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Click to enlarge
<a rel="shadowbox" href="/images/stories/apmdiscountmarch9.gif" title="Click to enlarge"><img src="/images/stories/apmdiscountmarch9thumb.gif"></a>
Source: APM
"The discounting data is particularly interesting," says Australian Property Monitors research analyst Clinton McNabb.
"It looks as though discounting peak between August and November last year and is gradually dropping again, although the level of discounting is still way above the levels seen two years ago."
Property Observer readers can secure free tickets for the Perth Home Buyer and Property Investor Show by <a href="https://www.homebuyershow.com.au/special-offers/propertyobserver-ticket-offer/" target="_blank">clicking here</a>.
 
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Home sale price discounting peaked mid-2011, with marked shift to less required discounting in Perth and Brisbane: APM

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Crown Group is set to release the third stage of its popular Top Ryde project, following the sales success of stages one and two.
The third stage, known as ‘Illuvia”, will be released on Saturday, March 17 and will comprise 135 one-, two- and three-bedroom apartments.
Of the first release of 183 apartments, 171 have been sold, and 71 of the 80 <a href="https://www.propertyobserver.com.au/developments/second-off-the-plan-stage-of-crown-s-top-ryde-project-almost-sold-out/2012020753289" target="_blank">apartments in the second release</a> have now been exchanged.
Illuvia apartments will range from $505,000 and $605,000 for 60 one-bedroom units, which will range in size between 54 and 70 square metres. Some have studies. The 67 two-bedroom units range between $595,000 and $920,000 and are between 73 square metres and 123 square metres. There will be eight three-bedroom apartments, ranging in size from 101 square metres to 177 square metres, and they are priced between $930,000 and $1.6 million for the three-bedroom penthouse.
On completion the $500 million complex will consist of 502 apartments across five towers above a shopping centre in North Ryde, 12 kilometres from Sydney CBD.
Each tower is named for one of the elements – water, wood, light, metal and earth. Illuvia is named for water and is designed with a blue colour palette.
“The Illuvia apartments have been thoughtfully designed with spacious living areas, ample storage and well-appointed bathrooms and kitchens,” says Roy Marcellus, head of major project sales and marketing for Crown.
“Each apartment offers its own unique sleek design including open-plan living areas, which flow out to tiled balconies or courtyards seamlessly blending indoor and outdoor living,” he says.
Crown Group chief executive Iwan Sunito says the Illuvia release is the most prestigious to date and expects the latest release to prove just as popular with buyers as the previous two.
“For buyers looking for the ultimate in convenience when it comes to shopping or transport, a luxurious resort style environment to call home and an off-the-plan apartment where they can take advantage of bonuses such as stamp duty concessions, Top Ryde City Living ticks all the boxes,” Sunito says.
Each tower will have a sky garden, a 25-metre infinity-edged swimming pool, viewing platforms, private meditation areas and a barbecue area.
The privately owned company currently has over $2 billion worth of developments in the pipeline.
 
 
 
 
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Crown releases third stage of Top Ryde development with 92% of previous releases sold

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<img src="/images/stories/26per.gif" style="border-style: initial; border-color: initial;">
The percentage of homes that sold at auction in 2011 in Sydney's inner west. This is down from 27% in 2010.
 
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<img src="/images/stories/26per.gif">
The percentage of homes that sold at auction in 2011 in Sydney CBD and eastern suburbs. This is down from 28% in 2010.
 
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 <img src="/images/stories/21per.gif">
The percentage of homes that sold at auction in 2011 in Sydney's lower north suburbs. This is down from 24% in 2010.
 
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<img src="/images/stories/15per.gif">
The percentage of homes that sold at auction in 2011 in Sydney's southern suburbs. This is down from 17% in 2010.
 
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<img src="/images/stories/14per.gif">
The percentage of homes that sold at auction in 2011 in Canterbury and Bankstown. This is down from 17% in 2010.
 
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<img src="/images/stories/13per.gif">
The percentage of homes that sold at auction in 2011 in Sydney's upper north shore. This is down from 15% in 2010.
 
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<img src="/images/stories/10per.gif">
The percentage of homes that sold at auction in 2011 in Sydney's northern beaches. This is down from 12% in 2010.
 
