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{yoogallery src=[images/stories/november22lloydwright]}
"The Buehler House", designed by iconic American architect Frank Lloyd Wright, has been listed for sale with price hopes of US$4,995,000. 
It was built in 1948 for Maynard and Katie Buehler and was listed on the National Register of Historic Places in 2006. The three-bedroom, three-bathroom home includes Wright's distinctive sloping ceilings and angular walls. Japanese garden-inspired grounds were designed by Henry Matsutani.
There is also a Japanese tea house, gazebo and guest house on the property, which is in Orinda, California.
It is being marketed by Todd and Gretchen Scheid of <a href="https://www.franklloydwrightthebuehlerhouse.com/" target="_blank">Alain Pinel Realtors</a>.
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cknowlton-QnEa6ntUYP

Frank Lloyd Wright-designed house listed for sale

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RP Data has given an indication of the length of tenure among recent sellers in Melbourne suburbs. The most recent sellers in Melbourne have been happy in their homes for: 
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"></table>
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="228" nowrap valign="bottom">
Suburb
</td>
<td width="160" valign="bottom">
Postcode
</td>
<td width="160" nowrap valign="bottom">
Average hold period in years
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
ESSENDON WEST
</td>
<td width="160" valign="bottom">
3040
</td>
<td width="160" nowrap valign="bottom">
19.1
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
WINDSOR
</td>
<td width="160" valign="bottom">
3181
</td>
<td width="160" nowrap valign="bottom">
17.6
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
IVANHOE EAST
</td>
<td width="160" valign="bottom">
3079
</td>
<td width="160" nowrap valign="bottom">
15.9
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
FAWKNER
</td>
<td width="160" valign="bottom">
3060
</td>
<td width="160" nowrap valign="bottom">
15.2
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
ORMOND
</td>
<td width="160" valign="bottom">
3204
</td>
<td width="160" nowrap valign="bottom">
15
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
VERMONT SOUTH
</td>
<td width="160" valign="bottom">
3133
</td>
<td width="160" nowrap valign="bottom">
14.9
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
EAST MELBOURNE
</td>
<td width="160" valign="bottom">
3002
</td>
<td width="160" nowrap valign="bottom">
14.9
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
OAKLEIGH
</td>
<td width="160" valign="bottom">
3166
</td>
<td width="160" nowrap valign="bottom">
14.7
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
IVANHOE
</td>
<td width="160" valign="bottom">
3079
</td>
<td width="160" nowrap valign="bottom">
14.7
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
NOTTING HILL
</td>
<td width="160" valign="bottom">
3168
</td>
<td width="160" nowrap valign="bottom">
14.4
</td>
</tr>
</tbody></table>
Source: RP Data
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The 10 suburbs in Melbourne with longer-than-average hold times: RP Data

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The auctions market is continuing to struggle along despite the interest rate cut, with the nation's largest markets recording clearance rates in the low 50s, suggesting activity will remain subdued for the next few months.

Industry experts also suggest the real test will come next week when hundreds of new listings are expected to be listed, although success is not expected as consumers remain cautious.
Analysts suggest the lack of activity is a combination of low confidence, prices remaining too high, and the time of year – listings usually fall in November-December.
"Fewer and fewer listings come along this time of year," SQM managing director Louis Christopher says. "It'll start quietening down until the last weekend before Christmas, and then the market will just shut down."
"We'll have to wait until February to see what happens, but I expect it'll open with a much higher clearance rate."
This weekend's results have been particularly poor. According to the Real Estate Institute of Victoria, Melbourne recorded a clearance rate of 53%, with chief executive Enzo Raimondo saying the result is typical of "consistently moderate levels of demand".
There were 668 auctions this weekend, of which only 352 were sold.
Sydney recorded a clearance rate of 52.4%, with 518 properties listed, while Adelaide and Brisbane recorded rates of 34.5% and 12.5% respectively.
Christopher says he believes the results are actually lower than this, given both REIV and Australian Property Monitors use a fraction of reported results. He suggests clearance rates in Melbourne could actually be in the 40s.
"This would be suggesting house prices are still falling in Melbourne, and that we haven't had too much of a kick yet from the interest rate cut."
"Listings will peak next week, or the week after next, and from then, it's just going to decline through the end of the year."
<a href="https://www.propertyobserver.com.au/auctions/melbourne-gets-its-super-saturday-test-after-all/2011111452343" target="_blank">Next week Melbourne is set for its biggest auctions week of the year</a>, with over 1,000 properties listed.
APM economist Andrew Wilson agrees, saying both Melbourne and Sydney have been moving sideways for much of the year. And although he notes that confidence and conditions may be improving, consumers simply aren't responding to the property market due to a combination of factors.
"Things have stabilised in terms of unemployment, and retail sales have increased as well. But I think it still reflects the mindset of the consumer."
"Certainly next week will be the big test for 2011. And over summer, there should be enough indicators to show that buyer activity could improve."
This article originally appeared on <a href="https://www.smartcompany.com.au/property/20111121-rate-cut-still-not-providing-a-boost-to-auctions-market" target="_blank">SmartCompany</a>.
 
