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Matthew Perry, best known for his role as henpecked husband Chandler on sitcom Friends, has listed his Malibu house for US$13.5 million. Named The Pier House, it features four bedrooms, five bathrooms, excellent views, a firepit and a swimming pool overlooking the beach.
Perry bought the 10,000-square-metre property through a trust in 2005 for US$6.5 million. It is listed through <a target="_blank" href="https://losangelesrealestatevoice.com/mls-listing-detail/?id=97442390966&amp;from_search=1">Partners Trust Real Estate</a>.
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.
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Friends star Matthew Perry lists in Malibu

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The Brisbane entertainment precinct of Fortitude Valley is becoming a hotspot for residential development, and a new 191-apartment complex is set to add to it upon its completion in early 2013.
David Devine’s Metro Property Development, in partnership with Pearls Australiasia, have designed the 14-storey Brooklyn complex on Brookes Street as a New York-style apartment building.
The 14-storey complex will comprise six studio apartments from $305,000, 85 one-bedroom apartments from $356,500, 21 two-bedroom, one-bathroom apartments from $489,500 and 79 two-bedroom, two bathroom apartments between $543,000 and $705,000.
“With its close proximity to the Brisbane CBD and Fortitude Valley’s vibrant shopping, restaurant and entertainment precinct, it’s extremely attractive to individuals and couples looking for an exciting inner-city lifestyle,” says Metro Property Development executive chairman David Devine.
Architecture firm Woods Bagot is designing the complex, which will be very modern in feel with extensive use of glass and textured concrete.
Woods Bagot principal Mark Damant says design of the development was inspired by its namesake city.
“The acknowledgement of the wider block and its urban context inspired the ‘New York’ approach to the design – presenting the building as a series of closely related individual towers, rather than a microcosm of a city,” Damant says. “Brooklyn on Brookes exudes cosmopolitan flair yet embraces the traditional rustic feel that is akin to Fortitude Valley’s urban footprint.”
The development officially launched yesterday, October 4, and Metro Property Development says it has had a flood of interest from potential owner-occupiers and investors, but local and overseas.
The building includes a swimming pool and gym, and the living area in each apartment will have full-width glass windows.
<a target="_blank" href="https://www.propertyobserver.com.au/developments/alex-perry-development-and-others-all-the-fashion-in-fortitude-valley/2011091551568">Other Fortitude Valley developments in the work include a 131-apartment building designed by fashion designer Alex Perry, the 20-storey Belise at 510 St Paul’s Terrace and Leighton’s 18-storey Mosaic project.</a>
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Fortitude Valley's Brooklyn development offers a taste of the Big Apple

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The most discounted property in Queensland is the second-most discounted property in Australia, 1350 Wynnum Road, Tingalpa. It has nearly halved its price but has yet to find a buyer in the nearly year it has been on the market. It's been regularly featured on Property Observer as it struggles to find a buyer even at its reduced pricing.
Last week SQM Research released a<a target="_blank" href="https://www.propertyobserver.com.au/victoria/southbank-properties-raise-price-expectations-but-still-feature-on-sqm-s-victorian-discount-list/2011092751713"> list of the most discounted properties in Victoria</a>, and the difference between the two states is striking. The 10th-place Queensland property, 13 Gawler Street, Rochedale South, is discounted by 25%, which is the same discount as the number one property on the Victoria list, 1/9 Albert Place, Hoppers Crossing.
Queensland vendors are offering steeper discounts, and RP Data analysis recently revealed that <a target="_blank" href="https://www.propertyobserver.com.au/residential/queensland-hit-hardest-post-gfc-as-6.3-of-homes-worth-less-than-their-purchase-price/2011092851719">6.3% of Queensland homes are now worth less than their purchase price</a>. Queensland has been hit hard with the declining tourism market and natural disasters and is struggling to recover from the GFC. 
"We believe that for the moment, houses in Brisbane are still considerably overvalued,” SQM director Louis Christopher says.
“House prices are running at a 27% premium to nominal GDP. On any measure, if this overvaluing continues, prices will correct further this year and possibly next year," Christopher says.
"Annually Brisbane house prices fell by 3.6% already over the period to June 2011, and over the 2011 calendar year SQM Research forecasts house prices for Brisbane to fall anywhere between -7.6% to -9.6%."
 
