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{yoogallery src=[images/stories/july29groverd]}
35 Grove Road, <a target="_blank" title="Hawthorn" href="/news">Hawthorn</a>, Victoria, 3122
A fine double-fronted Victorian home, which has been updated well to suit modern living. Key pluses - rear northern orientation and secure/direct car access, functional floor plan, and the façade is a classic one (yet could be further improved with some colour changes and restoration work). Some may find rear living area a little small, and location of laundry to first floor a little odd (yet could be relocated to existing formal dining room area). First-floor bedrooms are good size and enjoy north light. Given recent strong sales in this area, this should attract good completion - would well suit a young family / couple very well. James Buyer Advocates rates the property 725 out of 1,000, which is in the Well Above Average category. It is being marketed by <a href="https://www.jelliscraig.com.au/property/HAWTHORN-35-Grove-Road/2879331/" title="Jellis Craig" target="_blank">Jellis Craig</a> agents Peter Vigano and Katrina Mckenna and goes to auction on Saturday, July 30 at noon. 
 
Adam Woledge is a registered architect and principal buyer advocate at <a href="https://www.james.net.au/en-au/" title="James Buyer Advocates" target="_blank">James Buyer Advocates</a>. James includes market news, home ratings and auction reports on its website.
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cknowlton-QnEa6ntUYP

Updated Victorian in Hawthorn

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1131 Plenty Road, Bundoora, VIC, 3083
<img src="/images/stories/plentyroad.jpg"> 
This four-year-old contemporary townhouse is currently leased to excellent tenants at $555 per week. It was sold by <a href="https://www.raywhitebundoora.com.au/buying/search/detail.aspx?id=RWB1546&amp;wlid=cdacf6e5-4900-446f-9f29-6c7b277291e2" title="Ray White Bundoora" target="_blank">Ray White Bundoora</a> agent Joshua Allison at auction on Saturday, July 30, for $402,500. It had price hopes of $390,000 before auction. It will net its new owner yields of 7.1%, far above the indicative rental yield for Bundoora houses of 3.7%, according to RP Data. The three-bedroom, three-bathroom house is well situated to appeal to tenants, as it is between La Trobe University and RMIT and close to the 86 tram and Bundoora's shopping district. 
For more information about indicative yields and average prices in Bundoora, visit the RP Data suburb page.
For other investment possibilities going to auction this weekend, see pages 2 and 3.
 
<hr class="system-pagebreak">
 
52/1 Maddison Street, Redfern, NSW, 2016
<img src="/images/stories/maddison.jpg"> 
This light-filled three-bedroom apartment in Redfern is close to shops, transport and cafes and could be appealing to tenants. The building includes a pool, gym, sauna and rooftop terrace, and the 115-square-metre apartment has a large balcony. It is being marketed by <a target="_blank" title="Kho and Lee Property" href="https://www.khoandlee.com.au/properties/470085/details">Kho and Lee Property </a>agents Sami Yildiz and Patricia Kho with price hopes of $640,000 plus. The property has the potential to rent for $700 a week, which would represent a yield of 5.7% at the asking price. This is well above the indicative gross yield of 4.9% in Redfern, according to RP Data. The property went to auctino on Saturday, July 30 but was passed in. Its price expectation remains $640,000.
For more about indicative gross yields and average prices in <a target="_blank" title="Redfern" href="/news">Redfern</a>, see the RP Data page.
 
<hr class="system-pagebreak">
71 Newton Road, Newton, SA, 5074
<img src="/images/stories/newton.jpg">
This three-bedroom property needs some work, but after renovations it could be a good investment property, as it is close to major shopping strips, transport and schools. Indicative gross rental yield is 4% in the suburb, and after an upgrade 71 Newton Road could be an attractive prospect for tenants. It was brought to auction by <a target="_blank" title="Elders Real Estate" href="https://www.eldersrealestate.com.au/residential/buy/property-house-sa-newton-463677">Elders Real Estate </a>agent Bill Gent on July 30 but was passed in. Its price expectations remain $350,000 plus. 
For more about indicative rents and prices in <a target="_blank" title="Newton" href="/news">Newton</a>, see the RP Data suburb page.
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Friday Form Guide: Yields of 7.1% in Bundoora

