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It’s been dubbed the “coming of age” for solar power – the world’s best-known investor, Warren Buffett, has paid big bucks to snap up a Californian solar farm.
Buffett’s MidAmerican Energy Holdings, the utility arm of investment giant Berkshire Hathaway empire, has nabbed Topaz Solar Farm in the biggest acquisition of a single photovoltaic project anywhere.
The project, valued at $US2 billion, is the world’s second-largest photovoltaic plant under construction.
It is expected to produce about half the power of a nuclear reactor – or power about 160,000 homes - when it starts in 2015. The project had just been rejected for a US government loan guarantee.
John Grimes, chief executive of the industry body Australian Solar Energy Society, says the investment guru "clearly sees where solar is headed."
"Major players see the opportunity to control what will be the world's dominant energy generation technology in the coming decades," Grimes says.
"The Chinese government has given strategic support to over 300 solar manufacturers in China, and today produce over half of all solar panels globally.
"In a few short years, we estimate that they will control over 80% of global production."
Greg Abel, MidAmerican chief executive, is quoted saying overnight the project “demonstrates that solar energy is a commercially viable technology without the support of governmental loan guarantees.” 
Although the price has not been disclosed, analysts expect it was sold for between $US1.65 billion and $US1.95 billion, Reuters reports.
The deal is viewed as characteristically opportunistic for Buffett, with US tax credits for solar set to expire in 2015, two years after tax credits for wind finish.
Bloomberg also reports that the 550-megawatt project will still quality for a federal incentive because it began construction last month – just as the incentive program for up to 30% of development costs winds up.
It will also sell power under a long-term contract that was signed off before prices for solar panels dived 44%, the newswire says. It has signed a 25-year agreement with Pacific Gas and Electric Co.
“The smart guys are getting into these early projects because they have very attractive power-purchase agreements,” Mizuho Securities analyst Paul Clegg told Bloomberg
“Financing won’t be as easy at the rates being signed for the latest ones.”
Another analyst, Sanjay Shrestha of Lazard Capital Markets, said the investment showed that “solar has come of age” and that large-scale solar plants remained attractive despite the end of the grant program. Buffett picked up a stake in China’s BYD Co Ltd during the global financial crisis, which has a solar panel business alongside its battery making and electric cars. 
Australian Solar Energy Society's John Grimes urges the Australian government to "take a more strategic approach to solar". 
"If we do not, we risk losing our position as a centre for solar research and innovation," he says.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany.</a>
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Warren Buffett’s $2 billion solar farm acquisition tipped to spur solar industry

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2 Saintsbury Crescent, Dandenong North, VIC, 3175
<img src="/images/stories/saintsbury.jpg">
The tenants of this three-bedroom house are paying $1,278 per month in rent. Although they intend to move out at the end of the month, <a target="_blank" href="https://mcdonaldre.co/details/?pid=515003">McDonald Real Estate</a> agent Brian Grace says it will be very easy to secure future tenants on a similar lease. Grace is marketing the property with price hopes of $360,000 plus. If it sells for that price it would secure an investor a gross rental yield of 4.3%, about the same as the indicative gross rental yield for Dandenong North 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. <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 $4,000 and over five years to be $9,000. The house is on 560 square metres and has a large backyard and includes a garden shed. The property was passed in on a vendor bid of $360,000 at auction on Saturday, December 10.
For more on yields and prices in Dandenong North, see the <a target="_blank" href="/news">RP Data suburb page</a>. 
 
 
 
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Weekend Yield Watch: Yields of up to 4.3% in Dandenong North

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This weekend's auction of 52 Berry Street, East Melbourne should be one to watch, says Mark Armstrong of Property Tycoon. He says with a fantastic location and a good floor plan it should fetch a high price, but with the uncertain market at the moment there are no guarantees.
"Locations do not get much better than 52 Berry Street, East Melbourne, as it is on the doorstep of the MCG, Bridge Road Richmond and a brief walk to the city," Armstrong says. " The property has open entertaining spaces on the ground floor in addition to three bedrooms and a large study on the upper floors. It is well suited to the executive couple with no children or downsizes who are looking for a lifestyle change."
He points to recent strong sales in the area but says 52 Berry Street might not achieve the same results as the auction season winds down for the year.
"The last comparable sale at 9 Berry Street sold for $3.3 million last month but with buyers thin on the ground as we approach the end of the spring selling season there is no guarantee this one will reach the same level," Armstrong says.
<img src="/images/stories/berryst.jpg">
Agent: RT Edgar agent Jeremy Fox
Quote: $3 million plus
Last Sold: November 1997
Sale price: $920,000
Suburb median: $1,641,000
Five-year median growth: 4.77%
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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Weekend auction tipping

