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A new development in the western Melbourne suburb of Maribyrnong is two-thirds sold three months after marketing began, mostly to investors.
The 27 apartments in the complex comprise three one-bedroom and 24 two-bedroom units, some with one bathroom and some with two. Nine units are left, all with two bedrooms. All 27 have car parks.
One-bedroom units are 51 square metres internally (plus eight-square-metre balconies) and ranged in price from $369,500 to $379,500. Two-bedroom apartments range in size from70 to 83 square metres internally (plus 12-square-metre balconies) and are priced between $475,000 and $535,000.
<img src="/images/stories/tropezinside.jpg">
Avion Properties director Phillip Osmond says the company began marketing the units about three months ago but did not have an official launch date.
Osmond says about 60% or 65% of the sales were to investors and adds that the area has a strong rental market.
“You got Victoria University within walking distance, Highpoint’s only walking distance, and it’s only seven kilometres from the CBD,” he says.
Avion Properties estimates that unit 202, a two-bedroom apartment priced at $480,000, would rent for between $455 and $465 per week. That would secure an investor a gross rental yield of about 5%. 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. According to RP Data the indicative gross rental yield for Melton apartments is 5.4%.
Tropez is within the Riviera Estate, which primarily comprises house-and-land packages but also includes several other unit developments.
Osmond says construction will begin in the next two to three weeks and is due to be finished by late 2012.
For advice on buying off the plan download our free e-book.
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Maribyrnong development Tropez two-thirds sold

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With almost 900 auctions this weekend, 150 of which were properties above $1 million, it was clear that not all properties were going to attract competition. 158 Napier Street, South Melbourne was one of these properties, as a very small crowd looked on as the property was passed in on a vendor bid of $1.3 million. A negotiation commenced after the auction, with a sold sticker appearing on the board shortly after. 
Many tippers on <a href="https://www.propertytycoon.com.au">www.propertytycoon.com.au</a> predicted a stronger price with an average tip of almost $1.4 million. This result shows us that as supply grows in a spring market we see more opportunities to buy well. 
On the upside for the vendor, who only paid $300,000 for the property, it has shown a solid growth rate of almost 9%.
<img src="/images/stories/napierst.jpg">
<a href="https://www.propertyobserver.com.au/auctions/weekend-auction-tipping/2011101951997" target="_blank">168 Napier Street, South Melbourne </a>
Sale price: $1,300,000
Agent quote: $1.3 million to $1.35 million
% above agent quote:  0%
Bidders:  0
Last sold: June 1994 at $300,000
Growth since last sale:  8.82%
Median growth: 8.39%
Average tip: $1,419,305
% Correct tips  7.32%
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Weekend auction tipping $1.3 million result

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Developer Australand has released the fifth building in its materplanned Discovery Point development, about 10 kilometres from Sydney CBD, following strong buyer demand for the fourth stage.
<img src="/images/stories/discovery2.jpg">
Arc is the latest building to launch in the development, which is in Wolli Creek, and comprises 88 units, of which 31 have been sold. Of the ones remaining, 24 are one-bedroom units, 29 are two-bedroom units, 13 are  two-bedroom units with studies, and one is a three-bedroom penthouse. Arc launched on September 26.
It follows the success of stage four, called Linc, where 102 of 126 apartments sold within 24 hours of the official launch.
Arc’s one-bedroom apartments are priced from $405,000, two-bedrooms are priced from $610,000, and the penthouse has an $800,000 price tag.
<img src="/images/stories/discovery3.jpg">
Discovery Point includes many outdoor leisure areas around the Cooks River foreshore and Discovery Point Park.
Australand NSW general manager of residential Nigel Edgar says the outdoor lifestyle and the convenience of transport options have struck a chord with buyers.
“The extremely convenient location just five stops from the CBD by train, coupled with a high-quality, low-maintenance apartment means that apartments at Discovery Point have had a consistently low vacancy rate,” Edgar says. “This is reflected in the high percentage of apartments bought by investors.”
<img src="/images/stories/discovery4.jpg">
Each of Arc’s apartments will include a balcony with full-height glass sliding doors for climate control, and Edgar says sustainability and convenience are big considerations for the developer.
“Australand is responding to demand for new apartments close to the city that embrace sustainability initiatives and take advantage of established transport links and infrastructure,” Edgar says. “Discovery Point’s success to date reflects our infill development experience in delivering quality masterplanned residential product at an attractive price.”
For advice on buying off the plan download our free e-book.
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Sydney Discovery Point development launches fifth stage after previous successes

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University of Western Sydney associate professor of economics Steve Keen believes property prices may fall, peak to trough, by 20% through 2013, warning the most recent peak in prices may be the last one for some time.