 
 
<h1 style="font-family: arial, verdana, helvetica; line-height: 26px; color: #0096c4;" class="contentheading2"></h1>
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Rate cut still not providing a boost to auctions market

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The housing market is constantly in a tug-o-war between two factors – demand and supply. And really it doesn't get simpler than that. If there is a limited number of properties for sale and plenty of keen, cashed-up buyers then prices are almost certainly going to be bid up. Similarly if there is an abundance of property on the market and buyers are cautious – preferring to take time to find the 'right' home – then prices are more likely to ease.
Clearly there is no single "housing market"; rather there are countless markets, even down to street level. But if there is a common characteristic across markets at present it is that the supply of homes is up.
RP Data has data on almost every single property in Australia so it is best placed to describe what's going on. And its latest estimate is that there is 5.8 months of effective housing supply in Australian capital city markets at present. That takes into account the current sales rates as well as the number of homes on the market.
But that figure doesn't mean much without some reference point. RP Data advises that a year ago there was around 4.5 months of supply in capital city markets. Over the past four years, effective supply has ranged between 2.3 and 6.5 months, averaging 3.9 months. So it is clear that housing supply is currently relatively high.
But as always supply conditions vary across the country. RP Data notes that supply is lowest in Canberra while highest in Brisbane. However supply in actually lower than a year ago in one capital city – Perth.
So much for supply – how do you measure demand? In part it is determined by interest rates (cost of finance) but also includes labour market conditions, risk preference (desire to take on debt), rent levels and attractiveness of other asset classes. And then you have to incorporate other elements such as demand being brought forward into earlier periods – as occurred with the global financial crisis when rates were cut and incentives were provided to first home buyers.
It is clear that demand for housing has weakened over the last six to 12 months. The job market has clearly softened; Aussies have become more reluctant to take on debt, while returns on cash-based investments have held up in relation to other asset classes. While interest rates have just been cut, this is a more recent development and the key question is whether the reduction in rates has been enough to offset conservative risk preferences.
Overall it shouldn't be surprising that capital city home prices have fallen by 3.4% over the past year, especially following a period of above-normal demand and price growth in 2009 and early 2010. But with supply arguably peaking, job markets healthy and interest rates down, 2012 should be a year of home price recovery.
<h3>The week ahead</h3>
Unless the purported "mini budget" is released, the coming week will be a dull affair with little in terms of fresh economic information to provide guidance for investors. And it is a similar story in the US, although Americans are waiting for their politicians to come up with proposals to cut the budget deficit otherwise both sides of politics will have to be content with more unpalatable – and enforced – options.
In Australia, there is little in the way of market-moving events in the coming week. On Monday, Reserve Bank Assistant Governor (Financial) Guy Debelle delivers a speech to the Australian Securitisation Forum Conference. And on Wednesday he follows this up with another speech, this time to the APRA Basel III Implementation Workshop 2011. However given the topic matter, there may not be too many references to the current economic situation or implications for monetary policy.
On Wednesday the State Accounts for the last financial year will be released – effectively the report card for state and territory economies. And on the same day the Bureau of Statistics releases the Construction Work Done publication. This publication not only covers building and engineering work done over the September quarter, but it also contains estimates of work yet to be done and work in the pipeline – more forward-looking construction components.
The construction work done figures are used as an input into the GDP (economic growth) estimates for the September quarter. And if our estimates are close to the mark, construction should provide a solid boost to the economy in the quarter. We expect that construction work done rose by 5% in the September quarter after a more modest 0.7% expansion in the June quarter.
And on Thursday the Reserve Bank governor delivers his annual address to the Australian Business Economists' end-of-year function. This is effectively the business economists' Christmas party, but don't expect wild celebrations and exuberant forecasting. The main reason the economists are there is to hear the RBA Governor and, as is always the case, when the RBA Governor speaks Aussies listen carefully for clues on interest rates.
In the US, the week kicks off with data on existing home sales and the Chicago Fed index on Monday. While sales have followed a zig-zag course in recent months, suggesting a rise is in on the cards, economists actually tip a 1.5% fall in home sales. Broadly home sales are holding near a 5 million annual rate.
On Tuesday the updated (preliminary) estimate of economic growth for the September quarter is released and economists expect little variation from the 2.5% "flash" estimate. The Richmond Fed index is released the same day.
On Wednesday personal income/spending data is released alongside durable goods orders, consumer sentiment and weekly jobless claims. Income probably rose 0.3% in October with spending up 0.2% while analysts expect a flat reading for new orders of long-lasting or durable goods.
Also on Wednesday the "super-committee" is meant to come up with budget measures designed to save $1.2-1.5 trillion over the next decade. If they don't, automatic cuts will be imposed – measures that neither Democrats nor Republicans will be happy with. If the "super committee" is successful it will ensure that all Americans will be able to truly enjoy Thanksgiving Day on Thursday.
<h3>Share market</h3>
With about six weeks of 2011 left, it is an opportune time to assess how the Australian share market has performed this year. Currently the All Ordinaries is down 11% from the start of the year with the ASX 200 lower by 10.5%. Other major markets are also lower with the Japanese sharemarket lower by 16% with the German market down 14.5% and the UK sharemarket lower by 6.5%. Interestingly the US sharemarkets have out-performed with the Dow Jones up 3% and the S&amp;P 500 and Nasdaq largely unchanged.
Looking across the 22 Australian industry sectors, only three are currently up on the year. The best performer has been the defensive telecommunications sector (up 13%) followed by food, beverages and tobacco (up 9%) and utilities (up 2%).
At the other end of the scale, the consumer durables ande apparel sector has fallen by 39% in 2011, followed by diversified financials (down 28%), retailing (down 25%) and capital goods and software and services (both down around 20%).
<h3>Interest rates, currencies and commodities</h3>
The Australian dollar started the year just under US102 cents and it's currently only modestly lower. The European debt crisis may have raged over the second half of 2011, adding to risk aversion, but the Aussie has weathered the storm well. A broad measure of commodity prices – the CRB futures index – is down around 5% over 2011 but there have been commodity winners and losers. Gold has lifted 25% with crude oil up 7%. At the other end of the scale, base metal prices have fallen sharply with nickel down 28% with lead, zinc and copper down around 20%. Cotton has also lost 37% while wheat has fallen by 21%.
Craig James is chief economist at <a href="https://www.commsec.com.au/">CommSec</a>.
This article originally appeared on <a href="https://www.smartcompany.com.au/economy/20111121-the-big-picture-why-house-prices-should-recover-in-2012" target="_blank">SmartCompany</a>.
 