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{yoogallery src=[images/stories/december8horror]}
The house featured in the hit 2011 show American Horror Story is for sale for US$4.5 million. 
The six-bedroom, five-bathroom house was designed by architect Alfred Rosenheim as his own home when he moved to Los Angeles in 1903. It includes a three-storey main house and a detached ballroom, which is now used as a recording studio. Tiffany stained and plain glass features throughout. 
<img src="/images/stories/horror2.jpg">
It was first listed in January 2009 for US$7.5 million, was removed from the market in April 2010 and was relisted in January 2011 at its current asking price, according to the <a target="_blank" href="https://luxe.truliablog.com/2011/12/american-horror-story-home-hits-the-market/">Trulia Luxe blog</a>.
The Harmon family moves into the house in the American FX show American Horror Story, unaware that it is haunted by ghosts from a murder-suicide. The show's pilot was shot on location, with further episodes shot on a sound stage designed to replicated the Rosenheim house exactly. 
It has been listed by <a target="_blank" href="https://www.1120westchesterplace.com/">Joe Babajian</a>.
 
 
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House featured in American Horror Story hovers on the market

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We are in a phony war with bank mortgage and interest rate cuts, which, if it was happening in a fortnight, would be on a par with the search for Big Foot, the Penrith Panther or the Nullarbor Nymph.
Yes, the big four?—?CBA, ANZ, Westpac and NAB?—?are sitting back and waiting for one of them to bolt from cover, so the others can get a lead on how much of the 0.25% rate cut to pass on. (Isn’t that price signalling? You can bet that the ACCC is watching closely.)
The tip is that the NAB will break cover soon with a rate cut of about 0.15% to 0.2% (it only passed on 0.2% of the 0.25% November 1 cut, remember). The NAB has been lending more than the others and has led the move to eliminate some of its income streams by getting rid of some fees and charges, so its finances are said to be the weakest.
The cupidity of the big four banks on the issue of rate cuts and rises has already been exposed on two fronts: two smaller banks, Bank of Queensland and ME (Members Equity) have already passed the cut on in full, even though they do face higher costs for raising funds locally (being smaller and carrying lower credit ratings than the big four.
And, what the media conveniently forgets is that big four banks all have past form.
It’s not new news if they big four don’t pass on all the 0.25% cut. For example, in April 2009 during the global financial crisis?—?three eventually passed on only 0.10% of the 0.25%, while one passed on nothing.
And remember how the big four boosted their mortgage rates by more than the 0.25% rise in November 2010? How quickly we all forget. A reminder: the CBA and ANZ lifted mortgage rates by 45 and 39 basis points, respectively follwoing the Melbourne Cup day rate rise in 2010. The NAB lifted its standard variable mortgage rate by 0.43% and Westpac by 0.35%.
So we know all banks are bastards. It’s not a new story.
And there are a couple of other points to be made: the cuts won’t have all that great an impact on mortgage holders because, asCrikey pointed out last month, well over half of them repay more than they have to each month, thereby building up equity at an even faster rate than they were doing a year ago. The banks get their money back faster and people will own their houses a bit quicker and newer mortgage holders will find the pressure easing, if they cut their repayments. But most won’t.
And what about savers: they will get less for their term deposits as they rollover (that’s called “rollover risk” at the big end of the market) and will get lower rates on their transaction accounts. For people on fixed incomes, its another blow, and yet you don’t hear much about that and the media only covers mortgage holders (is that because many in the media have mortgages). The damage is greatest among older bank account holders and pensioners.
And you can bet that the banks will be quick to cut deposit rates, and slow to cut rates charged on credit cards and loans to business: all in the name of boosting what’s called their net interest margin and improving their bottom lines.
There’s a large element of churlishness and “let them eat cake” from the big four if you look at recent history.
One of the real achievements of the GFC so far as Australia is concerned, is that we managed to save our banks the ignominy of reporting big losses or worse. Sure Bank West (owned by a crippled UK bank) and St George, were allowed to be taken over by the CBA and Westpac respectively (which hasn’t done wonders for Westpac’s earnings since 2008-09), but a combination of timely Reserve Bank action, the federal government loan guarantees and the financial claims mechanism convinced customers not to do what their counterparts had done to Northern Rock in the UK or countless UK banks, and stage a confidence-sapping run that forces a government bailout.
The federal government (that’s us, the taxpayers), will earn more than $5 billion from the loan guarantee fee by the time this financial year is up and the Reserve Bank also made hundreds of millions of dollars from doing deals with the big banks in the final quarter of 2008 and early in 2009 to maintain liquidity levels in the financial system.
Despite that move, ordinary Australians and small and medium businesses (and no doubt some larger ones) quietly withdrew billions of dollars (over $10 billion by some estimates on top of normal needs) in the closing months of 2008 and early 2009. By June 30, 2009 the number of bank notes on issue was still up 14.3% from the year before, an indication of large the silent run had been. But that didn’t cripple the banks because confidence was maintained as much of that cash was returned to the banks as 2009 went on.
That confidence was supported and nurtured by the federal government and the Reserve Bank, in other words, taxpayers supported the banks and the financial system and saved a lot of loss and anguish for everyone concerned.Three years on the world is facing another crisis, this time in Europe. It is nowhere near as dangerous as the sudden near collapse in 2008 that was sparked by the failure of Lehman Brothers and the US subprime crisis crunching banks, businesses and economies around the world in the space of two months. But it is a growing concern.
Banks throughout Europe have badly hurt this time around, but in the US, Australia, the banks are OK, except for a rise in short-term funding costs, which is normal as investors worry about the safety of the banks they are lending money to.
One of the key indicators to watch is the amount of money held in Exchange Settlement Accounts at the Reserve Bank by banks and other financial groups eligible to do so. If the amount starts rising, its a sign the banks are starting to worry about the safety of the financial system and lending to their peers, so they start leaving as much as they can with the RBA in these special accounts where it is safe.
In the 2008-09 crisis it soared to well over $16 billion on one day (December 22, 2008) as the RBA allowed banks to do so (and then siphoned off much of that into special term deposits).
This time around, there’s been no change at all, the ESAs at the Reserve Bank have been at normal levels for months on end, there’s just no sign of nerves among our banks and financial groups, unlike Europe.
At the same time our banks are healthier than they were in late 2008, much of the dodgy debts have gone, poor loans have been written down or expensed and the banks have raised tens of billions of dollars in new capital to strengthen their balance sheets. That’s why last week’s one-notch downgrade for the big four by Standard &amp; Poor’s to AA minus was a storm in a teacup.
A senior RBA official pointed out in <a href="https://www.rba.gov.au/speeches/2011/sp-ag-211111" target="_blank">a speech</a> last month that the banks have cut back their exposure to offshore funding since 2007 and lifted their harvesting of domestic deposits: ”In Australia, since mid-2007, deposits have grown at an annualised pace of 11%, compared with credit growth of 5%. As a result, while the level of wholesale issuance by Australian banks in 2011 is about the same as that in 2007, it is a significantly smaller share of total bank funding.”
That has reduced their exposure to Europe, but with the US market still open, its nowhere near the problem of three years ago this month. The big four have cut the amount of offshore funding in the past year because of the strong rise of domestic deposits as the Australian savings rate has steadied around 10% to 10.5%. That has helped the banks maintain their interest margins, even though they started offering relatively high interest rates on deposits.
Those are falling, thanks to the fall in market yields as investors have factored in RBA rate cuts and foreign buyers have plunged into Australian government bonds and state government securities, attracted by our AAA rating and secure and steady financial system. But listen to the banks in recent weeks and their lobbyists and they are facing higher levels of danger and costs.
Given what happened three years ago, that’s rubbish, but don’t think that the current stand-off is something new. It isn’t and we are going to see similar situations time and again.
 