But where house prices go over the next year depends mostly on employment growth and interest rates, says SQM managing director Louis Christopher, who warns predictions without significant modelling behind them cannot necessarily be relied upon.
"We need to see a lot more detailed analysis about these sorts of predictions," he says.
<a href="https://www.businessspectator.com.au/bs.nsf/Article/property-interest-rates-RBA-eurozone-debt-crisis-h-pd20111019-MS7H7?OpenDocument&amp;src=sph">In an interview with Business Spectator</a>, Keen says prices could fall by 20% through 2013 from their most recent peak.
"I'd be quite happy now to say the last price peak was the overall peak and so I'd expect something of the order of a 20% fall between now and say the end of 2013," he says.
"I think you could tie me down to saying I'd expect something of the order of a 20% fall from peak to trough, whatever the peak might be, whatever the trough's going to be."
Keen has previously made headlines for predicting that prices would fall by as much as 40% over a decade or 15-year period. Now, he tips that not only will house prices fall, but that as China's growth slows down, economic conditions in Australia will soften.
As a consequence, the country could see rising levels of unemployment.
"You know, it's murky data, but the trend appears to be for rising unemployment now and of course the falling house prices at the same time," he said.
"So I think the 'everything is wonderful here' argument partially is based on the important role of China, but it's also based on the same delusion that made Iceland think it was hot shit before it fell apart."
However, Christopher warns that while prices have fallen in some cities, there are too many variables to necessarily come up with a "nice round number".
"We need to look at questions like, what are his assumptions for interest rates over that time? Is he factoring in economic Armageddon or not? What are his assumptions for government stimulus?"
"Our forecasts are that if rates remain unchanged we will see, in some cities, a 15% decline from peak to trough, but we simply don't know the future direction for interest rates."
Christopher says the real question is employment growth and how global economic turmoil will affect that. But overall, he says, it's hard to come up with "big round numbers".
"We understand fundamentally there are plenty of problems with global systems of debt, I agree with that. But there needs to be a lot of detailed analysis around these types of predictions."
This article originally appeared on<a href="https://www.smartcompany.com.au/property/20111020-house-prices-may-fall-20-by-2013-steve-keen-predicts" target="_blank"> SmartCompany</a>.
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Louis Christopher rejects Steve Keen's forecast of 20% house price drop

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33 Charles Street, Brunswick, VIC, 3056
<img src="/images/stories/charlesst.jpg"> 
This two-bedroom house in the inner-Melbourne suburb of Brunswick is close to Sydney Road shops, Princes Park and transport links. <a target="_blank" href="https://www.tre.com.au/property.cfm?propertyID=1862600&amp;realestate=33_Charles_Street_BRUNSWICK_VIC_3056">GA Thomson </a>agent Jason Sharpe  has done a rental assessment on the property and estimates that it would rent for the "mid $400s". The property sold under the hammer for $623,000 in an auction with five bidders on Saturday, October 22. Its reserve was $570. If the new owner rents it out at $450 per week this would be gross rental yield of 3.8%, higher than the indicative gross rental yield for Brunswick of 3.5%, 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. <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 $5,000 and over five years to be $13,000.
For more information about gross rental yields and prices in Brunswick, see the RP Data suburb page.
For more investment prospects that went auction this past weekend, see pages 2 and 3.
 
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137 Meadows Road, Mount Pritchard, NSW, 2170
<img src="/images/stories/meadowsrd.jpg"> 
This two-bedroom property has had a long-term tenant in place for many years, paying below market rent of $220 per week. <a href="https://www.century21.com.au/c21/propertySearch/brochure.cfm?grplstno=NSW3223144&amp;State=NSW&amp;SBRB=MOUNTPRITCHARD&amp;pcde=2170" target="_blank">Century 21</a> agent Ray Zeait is marketing the property with price hopes of $330,000 plus. If it sells for $330,000 and the current tenants are retained on the current rent an investor would secure a gross rental yield of 3.5%, below the indicative gross rental yield for Mount Pritchard houses of 5.3%, according to RP Data. The median asking rent for the suburb is $390 per week, and that would equate to a gross rental yield of 6.2%. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. <a target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $5,000 and over five years to be $10,000. The property was passed in at $320,000 at auction on Saturday, October 22. There were two bidders.
For more information about yields and prices in Mount Pritchard, see the <a target="_blank" href="/news">RP Data suburb page.</a>
<hr class="system-pagebreak">
4/89 Crown Street, Tamworth, NSW, 2340
<img src="/images/stories/crownst.jpg">
This tenanted two-bedroom unit in central western NSW could appeal to investors, as it has a high gross rental yield of 5%. <a href="https://www.propertyobserver.com.au/https://www.dcco.com.au/property/details/3739375" target="_blank">Davidson Cameron &amp; Co</a> agent Kylie Walsh is marketing the property with price hopes of $255,000 plus and says the current tenants pay $250 per week. Walsh says the tenants' lease is up but they would like to stay on. 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. Strata levies are $1,775 per annum, and council rates are $1,526 per annum for the property. <a target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $6,000 and over five years to be $18,000. The property was passed in at auction on Saturday, October 22 on a vendor's bid of $225,000. There were no other bids.
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Weekend yield watch: Brunswick sale secures yield of 3.8%

