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Developer Lend Lease has sold more than 100 units in its flagship Docklands project Convesso Concavo about a month after the launch of the second stage of the project.
<img src="/images/stories/convesso2.jpg">
The development will comprise 455 apartments across two towers, with 220 one-, two- and three-bedroom units in Convesso and 235 in Concavo.
Lend Lease has sold about 100 units – including a 330-square-metre marina house for $5 million. The vast majority of the recent sales were in Concavo, which launched in late October. Convesso launched about a year ago.
<img src="/images/stories/convesso3.jpg">
Prices start from $465,000 for a one-bedroom apartment to more than $5 million for the three-bedroom penthouses in Convesso. In Concavo, prices range from $495,000 to more than $3 million. The average price for the recent sales is over $1 million.
The development has been designed by architectural firm Bates Smart, and its curved, glass-filled exterior is meant to be “an expression of the reflections of light on the water that lies before them,” according to the marketing brochure.
<img src="/images/stories/convesso4.jpg">
It is expected to achieve a seven-star NABERS rating and is billed as "Australia's most sustainable luxury residential towers".
“Despite the sustainability credentials, Convesso apartments are not necessarily more expensive than similar apartments in the Docklands, they are still market competitive,” says architect Kevin Masci of Bates Smart.
“At the moment buyers embrace green-star features, providing it’s at a reasonable cost, but in time green-star residential buildings will be recognised as the new state-of-the-art.”
<img src="/images/stories/convesso6.jpg">
The Convesso Concavo development will also include 25 retail spaces.
<img src="/images/stories/convesso7.jpg">
The buildings will include amenities such as 24-hour concierge, a 25-metre lap pool, gymnasium, spa, sauna, deck areas with barbecues, residents’ lounge, cinema and business centre.
Convesso is already under construction, with an expected completion date in mid-2012. Construction will begin on Concavo in early 2012 and is expected to be completed in mid-2014.
For more on the past, present and future of Docklands, download our free eBook. 
For advice on buying off the plan, download our free eBook.
 
 
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Lend Lease sells over 100 apartments in Convesso Concavo Docklands development in a month

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The housing industry is calling for a 50-point slash in interest rates, saying 25 points wouldn't do the job for the beleaguered sector.

Harley Dale, chief economist at the Housing Industry Association, says although most economist expect a 25 basis point cut, this wouldn't be enough to lift the sector out of the doldrums because the banks might not pass on the full cut.
"We think it would be appropriate to cut by 50 points partly because of the uncertainty and the jolt to confidence that comes from [the cut]," Dale says.
Dale's comments follow official figures showing building approvals fell by nearly 30% in the year to October.
The retail sector, meanwhile, says a rate cut would breathe some life into some weaker areas of the industry, most notably clothing, footwear and department stores, in the lead up to the key Christmas period, which accounts for 40% of annual trade.
"For some retailers it may stave off their financial issues going forward into the new year," Australian Retailers Association executive director Russell Zimmerman says.
The industry expects this year's Christmas sales to be 2.2% higher than last year.
A second monthly rate cut would lift this growth rate a little higher, he says.
"We might not be in the halcyon days of 5%, but we might see an increase of just a little bit more... around half a per cent or so."
The RBA is expected to announce a rate cut to 4.5% tomorrow, on the back of the European sovereign debt crisis, problems in the key sectors of the economy and lowered inflation figures.
But TD Securities head of Asia-Pacific Research Annette Beacher says the central bank should not respond too quickly to pressure for another rate cut.
"Instead, the RBA is in a strong position to voice an easing bias this week, but not deliver another 25 basis point cash rate cut until early 2012 to start the New Year with truly neutral monetary policy for whatever lies ahead," she says.
Beacher expects September quarter economic growth figures, to be released on Wednesday, to be strong.
"We expect another quarterly growth rate of at least 1%, driven by consumption and investment, for annual GDP growth of 2.5%," she said in a statement.
According to an AAP survey of 16 economists, the median market forecast for GDP stands at 1.0% for the September quarter, for an annual rate of 2.1%.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
 