This article originally appeared on <a target="_blank" href="https://www.crikey.com.au/">Crikey</a>.
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Mortgage, interest rate cuts war as serious as the Nullarbor Nymph

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A heavily discounted property might not necessarily represent a bargain, warns SQM Research director Louis Christopher.
Although every property on SQM's list of top 10 most discounted properties in Australia has had a significant amount knocked off its asking price, Christopher says some may still be overpriced.
"Just because the dollar figure of a property is low and it has been dramatically discounted doesn't necessarily mean a home is good value for money," Christopher says. "Depending on the location, the quality of the house itself and the land size, some properties may still be overpriced, even if they have already been discounted by over 30%."
He says when vendors are unwilling to meet the market properties will linger, unsold, for months – even years.
"All you have to do is look at our long-standing number one on our top 10 list (588 White Beach Road, White Beach, Tasmania), which has been on the market for over 500 days and has been reduced by $380,000, to realise that sometimes both vendors and agents get the price of a home excessively wrong," he says.
"To add insult to injury, this error is then often used as a marketing tool – and we commonly see property's advertised as being 'HUGELY REDUCED TO SELL' when the underlying fact of the matter is that the property has only been discounted to what it should have originally been priced at."
Christopher recommends disregarding asking prices and instead focusing on what comparable properties actually sell for to figure out if a property is overpriced or has met the current market. 
 