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<img src="/images/stories/6per.gif">
The percentage of homes that sold at auction in 2011 in Sydney's south-western suburbs. This is down from 7% in 2010.
 
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<img src="/images/stories/6per.gif">
The percentage of homes that sold at auction in 2011 in Sydney's western suburbs. This is down from 7% in 2010.
 
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<img src="/images/stories/5per.gif">
The percentage of homes that sold at auction in 2011 on the Central Coast. This is the same as in 2010.
 
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<img src="/images/stories/3per.gif">
The percentage of homes that sold at auction in 2011 in the Blue Mountains. This is down from 4% in 2010.
Source: Australian Property Monitors
 
 
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Fewer Sydney vendors selling by auction: What percentage of homes sold under the hammer? A regional breakdown: APM

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The overall Melbourne market declined 6.1% in December, according to RP Data, but the median house price in Richmond increased 4% during the year, according to Jellis Craig's Annual Property Review.
"From December 2010 quarter to December 2011 quarter median property prices in Richmond increased from $816,000 to $852,000, showing a modest growth at odds with the softening of the market nationally and showing that local variations distinguish the current market," says report author and Jellis Craig Richmond director Clayton Smith, <a target="_blank" href="https://www.propertyobserver.com.au/landlords/block-richmond-properties-hit-the-rental-market-with-yields-of-up-to-6.3/2011092851717">who also auctioned one of the properties for sale on the Channel 9 series The Block</a>.
Smith says, however, that it took longer to sell property during 2011, and that sales volumes were down.
"While we saw some bounce back in values, the volume of properties transacted was significantly  down in 2011, with 103 fewer than in the preceding 12-month period; particularly in the $1 million plus price bracket. The number of average days on market increased slightly from 28 to 34 compared with the previous year."
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/richcomment1.jpg"><img src="/images/stories/richcomment1thumb.jpg"></a>
Source: <a href="https://www.jelliscraig.com.au/" target="_blank">Jellis Craig</a> Annual Property Review
"The two interest rate reductions by December 2011 produced an immediate response from buyers, with more vigorous bidding competition at our auctions and producing some exciting results well beyond expectations.
"Although new home lending has been down, lending for existing properties has been trending upwards, and evidence suggests that borrowers remain more than able to service loan repayments and that many potential buyers have access to a house deposit."
Smith is optimistic for the Richmond market in 2012.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/richcomment2.jpg"><img src="/images/stories/richcomment2thumb.jpg"></a>
Source: <a href="https://www.jelliscraig.com.au/" target="_blank">Jellis Craig</a> Annual Property Review
"The current market balance could be tilted by any additional reductions as buyers tired of waiting for what might be considered ‘the right moment’ enter the market. This could potentially tip the scales slightly in favour of sellers when friendlier interest rates meet pent-up demand," he says.
"The year has begun on a positive note with both buyers and potential sellers making contact with the office early in January, signalling their intention to transact this year."
 
 
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Richmond property prices defied downturn in 2011: Jellis Craig

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8/447 Sydney Road, Balgowlah, NSW, 2093
<img style="border-style: initial; border-color: initial; max-width: 480px;" src="/images/stories/sydneyrd.jpg"> 
With tenants paying the "fantastic rent" of $550 per week, this two-bedroom apartment in the Sydney northern beaches suburb of Balgowlah could be a good prospect for investors. Ray White agent Mark Griffiths says although the tenants of two years are on an expired lease, their rent was reviewed recently and ithe tenants are paying considerably above average rent for the block. The median asking rent for Balgowlah units is $500 per week, according RP Data.
Griffiths <a target="_blank" href="https://www.raywhite.com/nsw/balgowlah/745945/">is marketing the property</a> with price hopes of $410,000. If it sells for $410,000, that would secure an investor a gross rental yield of 7%, far higher than the indicative gross rental yield of 4.2% for Balgowlah units, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
<a target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $8,000 and over five years to be $28,000.
The median unit price for Balgowlah fell by 12.5% in the past year, according to RP Data.
The property will be open for inspection on Saturday, March 10 at 2pm and will go to auction on Saturday, March 24 at 2.30pm.
For more about prices and yields in Balgowlah, see the <a target="_blank" href="/news">RP Data suburb page</a>.
For another investment prospect open for inspection this weekend, see page 2.
 
