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A $100 million resort complex in Queensland owned by developer and marina group Meridien has been placed into voluntary administration.
The 124-unit One Bright Point project, of which 114 apartments have been sold, is now being looked after by BRI Ferrier, which will look to sell the remaining apartments.
It’s understood the project was hit by the weakened property market, troubles in the tourism industry, the Queensland natural disaster and the strong Australian dollar.
The move follows the appointment of receivers to the Meridien-owned Port of Airlie project, Abel Point marina and Horizon Shores marina, the latter with approvals for up to 2000 berths and promoted as being on its way to becoming Australia’s largest marina.
Of its four marinas across Queensland only one of Meridien Marinas' assets is not in administration – its marina in Port Douglas is said to be unaffected by troubles in the industry.
Early this month Meridien Marinas managing director Russell McCart said Abel Point and Horizon Shores were both “excellent assets and have a great future and will continue to trade very well”.
“The receivers have re-employed all marina staff and will continue to operate as usual, without disruption,” McCart says.
He said the collapse can be attributed to the “ongoing GFC and strong Australian dollar” creating difficulty trading conditions for Australia’s boating industry.
Most marinas in Australia are owned by small companies or family companies, the Marina Industries Association of Australia has said.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/property/20110927-100m-queensland-resort-complex-owned-by-developer-and-marina-group-meridien-in-administration">SmartCompany</a>.
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Meridien's $100 million Queensland resort complex in administration 

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Keep your eye on Hong Kong and Shanghai in this market rally.
And remember that global stock markets, including Australia, are dominated by professional traders working for the big investment banks and institutions. Given world instability, they are moving markets up and down while putting pressure on politicians and central bankers to find a permanent solution to the European crisis.
The current rally was created because traders had oversold the market, and politicians and central bankers spread the word that they would at last take action.
If that action is yet another Band-Aid and does not include a massive reconstruction of European banks to recognise their losses, then the counter-cyclical rally will run out of steam and the bear market will resume.
But counter-cyclical rallies can be substantial.
What’s happening in Europe has a direct impact on Australia. Outgoing Commonwealth Bank chief executive Ralph Norris dared to tell the truth when he warned that the looming Australian interest rate cuts might not be passed on in full because the turmoil in Europe is boosting the cost of overseas borrowings – which Australian banks require to fund about 40% of their book.
I could be wrong, but my guess is that the Europeans need to feel more market pain before they will take required action.
But while the Europeans dither, there is an emerging property problem in Hong Kong and China, which sent the Hong Kong market to a 26-month low yesterday and saw a continued steady decline in Shanghai.
Last year when the Chinese central banks began the process of tightening, Chinese property developers and state-owned enterprises found private loans to keep up their development momentum. Property gluts are now emerging, and Shanghai and Hong Kong prices are starting to fall. This is weighing on both the Hong Kong and Shanghai markets and is one reason why the price of copper is being hammered (although there was a late rally last night, which recovered a further big fall).
All this may be lost in the current market rally but if there is a sharp cutback in Chinese apartment construction, it will affect commodities. The Chinese government is looking at further stimulation but it also has an eye to inflation.
For Australia, how China plays out will be as important as what is happening in Europe, and Europe needs Chinese money to recapitalise its banks. If China has a crunch of its own at the time of the European crisis, then the world faces a new degree of danger.
But meanwhile, enjoy the rally and, as I told Eureka Report readers last week, if you are uncomfortable with your levels of equity then these rallies give you the chance to adjust your exposure.
This article first appeared on <a href="https://www.businessspectator.com.au/" title="Business Spectator" target="_blank">Business Spectator</a>
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China's property market threat to Australia: Gottliebsen

