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In our Purchase or Pass segment this week Chris Gray is joined by Arthur Charlaftis, the general manager of Realestate.com.au, to check out another potential investment property in the inner city.
<img alt="fletcherst" height="353" width="470" src="/images/stories/2013/01/fletcherst.jpg">
It’s a two-bedroom, one-bathroom unit with a garage in a security block of 18 units. It is <a href="/news">7.3 kilometres from the CBD</a> and less than one kilometre from the heart of two neighbouring suburbs. It’s recently been transformed by a designer renovation, so there is nothing to do. The unit is at the rear of the unit block and all rooms open up to a quiet and leafy balcony. The block has an outdoor pool and strata fees are approximately $1,000 per quarter.
Chris Gray: So what are your initial thoughts there, Arthur?
Arthur Charlaftis: So Chris I was going to ask you, it’s a large block, and I know you do a lot of work on these sort of developments, so what’s your view on large blocks?
Chris: I’ve never really been a fan of large blocks, the main thing is it’s just really hard to get decisions made and generally there’s the lifts, pools, gyms and all that sort of thing. On a positive note, there’s always a grey area. This is only 18 units, so it’s not that much more than the normal 12 I would usually go for. It’s not a high rise, it’s a walk up, so you generally don’t get all those cars. Something like that I’m not overly fussed about, I could get over that. 
Arthur: Do you think that, in terms of the balcony and the multiple access, or different entries, do you think that helps?
Chris: Oh, that’s absolutely perfect. So many people these days want to live in a house but can’t afford it. This is $740,000 and you only get a two-bedroom unit, so if you get some outdoor living, it’s perfect.
Arthur: What about the strata fees? I noted they’re $1,000 per quarter. That seems high, what would you expect to pay?
Chris: I guess the pools another thing that’s in there. This pool I don’t mind too much, it’s an outdoor pool, it probably wouldn’t be heated, it would be low maintenance versus one with a jacuzzine and life guards and all that sort of jazz. The strata fees are expensive, normally we would be paying $600 to $700. Again, it’s not the worst thing in the world, but it’s definitely up there. You really have to look at what your money is paying for there.
Arthur: I think the other thing this one is already renovated, so again, if you have an investor who wants to pick something up and put straight into rental, it’s got a pretty good return. If it’s someone who wants to add some additional value, it’s going to be pretty hard to do. 
Chris: There’s always pros and cons so it always depends on that individual person. What are your thoughts, purchase or pass on this one?
Arthur: I would probably pass. It has a couple of things that would probably sway me against it.
Chris: My thoughts are pretty similar. I think this is a very appealing unit and easy for people to fall in love with because it’s already been renovated. There are a number of potential negatives, with it big a big block, having a pool, no chance of adding value and high strata fees. Individually I can get over all of those issues, but add it together, all in one unit, I think it’s too many downsides. While I have looked at buying in this block, on this occasion I’m going to say pass.
Property Observer notes the property sold for $740,100 in December and has an asking rent of $850 a week. This offers a rental yield of 6%.
It last sold in 2009 for $595,000.
 Chris Gray is a buyers' agent at <a href="https://www.yourempire.com.au/">Empire</a>. He is host of Your Property Empire on Fridays on the Sky News Business Channel.
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Pass or Purchase: A two-bedroom Bondi unit

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<img height="353" width="470" src="/images/stories/2012/12/alexanderst.jpg" alt="alexanderst">
In our Purchase or Pass segment this week I am joined by Stuart Waugh, the executive director at Bell Partners, to asses another potential property investment. As always the location is a given, it’s the finer details about the property that we can debate.
It’s a three-bedroom unit with a lock up garage, 8.6-kilometres from the CBD and less than 500-metres to the action. The unit is in a block of 26 units set out in a horseshoe shape with three entrances and two different garage areas. The unit is east and west facing with views from the balcony across the district and the ocean. The unit recently sold for $855,000 and rents for $840.
Chris Gray: The first thing I want to concentrate on is basically the size of the block. I always prefer to get in small blocks of 12 units, this is 26, what difference does this generally make being in a big block rather than a small block? 
 
Stuart Waugh: Big blocks generally mean strata levies are quite high and there could be things wrong with the building. There could be a couple of lifts in there, so you have to maintain all these things. You and I were just talking before coming on the show about maintaining blocks and how expensive they can be. Just be careful with big blocks like these, you could get strata levies that may be unaffordable.
Chris Gray: Also the thing I find with bigger blocks is it’s hard to get decisions made. Trying to get 12 people on the same page at the same time is a nightmare, trying to get 26 people is almost impossible. Things then don’t happen and a $100,000 problem turns into a million dollar problem.
Stuart Waugh: Exactly right, you see blocks deteriorate over time because they can’t get a decision made so therefore you have things growing all over the brickwork. You get concrete cancer and you have landscaping that’s not maintained. Those sorts of things can be a big deterrent to a building. You’re right, if you have big meetings and big decisions to make, it doesn’t happen.
Chris Gray: The first property I bought in Coogee in the late nineties, we have to raise $100,000 to get the roof replaced, which is $10,000 each. But we’re trying to say pre-worn, we need to fix balconies, we need to render, we need to spend $1 million in the next few years… it’s never a good time is it?
Stuart Waugh: No, especially in apartments because people who buy apartments can’t afford $100,00. They’re going to be first homebuyers, young families, those sort of people don’t have $100,000 lying around. It’s not going to happen.
Chris Gray: And then the 65 year olds who have paid off their mortgages might have the equity but they do not want to get a mortgage at 65.
Stuart Waugh: That’s right, they have plenty of equity and assets like you said but not the cash flow to service a debt if they do get debt.
Chris Gray: One of the things I did like about this particular block is there’s two separate entrances on different streets. So suddenly it’s not like your Sydney parking 26 cars, so it’s kind of split in half. Also in the horse shoe shape there’s three different entrances and it’s only three-stories so it’s not the same as being in a 26-storey building with massive a car park. You have to try to look at the building, because they’re not all the same are they?
Stuart Waugh: Exactly right, if you had have seen this in the newspaper with 26 units you probably would have assumed it’s a ten storey building but that’s not the case with this one, there is actually a couple of entrances.
Chris Gray: And obviously that’s why the agents don’t put in the effort as well.
The other thing I was going to concentrate on was a three-bedroom at $855,000, it’s obviously slightly more expensive a three-bedder over two, an issue for you?
Stuart Waugh: Not in this case, the yield was quite good. I thought $855,000 was quite reasonable and quite a well maintained block. The yield was quite attractive in this particular case.
Chris Gray: Purchase or pass for you?
Stuart Waugh: I say purchase.
Chris Gray: Overall, I think this is a good unit and you can overcome being in a bigger block due to those separate entrances we just talked about and being low rise, which still makes it feel reasonably boutique. Sometimes a three-bedder can be a good option for affordable renting between three people, and you end up with a higher rental yield than maybe going for a two-bedder. If it were me, I’d go for a purchase to slightly diversify my current portfolio.
Chris Gray is a buyer’s agent at <a rel="nofollow" href="https://www.yourempire.com.au/" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">Empire</a>. He is host of Your Property Empire on Fridays on the Sky News Business Channel.
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Purchase or Pass? A three-bedroom Coogee apartment

