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{yoogallery src=[images/stories/september20duff]}
Hilary Duff, best known for her title role on the Disney show Lizzie McGuire, has listed her six-bedroom, five-bathroom house in the LA suburb of Toluca Lake for US$6.5 million.
Duff purchased the house, which is listed through <a target="_parent" href="https://drewfenton.com/index.php?section=properties">Hilton &amp; Hyland </a>agent Drew Fenton, in 2004 for US$3.5 million in the name of her manager, Susan Curtis. The 862-square-metre house includes an industrial-sized kitchen, billiard room, gym, gift-wrapping room, wine cellar, game room and a room-sized closet that would knock Carrie Bradshaw off her Manolos. 
The 23-year-old starlet has two clothing lines, two perfumes, two platinum-selling albums and one gold-selling album. Duff and her husband, Mike Comrie, have reportedly moved to the more celebrity-studded Beverly Hills and are expecting their first child.
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Disney star Hilary Duff lists California mansion

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Prospective home buyers are beginning to value location and security more than having a big garden or floor space, according to a new research report produced by think tank the Grattan Institute.

The news comes as the auctions market has continued to struggle a few weeks into the spring selling season, with clearance rates roughly in line with their performance over the past few months.
The Grattan Institute "What Matters Most" survey found that the number of bedrooms in a home ranks as the highest concern across all demographics, followed by safety for occupants, proximity to family and friends and the number of living spaces in the home.
Researcher and report co-author Ben Weidmann says the traditional idea that families want a large, detached house with a backyard isn't necessarily true, and that shifts in the population are leading to changes in the reasons people want certain houses.
"One interesting thing we found is around the idea of location. There tends to be this idea that people will continue to drive further out until they get that detached house with a yard, but that isn't the case. There is a mix of preferences here and they differ across the population," he says.
"Particularly, they change by age and household type."
The report found that older households tend to be focused on those location-type variables, such as being close to family and friends, while safety and security also becomes a priority as people live by themselves. Proximity to health services is also a factor.
Weidmann says the idea of having a larger house with a large number of bedrooms is now important to younger families.
"That was the only demographic that actually prioritised having a garden, whereas the other groups didn't put that first," he says. "We're finding that lot sizes are getting smaller but housing sizes are actually getting bigger."
Weidmann says as the population ages and more people wait to have children, the property industry will need to adapt. But he also says the construction industry needs to be dynamic, and shift to the needs of different areas – not just assume that one size house will fit all.
"It's definitely a case of priorities of different segments of the population seem to want different things. You might expect this to shift as the population changes and the overall kind of housing changes as well."
This article originally appeared on <a href="https://www.smartcompany.com.au/finance/20110919-property-hunters-value-location-over-house-size-new-report-claims" target="_blank">SmartCompany.</a>
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Property hunters value location over house size: Grattan Institute

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Only two apartments remain in a new development slated for the Flinders Street building that once housed Lou Richards’ Phoenix Hotel. The development will offer whole-floor apartments with uninterrupted city views.
Phoenix 82, named for Richards’ rough-and-tumble journo hotspot, will offer 28 two- and three-bedroom apartments over its 28 floors. All of the two-bedroom units have been sold, and only two of the three-bedroom units remain.
<img src="/images/stories/phoenix821.jpg">
Knight Frank agent Gerry Wang says most of the buyers have been local owner-occupiers keen to live in the Melbourne CBD.
Prices started from $645,000 for the two-bedroom apartments and from $1,865,000 for the three-bedroom units. All apartments from level 11 to leve 28 have three bedrooms, and those on the lower floors are two-bedroom units. The three-bedroom units are 131 square metres, and the two-bedrooms are about 80 square metres.
Former Collingwood footballer and footy commentator Lou “Louie the Lip” Richards operated the Phoenix Hotel at 82 Flinders Street after retiring from footy in the mid-1950s. He and his wife, Edna, sold the bar in 1993, and it was transformed from rowdy journo pub into a more businessman-centred bar.
<img src="/images/stories/phoenix822.jpg">
The Phoenix closed earlier this year, and the entire building will be demolished to make way for the Phoenix 82 development. Construction is due to start in the next two months and is expected to take between 18 months and two years.
The striking façade of Phoenix 82, designed by Fender Katsilidis architects (the firm behind Melbourne’s iconic Eureka Tower), will encompass a blue ribbon of light snaking around the building.
““The building itself will be wrapped by a light bar which curves like a ribbon around it and cascades around exterior walls and balconies. Made from steel plate and set above LED lighting, the blue bar will transform the structure and make a bold statement,” says Fender Katsalidis architect James Pearce.
Knight Frank project marketing director Tom Omerod says the fittings and fixtures will be second to none in the new project.
“Floor to ceiling windows, natural stone bench tops, reclaimed wooden flooring and Marc Newson designed Smeg appliances all come as standard,” Omerod says.
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Phoenix 82 development to offer bird's eye views of Melbourne