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Collingwood is no longer a centre of factories and manufacturing, but its industrial past is attracting Melbourne buyers in a new development.
The Islington Silos, a conversion of heritage-listed grain silos that used to serve the James Hood &amp; Co malt house, have been popular with Melburnians, with all 21 apartments selling off the plan within three months of their pre-sales launch in April. The neighbouring warehouse is being converted into 27 apartments, and all but five of these have sold as well.
<img src="/images/stories/silos1.jpg">
The silo apartments, which are all three bedrooms and 130 square metres, have curved exterior walls from their previous life. Melbourne Real Estate agent Steven Marks, who is marketing the properties along with Georgina Mellick and Peter Hooymans from the same agency, says the point of difference was a “key selling point”.
The 130-square-metre silo apartments ranged in price from $825,000 to $1.35 million for the penthouses.
<img src="/images/stories/silos2.jpg">
The warehouse comprises 20 two-bedroom apartments, which range in size from 66 to 80 square metres, and seven one-bedroom units. Prices for the warehouse units range from $525,000 to $680,000.
Marks says the warehouse apartments maintain their heritage façade, and the complex’s history and unique design have appealed to buyers. James Hood &amp; Co built the silos in 1878, and Hood &amp; Co supplied malt to local breweries including the Victoria Brewery.
<img src="/images/stories/silos3.jpg">
The silo apartments are all fitted with state-of-the-art kitchen gadgetry from Italian homewares designer Bontempi, and bathrooms come with Rogerseller fittings and fixtures.
Marks says the buyers have been well-heeled Melburnian owner-occupiers, with an average sale price for the silo apartments of $1 million.
<img src="/images/stories/silos4.jpg">
“They appeal to the more sophisticated buyer,” Marks says. “They have hardwood floors, really nice fit-outs – that was well received on the marketplace.”
Developer Blue Earth Group is undertaking the $35 million project, which is expected to be finished in October 2012.
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Collingwood malt silo development hops to it

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Loan-to-value ratios are continuing to increase but mortgage arrears aren’t becoming a problem yet, the Reserve Bank of Australia says in its latest Financial Stability Review report.
But mortgage experts say while loan-to-valuation ratios are continuing to increase and banks are becoming more lenient with regard to lending practices, arrears aren’t becoming a problem and consumers are well placed to handle debt.
The RBA report noted that although the share of new loans with loan-to-valuation ratios of above 90% has fallen “significantly” over the past few years, “it has edged up over the past year as competition in the mortgage market has intensified”.
While banks dropped their LVRs during the financial crisis, they are starting to creep up again. ANZ has LVRs at 90% for new borrowers, and 95% for existing borrowers, while customers at NAB, Commonwealth and Westpac are also able to access a 95% rate.
However, the RBA also found that while loans made before 2009 are causing the recent uptick in arrears, the current state of mortgages is sustainable.
“Despite the increase over the first half of 2011, the overall mortgage arrears rate in Australia is still low by international standards, and the bulk of housing loans in arrears are well collateralised,” the RBA says.
“Moreover … there are a number of reasons why mortgage arrears are unlikely to rise as much as they have in some other countries. Not least is the more favourable macroeconomic environment in Australia.”
Fitch structured finance associate director James Zanesi says it is true that higher LVRs are associated with higher arrears and defaults, but overall he agrees with the RBA.
“I would say the main driver in terms of likelihood of default is the LVR. It is logical to say that if you have an LVR of 70%, and an LVR of 90%, the 90% mortgage holder is more likely to default, which is proven by historical data.”
However, Zanesi says it is too difficult to make sweeping statements regarding LVRs, saying instead the mortgage market performs differently based on location and differences between metropolitan areas need to be taken into account.
“If one of a few lenders increase LVRs, they don’t all jump the same way. It’s also not a short-term impact, so you wouldn’t see results of raising LVRs for quite some time,” Zanesi says.
“Arrears rose in the first quarter, but there are not as dramatic as in other jurisdictions such as the United States. Relatively, our arrears and defaults rate is fine.”
This article originally appeared on <a target="_blank" title="SmartCompany" href="https://www.smartcompany.com.au/property/20110926-property-loan-to-value-ratios-rising-but-economy-well-placed-to-handle-debt-rba-report-finds">SmartCompany</a>.
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Property loan-to-valuation ratio rising but economy well place to handle debt: RBA

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8/174 Esplanade East, Port Melbourne, VIC, 3207
<img style="border-style: initial; border-color: initial;" src="/images/stories/esplanadeeast.jpg"> 
This one-bedroom apartment with a car space in Port Melbourne is one block away from the bay and within walking distance of Port Melbourne's shops and attractions. It is currently owner-occupied but could prove appealing for tenants. <a target="_blank" title="Hocking Stuar" href="https://www.hockingstuart.com.au/">Hocking Stuart</a> agent Justin Holod estimates that the property would rent for $400 per week, and it has price hopes of $390,000 plus. If it sells for $390,000 and is rented at $400 per week, that would be a gross rental yield of 5.3%, far higher than the indicative gross rental yield for Port Melbourne units of 4.3%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. The property will go to auction on Saturday, September 24 at 11.30am.
For more about indicative gross rental yields and prices in Port Melbourne, see the RP Data suburb page.
For other investment prospects going to auction this weekend, see pages 2 and 3.
 