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<img width="470" src="/images/stories/2012/12/benboyd.jpg">
In our Purchase or Pass segment this week Chris Gray is joined by Warren McCarthy, the managing director at McCarthy Business Consultants, to check out another potential investment for someone on a budget that is trying to find something affordable close to the city but not in it.
It’s a one-bedroom unit in a block of 15 units, 4.7 kilometres from the CBD and less than one kilometre from the ferry. The unit is 60 square metres and has sunlight coming in from both sides. It has fantastic views of the city and harbour bridge from the lounge and balcony area. It gets $500 a week rent, which equals a 5.4% return.
Chris Gray: I guess to start with, if you have a budget of $500,000, you don’t get much for your money these days, do you?
Warren McCarthy: You certainly don’t, and that potential return you’re referencing of 5.4% is pretty good. The size of the dwelling of 60 square metres is good for a couple, and there’s certainly room to move instead of being too pokey. It sounds like it’s in a pretty good space there, Chris, with the views, and capturing the dear old Harbour Bridge. I think not a bad entry point for that type of location.
Chris Gray: Most of the time we’re not talking about location because we’re always trying to get into the intimate details but obviously we can’t pretend it’s Melbourne or Perth because it’s pretty much Sydney all over, isn’t it?
Warren McCarthy: Sounds like it downtown Sydney Harbour views, and that’s quite rare and good for a long-term capital growth strategy, and I think real estate should always be considered in that regard, but good entry level.
Chris Gray: One thing I’m always after is sticking to a block size of 12 units or so, but it certainly fits 15, do you think that makes much difference?
Warren McCarthy: Not really. I think it’s certainly within control and understanding of your levies of what’s going to go on in that building, rather it be 70 or some sort of huge number like that. It’s well within a reasonable number.
Chris Gray: Something that costs no money but can add a lot of value is light. When you’ve got light coming in from both sides of the building it makes a hell of a lot of difference. Obviously you used to be in real estate sales and on the financing side, how much difference does it make to try and sell an apartment that’s nice and light?
Warren McCarthy: Without a doubt, the right aspect is what sells property and if the sun’s shining in that just adds that extra element to the attractiveness to the buyer and so it is a good point to have as part of your ownership of that particular investment.
Chris Gray: A lot of the time in a perfect world, most of us would probably go for a two bedroom if we had the money, but obviously there’s limited budgets on this question. But having something unique like the Harbour Bridge can that make the be all and end all difference, the difference between selling a unit and not selling it?
Warren McCarthy: That can certainly help put the sale right across the line. If it’s always going to have those views and hopefully they’re never obstructed in the future. If it does have those views, it’s always going to be that lovely tick in the right box for that sale to be made and at a premium price because of that rare view of the Sydney Harbour.
Chris Gray: Especially if you have a foreigner just to tell his mum back in the UK or wherever he comes from, I can see the Harbour view.
Warren McCarthy: And for $500,000 at this level, good price.
Chris Gray: So purchase or pass for you?
Warren McCarthy: Definitely purchase for me in this particular climate.
Chris Gray: It is still possible to still buy near the city, in a high capital growth location and get value for money and a high rent return. There’s always going to be a limited market for those who can pay $500 a week for a one-bedroom unit but because it’s large it can still fit two people in very comfortably. So if your budget is restricted, I say I would be happy to purchase this one, so I give it a purchase as well.
Chris Gray is a buyer’s agent at <a rel="nofollow" href="https://www.yourempire.com.au/" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">Empire</a>. He is host of Your Property Empire on Fridays on the Sky News Business Channel.
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Purchase or Pass? A Neutral Bay investment for someone on a budget

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In our Purchase or Pass segment this week, Chris Gray is joined by Rosemary Tan to look at a development in Kuala Lumpur, Malaysia, and to see what your money gets you in comparison to Australia.
<img src="/images/stories/2012/12/mesra1.jpg">
Have you ever thought about investing overseas – what are the pros and cons of putting your money in a foreign country?
How does Malaysia stand up as a potential investment opportunity? What kinds of properties are available there and how much do they cost? 
This property is 10 minutes from central Kuala Lumpur in an area called Dutamas. A unique community of 58 semi-detached homes in a gated environment with a courtyard garden, playground, a community bath-house, an indoor pool, gym, hall and a recently added outdoor pool.
The homes at Mesra Terrace are three to four storeys high, with sizes ranging from 333 square metres to 400 square metres with three to five bedrooms. They each have their own garage or car porch.
The price is around $725,000 and they would rent for around $600 a week.
Chris Gay: Tell me a bit about the development.
Rosemary Tan: I designed the homes for a three-generation family. What you are seeing here is the interior of the living room and the potential family room. This is a typical semi-detached home. It’s actually two units attached to one another. What you see is a courtyard, and right by the fountain is a huge ring water-harvesting system that we put in and you notice that it’s traffic-free. Why is it child friendly? Basically they can play freely on the courtyard without worrying about traffic.
Chris Gray: And so would this be a classic investment for a home owner or is it a more investment type of thing?
Rosemary Tan: It’s mainly, right now, for a home owner. Although originally when it was first built, a lot of investors came in. We have a very friendly foreign investor policy and in terms of investment in Malaysia, what is basically sought after is land property and the alternative to that is high-rise condominiums.
Chris Gray: I’ve just got back from Hong Kong for a week and is that similar kind of thing? You get a massive high-rise and a lot of foreign investors are getting into those things.
Rosemary Tan: The scarcity of the land around Kula Lumpur in the major cities, a lot of the developments are now going up high.
Chris Gray? So what would you say are some of the pros and cons with these types of properties?
Rosemary Tan: If you invest in a gated environment or condominium, security is a given. So that’s what’s sought after, security, as well as a managed property, and right now all the high-rise style feel like six-star hotels, and that’s what you’re getting. You get a variety of sizes and a variety of styles. The options right now, the most popular neighbourhood is called Mont Kiera, and why is it popular? We have three international schools in that area. Everything is high rise there except for some landed property, and it’s supported by commercial hubs. You can work, play and live there because you can have your office there and you can shop there, and it's all walking distance, but everybody drives in Kuala Lumpur. So that’s the most popular neighbour right now.
Chris Gray: Certainly, the buildings you have there look absolutely stunning. Do people buy these as holiday homes as well?
Rosemary Tan: Our property right now is very near the French school, so half of them are investors renting out to this market. In ringgit terms it's not $1,000 per month. 
Chris Gray: It’s about $600 AUD a week.
Chris Gray is a buyers' agent at <a target="_blank" rel="nofollow" href="https://www.yourempire.com.au/">Empire</a>. He is host of Your Property Empire on Fridays on the Sky News Business Channel.
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Purchase or Pass? Semi-detached homes in Kuala Lumpur

