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22/226 Melrose Drive, Tullamarine, VIC, 3043
<img src="/images/stories/melrose.jpg">
This one-bedroom, one-bathroom unit in the outer-Melbourne suburb of Tullamarine could suit investors, as <a target="_blank" title="Ray White Tullamarine" href="https://www.raywhite.com/vic/tullamarine/652609/">Ray White Tullamarine</a> agent Danny Coffey has done a rental assessment of the property and estimates that it will rent for between $25o and $270 per week. He has price hopes of $230,000 plus for the unit, which would be a gross rental yield of 6.1% if it sells for $230,000, well above the indicative gross rental yield for Tullamarine of 4.4% for units, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. This property goes to auction on Saturday, September 3 at 11am.
For more information about prices and gross rental yields in Tullamarine, see the <a target="_blank" title="Tullamarine" href="/news">RP Data suburb page</a>.
For more investment prospects, see pages 2 and 3.
 
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2/49 Delmar Parade, Dee Why, NSW, 2099
<img src="/images/stories/delmar.jpg">
This two-bedroom, two-bathroom unit has been withdrawn from auction but is still for sale. It is currently tenanted at $595 per week, and <a href="https://www.australianpropertychoice.com.au/properties.php?id=5053202" title="Australian Property Choice" target="_blank">Australian Property Choice</a> agent Abdul Moussalli is marketing it with price hopes of $620,000 plus. If it sells for $620,000 that would be a gross rental yield of 5%, right at the indicative gross rental yield for Dee Why, according to RP Data. The strata fee for this apartment is $1,031 per quarter, the water is approximately $140 per quarter nd council fees are $225 per quarter.
For more about prices and indicative yields in Dee Why, see the RP Data suburb page.
 
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4/7 Keys Street, Dandenong, VIC, 3175
<img src="/images/stories/keysstreet.jpg"> 
This recently renovated two-bedroom property has undercover parking and a new kitchen. <a href="https://www.stockdaleleggo.com.au/dandenong/details.asp?internetid=240287&amp;OFFICE_ID=56&amp;order=&amp;suburb=3115&amp;surround=&amp;price1=0&amp;price2=400000&amp;category=residential&amp;bedrooms=&amp;bathrooms=&amp;garages=0&amp;propertyType=&amp;OFFICE_GROUP_ID=&amp;offset=&amp;st=" title="Stockdale &amp; Leggo" target="_blank">Stockdale &amp; Leggo</a> Dandenong agent Neil Butler is marketing the property with price hopes of $230,000 plus and has done a rental assessment that concluded it would pull in $250 per week from a tenant. If it sells for $230,000 this would be a gross rental yield of 5.7%, which would be significantly above the indicative gross rental yield of 4.7% for units, according to RP Data. 
For more information about gross indicative yield and prices in Dandenong, see the RP Data suburb page.
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Friday Form Guide: Rental yields of up to 6.1% in Tullamarine

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The average rental yield for Australian houses nationally was 4.3%, according to RP Data. Five capital cities - Sydney, Brisbane, Darwin, Canberra and Hobart - have rental yields above this average, Perth's rental yield is at this average, and Melbourne and Adelaide are below. 
 
<img src="/images/stories/4point4percent.jpg">
The average rental yields for houses in Sydney in July
 
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<img src="/images/stories/3point7percent.jpg">  
The average rental yields for houses in Melbourne in July
 
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<img src="/images/stories/4point7percent.jpg"> 
The average rental yield for houses in Brisbane in July
 
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<img src="/images/stories/4point2.jpg"> 
The average rental yield for houses in Adelaide in July
 
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<img src="/images/stories/4point3.jpg"> 
The average rental yield for houses in Perth in July
 
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<img src="/images/stories/5point2percent.jpg">
The average rental yield for houses in Darwin in July
 
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<img src="/images/stories/4point8.jpg"> 
The average rental yield for houses in Canberra in July
 
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<img src="/images/stories/5percent.jpg"> 
The average rental yield for houses in Hobart in July
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Investors' guide: capital city rental yields by the numbers