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17/93-103 Euston Road, Alexandria, NSW, 2015
<img style="border-style: initial; border-color: initial;" src="/images/stories/euston.jpg">
This dual-level townhouse-style apartment could appeal to tenants, as it is within walking distance of St Peters and Erskineville train stations. The two-bedroom, two-bathroom unit comes with a car parking space, and it is close to King Street and Erskineville village. <a target="_blank" title="Sydney Boutique Property" href="https://www.sydneyboutique.com.au/pol/property/search.asp?f_PropertyID=1765181&amp;f_AgentID=4331&amp;xsl=4331&amp;f_st=1">Sydney Boutique Property</a> agent Tom Scarpignato has completed a rental analysis of the property and estimates it would secure about $600 per week in rent. The property sold at auction on Saturday for $625,000. A $600-per-week rent would secure an investor a gross rental yield of 5%. The indicative gross rental yield for units in Alexandria is 6%, 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.
For more about indicative gross rental yields and prices in Alexandria, see the <a target="_blank" title="Alexandria" href="/news">RP Data suburb page</a>.
 
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14/239 Canterbury Road, St Kilda, VIC, 3182
<img style="border-style: initial; border-color: initial;" src="/images/stories/canterburyroad.jpg"> 
This studio apartment in fashionable St Kilda West comes with its own car park and is seconds away from a tram stop serving two lines. The property is currently tenanted, and the tenants are keen to stay. Similar properties in the area rent for about $290 per week. <a href="https://www.hockingstuart.com.au/" title="Hocking Stuart" target="_blank">Hocking Stuart</a> agent Simon Graf is marketing the property with price hopes of $240,000 plus. If it sells for $240,000 and is rented for $290 per week, that would secure an investor a gross rental yield of 6.3%, well above the indicative gross rental yield for St Kilda West units of 3.8%. 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, September 24 at 11am.
For more about indicative gross rental yields and prices in St Kilda West, see the RP Data suburb page.
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Friday Form Guide: Yields of up to 5.3% in Port Melbourne

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As we look back on 2011, Property Observer is republishing some of our most noteworthy stories of the year.
 
The Block stars Josh Densten and Jenna Whitehead are turning their flair for interior design into a fulltime business with the launch of decorating/renovation business Bicker Design.
Josh and Jenna, <a href="https://www.propertyobserver.com.au/victoria/take-two-auction-frenzy-as-only-one-offering-left-on-the-block/2011082351266" target="_blank">whose double-fronted Victorian cottage sold for $1 million</a> through Ruth Roberts of Woodards a few days after The Block auction, have been swamped with enquiries from Australians who want their advice and expertise on furnishings, colour, design and sometimes complete renovation.
“It’s been really overwhelming because we’re trying to take on a little bit too much. It’s been really busy,” says Jenna.
“Josh was going to go back to work and I was going to manage the business, but it’s been busy enough that we don’t have to go back to work.”
Jenna says the response from home owners keen to ask for their expertise has taken the couple by surprise, but they did not have the luxury of planning if they wanted to capitalise on their newfound celebrity.
“We started our new business about a couple of months ago and we just thought we’d strike while the iron was hot,” she says.
“It’s been a lot harder, because people that start businesses take a bit of time and plan and all the rest, but we jumped right in.”
The couple are providing advice for four properties at the moment, as well as renovating their own Melbourne house. Some of their clients ask for emailed consultation on colour, furnishings and decoration, while others need in-person consultation and advice on structural renovation. The couple's website is <a href="https://bickerdesignco.com.au/">https://bickerdesignco.com.au/</a>
Jenna mentions a three-bedroom Carlton apartment that the couple are styling from scratch.
“It’s a pretty big job to style the whole house,” she says. “It’s new, so they had no furniture whatsoever. We had to source everything, every little nook and cranny. It’s been fantastic. It’s been kind of like The Block again because we’re trying to get it done for them really, really quickly.”
“There’s a lot of lead time with furniture that we didn’t have on The Block – on the show you just dropped the name The Block and you could get everything right away but in the real world there is a lot of wait time!” she laughs.
Jenna says their business name was inspired by their on- (and off-) screen persona.
“We thought Bicker Design Co because we bickered throughout the show and that’s what people knew of us,” she says.
She says the show has been invaluable in launching the next stage of their careers. She is enrolled in an interior design course at RMIT next year, and Josh may return to construction if things quiet down at Bicker Design. But that does not seem likely to happen anytime soon.
“We showed all of Australia what we do and if they get in contact with it they already like it.”
For expert commentary and analysis on lessons to be learnt from property reality TV, <a href="https://register.propertyobserver.com.au/lights-camera-auction/" target="_blank">download our e-book Lights, Camera, Auction!</a>
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Block stars Josh and Jenna take reno from small screen to real world