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In our Purchase of Pass segment this week, Chris Gray is joined by John Edwards, CEO of Residex, to look at multiple properties on a single title.
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Is buying a single property with multiple streams of income a good investment strategy, or are there some downsides that you might not be aware of?
This <a target="_blank" href="/news">Bondi Beach </a>property consists of a three-bedroom, two-bedroom and a one-bedroom unit in a converted house style property with double frontage. It’s 6.9 kilometres from the city and one kilometre from the action. The property has recently been renovated and receives $2,200 per week rent and it has an asking price of $1.5 million plus.
Chris Gray: John, what’s the main attraction of going for a property with multiple streams of income on the one title?
John Edwards: What this is all about is the yield that's available, and the yield is very attractive. I had a look at this particular property on the internet, and I was a little bit, frankly, disturbed by it. There looked to me to be some inherent problems with it. I also had a question whether it was, in fact, approved by council, and that's something that everybody ought to consider very carefully. Then I looked at the structure of it all and can see some cracking above some windows and some other things, and so I was a little concerned about the property. Would the rate of return really be there once I fixed it up, and would I be really able to rent it out as it currently was and get the income stream? If I couldn't, I wouldn't think it is worth $1.5 million. There are a couple of lessons in that: you need to check your council, and make sure the building is really sound. Remember one other thing: unless you can strata this, you're not going to get the capital growth out of it that you really ought to get.
Chris Gray: Because ultimately you can't sell it.
John Edwards: Absolutely. And there are rules with regard to strata-ing that you  have to remember. I didn't think this particular property was strata-able at the end of the day. I was a bit concerned about its structure. I loved its return, however, I passed.
Chris Gray: Typically with niche properties, is it something that might get capital growth, or is it a function of that particular property?
John Edwards: Capital growth is a function of demand, and by definition, for a niche property the number of people who are going to look at it or bid for it is smaller. You are unlikely to get the same level  of capital growth out of it. These properties are return properties. Make sure you get a sufficient return to account for the fact that your capital growth is going to be less.
Chris Gray: Certainly the other downside you've got to think of is quite often the banks will treat these as commercial, so they might only lend 70% and there might be higher interest rates as well. This is not an investment for the everyday investor and will only suit a certain type of person that has extra cash for deposit and who wants a higher yield as well as some growth. It’s a fantastic yield in an ok area of a great suburb, so for some diversification I would purchase, subject to checking out some comparable sales to confirm price.
Chris Gray is a buyer’s agent at <a href="https://www.yourempire.com.au/">Empire</a>. He is host of Your Property Empire on Fridays on the Sky News Business Channel.
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Purchase or Pass? A one-title triplex Bondi Beach offering

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In our Purchase or Pass segment this week Chris Gray is joined by Stuart Waugh, executive director of Bell Partners, to check out a potential investment that is right in the heart of the action and see whether it meets our strict criteria. It’s a <a href="https://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/NSW/Bondi-Beach/?adid=2009980339" target="_blank">two-bedroom unit</a> in a small block of four and within metres of all the local entertainment, shopping and leisure facilities. It’s only 7.6 kilometres to the centre of the CBD for work and transport is on your doorstep. It has plenty of attractive Art Deco features and has only one common wall. It features a private entry and spacious semi-like layout.
In terms of location it seems to tick all the boxes. I thought I would highlight some of the comments in the details in their advertisement as some people, especially those interstate may not realise the significance.
It is 7.6kms from the CBD, has one bathroom, has a lock-up garage, costs $900,000 and rents at $670 per week.
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Chris Gray: Quite often around Sydney we talk about northeast facing, what does that really mean?
Stuart Waugh: It means the sun coming up in the morning. It means some action in the morning and some nice energy. It means the property is always desirable by future purchasers.
Chris Gray: The reason I bought it up is because I was up in Queensland 10 years ago and I went to see a property and I said to the agent, ‘What direction does it face’ and he looked at me strangely and asked why I cared. I said don’t you want the sun? He said no no no we want to get away from the sun, we want the shade. So it does change state to state.
Stuart Waugh: It certainly does. In Sydney a nice sun aspect is actually quite nice to have. I can imagine in some of those warmer states the sun can be quite deterring.
Chris Gray: One of the comments on the ad was “Art Deco block of only four”, what kind of difference does that make to people?
Stuart Waugh: Art Deco usually needs a bit of work to be honest and when it needs work people have to have time to put the work in and look at options as far as renovating it. Some people are busy and can’t afford the time to put into making sure they do a good job. Art deco can be restrictive. But not only that usually the body corporate will be restrictive with an Art Deco property.
Chris Gray: The positive for some people is the style of it because everything gets a bit bland these days so some period features can be good.
And I guess having only four in the block at least you’re not competing with 12 other people. If you need some stuff done at least there’s only three other owners.
Stuart Waugh: But the negative of that is you’re raising money from four people to pay for it. There are negatives and positives, but the high ceilings are a good positive, but when I look at blocks of property I look at how many units are there and who’s going to raise the money to pay for these kinds of things.
Chris Gray: Another thing it mentions is one common wall. Obviously that’s going to quieter especially in some of the party suburbs but also it says private entry and spacious layout. That’s got to be good for some people who can’t afford to buy a house on these suburbs and so you’re maybe you’re still in the unit but at least it feels like a semi.
Stuart Waugh: And especially for young families that are quite often not rolling in cash they can get into an apartment like this and feel like they’re living in a house and they can grow their family.
Chris Gray: The one thing that it doesn’t say in the advert, and I’m not surprised, is that the road is basically 10 metres from the bedrooms. You’re at ground level, you’re in the heart of the pubs and the rest of it. The amount of noise you’re going to get from that, that’s got to be a nightmare, doesn’t it?
Stuart Waugh: Absolutely. Noise is a big deterrent for me. I don’t live with noisy roads that often and I can’t see myself going for that kind thing.
Chris Gray: It’s got to be pretty tough. So purchase or pass for you?
Stuart Waugh: Mine’s a pass.
Chris Gray: OI. Noise is a major problem in the inner cities and so for tenants who do want to be closer to the action some do want to sleep at night, those with jobs at least. Even though the property does tick all the other boxes this is one negative that I can’t get over especially at $900,000 for a two-bedroom unit. So for this one I’m going to pass as well.
Chris Gray is a buyers' agent at <a target="_blank" rel="nofollow" href="https://www.yourempire.com.au/">Empire</a>. He is host of Your Property Empire on Fridays on the Sky News Business Channel.
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Purchase or Pass? Two-bedroom unit in Bondi Beach

