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Pop star Rhianna has listed her water-damaged Beverly Hills mansion at a US$2.5 million loss. The Barbados-born singer says the building was poorly constructed and leaked in even the lightest rain and has launched a lawsuit against the property developer, claiming construction was flawed.
Rhianna, whose real names is Robyn Rhianna Fenty,  bought the house in 2009 for US$6.9 million when it was in far better condition and is prepared to accept US$4.5 million for it now.
It is listed through <a href="https://www.coldwellbanker.com/property?propertyId=235523536&amp;mode=detail&amp;brandType=CB" target="_blank">Coldwell Banker</a> agent John Woodward in conjuction with <a href="https://www.rodeore.com/claw_featured.asp" target="_blank">Rodeo Realty</a> agent John Galich, who make no bones about its current condition. 
<img src="/images/stories/rhiannacompare1.jpg"> 
"MAJOR fixer with EXTENSIVE water intrusion from (but not limited to) roof, windows, doors and balconies. There is EXTENSIVE damage from moisture AND water intrusion. Also encroachment issues and other problems. The home is being sold strictly AS-IS and will be subject to a short-sale. Seller will consider all offers. PROPERTY WILL NOT QUALIFY FOR BANK FINANCING," says the marketing information. 
<img src="/images/stories/rhiannacompare2.jpg">
The 3,484-square-metre property includes canyon and city views, a pool and spa (both now empty), eight bedrooms, 10 bathrooms and high ceilings. 
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cknowlton-QnEa6ntUYP

Rhianna lists water-damaged mansion at US$2.5 million loss

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Super experts are divided over whether the Australian Taxation Office needs to provide more information about buying property through DIY super funds with borrowed money, after the Tax Office was warned that some funds risked big fines for breaching complicated borrowing rules.

According to the Australian Financial Review, industry group the SMSF Professional Association of Australia has urged the Australian Taxation Office to provide further examples of the difference between repairs and improvements, arguing super funds risked fines of up $220,000 for inadvertently breaching limited-recourse borrowing rules.
"The more examples you can provide to help practitioners and members, the better because if you don't, there may be a higher risk of breaches and there also will be private ruling requests made to the ATO," SPAA national technical director Peter Burgess is quoted as saying.
The comments come two months after the ATO permitted SMSF members to fund changes to the property, on two conditions: the money comes from their fund rather than borrowings, and do not fundamentally change the asset's nature.
But Michael Davison, senior policy adviser of superannuation at CPA Australia, says the ATO has already given its views, and those views are clear.
"Some people want guidance on every possible scenario," Davison says.
"But the reality is, you're not going to be able to document every single scenario."
Davison agrees some of the uncertainty is likely driven by the newness of the practice. "It's going to take awhile to get the hang of it and fully understand it."
This article originally appeared on<a target="_blank" href="https://www.smartcompany.com.au/tax/20111109-super-experts-divided-over-whether-ato-needs-to-provide-more-information-on-buying-property-through-diy-funds"> SmartCompany</a>.
 
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Super experts divided over whether ATO needs to provide more information on buying property through DIY funds

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The City of Melbourne council has defended its record of supporting retailers, despite ongoing fears of CBD small businesses being overlooked by consumers in favour of large suburban shopping centres. 

