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{yoogallery src=[images/stories/august12sackville]}
49 Sackville Street, <a target="_blank" title="Kew" href="/news">Kew</a>, VIC, 3101
A well-renovated original home in a prized Kew precinct. Sackville Street contains many fine original homes and is leafy, yet it does carry traffic (particularly during school pick-up/drop-off times). The fact that this has car access off John Street is a big plus here, particularly in light of this.  
Main pluses - the floor plan is practical and suits modern living well, block size and northern rear orientation.  Backyard / rear patio is little exposed (given relative levels and block slope), yet this could be addressed if it were to become an issue for the buyer.  
Also being over a single level, an older family may like better bedroom separation, yet the basement living area helps with this and provides a place for older kids to retreat to. Overall a very good property, and one that should attract good competition at the right price point.
- Adam Woledge
Powerful Sackville ward Kew offering with the classic features and agent to make for an exciting auction or post-auction negotiation. Being picky out the back lets it down a bit; but overall you can smell the money as you walk through this home. Circle $4 million - in this market - yep.
- Mal James
James Buyer Advocates gives this property a rating of 787 out of 1000, which is in the Well Above Average category. It sold at auction on Saturday, August 13 for $4.31 million.
Adam Woledge is a registered architect and principal buyer advocate at <a target="_blank" title="James Buyer Advocates" href="https://www.james.net.au/">James Buyer Advocates</a>. Mal James is principal buyer advocate at James Buyer Advocates, which includes home ratings, market news and buying advice on its website.
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cknowlton-QnEa6ntUYP

Well-renovated Kew property has a lot to recommend it

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5 Alex Place, Bligh Park, NSW, 2756
<img src="/images/stories/blighplace.jpg">
This property is currently rented at $400 per week and could make a good prospect for investors. The lease was negotiated about six months ago and has expired, but the tenant is keen to stay on. The three-bedroom, one-bathroom house is light and airy, close to schools and transport and includes a garage or shed with workshop. It is being marketed by <a href="https://www.vibeproperty.com.au/bligh-park-5-alex-place-2/" title="Vibe Property " target="_blank">Vibe Property Richmond</a> agent Michael Mahboub with price hopes of $399,000 plus. If it sells for $399,000 it would net investors a yield of 5.2%, about the same as the suburb's gross indicative yields for houses of 5.3%. It goes to auction on Saturday, August 13 at 11am.
For more information about prices and yields in Bligh Park, see the RP Data suburb page.
For other investment prospects going to auction this weekend, see pages 2 and 3.
 
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64 Emu Parade, Jacana, Victoria, 3047
<img src="/images/stories/emuparade.jpg"> 
A rent assessment of this three-bedroom property estimates the potential for $310 to $340 per week in rent. The land size is 788 square metres, and it includes two carport spaces and one garage space. It is being marketed by <a href="https://www.raywhite.com/vic/jacana/643350/" title="Ray White" target="_blank">Ray White Tullamarine</a> agent Danny Coffey with price hopes of $320,000 plus. The property was passed in at auction on Saturday, August 13 at 11am. 
For more information about prices and indicative yields in Jacana, see the RP Data suburb page.
 
<hr class="system-pagebreak">
  
8/178 Kurraba Road, Neutral Bay, NSW, 2089
<img src="/images/stories/kurabnuetral.jpg"> 
This studio apartment is well located near ferries, parkland and shops and could appeal to tenants. It is within easy community distance of the city and North Sydney. Listing agent Simon Nakhla of <a href="https://www.mcgrath.com.au/buy/apartment-neutral-bay-nsw-2089/131845/?searchID=8202177" title="McGrath" target="_blank">McGrath Neutral Bay</a> says the property has generated a lot of investor interest. It is being marketed with $250,000 plus hopes. Indicative gross yields in the area are 2.5%, according to RP Data. It was passed in with a vendor bid on Saturday, August 13 at 9am. 
For more information about prices and indicative yields in Neutral Bay, visit the RP Data suburb page. 
<div id="_mcePaste" class="mcePaste" style="position: absolute; left: -10000px; top: 344px; width: 1px; height: 1px; overflow-x: hidden; overflow-y: hidden;">https://www.propertyobserver.com.au/data/suburb/bligh-park-nsw</div>
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Friday Form Guide: Yields of up to 5.2% in Bligh Park