1
<a target="_blank" href="https://&lt;http:/sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106479093">588 White Beach Road, White Beach, Tasmania, 7184</a>
On the market since: May 23, 2010
Initial asking price: $780,000
Current asking price: $400,000
Reduction: 49%
Days on market: 553
 
<h2 style="font-size: 18px; line-height: 21px;"></h2>
<h2 style="font-size: 18px; line-height: 21px;">2</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106479016">92 Beelong Street, Macleay Island, Queensland, 4184</a>
On the market since: May 23, 2010
Initial asking price: $590,000
Current asking price: $340,000
Reduction: 42%
Days on market: 552
 
3
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008940771" target="_blank">102 Fountain Road, Burpengary, Queensland, 4505</a>
On the market since: April 17, 2011
Initial asking price: $1.2 million
Current asking price: $699,000
Reduction: 42%
Days on market: 225
 
<h2 style="font-size: 18px; line-height: 21px;">4</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105832903">3 Boolari Road, Gosford West, NSW, 2250</a>
On the market since: July 8, 2009
Initial asking price: $990,000
Current asking price: $580,000
Reduction: 41%
Days on market: 872
 
<h2 style="font-size: 18px; line-height: 21px;">5</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106866439" target="_blank">329 Waterford Road, Ellen Grove, Queensland, 4078</a>
On the market since: October 16, 2010
Initial asking price: $1,275,000
Current asking price: $800,000
Reduction: 37%
Days on market: 406
 
6
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008491614" target="_blank">25 Vicary Street, Triabunna, Tasmania, 7190</a>
On the market since: August 2, 2010
Initial asking price: $299,000
Current asking price: $189,000
Reduction: 37%
Days on market: 484
 
<h2 style="font-size: 18px; line-height: 21px;">7</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007217761" target="_blank">1302 Birkdale Place, Magenta, NSW, 2261</a>
On the market since: June 17, 2008
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
Days on market: 1,257
 
 
<h2 style="font-size: 18px; line-height: 21px;">8</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107299504" target="_blank">53 Fairview Avenue, Croydon North, VIC, 3136</a>
On the market since: April 2, 2011
Initial asking price: $600,000
Current asking price: $395,000
Reduction: 34%
Days on market: 238
 
<h2 style="font-size: 18px; line-height: 21px;"> </h2>
<h2 style="font-size: 18px; line-height: 21px;">9</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107133746" target="_blank">2 Brecknock Road, Strathalbyn, SA, 5255</a>
On the market since: January 29, 2011
Initial asking price: $280,000
Current asking price: $185,000
Reduction: 34%
Days on market: 301
 
<h2 style="font-size: 18px; line-height: 21px;">10</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009160249" target="_blank">27 Shaws Pocket Road, Cedar Creek, Queensland, 4207</a> (pictured)
On the market since: August 15, 2011
Initial asking price: $1.19 million
Current asking price: $799,000
Reduction: 33%
Days on market: 105
 
<h2 style="font-size: 18px; line-height: 21px;"></h2>
 
<h2 style="font-size: 18px; line-height: 21px;"></h2>
SQM Research also offers a list of the <a target="_blank" title="SQM Research" href="https://www.sqmresearch.com.au/top100bargains.php">Top 100 Biggest Bargains in Australia </a>for sale.
 
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Even discounted properties could still be overpriced: SQM Research

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<img src="/images/stories/altitudeaerial.jpg">
Funds manager Securcorp has completed the 46-apartment Altitude development, which it took over in late 2009 after developer Benchmark Developments and CMC went in to liquidation with the project half-finished. 
Eight had been sold off the plan, and PRDnationwide agent Christie Leet is now marketing the remaining properties in the 16-storey building. PRDnationwide has sold five apartments so far. 
The building comprises 11 two-bedroom units, 33 three-bedroom units and two penthouses. Two-bedroom apartments start at $395,000, and three-bedroom units start at $435,000. 
"That's probably the best value for a three-bedroom apartment in the Townsville CBD," Leet says. 
"There are plenty of buyers for well-priced property, and $435,000 is below replacement cost. The quality is completely different to other apartment complexes in the CBD developed recently, with the high standard of furnishings and quality of finish.” 
Securcorp managing director Michael Robinson says Altitude is a boon to Townsville. 
"This is an iconic project for the city and our objective has been to ensure it was completed to the highest standard, which we have achieved with the input of the local contractors we have had on site," Robinson says. 
Median asking rent for units in <a href="/news">Townsville </a>is $400, and the indicative gross rental yield for units in the city is 4.9%, according to RP Data. 
Construction company Matrix was hired at the beginning of 2010 to complete Altitude, with the majority of the original contractors re-engaged. 
“The apartments also appeal to those relocating or based in Townsville part-time, which is a growing market due to the strength of the resources sectors and the city’s position as the administration and business capital of North Queensland,” Leet says. 
Altitude is in Townsville’s entertainment and restaurant precinct and offers views of Castle Hill and across the water to Magnetic Island.
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Townsville Altitude development complete and adding to sales tally two years after stalling