A new marketing group, The Melbourne District Central Network, was launched last month by Melbourne Lord Mayor Robert Doyle and Kristina Karlsson, founder of stationery line kikki.K. 
MDCN president Greg Robinson says city-based businesses are being challenged by the growth of “out of town super-sized shopping centres” in addition to the current retail climate. 
“We aim to bring the focus firmly back on the CBD... by showcasing the many things that Melbourne has to offer,” Robinson says. 
The network will act as a hub, providing businesses with mentoring and education, information and networking opportunities as well as supporting and promoting city council initiatives. 
According to a council spokesperson, the City of Melbourne is overseeing a range of large-scale projects to improve the walkability of the city, namely around Swanston Street. 
“The Swanston Street Redevelopment Project will increase the flow of pedestrian traffic to the central part of the city. This project will make it more attractive for public transport users and businesses,” the spokesperson says. 
“The City of Melbourne launched the Great Melbourne Treasure Hunt in February this year to attract shoppers to the CBD during what is a traditionally quieter time.” 
“It also ran the Look.Stop.Shop. initiative for the second time, during the State of Design festival, to celebrate the in-store retail experience.” 
The spokesperson says it is the availability of space – rather than the cost of space – that stops small businesses from operating in the city. 
“There may be businesses that collaborate on a specific project that may only require space for a specified period of time and then disband,” she says. 
“Spaces like these are cropping up in the city and the council has supported some in the past.” 
StartupSmart has outlined some of the initiatives of other city councils to boost CBD retailers: 
<h2>City of Sydney</h2>
Small Bars is designed to reactivate certain parts of the city, and provide an improved mix of venues, via a laneway capital works program, precinct planning and the creation of tenancies. 
Smart Green Business helps SMEs save money and improve their environmental performance, while CitySwitch Green Office helps office building tenants improve their energy use. 
Business crime prevention forums are designed to help business owners minimise crime in and around their workplace, including shoplifting, fraud, robbery, assault and credit card crime. 
<h2>Brisbane City Council</h2>
In the aftermath of the floods, transport became a major issue in the city, so the council has focused on improving its services. 
Brisbane’s CityCat and ferry network is now fully restored, with all terminals operating seven days a week, including a new CityCat launched at the West End terminal earlier this month. 
The entire CityCat fleet is fitted with WiFi, enabling businesspeople to stay connected and serving as an added incentive to visit the city. 
Meanwhile, Brisbane Marketing works closely with the council to manage the marketing and activation of the Queen Street Mall – and increasingly the surrounding central business district – as the state’s premier retail destination. 
<h2>City of Perth</h2>
The council works closely with city retailers on issues such as preferred Sunday shopping hours (still a contentious issue in WA), deregulation and exemptions to trade on public holidays. 
The Raising Retail Series is a new initiative that will present city businesses with marketing updates, business development tips and network opportunities on a quarterly basis.
Spacemarket is an online interface for the exchange of floor space across central Perth. It seeks to stimulate under-utilised spaces by pairing non-tenanted spaces with people who have a desire to use them. 
The council’s Laneway Strategy aims to improve the contribution of laneways to the city in order to enhance each space and celebrate each laneway’s distinctive environment. 
<h2>Adelaide City Council</h2>
A key component of the council’s Strategic Directions is a significant increase in its investment in capital works, with major upgrades planned for city streets, squares and public places. 
The council is also working with the state government on a new extension to the tram network, while improved pedestrian access is another major focus. 
The council has also launched the Main Street Building Improvement Scheme, which provides financial incentives to support commercial property owners interested in restoring old buildings.
This article originally appeared on <a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/growth/city-of-melbourne-defends-retail-assistance-efforts/201110124163">StartupSmart</a>
Photo courtesy of Tourism Victoria.
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City of Melbourne defends retail assistance efforts

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A record 1 million weekly visitors attended the opening of Westfield London's latest store - Westfield Stratford City, <a target="_blank" href="https://www.propertyobserver.com.au/retail/one-million-weekly-london-shoppers-buoy-westfield/2011110852254">which helped buoy Westfield's results. </a>
Not quite as many turned up this week when Justin Bieber gripped Westfield Stratford City when he switched on the centre's Christmas lights.
<img src="/images/stories/westfield3.jpg">
He had performed the same task earlier at Westfield’s Mall at Shepherd’s Bush.
<img src="/images/stories/westfield4.jpg">
 
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Westfield Stratford City: What the million saw

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Lonely Planet has named Darwin as one of the top 10 cities in the world to visit, suggesting the tourism and hotel industry could be set for a boost in the Northern Territory capital. 

It was the only Australian city to rate a mention in the Best in Travel publication’s top 10. 
Darwin came in last behind big names like London, Muscat, Bangalore, Cadiz, Stockholm, Guimaraes, Santiago, Hong Kong and Orlando. 
Lonely Planet described Darwin as a “hip city to visit” with a “pumping nocturnal scene, magical markets and world-class wilderness down the road”. 
As tourism operators struggle to cope with the high Australian dollar and the growing appeal of cheap Asian holidays, perhaps Darwin represents some hope for the leisure sector.
This article originally appeared on<a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/business-ideas/darwin-tourism-just-dandy/201111074455"> StartupSmart.</a>
 
 
 
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Darwin named one of top 10 cities for tourists