 
 
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Why house prices should recover in 2012: Craig James

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A boutique block in the Melbourne suburb of Toorak is expected to appeal to well-heeled empty-nesters. 
The Six Brookville Road development, which launched late last month and has had strong inquiries but no sales so far, will be a block of just six two- and three-bedroom apartments, ranging in price from $1,495,000 to $3.44 million. 
<img src="/images/stories/brookville2.jpg">
Neometro director Jeff Provan says the development’s location in <a href="/news">Toorak </a>and aesthetics will appeal to owner-occupiers from the surrounding posh eastern suburbs. 
He says he expects buyers to be “people fanning out from Armadale and Hawthorn who really want to live close to the city but don’t want to be in a such an urban environment. 
“You’re living in a fairly leafy, quiet residential area, but you’re on two tram routes to the area and you’re on a train line,” Provan says. 
The developer will focus on high-quality fixtures and fittings and soft colour palettes. 
<img src="/images/stories/brookville1.jpg">
“Adding texture and warmth is fundamental to creating  welcoming living spaces that are design-focused yet functional. We like to use a mixture of natural materials and finishes, such as textured wood combined with stone or polished concrete, to create a contemporary but comfortable space,” Provan says. 
The block will include one 226-square-metre three-bedroom apartment and five two-bedroom apartments ranging in size from 128 square metres to 200 square metres. All include at least one car park, and two of the apartments come with two car parks. 
<img src="/images/stories/brookville3.jpg">
Provan says landscaping is a major focus of the design. 
“It’s got a great garden aspect to it,” he says. “It’s an elegant contemporary building with nice clean lines, and it’s a really garden aesthetic to it. 
“The ground-floor units have garden. It’s not a hard, urban building, it has landscape all around it.” 
Construction is due to start at the end of the year and is expected to be finished at the end of 2012.
For advice on buying off the plan download our free e-book.
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Boutique Neometro Toorak development to appeal to well-heeled empty-nesters