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{yoogallery src=[images/stories/august31paulallen]}
Microsoft co-founder Paul Allen has listed his remote Washington state island for sale with price hopes of US$13.5 million. The price might seem steep for a 118-hectare island that is almost undeveloped, save for a simple log cabin and an air strip, but it's just over half what Allen wanted for the island in 2005, when he unsuccessfully listed it with price hopes of US$25 million.
The tech entrepreneur bought Allan Island (the island is named for the Navy hero who discovered it, not Bill Gates' former business partner) in 1992 and had planned to build a retreat on it, but decided instead to build on nearby Lopez Island, where he bought 157 hectares in 1996. Allan Island is listed through <a target="_blank" title="Windmere" href="https://www.windermere.com/index.cfm?fuseaction=listing.listingDetailUpdated&amp;listingID=18537393&amp;paginate=true">Windmere </a>agent Wally Gudgel.
Allen co-founded Microsoft with Gates in 1975 and came up with the name Mico-Soft. He was diagnosed with Hodgkin's lymphoma in 1982 and did not return to the company, though he did not officially resign from its board until 2000. 
Forbes magazine has estimated Allen's personal wealth at US$13.5 billion. 
Anyone who would like to own an island but does not want to travel all the way to the US might want to consider the recent listing of <a href="https://www.propertyobserver.com.au/rural/nsw-farming-island-hoped-to-attract-luxury-buyers/2011082851314" title="Urunga Island" target="_blank">Urunga Island</a>, off the coast of NSW.
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Microsoft co-founder Paul Allen lists private island for US$13.5 million

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Alec Baldwin has listed his Central Park West apartment for sale with $9.5 million hopes.
<img src="/images/stories/baldwin1.jpg">
The actor recently told <a href="https://www.nytimes.com/2011/08/10/nyregion/alec-baldwin-may-run-for-new-york-mayor-but-not-in-2013" title="New York Times" target="_blank">The New York Times</a> he loved New York's Upper West side because “there’s old people, it’s ethnic and it’s economically mixed. It’s not a little kind of jewel-box, privileged pocket of the city like some neighborhoods are.”
<img src="/images/stories/baldwin2.jpg">
However, Baldwin's apartment building, the fabled El Dorado overlooking Central Park, is not exactly a middle-class building. It has long been the domain of celebrities and the well-heeled - Baldwin's neighbours have included Faye Dunnaway, Michael J. Fox and the singer Moby. 
<img src="/images/stories/baldwin5.jpg">
Despite his professed love for the Upper West Side, Baldwin is reported to have moved downtown to New York's uber-fashionable SoHo to live with his girlfriend, yoga instructor Hilaria Thomas. 
<img src="/images/stories/baldwin3.jpg">
His El Dorado apartment is listed by <a href="https://www.corcoran.com/property/listing.aspx?Region=NYC&amp;listingid=2215480" title="Corcoran" target="_blank">Corcoran </a>agent Scott Stewart. Baldwin's offering is part of a recent space of apartments in the building appearing on the market. A penthouse in the building has just been listed with $5.9 million hopes, and the largest apartment in the building, a 15-room, six- bedroom apartment, recently sold for $13.25 million. 
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Alec Baldwin lists El Dorado New York apartment

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{yoogallery src=[images/stories/august29island]}
Yet another coastal NSW farming island has been listed, and its agent thinks it might be snapped up by a luxury home buyer. Urunga Island, a 134-hectare undeveloped island in between the Bellinger and Kalang rivers at Urunga, has been owned by one family for the past 40 years.
Real Estate of Distinction agent Peter Stone, who is marketing the property, says it offers the perfect tranquil retreat.
“I believe a retreat, a private getaway would be perfect, because there’s no bridge over to the island,” he says. “The only way onto the island is by boat or helicopter.”
Stone hopes to secure up to $6 million for the island, which is currently farmland but has development application approval for residential dwellings. He says it would be a perfect retreat for those who value their privacy.
“Dick Smith would be a perfect for it – he has his own chopper and wants his own peace and quiet,” Stone says.
The island is 20 kilometres south of Coffs Harbour, in a fast-growing area of the NSW coast.
“It’s one of the most beautiful parts of Australia, with lots of retirees, tree changers, sea changers, and people who want to get out of the city,” Stone says.
There are currently no residential buildings on the island, and Stone expects the new owner will likely use it as a retreat, rather than living there full time.
“I would see it as someone who’s likely to fly in and out,” he says.
It follows the sale of <a href="https://www.propertyobserver.com.au/new-south-wales/burraga-island-sells-to-chinese-interests/2011070150670" target="_blank">Burruga Island</a>, a 121-hectare  Shoalhaven River island, also in NSW, in late June. Burruga Island sold to a Chinese investor for $2.5 million.
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NSW farming island hoped to attract luxury buyers