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10/16 Pascoe Street, Pascoe Vale, VIC, 3044
<img style="border-style: initial; border-color: initial; max-width: 480px;" src="/images/stories/pascoest.jpg"> 
This two-bedroom Pascoe Vale townhouse is tenanted until January 2013 at $18,720 per year, so it might be a good prospect for investors. Raine &amp; Horne agent Sebastian Rello <a target="_blank" href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/properties/205665">is marketing the property</a> with price hopes of $380,000 plus, and if it sells at $380,000 that would secure an investor a gross rental yield of 4.9%, far higher than the indicative gross rental yield for Pascoe Vale houses of 3.3%, according 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 $9,000 and over five years to be $32,000.
The median unit price for Pascoe Vale houses fell by 5.1% in the past year, according to RP Data.
The property will be open for inspection on Saturday, March 10 at 11am and will go to auction on Wednesday, March 31 at 2.30pm.
For more about prices and yields in Pascoe Vale, see the RP Data suburb page.
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Friday form guide: Yields of up to 7% in Balgowlah

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Australian women make great entrepreneurs. That’s not just an idle opinion – recent research revealed that Aussie women are <a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/innovation/aussie-women-the-worlds-most-entrepreneurial-report/201202235480">second only to their American counterparts</a> when it comes to starting businesses. 
But while plenty of women are launching their own businesses, there are some areas that are still deemed off-limits. 
Go to any gathering of tech, finance or manufacturing businesses, and you’ll do well to spot a female founder. 
Orsi Parkanyi, founder of networking group Women as Entrepreneurs, says: “Being a woman is not easy. Being a woman in a man's world is not easy either.” 
“But the most challenging of all is staying a woman in the men's world. I'd like to hope that women are not required to take on stereotypical male attributes in order to be successful, however, this is something I have been noticing we tend to do.” 
“Women who focus on their strengths and utilise traditional female traits such as strong interpersonal skills, networking skills and empathy to their advantage will have a good chance to stand out, be noticed and succeed.” 
“Finding mentors and seeking out influential social networks also a great way to get the support and encouragement women need from time to time.” 
Here, to mark International Women’s Day, are 10 of the best Aussie entrepreneurs who have overcome the gender hurdle. 
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1. Cathy Edwards - Chomp
Cathy Edwards is the co-founder of app search start-up Chomp, which was recently <a href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/sell-a-business/apple-acquires-aussie-start-up-chomp-for-%24us50-million/201202275510">acquired by Apple for around $US50 million</a>. 
Prior to Chomp, Edwards led mobile product development at Friendster, and launched a converged SMS-IM mobile messaging product while at 3jam. She has also worked for Telstra.
“When building your start-up, it is important to focus your limited resources on components where you can add a significant amount of value,” Edwards told Women 2.0.
“Work out what technology will be core to your business, and find existing or outsourced solutions for everything else.” 
“From your very first hire, learn to hire engineers you trust and respect… You’ll be a lot less stressed out than if you’re the bottleneck for everything.” 
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2. Nicole Kersh - 4Cabling 
Like many start-ups, 4Cabling was spawned from frustration with the status quo. While working at her parents’ electrical cabling company, Nicole Kersh found that getting prices from suppliers was a long and inefficient process. 
Realising that there was a lack of online cabling providers, Kersh took the plunge and started 4Cabling in 2006. The business has since boomed, pulling in more than $3 million revenue last year. 
However, Kersh has had to deal with outdated attitudes over both her age and gender, in what is traditionally a male-only sector. 