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{yoogallery src=[images/stories/september19island]}
A tropical private island in the Bahamas has been listed for sale with price hopes of US$75 million. The 15-hectare island is in the yachting hotspot of the Exumas in the central Bahamas, and could draw attention from very well-heeled yachties.
Five private dwellings - Manor House, Beach Cottage, Harbourmaster House and the twin guest cottages of Buttonwood and Seagrape - sleep up to 25 and are available for the new owners and their guests, and up to 29 staff can be accomodated in the chef and butler’s house, engineer’s cottage, pilot’s lounge, domestic staff quarters and bunkhouse, in what George Damianos, of<a target="_blank" href="https://www.sothebysrealty.com/eng/sales/detail/180-l-1145-4000018367/private-island-paradise-private-island-ec-00000"> Damianos Sotheby's International,</a> describes as a "staff village". 
The island is accessible by boat and seaplane. It is likely that anyone who can shell out $US75 million will have both. 
Those with shallower pockets can consider the <a target="_blank" href="https://www.propertyobserver.com.au/international/microsoft-co-founder-paul-allen-lists-private-island-for-%2413.5-million/2011083051353">Washington state island put up for sale by Microsoft co-founder Paul Allen</a>, <a target="_blank" href="https://www.propertyobserver.com.au/retail/not-so-perfect-islands-for-sale-in-fnq/2011090751465">cyclone-damaged islands in far north Queensland</a>, or <a target="_blank" href="https://www.propertyobserver.com.au/rural/nsw-farming-island-hoped-to-attract-luxury-buyers/2011082851314">Urunga Island </a>off the coast of NSW.
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Tropical island far from deserted

