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The inner-Melbourne suburb of Abbotsford is becoming a development hotspot as the suburb sheds its industrial past and buyers look for inner-city living on the Yarra River.
Some developers are revamping the existing factory and warehouse buildings to create contemporary designs with a nod to the past, while others are going the more modern route.
<img src="/images/stories/trenerry-river.jpg">
One example of the former is the Trenerry project (pictured above and below), a 109-unit development in a heritage industrial building.
“It also features a chimney stack, giving Trenerry a look and feel that is unmistakably Abbotsford,” says Rob DiCintio, director of Trenerry Property Group.
<img src="/images/stories/trenerrycar.jpg">
Builder Hamilton Marino has begun construction on the development, which is due for completion in mid-2013.
The apartments went on sale in October last year, and so far developers Trenerry Property along with the Victor Smorgon Group and the Kanat family have sold 65% of the units, or $42 million in pre-sales.
Its one-bedroom, one-bathroom apartments are priced from $465,000, with the two-bedroom, two-bathroom apartments from $530,000. Both configurations come with one car park. Some 92 of the two-bedroom apartments will have two-bathrooms, along with all the three-bedroom apartments.
The average apartment size will be 75 square metres internally, plus all apartments come with balconies, offering riverfront, CBD or Studley Park views. The development comes with easy access to the Capital City Trail.
It has been designed by Carabott Holt Architects.
<img src="/images/stories/greensquare2.jpg" style="border-style: initial; border-color: initial;">
A developer taking the opposite approach in Abbotsford is Salta, whose Green Square development (pictured above and below) is ultra-contemporary with an emphasis on sustainability.
Far from an industrial focus, the appropriately named Green Square aims to embrace the natural environment, with numerous open spaces for residents.
<img src="/images/stories/greensquare1.jpg" style="border-style: initial; border-color: initial;">
“The architectural vision for Green Square is to bring together the energy of contemporary urban living with the calm and gentle amenity of the adjoining Yarra River that will imbue the green open spaces permeating the project,” says Charles Justin of SJB Architects, which is designing the project.
The development will feature 467 one- and two-bedroom apartments across four buildings, 210 one-bedroom units and 257 units with two bedrooms. Of the two-bedders, 222 will include two bathrooms.
One-bedroom apartments will range in size from 47 square metres to 57 square metres and start from $369,000.
<img src="/images/stories/greensquare5.jpg">
Two-bedroom apartments, which start from $525,000, range in size from 63 square metres to 92 square metres. All of the units come with outdoor areas.
<img src="/images/stories/greensquare6.jpg">
The development launched in February 2011, and thus far 62.5% of the apartments have been sold. Construction is due to begin in June of this year and finish in May 2014.
So far, two-thirds of buyers who have been owner-occupiers.
Jack Merlo of Jack Merlo Design says buyers are drawn to a sense of community fostered by the project.
<img src="/images/stories/greensquare7.jpg">
““The importance of recreational space is often overlooked when designing residential apartments – we have been fortunate to set a new precedent with Green Square. The combination of semi-secluded and open spaces encourages people to indulge in private and public amenities including an edge pool, barbecue areas, day beds and shaded spaces,” Merlo says.


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Developer Hamton is taking a slightly different approach in the suburb, with its Haven development (pictured below), aimed at prestige buyers. Haven is the second of a three-stage development in the area, and the first, 201-unit Eden, sold out. The three together are set to have 560 apartments.
<img src="/images/stories/haven1.jpg">
“With Eden, we were overwhelmed with demand from owner-occupiers currently living in the affluent suburbs across the river from our site,“ says Hamton joint managing director Paul Hameister.
“They were looking for larger luxury apartments with high-end finishes, allowing them to downsize to a low maintenance lock-up-and-leave lifestyle in essentially the same location as their current home. We have sought to address this demand with Haven.”
The same demographic has snapped up Haven units, with 30% of the 148 units sold in the first fortnight of marketing in November last year.
Hamton sales director Cameron Yates says there has been in upturn in inquiries from and sales to high-end buyers since February this year.
<img src="/images/stories/haven2.jpg">
“We have seen a bounce in the market in the last month – particularly from the discerning owner-occupier looking for premium location and facilities,” he says.
<img src="/images/stories/haven3.jpg">
“Of the 24 apartments sold since the 6th February, 10 were priced over $900,000. Three penthouse suites sold for between $1.9 million and $2.3 million. Quality product and outstanding lifestyle amenity always have a place in the market.”
Haven will include a mix of one-, two-, three- and four-bedroom units. One-bedroom units will range in size from 41 square metres to 72 square metres internally and are priced between $365,000 and $581,000. Two-bedroom units will be between 66 square metres and 134 square metres internally and range in price from between $680,000 and $1.3 million. Three- and four-bedroom units will be between 124 square metres and 235 square metres internally and are priced between $1.38 million and  $3.9 million.
Between Haven and Eden will be Acacia Place, a series of landscaped spaces and a public walkway connecting the Yarra to Victoria Street. 
“One of the key elements of our master plan for the site is Acacia Place, which allows the public to share this unique piece of river bend and bring activity and vibrancy to the precinct,” Hameister says.
All three developers are making use of Abbotsford’s riverside location and open spaces.
“The desire for waterfront living in city-fringe areas is an evolving trend in the Melbourne market,” says Rob DiCintio, director of Trenerry Property Group.
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Inner-Melbourne suburb of Abbotsford becoming a development hotspot