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{yoogallery src=[images/stories/august11woolworth]}
4 East 80th Street, New York, NY, 10021
Retail chain magnate Frank Woolworth, who was to the United States in the 19th century what Frank Lowy is to Australia today, engaged the famed architect Charles Pierpont Henry Gilbert to build three adjacent townhouses on New York's Upper East Side, the haven of the old moneyed. This property at 4 East 80th Street was built for Helena and was finished in 1916. <a href="https://www.propertyobserver.com.au/https://www.bhsusa.com/manhattan/upper-east-side/east-80th-street/rental/1207018" title="Brown Harris Stevens" target="_blank">Brown Harris Stevens</a> agent Paula Del Nunzio has listed for sale for a whopping $90 million, or for those slightly less cashed-up, for rent for $165,000 per month. Ceilings are four metres high, and the six-storey building includes a roof garden, a dining room that can seat 50, a wood-panelled library, two kitchens (one for the servants, naturally), a gym and a stained-glass skylight. The house was most recently owned by fitness entrepreneur Lucille Roberts, whose 47 eponymous women's gyms are spread throughout the New York metropolitan area. Roberts died in 2003.
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Townhouse for sale for $90 million, for rent for $165,000 a month

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{yoogallery src=[images/stories/august10peninsula]}
40-42 The Peninsula Parade, Sovereign Islands, Queensland, 4216
On a 1,412-square-metre block with 43 metres of waterfront, this mansion is built in the style of prestige properties in New York enclave of the rich and famous The Hamptons. The five-bedroom, six-bathroom property includes vast open spaces, a resort-style swimming pool, wet bar and all of the luxurious brand-name and marble extras you would expect from a property being marketed with $4.25 million hopes. The property includes broadwater access, as well-heeled yachties are its target demographic. It is being marketed by <a target="_blank" title="Caldwell Banker Ledgerwood " href="https://www.cblrealty.com.au/buying/QLD/Gold-Coast-and-Hinterland/SOVEREIGN-ISLANDS/House/31P0186">Caldwell Banker Ledgerwood Realty</a> agent James Ledgerwood. 
 
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Resort-style living in Sovereign Islands

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Twenty-one out of the 48 apartments in a new development in the Melbourne suburb of Blackburn have sold in the first three weeks since its launch.
Q2, which will comprise 48 one- and two-bedroom apartments, was designed by Hayball architects and developed by Kokoda property. Construction is expected to begin in late September and is expected to be completed by late next year.
<img src="/images/stories/blackburn1.jpg">
The development is at 2 Queen Street, close to <a target="_blank" title="Blackburn" href="/news">Blackburn </a>railway station and shops and cafes on the Maroondah Highway.
“At the end of Queen Street is the station and all of the shops, so convenience-wise it’s a great spot,” says David Howard, sales associate at Castran Gilbert, which is marketing the property. “You can walk to the end of the street, jump on the train and you’re off to work.”
<img src="/images/stories/blackburn2.jpg">
One-bedroom apartments, which range from 50 to 63 square metres, start from $345,000. Two-bedroom apartments, which range from 61 to 68 square metres, start from $475,000. 
According to RP Data, the median price for apartments in Blackburn is $550,000, and the gross indicative yield for the area is 3.3%.
<img src="/images/stories/blackburn3.jpg">
Howard says most of the interest has come from owner-occupiers who already live in the area.
“We’ve had some people downsizing who already live out in the eastern suburbs and no longer need the big family home,” he says. Howard estimates that most of the buyers come from a five- to 10-kilometre radius of Q2.
However, “you’ll always get investors as well”.
The development launched the weekend of July 16 and 17.</body></html>