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In our Purchase or Pass segment this week we take another look at affordable investing around the inner cities with Arthur Charlaftis, general manager of sales and operations at Realestate.com.au. What can you buy with a limited budget that is still likely to give you some growth in the future?
<a target="_blank" href="https://www.rs.realestate.com.au/property-studio-nsw-north+bondi-107290495">This Bondi property</a> is 8.9 kilometres from the city. It’s a small studio unit in a small block of units literally right across the road from Australia’s most iconic beaches. It cost $293k last year and would rent in excess of $300 per week. So over a 5% return. There’s a surf shop and a café underneath you on the street level so you’re not going to go hungry or run out of beach gear. The unit offers no parking or ocean views but you can’t get any closer to the sand. So, Arthur, how would that suit you as a bachelor pad in your earlier days?
<img src="/images/stories/2012/11/bondipurchasepass.jpg">
Arthur Charlaftis: Obviously it’s an unbelievable property. I think it’s well priced and good return so it makes a lot of sense.
Chris Gray: Certainly to buy something for under $300,000. It just seems ridiculous that you can buy in <a target="_blank" href="/news">Bondi Beach</a> and you’re there. Obviously we don’t have sizes, and the pictures show it’s not the most salubrious place, but it’s still a unit.
Arthur: From some of those pictures we know it’s opposite the beach so we know maintenance for that kind of property will always be tough. But across the road from the beach great location and a pretty reasonable price.
Chris: And looking at some of the negatives. Obviously no parking is a bit of a nightmare. If you’re right on the beach it’s even more of a nightmare because there’s no way you’re going ot get a park on a Saturday. But maybe for some of the youngsters don’t need a car.
Arthur: Transportation is pretty good, but I agree. Parking in summer, if you wanted to have a car it would be problematic.
Chris: In terms of noise there would be a few parties going on during the summer. If you like your sleep it’s probably not the place for you.
Arthur: Yeah, you’re got the parties at the night and early beachgoers in the morning, so you could be hit at both ends. But part of being there is participating in that kind of lifestyle.
Chris: These guys are probably the ones causing the chaos. Another thing is obviously we talk about these small apartments, the banks quite often don’t like these. They get more cautious.
Arthur: They do, but obviously the location is pretty good. So it’s a pretty reasonable investment. The other thing is if you took a long-term view it would be interesting whether you could buy the components over time. And obviously if you did that site would be worth a lot of money.
Chris: Exactly. I think there’s only half a dozen units in the block. so effectively a couple of million dollars. They had the Pacific sale down there and I think they had something like 80% or 90% were selling, and it was $1.5 million for a two-bedroom unit at the Swiss Grand. I don’t know if you even got a view for that. There’s plenty of money down there. So purchase or pass?
Arthur: This would be a purchase for me, definitely.
Chris: I think it’s a cracking unit, and if you are into fitness, fresh air and surfing you can’t get much better than that at such an affordable price. No parking would be OK for the youngsters as would the noise, as they would probably be the ones making it. Could also be a great one for a super fund if the banks are happy to lend on it. Probably not for the middle-aged owner-occupier who wants peace and quiet. All in all I think it’s great for the money and would go for a purchase.
Chris Gray is a buyers' agent at <a href="https://www.yourempire.com.au/" rel="nofollow" target="_blank">Empire</a>. He is host of Your Property Empire on Fridays on the Sky News Business Channel.
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Purchase or Pass? Chris Gray and Arthur Charlaftis on a Bondi studio

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In this week’s Purchase or Pass segment we take a look at buying any unit in Queensland, as there’s some debate about what it could cost you in the future. In September this year a bill was introduced into Parliament to amend the Body Corporate and Community Management Act of 1997, and public comment closed today. It's related to how strata fees are allocated in unit blocks and if they could be changed after being originally set up. 
Say if you owned a $500,000 two-bed unit on the ground floor with no aspect and you used the pool or the gym, should you pay the same price to use it as someone with someone with the same sized unit but worth $5 million on the 100th floor?
John Edwards: Yes, I think they should if they were both one-bedroom or the same number of people were living in it. If you’ve got a one-bedroom penthouse and a one-bedroom unit on the ground floor obviously only one or two people can live in both of those and should pay the same amount of money.
Chris Gray: And if you owned the $5,000,000 unit and wanted you windows washed every week to enjoy your ocean view should you pay the same strata fees as the guy on the ground floor who is happy to wash them himself and doesn’t use the lift?
John Edwards: No they shouldn’t. It doesn’t make sense. Effectively the higher premium $5 million property was part of it was to do with the view. We can forget about the view, but what we ought to be focusing on is the real cost of maintaining the top floor unit and the ground floor unit. Obviously it’s very easy to wash your own windows on the ground floor.
Chris Gray: Let’s say the strata fees were set at $5,000 per year for the ground floor unit and $50,000 per year for the top unit when you bought them off the plan. If the top unit managed to overturn the strata fees and get them all done more fairly from his perspective maybe they all then pay $15,000. The top unit owner has his reduced by a third, but the bottom owner has his tripled. It’s suddenly a massive nightmare, isn’t it?
John Edwards: The only people who are really going to get hurt  in this process are the actual owner-occupiers. The rest of us who are investors probably ought not to be investing in an apartment block that has all of these facilities so we shouldn’t be straddled, and I’d make the point that there are dozens and dozens of apartment blocks that are small in places like Brisbane that just don’t have these issues. I don’t think we should be saying don’t get involved in units in Brisbane, I think we should just simply say this is a rational situation that is going to exist. Where we’ve got very extravagant blocks of units with all the amenities that can possibly go there. I think the judge should be very well briefed.
Chris Gray: If you have bought into a strata and there is an issue like this tabled in the annual general meeting minutes – is that likely to put off potential buyers and make it very hard for sellers to onsell their units?
John Edwards: You’re going to have great difficulty in selling that apartment, unfortunately.
Chris Gray: One of the lessons is if you are going to get into this then potentially buy the penthouse because if anything your fees are going to reduce.
John Edwards: But Chris, we're not you.
Chris Gray: So is that purchase or pass?
John Edwards: For me, no, because I wouldn’t have been involved as an investor buying those sorts of units in the first place. 
Chris Gray: For me I’d purchase as normal. The laws are constantly changing, the laws are only being talked about now so we’re not definitely sure about what’s happening. For me I’d purchase as normal and unless anything else comes out I certainly wouldn’t change my mind.
Chris Gray is a buyers' agent at <a href="https://www.yourempire.com.au/" rel="nofollow" target="_blank">Empire</a>. He is host of Your Property Empire on Fridays on the Sky News Business Channel.
He will appear periodically on Property Observer posing and answering investment questions on select propositions.
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Purchase or Pass: Would you buy any unit in Queensland?