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ME Bank has joined Bank of Queensland in vowing to pass the RBA’s full 25-basis-point rate cut onto customers.
“As part of our commitment to looking after customers over the long term and offering a fairer banking alternative, ME Bank has decided to pass on the full 0.25% p.a. reduction to our customers,” says Jamie McPhee, ME Bank’s chief executive officer.
The cut will mean the bank’s standard variable rate will drop to 6.74% from 6.99% per year.
“ME Bank remains committed to passing on the full benefits of the RBA’s rate cut to our customers – just as we did in November, because we believe everyone deserves a fairer deal.
"It’s high time the Big Four return their focus to the stakeholders that matter most – customers – and help relieve their financial burden wherever possible,” McPhee adds.
Customers with a $300,000 home loan will save $50 per month thanks to the cut.
 
 
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ME Bank passes on full rate cut

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Utah home builder Bangerter Homes recreated the home that Carl and Ellie Fredrickson lived in in the 2009 Pixar movie Up, and now it has found a buyer. 
<img src="/images/stories/up2.jpg">
<img src="/images/stories/up1.jpg">
Using the movie as a guide, Bangerter created a two-storey, colourful house with details including a mural over the fireplace and the painted mailbox. However, unlike the original, the Utah house has a basement (which would have been impractical for flying in the film).
<img src="/images/stories/up3.jpg">
<img src="/images/stories/up4.jpg">
"There weren't blueprints out there for the Up house it's an animated movie. So we scaled it out using our experience as custom homebuilders," Adam Bangerter, who received permission from Disney for the project, said at the time. 
"It really shows you don't have to have a palatial mansion. A home is a place where you create memories."
<img src="/images/stories/up6.jpg">
<img style="border-style: initial; border-color: initial;" src="/images/stories/up5.jpg">
Movie fans Clinton and Lynette Hamblin have bought the four-bedroom house for $400,000 and intend to move from their current home in California to live in it.
"We just love the message of the movie — adventure is out there," Lynette told <a href="https://www.sltrib.com/sltrib/news/53012557-78/hamblin-lynette-disney-herriman.csp" target="_blank">The Salt Lake Tribune</a>.
The home has been attracting 1,000 Disney fans a day, and it will remain open to the public until the Hamblins take possession in early January.
"There’s Disney magic all through it," Lynette says. "We’re so glad so many people have had a chance to see it."
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Disney fan snaps up replica house from Pixar's Up

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<table border="1" cellspacing="0" cellpadding="0" width="322"><tbody>
<tr>
<td width="153" nowrap valign="top">
Suburb
</td>
<td width="69" valign="top">
Postcode
</td>
<td width="101" nowrap colspan="2" valign="top">
Rental yield for houses
</td>
</tr>
<tr>
<td width="153" nowrap valign="top">
<a href="/news">PEGS CREEK</a>
</td>
<td width="69" valign="top">
6714
</td>
<td width="95" nowrap valign="top">
12.2%
</td>
<td width="5">
 
</td>
</tr>
<tr>
<td width="153" nowrap valign="top">
<a href="/news">BULGARRA</a>
</td>
<td width="69" valign="top">
6714
</td>
<td width="95" nowrap valign="top">
10.4%
</td>
<td width="5">
 
</td>
</tr>
<tr>
<td width="153" nowrap valign="top">
<a href="/news">SOUTH HEDLAND</a>
</td>
<td width="69" valign="top">
6722
</td>
<td width="95" nowrap valign="top">
10.1%
</td>
<td width="5">
 
</td>
</tr>
<tr>
<td width="153" nowrap valign="top">
<a href="/news">NICKOL</a>
</td>
<td width="69" valign="top">
6714
</td>
<td width="95" nowrap valign="top">
10.1%
</td>
<td width="5">
 
</td>
</tr>
<tr>
<td width="153" nowrap valign="top">
<a href="/news">BAYNTON</a>
</td>
<td width="69" valign="top">
6714
</td>
<td width="95" nowrap valign="top">
9.9%
</td>
<td width="5">
 
</td>
</tr>
</tbody></table>
 
Source: RP Data
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Top five suburbs with highest yields for houses in the Pilbara: RP Data

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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