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Since the 1800s, there has been a procession of younger family members joining long-established family businesses.
Traditionally, it has been sons following in their fathers’ footsteps.
But things started to change during the late 1970s and early 1980s, when you saw more daughters taking up the challenge, and also joining the family firm.
Enter Generation X
Gen Xers grew up in an era of two-income families — where mums worked and crèches became the norm. Divorce rates also began to rise; and the economy floundered after the 1987 crash.
As a result, Gen X emerged as independent, resourceful and largely self-sufficient, displaying a casual disdain for authority and structured work hours.
But more importantly, Gen X heralded the shift from manufacturing to a service-based economy. And it was the first generation to grow up with computers interwoven into their lifestyle.
Having lived through tough times during the early 1990s and seen their parents made redundant from long-held jobs, Gen X had little desire to be locked into just one firm and are willing to change jobs regularly, in order to further their careers.
Therefore, for all intents and purposes, the traditional family businesses (as we knew them) were slowly dying off.
But was that to be the end?
By the turn of the century, Gen Xers held fairly senior positions and were earning some seriously good money. Plus, a growing number of them were wanting to take charge of their own destiny.
Quite often that meant groups of them leaving major companies, to set up their own businesses. And this transition is what spawned the surge in suburban strata offices over the past 15 years, all around Australia.
Clearly, Gen Xers had the drive, the computer skills and the marketing know-how. But what they quickly found lacking was their depth of business experience, ready access to finance and a well-established corporate network.
Re-enter the parents
This is where their early-retired parents (through redundancies and retrenchments during the 1990s) suddenly became invaluable – but not so much for a cash input as you might initially think.
Rather they are able to open doors to business opportunities and provide an entry to banking connections. Plus they add much-needed credibility when making sales presentations to major companies.
Bottom line: What you've been seeing is dad (or .um) given a desk from which to run his or her own consultancy business in return for providing intellectual property and projecting an "air of experience" when required.
Quite an interesting new twist on the traditional family business structure.
It is one which will continue to underpinned the demand for smaller, strata-titled offices within most commercial property markets around Australia.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a target="_blank" href="https://bitly.com/IFf40C">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
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The reorganisation of the family business will boost demand for small strata-titled offices

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Amid all the recent doom and gloom, major global banks are quietly alerting their clients to prepare for a share market surge, if Greece exits the eurozone.
That's because they believe world authorities will be flooding international markets with massive liquidity.
And given the G8 Communique from Camp David, this may well occur anyway — just to keep Greece within the fold.
Last week, Ken Henry (former treasury secretary) predicted Australia could provide global appeal to investors:
“It's quite possible on this occasion Australia will be seen as offering something of a safe haven for global capital movements.”
And this is already being evidenced by strong demand for Australian bonds — where the yields for 10-year bonds fell to a new post-war low of less than 3.2%, during last week.
But there's some hesitancy.
There still seems to be a general confusion within the economy. And unfortunately, when people are confused, they tend to do nothing. Therein lies the current dilemma for Australia.
Even though our fundamentals are in vastly better shape than 80% of the rest of the world, most consumers are "feeling less wealthy" than they were several years ago.
This is mainly due to house prices having fallen and remained stagnant, as well as the volatility within the share market. Plus there are number of structural changes working their way through the economy.
But overall, employment levels are holding up, and in some areas, business investment is expected to increase by more than 20% this year.
Furthermore, imports should grow by 12% and the terms of trade are expected to improve by about 10% over the coming 12 months. Even Japan has notched up a 4.1% growth for the first quarter, and the US housing market looks as though it may have bottomed.
The latest OECD forecast has Australia growing at 3.1% in 2012 and reaching 3.7% during next year.
Still, pundits are a fearing a slowdown in China, but you really need to keep this in perspective:
<ul>
<li>China's growth has fallen from 9% to 8.1% — which is still remarkably high;</li>
<li>Its economic growth is driven by domestic investment, not exports to Europe; and</li>
<li>Resource-heavy investment into new roads, bridges, airports, officers and apartment blocks is still growing by over 20% per annum.</li>
</ul>
This is what will continue to underpin China's demand for Australian resources.
Bottom line: Taken together, all of this is clearly creating havoc for the forecasters. However, it certainly doesn't justify the level of caution being shown by commercial property investors at present.
Right now, if you do your homework in finding a modern property with a solid tenant on a four- to six-year lease,  you'll be able to snare a well-priced commercial property investment, offering you excellent growth over the next five years.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a href="https://bitly.com/IFf40C" target="_blank">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
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The predicted slowdown in China must be kept in perspective