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{qtube vid:=73Bej044-Ec&amp;feature=plcp}
Chris Gray, an investment property expert at Empire, appraises recent investment opportunities each Friday on the Your Property Empire television show on the Sky News Business Channel.
"Whenever I buy a property I always get a bank valuation to confirm what it’s worth, and even though they can be conservative I very rarely pay anything over that valuation," he says.
"In this week's Purchase or Pass we analyse a Bronte property that someone paid well over valuation and analyse whether that was a good move."
<img src="/images/stories/2012/10/macpherson.jpg">
 Location: 7.4kms from CBD
Beds: 2
Bath: 1
Parking: 1+1
SQM: 86sqm
Price: $740,000
Rent: $650/wk
It’s an 86-square-metre tw0-bedroom unit, 7.4 kilometres from the city.
The unit is south-facing but is still quite bright and has a balcony overlooking a park and the ocean in the distance.
It has a lock-up garage and there’s a car space in front, which isn’t on title but can be used solely by that unit.
In 2008 the bank valuation came in at $535,000 and it sold at auction for $574,000, or $39,000 over valuation.
We got a recent valuation that came in at $725,000, and it sold for $740,000 or $15,000 over valuation.
This unit ticks all the boxes for an investment.
My point is really to discuss the price you pay for a property.
How educated are buyers and sellers as to what a property is worth?
"Is getting a bank valuation a good guide as to what it’s worth?
The owners who bought in 2008 paid almost $40k over valuation, which some might say wasn’t the best financial decision, but let’s look at the numbers as they still made a profit four years later.
Selling for a profit
 
<table border="0" cellspacing="0" cellpadding="0" width="379"><tbody>
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Sold 2012
</td>
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$740,000
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Bought 2008
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$574,000
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Stamp duty 5%
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$28,700
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Holding costs $10k/yr
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$40,000
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Selling Costs
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$15,000
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Total Cost
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$657,700
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Profit
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$85,300
</td>
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</tbody></table>
Do good properties quite often get a premium?
In hindsight would you have bought in 2008 and/or 2012?
So is it purchase or pass for you? Tom Panos the auctioneer says yes.
There's some pretty fantastic views and its a renovator's delight so you can add value.
I’m going to recommend purchase.
I think if you’ve got the right property that ticks all the boxes it will always make money over time so even if you have to pay a couple of percent over valuation sometimes it’s worth it.
You just need confidence in your ability to pick the right one and avoid the bad one, so for that reason I’m going to purchase as well.
Chris Gray is a buyers' agent at <a href="https://www.YourEmpire.com.au" target="_blank">Empire</a>. He is host of Your Property Empire on the Sky News Business Channel.
He will appear periodically on Property Observer posing and answering investment questions on select propositions.  
 
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Purchase or Pass? Empire's Chris Gray on a Bronte property