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The first stage of Brisbane development Hamilton Reach is 40% sold, after coming onto the market in April.
Stage one of the development, called Watermarque, comprises 78 apartments across two five-storey buildings, and 32 of these have been sold.
<img src="/images/stories/watermar1ue.jpg">
Watermarque includes two one-bedroom apartments, priced from $350,000, 30 two-bedroom apartments priced from $535,000 and four three-bedroom units priced from $890,000. Units range in size from 56 square metres to 150 square metres, plus a 183-square-metre balcony.
<img src="/images/stories/watermarque2.jpg">
Australand Queensland residential division general manager Richard Fulcher says Hamilton Reach’s riverfront location and affordable pricing have been well-received by buyers.
“We believe Hamilton Reach offers the best value new riverfront apartments in the market, and the sales success to date has reinforced this,” Fulcher says.
“Buyers have been drawn to the project due to its lower density,” he says, adding that its river frontage has been a major selling point.
<img src="/images/stories/watermarque1.jpg">
Sales have included two three-bedroom apartments for $1.4 million each and the penthouse for $1.5 million.
Buyers of the first stage of the development include both owner-occupiers and investors.
Watermarque is designed by architectural firm Arqus Design and is close to transport links and entertainment and dining precincts at Portside Wharf and Racecourse Road.
For advice on buying off the plan, download our free e-book.
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Brisbane development Watermarque 40% sold

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The downturn in the construction industry has claimed yet another victim, with New South Wales-based housing firm Cosmopolitan Constructions entering voluntary liquidation. 
The collapse comes as the construction and engineering industries are suffering their worst insolvency figures in years, as low consumer confidence keeps prospective property buyers out of the market.
<a href="https://www.cosmo.com.au/">In a statement on its website</a>, Cosmopolitan said that during the last year it had remained profitable, but recently it has been slammed with “significant margin erosion” in its productions division.
Christopher Darin and Nick Malanos of Worrells were appointed as joint liquidators – both were contacted this morning but neither were available for comment prior to publication.
Cosmopolitan updated its statement over the weekend, informing customers the liquidation will only affect the New South Wales division of the business and that the Queensland division is owned and operated separately.
The NSW Fair Trading Office has been made aware of the situation and <a href="https://www.fairtrading.nsw.gov.au/About_us/News_and_events/Whats_new/Cosmopolitan_constructions?DCSext.ref=HomePageClick:Whats_new">has set up a page here</a> in order to inform customers about their rights, especially those who are currently building homes with Cosmopolitan.
In the company’s statement, director Perry Condoleon wrote that staff have been terminated but entitlements will be paid out in due course, and also said that most clients with works in progress should be covered with home warranty insurance.
“The Director is deeply regretful to all suppliers and tradespeople, who have been loyal, hard working and supportive of Cosmopolitan Constructions for many years,” Condoleon said.
The collapse comes as the construction industry suffers due to the ongoing downturn, with many building parts and construction companies either entering receivership or administration.
Although some commentators believe the latest rate hike should give the property market a boost, insolvency figures suggest it may be awhile before any benefits trickle down. So far this year has been the worst for collapses on record<a href="https://www.smartcompany.com.au/construction-and-engineering/20110810-june-the-second-worst-month-for-insolvencies-on-record-as-collapses-jump-21">, with anecdotal evidence suggesting</a> the damage is being felt mainly in construction and building.
This article originally appeared on <a href="https://www.smartcompany.com.au/construction-and-engineering/20111107-new-south-wales-builder-cosmopolitan-construction-in-liquidation" target="_blank">SmartCompany</a>.
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NSW builder Cosmopolitan Construction in voluntary liquidation