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It has taken almost four years, but in 2012 prime office markets in Perth, Melbourne and Adelaide should expunge the capital value lost through the GFC, according to CBRE research.
In turn, this will impact upon their suburban office markets as well.
But it might take until 2016 before Sydney, Brisbane and Canberra are able to recoup that same lost ground.
And the reasons for that?
The Perth market has enjoyed a very strong bounce from the resources sector, with very little new construction over the past three or four years.
Melbourne entered the post-GFC downturn with probably the best local economy. And it did not have the same concentration of finance sector tenants that Sydney did. Therefore it experienced the shallowest dip in capital value.
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Throughout the downturn, Adelaide seemed rather protected from any GFC fallout — keeping a stable balance between demand and supply.
Unfortunately, the Sydney market had the greatest exposure to the finance sector — which has kept its vacancy rate disturbingly high, despite only modest new construction levels.
Canberra already had a significantly high vacancy rate when the GFC hit. And the government cutbacks will certainly not help to improve that situation.
While Brisbane also has its own mining sector, it has not created sufficient demand to reduce the high vacancy rate following the GFC downturn. And clearly the devastating and continued flooding has adversely affected the local economy as well.
Bottom line: Fortunately, there has been only a modest amount of new construction in the past four years. And this will help to keep vacancy rates across Australia hovering around the long-term averages, for most capital cities.
As a commercial property investor, you should be viewing the Perth recovery as too rapid. And the Brisbane recovery is too slow. It's not wise to invest into volatility, or stagnation.
Both the Adelaide and Canberra markets are relatively small and affected more by local issues.
Therefore, with some guidance, you should be focusing upon the Melbourne and Sydney markets going forward.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a href="https://bitly.com/IFf40C" target="_blank">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
 
 
 
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It’s time for commercial property investors to focus on Melbourne and Sydney office markets

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There is no doubt you can certainly accelerate your overall return from commercial property by gearing up with a loan.
Even so, you should first make sure that you can say "yes" to each of the following questions.
<ul>
<li>Am I approaching this purchase over a five- to seven-year time frame?</li>
<li>Is borrowing the only way for me to reach my investment objectives?</li>
<li>Do I have other income, outside of what the property will generate?</li>
<li>Would I be able to cover the mortgage payments, if interest rates were to rise 3%?</li>
<li>Will my equity represent at least 30% of the overall value?</li>
<li>Does the intended property make sense, without relying upon depreciation benefits?</li>
</ul>
Understanding the proper time frame
While you may choose (or need) to sell your commercial property in three or four years’ time, you ought to initially approach each purchase as a five- to seven-year exercise.
And that's mainly because your greatest costs (as with any investment) will always be at the beginning and the end of every transaction.
Therefore, it is always wise to spread those costs over at least five years — rather than look to turn properties over quickly.
Adequate coverage
Assuming you have no choice but to borrow, your financier will (and you should too) be concerned about having sufficient coverage for your mortgage payments.
For most commercial properties with 70% gearing, your tenant should cover your normal loan payments at current interest levels.
But what if the tenant were to leave at the end of the lease? Or interest rates were to suddenly rise?
The second issue can be resolved by simply fixing your interest rate, to provide you with greater comfort. Whereas tenant continuity is probably best addressed through ensuring your property is professionally managed.
That way, there will be a good ongoing relationship established with the tenant. And there is every likelihood of the lease being extended.
Bottom line: Commercial property is capable of providing you with some quite extraordinary returns.
But like any business venture, you need to plan things out and have a clear set of investment objectives and buying criteria.
With those in place, sensible borrowing can then greatly enhance the overall results you achieve.
 