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The record for Australia's most expensive domain name sold in a public auction has now been broken, with investmentproperty.com.au selling for $125,000 through registrar NetFleet, after a bidding war between two businesses pushed the price even higher than the original buyers intended.
The large price tag comes after a number of other popular domains including hardware.com.au and electricity.com.au have sold for over $30,000 each, as controlling domains becomes an even more crucial practice of starting a business.
However, the losing bidder says the price is overvalued and he expects the winner – property developer Vision Homes – to sell it within 12 to 18 months.
"I don't think businesses realise the value of certain domain names. I think there are people who are good at business, and good at being online, but it's very rare to find someone who's good at both," says Mark Mendel of Find Investment Property.
"I think there is value there, but I definitely think the winner has overpaid."
Mendel says that based on the "very little information I know", the winner will sell the domain in 12 to 18 months. "I don't think they're going to get the value out of it that they might expect," he says.
Vision Homes declined to comment this morning.
NetFleet shows the investmentproperty.com.au domain sold for just over $125,000, after the original domain had expired. Anthony Ziino is listed as the previous owner, whom Mendel says he has been friends with for a number of years.
"He said that if he ever wanted to sell it, I'd be happy to buy it from him. But for some reason recently I just started browsing on the web, and there it was. I thought it was my lucky day."
"I assumed that if there wasn't anyone in the industry bidding for it, it would go for $10,000 or $15,000, and maybe if someone in the industry wanted it then $25,000 to $50,000 at the absolute maximum."
Mendel says he set a limit of $85,000, and then abandoned the process after that point, saying he didn't see any value in the domain with that price range. The bidding war raises questions about the value of domain names and how far businesses are willing to go to ensure they have the best URL possible.
"The value of the domain really depends on the business, and every business has different costs. In my business we look at the domain name, the market space, our competitors, a whole range of factors, and then decide on what we should pay."
"We're still number one in Google for our search terms – investment property. So you can have a good domain name and be a bad business, and vice versa."
However, Mendel says he's prepared to speak with the current owners when and if they choose to sell the domain.
"I think it can open up other opportunities if people have the know-how to use it correctly."
 This article originally appeared on <a target="_blank" title="SmartCompany" href="https://www.smartcompany.com.au/information-technology/20110916-investment-property-domain-sets-record-for-highest-price-sold-in-public-auction">SmartCompany</a>.
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Investment property domain name sets record for highest price sold at public auction

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105/152 Bulwara Road, Pyrmont, NSW, 2009
<img src="/images/stories/bullwarard.jpg"> 
This three-bedroom, two-bathroom property is leased until February 2012 at $840 per week, so it could be a good prospect for an investor. The 160-square-metre unit in the inner-Sydney suburb of Pyrmont includes a wrap-around balcony and access to a shared indoor swimming pool, barbecue and rooftop garden. <a href="https://www.mcgrath.com.au/buy/apartment-pyrmont-nsw-2009/136987/?searchID=9298328" title="McGrath Edgecliff" target="_blank">McGrath Edgecliff</a> agent Wayne Walter is marketing the property with $650,000-plus hopes. If it sells for $650,000 that would be a rental yield of 6.7%, far higher than the indicative gross rental yield for units in Pyrmont 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 administration fee for this property is $1,098 per quarter, and the sinking fee is $283 per quarter. The property will go to auction on Saturday, September 17 at 2.30pm.
For more on indicative gross rental yields in Pyrmont, visit the RP Data suburb page.
For other investment prospects going to auction this weekend, see pages 2 and 3.
 
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3/61 Little Oxford Street, Collingwood, VIC, 3066
<img src="/images/stories/oxfordst.jpg">
This inner-Melbourne property is tenanted until January 2012 at $410 per week, so it could be a good prospect for an investor. The two-bedroom, one-bathroom unit comes with a car parking space and includes a European-style laundry. Paul Markovic of <a href="https://www.realestateview.com.au/cgi-bin/view.pl?OID=3013017&amp;s=535067635&amp;Sub=COLLINGWOOD&amp;BeL=0&amp;BeH=9999&amp;PrL=0&amp;PrH=99999&amp;Surr=&amp;IKW=&amp;PT=&amp;PTr=r&amp;CS=VIC&amp;OrderBy=&amp;OrderStr=&amp;Con=S&amp;SearchPage=&amp;Bkmk=_&amp;OFI=&amp;OFIDays=&amp;ListedDays=&amp;BS=15&amp;Thu=&amp;Qui=n&amp;tp=dev/71_resultsF" title="Peter Markovic Real Estate" target="_blank">Peter Markovic Real Estate</a> is marketing the property with price hopes of $450,000 plus. If it sells at $450,000 this would mean a rental yield of 4.7%, about the same as the indicative gross rental yield for units in Collingwood 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. This property goes to auction on Saturday, September 17 at 11am. 
For more information about indicative gross rental yields and prices in Collingwood, see the <a target="_blank" title="Collingwood" href="/news">RP Data suburb page</a>.
 