<h2 style="font-size: 18px; line-height: 21px;">1</h2>
<a target="_blank" title="1350 Wynnum Road" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106966579">1350 Wynnum Road, Tingalpa, Queensland, 4173</a>
On the market since: November 6, 2010
Initial asking price: $700,000
Current asking price: $380,000
Reduction: 46%
Days on market: 322
 
<h2 style="font-size: 18px; line-height: 21px;"></h2>
<h2 style="font-size: 18px; line-height: 21px;">2</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008940771" target="_blank">102 Fountain Road, Burpengary, Queensland, 4505</a>
On the market since: April 17, 2011
Initial asking price: $1.2million
Current asking price: $699,000
Reduction: 42%
Days on market: 162
 
3
<a target="_blank" title="128 Charlotte Street" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008735391">3307/128 Charlotte Street, Brisbane, Queensland, 4000</a>
On the market since: December 12, 2010
Initial asking price: $575,000
Current asking price: $399,000
Reduction: 31%
Days on market: 287
 
<h2 style="font-size: 18px; line-height: 21px;">4</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008648371" target="_blank">190 Halls Road, Luscombe, Queensland, 4207</a>
On the market since: October 31, 2010
Initial asking price: $840,000
Current asking price: $600,000
Reduction: 29%
Days on market: 329
 
<h2 style="font-size: 18px; line-height: 21px;">5</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009004616" target="_blank">37 Marlborough Road, Wellington Point, Queensland, 4160</a>
On the market since: May 22, 2011
Initial asking price: $1.25 million
Current asking price: $899,000
Reduction: 28%
Days on market: 126
 
<h2 style="font-size: 18px; line-height: 21px;">6</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008269132" target="_blank">312/51 Hercules Street, Hamilton, Queensland, 4007</a> (pictured)
On the market since: March 14, 2010
Initial asking price: $1.6 million
Current asking price: $1.175 million
Reduction: 27%
Days on market: 560
 
<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%3D107499465">13 Henry Street, Greenslopes, Queensland, 4120</a>
On the market since: June 25, 2011
Initial asking price: $949,000
Current asking price: $699,000
Reduction: 26%
Days on market: 91
 
 
<h2 style="font-size: 18px; line-height: 21px;">8</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%3D106201967">38 Simon Street, Yeronga, Queensland, 4104</a>
On the market since: December 12, 2009
Initial asking price: $950,000
Current asking price: $700,000
Reduction: 26%
Days on market: 651
 
<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%3D106773785">4 Lower Clifton Terrace, Red Hill, Queensland, 4059</a>
On the market since: August 28, 2010
Initial asking price: $1.2 million
Current asking price: $895,000
Reduction: 25%
Days on market: 392
 
<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%3D107276504" target="_blank">13 Gawler Street, Rochedale South, Queensland, 4123</a>
On the market since: March 26, 2011
Initial asking price: $429,000
Current asking price: $350,000
Reduction: 25%
Days on market: 182
 
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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Queensland vendors offer far deeper discounts than Victorians

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{yoogallery src=[images/stories/october4mallorca]}
Cielo de Bonaire, one of the world's most expensive villas, has been on the market with price hopes of €50 million ($69.24 million) since 2007 and is yet to find a buyer. Matthias Kuhn built the property on speculation, and it hit the market just before the GFC hit in early 2007. <a target="_blank" href="https://property.timesonline.co.uk/tol/life_and_style/property/overseas/article1834281.ece">The Times of London</a> reported at the time that it was part of the evolution from a cheap holiday destination for British sun-seekers to a billionaires' playground.
The eight-bedroom, eight bathroom mansion has3,500 square metres of living space, a helipad, tennis court, indoor and outdoor pools, five guest suites, servants' accommodation and the best views in Mallorca, as it is perched on a hillside with panoramas over the sea and mountains. 
The property is being marketed by<a target="_blank" href="https://www.propertyobserver.com.au/https://www.mallorca-sothebysrealty.com/en/property/id/573992"> Sotheby's</a>. 
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Luxurious €50 million villa in Mallorca on the market four years and counting

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{yoogallery src=[images/stories/october4zsazsa]}
Ninety-four-year-old actress Zsa Zsa Gabor has knocked $2.1 million off her price hopes for her ornate Beverly Hills mansion. Gabor listed the four-bedroom property in June 2011 for $15 million and now wants $12.9 million for it. 
As showy and glamorous as the Austrian-born star herself, the property features a grand formal sitting room with antique French fireplace, French details, mouldings and doors throughout, high ceilings, four guest quarters, servents' quarters and parking for 24 cars. Gabor says the house once belonged to Howard Hughes and Elvis Presley, according to listing agent Christophe Choo. While many celebrities keep their purchases and sales quiet, Gabor's property is being marketed at <a target="_blank" href="https://www.zsazsagaborbelairmansionforsale.com/">www.zsazsagaborbelairmansionforsale.com</a>. The house is also listed on <a target="_blank" href="https://www.privatecelebritycompound.com/">www.privatecelebritycompound.com</a>, which is also run by Choo.
Gabor came to prominence in the 1940s and is as well known for her multiple husbands (she has had nine, including current spouse Frédéric Prinz von Anhalt) and quick wit as she is for her film and television appearances. Gabor has recently suffered ill health, falling into a six-day coma in May 2011. 
Gabor has lived in the Beverly Hills house since 1974. 
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Zsa Zsa Gabor knocks $2 million off asking price for Beverly Hills mansion