She says: “When I first started, none of my suppliers would take me seriously, it was very discouraging. But it made me realise the importance of building solid relationships.” 
“Customers still look at me sometimes and say, ‘I want the boss.’ I just go and find the oldest male employee. It’s a very male-dominated industry and people can’t comprehend I’m the boss.” 
“If they like the product, the notion of who runs the business doesn’t bother me.” 
<h2></h2>
3. Cherie Barber - <a target="_blank" href="https://www.renovatingforprofit.com.au/">Renovating For Profit</a>
<img src="/images/stories/cheriebarber.jpg" style="float: left; margin: 5px;">
After completing her first house renovation, Cherie Barber decided to ditch her career as a marketing executive to throw herself into the construction industry.
In the first year of her renovating career, Barber achieved a profit of $1.15 million after buying, overhauling and selling six properties worth a combined $6.3 million.
Her status as a rare female entrepreneur in a male-dominated sector has seen her courted by the media as a renovation expert.
In 2009, Berber launched Renovating For Profit, which sells workshops and courses to Australians looking to revamp their own homes.
Despite her success, gender-related challenges linger for Barber, as she explains: “Tradesmen try to give me ridiculously high quotes. I say that I know what things cost and if they're going to give me a ridiculous price, not to waste my time.”
“I ask for their opinion, throw out open-ended questions and do my research that way. If you look like you don't know what you're talking about, you'll get charged more.”
4. Sonja Bernhardt - Thoughtware
In addition to being the founder and chief executive of software company Thoughtware, Sonja Bernhardt also founded Women in Technology and Australian Women in IT and Science. 
Last year, she was honoured for her contribution to the industry with a Medal of the Order of Australia, and has been inducted into the Women in Technology Hall of Fame in Silicon Valley. 
Bernhardt believes most challenges can be overcome regardless of gender through rational thinking, having a healthy ego, and determination to “keep getting up and moving on”. 
“Technology is a career where your ideas and creations may end up creating a wave of change around the world or having a vast impact on a small community,” she says. 
“[However,] it takes you, your ideas and passion to make it happen. In any career, it is important to be involved in areas that [speak] to who you are, your style, your interests, your philosophy.”
5. Rebekah Campbell - Posse 
Becoming the manager of a leading band is rare enough among women, but even fewer have then switched careers to become a high-flying tech entrepreneur. 
Rebekah Campbell has <a href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/start-up-profiles/posse/201109213954">defied the odds to launch Posse</a>, an online platform that allows bands to offer rewards, such as tickets or backstage access, to fans that undertake various tasks, such as increasing the artist’s Facebook ‘Likes’. 
Although the promotions-based site is little over a year old, it has sparked high-level interest both in Australia and overseas. Google Maps founder Lars Rasmussen is an advisor and has predicted a big future for Posse. 
Campbell says: “(Starting up) was a long and tricky process, and it probably aged me by 10 years, but I learnt so much along the way.” 
“As a non-techie, I could identify clearly the problem that needed to be solved. A lot of tech companies can’t do that. But I needed to surround myself with the right people.” 
“I realised that the difference between a superstar tech team and a good tech team is the difference between Facebook and a shipwreck.” 
6. Catherine Prosser - StageBitz 
Having founded Canberra-based theatre software company Production Genie, Catherine Prosser was well aware of the rigors of starting a tech business. 
But that didn’t stop her from seizing the opportunity to launch another business, StageBitz, when the opportunity presented itself. 
StageBitz is a cloud-based web app that helps stage, film and TV production professionals easily manage their props and connect with others. 
Sydney seed fund Pollenizer liked the idea so much that it has backed Prosser, while Mat Lawrence, head of props at Opera Australia, is a co-founder. 
