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Amid a somewhat lacklustre environment for the new housing sector, home builder Peet Limited has secured its 100th sale in its Aston development, in the outer-Melbourne suburb of Craigieburn.
Aston launched in June 2011, and the 100th buyer, the Singh family, purchased a block of land in late January. The Singhs plan to begin construction next winter.
The family have lived in Craigieburn, about 30 kilometres north of Melbourne, for most of 2011 and they are glad to have secured a home in the area.
“It’s a nice, quiet area close to everything we want and it’s an easy 20-minute trip in to work for me,” Rupinder Singh says.
But not many Australian families are following the Singhs’ example, with detached new home sales falling 7.7% in the December quarter, according to the Housing Industry Association.
“Weakness in the new home building sector reflects a combination of subdued demand and an excessive cost base driven by high and inefficient taxation, the latter of which was further highlighted in 2011 by the modest decline in existing property values,” HIA chief economist Harley Dale says.
Victoria was hit particularly hard in the December 2011 quarter, with a 10.5% decline in new detached home sales.
Land sales are not doing much better, according to HIA-RP Data. Although land sales increased by 1.3% in the September 2011 quarter, they were 16.8% lower than in the September 2010 quarter and substantially lower than their September 2009 peak.
But despite hard times for the sector as a whole, Aston has proven popular with buyers. It will offer residents a total of 20 hectares of parkland and open space, including three sports fields.
<img src="/images/stories/aston.jpg">
December was the best month for sales in the development since its launch.
Land it set aside for an onsite retail sector and a school, and the development is close to several primary and secondary schools and is within a short drive of Greenvale, Craigieburn and Roxburgh Park Shopping Centres.
Blocks in the development range from 315 square metres through to 494 square metres, with frontages varying from 14 metres to 17.6 metres. Prices range from $180,000 through to $220,000.
The median house price in Craigieburn increased 3.2% last year, according to RP Data.
The median value for capital cities land rose by 1% in the September 2011 quarter to $213,718, or 2.5% higher than one year earlier.
 
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cknowlton-QnEa6ntUYP

Buyers snapping up vacant land in Peet's Aston development, despite lacklustre sector

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The <a href="https://www.propertyobserver.com.au/queensland/big-pineapple-ploughing-begins-as-plans-come-to-fruition/2011121952891" target="_blank">Big Pineapple</a> and <a href="https://www.propertyobserver.com.au/new-south-wales/bunnings-shells-out-for-big-prawn-site-but-has-no-plans-for-its-renovation/2011081851207" target="_blank">Big Prawn</a> recently sold, but South Australia's Big Olive has not been so lucky. 
It has been on the market for several years with no success, according to Colliers International agent Phil Schell, who was marketing the property, and it has now been withdrawn from sale. 
The 1,103-hectare property includes more than 100,000 olive trees, 6,500 pine-nut trees, pomegranate and gourmet fig trees and 61 hectares of vineyard. It has a state-of-the-art olive processing facility onsite along with a water allocation of 6,237 megalitres. 
It produces Ozolio, The Big Olive, Bene Vita and Coorong extra-virgin olive oils, along with tapenades, table olives and Royal Monastery wine.
The processing, bottling and packaging factory was established in 1998, and The Big Olive sculpture was erected in 2005 as a tourist attraction. The fibreglass sculpture is eight metres tall and weighs more than a tonne. 
"I have a passion for the product and we believe in its potential," The Big Olive managing director Jo Hani told The Murray Valley Standard at the time.
It was listed for sale or seeking a potential partner in 2008, according to OliveGrower.com.au, and at the time it was on 2,726 hectares, of which 385 hectares was plnted with olives. It was estimated to be valued at between $25 million and $30 million.
The property is about 100 kilometres from Adelaide and enjoys a perfect climate for growing olives.
There is expansion potential for further planting, and the property holds water licences and prepared ground for the planting of 12,000 almond trees.
 
 
 
 
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No celebratory giant martini as Big Olive withdrawn from market after unsuccessful campaign

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<img src="/images/stories/535.jpg">
The median asking rent for houses in Sydney in January 2012, according to Residex. This is up 2.9% on the same time last year.
 