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{yoogallery src=[images/stories/august25hampton]}
Apartments in the redeveloped Hampton hotel in Potts Point proved irresistible to Sydneysiders last year, with 106 of the 112 on offer sold within six hours of their launch. Now nine more have come onto the market, and agent Ballard Property is hoping for similar enthusiasm when they go to auction on August 31.
The Nemeth family, who owned the building, entered into a joint venture with residential developer Toga Group in June 2010 and as part of the agreement retained 13 of the 125 apartments, including all four penthouses. The family has now decided to release nine of the apartments through Ballard Property.
“Quite a few people missed out on the first round, there was quite a bit of intense competition,” Ballard Property senior sales executive Charlie Brendon-Cook says. “A year’s gone by, and now we are taking these ones to auction to keep the whole process transparent.”
Perhaps buoyed by the enthusiasm for the first release, Ballard believes it can secure a comparable price for its properties, which Brendon-Cook says are to the same standard as the original 112. CBRE sold the studio offerings starting from $385,000, and some of the studios sold for around the $420,000 to $440,000 mark. Ballard hopes to secure around $400,000 for the studio in its release and upwards of $1.25 million for some of the five two-bedroom units. There are three one-bedrom units on offer. CBRE offered most of the units for under $650,000, however the two-bedroom units achieved  up to $1.45 million in the original release. Average prices for units in <a target="_blank" title="Potts Point" href="/news">Potts Point </a>have increased 14% in the past year, according to RP Data.
In June last year CBRE selling agent said about 70% of the apartments had sold to investors. Ballard says it expects similar investor interest, with Brendon-Cook saying there has been a lot of interest from investors, both locally and overseas.
<img src="/images/stories/hampton2.jpg">
The Hampton is a 1920s Art Deco building, and Brendon-Cook says before it was a popular Sydney hotel, it was a block of apartments, so in this redevelopment it will come full circle.
“The building has quite a bit of a following, it’s quite an iconic building in the area. It’s got a New York style to it. The finishes are beautiful, with really high ceilings,” Brendon-Cook says.
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Hampton hotel redevelopment offers nine more units a year after buy-up frenzy

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Last week it was the <a href="https://www.propertyobserver.com.au/new-south-wales/bunnings-shells-out-for-big-prawn-site-but-has-no-plans-for-its-renovation/2011081851207" title="Bunnings shells out for Big Prawn" target="_self">Big Prawn</a>, now the Big Pineapple has found new owners.
Receivers sold the Sunshine Coast icon along with 165 hectares of orchards on 15 titles to a pineapple-friendly consortium called Big Pineapple Corp Pty for $5.8 million. The buyer has plans to revamp the Pineapple and its surrounds and restore its status as a major tourist draw.
“While plans are obviously still in their infancy, our vision for this area - one headlined by one of the country’s best-known tourist attractions, albeit one which has laid dormant and closed for over 12 months – is to rejuvenate the Pineapple itself and the gardens and orchards, and to create a Queensland produce-driven market hub and business centre,” says Damon Falcongreen, project partner of Big Pineapple Pty Ld.
The giant piece of fruit was built on the coast side of the Bruce Highway at Nambour on a 23-hectare pineapple farm. Queensland Minister for Labour and Tourism John Herbert officially opened the pineapple on August 15, 1971.
It burnt down in September 1978 following an attempted burglary, but Queenslanders were so attached to their pineapple that it was rebuilt and reopened less than three months later.
It has had numerous owners in its 40-year history, including Queensland Press Ltd, owned by Rupert Murdoch’s News Corp.
But in the 21st century giant pieces of plastic fruit no longer held the sway they once did, and in 2009 receivers PPB took over the pineapple.
The property features more than 10,000 square metres of buildings, including the main restaurant and store equipped with kitchens and cold storage facilities, as well as hydroponics structures, a chocolate factory, and macadamia factory, together with extensive established macadamia avocado and citrus. All of these require would require extensive work to be restored to working order.
“The Big Pineapple is a big part of the Sunshine Coast family and we are keen to engage ideas and suggestions from our local community. We have been privileged to realise this purchase and understand the heritage, cultural and social value in the property,” Falcongreen says.
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Big Pineapple buyers hope to add juice to Sunshine Coast tourism market