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After three difficult years, the real estate agents industry stabilised in 2010-11, in line with improvements in domestic economic and financial conditions and growth in residential property prices in much of Australia.
Growth in the demand for commercial (i.e. retail, office and industrial) property strengthened property investment. However, this was offset by weakening residential demand since the beginning of 2011. As a result, IBISWorld estimates that revenue for the real estate agents industry will increase by about 0.9% in 2011-12, to reach $9 billion.
The growth in 2010-11 followed three years of declines. Over the past five years, industry revenue fell by 1.1% per annum due to reduced demand for properties from investors, commercial businesses and homeowners. Deteriorating economic conditions, rising debt levels and tighter access to finance directly affected property investment.
Growth in industry revenue from 2011-12 is likely to stem from increasing commercial property, which accounts only for a minority of revenue. IBISWorld expects that improvements to economic and financial conditions and steady population growth through 2016-17 will drive domestic property investment. Residential and property sales and leasing volumes are forecast to diverge, with residential demand decreasing temporarily. As a result, industry revenue is expected to grow by 1.6% per annum over the next five years, to total $9.8 billion in 2016-17.
<img src="/images/stories/ibismarch151.gif">
<img src="/images/stories/ibismarch152.gif">
Industry outlook
IBISWorld forecasts that industry revenue will increase by 1.6% per annum over the next five years, to total $9.8 billion in 2016-17. The industry is expected to slow in the short term as consumer sentiment creates an even more cautious environment.
The carbon tax is expected to dampen consumer sentiment and disposable income in the next five years, with it expected to lead to an increase in inflation of 0.7%, according to Treasury.
Nonetheless, improvements across a range of economic, financial and demographic conditions will drive demand over the medium-term and will bring the industry out of a minor slump quite easily.
In the bigger picture, the ongoing transformation of the Chinese economy is a major driver of the Australian market, bringing export earnings, foreign investment and taxation revenue, which directly and indirectly bolster domestic real estate conditions.
The residential market
Residential property market conditions will influence industry growth significantly over the next five years. The residential property market is expected to experience growth and reallocation in investment activity due to rising interest rates and government restrictions on housing supply, which will lower housing affordability and raise rental prospects.
<img src="/images/stories/ibismarch153.gif">
Improvements in the domestic economy, such as employment conditions, income levels, recovering confidence from the resources industries and the recovery of the Brisbane market from flooding, are expected to strengthen both foreign and local investor confidence and encourage property investment.
Urban growth boundaries, high-density development planning approval processes, stamp duty costs and housing supply, all administered by state governments, will be major determinants for residential real estate in the next five years.
Although, currently, real incomes are outpacing increases in housing prices, persistently increasing urbanisation and slow expansion from governments will lead to strain in relation to housing affordability. The NSW Government is moving to address this problem by releasing 10,000 new housing blocks over the next four years.
Steady population growth is also expected to stimulate market investment activity over the next five years. When combined with a decrease in the average household size, this will lead to a rise in the number of households in Australia. Data released by the ABS indicates that the average household size is expected to decline from 2.6 people in 2001, to 2.5 people by 2016. The growth in population, combined with reduced household sizes, will lead to increased demand for residential housing, which will drive sales and leasing volumes.
The commercial market
The strengthening commercial property market is expected to assist industry growth. The industrial and office markets are expected to experience a steadier level of demand for property space from 2011-12 due to improving economic, demographic and financial conditions that are anticipated to encourage property investment.
