week ending March 21, according to the Real Estate Institute of Western Australia. This is fewer than the 887 last week but still up 24% on the 664 for the same week last year.
<img src="/images/stories/reiwamarch21.gif">
 
 
 
 
 
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Perth sales up 24% on same week last year: REIWA

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More New South Wales borrowers (14.6%) owe more than $300,000 on their mortgages than borrowers in any other state, ABS data has revealed.
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<a href="/images/stories/mortgage1.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/mortgage1thumb.gif"></a>
Source: ABS
Tasmanian borrowers on average owe the least on their mortgages, with 12.9% of borrowers owing $100,000 or less.
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<a href="/images/stories/mortgage2.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/mortgage2thumb.gif"></a>
Source: ABS
The state with the next-smallest average mortgage size is Victoria, with just 4.7% of borrowers owing more than $300,000.
The ABS data also reveals the <a target="_blank" href="/news">amount of equity home owners have in their properties</a>.
 
 
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Mortgage size: The official ABS state-by-state data

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The plurality of home owners in all six state capitals cities have between $200,000 and $399,999 equity in their homes, but in ACT and NT the plurality of home owners have between $400,000 and $599,999, ABS figures show.
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<a href="/images/stories/equity2.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/equity2thumb.jpg"></a>
Source: ABS
The data also shows that more Tasmanian home owners (about 32%) have between $200,000 and $399,999 equity in their homes than home owners in any other state.
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<a href="/images/stories/equity3.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/equity3thumb.jpg"></a>
Source: ABS
More home owners in Western Australia (13%) have $800,000 or more in their homes than owners in any other state.
The ABS data also shows the size of mortgages in each state.
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Dwelling equity: The official ABS state-by-state data

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Prices in most suburbs in the Melbourne inner-east municipality of Boroondara fell during 2011, but Jellis Craig says vendors who were willing to meet the market found buyers.
Boroondara includes the pricey Melbourne suburbs of Ashburton, Hawthorn, Balwyn, Kew and Camberwell, and house prices fell between 3.4% in Camberwell and 22.9%in Balwyn during 2011. The only three suburbs in the municipality to record price increases were Kew(2.5%), Mont Albert (9.3%) and Surrey Hills (up 7.3%).
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/boroondaracomment1.jpg"><img src="/images/stories/boroondaracomment1thumb.jpg"></a>
Source: <a target="_blank" href="https://www.jelliscraig.com.au/">Jellis Craig</a> Annual Property Review
“Throughout 2011, the property market remained balanced, performing consistently across all price ranges,” Jellis Craig says in its Annual Property Review.
“Vendors who recognised these conditions and positioned their expectations accordingly, consistently achieved satisfying results. Properties with the potential to provide increased family accommodation, effective renovation opportunities or enticing rebuild possibilities were particularly attractive to the market.”
Jellis Craig says “flipping”, or renovating property in order to sell it quickly at a profit, is not feasible in the area given current market conditions.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/boroondaracomment2.jpg"><img src="/images/stories/boroondaracomment2thumb.jpg"></a>
Source: <a target="_blank" href="https://www.jelliscraig.com.au/">Jellis Craig</a> Annual Property Review
“The long-held pursuit of immediate returns through quick, cosmetic updates is, for now, not an avenue we will be recommending and the expectation of double-digit market growth in the current economic climate is unrealistic,” it says.
“Embracing the medium- to long-term view is the most sensible and secure approach for purchasers to adopt in 2012 as we once again witness the strong demand for Boroondara real estate.”
 
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Prices fell in Melbourne municipality of Boroondara in 2011, but well-priced properties found buyers: Jellis Craig

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Buyers have shown strong interest in the R Corporation’s new Central Park development in the Melbourne suburb of Cheltenham, with just over half of the 52 townhouses sold just three days after the first stage of the development officially launched on Saturday, March 17.
About 120 groups went through the display centre during the weekend of the project’s launch. Ten of the townhouses were sold over the weekend. Pre-sales began for the development in November last year but ceased during the Christmas period. Pre-sales began again in February 2012.
<img src="/images/stories/cheltcentralpark1.jpg">
Central Park will offer six styles of townhouse, all named after flowers. They range from the two-bedroom, 121-square-metre Jasmine, which is priced from $530,000, to the three-bedroom, 170-square-metre Orchid, priced from $825,000. All styles come with carports or garages, with the Orchid including a double garage. The first stage of the development offers five styles, with Jasmine the only two-bedroom model available. All models have two bathrooms.
There will be four stages of 52 townhouses each.
<img src="/images/stories/cheltcentralpark2.jpg">
“For us it’s about delivering a design-focused townhouse that truly caters to the modern lifestyle our customers lead,” says R Corporation marketing manager Rohan Ames.
“We take our knowledge and heritage of the designer apartment market and apply this approach and ability to design efficient living spaces for the townhouses. The benefit now is that with townhouses we have more room to play with and there isn’t a need to compromise on space. Bathrooms can be more spacious and accommodate double showers and dual basins, living spaces are large, bright and open, and bedrooms feature walk-in robes,” Ames says.
<img src="/images/stories/cheltcentralpark3.jpg">
Central Park is aimed at upgraders who are buying their second or third homes.
“R. Corporation has recognised there is a largely ignored market that have outgrown their small apartment, but are not at the stage in life where they are considering, or can afford a large detached family home on a quarter-acre block,” Ames says.
The development’s target demographic is younger buyers who want the convenience of an inner-city lifestyle without being forced to live in tiny units.
<img src="/images/stories/cheltcentralpark4.jpg">
“The modern home buyer wants the design aesthetic of an inner city apartment, but with more space for entertaining and relaxing, and which also gives them more options for the next phase of their life,” says Ames.
“In many suburbs the only alternative to an apartment in their price range is a dated existing home. These often require renovations to cater to a modern lifestyle, and they’ll find themselves spending their weekends maintaining the garden, mowing the lawn or worrying about whether the roof will leak. Instead they want a modern home that they can enjoy with friends and family but is also easy to maintain.”
 