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1/30 Kinross Street, Hampton East, VIC, 3188
<img src="/images/stories/hamptoneast.jpg"> 
This three-bedroom, two-bathroom townhouse in the bayside suburb of Hampton East is currently tenanted at $560 per week. Although the tenants are on a month-to-month lease, they are eager to remain in the property, which is likely to appeal to investors. It includes a flexible floorplan and landscaped gardens. <a target="_blank" title="Buxton" href="https://www.buxton.com.au/">Buxton </a>agent Paul Bond is marketing the property with price hopes of $700,000 plus. If it had sold for $700,000 that would be a gross rental yield of 4.2%, higher than the indicative gross rental yield for Hampton of 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 was passed in at auction on Saturday, August 27 on a vendor's bid of $710,000.
For more information about prices and yields in Hampton East, see the <a target="_blank" title="Hampton East" href="/news">RP Data suburb page</a>.
For more investment prospects going to auction this weekend, see pages 2 and 3.
 
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11 The Parade, Blair Athol, SA, 5084
<img src="/images/stories/theparade.jpg" style="border-style: initial; border-color: initial;"> 
In an inner-Adelaide suburb, this house is likely to appeal to prospective tenants, with three bedrooms, three car spaces and a large backyard.<a target="_blank" title="LJ Hooker Walkerville" href="https://www.ljhooker.com.au/ESSFE7"> LJ Hooker Walkerville</a> agent Matthew Gryst says the property would be good for investors, as it is well priced and is in a tightly held, desirable area. Gryst is marketing the property with prices hopes of $390,000 plus. According to RP Data, the indicative gross rental yield for Blair Athol is 4.5%. It went to auction on Saturday, August 27 at 11.30am but was passed in.
For more information about prices and yields in Blair Athol, see the <a target="_blank" title="Blair Athol" href="/news">RP Data suburb page</a>.
 
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1/214 Queen Street, Altona, VIC, 3018
<img src="/images/stories/queenstaltonavic.jpg"> 
This two-bedroom unit is close to the train station, shops, schools and cafes, and it is also within a short stroll of the Altona foreshore. Its amenities and practical location could mean it is likely to appeal to tenants. It is being marketed by <a target="_blank" title="Biggin Scott" href="https://www.bigginscott.com.au/property.cfm?propertyID=1809664">Biggin Scott</a> agent Mary Tomasino with price hopes of $500,000 plus. The gross indicative rental yield for Altona is 2.9%, according to RP Data. It was to go to auction on Saturday, August 27 but was sold before auction for $650,000.
For more information about prices and yields in Altona, see the <a target="_blank" title="Altona" href="/news">RP Data suburb page</a>.
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Friday Form Guide wrap: One of three properties sold