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a target="_blank" href="https://bitly.com/IFf40C">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
 
 
 
 
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Borrowing money to invest in commercial property must be done sensibly

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If you have invested in the share market, you would most likely be familiar with the so-called "investment clock", which attempts to show how the economic cycle influences equities.
In essence, an over-heated economy is followed by rising interest rates and falling share prices. Then, as the economy declines interest rates start to fall and share prices rise again.
Some analysts have tried to devise a similar "clock" for commercial property. But unfortunately, the results have generally not been useful.
Commercial property has a number of sectors, which do not necessarily move in unison. For example, industrial property prices may be sagging while retail prices rise.
There are also regional differences as well. Prices might be hot in Sydney and lukewarm in Melbourne or Brisbane, or vice-versa.
Nevertheless, using a somewhat broad-brush approach, it is possible to place property within the investment cycle as follows:
<ul>
<li>The economy begins to slow</li>
<li>Direct property prices stop rising, and may decline</li>
<li>The authorities inject liquidity into the economy</li>
<li>The stock market and listed property trusts rise</li>
<li>The economy starts to recover</li>
<li>Direct property prices start to rise</li>
<li>Inflation may also rise</li>
<li>Interest rates rise</li>
<li>The stock market and listed property trusts fall</li>
</ul>
To help give you a clearer picture for commercial property, here are five key phases based on economic and supply-demand factors.
Phase #1:
This is the bottom of the cycle, when the market is generally in a condition of oversupply — due to both a weak economy and too much new construction, from when the economy was still strong.
Vacancy rates may be high and rents falling significantly. Therefore, any new construction ceases, while demand slowly starts growing again, and the existing oversupply is gradually absorbed.
Phase #2:
Demand for new space continues to grow. But with little new construction, rents rise — sometimes quite sharply. This leads to developers once again to initiate construction of new buildings, until at some point, you regain a rough balance between supply and demand.
Phase #3:
Demand continues to rise but supply is now growing faster, and rental growth may begin to slow down.
Phase #4:
The market is approaching a point of oversupply, due to over-building, with the situation perhaps aggravated by a weakening economy.
Phase #5:
Vacancy rates climb rapidly, causing rents and prices to begin falling. This leads to a general decline in investor confidence. And so, you re-enter Phase #1 once again.
Historically, offices have spanned around 18 years from "peak to peak". The industrial and retail cycles have tended to be about nine and six years respectively.
Bottom line: Obviously, the key is in knowing where you are in any particular cycle. Unusual influences (like the mining boom) can cause disparities for commercial property, between the various capital cities.
However, for most cities, you are now in Phase #2, with about five to six years to run before the current cycle for each sector peaks.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a target="_blank" title="Chris Lang's blog" href="https://his-best.biz/">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
 
 
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How to time the commercial property market right

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Commercial properties are mainly a longer-term investment, bought for their regular high yields — as well as for good capital growth over time.
Even so, an investor with some knowledge and experience can easily find properties able to be improved and then on-sold for a quick capital gain.
Typically, this would involve improving the income flow from the property, and also the security of that income — thus boosting the property's overall appeal and value.
So, what are your options?
There are various ways you can do this. But the simplest strategy would be to buy a run-down property and renovate it.
Alternatively, you might also be able to find a property with a lease that does not reflect current rental. Renegotiating that lease would lead to a higher rent, boosting the value of the property. Longer leases and better-quality tenants will always make a property worth more.
You may also come across properties that have been poorly managed. For example, a block of shops might have several vacancies, or tenants who attract little business. Making the tenancy mix more appealing tends to attract better tenants and brings in higher rents.
Simply spotting opportunities in improving neighbourhoods, such as inner-city suburbs enjoying a growing number of upmarket residents, is another good short-term strategy.
With experience, you might look to buy vacant buildings, "trick them up" and then lease them out. Using a little imagination, you can easily discover ways to completely change the use of a property — turning a warehouse into a restaurant, for example, would boost its value.
Bottom line: Timing the market is another viable short-term strategy. As with the share market, commercial property can go through periods when values may not change much, followed by periods of sharp appreciation.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a href="https://his-best.biz/" title="Chris Lang's blog" target="_blank">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
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Short-term strategies for commercial property investment