<hr>
 
<img src="/images/stories/520.jpg">
The median asking rent for houses in Darwin in January 2012, according to Residex. This is down 1% on the same time last year.
 
<hr>
<img src="/images/stories/510.jpg">
The median asking rent for houses in ACT in January 2012, according to Residex. This is up 5.2% on the same time last year.
 
<hr>
 
<img src="/images/stories/425.jpg">
The median asking rent for houses in Perth in January 2012, according to Residex. This is up 11.8% on the same time last year.
 
<hr>
<img src="/images/stories/410.jpg">
 
The median asking rent for houses in Melbourne in January 2012, according to Residex. This is up 7.9% on the same time last year.
 
<hr>
<img style="border-style: initial; border-color: initial;" src="/images/stories/410.jpg">  
The median asking rent for houses in Brisbane in January 2012, according to Residex. This is up 5.1% on the same time last year.
 
<hr>
 
<img src="/images/stories/355.jpg">
The median asking rent for houses in Hobart in January 2012, according to Residex. This is up 1.4% on the same time last year.
 
<hr>
<img src="/images/stories/350.jpg">
The median asking rent for houses in Adelaide in January 2012, according to Residex. This is up 6.1% on the same time last year.
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Capital city house rents: A state-by-state analysis: Residex

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<img src="/images/stories/reiwafeb16.gif">
Source: Real Estate Institute of Western Australia
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Perth sales volumes up 25% on same week last year: REIWA

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Australian Property Monitors (APM) has released a list of results from 68 auctions in Melbourne for the weekend of February 11. <a target="_blank" href="https://www.homepriceguide.com.au/saturday_auction_results/Melbourne.pdf">Click here</a> for the auction results, and click on each street address to see the property's marketing.
 
 
 
 
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APM's 68 Melbourne weekend auction results

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Australian Property Monitors (APM) has released a list of results from auctions in Brisbane for the weekend of February 11.<a target="_blank" href="https://www.homepriceguide.com.au/saturday_auction_results/Brisbane.pdf"> Click here</a> for the auction results, and click on each street address to see the property's marketing.
 
 
 
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APM's Brisbane weekend auction results

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Australian Property Monitors (APM) has released a list of results from auctions in Adelaide for the weekend of February 11. <a style="font-size: 14px; text-align: left;" target="_blank" href="https://www.homepriceguide.com.au/saturday_auction_results/Adelaide.pdf">Click here</a> for the auction results, and click on each street address to see the property's marketing.
 
 
 
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APM's Adelaide weekend auction results

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108 Ormond Road, East Geelong, VIC, 3219
<img src="/images/stories/ormondrd.jpg" style="border-style: initial; border-color: initial;">
This two-bedroom house in East Geelong is tenanted at $280 per week until November 2012, and its high rental yield could make it a good prospect for investors.  Geelong has become an investor magnet in recent times, with hotspotting.com.au director Terry Ryder and Your Investment Property magazine picking the regional city <a href="https://www.propertyobserver.com.au/victoria/hotspot-geelong-s-on-the-ball-with-rising-yields/2011100451798" target="_blank">as a fast-growing hotspot</a>. Barry Plant Geelong agent Natalie Timonowicz <a target="_blank" href="https://www.barryplant.com.au/geelong/index.cfm?pagecall=property&amp;propertyID=1951591&amp;realestate=108_Ormond_Road_EAST_GEELONG_VIC_3219&amp;menuItemID=49535&amp;propertyIDList=1952986,1951591">sold this property</a> under the hammer on Saturday, February 11 for $248,500. There was one bidder. Before auction Timonowicz gave price hopes of $250,000 plus. The sale price reflects a gross rental yield of 5.9%, much higher than the indicative gross rental yield for East Geelong houses of 3.9%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. <a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $3,000 and over five years to be $5,000. The house, on a 651-square-metre block, is close to shops and public transport. 
For more information about prices and yields in East Geelong, see the <a target="_blank" href="/news">RP Data suburb page</a>.
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Investor Form Guide Wrap: Gross yield of 5.9% in East Geelong