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Property commentator Mark Armstrong says that with up to 15% of auction results unreported, potential buyers are unable to get an accurate sense of the market.
"Our home is the biggest investment the vast majority of us will ever make yet our hands are tied when it comes to making informed decisions," Armstrong, of Property Tycoon, says. "Imagine if 30% of all share market transactions were undisclosed, there would be outrage."
He says the fact that many auction results are unknown is archaic and the system  must be changed.
"The Australian property market lives in the dark ages where a huge amount of results remain hidden from the public and finding out what a property previously sold for is near impossible."
The weekend auction of 24 Alfred Street, Prahran, was subdued, with the auctioneer coaxing bids from three reluctant bidders.
"After being announced on the market at $845,000 the property was finally sold for $852,500. This price was around $17,000 below the average tip," Armstrong says.
 
<img src="/images/stories/alfredst.jpg">
Sale price: $852,500
Agent quote: $780,000 - $850,000
% above agent quote: 0.29%
Bidders: Three
Last sold: May 2005 for $531,000
Growth since last sale:  7.5%
Median growth: 6.58%
Average tip: $869,747
% Correct tips: 37.76%
<a href="https://www.propertytycoon.com.au/" target="_blank">Property Tycoon</a> allows punters to guess auction results with no outlay.
 
 
 
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Weekend auction tipping result

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{yoogallery src=[images/stories/november21kdlang]}
Grammy award-winning singer K.D. Lang has listed her Los Angeles ranch-style house for US$1,975,000. 
The Craftsman-style house, which Lang bought in 1999 for an undisclosed sum, features three bedrooms, two bathrooms, stone fireplaces, exposed wooden beams and an earthy, rustic feel. Outside features include a pool, spa and landscaped gardens. 
The house was once owned by Old Hollywood hunk Rock Hudson, according to the <a target="_blank" href="https://realestalker.blogspot.com/search?updated-max=2011-11-15T14:42:00-08:00&amp;max-results=4">RealEstalker</a> blog.
Denny Kagasoff of <a target="_blank" href="https://www.dennykagasoff.com/8062-Woodrow-Wilson-Drive-a236323">Prudential California Realty</a> is marketing the property, which he describes in the marketing as a "perfect sanctuary for a celebrity client" and a "private zen retreat", which is apt considering Lang is a Buddhist. 
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K.D. Lang lists in LA

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<table border="0" cellspacing="0" cellpadding="0" width="466"><tbody>
<tr>
<td width="162" nowrap valign="bottom">
Suburb
</td>
<td width="162" valign="top">
Median unit price
</td>
</tr>
<tr>
<td width="162" nowrap valign="bottom">
CREMORNE
</td>
<td width="162" valign="top">
$820,000
</td>
</tr>
<tr>
<td width="162" nowrap valign="bottom">
ASHBURTON
</td>
<td width="162" valign="top">
$780,000
</td>
</tr>
<tr>
<td width="162" nowrap valign="bottom">
BRIGHTON
</td>
<td width="162" valign="top">
$760,000
</td>
</tr>
<tr>
<td width="162" nowrap valign="bottom">
BEAUMARIS
</td>
<td width="162" valign="top">
$760,000
</td>
</tr>
<tr>
<td width="162" nowrap valign="bottom">
MONT ALBERT NORTH
</td>
<td width="162" valign="top">
$725,000
</td>
</tr>
<tr>
<td width="162" nowrap valign="bottom">
TOORAK
</td>
<td width="162" valign="top">
$712,500
</td>
</tr>
<tr>
<td width="162" nowrap valign="bottom">
CANTERBURY
</td>
<td width="162" valign="top">
$710,500
</td>
</tr>
<tr>
<td width="162" nowrap valign="bottom">
BRIGHTON EAST
</td>
<td width="162" valign="top">
$690,000
</td>
</tr>
<tr>
<td width="162" nowrap valign="bottom">
CAULFIELD SOUTH
</td>
<td width="162" valign="top">
$675,500
</td>
</tr>
<tr>
<td width="162" nowrap valign="bottom">
MCKINNON
</td>
<td width="162" valign="top">
$675,000
</td>
</tr>
</tbody></table>
Source: RP Data
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Top 10 most expensive Melbourne suburbs for units