“Most of the time, people don’t think that a product like this exists, Prosser <a href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/start-up-profiles/stagebitz/201106273033?displaypage=start">told StartupSmart last year</a>. 
“We’re not doing a new type of an existing product – it’s a brand new thing. It’s not so much brand awareness but solution awareness, if you like, so that’s the biggest challenge.”
7. Kylie Gentle - Design Experts
As the co-founder of Design Experts, Kylie Gentle was recently named a nominee for Young Entrepreneur of the Year in the Asia Pacific Business Excellence Awards. 
Prior to Design Experts, which Kylie co-founded with her husband Tim, she worked as a housekeeper and cook on an outback cattle station. 
With long days and lots of time to spare, the Gentles began to build websites for local communities, which is how Design Experts was born. 
“[In regional areas], you’re dealing with a certain demographic that doesn’t necessarily want to deal with a woman,” Kylie says. 
“I’ve had to bite my tongue, regarding what I would normally say, and think about how I deliver my message.” 
8. Dale Burke - What Scratch? 
Dale Burke co-founded automotive scratch repair business What Scratch? with her husband Matthew. Last year, the business appeared in the StartupSmart Awards top 50. 
Dale says it’s her name that has proved to be the most eye-opening aspect of being female in a male-dominated industry, particularly when people speak to her for the first time over the phone.
“They’re expecting to call a man – it’s a male-dominated industry and I’ve got a male-sounding name, so I get some very interesting reactions when I say, ‘This is Dale speaking’,” she says. 
“I’ve had people hang up on me or say, ‘The ad said if I call this number, I would be speaking to the franchisee’. I have to explain that I am the franchisee.” 
“Usually, I just make a joke about it and start talking about the business. After a few sentences, they realise I know what I’m talking about. I have to win them over, I suppose.”
9. Lauren Staley - <a target="_blank" href="https://www.infolio.com.au/">Infolio</a>
<img src="/images/stories/laurenstaley.jpg" style="float: left; margin: 5px;">
Shaking up an industry that can be both resistant to change and male-centric is a challenge that Lauren Staley has not shied away from. 
Following a lengthy career in real estate, Staley realised there was a gap in the market for an end-to-end service that looked after the interests of all the parties involved in property transactions. 
She founded Melbourne-based buyers advocacy and property management company Infolio in 2008, also branching out into auction bidding, property negotiation and renovation guidance. Infolio is now making significant headway in the property market. 
Launching just before the GFC was a chastening experience for Staley, but it allowed her to remodel the business from the ground up, aiding its future growth. 
“I think it’s better to start from humble beginnings,” she says. 
“It gives you more focus. When the GFC hit, it was a humbling experience. We prospered because we had to be resilient and not spend money that didn’t make us money.” 
10. Caroline Robinson - Wheatbelt Business Network 
Caroline Robinson lives in Woolocutty, a tiny town in the middle of WA, and is the founder of the Wheatbelt Business Network, established to promote the services of local businesses. 
The WBN also provides opportunities for entrepreneurship and networking, training and education, and the advancement of women in business. 
“I’ve always run my community development and project management business as much as I can using online tools, email and Skype, rather than travel five hours for a one-hour meeting,” she says. 
Robinson also highlights the value of having a support network to draw on, including a director’s course she attended, in addition to the Rural Industries Research and Development Corporation. 
“I know I can ring and ask any of the women I was with [during the course] or the RIRDC alumni for advice on a problem,” she says.
This article originally appeared on<a href="https://www.startupsmart.com.au/" target="_blank"> StartupSmart.</a>
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Two property entrepreneurs in StartupSmart's top 10 gender barrier-breaking female entrepreneurs