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{yoogallery src=[images/stories/september23flora]}
Retirees and empty-nesters with a flair for food have been drawn to a new boutique development in the well-heeled bayside Melbourne suburb of Brighton.
The Flora development, at 15 Well Street, Brighton, has sold five of 10 apartments in the year it has been on the market, and one more is under contract. Jonathan Hallinan, owner of Bayside Project Management developers, says all of the interest has come from people downsizing.
“All the buyers are downsizers, people who are moving out of family homes in the bayside area and are wanting a low-maintenance, very high-quality standard of living,” Hallinan says.
One of the main components of that high-quality standard of living is the kitchen fit-out in each of 10 units. Celebrity chef Guy Grossi, whose much-celebrated three-hat Grossi Florentino, two-hat Mirka at Tolarno and Grossi Trattoria draw foodies nightly, designed every aspect of the kitchens in the boutique block.
“I approached him he has been engaged to design the kitchens down to the very last detail, working with my architect,” Hallinan says. “He worked very specifically and chose all of the appliances.”
Hallinan says the Grossi-designed kitchens were a “huge selling point” for Flora buyers.
All of the apartments in the block have two bedrooms, and most also have a study. They range in size from 150 square metres to 180 square metres, and prices range from $1.7 million up to $2.1 million.
Design firm Hecker Phelan &amp; Guthrie designed the units, which have large windows to capture the light and either terraces or courtyards. The gardens have a Mediterranean feel, with lavender, olive trees and figs.
Construction finished last year.
Hallinan has recently purchased another development site in Brighton for $5.3 million, according to the Australian Financial Review. Hallinan intends to build another luxury block with Guy Grossi-designed kitchens on the 1,500-square-metre block.
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Foodies downsizing on space but not quality bloom in Brighton development

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{yoogallery src=[images/stories/september22stone]}
Sharon Stone, best known for her role as man-eater Catherine Tramell in Basic Instinct, has listed her Beverly Hills mansion for less than what she paid for it in 2006. She purchased the seven-bedroom, eight-bathroom Mediterranean compound for about US$11 million and now is looking for US$8,995,000 for it.
Stone never moved into the property, according to reports, and has been trying to sell it off and on since 2009. The two-hectare property includes parking for 14 cars, a tennis court, pathways that wind their way through lush foilage and across bridges, a library and separate guest quarters. Joseph Babajian of <a href="https://www.rodeore.com/claw_featured.asp" title="Rodeo Realty" target="_blank">Rodeo Realty</a> is marketing the property. The property is a half-hour walk from Sunset Boulevard. 
With the state of the real estate market in the US, Stone will be keeping her fingers - and legs - crossed for a buyer.
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Sharon Stone shows little basic property instinct

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SQM Research has released a slightly different kind of top 10 discount list this week, reviewing properties that have been on the market for the longest time. The list includes properties that have been withdrawn and re-listed. With a few exceptions these are not the most discounted properties, as vendors hold out hope that they can achieve close to their price hopes, even after years on the market. 
"Properties from Tasmania and New South Wales Central Coast have dominated the list. However, similarly to the last time SQM Research examined homes that have spent a great deal of time on the market, our number one property is still 188 Liverpool Road in Goolwa, South Australia and interestingly enough, totalling only 16% in discounts," SQM director Louis Christopher says. 
"Hanging around on the property market for approximately 1,236 days and counting - this particular case all goes to show that even waterfront properties aren't all that that hot if their asking prices aren't either. 
"In other words, this flies against the notion that good properties will sell well in any market. They won't, especially if they have been mispriced."
<h2 style="font-size: 18px; line-height: 21px;">1</h2>
<a target="_blank" title="188 Liverpool Road" href="https://www.realestate.com.au/property-house-sa-goolwa+north-104620957">188 Liverpool Road, Goolwa, SA, 5214</a>
On the market since: April 24,2008
Initial asking price: $950,000
Current asking price: $800,000
Reduction: 16%
Days on market: 1,236
Last sold for: $408,000
Date of last sale: May 12, 2007
 