 
 
 
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Upgraders showing strong interest in Cheltenham townhouse development Central Park

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Jellis Craig Glen Iris director Paul Williamson says investor activity dropped off in the inner-Melbourne suburb during the year, particularly for units.
Williamson also says buyers became choosier in the second half of the year, and a property had to offer great value in order to secure interest.
“We saw less investor activity for apartments and flats, which was no doubt a result of the softening of the broader economy. Towards the latter part of the year auctions were very price-sensitive, however properties that ‘ticked all the boxes’ saw multiple bidders vying to secure them,” Williamson says.
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<a title="Click to enlarge" rel="shadowbox" href="/images/stories/gleniriscomment1.jpg"><img src="/images/stories/gleniriscomment1thumb.jpg"></a>
The median house price in the Melbourne suburb of Glen Iris fell 12.3% during 2011, but Williamson says property sold briskly when vendors were willing to meet the market.
“In 2011, against some challenging economic conditions, demand remained strong for quality period and modern homes in Glen Iris and its surrounds,” he says.
“We found that vendors who listened to the market were often rewarded with a better-than-expected result. “
“This outcome in a year of some uncertainty demonstrated that a well presented property in a desirable location, with strategic marketing will continue to perform beyond market expectation.”
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<a title="Click to enlarge" rel="shadowbox" href="/images/stories/gleniriscomment2.jpg"><img src="/images/stories/gleniriscomment2thumb.jpg"></a>
Williamson expects 2012 to be better for the suburb’s property market.
“As we now look ahead, we see renewed vigour in the market in just the opening weeks with significantly more buyers inspecting homes. A number of early 2012 marketing campaigns have seen up to 50 groups coming through scheduled opens with serious interest expressed prior to auction. These are indeed very positive signs that 2012 is a market on the rebound.”
 
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Investor market fell in Glen Iris in 2011: Jellis Craig

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1/102 David Street, Dandenong, VIC, 3175
<img style="border-style: initial; border-color: initial; max-width: 480px;" src="/images/stories/davidst.jpg"> 
This two-bedroom unit is currently rented until November this year at $1,227 per month, meaning it could be a good prospect for investors. It has been recently renovated and has hardwood floors and a carport. 
It was passed in at its weekend auction on a vendor's bid of $240,000. There were three bidders at the auction.
McDonald Real Estate agent Trevor Mendis <a target="_blank" href="https://mcdonaldre.co/details/?pid=531205">is markeing the property</a> with price hopes of $260,000. Before auction Mendis provided a price guide of $240,000 plus. If it sells for $260,000, that would secure an investor a gross rental yield of 5.7%, far higher than the indicative gross rental yield of 4.8% for Dandenong units, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
<a target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $4,000 and over five years to be $8,000.
The median unit price for Dandenong fell by 1.4% in the past year, according to RP Data.
For more about prices and yields in Dandenong, see the RP Data suburb page.
 
 
 
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Investor form guide wrap: Yields of up to 5.7% in Dandenong

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There's now a tipping 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, Sydney and Brisbane, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
This week most properties in the competition sold under the hammer or just after auction, with two of five Brisbane properties passed in and all five in Melbourne and Sydney finding buyers.
<img src="/images/stories/bastings.jpg">
The Melbourne property featured on Property Observer, 32 Bastings Street, Northcote (pictured above) sold just after auction. 
"In Melbourne a huge crowd came out to see the auction of 32 Bastings Street, Northcote. Initially no one wanted to be the first to bid but eventually two bidders came out from behind the trees, literally," says Mark Armstrong of Property Tycoon.
"The property was passed in for $1.5 million and sold shortly after for $1.6 million. A great result for the owner given they purchased the property for just under $1 million six years ago."
<img src="/images/stories/boyce.jpg">
The Sydney property featured on Property Observer, 7 Boyce Street, Glebe (pictured above), "enticed three bidders into the auction, and the property sold under the hammer for $1.65 million," says Armstrong.


"While this price is $150,000 more than the owner paid in 2008 it represents an annual growth rate of under 3% and illustrates the downside of holding property for a short period of time."
But unusually, it was the Brisbane property, 17 Pauline Street, Tarragindi (pictured below) that had the most interest. 
<img src="/images/stories/pauline.jpg">
"Brisbane's market continues to show pockets of strength, with a massive auction for the large seven-bedroom home at 17 Pauline Street, Tarragindi," Armstrong says.
"Ten parties were keen to call this place home, but only one was prepared to pay the $1.32 million that was required."
 
 
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Strong results for weekend auction tipping, with most properties selling at or after auction

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.

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The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

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According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

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

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

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

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

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

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