<hr class="system-pagebreak">
 
107/64 Wellington Street, St Kilda, VIC, 3182
<img src="/images/stories/wellingtonst.jpg"> 
This one-bedroom apartment in inner-Melbourne suburb St Kilda is tenanted at $300 per week until January 2012. It includes a car space and access to a communal rooftop. <a target="_blank" title="Run Property" href="https://www.runproperty.com.au/buying/search">Run Property</a> agent Carol Hayes is marketing the property with price hopes of $300,000 plus. If it sells for $300,000, that would be a gross rental yield of 5.2%, much higher than the indicative gross rental yield of 4.1% for units in St Kilda, 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 goes to auction on Saturday, September 17 at 11am.
For more information about gross rental yields and prices in St Kilda, visit the <a target="_blank" title="St Kilda" href="/news">RP Data suburb page</a>.
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Friday Form Guide: Yields of up to 6.6% in Pyrmont

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Property developer Peter O’Mara has been embroiled in a Federal Court battle after building company Tamawood alleged O’Mara’s collapsed project management group Habitare breached intellectual property laws.
O’Mara made headlines earlier last year when millions of dollars’ worth of art was stolen from his Darling Point home. He claimed later the theft was a set-up.
The court battle comes as a number of O’Mara’s businesses have been placed into either receivership or administration, including aged-care facility Pinevale Villas Lismore.
Tamawood has reportedly accused Habitare, which collapsed into receivership last month, of breaching copyright by using some of its intellectual property in building designs.
This comes as Habitare, along with several other businesses owned by O’Mara, have been placed into receivership.
Ernst &amp; Young receiver Justin Walsh did not respond to requests for comment.
It is understood that McGrath Nicol administrators John Cronin and Jamie Harris have also been appointed. The pair were also contacted, but no reply was available before publication.
O’Mara’s aged-care facility Pinevale Villas Lismore also collapsed into receivership last month.
O’Mara said last year that the theft of 18 pieces of art worth over $2 million was likely a set-up and that “I think it’s been set up for a while”.
"It's a gut feeling, but the whole thing had to be set up – I think it's been set up for a while," he told the Daily Telegraph. "Not many people knew the artworks were here. You can't exactly see them from the road."
O’Mara has previously served as a director of Eyecare Partners, which operates a number of optometry centres throughout the country, although he resigned from that role in September 2007.
His main focus has been on building and construction, working in the industry for over 30 years. In 1993 he started Hunter Johnson, a property development group, which mainly focused on the south-east Queensland area.
O’Mara started Habitare in 2000, focusing on external builders and residential developments.
This article originally appeared on <a href="https://www.smartcompany.com.au/legal/20110914-property-developer-peter-o-mara-embroiled-in-legal-battle-as-business-empire-crumbles" title="SmartCompany" target="_blank">SmartCompany.</a>
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Property developer Peter O'Mara embroiled in legal battle as business empire crumbles 