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Housing body says 50-basis-point cut necessary to restore sector, as retail crosses fingers for rate cut

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The vendors of 78 Beaconsfield Parade, Albert Park, learned the hard way on the weekend what a difference an underbidder can make in an auction, says Mark Armstrong of Property Tycoon.
"Although the last comparable sale on Beaconsfield Parade was only two months ago and sold for $2.66 million, this property failed to reach similar heights," Armstrong points out.
"The main reason is because, unlike the previous sale, there was no under-bidder there to compete, so the successful purchaser felt no need to bid."
The property was passed in on a vendor bid of $2.3 million and sold in post-auction negotiations for $2.4 million.
By way of contrast, Armstrong points to the weekend auction of 17 Yarraford Street, Alphington.
"With an agent quote of $1.6 million plus, the first bid was $1.71 million," Armstrong notes. "Two bidders then competed aggressively before the property was sold for $2,115,250."
<img src="/images/stories/beaconsfield.jpg">
Sale price: $2.4 million
Agent quote: $2.4 million to $2.5 million
% above agent quote: 0%
Bidders: 0
Last sold: No sale on record
Average tip: $2,628,478
% Correct tips: 1.72%
<a target="_blank" href="https://www.propertytycoon.com.au/">Property Tycoon</a> allows punters to guess auction results with no outlay.
 
  
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Albert Park $2.4 million weekend auction tipping result

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{yoogallery src=[images/stories/december5palmbeach]}
Vendors of the most expensive house in the ritzy Palm Beach, Florida, have knocked US$10 million of its price but it is still the most expensive house on the market in the area. It now has US$74 million price hopes.
The nine-bedroom, 2,508-square-metre house was completed this year and is designed like a French chateaux. It includes a separate guesthouse and has private beach access. Somewhat strangely, it inclues 17 bathrooms.
It is being marketed by <a target="_blank" href="https://www.corcoran.com/property/listing.aspx?Region=FL&amp;listingid=5685">Corcoran </a>agent Jim McCann.
 
 
 
 
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Most expensive home in US's Palm Beach

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Mortgage broking agency Smartline and well-known Western Australia brand The Mortgage Gallery have announced a merger as a result of industry consolidation that is pushing more mid-tier companies to chase scale or risk becoming irrelevant.

The two companies announced the merger yesterday, with the new entity to have 240 franchise owners settling $4 billion in loans ever year, with a combined book of over $17 billion.
John Bignell, director of the 20-year old Mortgage Gallery franchise, says the business has been contemplating several changes within the industry that favour large businesses over more mid-tier operators.
"We're a private company that has obviously enjoyed its independence, but we've been seeing a lot of market change. The gap between large brokers, say the top 10, and the boutique operators is becoming considerable."
"It makes you question your relevance in terms of lenders and your place in the market. That was a consideration for us, and you also have to wonder whether you've taken the business as far as you could."
Smartline executive director Joe Sirianni agrees, saying in order for businesses to grow and compete they must build scale.
"The nature of this industry dictates that you're either very small and boutique, or you're large and have some scale. Staying in-between is a hard position sometimes, and we're talking about being a sustainable business over a long period of time."
Smartline was founded in 1999, has over 200 franchisees and has won a number of franchising awards in its time. The Mortgage Gallery is a smaller company, but is a distinctly strong brand in Western Australia where it has a notable presence in regional areas.
Bignell says Mortgage Gallery was very careful to look at each opportunity it had in order to grow, and agreed that Smartline provided a good mixture of scale and culture.
"We wanted to know what each business stood for, how they went about doing business, and we liked the operation at Smartline more than any other."
"We wanted to get involved where we knew the senior management and we wanted to have an understanding of what our needs and expectations would be going forward."
Right now, Sirianni says the businesses may eventually come under one brand. However, he notes this will need to come up for periodic review.
"The objective over the long-term is to use one brand, and we'll continue to review that. But the Mortgage Gallery is a very strong brand in Western Australia and it'd be silly of us not to utilise that."
This article orginally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
 
 
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Mortgage brokers Mortgage Gallery and Smartline to merge

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The closure of Club Med's only Australian resort on Queensland's Lindeman Island comes due to a mixture of poor visitor numbers, burdensome regulation and a turndown in the leisure travel market, one industry representative has said.