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Real estate agencies got behind Breast Cancer Awareness month in October, baking thousands of cupcakes, hosting fundraising events and raising awareness.
Agencies including Jellis Craig, Laing + Simmons, LJ Hooker, The Professionals and Sarah Lorden Real Estate organised events and marketing campaigns to raise money and awareness for multiple breast cancer charities in October and throughout the year.
“Every second person has had some reasonably direct experience with the disease, whether it’s a sister or a mother or a business partner,” says Andrew Krulis, co-director of Laing + Simmons Bondi Junction.
Krulis’ former business partner, Mary Parbury, died from breast cancer in 2009, and her daughter Brianna founded the Black Tie for Breast Cancer charity event to raise money for the Cancer Centre at the Prince of Wales Hospital.
Laing + Simmons Bondi Junction is a major sponsor of the event, which this year raised $145,000 at its black-tie gala event in April.
“It’s a nice way to keep her memory alive in one way and also to do something that’s very practical in helping these guys who do a wonderful job in trying to treat and prevent people from getting breast cancer,” Krulis says.
Laing + Simmons Woollahra also has a personal connection with the breast cancer cause, as property consultant Evan J. Williams’ mother, in remission from breast cancer for the past five years, is a spokeswoman for the National Breast Cancer Foundation.
<img src="/images/stories/nettie.jpg">
The office organised an event for her and National Breast Cancer Foundation marketing manager Nettie Burke (pictured above, with Williams) to come speak with staff and local business owners, and Williams says the event was successful in raising both money and awareness.
“It was very successful and it’s only going to get bigger from here,” Williams says.
<img src="/images/stories/jcbreast.jpg">
Fans of The Block will recall the Pink Lady silhouettes outside 43 Cameron Street, Richmond, Rod and Tania’s house (pictured above), and the agency donated $25,000 from the sale of the house to Breast Cancer Network Australia.
<img src="/images/stories/pinklady.jpg">
Following on from that success, Jellis Craig displayed the Pink Lady silhouettes at its October auctions (pictured above) to raise awareness for the breast cancer cause. The agency has raised $80,000 for breast cancer charities in the past year and around $300,000 from its annual Pink Lady Cup since 2005.
”With more women being diagnosed with breast cancer each year, currently an average of 38 every day, Jellis Craig is committed to helping BCNA make a difference to those in the community affected by with breast cancer,” Jellis Craig CEO Nick Dowling says.
<img src="/images/stories/slorden.jpg">
Sarah Lorden Real Estate has used its October auctions to raise money for fighting breast cancer, donating $500 from every October listing and holding Saturday charity marquees (pictured above) to raise money for the McGrath Foundation, which funds breast cancer nurses.
The agency has raised more than $13,150 for the McGrath Foundation so far this year, and it also sponsors the charity event A Day on the Green, a celebrity cricket match, in November.
“We have raised tens of thousands of dollars over the years and it is a cause we are really passionate about supporting,” says director Sarah Lorden.
<img src="/images/stories/cupcakes.jpg">
LJ Hooker Wingham agents rolled up their sleeves for Pink Ribbon Day, baking, decorating and selling 1,326 cupcakes (pictured above) to raise money to fight breast cancer. The office raised $2,188.40 on the day for the Cancer Council, twice the amount it raised last year. The office pans to become involved again next year.
The Professionals are also heavily involved in the breast cancer cause, as the agency is a diamond partner of the National Breast Cancer Foundation. Australia-wide, its offices have raised more than $1.7 million for the charity, with a percentage of the commission from every sale going to NBCF. 
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Agents think pink for breast cancer charities

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A 1922 San Francisco mansion has sold for US$29.5 million, after being initially listed with price hopes of US$39 million. The price hopes for the six-bedroom, five-bathroom home were recently revised down to US$33.9 million.
Patrick Barber, head of the San Francisco office of listing agents <a href="https://www.pacunion.com/homes/CA/SAN_FRANCISCO/94123/2950_BROADWAY/ENH5974/" target="_blank">Pacific Union International</a>, says the reduction in price was necessary to secure the sale in the difficult US market. 
"Homes now are priced realistically, and they're selling," Barber told the <a target="_blank" href="https://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/11/02/BUFQ1LPL09.DTL">San Francisco Chronicle</a>.
The luxury end of the market in San Francisco and nearby Silicon Valley has held up better than most other market segments, with investors and employees from local technology companies keeping the market buoyant. 
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San Francisco mansion sells for US$29.5 million