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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 five results in Melbourne, Sydney and Brisbane, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
One of the five Brisbane properties in round three of the competition is 83 Agnes Street, Auchenflower, which is being marketed by Bartholomeusz Kirwan Real Estate.
Brisbane properties have been slow out of the gate in the competition, with<a href="https://www.propertyobserver.com.au/auctions/sydney-and-melbourne-properties-fall-well-short-of-expectations-in-round-two-of-auction-tipping/2012030453675" target="_blank"> four out of the five properties passed in </a>during <a href="https://www.propertyobserver.com.au/auctions/stark-contrast-between-brisbane-and-other-capitals-in-round-one-of-auction-tipping/2012022653556" target="_blank">both previous rounds</a>.
"In Brisbane this Saturday 83 Agnes Street, Auchenflower will go under the hammer for the first time since 1998, when it sold for $46,000," says Mark Armstrong of Property Tycoon. 
"The four-bedroom family home is in original condition and sits on a healthy 663-square-metre block of land. Comparable sales suggest it will sell for between $700,00 to $800,000 this time around."
<img src="/images/stories/agnes.jpg">
If you think you know what it will sell for place a tip at <a href="https://www.propertytycoon.com.au/" target="_blank">Property Tycoon</a>.
 
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Brisbane weekend auction tipping

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There's now a tipping website, <a style="font-size: 14px; text-align: left;" href="https://www.propertytycoon.com.au/" target="_blank">www.propertytycoon.com.au</a>, where punters can guess auction five results in Melbourne, Sydney and Brisbane, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
One of the five Melbourne properties going to auction in round three this week is <a href="https://www.realestate.com.au/property-apartment-vic-richmond-109588176" target="_blank">5/12 Howard Street, Richmond</a>, which will be auctioned by Biggin &amp; Scott. The auctioneer will be hoping for a stronger weekend than last weekend, <a target="_blank" href="https://www.propertyobserver.com.au/auctions/sydney-and-melbourne-properties-fall-well-short-of-expectations-in-round-two-of-auction-tipping/2012030453675">when three of the five properties featured in the tipping competition were passed in</a>.
"The property, which has an open plan feel with a larger than normal entertaining balcony, has been well inspected during the campaign," says Mark Armstrong from Property Tycoon.
<img src="/images/stories/howardst.jpg">
If you think you know what it will sell for place a tip at <a target="_blank" href="https://www.propertytycoon.com.au/">Property Tycoon</a>.
 
 
 
 
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Melbourne weekend auction tipping

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The Hermitage, a master-planned community in the brand-new Sydney suburb of Gledswood Hills, has attracted considerable buyer interest, with 28 of the first 59 lots in the first release sold just days after the project's official early March launch. Pre-sales began in early January.
<img src="/images/stories/hermitage.jpg"> 
Developer Sekisui House is behind the 260-hectare development, which is the Japanese company’s first Australian master-planned community.
The first release is called Hardy’s Rise and comprises lots ranging from 400 square metres to 700 square metres. Prices for the lots begin at $215,000, and house-and-land packages begin from $450,000.
Hardy’s Rise is named after visionary Australian architect, artist and author Hardy Wilson, born in Campbelltown.
In 1920 Hardy published an illustrated history of the local area called The Cowpasture Road, which featured Gledswood Homestead and its garden, which stimulated a revival of interest in the simpler forms of architecture of the early years of the colony.
Set on about 50 hectares, The Hermitage will include more than 10 kilometres of bike and walking paths. A 27-hole golf course is also proposed.
<img src="/images/stories/hermitage1.jpg">
The development is set to make use of the Japanese concept of “satoyama", which means the preservation of the environment while encouraging human interaction.
“The Hermitage features a central three kilometre green corridor that aims to attract an array of recreation activities, such as dog walking, cycling and weekend family barbecues,” says Craig D’Costa, Sekisui House senior development manager.
<img src="/images/stories/hermitage2.jpg"> 
Sekisui House’s other Australian projects in Sydney include The Waterfront at Wentworth Point and Central Park, in partnership with Frasers, in Chippendale.
Gledswood Hills is about 55 kilometres south-west of Sydney, and it is named for nearby convict-built mansion and winery The Gledswood Homestead and Winery.
“Gledswood Hills has been a welcomed addition to the south-west corridor, an area that is set to boom in the coming years. The Hermitage will be the focal point of this blossoming new suburb,” D’Costa says.
 
 
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Environmentally minded buyers snap up Sekisui's western Sydney project The Hermitage, perhaps drawn by satoyama

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There's now a tipping website, <a target="_blank" href="https://www.propertytycoon.com.au/">www.propertytycoon.com.au</a>, where punters can guess auction five results in Melbourne, Sydney and Brisbane, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
One of the five Sydney properties in round three of the competition is <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-crows+nest-109546371">22 Devonshire Street, Crows Nest</a>. Its Ray White agent will be hoping for a price of more than $1.1 million. 
"Rich Harvey from Property Buyer in Sydney likes the property at 22 Devonshire Street in Crows Nest because of its gorgeous quiet street within close proximity to Crows Nest shops, eateries and easy access to CBD," says Mark Armstrong of Property Tycoon.


"The median value of houses has been growing by around 5.5% over the last 5 years. This property needs to sell for over $1.2 million if it was to keep pace with this trend, given it last sold in 2001 for $700,000."
<img src="/images/stories/devonshire.jpg">
If you think you know what it will sell for place a tip at <a href="https://www.propertytycoon.com.au/" target="_blank">Property Tycoon</a>.
 
 
 
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Sydney weekend auction tipping

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.

<section data-scroll-anchor="false" data-testid="conversation-turn-150" data-turn="assistant" data-turn-id="request-WEB:55d7c6ac-8e6d-4881-ad49-0ed9bf66d1cc-74" dir="auto">
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.”
</section>

[smartcode_project_cta:default project_id=4896]

Cassidy Knowlton

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