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Australian dwelling prices have, generally speaking, demonstrated what could be most accurately described as a controlled moderation since the middle part of 2010. For example, according to RP Data-Rismark (the most closely watched dwelling price series), the seasonally adjusted hedonic price series for capital city house values declined by 2.6% year on year as of June 2011. Similarly, national “rest of state” house values fell by 2.5% year on year.
This recent example of a softening of dwelling prices in Australia is in stark contrast to the trend evident over the year to June 2010. According to RP Data-Rismark, capital city house values were up by 10.2% year on year as of June 2010, while national rest of state house values were up by 5.2% over the same period.
HIA has held the view for a considerable time now that the short-term outlook is for a flat to modest downward trajectory in dwelling prices, which in the general sense is what is occurring. The variance within this generalisation is, of course, enormous. At present, dwelling prices are rising, steady, falling, and dropping quite sharply, depending on the local geographical market and dwelling type being observed. Note also that, at the moment, the trading market for property is relatively thin, with the volume of transactions well down on recent years.
Despite the strong performance in housing starts over 2009-10, Australia still possesses an aggregate housing shortage, albeit not everywhere, despite ignorant and spurious claims to the contrary. Australia also maintains a healthy labour market, albeit one that is easing and experiencing not inconsiderable underemployment.
There are a myriad additional and inter-related factors operating in the Australian economy that provide support for dwelling prices avoiding a substantial correction, and we'll get to a few more shortly. Stoking household fears with scaremongering about imminent and substantial corrections to dwelling prices is, of course, not one such factor.
In the post-GFC world, Australian households are a relatively nervous and cautious bunch. Global uncertainty persisted throughout the first half of 2011, which didn't help. At home, widespread expectation of further interest rate hikes amidst confusing commentary on the subject and concern over a carbon tax are but two factors that have severely dented consumer (and business) confidence (and activity). Most recently, debt woes on both sides of the Atlantic have highlighted political ineptitude and selfishness, touched up equity markets, reminded us of how quickly hysterical headlines about the end of the world can re-emerge, and further derailed confidence here at home.
Against this backdrop the downside risks for Australia's short-term economic growth, which HIA has been warning of since late 2010, have increased.
This situation provides a fertile ground for proponents of a property crash to chase headlines with a renewed vigour. They haven’t been shy in this pursuit.
The collapse of the housing market in the United States is often cited as one piece of irrefutable evidence that the Australian housing market will inevitably follow the same path. However, the discussion tends to ignore the important structural differences in our economies and financial systems.
A key difference between the Australian and the US markets is the structure of mortgage lending. Home loans in the US are essentially “limited recourse” (1), meaning a lender's capacity to claw back losses on a bad loan are limited to the value of the home and unlike Australia, lenders have no further claim against the borrower.
This design provides the perverse incentive for borrowers in the US to default on the loan when the size of the loan becomes greater than the value of the property. The contribution that mortgage design made to the extremely high default rates in the US should not be underestimated. Losses as a consequence of this mortgage design would be unlikely to result in the cataclysmic scenario under prudent lending standards and adequately capitalised loans, but when combined with the extremely lax lending standards in the lead up to 2007, lenders left themselves exposed to a significant risk.