The retail market stabilised in 2009-10 and improvements to employment conditions and income levels through 2016-17 are expected to lead to growth in retail sales volumes. This increase will lead to growth in demand for property space and drive sales and leasing volumes as a result.
The industrial market is expected to reach a more stable level of property investment, as a steadier demand for property space returns to the market. Growth in the demand for industrial products is likely to be driven by the China-based commodity boom and improvements in the domestic economy and business conditions. This growth will encourage expenditure on industrial products and strengthen manufacturing production, import volumes and inventory levels. As a result, IBISWorld expects that demand for industrial property will increase through 2016-17, leading to growth in property sales and leases.
The impact of technology
Although real estate agents are becoming more proactive in the use of technology to carry out their work, there remains a long way to go.
Online property portals, such as realestate.com.au and domain.com.au, will entrench their position as the agents' front window of the 21st century, listing hundreds of thousands of properties for sale or lease. Improving technology will increase the popularity of virtual tours of properties through the internet and new applications will be developed to take advantage of the rapid uptake of smartphones by customers. Agencies will dedicate a greater percentage of their advertising and marketing budgets to online initiatives in the next few years, as they move from traditional media channels.
In this vein, REA Group, owner of real estate advertising website realestate.com.au, has angered the industry greatly by raising advertising costs, using its data towards free property valuations and approaching vendors directly to up-sell advertisements. These moves by REA Group affect the industry due to its dominant share (about 70%) of real estate online advertising.
Furthermore, REA Group is not the only website engaging in such behaviour. As a result, the job of the real estate agent is being undermined, and this is expected to lead to a more competitive market. The moves by REA Group have attracted the ACCC, which is currently investigating industry claims. Some property franchises have responded by either undermining the valuation data through entering false sales prices or withholding advertisements from the website entirely.
This new environment will require agents to reassess their business models in order to guarantee their need in selling and managing property. Websites are evolving, with real estate information aggregator Onthehouse.com.au launched recently, making information for vendors and buyers much easier to access. Already some new business models have arisen in response, such as Refund Real Estate, which aims to share sale commissions with vendors, buyers and the agent to help guarantee that buyers are satisfied with the real estate agency's service.
Agent-assisted companies like BuyMyPlace and PropertyNow have also popped up, serving a more advisory role to property vendors in sales or leasing as opposed to taking on the services completely, at a fraction of the cost. Established companies in the United States are known for directly contacting consumers to place ads, cutting out the real estate agent in the process.
Key success factors
IBISWorld identifies 250 key success factors for a business. The most important for this industry are:
<ul>
<li>
Aggressive marketing/franchising - given the high level of competition: A significant amount of time and effort should be devoted to marketing and promotional activities. It is also important to develop a referral base and centres of influence.</li>
<li>
Management of portfolio: The effective management of assets and tenants enables agencies to maintain a continuous leasing revenue stream.</li>
<li>
Having contacts within key markets: For commercial real estate agencies, it is important to establish strong relationships with institutional and private investors, banks and international real estate agencies.</li>
<li>
Market research and understanding: Property research activities can bolster revenue from sales and property management.</li>
<li>
Proximity to key markets: The position of the agency office is important; it should be close to the customers it intends to serve.</li>
<li>
Access to highly skilled workforce: Performance of staff should be regularly assessed. Low performers should be cautioned and/or re-trained or quickly replaced by new sales staff.</li>
</ul>
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
 
