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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

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

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<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

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The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

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Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

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Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

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The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

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The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

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According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

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Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

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Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

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La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

Cassidy Knowlton

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