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<img src="/images/stories/exo1.jpg">
<place><placename>Victoria</placename><placename>Harbour</placename></place>’s latest residential complex, Lend Lease’s Exo building, is 50% sold three weeks after coming onto the market.
The building will comprise 32 one-bedroom apartments of about 55 square metres, which start at $395,000. It will have 64 two-bedroom apartments, which range from 79 square metres to 93 square metres and start at $665,000. Lend Lease brought them onto the market on July 31.
<img src="/images/stories/exo2.jpg">
Exo will be have a distinctive perforated white façade, with its irregular holes designed to bring to mind river rocks or forest paths. It was designed by Lend Lease Design’s architectural team.
<img src="/images/stories/exofacade.jpg">
“Exo is the latest in a line of commercial and residential projects adding panache to Melbourne’s Victoria Harbour precinct – a unique fusion of city and water,” says Lend Lease Victoria Harbour project director Claire Johnston.
The development will back onto <street><address>Collins Street</address></street>, and although its address is technically <street><address>Merchent Street</address></street>, Lend Lease aims for it to be “characteristically <street><address>Collins Street</address></street>”.
<img src="/images/stories/exo3.jpg">
The building will be designed to be both part of the city and apart from it, much like the burgeoning Docklands precinct itself.
“The design demonstrates an innate understanding of the need for sanctuary from the hustle and bustle of urban life, with each apartment purposely designed to maximise space and minimise noise, allowing residents to reside in the heart of the city without having to compromise on their quality of living,” says Johnston.
The 10-year-old Docklands precinct has been something of an urban experiment, with the new suburb home to 15,000 residents and a growing number of businesses. Companies like Myer, NAB and ANZ are headquartered in Docklands on the eastern fringe of Melbourne CBD, and they bring thousands of young professionals to the area every day. The ANZ building alone is full of 6,000 office workers on a busy workday.
Lend Lease aims to provide accommodation for the influx of workers, with investors and young professionals its target demographic for Exo. Docklands is expected to house 30,000 people by 2021.
“The <placename>Victoria</placename><placename>Harbour</placename> retail precinct offers a selection of cafes, restaurants, shops and convenience stores, including a Safeway supermarket, and of course <street><address>Collins Street</address></street> extends into <place><placename>Victoria</placename><placename>Harbour</placename></place> and offers a convenient tram service to the CBD. Exo will also contribute to the growth of the area with the inclusion of seven retail shops at the base of the building,” Johnston says.
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Docklands development half sold in three weeks on market

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Houses in the Northern Territory are growing as big as Top-End tales about the last big catch, while the penchant for big houses in resource-rich Western Australian and Queensland remains strong. 
The Northern Territory’s house size growth spurt is defying a national trend, with developers such as Stockland starting to build smaller houses and declaring that the era of the McMansion at an end. 
<img src="/images/stories/nthouses.jpg">
As of March 2011, the average size of a new house built in the Northern Territory has soared to over 260 square metres according to ABS statistics compiled on behalf of insurer CommSec. 
While NSW continues to build the biggest houses (269.7 square metres), house sized peaked in 2007. 
However in the space of nine months, the size of an average new house in the Northern Territory has increased by about 30 square metres to 263.5 square metres. 
Put into context, in 2002, the average size of a Northern Territory house was about 183 square metres, almost exactly the same size of new apartments being built in the region. 
A search across Realestate.com.au reveals a five-bedroom town-house measuring 1,160 square metres in Fannie Bay, Darwin, up for sale by Rick Trippe (pictured) from Knight Frank. It includes a rainforest-style garden. 
The house is currently returning weekly rent of $1,1oo and asking in excess of $1.3 million. 
The Northern Territory also builds the nation’s biggest apartments (182.9 square metres) with the next biggest being in in Western Australia at just 141 square metres. 
In Queensland the average size of a new house is 250.6 square metres (compared to 232.8 square metres ten years ago) while in Western Australia houses are marginally smaller at 244.9 square metres (compared to 229.4 square metres). 
Overall, the new data confirms that Australia is still building the largest homes in the world, but according to CommSec economists Craig James and Savanth Sebastian, the size of houses has now peaked. 
According to the ABS statistics the average floor area of new free-standing house in Australia stands at 243.6 square metres in March 2011. 
The average size across both houses and apartments in Australia 214.1 square metres compared to 206 square metres in 2002-03. 
<img src="/images/stories/homesize.gif">
The building of a larger number of smaller apartments over the past two years, resulting in a reduction of the average home size. 
In the nine months to March the average new apartment was 133.7 square metres, the smallest result in a decade. 
According to Stockland chief executive for residential communities Mark Hunter, the average four-bedroom home had shrunk 20% since 2007.
Hunter says smaller three-bedroom, two-bathroom homes are "the new sweet spot" in the market.
Energy, maintenance and building costs are all contributing to smaller houses becoming more fashionable.
Despite peaking, new homes in Australia are about 10% bigger than in the US and 9% bigger than in New Zealand.
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Houses leap in size in Top End

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.

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While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

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

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

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Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

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While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[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.

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Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

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Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

<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.”
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Cassidy Knowlton

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