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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>
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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

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

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

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

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The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

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The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

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According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

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

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

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

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

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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Cassidy Knowlton

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