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The advertising campaigns for all four of the properties featured on Channel 9 hit The Block have begun, with the first open for inspection occurring Thursday, July 28.
<img src="/images/stories/block39.jpg">
The property at 39 Cameron Street (pictured above), in the inner-Melbourne suburb of <a target="_blank" title="Richmond" href="/news">Richmond</a>, which was the first to appear on real estate websites, was open for inspection yesterday at noon. The property is being marketed by Biggin Scott agents Russell Cambridge and Sam Davenport has price hopes of $800,000 plus.
“We had exactly 100 groups through the property in the hour, of which 25 I’d rung up and specifically invited,” Cambridge says.
“The rest were either from the internet or were passing by, as happens in the area.”
A Thursday noon inspection that draws 100 groups is a “very good open for inspection,” as Cambridge says, and news crews from both Channel 9 news and Channel 9’s A Current Affair also turned up to watch the action.
He says the 25 invitees were known to be looking for property in the area, so although he acknowledges it is too early to accurately gauge buyer interest in the property, he has high hopes for its August 20 auction.
<img src="/images/stories/block43.jpg">
The four agencies representing the four houses have taken different tacks in regards to their properties’ reality stardom. Jellis Craig agents Clayton Smith and Allan Cove, who are marketing 43 Cameron Street (pictured above), make no mention whatsoever of the TV show on the property’s advertisements. Jellis Craig is also keeping mum on price hopes for the property.
<img src="/images/stories/block37.jpg">
Woodards, on the other hand, which is marketing next-door 37 Cameron Street (pictured above), features several pictures of contestants Josh and Jenna admiring their handiwork and the banner “Winner!” splashed across numerous photos of rooms. Woodards’ homepage also features the new tagline “If you want the best result and you don’t use Woodards, you’reyou’re your block.” Woodards agent Ruth Roberts has listed the double-fronted Victorian, the largest of the four cottages on the show, with $900,000 plus hopes.
<img src="/images/stories/block41.jpg">
The other two properties sit somewhere in between. Biggin Scott’s marketing cheekily suggests 39 Cameron Street has “the only views on The Block” but makes no other reference to the renovation reality show, while Hocking Stuart mentions that 41 Cameron Street (pictured above) is “the star of The Block” and offers one promotional shot of renovators Katrina and Amie, but none in situ. Hocking Stuart’s Glen Coutinho and Jodie McCarthy have listed the property with $800,000 hopes.
All four renovation teams were given $100,000 to make over their decrepit Richmond cottages, which Channel 9 bought for a combined price of $3,025,000. Teams win prize money for the best room renovation or renovation challenges, and the winning team will be the one that gets the best auction result above an undisclosed reserve.
The four properties will go to auction at Fitzroy Town Hall on August 20 at 5pm. 
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Marketing begins in earnest for The Block cottages

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{yoogallery src=[images/stories/july26triptych]}
8 Kavanagh Street, Southbank, VIC, 3006
With a striking 33-metre by five-metre vertical garden on one face and a facade by Australian artist Robert Owen that brings to mind a cascade of raindrops glinting in the sun, the <a target="_blank" title="Triptych" href="https://www.triptychliving.com/">Triptych </a>building is a work of art in itself. Seven four-bedroom "penthouses" across the top five levels of the building are now on the market, with price hopes of between $3.75 million and $5.5 million. The apartments offer views of either the Melbourne skyline or the Royal Botanic gardens, and they have the state-of-the-art fittings and fixtures one would expect for apartments of this calibre. The apartments are large, ranging from 306 square metres to 330 square metres. Four of the seven apartments have been sold.
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A work of art in Southbank