The confirmation came yesterday as the French chain confirmed it would close the Lindeman Island resort, with the island destination being put up for sale.
"It's very disappointing to see," Daniel Gschwind, chief executive of the Queensland Tourism Industry Council, says. "Some regions are being more affected than others and for a number of reasons, the Whitsundays are being hit right now."
Club Med general manger Quentin Braird has said in a statement that more customers are wanting premium products and that "Lindeman ... was not in that category".
"So, in order to meet our customers' expectations, we have to now seek a new resort in Australia," he said. "It was an extremely difficult decision for Club Med to make, as the resort is a firm favourite with our Australian and New Zealand guests.''
CBRE will sell the resort, which is set to close in January. It was originally bought in 1990 for $15 million, with the company having developed and upgraded the location over the past two decades.
Gschwind says the market has been hit by a decline in leisure tourism, as opposed to travel in the corporate market.
"It's particularly tricky for the Whitsundays, because they are very much in direct competition to some of the south-east Asian pacific nations that have done particularly well."
"So we are exposed to a full load of international competition at the moment, including the 'cheap destinations' overseas. That's clearly had an impact here."
Tourism and Transport Forum chief executive John Lee says the closure should seve as a "wake-up call" for the government, and urges some form of assistance for the industry, such as advanced depreciation.
"This should serve as a wake-up call for the industry ... we could get more assistance and investment coming in if there was some action on this."
Although Gschwind says the market is reliant on the aviation market, and notes the recent Qantas grounding may had an impact on the industry in general, he notes it is regulatory pressures that would have proved troublesome for Club Med.
"Running an island is extremely complex, in both a commercial and regulatory sense. There are so many regulations to deal with for a business owner, and it's incredibly complex when compared to mainland operations."
"We think it's an attractive destination, a unique product, and being a network of national parks has a pretty good attraction there. It's a strong product, but commercially, it's just very tough right now."
This article originally appeared on<a target="_blank" href="https://www.smartcompany.com.au/business-travel/20111201-club-med-shuts-lindeman-inland-resort-as-whitsundays-tourism-hit-again"> SmartCompany</a>.
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Club Med shuts Lindeman Island resort as Whitsundays tourism hit again

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Developer Crown Group has received approval to build the biggest residential project in Parramatta to date.
The 25-storey development at 45 Macquarie street is set to comprise 370 apartments, 3,000 square metres of office space and a further 1,200 square metres of retail space.
Prices are expected to start at $400,000 for a one-bedroom apartment with car space, and three-bedroom penthouses are expected to sell for more than $1 million.
Crown Group CEO Iwan Sunito says Parramatta is growing quickly and is in need of this type of development.
“More and more people are choosing to live and work in Parramatta, and the residential and commercial components of the area are not only growing, but also attracting a more discerning buyer who is happy to pay a premium for a quality property investment,” he says.
Sunito says the Macquarie Street project is aimed at discerning Sydneysiders with high-brow taste.
“Our new development will bring a new level of luxury to Parramatta, offering residents a high-end yet still affordable lifestyle offering with similar facilities and finishings to a five-star resort,” he says.
The building has been designed by Allen Jack &amp; Cottier Architects and will include a pool, library, crèche, gym, relaxation areas and extensive landscaping. The building will offer views over Parramatta, Sydney CBD and the Blue Mountains from different vantage points.
Construction on the $300 million project is expected to begin in early 2012.
Crown Group bought the site in July 2009 from Becton Property Group for $15 million, and the development was approved by the NSW Department of Planning with support from Parramatta City Council.
 