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Developers Red.C and MAB Corporation are set to build affordable three-bedroom homes to a multimillion-dollar pocket of Essendon North.
<img src="/images/stories/canopiflicker.jpg">
Canopi Valley Lake will comprise more than 100 detached and semi-detached three-bedroom, two-storey homes on a 20,000-square-metre site, all with two bathrooms and two car spaces. The first release of 23 is set to launch in mid-November, and Red.C co-director Cameron Alderson says 220 people have already registered their interest.
Prices range from $575,000 to $599,000, which Alderson says is very affordable for the area, which is primarily made up of multi-million dollar properties. Block sizes range from 110 square metres to 210 square metres, and the houses will range from 150 to 200 square metres.
<img src="/images/stories/canopi.jpg" style="border-style: initial; border-color: initial;">
The median sale price for houses in <a target="_blank" href="/news">Essendon North</a> is $808,250, according to RP Data. In <a target="_blank" href="/news">Essendon</a> the median house sale price is $915,000, and in <a target="_blank" href="/news">Essendon West </a>the median sale price for houses is $735,000.
“Our homes will be priced quite competitively,” Alderson says. “It’s a brand-new price point for the area. Our homes are not as large, so we’ve put a lot of energy into making sure there’s no wasted space in the homes.”
“All the bedrooms are full size, but the living zone is one open plan area, and that’s where the efficiency is. They’re just compact, efficient, very liveable homes,” he says.
<img src="/images/stories/canopi2.jpg">
Canopi Valley Lake is located within VicUrban’s masterplanned Valley Lake Estate, comprising 550 land lots. Of these, about 200 are now occupied homes. VicUrban has built a lake, boardwalk and nearby parkland.
Red.C recently developed a similar project in Footscray called Canopi Lae Street, and Alderson says he expects the balance of buyers for Canopi Valley Lake to be evenly split between owner-occupiers and investors, as it was in Footscray.
“A lot of them are young professional families, start-up couples, single mums with kids or just a small family,” he says. “Tenants end up being a similar profile.”
The Canopi Lae Street properties sold for between $475,000 and $625,000 in late 2009 early 2010.
Canopi Valley Lake will have a display centre in mid-November. Construction is set to begin in March 2012 and is expected to be completed in the middle of 2013.
For advice on buying off the plan, download our free e-book.
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Canopi Valley Lake development to bring compact living to Essendon

A mix of Gold Coast locals, fly-in, fly-out purchasers from Sydney and Melbourne, and Brisbane-based families has driven early sales success at Broadbeach's newest apartment tower, Lumara.

The 26-level project, a joint venture between builder-developer 5Point Projects and Bourke Projects, comprises just 37 luxury residences and is attracting a buyer profile that is looking for exclusivity, above the most amenity-rich suburb on the Gold Coast.

[smartcode_project:default project_id=150454 project_image_fid=364156]

Jamie Bourke, Director of Bourke Projects, says every buyer secured so far intends to use Lumara as a lock-up-and-leave residence, combining holiday use with the ability to work remotely when required.

“The size of the apartments, both half- and full-floor options, and the different zones within the floorplans, lends itself perfectly to dedicated home office setups and multi-generational family holidays,” Bourke says.

That flexibility has become a key drawcard for affluent buyers seeking a second residence on the Gold Coast without sacrificing the ability to conduct business away from their primary home base.

The absence of holiday letting within the building has also resonated strongly with purchasers.

“This type of buyer doesn't need to generate holiday rental income,” Bourke says. “They're paying for exclusivity, privacy and certainty around who their neighbours are.”

[smartcode_project:default project_id=150454 project_image_fid=366491]

The strong demand comes amid broader shifts in the high-end apartment market following the Federal Budget announcements in May.

“We were already seeing strong enquiry from high-net-worth buyers, but that has only accelerated since the policy changes,” Bourke says.

“A lot of those buyers are looking to place more capital into premium lifestyle assets rather than investment-grade stock that has been targeted by the Federal Government.”

[smartcode_project:default project_id=150454 project_image_fid=366486]

Designed by Cottee Parker, Lumara adopts a slender, sculpted form with an emphasis on natural materials suited to its beachfront setting. The architectural approach draws on coastal influences, with a palette of stone, timber and concrete selected for durability and the ability to weather over time.

Apartments are limited to three and four-bedroom configurations, with a maximum of two residences per floor through the mid-levels and a selection of full-floor and dual-level homes in the upper levels. All apartments are oriented to the north to maximise natural light, cross-ventilation and views across the ocean, city skyline and hinterland.

A two-level amenity offering is positioned high within the building on levels 20 and 21, conceived as a sky wellness retreat. Facilities include a magnesium pool, spa, sauna and steam rooms, alongside more social spaces such as a private dining room, resident lounge, workspaces and outdoor barbecue areas integrated with landscaped greenery.