Properties on the market too long become problem listings: SQM

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A new boutique development at 17 Ellesmere Road, in the inner-Melbourne suburb of Windsor, is set to offer sustainable living and innovative design.
Designed by Jackson Clements Burrows architects and built by the sustainability-minded Balfour Development Group, the development will offer 15 one-bedroom and eight two-bedroom units. The apartments range from 40 square metres to 80 square metres, and one-bedroom units begin at $395,000. Two-bedroom units begin at $570,000. The average price for a unit in <a target="_blank" title="Windsor" href="/news">Windsor </a>is $467,000, according to RP Data.
Balfour Group managing director Steve A’Beckett expects the apartments to be in high demand.
“It’s a very uniquely designed building, a very beautiful, sculptural form, it’s very well priced,” he says. “It ticks all the boxes, which is what we try and achieve with all our developments.”
One of the key features of 17 Ellesmere Road is sustainability, as the building was designed to have a 6.2-star rating according to the Sustainable Tools for Environmental Performance Strategy rating system, which was developed by Moreland Council and is a significantly more stringent standard than the Building Council of Australia.
“We have water harvesting and reuse for both wastewater and landscaping, we have solar power, which makes a fairly significant contribution to keeping running costs down. We have cross-ventilation mechanisms,” A’Beckett says.
“Sustainability is a very key part of our corporate platform,” he says. “I want my kids to inherit a better world than I am inheriting, and so we try to make long-term sustainability a priority.”
The development is close to Chapel Street and Prahran’s shopping strips, and it is six kilometres from Melbourne CBD.
Apartments are being marketed by Kay &amp; Burton agents Michael Armstrong, Peter Kudelka and Chris Alcock. The development came on the market last Wednesday, July 20, and Alcock says three apartments have been reserved so far.
Construction on the project is set to begin in October of 2011 and finish in December 2012.</body></html>

Eco-friendly design under a mansard roof in Windsor

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{yoogallery src=[images/stories/july25camelot]}
40 Martin Road, Centennial Park, NSW, 2021
Built in 1968 and designed by architect Nicholas Munster, this home shows off the Modernist design principles of a light-filled interior and cross-flow ventilation. At the time it was considered revolutionary, with curved walls and ceiling features, marble and terrazzo floors and an indoor tiled fish pond. The four-bedroom, five-bathroom house, called Camelot, is in one of Sydney's most tightly held areas, Centennial Park.  It includes a sauna and landscaped gardens and is being sold through <a href="https://www.kenjacobs.com.au/" target="_blank" title="Ken Jacobs">Ken Jacobs Christies</a> agent Ken Jacobs, with price hopes of $5.4 million. In October 2010 the property came on the market with price hopes of $6.5 million. 
 
 
{module 238}
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Welcome to the '60s in Centennial Park