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Parramatta's largest residential development to contain 370 units

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4/5 Tanti Avenue, Mornington, VIC, 3931
<img src="/images/stories/tanti.jpg">
In the former Sisters of Mercy Convent, this one-bedroom apartment in the beachside suburb of Mornington is tenanted until August next year at $360 per week. <a href="https://mornington.harcourts.com.au/VMG6956" target="_blank">Harcourts Mornington</a> agent Terry Young is marketing the property with price hopes of between the "mid-$400,000s and early $500,000s". If it sells for $450,000 that would secure an investor a gross rental yield of 4.2%, the same as the indicative gross rental yield for Mornington units, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. The apartment has three-metre ceilings and period features such as cornices, and is has direct access to the beach. <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 $10,000 and over five years to be $34,000. The propertywas withdrawn from its planned auction on Saturday, December 3 and remains for sale. 
For more on prices and yields in Mornington, see the <a target="_blank" href="/news">RP Data suburb page.</a>
 
 
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Weekend Yield Watch: Yields of up to 4.2% in Mornington 

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{yoogallery src=[images/stories/december1teddyroosevelt]}
The former home of the late Theodore Roosevelt, who was president of the United States from 1901-1909, is set for a major renovation.
Roosevelt was a prolific big-game hunter, and his Long Island house is filled with his trophies. Animal-skin rugs grace the floors in many rooms of the 15-bedroom Queen Anne-style house, and mounted taxidermied heads line the walls.
The US National Parks Service, which manages the property, will remove all of the animal detritus, as well as more than 8,000 books, in order to upgrade the electrical, heating and security systems.
The US$6.2 million renovation is set to take three years, and Roosevelt's precious mementos will be in storage until it is complete.
Teddy Roosevelt was vice-president with President William McKinley was assassinated, and Roosevelt became the youngest president up until that point at the age of 42. He was officially elected to the office in 1904 but declined to run for re-election in 1908. After leaving office Roosevelt went on an extended African safari, and he and his companions trapped or killed 11,397 animals, many of which ended up in the Smithsonian Museum in Washington. 
He lived in the Long Island house for the last years of his life.
 
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US president Teddy Roosevelt's former house to get makeover

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In a bid to encourage house-and-land buyers to commit to buying before Christmas, developer Australand has knocked $10,000 off the price of 14 of the houses in its master-planned development Botanica, at Sydney’s former Lidcombe Hospital site.
The homes are expected to be completed before Christmas, and ready to move into early in the new year.
<img src="/images/stories/botanica1.jpg">
Prices range from $685,000 to $740,000 for a three-bedroom home and $780,000 to $905,000 for a four-bedroom home. The promotion began in late October, and so far six buyers have taken advantage of the sale.
<img src="/images/stories/botanica2.jpg">
“Construction will be completed before Christmas, which means purchasers can be happily settled and ready to start the new year afresh in their the new home,” says Nigel Edgar, general manager of Australand’s residential division.
He says that the development’s parks and gardens are a big drawcard for buyers.
<img src="/images/stories/botanica3.jpg">
“The design of homes at Botanica complements modern lifestyles. All homes are well spaced with private garden and courtyard areas and are ideally located a short stroll to the community’s picturesque seven hectares of parks and gardens, which offer a relaxing retreat for all residents,” Edgar says.
<img src="/images/stories/botanica4.jpg">
Australand recently sold three of four homes in the first release of its more affordable Emerald Collection within two weeks of their launch. All were three-bedroom homes and all sold for $600,000. The developer plans to release the remaining eight in March 2012.
“Australand is responding to the lack of affordable stock available in the NSW residential market by ensuring that new products are developed with specific market segments in mind and with price points that meet consumer expectations of value,” says Edgar.
The Botanica site is 12 kilometres from Sydney CBD and is set to be home to about 1,800 people by 2014. In addition to the new homes, the site features 10 century-old cottages that will be restored. The one-bedroom residences will be priced from $430,000 and the three-bedroom cottages will start at $850,000.
The grandest of the heritage properties is a two-storey superintendent's home on the site will be a five-bedroom house on a Torrens title flanking the village green, but its pricing has not been determined.
For advice on buying house-and-land packages, download our free eBook.
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Australand offers $10,000 discount in Sydney's Botanica development

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.

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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.

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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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