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When Noela Bishop and her late husband moved into her ground floor Watsons Bay apartment in 1985 she had a clear view of Manly and Obelisk Beach from her living room. But these calming and valuable views gradually disappeared when her neighbours developed their property and planted 23 fast-growing Leyland Cypress pines, which fairly rapidly grew to six metres, on her boundary.
About 50% of her valuable water views were lost by 2005 despite several approaches to her neighbours to resolve the issue.
Frustrated with lack of co-operation next door, she approached Woollahra Council with her loss of view complaint. She suggested that the Leyland Cypresses plantings were not listed in the landscaping details of the approved development consent for works approved on her neighbour’s property. The council disputes this.
The council arranged mediation, but this failed to resolve the dispute between the parties. Following another approach, her neighbours pruned part of what was by now a hedge near her living room  window to a height lower than other parts of it. But the rest of the hedge continued to block the views.
With the help of lawyer Patrick Holland, a partner with McCullough Robertson solicitors, Bishop had her day in the Land and Environment Court in a recent hearing.
Bishop emerged victorious thanks in large part to a dog-eared photo of the view from her lounge room window taken in 1985 when she moved into the apartment and was so delighted she could see as far as Manly and Obelisk beach.
The respondent had contended during the one-day court hearing that he had several outdoor entertainment areas and needed the trees to provide privacy when entertaining on the rear terrace.
Commissioner Judy Fakes ruled; “The application to prune the trees to remedy a severe obstruction of a view from the applicant's dwelling is upheld in part.”
“If I can give anyone hope, I’m happy,” Bishop said of her court win. She suggests she paid for her view when the apartment was bought and had felt hopeless as the trees grew and wiped it out.
She noted that councils on Sydney’s north shore are blacklisting Cypress pines.
Holland says without Bishops 1985 photo of her original views, his client might have had a harder battle to win her view back in the absence of any concrete evidence of what her views were like before the cypresses were planted.
“A photo of Mrs Bishop’s showing the original view she and her late husband enjoyed was the most powerful and effective evidence in the proceedings”, Holland says.
“It took Noela a few months and one photo to do what the local council failed to do in five years – restore her treasured harbour view. A view she was entitled to.”
The court ordered “the applicant to prune the trees to remedy a severe obstruction of a view from the applicant’s dwelling” and for the respondent to organise and pay for an appropriately qualified horticulturalist, arborist or landscaper to prune all of the Leyland Cypress trees in the planter box above the clothesline courtyard to a height of 1.3 metres above the top of the masonry wall around that courtyard that divides the parties’ properties within 30 days.
Thereafter at the cost of the respondent that part of the hedge was to be maintained at a height of no greater than 1.6 metres above the masonry.
Woollahra Council maintains that the height of the Cypress trees did not breach the development approval. The issue was that “a few more” of the Cypress Pines were planted along the row which encroached on the area where the star jasmine was to be planted.
The council said that a condition that specified that screen planting was intended to be higher than three metres had been approved by the private certifier.
In October 2005 the council issued a letter to the neighbour directing him to comply with the approved landscaping plan issued with the construction certificate in regards to the jasmine/cypress area.
Woollahra Council director of planning Allan Coker says that had the neighbour complied with that request, “we realise now that it actually would’ve been a worse outcome for Mrs Bishop”.
“Council couldn’t have imposed some conditions for the landscaping plans and not others for the benefit of Mrs Bishop.” He referred to the landscaping plans for two Sydney Red Gums close by with a height of 15 metres, which were not planted. These trees would have blocked Bishop’s view much more than the pines, he says.
“It is also important to note that there’s a condition where private certifiers are granted authority to approve landscaping plans, not council, which is what happened in this case.
The council added that it is not its responsibility to enforce the order of the Land and Environment court in proceedings between two private parties.
Bishop’s application in regards to sunlight issues was dismissed.
<a href="https://www.propertyobserver.com.au/residential/mosmanites-who-can-t-see-the-bridge-for-the-trees-take-neighbours-to-court/2011111752420?source=flicker1" target="_blank">There have been 41 published court judgements across NSW this year.</a>
Note: Pictured pines are for illustrative purposes only
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Pines face the chop after tree court case dispute