 
 
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Spark of growth lifts property industry hopes

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There were 887 sales in Perth for the week ending March 14, according to the Real Estate Institute of Western Australia. This is up from 727 sales last week.
<img src="/images/stories/reiwamarch14.gif">
Property Observer readers can secure free tickets for the Perth Home Buyer and Property Investor Show by<a style="font-size: 14px; text-align: left;" href="https://www.homebuyershow.com.au/special-offers/propertyobserver-ticket-offer/" target="_blank"> clicking here</a>.
 
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Perth sales up 35% on same week last year: REIWA

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Property group Stockland has found strong interest in its retirement development in Gowanbrae village, about 15 kilometres north of Melbourne. Since the development’s off-the-plan marketing launch in October 2010, 32 of the 39 apartments have sold.
The Gowanbrae apartments cater to a new breed of retirees, who are keen to maintain their active lifestyles as they age.
“Nowadays, both retirees and the community realise retirement presents choice when it comes to living standards that encourage active and social lifestyles,” Stockland says.
“Moving into a Stockland retirement village is an independent living choice and is based on factors such as: enhanced social contact, secure surroundings, peace of mind within a close-knit community and home downsizing for a renewed active lifestyle.”
The development features nine one-bedroom apartments, 24 two-bedroom apartments and six two-bedroom apartments with studies across three storeys.
Units range from 63 square metres to 105 square metres and are priced from $319,000 to $495,000.
The development includes onsite health services such as 24-hour emergency medical assistance, physiotherapy, exercise programs and medical rooms for doctors’ visits. All doorways and hallways are wide enough to accommodate people with limited mobility.
Features also include a bar and dining room, dance floor, bowling green, library, craft room, pool, spa and beauty salon.
Construction was completed on the development at the end of last year, and about 70% of the sales were off the plan.
The development is part of Stockland’s “three R” strategy – focusing on residential, retirement and <a href="https://www.propertyobserver.com.au/retail/stockland-continues-to-focus-on-higher-yielding-retail-commercial-property/2012020953322">retail</a>, which chief executive Matthew Quinn has implemented.
 
 
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Retirees snap up units in Stockland's Gowanbrae development

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Properties in the tightly held suburb of Ivanhoe, in Melbourne’s north east, have been trading hands more frequently of late, according to Jellis Craig’s Annual Property Review.
“While the market may have been more subdued at the end of 2011, median house prices in Banyule have generally defied the trend of a softening market.
“Suburbs such as Ivanhoe, which traditionally have a low turnover, where homes are often held by families for a generation, have enjoyed a 21% increase from December 2009 to December 2011 and more than doubled over the last five years,” says Jellis Craig Ivanhoe director Dave Oster.
“Last year we offered a superb family home in Ivanhoe East which exemplified all the fine features that are increasingly attracting buyers to the area at the higher end. This impressive home in Robinhood Road had a large block with a swimming pool and tennis court and was marketed over several months to achieve a $3.15 million result. The delighted buyer not only acquired a remarkable house but one in which they recognised the long term potential for capital growth.”
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/banyulecomment1.jpg"><img src="/images/stories/banyulecomment1thumb.jpg"></a>
Source: <a target="_blank" href="https://www.jelliscraig.com.au/">Jellis Craig</a> Annual Property Review
He says sales have slowed in the first few months of 2012 in the area but expects volumes to rebound moving into the Easter period.
“Moving into 2012 we have seen the number of properties on offer slightly decline but increased numbers through the open for inspections have perceptibly increased in comparison to late last year,” says Oster.
“We have also received some solid pre-auction offers over the January/February period, which we anticipate will convert to improved clearance rate levels this side of Easter.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/banyulecomment2.jpg"><img src="/images/stories/banyulecomment2thumb.jpg"></a>
Source: <a target="_blank" href="https://www.jelliscraig.com.au/">Jellis Craig</a> Annual Property Review
“The more active buyers are those in the market for properties either side of $1 million. Properties located close to train stations and schools are attracting very healthy numbers at viewings, while those with difficult floor plans or not within easy access to public transport are more challenging.
“We will start to see solid listings in the coming months with an even mix of top end properties in Ivanhoe and Eaglemont and more affordable family homes on large blocks in neighbouring Rosanna and MacLeod.”
 
 
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Sales in tightly held Melbourne suburb of Ivanhoe up 21% in past two years: Jellis Craig

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All 10 of the properties on SQM Research's most discounted properties in Victoria list are in Melbourne suburbs, with no regional Victoria representation.
This is in sharp contrast to the list of the most discounted properties in New South Wales, which features four Central Coast properties and two properties in the Blue Mountains.
The property taking out the eighth spot on the Victorian list is in the new outer-Melbourne suburb of Caroline Springs, where the post office opened just seven years ago. 
"Victoria has been experiencing some extremes in the property market in comparison to other states, with Melbourne's stock on market figures considerably high (currently sitting at 45,423 as of February 2012 – up 19.8% year-on-year) as well as elevated residential vacancy rates (currently sitting at 12,719 vacancies and a vacancy rate of 3.5% as of January 2012)," SQM director Louis Christopher says. 
"These high figures for Melbourne have been previously attributed by SQM Research to the substantial amount of residential property development occurring in the capital city, as well as an overall increase in stock levels nationally over the course of the past year."
1
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D7287832" target="_blank">1365 Ballan Road, Wyndham Vale, VIC, 3024</a>
On the market since: May 22, 2010
Initial asking price: $2.4 million
Current asking price: $1.8 million
Reduction: 25%
Days on market: 609
 