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56/12 Wylde Street, Potts Point, NSW, 2011
<img src="/images/stories/wyldest.jpg">
This one-bedroom apartment with harbour views has the potential to rent for $585 per week, according to <a target="_blank" href="https://www.raywhite.com/nsw/potts-point/723973/">Ray White Elizabeth Bay</a> agents Nick Harrington and Mike Cotton-Stapleton, who are marketing the property. The 54-square-metre apartment on the fourth floor includes a balcony and an internal laundry.
Cotton-Stapleton and Harrington provide details of comparable sales, including the apartment at 16/4 Macleay Street, Potts Point, which sold for $500,000 in December 2011, and the apartment at 8/108 Victoria Street, Potts Point, which sold for $540,000 in September 2011. If the Wylde Street property sells for $500,000 and is rented out for $585 per week, that would secure an investor a gross rental yield of 6.1%, higher than the indicative gross rental yield for Potts Point units of 5.3%, 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. The strata levies for this property are $823 per quarter, the water levies are $144 per quarter and the coucnil rates are $188 per quarter.
The median price for Potts Point units went up 10.5% in the past year, according to RP Data. 
The property is open for inspection on Saturday, February 11 at 11am and will go to auction on Thursday, February 16 at 6.30pm. 
For more information about yields and prices in Potts Points, see the <a target="_blank" href="/news">RP Data suburb page</a>.
For another investment prospect open for inspection this weekend, see page 2.
 


<hr class="system-pagebreak">
22 Lubrano Street, Brighton East, VIC, 3187
<img src="/images/stories/lubrano1.jpg"> 
This 1920s California bungalow on 666 square metres is currently leased until June 2012 at $481 per week. The three-bedroom house includes high ceilings and polished timber floorboards and is within walking distance of the Hawthorn Road tram and Gardenvale Primary School.
Century 21 agent Michael Egan <a target="_blank" href="https://www.century21.com.au/c21/propertySearch/brochure.cfm?grplstno=VIC619037&amp;listing=residential&amp;buyrent=buy&amp;sbrb=BrightonEast&amp;State=ViC&amp;pcde=3187">is marketing the property </a>with price hopes of $920,000 plus, which would secure an investor a gross rental yield of 2.7%, below the indicative gross rental yield of 3.3% for Brighton East houses, 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. 
The median price for Brighton East houses fell by 9.3% in the past year, according to RP Data. 
The property will be open for inspection on Saturday, February 11 at 1.45pm and will go to auction on Saturday, March 3 at 11am. 
For more about prices and yields in Brighton East, see the <a target="_blank" href="/news">RP Data suburb page</a>.
 
 
 
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Friday Form Guide: Yields of up to 6.1% in Potts Point