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3/77 Hollingworth Street, Port Macquarie, NSW, 2444
<img src="/images/stories/hollingworth.jpg">
This tenanted two-bedroom unit comes with a car space and is within easy walking distance of Port Macquarie town centre.<a href="https://www.prdnationwide.com.au/site/page.cfm?s=propertydetails&amp;PAGESIZE=10&amp;RADIOMARKET=Buy&amp;SUBURB=FLYNNS%20BEACH%20-%20NSW%20&amp;SHOWAUCTIONLISTED=1&amp;PROPERTYTYPE=Unit&amp;INCLUDESURROUNDING=1&amp;SORTBY=location&amp;id=32451&amp;type=Residential&amp;pagenum=3" target="_blank"> PRD Nationwide</a> agent Wayne Prince is marketing the property with price hopes of $230,000 plus, and it is tenanted at $280 per week. It was passed in on a vendor's bid of $230,000 at its auction on Saturday, November 19. If it were to sell for $230,000 that would be a gross rental yield of 6.3%, much higher than the indicative gross rental yield for Port Macquarie units of 5%, 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 property includes a lock-up garage. <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 $7,000 and over five years to be $19,000. 
For more about prices and yields in Port Macquarie, see the <a href="/news">RP Data suburb page</a>. 
For more investment prospects going to auction this weekend, see pages 2 and 3. 
 
<hr class="system-pagebreak">
15 Tamala Avenue, Notting Hill, VIC, 3168
<img src="/images/stories/tamala.jpg">
This three-bedroom house is leased at $350 per week until March 2012, so it could be a good prospect for investors. Kyla Davis from <a href="https://www.rogerdavis.com.au/view.php?OID=3218441&amp;Con=S" target="_blank">Roger Davis Real Estate</a> was marketing it pre-auction with price hopes of $450,000 plus. It was passed in at auction at $466,000 on Saturday, November 19. If it had sold for $466,000 that would have equated to a gross rental yield of 3.9%, higher than the indicative gross rental yield for Notting Hill houses of 3.3%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. The property is a short distance from Brandon Park Shopping Centre and is close to transport. <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 $10,000. 
For more information on yields and prices in Notting Hill, see the<a href="/news"> RP Data suburb page</a>.
 
<hr class="system-pagebreak">
147 Fox Street, St Albans, VIC, 3021
<img src="/images/stories/foxst.jpg"> 
<a href="https://www.barryplant.com.au/" target="_blank">Barry Plant</a> agent Flo Carreon is marketing this tenanted three-bedroom house with price hopes of $350,000 plus. It is currently rented at $1,084 per month and was passed in at auction on a vendor bid of $360,000 on Saturday, November 19. Had it sold for $360,000 that would have equated to a gross rental yield of 2.8%, below the indicative gross rental yield for St Albans houses of 4%, 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 property is within easy walking distance of Keilor Plains station, St Albans North Primary School and Keilor Downs Shopping Centre. <a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $3,000 and over five years to be $5,000. 
For more information about prices and yields in St Albans, see the<a target="_blank" href="/news"> RP Data suburb page</a>. 
 
 
 
 
 
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Weekend Yield Watch: Yields of up to 6.3% in Port Macquarie

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.

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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.”

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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.”

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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.

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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.

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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.

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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.

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Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

[smartcode_project_cta:default project_id=139552]

Pace offers five per cent deposit match at Fabbrica Fitzroy ahead of Spring completion

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

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While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

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

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

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Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

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While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[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.

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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.

[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.

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Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

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Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

<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.”
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[smartcode_project_cta:default project_id=4896]

Cassidy Knowlton

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