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{yoogallery src=[images/stories/october20perry]}
Matthew Perry, best known for his role as Chandler on long-running sitcom Friends, has put a second California home on the market. 
The 381-square-metre Hollywood Hills house comes with three bedrooms, four bathrooms and features hilltop views over the city of Los Angeles and a canyon outlook. It includes a home theatre and the de rigeur pool. 
The property is being marketed by <a href="https://www.propertyobserver.com.au/https://www.thepartnerstrust.com/home/listing_detail/794" target="_blank">Partners Trust Real Estate</a> with price hopes of US$5,695,000. Property records show that Perry bought the house through a trust for US$4,475,000 in 2008.
Since the conclusion of Friends Perry has been involved with several short-lived projects, including starring in the Aaron Sorkin dramedy Studio 60 on the Sunset Strip and writing, producing and starring in Mr Sunshine, which only lasted on American network ABC for two months earlier this year.
The Hollywood house is the second California property Perry has listed this month, earlier <a href="https://www.propertyobserver.com.au/international/friends-star-matthew-perry-lists-in-malibu/2011100551814" target="_blank">putting his contemporary Malibu property onto the market</a> with price hopes of US$13.5 million.
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Matthew Perry lists a second Hollywood home

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SQM Research has predicted Adelaide house prices will drop between 2.3% and 4.3% in the next year, due mainly to an increase in the amount of stock on the market.
"Adelaide's stock on market rose by 5.3% during the month of September and 26.7% year on year – a considerable increase. Total amount of stock on the market is currently at 16,618, and if listings continue to flood the Adelaide market we can expect the influx to have a downward pressure on house prices," SQM director Louis Christopher says.
Christopher says nationally there are 382,287 dwellings on the  market, which is not good news for sellers, as the market is oversupplied. He says any market turnaround is dependent on the Reserve Bank.
"A lot relies on what the Reserve Bank of Australia decides to do with interest rates," Christopher says.
"If the RBA chooses to raise rates again in 2011 or 2012, property prices will continue to fall in the next calendar year. If they choose to keep interest rates on hold, then this may help stablise property prices and prevent further falls. If they choose to reverse course and cut interest rates this year or next, it is likely that property markets will bottom out, house prices will stabalise and even rise in some cities at the top end of our forecast range. 
"At this stage the general consensus is that the RBA will either cut rates by a quarter point by Christmas or keep rates on hold. So it is unlikely we will see rises in interest rates."
Despite SQM's predictions for a falling Adelaide market, its recently released list of the top 10 discounted properties in South Australia shows that the state's vendors are not offering discounts as deep as those in parts of New South Wales or Queensland, with the most discounted property offered at less than 30% off its original asking price. 
<h2 style="font-size: 18px; line-height: 21px;">1</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106364068">22 Fenton Avenue, Christies Beach, SA, 5165</a>
On the market since: March 6, 2010
Initial asking price: $1.195 million
Current asking price: $845,000
Reduction: 29%
Days on market: 581
 
<h2 style="font-size: 18px; line-height: 21px;"></h2>
<h2 style="font-size: 18px; line-height: 21px;">2</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106736580">Lot 12 Hannaford Road, Cudlee Creek, SA, 5232</a>
On the market since: August 7, 2010
Initial asking price: $1.4 million
Current asking price: $995,000
Reduction: 29%
Days on market: 427
 
3
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008755504">8 Frederick Street, Port Elliot, SA, 5212</a>
On the market since: December 27, 2010
Initial asking price: $395,000
Current asking price: $285,000
Reduction: 28%
Days on market: 287
 
<h2 style="font-size: 18px; line-height: 21px;">4</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007653512">2 Dulwich Close, Goolwa Beach, SA, 5214</a> (pictured)
On the market since: Marcy 8, 2009
Initial asking price: $1.1 million
Current asking price: $795,000
Reduction: 28%
Days on market: 946
 
<h2 style="font-size: 18px; line-height: 21px;">5</h2>
<a href="link%20&lt;http:/sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008627958" target="_blank">1 Hero Avenue, Middleton, SA, 5213</a>
On the market since: October 18, 2010
Initial asking price: $1.2 million
Current asking price: $870,000
Reduction: 28%
Days on market: 357
 
<h2 style="font-size: 18px; line-height: 21px;">6</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107397229">30 Fairview Road, Hahndorf, SA, 5245</a>
On the market since: May 14, 2011
Initial asking price: $790,000
Current asking price: $575,000
Reduction: 27%
Days on market: 147
 