 
<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.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009275350" target="_blank">1/67 Ballarat Road, Footscray, VIC, 3011</a>
On the market since: October 9, 2011
Initial asking price: $329,000
Current asking price: $250,000
Reduction: 24%
Days on market: 140
 
3
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009308240">4/69 Denbigh Road, Armadale, VIC, 3143</a> (pictured)
On the market since: October 23, 2011
Initial asking price: $1,175,000
Current asking price: $900,000
Reduction: 23%
Days on market: 105
 
 
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%3D107616668">13 Summit Avenue, Oak Park, VIC, 3046</a> 
On the market since: August 20, 2011
Initial asking price: $670,000
Current asking price: $510,000
Reduction: 24%
Days on market: 189
 
 
<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.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009281706" target="_blank">24a Jackson Avenue, Mont Albert North, VIC, 3129</a>
On the market since: October  9, 2011
Initial asking price: $1,56 million
Current asking price: $1.2 million
Reduction: 23%
Days on market: 140
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">6</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009119742" target="_blank">20/234 Warrigal Road, Camberwell, VIC, 3124</a>
On the market since: July 24, 2011
Initial asking price: $180,000
Current asking price: $140,000
Reduction: 22%
Days on market: 182
 
7
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D109125461" target="_blank">2/17 Hamilton Road, Bayswater North, VIC, 3153</a>
On the market since: December 31, 2011
Initial asking price: $359,000
Current asking price: $280,000
Reduction: 22%
Days on market: 56
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">8</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009288821" target="_blank">3 Calthorpe Green, Caroline Springs, VIC, 3023</a>
On the market since: October 16, 2011
Initial asking price: $560,000
Current asking price: $440,000
Reduction: 21%
Days on market: 112
 
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<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 target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107401737">12 Hotham Street, Cranbourne, VIC, 3977</a>
On the market since: May 14, 2011
Initial asking price: $329,000
Current asking price: $260,000
Reduction: 21%
Days on market: 252
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">10</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%3D107415823">89b Bluff Road, Black Rock, VIC, 3193</a>
On the market since: May 21, 2011
Initial asking price: $1.2 million
Current asking price: $950,000
Reduction: 21%
Days on market: 280
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
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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Most discounted properties in Victoria all in Melbourne: SQM

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<img src="/images/stories/480.gif">
The median asking rent for units in Sydney in January 2012, according to Residex. This is up 6.7% on the same time last year.
 
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<img src="/images/stories/450.gif">
The median asking rent for units in ACT in January 2012, according to Residex. This is up 4.7% on the same time last year.
 
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<img src="/images/stories/425.jpg">
The median asking rent for units in ACT in January 2012, according to Residex. This is down 1.2% on the same time last year.
 
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<img src="/images/stories/385.gif">
The median asking rent for units in Perth in January 2012, according to Residex. This is up 6.9% on the same time last year.
 
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<img src="/images/stories/375.gif">
 
The median asking rent for units in Melbourne in January 2012, according to Residex. This is up 7.1% on the same time last year.
 
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<img src="/images/stories/365.gif">  
The median asking rent for units in Brisbane in January 2012, according to Residex. This is up 1.4% on the same time last year.
 
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<img src="/images/stories/290.gif">
The median asking rent for units in Adelaide in January 2012, according to Residex. This is up 1.8% on the same time last year.
 
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<img src="/images/stories/275.gif">
The median asking rent for houses in Hobart in January 2012, according to Residex. This is exactly the same as the same time last year.
Photograph of Mosman block by Brian Yap, courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>.
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Capital city unit rents: A state-by-state analysis: Residex

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Upgraders will be busy in the inner-Melbourne suburb of Clifton Hill, according to Jellis Craig’s Annual Property Review.
“In 2012 the spotlight will again be on homes in the $900,000 to $1.3 million range as young families look to scale up from smaller single-fronted terraces. We are already seeing increasing numbers of these families at our viewings,” says Craig Shearn, director of Jellis Craig Clifton Hill, in the report.
Click to enlarge
<a href="/images/stories/cliftonhillcomment1.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/cliftonhillcomment1thumb.jpg"></a>
Source: <a target="_blank" href="https://www.jelliscraig.com.au/">Jellis Craig</a> Annual Property Review
“Buyers now feel 2012 is the time to move, as should the market move again, the gap between what they own and what they want will only get wider.”
<a href="/images/stories/cliftonhillcomment2.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/cliftonhillcomment2thumb.jpg"></a>
Source: <a target="_blank" href="https://www.jelliscraig.com.au/">Jellis Craig</a> Annual Property Review
He says that in addition to upgraders, investors are also likely to be more active in the Clifton Hill area in the near future.
“We expect a marginal growth in the inner city in early 2012, with the possibility of an increased growth rate later in the year and into 2013. We also expect to see more investors returning to the market as rental returns in the inner city continue to strengthen.”
 