Blackburn development 45% sold in three weeks

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{yoogallery src=[images/stories/august9roseville]}
26 Clanville Road, Roseville, NSW, 2069
This five-bedroom, four-bathroom house has been in the same family for 50 years. It has been tastefully updated and includes a heated saltwater pool and a tennis court. The floors are made of blackbutt timber, and all of the bathrooms have marble detailing. It is within walking distance of Roseville train station, shops and cafes. The property is being marketed by<a href="https://www.belleproperty.com/for-sale/NSW/North-Shore-Upper/Roseville/House/25P0169-26-clanville-road-roseville-nsw-2069" title="Belle Property" target="_blank"> Belle Property Killara</a> agent Chana Scotcher with price hopes of $4.6 million. It goes to auction on Saturday, August 27 at 3.30pm. 
 
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Everything's coming up Roseville

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The monthly private sector credit numbers for June 2011 were released by the Reserve Bank last week. The data highlights the amount of outstanding credit for the private sector. Of particular interest is the housing credit data.
<img src="/images/stories/tighthousing1.jpg">
Housing credit is broken into two parts: owner occupier and investor credit. Total housing credit grew by just 6.0% over the 12 months to June 2011, the slowest annual rate of growth in housing credit over the length of the time series which dates back to January 1991. Owner occupier credit increased by just 6.5% over the year and investor credit grew by 5.8%. Annual owner occupier credit growth was the lowest in history while investor finance growth reached a low of 2.3% in October 2009.
The limited growth in credit is indicative of the response to the Global Financial Crisis (GFC) by financiers, having tightened credit requirements for home loans. It is also representative of the higher interest rate environment resulting in lower home loan demand and consumer caution which is resulting in home loan owners paying down debt.
The annual growth in housing credit across Australia has actually been easing ever since March 2004, which was also the time the housing boom of 2001-04 was starting to run out of puff. As the graph shows, ever since private sector housing credit peaked the rate of capital growth in property values has also been slower.
<img src="/images/stories/tighthousing2.jpg">
The most recent RP Data-Rismark Capital City Home Value data is to June 2011, 74 months since housing credit began to fall. Over this time, home values across the combined capital cities have increased by a total of 40%. During the preceding 74 months, capital city home values increased by a total of 97.4%. The evidence certainly suggests that as growth in housing credit slows so too does the rate of property value appreciation.
Although a decline in housing credit is likely to result in lower levels of home value growth, there is no precedent that it will result in substantial falls in home values.
<img src="/images/stories/tighthousing3.jpg">
What is a likely result of lower growth in housing credit is a lower number of housing transactions. When the volume of home sales in the three largest cities (Sydney, Melbourne and Brisbane) are plotted against the annual change in housing credit you can see that volumes have been trending lower since growth in housing credit peaked during March 2004.
Obviously this changing market dynamic is going to have an acute impact on home owners and property professionals.
Home values are unlikely to grow at a similar pace to that which they have grown in recent years. It is important to note that this shift has been happening without much notice in recent years. Over the past five years, capital city home values have grown at an average annual rate of 5.5% compared to annual growth of 7.1% on average over the decade. So clearly the last five years have recorded a much slower rate of capital gains than the preceding five years. Lower rates of capital growth mean less equity in homes and as a result less housing market speculation. In-turn, we will likely see fewer investors actively looking to invest in property unless rental returns climb markedly from their current levels, providing opportunities for positive gearing.
For property professionals, fewer transactions coupled with lower equity levels is likely to result in less commission and lower demand.
How long will these conditions last? Who's to say but affordability is an issue and not one that is likely to be improved upon quickly so these conditions are the new normal with property values likely to grow more in-line with household incomes going forward. The banks have stated that consumers will have to get used to lower levels of credit after the GFC, now obviously that won't continue forever but a restricted credit supply is likely to remain for a number of years, especially while debt problems persist in many economies.
Tim Lawless is the head of research for<a target="_blank" title="RP Data" href="https://www.rpdata.net.au/"> RP Data</a>. This article originally appeard on <a target="_blank" title="SmartyCompany" href="https://www.smartcompany.com.au/property/20110808-tight-housing-credit-brings-little-joy-to-the-market">SmartCompany</a>.
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Tight housing credit brings little joy