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As an in commercial property, you need to fully appreciate where your profits actually come from.
In most cases, the key lies with your tenants, who provide you a steady stream of income.
So finding reliable tenants is crucial, which means understanding their needs and providing them with a suitable premises.
Therefore, it is essential that you continually anticipate exactly what your tenants are expecting.
And because good tenants are a vital part of the profit equation, you need to look for ways to inexpensively improve the value of your property by adapting it — with a simple upgrade, or perhaps a change of use — in order to attract better tenants going forward.
In any event, your net income from commercial property will generally be two to three times that for a residential property.
Lease terms are equally important
You'll find a good lease usually provides for rental increases at least in line with inflation. It may well also include conditions that limit rental falls, in times of an economic downturn.
The lease will usually include provision for regular rental reviews based upon market conditions.
The length of the lease may well vary — with smaller premises often attracting shorter lease periods, but probably at least three years.
For larger office buildings, a typical rent period might be for five to 10 years, with an option to renew for a further period. For large or purpose-built Industrial properties, the lease period may be 10 years — with an option to renew for a further 10 years.
The other main source of your profit is capital growth.
This may not always be as high as from residential property — because the supply and demand equation is different. Nonetheless, good opportunities are certainly present themselves — if you know what you're looking for.
Bottom line: Just as certain suburbs can go in and out of fashion with home owners, so commercial properties in a particular area can enjoy very strong demand.
For shops, that would be in a high-growth area. Whereas improved transportation facilities tend to boost the value of offices and warehouses — because of the easier access.
Next week, will run through some short-term investment strategies you may care to explore.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a target="_blank" title="Chris Lang's blog" href="https://his-best.biz/">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
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How to profit from commercial property investment

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For some time now, the RBA has been as assuring us of the flow-on benefits soon to reach the non-mining states of Victoria and New South Wales.
However, these benefits may not be very easy to recognise. Let's attempt to make things a little clearer.
The mining boom has been keeping the Australian dollar high for some time now, due to the record levels reached by our terms of trade.
Accordingly, the prices you and I pay for a whole host of manufactured goods have barely altered from what we paid for them 10 years ago. And in some cases, they have fallen.
Yet household incomes have actually grown by more than 60% over the same period.
Therefore, stable prices for many items, together with increased disposable income, has meant those of us living in Sydney and Melbourne now have more to spend upon services and entertainment.
And that then probably helps to explain the extraordinary explosion in restaurants and cafes over the last few years.
Are there other signs of growth?
The latest ANZ jobs survey showed advertisements rose by 1% during March — and have risen by some 12% for the year.
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If next month's figures show a further increase in job ads, this will provide clear evidence of a return of confidence, within the economy.
Bottom line: <a href="https://www.propertyobserver.com.au/commercial/next-year-will-be-good-for-commercial-property-investment/2011112152466" target="_blank">Another recent article </a>touched on the current high level of accumulated household savings.
These are poised ready to re-enter the economy, as soon as this growing confidence is finally confirmed.
And if the RBA trims the cash rate (as is widely predicted to occur in May), be prepared for a sudden surge in investment activity — which will inevitably include commercial property.
 