 
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Upgraders on the move in Clifton Hill in 2012: Jellis Craig

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20/21 Sutherland Street, Cremorne, NSW, 2090
<img style="border-style: initial; border-color: initial;" src="/images/stories/sutherland.jpg"> 
In The Links building in Cremorne, this two-bedroom unit is currently leased until November 2012 at $500 per week. Listing agent Fran Turner of Croll Real Estate says the tenants have been in place for 12 years and are playing significantly below market rent. She says a rental analysis of the property indicates it could be rented out for between $650 and $680 per week. It features views over Willoughby Bay and the surrounding district, laundry and 103 square metres of living space.
The property was passed in on a vendor bid of $680,000 at its weekend auction, and <a href="https://www.croll.com.au/dbpage.php?pg=view&amp;dbase=listings&amp;id=787115" target="_blank">it is now for sale for $705,000</a>. There was one registered bidder, and no bids at the auction. Before auction Turner was marketing the property with price hopes of $730,000 plus.  If it sells for $705,000, its current rent would secure an investor a gross rental yield of 3.7%, below the indicative gross rental yield for Cremorne units of 4.2%, according to RP Data. A rental of $680 per week would equate to a gross rental yield of 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. Levies are $1,340 per quarter, council rates are $187 per quarter and water rates are $142 per quarter.
The median unit price for Cremorne rose by 5.6% in the past year, according to RP Data.
For more about prices and yields in Cremorne, see the RP Data suburb page.
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Investor form guide wrap: Gross rental yield of up to 5% in Cremorne 

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There's now a tipping website, <a href="https://www.propertytycoon.com.au/" target="_blank">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.
In round three this week Brisbane properties fared considerably better than they did in the previous rounds, with four of the five selling at or just after auction. In Melbourne and Sydney, all five properties featured in the competition sold at or just after auction.
The unit at 5/12 Howard Street, Richmond, featured on Property Observer, attracted considerable interest from first-home buyers at its weekend, auction, according to Mark Armstrong from Property Tycoon.
"First-home buyers were out in force at the auction of Howard Street in Richmond when two bidders battled head on for the right to negotiate with the vendor," Armstrong says. "The property was passed in for $515,000 and sold shortly afterwards for $525,000."
However, he says the result, while strong, was not stellar for the vendor.


"Although the result earned its owner 100 grand since it last sold in 2007 for $422,000, it lagged behind the wider market over the same period. An annual compound growth rate of 4.5% was well below that the 7.42% growth in the median value of apartments over the same time frame," Armstrong says. 
The price for the Sydney property featured on Property Observer, 22 Devonshire Street, Crows Nest, was not disclosed, but Armstrong says it sold under the hammer for more than $1.1 million. 
And the Brisbane property featured on Property Observer, 83 Agnes Street, Auchenflower, attracted considerable buyer interest and sold under the hammer.
"It was a big auction with eight registered bidders and a crowd of 80 looked on as it sold under the hammer for $757,500," Armstrong says. "The average tip was almost spot on, coming in at $754,454."

 
 
 
 
 
 
 
 
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Strong weekend for auction tippers, with 14 of 15 properties in competition sold at or after auction

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.

[smartcode_project_cta:default project_id=139552]

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.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

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

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

[smartcode_project:default project_id=135094 project_image_fid=356540]

Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

[smartcode_project:default project_id=150787 project_image_fid=366230]

While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[smartcode_project:default project_id=143932 project_image_fid=367515]

The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

[smartcode_project:default project_id=150017 project_image_fid=370960]

ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

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

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

[smartcode_project:default project_id=4896 project_image_fid=368543]

The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

[smartcode_project:default project_id=4896 project_image_fid=368544]

Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

[smartcode_project:default project_id=4896 project_image_fid=368588]

Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

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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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[smartcode_project_cta:default project_id=4896]

Cassidy Knowlton

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