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The outer-Melbourne suburb of Point Cook is set for a new 750-lot development, and developer Wolfdene will release the first 25 in stage 1 Saturday, October 8 at 11am.
Lots in first release of the Saratoga development will range from 392 square metres to 579 square metres and will range in price from $235,000 to $295,000. Oliver Hume Real estate, which is marketing the land, is offering house-and-land packages, or buyers can choose their own builders and designs.
Saratoga aims to combat the notion that new suburbs and developments lack community with a luxury recreation centre designed by SJB architects. The centre will include a swimming pool, gym, wine bar, cafe and meeting spaces.
“Our aim at Saratoga is to create a modern form of private estate living, a sanctuary from the hustle and bustle of city life. It’s a place where people can build their ideal home on one of the many quiet, leafy streets within a few short paces of their own vibrant community hub where they can socialise, exercise or enjoy a coffee,” says Wolfdene managing director Michael Goldthorp.
The entrance to the site is set to be marked by a sculptural feature designed by SJB and designed to include natural elements and the history of Point Cook, which was a pastoral holding dating back to the mid-19th century.
“We’ve created a gateway feature that combines an arrival experience with the sense of a journey as you make your way through the site,” says SJB director Tony Battersby. “The area is completely flat with no elevation, so we are looking at ways of creating a topography where previously there was none, altering the landscape to create unusual forms and incorporating pieces of urban art within a new landscape.”
Point Cook is 25 kilometres from Melbourne CBD, and its population is growing rapidly. Currently home to about 30,000 residents, the suburb is expected to have more than 40,000 by 2016 and 60,000 in 2025.
A display village with 40 different types of homes is expected to be finished in late 2012.
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Point Cook's 750-lot Saratoga development to launch this week

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A six-storey house overlooking Lake Tahoe in Nevada, in the US, has been listed with price hopes of $43 million. The owners, Linda and David Shaheen, began building the 836-square-metre house in 2001, and it was finished in 2010. 
Only the garage is visible from the street, as the rest of the house is built into a slope overlooking the lake. Its walls are angled glass and it includes a spiral glass stairway and glass lift to all six levels. It includes a steel pier out into the lake, a gym and a spa.
According to the <a href="https://online.wsj.com/article/SB10001424053111903791504576584732133926352" target="_blank">Wall Street Journal </a>the Shaheens, who were in the carpet business, bought the land for $2.7 million and tore down the existing structure. The house is being marketed by <a href="https://www.cbselectre.com/homes/NV/Crystal_Bay/89402/580_GONOWABIE_RD/10975280/index" title="Coldwell Banker" target="_blank">Coldwell Banker</a> agent Charlyn Enstad.
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Cold comfort in Nevada

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20 Carrington Street, Granville, NSW, 2142
<img src="/images/stories/carringtonst.jpg">
This renovated three-bedroom home is currently rented out at $430 per week. Although their lease expires on Saturday, October 1 listing agent Graham Ball of <a href="https://www.raywhite.com/nsw/granville/663343/" title="Ray White" target="_blank">Ray White Fairfield</a> says they are keen to stay on. The 638-square-metre block includes a seven-metre driveway to a spacious backyard, which will likely appeal to tenants with families. Bell says there has been considerable investor interest in the property, which he estimates will sell for the "mid-$400,000s". If it sells for $450,000 the buyer would secure a yield of 5%, higher than the indicative gross yield for Granville houses of 4.8%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. The property will go to auction on Saturday, October 1 at 3pm. 
For more about indicative gross rental yields and prices in Granville, see the <a href="/news">RP Data suburb page</a>. 
For more investment opportunities going to auction this Saturday, see pages 2 and 3.
 
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1/23 Rathmines Street, Fairfield, VIC, 3078
<img src="/images/stories/faifield.jpg"> 
In a quiet street near Yarra Bend Park and Fairfield Boathouse, this two-bedroom apartment could appeal to tenants. It is close to Station Street shops and cafes and transport. <a target="_blank" href="https://www.jelliscraig.com.au/property/FAIRFIELD-1/23-Rathmines-Street/3098137/">Jellis Craig</a> agent Bev Adam is marketing the property with price hopes of $380,000 plus and says it has the potential to rent for about $300 to $340 per week. If it sells for $380,000 and rents for $420 per week, that would be a gross rental yield of 5.8%, far higher than the indicative gross rental yield for Fairfield units of 3.9%, according to RP Data.  The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. The property will go to auction on Saturday, October 1 at 10am. 
For more about yields and prices in Fairfield, see the <a target="_blank" title="Fairfield" href="/news">RP Data suburb page</a>.
 