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After a sharp slump in share markets – as we are now seeing – it is natural to wonder what the implications for residential property market might be. 
Will investors rush into property as a safer alternative to shares much as occurred after the 1987 share crash? Or will the deteriorating economic backdrop cause buyers to sit on the sidelines as distressed selling picks up, much as occurred initially around the GFC? 
Our view is that the odds favour the later. As in 2008, the environment today is very different to what see saw after the 1987 share market crash – there is much more economic uncertainty, house prices are percieved as overvalued and affordability is terrible. Investor surveys show that property is almost as out of favour for investors as shares are.
With non-mining parts of the economy already struggling, the global outlook taking a turn for the worst, share markets falling and unemployment likely to start drifting up again, it is likely we will see an increase in the supply of homes on the market over the next few months, particularly at the upper end. This combined with fear of the unknown keeping potential buyers on the sidelines is likely to ensure that the recent softening in house prices will continue into year end.
Eventually the RBA will start to cut interest rates and this should start to help the residential property market from around the middle of next year, but in the meantime its hard to see the property market picking up.
Shane Oliver is chief economist at <a href="https://www.ampcapital.com.au/" title="AMP Capital Investors" target="_blank">AMP Capital Investors</a>.
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Property to be sidelined until mid next year

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{yoogallery src=[images/stories/august8story]}
75 Storys Creek Road, Avoca, TAS, 7213
Bona Vista Farm is part of Bona Vista Estate, which was granted to Simeon Lord in 1826. The farm has been leased since 1997 and comprises 2,015 hectares of grazing land and 1,380 hectares of native grassland and forest. It includes a four-bedroom farm manager's house, a two-bedroom station hand's cottage and a machinery shed. The property is on the South Esk River and is about an hour from Launceston. The property is being marketed by<a href="https://www.robertsre.com.au/cgi-bin/clients/robre/home.cgi?gid=23201" title="Robert Rural Real Estate" target="_blank"> Roberts Rural Real Estate</a> Launceston agent Peter Stackhouse with price hopes of $3 million plus.
 
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Bona Vista beauty in Avoca

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{yoogallery src=[images/stories/august5annanicole]}
3646 Avenida Del Sol, Studio City, CA, 91604
The Mediterranean-style mansion where the late Anna Nicole Smith lived and filmed her reality show The Anna Nicole Smith Show has been listed with price hopes of $1.75 million. The 440-square-metre five-bedroom house has panoramic city and canyon views. The mansion features a four-car garage, wrap-around balconies and of course a pool. Smith, a former Playboy Playmate, came into the public eye when she married octogenarian oil tycoon and billionaire J. Howard Marshall in 1994. Thirteen months later Marshall died, leaving Smith half his $1.6 billion estate. Smith died in 2007 of drug intoxication. Blockshopper.com shows the property's owners as Smith's production company, Hot Smoochie Lips, and Smith's onetime partner Howard K. Stern.
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Anna Nicole Smith's former house for sale

Investors may soon find themselves with fewer reasons to buy established property and more incentives to look towards the new apartment market.

Proposed changes to negative gearing and capital gains tax concessions would see new and off-the-plan apartments retain access to the tax benefits, while established properties would miss out, creating a clear advantage for buyers purchasing newly built housing.

The policy direction aligns with what many developers have been saying for several years. Australia needs more housing supply, and governments are increasingly looking for ways to encourage investment into new stock rather than existing homes.

The challenge for investors is that suitable product is becoming harder to find.

For much of the last decade, one-bedroom apartments were the cornerstone of investor demand. They offered a lower entry price, strong rental appeal, and were a common feature across most apartment developments.

Today, the development pipeline looks very different.

Across both New South Wales and South East Queensland, developers are increasingly targeting owner-occupiers and downsizers, delivering larger two, three and four-bedroom apartments in response to changing buyer preferences. While one-bedroom apartments still exist, they now form a much smaller portion of many new projects.

That shift has created a shortage of investor-friendly stock, particularly in well-located projects close to transport, employment hubs and lifestyle amenity.