Australian mortgages are “full recourse”, hence there is far greater incentive for home owners, in the event of diminished or negative equity, to maintain their mortgages throughout dwelling price fluctuations as lenders are unable to demand additional security or force a foreclosure so long as the repayments continue to be met. The Reserve Bank of Australia has, on a number of occasions, made reference to the fact that Australian lenders were not plagued by the same lax lending standards of many US lenders.
It is also important to note that the profile of housing tenure in Australia is quite different to other countries. Just over 70% of Australian households are owner-occupiers, and only around half of the owner-occupier households have a mortgage. The average level of gearing of owner-occupiers with a mortgage is around 50%, although within this cohort there will be some who have very low gearing levels while some will have high gearing levels. Those with higher gearing levels are typically those who have been in the market for the shortest time.
Home buyers are typically at the greatest risk of experiencing mortgage stress during the early years of home ownership due to the low level of equity and the fact that mortgage repayments typically consume a higher share of household income. In Australia we have in recent times seen a natural increase in levels of mortgage arrears, albeit by a very small amount off an extremely low base. Any suggestion that the rise we have seen is evidence of an imminent market-wide collapse is merely speculation.
Discussion of dwelling prices typically prompts very emotive responses and hence provides easy fodder for sensationalist headlines. Dwelling prices are likely to be flat, perhaps slightly down, over the next 12 months and the rapid price growth experienced over the last decade is unlikely to be repeated, but we are not standing on the precipice of an imminent crash. Those touting an imminent crash in dwelling prices should take the time to reflect on Australia’s inherently sound housing market fundamentals, well-functioning banking industry, shortage of housing stock, reasonably healthy labour market, and above all the importance of avoiding exaggeration at a time of heightened fragility in economic confidence.
Should the current equity market jitters and, at times, widespread hysteria (principally around Europe) of the moment begin to tangibly damage economic activity, then Australia's very sound fundamentals will be tested and the risk to dwelling prices will increase. Australia will stand the test, however, especially when you consider the fact that Australia does not exist in a policy vacuum - we have ample room to move on both monetary and fiscal policy. Indeed HIA is of the view that we should be tapping into this policy capacity now.
Household and business confidence is in danger of being battered further in the absence of immediate action. Exaggeration of the risks to property prices has been a persistent driver of poor sentiment, and if elevated now could hardly be deemed responsible commentary.
Harley Dale is chief economist of the<a target="_blank" title="HIA" href="https://hia.com.au/"> Housing Institute of Australia</a>.
This article is an amended version of a note The Truth about Australian Dwelling Prices posted on the<a target="_blank" href="https://economics.hia.com.au/media/Australian%20Dwelling%20Prices%20-%20August%202011.pdf"> HIA Economics Group website</a> on August 10 by the Housing Industry Association (HIA) chief economist Dr Harley Dale 1: Laws and practices relating to lender recourse in the event of mortgage default vary across US States. Strictly speaking only thirteen states have non-recourse (including California and Florida), although in many other states mortgages are effectively non-recourse owing to the “one action rule”. This rule effectively enables a lender to choose between non-judicial foreclosure (the same as a non-recourse loan) or attempting to obtain a deficiency ruling against the borrower personally through the judicial system. However, if the lender pursues the latter option they forfeit the security. This means the latter option is rarely used due to the cost, time and uncertainty associated with legal proceedings to obtain a deficiency ruling against the borrower. 
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Talk of a property crash is unfounded and sensationalist: HIA's Harley Dale