<h2 style="font-size: 18px; line-height: 21px;"></h2>
<h2 style="font-size: 18px; line-height: 21px;">2</h2>
<a target="_blank" title="5090 Tasman Highway" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007685342">5090 Tasman Highway, Buckland, Tasmania, 7190</a>
On the market since: May 18, 2008
Initial asking price: $250,000
Current asking price: $195,000
Reduction: 22%
Days on market: 1,213
Last sold for: $68,500
Date of last sale: May 30, 2003
 
3
<a target="_self" title="19 Wellington Street" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007854879">19 Wellington Street, Oatlands, Tasmania, 7120</a>
On the market since: May 22, 2008
Initial asking price: $260,000
Current asking price: $205,000
Reduction: 21%
Days on market: 1,208
Last sold for: $145,000
Date of last sale: November 22, 2003
 
 4
<a target="_blank" title="1403 Magenta Drive" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007162731">1403 Magenta Drive, Magenta, NSW, 2261</a>
On the market since: May 22, 2008
Initial asking price: $600,000
Current asking price: $535,000
Reduction: 11%
Days on market: 1,206
 
<h2 style="font-size: 18px; line-height: 21px;">5</h2>
<a target="_blank" title="290 Viveash Road" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007193295">290 Viveash Road, Swan View, WA, 6056</a>
On the market since: June 5, 2008
Initial asking price: $2.29 million
Current asking price: $1.5 million
Reduction: 34%
Days on market: 1,194
 
 
<h2 style="font-size: 18px; line-height: 21px;">6</h2>
<a target="_blank" title="1302 Birkdale Place" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007217761">1302 Birkdale Place, Magenta, NSW, 2261</a>
On the market since: June 17, 2008
Initial asking price: $700,000
Current asking price: $500,000
Reduction: 26%
Days on market: 1,180
 
<h2 style="font-size: 18px; line-height: 21px;">7</h2>
<a target="_blank" title="6 Talbingo Court" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007982701">6 Talbingo Court, Collingwood Park, Queensland, 4301</a>
On the market since: October 27, 2008
Initial asking price: $349,000
Current asking price: $308,000
Reduction: 12%
Days on market: 1,049
Last sold for: $333,000
Date of last sale: December 22, 2007
 
<h2 style="font-size: 18px; line-height: 21px;">8</h2>
<a target="_blank" title="19 Cathcart Street" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007517262">19 Cathcart Street, Swansea, Tasmania, 7190</a>
On the market since: November 29, 2008
Initial asking price: $350,000
Current asking price: $289,000
Reduction: 17%
Days on market: 1,018
 
<h2 style="font-size: 18px; line-height: 21px;">9</h2>
<a target="_blank" title="90 Franklin Parade" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008048160">90 Franklin Parade,  Encounter Bay, SA, 5211</a>
On the market since: December 1, 2008
Initial asking price: $1.55 million
Current asking price: $1.39 million
Reduction: 10%
Days on market: 1,015
Last sold for: $675,000
Date of last sale: August 23, 2005
 
 
<h2 style="font-size: 18px; line-height: 21px;">10</h2>
<a target="_blank" title="64 Cape Three Points Road" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008074820">64 Cape Three Points Road, Avoca Beach, NSW, 2251</a>
On the market since: December 2, 2008
Initial asking price: $2.1 million
Current asking price: $1.55 million
Reduction: 26%
Days on market: 1,015
Last sold for: $200,000
Date of last sale: December 2, 1999
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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Properties lounge on market for years if vendors don't price realistically: SQM

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{yoogallery src=[images/stories/september21reynolds]}
Green Lantern star Ryan Reynolds has listed his two-bedroom house in Los Angeles with price hopes of US$1,599,000. The 166-square-metre ranch-style house above the Sunset Strip has a new roof, hardwood floors and canyon views.
The Canadian actor's home is modest by Hollywood standards, and he paid US$1,715,000 for it in 2007. He listed it for US$1.9 million for 2009 but withdrew it from the market when it failed to find a buyer. In July 2011 he was willing to take a loss on the property and put it back on the market with price hopes of US$1.69 million and has subsequently discounted it to its current asking price. 
Annie Challis from <a href="https://www.kw.com/homes-for-sale/90068/CA/Los-Angeles-City-/2416-CARMAN-CREST-Drive/3yd-CLAWCA-11542999" target="_blank">Keller Williams Realty</a> is marketing the property, which she describes as a "totally private hideaway". 
Reynolds has made his mark on the worlds of rom-coms and superhero action flicks, from The Proposal to his recent turns in X-Men: Origins and Green Lantern. 
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Ryan Reynolds re-lists LA house at a loss

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.

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Joel Robinson

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

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

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

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

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

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

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

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

Cassidy Knowlton

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