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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This two-bedroom, two-bathroom unit has been withdrawn from auction but is still for sale.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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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

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

Joel Robinson

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

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

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

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

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

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

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

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