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Can I do the renovations myself?
You may decide you will be the one to complete or oversee the renovation. Doing the renovations yourself means you have complete control over timing, costs and scheduling as well as saving on labour costs along the way. It can be a great way to go if you have plenty of time, knowledge and skill.
However, if you haven’t renovated before there’s a good chance that you might underbudget the true costs and go well over time. Trying to learn on the job can be pretty tough and even though you can temporarily stop the job when you run out of money, it’s very hard to profit from renting or selling a half-finished property. It might even be worth less than what you bought it for.
My tip is to double your expected cost and double the time frame, and then work out if you’re still going to make a profit. Most of the time, it works out more efficient from a time, cost and stress perspective to outsource the renovation to the experts.
I once had a client who wanted me to buy him a property to renovate as a retirement project. When the time came to renovate, my client asked me to outsource big jobs like the kitchen and bathroom, as they’re best done by specialists who would do it in a fraction of the time.
We then agreed that tiled flooring was best left to an expert and built-in wardrobes left to a different specialist. Five minutes later, the only non-specialist job that he had a hope of completing himself was the painting.
What if I don’t want to do it myself?
If you’ve decided to put your renovation into the hands of the experts, finding a good team of tradespeople and other professionals can be the most challenging part of the job. They often have a different mentality and style of working to other relationships you have in your work roles, so it’s important to build a bond.
A great place to find good tradespeople and other professionals is through recommendations. Ask family, friends, real estate agents, mortgage brokers and buyers’ agents for referrals.
Recommendations from property investors who have completed a number of successful projects are especially valuable.
When dealing with any tradesperson, it’s important that you always ask for details of the insurances they hold and names and numbers of previous customers they’ve worked with. Make sure you actually check these referees to see if the work was carried out to their satisfaction. I often go and see projects that are midway through renovation, as well as ones that have been finished.
There’s also nothing to stop you asking for a guarantee: what penalty will they impose on themselves if they do not complete within a certain timeframe?
When you’ve found your team, the more you use them, the better they’ll work together, as you’ll build trust and learn to iron out little issues. If you’re doing a one-off project as an individual, finding a good team and building an instant relationship can be difficult, and in this instance it could pay to use a project manager.
What is the benefit of using a project manager to handle my renovations?
You may want to consider hiring a project manager to oversee your renovation project.
A good project manager can deal with everything from drawing plans, negotiating them through council and managing the renovation, through to ensuring the final finishes are complete. They can also take responsibility for the costings and timings, and hustle your contractors and tradespeople into gear if they appear to be lagging.
Hiring a project manager can prevent the arguments that tend to arise when you have a number of different parties all doing different pieces of the same job, by clarifying each person’s responsibility and when things need to be done.
The project manager can be anyone from a builder, interior designer or architect to a professional property investor/renovator. Ultimately, it needs to be someone who is experienced, trustworthy and has a team of reliable tradespeople.
Won’t a project manager be expensive?
A good project manager will charge 10% to 20% of the overall renovation cost, which is around $5,000 to $15,000 on a $50,000 to $75,000 project.
I’ve heard of many nightmare scenarios from clients who have struggled before coming to Empire, so I believe that hiring a project manager is well worth the investment.
Here are just a couple of the nightmare stories I’ve heard:
• “The builder didn’t turn up on the first day of the job. On the second day he reversed into the side of the building and put a hole into it. The strata managers and other owners weren’t impressed.”
• “I managed separate tradespeople to renovate the kitchen, bathroom, carpets, blinds, doors, painting, electrical and plumbing. There were so many people to manage and so many unforeseen glitches, and I learned one part of a job needed to be completed before another could start, so the project became a major headache. One person would blame another, no-one would take responsibility, and everyone took advantage of my inexperience. And the longer it took the more money it cost in mortgage payments and loss of rent. Never again!”
You might think you can save a fortune by managing the project yourself, but there are risks in managing a renovation alone.
Tradespeople will know if you’re not a renovating expert, and they may use your lack of experience to their advantage – in terms of costs, timelines and attention to detail.
A tiler might see you in your suit, for instance, and know instantly that you’re not used to dealing with tradespeople, and increase his price. And did you know that jobs can beq uoted at different prices in different suburbs?
You may also fall prey to unscrupulous tradespeople trying to secure a job and increase their prices. The tradesperson might tell you they’re ready to start on the bathroom even while they have a number of other jobs on the go. He might try to juggle all the jobs at once, starting a job on your property, leaving his tools and not coming back for four weeks until he’s ready to begin in earnest. Because your tradesperson has started, no one else will take on the job and you’re stuck waiting.
Unless you’re prepared to be on site every day to manage what’s going on, I recommend leaving project management to an expert. Weigh up the cost of your time away from work, the chances of being charged higher prices and the likelihood of the project taking twice as long.
A project manager who does renovations frequently can negotiate with tradespeople better than you, and has better buying power for trades. They should also be good at negotiating on costs, timelines and maintaining the quality of the work on your behalf.
How long should my renovations take?
A pre-planned kitchen and bathroom renovation should take four to six weeks. Many property investors who manage the projects themselves find this impossible because they fall into one of the most common traps: choosing tradespeople based on price alone.
I don’t often use the cheapest tradesperson. I choose those that can do the best job in the shortest amount of time. The cheapest will often do the job in their own time, but the faster the tradesperson, the quicker you will place tenants in the property.
You could pay $1,000 to get some students to paint your property, you could pay $2,000 to get a painter or you could pay $4,000 to get a master painter. There will be a guaranteed difference in the quality of the finish. Which one is right for you to use will depend on the type and quality of the property you’re renovating, your budget, and the potential benefits you’ll receive when a potential renter or buyer falls in love with your property.
What are the types of profits I can generate with a quality renovation?
The results can be seen in cold hard cash. On a typical project we might buy a two-bedroom unit for $600,000, invest around $75,000 into a four to six week renovation, and then get a valuation of around $700,000 to $720,000, generating a healthy $25,000 to $50,000 profit.
On a block of units we bought for $1.9 million, we renovated for $600,000 and four months later, the bank refinanced at $3.5 million – giving us a whopping $1 million profit in under four months.
On another job, we applied to council to add two penthouses to a block of units and the architect has managed to squeeze a second block of units in the back garden, and that’s in a prime position almost opposite the beach. At times, we’ve been overseeing a dozen renovations at one time and had teams of tradespeople working with a smile on their face, even through Christmas and New Year’s.
Delegating or outsourcing your work is a key ingredient to successful property investing. It took me my first few projects to build relationships, negotiate fair prices and balance our communication styles, but now a system has been built. I now receive a daily call from my project manager with an overview of what’s going on, any issues or decisions to be made and when they are due to be completed. I have so much confidence in my team that I only need to turn up on site when the job is completed.
My clients don’t receive any calls from tradespeople as everything is managed on their behalf. Instead, they prefer to receive a financial report before and after the renovation. This tells them how much money they’ve made. After all, it’s a financial decision, not an emotional one.
Top tips
There are a few quick and easy changes you can make to boost the price of your property with a low-fuss renovation:
• Clean – it’s amazing how a thorough clean increases the appeal of a home.
• Paint inside and out.
• Re-carpet or polish the floorboards.
• Tidy or landscape the garden.
• Change the light fittings, switches and sockets.
• Instead of a new kitchen, simply change the kitchen cupboard doors.
These further renovations are more expensive, but can increase the value of your home significantly:
• Replace the kitchen and bathroom – this is usually the best way of increasing a property’s value.
• Extend out the back or into the roof space.
• Convert the garage into a living space or bedroom.
• Build a carport.
• If you can, subdivide and add another residence or put a granny flat in the back garden – two incomes are always better than one.
Resources
For a handy renovations checklist, helpful information and other tips to keep your
project moving forward, visit “What’s the best way to renovate?” at yourempire.com.
au/in-the-media-journal.
Check with your local Fair Trading Office to see what licenses your tradespeople need,
and check that their license is still valid. You can find more details on the website for
your state office of fair trading:
• <a target="_blank" href="https://www.fairtrading.nsw.gov.au/default">fairtrading.nsw.gov.au</a>
• <a target="_blank" href="https://www.consumer.vic.gov.au/CA256EB5000644CE/HomePage?ReadForm&amp;1=Home~&amp;2=~&amp;3=~">consumer.vic.gov.au</a>
• <a target="_blank" href="https://www.fairtrading.qld.gov.au/">fairtrading.qld.gov.au</a>
• <a target="_blank" href="https://www.consumer.tas.gov.au/">consumer.tas.gov.au</a>
• <a target="_blank" href="https://ocba.sa.gov.au/">ocba.sa.gov.au</a>
• <a target="_blank" href="https://ors.act.gov.au/">ors.act.gov.au</a>
• <a target="_blank" href="https://commerce.wa.gov.au/index.htm">commerce.wa.gov.au/index.htm</a>
<a target="_blank" href="https://www.nt.gov.au/justice/consaffairs/index.shtml">nt.gov.au/justice/consaffairs/index.shtml</a>
Chris Gray is CEO of <a href="https://www.yourempire.com.au/" target="_blank">E</a><a href="https://www.yourempire.com.au/" title="Empire Property Portfolios" target="_blank">mpire Property Portfolios</a> and appeared on Channel Ten show The Renovators.
This is an excerpt from<a target="_blank" href="https://www.themessengergroup.com.au/shop/realestate/property-investing-the-australian-way-3/"> </a><a target="_blank" href="https://www.themessengergroup.com.au/shop/realestate/property-investing-the-australian-way-3/">Property Investing The Australian Way</a>, published by The Messenger Group.
For expert commentary and analysis on lessons to be learnt from property reality TV, <a href="https://register.propertyobserver.com.au/lights-camera-auction/" target="_blank">download our e-book Lights, Camera, Auction! </a>
 
 
 
 
 
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When you should turn your DIY reno project over to the professionals: Chris Gray

Private equity real estate firm Conquest has entered into a $220 million partnership with Woolworths’ development arm, Fabcot, to deliver its long-awaited Waterloo project on Bourke Street.

The Bourke Street development was first flagged by Fabcot back in 2021 as part of its push into Sydney’s residential market. However, progress has since stalled, with no activity on site amid a number of design revisions in consultation with the City of Sydney.

<a href="https://www.apartments.com.au/developers/conquest">Conquest</a>, which is actively planning more than $6 billion worth of new developments, predominantly mixed-use precincts, is now set to move the project forward.

The current plans include between 110 and 120 apartments across two buildings designed by Bates Smart at <a href="https://www.apartments.com.au/new-apartments/923-935-bourke-street-waterloo-nsw-2017">923 Bourke Street</a>. The scheme will incorporate a portion of apartments reserved for key workers, alongside premium commercial space at ground level, including a full-line Woolworths supermarket.

Construction is expected to commence in the second half of 2026.

<img alt="Conquest" data-entity-type="file" data-entity-uuid="d8beee83-ef9b-446b-a3b3-1e2fe596512b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-01%20at%2011.08.46%E2%80%AFAM.png?VersionId=raYhGepiLUJfx4InLPRRJduA3ftDJ_kS" />

The news comes just a week after Conquest went to the NSW Government to upsize its plans for Castlecrag's Quadrangle Shopping Centre.

Conquest purchased the site for just shy of $70 million last year, with existing plans in place for a mixed-use residential and retail precinct comprising 38 luxury apartments.

Those plans have now been significantly expanded, with the developer lodging a State Significant Development Application with the NSW Government’s Housing Delivery Authority for 150 apartments across two 11-storey buildings. The apartments will sit above a four-storey podium, incorporating specialty retail tenancies and five levels of basement car parking, on the 5,166 sqm site at&nbsp;<a href="https://www.apartments.com.au/new-apartments/100-edinburgh-road-castlecrag-nsw-2068">100 Edinburgh Road</a>.