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
The first residential project in Australia to achieve five stars is not the eco-mansion you might imagine.
<img src="/images/stories/lilyfieldgreen.jpg">
These stars – which have only been available to multi-residential projects since 2008 – were awarded to the Lilyfield Housing Development in Sydney’s inner-west (pictured above).
The social housing complex, which includes 88 one-, two- and three-bedroom units, achieved its status thanks to a significant investment in eco-initiatives aimed largely at keeping costs down for tenants.
Romilly Madew, CEO of the Green Building Council of Australia, explains: “Take Lilyfield’s gas-booted hot water system as an example. It caters for 60% of hot water consumption and will be able to deliver annual savings of $213 per unit, meaning the annual energy bill for households will decrease by 25%.
“Green buildings really do provide tenants and owners with a buffer against future increases in water and energy costs and protect against service shortages.
“Highly efficient appliances, increased insulation, reduced lighting loads, passive solar energy and ventilation, and water conservation measures all lead to more dollars in the bank,” she says.
<img src="/images/stories/redferngreen.jpg">
Housing NSW has since achieved another five-star ratings for the redevelopment of its Redfern site (pictured above), which will include 66 apartments and 40 townhouses, many of which will house aged and disabled members of the community.
According to a department spokesperson, raising the environmental bar also lifts the wellbeing of residents.
“Assisting low-income and disadvantaged households with the reduction of energy and resource consumption has clear economic benefits, but it also improves their health, not to mention comfort levels at home,” the spokesperson says.
“For example, residents enjoy houses that are naturally ventilated, and because there is no general parking they are encouraged to use bikes.”
Housing NSW is committed by its own regulations to adopt voluntary green rating tools to a five- or six-star standard when building new projects.
As such, it is able to lead the way not only for social housing but for sustainable residential design in general.
Madew says that although the green star system is designed to be voluntary as a means of recognising and rewarding those who push the envelope, she encourages governments to mandate green star ratings for all the buildings they own, operate or develop.
“This is important as it demonstrates governments’ commitment and leadership and will help to drive ever-increasing levels of sustainability.”
The immediate challenge for the private sector is meeting the perceived higher construction costs associated with green star projects, and having confidence this will lead to solid returns.
But architect Kevin Masci of Bates Smart says a green-star rating can be a real marketing edge.
<img src="/images/stories/convesso2.jpg">
At Convesso (pictured above), the stunning development on Melbourne’s Victoria Harbour with four green stars, Masci says any additional costs were offset against “less important building elements” to ensure only minimal costs were passed on to buyers.
“Despite the sustainability credentials, Convesso apartments are not necessarily more expensive than similar apartments in the Docklands, they are still market competitive,” he says.
“At the moment buyers embrace green star features, providing it’s at a reasonable cost, but in time green star residential buildings will be recognised as the new state-of-the-art.”
Convesso, with its soaring twin towers, penthouses, pool and gym, is just one example of how buyers can be reassured that neither creature comforts nor aesthetics are sacrificed in the name of a green star rating.
<img src="/images/stories/thesummer.jpg">
The design of The Summer (pictured above), a four-star green development along South Beach Promenade in Fremantle, was in fact inspired by an understanding and respect for the environment.
“Perth weather can often be extreme, with strong sun, heavy rain and wild wind, which made it more sensible to employ a passive design that responds to the benefits and forces that characterise the climate,” says architect Daniel Grinceri of Donaldson Warn.
“Sustainability was an important design principle that informed the early concept stage and therefore influenced the aesthetic direction of The Summer”.
Romilly Madew admits that take up of green star residential projects has been slow to start.
“But as the business case grows, we expect the uptake of the residential tool to follow the trajectory of the Green Star office tool.”
<img src="/images/stories/delta.jpg">
And if Grocon’s Delta building (pictured above) – a 10-storey apartment complex made completely from timber – is anything to go by, we have a lot to look forward to.
Delta aims to be carbon-neutral and is due for completion on its inner-Melbourne site in 2014.</body></html>

Residential buildings shoot for the (green) stars

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{yoogallery src=[images/stories/july24sandybay]}
354 Sandy Bay Road, Sandy Bay, Tasmania, 7005
With 1900s charm and an absolute waterfront location, this house is in one of Hobart's most prestigious suburbs. With four bedrooms and two bathrooms, there is plenty of space to spread out, and the harbour is right on the doorstep. It is being sold by<a target="_blank" title="Corkhill and Associates" href="https://www.corkhill.com.au/pol/property/search.asp?f_PropertyID=1646815&amp;xsl=4737&amp;f_st=1"> Corkhill and Associates</a> agent Pam Corkhill with price expectations of $2.25 million plus. 
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On the waterfront in Sandy Bay

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{yoogallery src=[images/stories/july21dampier]}
9 Dampier Crescent, Forrest, ACT, 2603
A builder's own home, this four-bedroom, four-bathroom house is cleverly designed and has top-of-the-range fittings and fixtures. It includes a wine cellar and a heated indoor swimming pool with retractable roof. Two separate self-contained guest quarters comprise one bedroom and living area each. The property is within reach of Canberra's prestigious schools, and the Parliamentary Triangle is nearby. It is being sold by <a href="https://www.ljhooker.com.au/HJWFMF" title="LJ Hooker Manuka" target="_blank">LJ Hooker Manuka</a> agent Stephen Thompson with price hopes of $2.95 million. 
 
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Resort-style living in Forrest

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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