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13/1 Wellington Crescent, East Melbourne, VIC, 3002
<img src="/images/stories/wellingtoncresc.jpg"> 
This recently redecorated one-bedroom apartment is on the edge of the city and is likely to appeal to young professional tenants. The building includes a gym, pool and sauna. The apartment also comes with a car parking space. <a target="_blank" title="Caine Real Estate" href="https://www.caine.com.au/view.php?OID=3097505">Caine Real Estate </a>agent Paul Caine is marketing the property with price hopes of $400,000 plus and says a rental analysis estimates the property could rent for between $440 and $480 per week. If it sells for $400,000 and rents at $480 per week, this would be a gross yield of 6.2%, far higher than the indicative gross rental yield of 3.6% for East Melbourne units, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. The property will go to auction on Saturday, October 1 at 10am. 
For more information about prices and yields in East Melbourne, see the <a target="_blank" href="/news">RP Data suburb page</a>.
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Friday Form Guide: Yields of up to 5% in Granville

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New home sales have concluded a dramatic bout of declines by rising 1.1% in August, according to latest figures from the Housing Industry Association, although improvements have been confined to a few states.
The figures show sales rose by 1.1% after plummeting 8% in July and 8.7% in June, strengthening the group’s push for industry assistance at next week’s Tax Forum.
HIA chief economist Harley Dale says although the result appears positive “there is a little bit of devil in the detail”.
“If you look at the results in Queensland, during the month of August this was actually the first month that the state government building boost came in,” he says.
“That has given the industry a small lift off a very low base.
“You’ve got a modestly better month in Victoria within an overall downward trend and that has been the healthiest markets.
“There are specific results that have led to the boost in the headline rate.”
The results show that detached home sales rose by 1.5% but overall are down by 15% over the August quarter.
Sales of multi-units fell by 2.2%. In Queensland sales of detached homes rose by a massive 9.8% while Victorian sales rose by 3%.
But Dale points out that New South Wales sales fell by 5.8% – the fourth straight decline – while sales fell by 4.7% in South Australia and by 0.7% in Western Australia.
<img src="/images/stories/hiasept28.gif">
Dale warns that while the results may show an improvement for this month overall they show a severe downward trend.
“Sales are still down by about 15% and we continue to get signs that new home building conditions are deteriorating, and those are deteriorating amid concerns about the global economy,” he says.
Lower consumer confidence has restricted sales and small businesses are collapsing as a result.
During the past six months various building and construction firms have been placed into receivership or administration due to lower demand for construction.
CommSec economist Craig James commented on the result by comparing them to a “dead-cat bounce”.
“Aussie consumers and home-buyers remain super cautious and that mood is continuing to constrain activity for retailers and housing dependent businesses,” he says.
“Anecdotally the recent drop in fixed term interest rates is boosting enquiry levels in the housing market but it is yet to show up in the data.”
Dale says the results in Queensland bolster the call for national stimulus.
“The case for stimulus is strengthening as the industry weakens,” he says.
This article originally appeared on <a href="https://www.smartcompany.com.au/property/20110928-new-home-sales-rise-1-1-but-housing-industry-still-concerned" title="SmartCompany" target="_blank">SmartCompany.</a>
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New home sales rise by 1.1% but housing industry still concerned

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A private island off the coast of the ritzy Connecticut town of Stanford has been listed for sale with price hopes of $18.9 million. The 1.2-hectare island is connected to the mainland US by a bridge and includes a 1,300-square-metre, 11-bedroom main house, guest house, greenhouse and staff quarters to look after it all. The property is being marketed by <a target="_blank" title="Houlihan Laurence" href="https://www.houlihanlawrence.com/real-estate/propertydetail/79166/STAMFORD/140-WALLACKS-DR,ST,-Greenwich,-CT-06902">Houliahan Lawrence</a> estate agents. 
Those with deep pockets who would like their own private island but don't want to withstand the metres of snow a New England winter can bring could consider buying closer to home, as <a href="https://www.propertyobserver.com.au/rural/nsw-farming-island-hoped-to-attract-luxury-buyers/2011082851314" title="Rural island up for sale" target="_blank">Urunga Island</a> off the coast of NSW and <a href="https://www.propertyobserver.com.au/retail/not-so-perfect-islands-for-sale-in-fnq/2011090751465" title="NQR islands in FNQ" target="_blank">Dunk and Beddara islands</a>, slightly storm-damaged but still in tropical far north Queensland, are also up for sale.
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Island offering for $18.9 million

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.

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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.

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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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