Conquest has been increasingly active in the development space in recent years. The group acquired the&nbsp;<a href="https://www.apartments.com.au/developments/eastlakes-nsw-2018">Eastlakes</a>&nbsp;Shopping Centre redevelopment, where it plans to deliver more than 1,000 apartments above a new retail precinct, and has also lodged a $900 million State Significant Development Application for a&nbsp;<a href="https://www.apartments.com.au/news/nsw/conquest-unveils-900m-stanmore-village-vision-for-landmark-inner-west-site">mixed-use precinct in Stanmore</a>.

Joel Robinson

Conquest partners with Woolworths to deliver mixed-use Waterloo project

A shift away from Sydney’s industrial past has left parts of the inner south defined by contrast, brick warehouses repurposed into dining precincts, former factory streets softened by landscaping and pedestrian activity.

Rosebery is one of those suburbs. Over the past decade, it has undergone significant gentrification, anchored by The Cannery, which has helped reposition the area as one of the inner city’s most sought-after lifestyle pockets.

What hasn’t kept pace with that transformation is new residential supply, which has remained relatively limited. Builder-developer Deicorp identified that gap early, securing a site in 2019 and delivering what is now one of the suburb’s most architecturally distinctive developments.

To realise the vision, Deicorp engaged Candalepas Associates to design The Rothschild, a project that is immediately recognisable from the street.

Completed in 2025, The Rothschild comprises two buildings across Rothschild and Mentmore Avenues, delivering 176 apartments. The development replaces a former industrial site, retaining a material and structural dialogue with its past while introducing a more resolved residential framework. The scale is deliberate but not monolithic, broken into forms that engage both street frontages, with retail at ground level and two levels of basement parking below.

[smartcode_project:default project_id=106843 project_image_fid=221665]

From the street, the architectural intent is clear. Off-form concrete columns run through the façade, establishing a repeated structural rhythm that gives the building its visual weight. These are paired with deep-set arches and sections of exposed brickwork, creating a layered elevation that reads less like a typical apartment block and more like a reinterpretation of industrial architecture.

The material palette is intentionally restrained, with concrete left exposed and brick used to define mass rather than decoration. The result is a building that stands out through proportion and repetition, rather than height or glazing.

This approach continues internally. A central landscaped courtyard sits between the two buildings, anchored by an olive grove that acts as both a visual and spatial focal point. Rather than functioning as residual space, the courtyard is designed as a shared ground plane, where circulation paths, seating areas and planting come together to create a usable communal environment. Its positioning allows natural light to penetrate deep into the site while maintaining separation between residences.

[smartcode_project:default project_id=106843 project_image_fid=221666]

Within the apartments, the planning follows a clear and functional logic. Entry points lead directly into open-plan living areas, with kitchens positioned as central elements alongside dining and lounge spaces. These zones extend to balconies or external openings, maintaining a visual connection to either the courtyard or the street.

Kitchens prioritise practicality, with generous bench space, ample storage and European appliances configured for everyday use. Bedrooms are typically set back from the main living areas, creating quieter zones within each residence, with separation achieved through layout rather than material change. Bathrooms are compact but efficient, incorporating mirrored cabinetry and integrated storage to maximise space. Across all residences, the emphasis is on clarity of movement and functional planning.

[smartcode_project:default project_id=106843 project_image_fid=221669]

At ground level, retail and hospitality uses extend the building’s presence beyond its residential function. A café or restaurant space, alongside communal amenities such as a music room and rooftop areas, positions the development as part of a broader urban network rather than a standalone project. These shared spaces reinforce a lifestyle where the building operates as an extension of the surrounding neighbourhood.

Rosebery’s proximity to Green Square, The Cannery and nearby parklands supports this model of living, where much of daily life is within walking distance. The Rothschild sits comfortably within that network, contributing to the streetscape through its distinctive architecture, while internally organising space around light, structure and communal use.

The Rothschild is now complete and ready to move in, with limited residences remaining.

[smartcode_project_cta:default project_id=106843]

The Rothschild reinterprets Rosebery’s industrial DNA into residential form

KTQ has unveiled&nbsp;<a href="https://www.apartments.com.au/new-apartments/casilia-16-marine-parade-coolangatta-qld-4225">Casilia</a>, the final residential release within the Kirra Point precinct which really kicked off the boom in the area back in 2019.

The final stage comprises&nbsp;87 residences and marks the culmination of a long-term, family-led vision for Kirra Point, as the precinct moves toward completion in tandem with the development.

Around $100 million in sales have been achieved already, close to 35 per cent of the residences secured ahead of launch. There have been a significant number of buyers returning from the first stage of the development, Miles Residences, securing another property within Kirra Point.

[smartcode_project:default project_id=152295 project_image_fid=368410]

Selling agent Tim Keenan from Keenan Byrne said the response reflects both the scarcity of the offering and Kirra’s growing reputation as a premium coastal market.

“This is effectively Kirra’s final act, the last release within what has become one of the Southern Gold Coast’s most tightly held beachfront precincts,” Keenan said.

“We’ve seen exceptionally strong pre-sale interest, from VIP waitlists through to off-market enquiry, which speaks to both the quality of the product and the confidence buyers have in the precinct. What’s particularly compelling is the number of buyers returning from Miles, either upgrading or investing again, which is a strong signal of how the precinct has been received."

Keenan adds that at the same time, north-facing beachfront remains exceptionally rare in Australia, limited to places like Noosa, Byron and Kirra, which is underpinning long-term value.

[smartcode_project:default project_id=152295 project_image_fid=368415]

Positioned along one of Australia’s few true north-facing beaches, Casilia offers a mix of two and three-bedroom residences with pricing ranging from $1.87 million to $7.15 million and two exclusive penthouses. Residences are oriented to capture varying outlooks, from uninterrupted Pacific Ocean views across Kirra Beach to hinterland vistas, with upper levels and shared amenity taking in sweeping perspectives along the Gold Coast coastline.

At rooftop level, a north-facing pool deck captures expansive, uninterrupted views over Kirra Beach and north towards Surface Paradise. The space incorporates a heated resort-style pool, mineral spa, sun lounges and a covered BBQ cantina.

Buyer profiles are broad, typically aged between 40 and 70, with a strong skew toward second-home ownership, drawn by a combination of lifestyle, relative value, proximity to Gold Coast Airport and lower congestion compared to more established markets such as Byron Bay and Noosa.

[smartcode_project:default project_id=152295 project_image_fid=368414]

The project is being delivered by <a href="https://www.apartments.com.au/developers/ktq-group">KTQ Group</a>, a family-owned Australian property group with a diverse portfolio spanning residential, hospitality and commercial developments. The group has delivered a number of notable projects across sectors, including the award-winning Elements of Byron resort, demonstrating its depth of experience across both hospitality and residential development.

Known for its long-term approach to place-making, KTQ Group retains a vested interest in its projects, often holding assets within its portfolio, which has also helped build trust among buyers and reinforced confidence in both the vision and delivery certainty of the precinct.