 
 
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How the mining boom is translating into more cafes in Melbourne and Sydney

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In simple terms, your depreciation falls under two separate (but related) categories:
<ul>
<li>Plant and equipment items (Division 40)</li>
<li>Capital works allowance (Division 43)</li>
</ul>
And not everyone is in a position to acquire a stand-alone property.
More often than not, you'll be looking to purchase a "strata-title" office or warehouse, involving an owners’ corporation and some common-area property.
As such, you may not be aware of the full extent of what you are entitled to, by way of your depreciation claims.
However, once you are aware of them, you can significantly enhance the overall return on your investment.
Plant and equipment items
Apart from what may be included inside your unit, you are able to claim your pro-rata share of the common-area items as well. This includes things like the lifts, lighting, fire protection, security system, air-conditioning, gym equipment (including any pool and spa equipment) and so on.
Capital works allowance
Again, quite apart from the structural components of your own unit, you are entitled to also claim your share of the common-area capital items as well.
These will include the driveways, car park areas, foyers, stairwells, barbecue areas, common area communities (like the gym, etc) and fixed landscaping.
Depending upon the year of construction, this allowance would be spread over either 25 or 40 years.
In any event, the proportion of your claim is based upon your "unit entitlement" as specified on the strata plan itself.
Your first step is to engage a land surveyor to thoroughly inspect the common area items. From there, a detailed schedule of your entitlements is drawn up for your accountant to prepare the year-end claim for your depreciation.
Bottom line: Clearly, you need to seek professional advice to ensure you are claiming your full entitlement — and thereby, leaving nothing on the table.
However, there is still one vital step you need to take at the time you acquire each new property. And this relates to knowing how to correctly structure of the contract of sale in order to maximise your depreciation claim for commercial property.
But that's a discussion for another day.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a href="https://his-best.biz/" title="Chris Lang's blog" target="_blank">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
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What depreciation commercial property investors can claim

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Last week I discussed <a href="https://www.propertyobserver.com.au/commercial/fourteen-questions-to-ask-yourself-before-you-begin-a-negotiation-in-commercial-property/2012032654018" target="_blank">14 questions you need to ask yourself before beginning any negotiation</a>. Here are a final six. Are you…
1. Remaining professional?
You simply can't afford to lose your temper and still retain respect, from the other party.
People can be insulting, and it is all too easy to respond aggressively. But sometimes they're just doing that to test you, or your patience. So you may simply need to suggest adjourning the negotiations to give them a chance to regain their composure.
If it is a genuine outburst on their part, they can cool down. And if it's merely a ploy, they're going to look rather stupid.
2. Aware of the benefits and consequences?
You need to try and understand the benefits and consequences for each party in the negotiation.
Only then can you properly decide when (and how) to make any concessions, also when (and how) to stand firm, with your own needs and requests.
3. Employing the power of silence?
Work on becoming comfortable with silence. Most negotiators feel the need to jump in with some comment whenever there is an awkward pause in proceedings.
But whenever the answer to your question will actually commit the other party, say absolutely nothing more. Otherwise, all you'll get is further conversation.
4. Avoiding on-the-spot decisions?
Never commit on a major point unless you are quite sure of your answer and you're on solid ground.
No matter what the pressure, all you need simply say is: "I may need to sleep on that, I'll get back to you tomorrow".
5. Considering the telephone?
By choice, negotiations should commence face-to-face.
However as things progress, you'll sometimes find more progress can be made by phone — because it takes out all the emotion and allows you to simply focus on the rational items, rather than any personal issues.
6. Documenting the final agreement?
Sadly, too many people leave the negotiating table with only a handshake. A short summary (by way of "heads of agreement", a confirming letter or an email) is all you need to tie down the deal.
You need to have some form of documentation at the end, if this is a serious negotiation.
What you might say is: "Let's make a few notes on the points we have agreed for each of our files and just initial it."
This is vital. It provides a basis for the contract to be prepared. And when the contract arrives, you can confidently say: "That's not what was agreed."
If you both have the same set of notes, it's easy to verify that the contract has been drawn incorrectly.
Otherwise, you'll quickly discover how recollections can often change — between reaching agreement and the formal contract emerging. As a result, you are forced to restart the negotiation again.
Bottom line: I hope this has helped you to gain a complete "helicopter view" of how each component of a negotiation ties in with all the others.
And with the framework at your fingertips, you are now better equipped to tackle your next negotiation.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a href="https://his-best.biz/" title="Chris Lang's blog" target="_blank">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment. 
 
 
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Six final questions to ask yourself before commercial property negotiations

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

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Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

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ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

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For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

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Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Chris Lang

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