<h2 style="font-size: 18px; line-height: 21px;">7</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106542744">11 Pyrites Road (via Nairne), Brukunga, SA, 5252</a>
On the market since: May 23, 2010
Initial asking price: $253,000
Current asking price: $185,000
Reduction: 27%
Days on market: 503
 
 
<h2 style="font-size: 18px; line-height: 21px;">8</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106983302" target="_blank">416/19 Holdfast Promenade, Glenelg, SA, 5045</a>
On the market since: November 13, 2010
Initial asking price: $1.495 million
Current asking price: $1.095 million
Reduction: 27%
Days on market: 329
 
<h2 style="font-size: 18px; line-height: 21px;">9</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107101546">Section 46 Chappel Road, Hindmarsh Island, SA, 5214</a>
On the market since: January 15, 2011
Initial asking price: $460,000
Current asking price: $340,000
Reduction: 26%
Days on market: 266
<h2 style="font-size: 18px; line-height: 21px;">10</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107059750" target="_blank">88 Grundy Terrace, Christies Beach, SA, 5165</a>
On the market since: December 18, 2010
Initial asking price: $785,000
Current asking price: $595,000
Reduction: 24%
Days on market: 294
 
SQM Research also offers a list of the <a target="_blank" title="SQM Research" href="https://www.sqmresearch.com.au/top100bargains.php">Top 100 Biggest Bargains in Australia </a>for sale.
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SQM forecasts drop in Adelaide house prices due to influx of new listings

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{yoogallery src=[images/stories/octobber19riverside]}
The developer behind one of Australia’s most expensive blocks, 150 Clarendon Street in East Melbourne, has launched its latest luxury project, Riverside Richmond.
Biggin Scott Richmond began marketing Salta’s latest development a few weeks ago through a “soft launch”, and agent James Weir says four have already been reserved.
“We do want to sell most of them by Christmas,” he says.
Riverside Richmond will comprise 17 four-bedroom terraces, all with their own titles and at least two car spaces.  They range in size from 190 square metres to 258 square metres internally and all include balconies and private courtyard gardens. Prices range between $1.19 million and $3 million.
“With only seventeen available we see this as truly a one-off opportunity to secure riverfront property in such close proximity to the CBD,” Weir says.
Weir says cashed-up owner-occupiers are the expected buyers for the luxury terraces,  particularly downsizers who have sold the family home in upper-end middle-ring suburbs and are looking to move into the inner suburbs for their conveniences but who like leafy, tranquil surrounds.
“The vibrancy of Richmond’s cafe and restaurant culture, all amenities and transport are right at your doorstep, yet you’d never know it surrounded by the magnificent river setting.”
Construction on the Buchan group-designed terraces is set to begin in two or three months and is expected to be completed in March 2013.
Salta is set to develop 405 residential dwellings on the site between River Boulevard and the Yarra.
For advice on buying off the plan download our free e-book.
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Prices start at $1.9 million at Salta's latest Melbourne offering

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{yoogallery src=[images/stories/october19jacknicholson]}
Triple Oscar winner Jack Nicholson has sold his Malibu, California property for US$3.5 million, after initially listing it with US$4.25 million hopes in April of this year. The 215-square-metre house sits on about 28 hectares of land, including winding equestrian trails.
The three-bedroom house includes maid's quarters and has mountain and ocean views. The exterior includes a caretaker's cottage, tennis court, grotto-style spa, putting green and swimming pool.
Nicholson has won three Oscars during his exensive acting career and is known for iconic roles in films such as The Shining, The Departed, One Flew Over the Cuckoo's Nest and Easy Rider.
Rodrigo Iglesias and Richard Hilton of Hilton &amp; Hyland, Beverly Hills, were the listing agents.
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Jack Nicholson sells in Malibu

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{yoogallery src=[images/stories/october19adelaidehills]}
The former Wistow Golf Club House, now a column-heavy residential home on about 28 hectares, is for sale for $1.5 million plus hopes.
The house is owned by retired doctor Brice Douglas and his wife, Ruth. Expressions of interest are due by November 16.
The Douglases purchased the property 10 years ago and built the home over a period of 18 months. Wistow Golf Club relocated and amalgamated with Mount Barker Golf Club.
The home includes a Tuscan-themed indoor pool that continues the columned theme, a home theatre and four bedrooms.
The property comprises six paddocks with electric fencing, bore water and four dams, cattle yards, a vegetable garden and olive trees. The farm is a certified organic cattle farm.
The Adelaide Hills property is about a half hour’s drive to Adelaide and five minutes from Mount Barker.
The property is being marketed by Shane Snellgrove of Shane Snellgrove Real Estate.
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Former Adelaide Hills golf clubhouse on the market

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.

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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.”

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The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

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While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

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

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

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

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

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