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{yoogallery src=[images/stories/september14sampras]}
Tennis great Pete Sampras has listed his 1,503-square-metre house in the tony LA suburb of Thousand Oaks for sale with price hopes of US$19.95 million. The "King of Swing" and his wife, Bridgitte Wilson-Sampras, have reportedly bought a smaller house in LA's Brentwood area.
The house, on eight hectares, has unobstructed 360-degree views, a home theatre, a poker room and, naturally, a tennis court. It also includes a 111-square-metre fully contained guest house. 
JoAnn Levine of <a target="_blank" title="Levine" href="https://www.joann4homes.com/show.aspx?url=http%3a%2f%2fidx123.realtytech.com%2f%3fuser%3djlevine">Bob and JoAnn Levine</a> real estate is marketing the property, whose marketing describes it as "celebrity-owned". 
The 14-time Grand Slam winner listed the house in March 2010 with price hopes of $25 million. For that price, it would have to be real estate love.
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Pete Sampras serves up US$20 million offering

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The retail industry has suffered under the worst conditions in 20 years and things are about to get worse, according to the latest Deloitte Access Economics Retail Forecasts report, which predicts sales will grow by only 1.5% in 2011-12.
The predictions come as the Productivity Commission continues to hold public hearings in order to hear from businesses and industry bodies on how the government should help the industry as it battles the shift to offshore sales.
The new Access report recognises 2010-11 has been a "disastrous" year for the retail industry, with sales growing just 1.3% in the worst result in two decades. Although incomes have risen, Access says the real problem is a lack of willingness to spend money across all sectors.
Only "other retailing", which includes newsagents and chemists, have performed well with sales up 5.1%. And household goods are performing well, but elsewhere, the report states the retail sector is "barren".
"Retailers now face the prospect of going from bad to worse. Share market falls have eroded some wealth and seen consumer confidence plummet further. Recent data on jobs growth has also been less than encouraging."
Economists have warned volatile share markets are likely to erode confidence, especially after local shares plummeted 3.5% yesterday in one of the worst one-day trading sessions seen in recent years.
There are only two possibilities – volatile share markets cause the RBA to cut rates, or consumer confidence slowly returns over time. Access says the latter is the more likely option, but it means businesses will have to suffer until next year at the earliest, and until 2012-13 when a 3.3% growth rate is predicted.
A number of factors are keeping sentiment down – share market and housing prices falling, jobs growth losing pace, falling housing activity and lower consumer confidence.
"More worryingly for retailers, consumers are now much more concerned about their own job security than they were a few months ago," the report says.
"Recent significant layoffs by large Australian companies Qantas and Bluescope Steel may further affect the confidence of future employment by Australian consumers. Workers who are concerned about their future employment prospects are more likely to save rather than spend."
Forecasts for individual sectors indicate the pain is widespread. Speaking in terms of volumes, food retailing is set to grow only 2.4% this year, with department stores up 2%. Clothing and footwear will grow 0.5%, household goods by 1.9%, and "other retailing" and "non-food" both up 1.6%.
Cafes and restaurants will contract by 1.4%, Access says. "Unlike most other areas of discretionary retail spending, this sector does not reap the benefits of a rise in the Australian dollar."
"Cafes and restaurants are also facing the possibility of higher wage costs in the service sector. On the other hand, a subsiding of the spike in food prices will help relieve pressure on margins, while the Australian dollar may start to depreciate a little from current lofty levels over the next year."
However, despite the negative outlook, there is still hope. Access says positive growth from outside the retail sector will eventually boost jobs and income growth, which will lead to a recovery in some retail sectors.
On the positive side, it says, commodity export prices remain high, while it also notes that many businesses are beginning to invest more – there are $832 billion worth of major projects underway or in planning, up by 14.7% over the past year.
Further support also comes from the fact interest rate hikes are nowhere to be seen, with the RBA ready to cut rates if the need arises.
"By financial year, following the two-decade low of 1.3% real inflation-adjusted retail sales growth in 2010-11, there may be a modest improvement to 1.5% growth in 2011-12, with the bulk of that growth occurring the other side of Christmas.
"A more solid rate of jobs growth and easing of consumer caution might then see retail growth lift to 3.3% in 2012-13."
Specific sectors are set to enjoy higher growth as well during that time, such as "other retailing", set to grow 4.9%, along with non-food up 3.7%, clothing and footwear up 3.5%, and household goods up 3.4%.
Cafes and restaurants, however, are only set to grow 1.7% during that year, and only by 2.7% over the next five years.
"Other retailing" will grow the most over the next five years at 4.4%, followed by clothing and footwear at 4%, non-food at 3.7%, and food at just 2.1%. Department stores will grow the least, looking at only 1.3% growth over the five-year period.
State-wise, only Western Australia and Queensland will see sales growth over 3% this year, at 4.8% and 3.1% respectively. New South Wales will grow just 0.4%, while South Australia, Tasmania and the Northern Territory will grow 2.1%, 1.9% and 2.9% respectively.
Victoria will see retail sales fall by 0.1%.
However, conditions will improve in 2012-13, with NSW up 2.7%, Victoria up 3.3%, Queensland up 4.1%, South Australia up 2.1%, Western Australia up 4.1%, Tasmania up 2.9%, and Northern Territory up 2.6%.
Access also predicts good times next year, saying the current slowdown in the rate of jobs growth may have run its course, and that the household savings rate may be stabilising.
"Pockets of the Australian economy are still going very strong and this will support a reasonable rate of GDP growth in 2011-12. That should allow jobs growth to re-gather pace over the next year and provide a better support for retail spending."
This article originally appeared on <a target="_blank" title="SmartCompany" href="https://www.smartcompany.com.au/economy/20110913-retail-growth-on-the-other-side-of-christmas-but-it-s-still-not-going-to-be-very-strong-access-economics">SmartCompany</a>.
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Meagre retail growth forecast after Christmas

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

Joel Robinson

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

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

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

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

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

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

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

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

Cassidy Knowlton

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