The uppermost levels are reserved for larger-format residences, including several full-floor homes and a dual-level penthouse with its own private wellness features and recreational spaces.

&nbsp;

To give buyers confidence, 5Point and Bourke commenced construction ahead of the apartments launching to the market, a sure-fire way to prove they mean business, and the building will be delivered. They are targeting a 2028 completion date.

[smartcode_project_cta:default project_id=150454]

Joel Robinson

Locals, interstate holiday makers, drive early sales at Lumara, Broadbeach's newest luxury apartment tower

Often when it comes to purchasing property, the biggest barrier to entry is the deposit. Buyers of established homes typically aim for a 20 per cent deposit to avoid the added cost of Lenders Mortgage Insurance, while most property transactions require around a 10 per cent deposit when contracts are exchanged.

The off-the-plan market works differently, with buyers typically paying a deposit during construction and settling the balance upon completion. As completion approaches at <a href="https://www.apartments.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy-vic-3065">Fabbrica Fitzroy</a>, developer <a href="https://www.apartments.com.au/developers/pace-development-group">Pace</a> is making it easier for buyers to secure a residence through a deposit-matching incentive. Purchasers need only contribute a five per cent deposit*, with Pace matching the remaining five per cent.

The offer comes as Pace unveils a completed display apartment and townhouse, now available for inspection by appointment ahead of the project's Spring completion.

[smartcode_project:default project_id=139552 project_image_fid=371009]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> and landscaping by <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, Fabbrica draws on Fitzroy’s industrial and manufacturing history, incorporating references to the former Argyle Shirt Factory and Life Savers Confectionery Company that once occupied the site.

The development comprises 85 residences, spanning low-maintenance apartments through to larger-format townhouses with private street access and double lock-up garages, a relatively uncommon offering in Fitzroy’s higher-density apartment market.

Pace says the project has been designed to appeal to buyers seeking inner-city convenience without sacrificing space, flexibility, or amenity.

[smartcode_project:default project_id=139552 project_image_fid=371016]

Inside the residences, Winwood Mckenzie has focused on adaptable layouts and integrated detailing, with features including custom joinery, and concealed storage solutions. The material palette leans into warm, tactile finishes intended to complement the building’s industrial architectural language.

Fabbrica’s rooftop amenity is a key part of the project offering. Spanning around 800 sqm, the communal rooftop includes a private dining room, communal kitchen, lounge spaces, work-from-home zones, and outdoor dining areas overlooking the Melbourne CBD skyline.

[smartcode_project:default project_id=139552 project_image_fid=371017]

Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

[smartcode_project_cta:default project_id=139552]

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

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

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

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

[smartcode_project:default project_id=135094 project_image_fid=356540]

Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

[smartcode_project:default project_id=150787 project_image_fid=366230]

While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[smartcode_project:default project_id=143932 project_image_fid=367515]

The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

[smartcode_project:default project_id=150017 project_image_fid=370960]

ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

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

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

[smartcode_project:default project_id=4896 project_image_fid=368543]

The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

[smartcode_project:default project_id=4896 project_image_fid=368544]

Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

[smartcode_project:default project_id=4896 project_image_fid=368588]

Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

<section data-scroll-anchor="false" data-testid="conversation-turn-150" data-turn="assistant" data-turn-id="request-WEB:55d7c6ac-8e6d-4881-ad49-0ed9bf66d1cc-74" dir="auto">
Jellis Craig Projects Director Stephen Bowtell is handling sales for the project and says Camberwell House offers a rare entry point into one of Melbourne’s most tightly held markets.

“Buyers are recognising that Camberwell House offers something they simply haven’t seen before in Boroondara,”&nbsp;Bowtell&nbsp;says.

“It combines a level of resident amenity and service typically associated with Melbourne’s premium inner-city developments, while being positioned right in the heart of Camberwell Junction.

“The response to the concierge offering has been particularly strong. Buyers appreciate not only the convenience, but also the sense of security and peace of mind that comes from having a dedicated presence in the building every day.

“When you combine that with the wellness facilities, the exceptional arrival experience, and panoramic views across both the CBD skyline and the Dandenong Ranges, it creates a lifestyle proposition that is genuinely unique within the local market.”
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[smartcode_project_cta:default project_id=4896]

Cassidy Knowlton

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