“Casilia represents the final opportunity to secure a residence within Kirra Point and brings to market the last release within our long-term vision for the precinct," KTQ Group's Jeremy Holmes said.

"Kirra Point has been more than a decade in the making, and that timeframe reflects the care behind each decision, it takes listening, balance and vision to arrive at something that feels right for the location.

“Our approach has always been to deliver Kirra Point as a destination in its own right, a connected coastal neighbourhood integrating residential, hospitality and wellness, rather than a standalone project. It’s a vision that respects place, pace and permanence, and contributes to a sense of community that feels authentic to Kirra.”

[smartcode_project:default project_id=152295 project_image_fid=368411]

Once complete, the Kirra Point masterplan will incorporate a mix of dining establishments, bars and cafés, alongside the Kirra Point Health Club and a future 91-room independent resort hotel, creating a walkable, integrated lifestyle precinct.

Architecutue and interiors at Casilia have been designed by the experienced design houses of <a href="https://www.apartments.com.au/architects/little-boat-projects">Little Boat Projects</a> and O’Neil Architecture &amp; Interior Design, The design moves beyond the conventional coastal apartments, instead taking cues &nbsp;from the surrounding landscape - layering natural materials, soft curves and warm textures to create spaces that respond to light, airflow and the rhythms of coastal living.

Residences are designed with an array of floorplates, generous proportions and intuitive flow, while at ground level Casilia connects into the broader precinct, where future laneways, retail and hospitality offerings will contribute to a neighbourhood defined as much by how people live day-to-day as its beachfront position.

[smartcode_project_cta:default project_id=152295]

The final residential release within the Kirra Point masterplan is set to launch, as strong pre-sales signal sustained demand for the Southern Gold Coast

A decade in the making: KTQ launches Casilia at Kirra Point

South East Queensland developer&nbsp;<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a>’s entry into the Gold Coast apartment market has progressed from pipeline to market, with its Chevron Island project Bronze on Chevron now formally available to purchase ahead of a planned 2029 completion.

The 119-apartment development on Mawarra Street marks the Brisbane-headquartered builder-developer’s first residential play in the Gold Coast, following its expansion south from Brisbane and the Sunshine Coast.

<a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-surfers-paradise-qld-4217">Bronze on Chevron</a> comprises a mix of two-, three- and four-bedroom residences, with pricing starting from just over $1.5 million. The project is being delivered under Gardner Vaughan’s fully integrated model, with the group acting as both developer and builder, a structure it has consistently applied across its South East Queensland portfolio.

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Architecture has been designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jeremy-ferrier-landscape-design">Jeremy Ferrier</a>. The building presents as a single-tower scheme, with a focus on maximising outlook across both the Surfers Paradise skyline and the Nerang River.

Apartments have been planned with open-plan living zones extending to generous balconies, a response to the site’s dual-aspect positioning between river and ocean. Interiors follow a restrained coastal palette, with two colour schemes offered, and an emphasis on natural light and cross-ventilation.

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Resident amenity is concentrated across more than 1,250 sqm and includes a resort-style pool, gym, yoga lawn and rooftop entertaining areas. A function space with catering facilities forms part of the upper-level offering, alongside north- and south-facing outdoor areas.

Ground level will incorporate two retail tenancies, intended to extend the existing village character of the surrounding streets.

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The project sits within walking distance of Thomas Drive’s established dining strip, while maintaining proximity to <a href="https://www.apartments.com.au/developments/surfers-paradise-qld-4217">Surfers Paradise</a> beach and broader Gold Coast amenity. The location, positioned on Chevron Island between the river and coastline, has increasingly attracted mid- to high-density development in recent years as the precinct evolves beyond its low-rise origins.

Gardner Vaughan’s move into the Gold Coast was first signalled in 2025, with the group identifying the region as a natural extension of its operations. Chief Executive Officer Simon Betteridge described the expansion as both “strategic and natural”, citing demand for well-designed apartments in lifestyle-driven markets.

Construction is expected to complete in early 2029.

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Gardner Vaughan brings Bronze on Chevron to market as Gold Coast debut

One of the penthouses at Lily Lane, the latest stage of Carrington Place by Ellipse Property, has set a new local apartment price record.

The four-bedroom residence, purchased by a local downsizer, sold for $5.75 million—around 75 per cent higher than the previous record of $3.3 million.

Over 40 per cent of the first release of apartments at&nbsp;<a href="https://www.apartments.com.au/new-apartments/lily-lane-at-carrington-place-castle-hill-32-carrington-road-castle-hill-nsw-2154">Lily Lane</a> have already been snapped up just six weeks since it launched to the market.

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Located at 32 Carrington Road, <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a> and designed by award-winning architects <a href="https://www.apartments.com.au/architects/ptw">PTW</a>, Lily Lane is directly opposite the Hills Showground Metro station. It offers a total 213 units over two 12-storey towers - a mix of 67 one-bedroom, 100 two-bedroom and 46 three-bedroom apartments - with a ground-floor retail offering.

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Blake Schulze, National Director – Residential at <a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a>, says around 44 per cent of buyers are&nbsp;owner occupiers, with 35 per cent being investors and 21 per cent first homebuyers.

“Developments of this calibre are very rare in the Hills District, and Lily Lane’s sales success demonstrates the depth of demand for over-sized apartments that genuinely compete with freestanding homes," Schulze says.

"We are seeing particular demand from downsizers who want to remain in the area but transition into spacious, high-quality apartment living."

On the penthouse sale, it says it shows buyers&nbsp;are prepared to pay a premium for scale, quality, and direct access to the Metro.

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One-bedroom apartments are sized from 50-72 sqm with prices starting at $745,000, while two-bedrooms are priced from $990,000 with sizes from 75 to 132 square metres. Three-bedroom floorplans are sized between 97 and 182 sqm,, with prices starting at $1,395,000.&nbsp;

The three remaining penthouses, spanning up to 262 sqm, are priced from $2.9 million.

Over 75 per cent of apartments include dedicated studies, multipurpose rooms or family rooms, with select layouts offering walk-in pantries and laundries. Apartments are appointed with premium Miele appliances including ovens, washing machines, dryers, gas cooktops and dishwashers, while larger residences also incorporate integrated Miele microwaves, Fisher &amp; Paykel integrated refrigerators and five-burner Miele cooktops.

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Lily Lane will be constructed by award-winning iCIRT-rated builder <a href="https://www.apartments.com.au/builders/decode">Decode Group</a>, with construction to commence in mid-2026 and expected to complete early 2029.

Carrington Place comprises more than 800 apartments and is being delivered across multiple stages, with completion expected in 2032. Integrated with neighbouring bushland, the project will feature over 20,000 sq, of outdoor recreational area, including a one-kilometre boardwalk to Fred Caterson Reserve.&nbsp;

The Hills Showground Metro Station is just a two-minute walk away, offering fast connectivity to Sydney’s CBD, North Sydney, Chatswood, Macquarie Park and Norwest Business Park.

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Chris Gray

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