At the same time, rising apartment prices have pushed many new developments beyond the reach of traditional investors. On the Gold Coast and across South East Queensland, it's becoming increasingly difficult to find new apartments priced around the $1 million mark, particularly those offering strong rental fundamentals and long-term growth prospects.

We've rounded up four new apartment developments where investors can still secure a foothold in the market for around $1 million or less.

<h2 data-end="1140" data-start="844">Flourish Soleira</h2>

<h2>Priced from: $1.07 million</h2>

Popular Palm Beach developer Sherpa is soon to officially launch its newest local apartment development, Flourish Soleira.

The one-bedroom apartments in the building were only offered to first home buyers rather than investors, and all of those have been snapped up. The two-bedroom apartments will start from $1.07 million, and the three-bedrooms, still a good investment given the popularity of Palm Beach for owner-occupiers, starting at $2,045,000.

&nbsp;

[smartcode_project:default project_id=150017 project_image_fid=370964]

Flourish Soliera will comprise 153 apartments across two buildings, connected by a skybridge, the first ever delivered in the suburb.

True to Sherpa's booming Flourish brand of apartment projects, Flourish Soleira will have extensive rooftop amenity across both buildings including a&nbsp;wellness centre with gym, work from home, yoga, pilates, a&nbsp;heated pool, private dining rooms, pizza oven and barbecues, basketball court, and golf simulator.

<h2>Corallo, Palm Beach</h2>

Priced from: $841,500

Nearby Flourish Soleira is Changfa Group's beachfront-inspired Corallo development. They still have some one-bedroom apartments remaining, priced from $841,500.

The 105-apartment project on Palm Beach Avenue is otherwise dominated by larger two and three-bedroom residences, many of which are aimed at owner-occupiers and downsizers.

[smartcode_project:default project_id=112194 project_image_fid=808]

For investors, the appeal lies in Palm Beach's continued transformation from a laid-back beachside suburb into one of the Gold Coast's most sought-after residential markets. Residents at Corallo will be within walking distance of Palm Beach's surf beaches, the recreational amenity of Tallebudgera Creek, and the increasingly popular collection of cafes, restaurants and boutique retailers along the suburb's central dining precinct.

<h2>Corner House, Stones Corner</h2>

<h2>Priced from: $880,000</h2>

One of only two Brisbane apartment developments to make the list with prices under $1 million is DeMartini Fletcher's Corner House development in Stones Corner.

One-bedroom apartments start from $880,000 within the 88-apartment development, providing investors with exposure to one of Brisbane's most established inner-south locations.

[smartcode_project:default project_id=149098 project_image_fid=330594]

Stones Corner has long been supported by strong tenant demand due to its proximity to major employment and education destinations. The suburb sits less than five kilometres from Brisbane's CBD and is within easy reach of the Princess Alexandra Hospital, Greenslopes Private Hospital, Queensland Children's Hospital and several university campuses.

The project's location within a walkable urban village environment, surrounded by retail, dining and public transport infrastructure, continues to attract both professionals and healthcare workers seeking accommodation close to work.

Parkdrive Apartments, Chermside

Priced from: $749,000

The most affordable apartments across Brisbane's new and off the plan market are in Chermside where developer AusDev is selling one-bedroom apartments from $749,000, and two-beds from $929,000, at its recently launched Parkdrive development.

The development is strategically positioned in one of Brisbane's largest employment and retail precincts, placing residents within easy walking distance of Westfield Chermside, The Prince Charles Hospital, St Vincent's Private Hospital Northside and the suburb's major bus interchange.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Already under construction and scheduled for completion in early 2028, Parkdrive benefits from Chermside's ongoing evolution into Brisbane's northern metropolitan centre. The suburb continues to attract significant public and private investment, supporting population growth and underpinning long-term rental demand.

For investors focused on yield and tenant depth, the combination of healthcare, retail and transport infrastructure within close proximity provides a strong foundation for occupancy and rental performance.

Joel Robinson

Investors to turn to new apartments after Federal Government changes spark hunt for Queensland's best $1 million apartments

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]

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

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

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

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

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

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

Cassidy Knowlton

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