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<table style="width: 436px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="64" valign="top">
				Rank 2011
			</td>
			<td width="45" valign="top">
				Rank 2012
			</td>
			<td width="69" valign="top">
				Location
			</td>
			<td width="96" valign="top">
				Occupancy Cost (€/sq.m/year)
			</td>
			<td width="100" valign="top">
				Occupancy Cost US $/sq.ft/year
			</td>
			<td width="62" valign="top">
				Rental growth/decline (%)
			</td>
		</tr>
<tr>
<td width="64" nowrap valign="bottom">
				1
			</td>
			<td width="45" valign="bottom">
				1
			</td>
			<td width="69" valign="bottom">
				Hong Kong
			</td>
			<td width="96" nowrap valign="bottom">
				2026
			</td>
			<td width="100" nowrap valign="bottom">
				244
			</td>
			<td width="62" valign="top">
				1
			</td>
		</tr>
<tr>
<td width="64" nowrap valign="bottom">
				2
			</td>
			<td width="45" valign="bottom">
				2
			</td>
			<td width="69" valign="bottom">
				London (West End)
			</td>
			<td width="96" nowrap valign="bottom">
				1978
			</td>
			<td width="100" nowrap valign="bottom">
				239
			</td>
			<td width="62" valign="top">
				8
			</td>
		</tr>
<tr>
<td width="64" nowrap valign="bottom">
				3
			</td>
			<td width="45" valign="bottom">
				3
			</td>
			<td width="69" valign="bottom">
				Tokyo
			</td>
			<td width="96" nowrap valign="bottom">
				1635
			</td>
			<td width="100" nowrap valign="bottom">
				197
			</td>
			<td width="62" valign="top">
				7
			</td>
		</tr>
<tr>
<td width="64" nowrap valign="bottom">
				7
			</td>
			<td width="45" valign="bottom">
				4
			</td>
			<td width="69" valign="bottom">
				Moscow
			</td>
			<td width="96" nowrap valign="bottom">
				1223
			</td>
			<td width="100" nowrap valign="bottom">
				148
			</td>
			<td width="62" valign="top">
				41
			</td>
		</tr>
<tr>
<td width="64" nowrap valign="bottom">
				n/a
			</td>
			<td width="45" valign="bottom">
				5
			</td>
			<td width="69" valign="bottom">
				Beijing
			</td>
			<td width="96" nowrap valign="bottom">
				1082
			</td>
			<td width="100" nowrap valign="bottom">
				130
			</td>
			<td width="62" valign="top">
				75
			</td>
		</tr>
<tr>
<td width="64" nowrap valign="bottom">
				5
			</td>
			<td width="45" valign="bottom">
				6
			</td>
			<td width="69" valign="bottom">
				New York (Midtown)
			</td>
			<td width="96" nowrap valign="bottom">
				992
			</td>
			<td width="100" nowrap valign="bottom">
				120
			</td>
			<td width="62" valign="top">
				4
			</td>
		</tr>
<tr>
<td width="64" nowrap valign="bottom">
				6
			</td>
			<td width="45" valign="bottom">
				7
			</td>
			<td width="69" valign="bottom">
				Sydney
			</td>
			<td width="96" nowrap valign="bottom">
				987
			</td>
			<td width="100" nowrap valign="bottom">
				119
			</td>
			<td width="62" valign="top">
				6
			</td>
		</tr>
<tr>
<td width="64" nowrap valign="bottom">
				4
			</td>
			<td width="45" valign="bottom">
				8
			</td>
			<td width="69" valign="bottom">
				Rio de Janeiro
			</td>
			<td width="96" nowrap valign="bottom">
				904
			</td>
			<td width="100" nowrap valign="bottom">
				109
			</td>
			<td width="62" valign="top">
				-8
			</td>
		</tr>
<tr>
<td width="64" nowrap valign="bottom">
				9
			</td>
			<td width="45" valign="bottom">
				9
			</td>
			<td width="69" valign="bottom">
				Paris
			</td>
			<td width="96" nowrap valign="bottom">
				875
			</td>
			<td width="100" nowrap valign="bottom">
				106
			</td>
			<td width="62" valign="top">
				5
			</td>
		</tr>
<tr>
<td width="64" nowrap valign="bottom">
				10
			</td>
			<td width="45" valign="bottom">
				10
			</td>
			<td width="69" valign="bottom">
				Zurich
			</td>
			<td width="96" nowrap valign="bottom">
				809
			</td>
			<td width="100" nowrap valign="bottom">
				98
			</td>
			<td width="62" valign="top">
				-3
			</td>
		</tr>
</tbody></table>
 Source: Cushman &amp; Wakefield 2011
David Woolford, Cushman &amp; Wakefield managing director, Australia, emphasised that although Sydney fell by one place in the rankings, it is clearly a world-class city.
“A comparison of occupancy costs between Sydney, New York and London shows the strength of the property market in Sydney. It is important to understand however that this is an average occupancy cost calculation across the numerous city submarkets, each of which has the capacity to vary significantly depending on building grade and location,” Woolford says.
“These variations can be quite dramatic, so it’s important to understand these submarkets before any location decisions are made.”
 
Technical notes: For comparison purposes, since rents are often quoted on a different measurement basis in different markets, occupancy costs in the chart above are inclusive of office rents that have been standardized by adjusting the rent to a net internal area basis. In addition, total occupancy costs take into account service charges and local taxes to allow direct comparisons between countries.
 
 
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Sydney slips to seventh on list of world’s most expensive office locations 2012

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.

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While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<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.

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Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

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While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

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The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

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ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

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

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

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