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Chapel Street has regained favour with retailers after a quiet leasing period, according to real estate agents Fitzroys.
Fitzroys City retail team leasing executive Michael Rainey said there has been a resurgence in enquiries for spaces along Chapel Street, South Yarra, Prahran and Windsor, led by high-quality fast-food and fashion operators.
“Chapel Street is quickly becoming a fast food destination with recent deals done with Mexican restaurant Fonda at 144 Chapel Street, Windsor, and the popular American ice creamery Ben &amp; Jerry’s, opening their first Melbourne store at 151 Chapel Street, Windsor,” he said.
The increase in enquiry from food operators has typically been in the slightly lower rental pockets, such as Vietnamese restaurant Miss Chu opening up a site at 276 Toorak Road, South Yarra.
<img alt="south-yarra-retail-aug-21-two" height="314" width="470" src="/images/stories/2013/08/south-yarra-retail-aug-21-two.jpg">
Other retailers moving into Chapel Street include American hot-dog specialist Massive Wieners expanding into 226 Chapel Street, with plans for 24-hour operation.
Fitzroys city retail has also overseen French macaron manufacturer A La Folie move into 589 Chapel Street, and fast-growing health juice operator Press Juices has taken up Shop 4, 286 Toorak Road, South Yarra.
International Chinese tea retailer Quali-T has leased 173 Toorak Road.
Mexican concept chain Zambrero’s has also recently taken up 374 Chapel Street, South Yarra, with the organisation matching their meals served with donations to their own charity.
In the Prahran area, Fitzroys has overseen UK menswear retailer Peter Werth move into 216 Chapel Street, and Cotswald Furniture is opening in High Street.
Rainey said the Peter Werth deal followed an increase in the number of fashion operators taking space in the edgier section of Chapel Street in recent years. Popular brands Jack London, Gorman, White Suede and Dangerfield have all taken up space in the area.
Rainey added that South Yarra was showing once-in-a-generation opportunities for retailers to look beyond the cycle and secure high quality shops on long-term leases that have not been available for decades.
<img alt="south-yarra-retail-aug-21-one" height="314" width="470" src="/images/stories/2013/08/south-yarra-retail-aug-21-one.jpg">
“Landlords are meeting the market where required and the resurgence in enquiry over the past few weeks and months should see most stock leased within a short time frame.”
“The fundamentals of the strip remain quite healthy.”
He said rents on Chapel Street typically ranged from $1,000 to $1,500 per sqm, and Toorak Road from around $600 to $800 per sqm.
The South Yarra end has been working through rental adjustments from the highs of 2007/08, perhaps to the benefit of the Prahran and Windsor parts of the strips, which have seen some new retail faces with leases to IGA and a major bar and restaurant soon to be announced.
Fitzroys senior manager Charles Emmett said many of these groups were gearing up to serve the surge in local population attributable to the high volume of apartments going up in Forrest Hill, as well as the old warehouse sections to the back of Chapel Street, South Yarra and Prahran.
He said rents in the Prahran section of Chapel Street were currently between $700 and $900 per sqm.
Fitzroys’s city retail team is now leasing the former Bettina Liano shop at 471 Chapel Street, South Yarra, as well as the ex-Puma site at 514 Chapel Street, South Yarra.
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Chapel Street regains retail interest: Fitzroys

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Perth has demonstrated positive capital growth over the last two decades, according to the latest report by property analyst Residex.
The report, which covered both metropolitan and country areas for each capital city, showed that the Perth house market has shown capital growth at an average of 8.56% per annum in the last 20 years.
Capital growth for Perth houses increased by 7.13% in the twelve months to July this year. It also increased by 1.34% from the last quarter.
The Perth unit market has also shown positive capital growth at an average of 7.83% per annum.
Capital growth for Perth units increased by 4.94% in the twelve months to July this year. It also increased by 0.81% from the last quarter.
According to Residex, the median house price in Perth is currently $510,000, while median rental yield is 4.86%. Median asking rent for July this year stood at $475 per week, up 5.56% on last year, where median asking rent was $450 per week.
The median unit price in Perth is currently $452,000, while median rental yield is 5.16%. Median asking rent for July this year stood at $445, and remains unchanged on last year.
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Perth shows solid 20 year capital growth: Residex

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The Settlers Tavern in Gosford has been snapped up by NSW hotelier Phil Bernie for $2.41 million.
Located at 57 Central Coast Highway in Gosford, the the two level hotel features two bars, indoor and outdoor gaming areas, a TAB, commercial kitchen and bistro, as well as office and storage space.
The hotel is part of the Settlers Complex which includes a service station, Hungry Jacks, Red Rooster, proposed convenience store, and on-site parking.
The 5,021 square metre property sold at auction through Daniel Dragiceviech of CBRE, in conjunction with Manenti Quinland &amp; Associates. The vendor was the former head of the Australian Hotels Associate Bob Bourne, who previously owned and operated the hotel for 30 years. 
According to RP Data records, 3/57 Central Coast Highway last sold in 1998 for $1.32 million, 6/57 Central Coast Highway last sold in 2002 for $850,000, and 10/57 Central Coast Highway last sold in 2012 for $400,000.
In total, the property last sold for $2.57 million prior to this sale.
Dragicevich noted that the sale represented increased activity in the NSW pub market.
“The current low interest rate environment continues to make hotel investment more attractive, with this sale just one in a string of recent pub transactions across NSW,” Dragicevich said.
The purchase of Settlers Tavern adds to Bernie’s hotel portfolio, which includes the Swansea Hotel and Mayfield Hotel in Newcastle.
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NSW hotelier Phil Bernie purchases Settlers Tavern

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A 1790 square metre commercial property site currently occupied by tiling company Price Tiles in Leichhardt, NSW has been put up for auction.
Located at <a href="https://www.realcommercial.com.au/property-land+development-nsw-leichhardt-500836335" target="_blank">33 Flood Street</a>, the site (pictured above) has been made available for the first time in 44 years, according to listing agent Michael Montano of Raine &amp; Horne Commercial.
On the site stands an office and storage building that measures 1445 square metres over two levels. It is defined by 7 lots on Flood Street, and located in a zoned residential area. It is also walking distance to parks, public transport, shopping centres and other amenities.
Montano told Property Observer the property used to be a timber yard before Price Tiles purchased it for $39,000 in 1969. 
“The building itself is unrenovated and a bit dilapidated. The main part of the building is where it was the original timbre yard; it has a solid brick wall with nice timbre trusses and exposed beams.
"It hasn't been updated for some time and really reflects yesteryear,” he said.
The listing states that the property could be potentially used for residential developments, childcare facilities, education establishments and aged care services.
Montano added that the property market in Sydney’s west has been “robust”, and the site has attracted interest from childcare operators as there has been a “shortage of that".
The property is available to view by appointment, and goes to auction on Saturday, September 21.
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Redevelopment opportunity as Leichhardt tile showroom listed for auction

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A one-bedroom apartment in St Kilda was the cheapest auction sale in Victoria on a recent Saturday, according to Australian Property Monitors.
The unit at <a target="_blank" href="https://www.realestate.com.au/property-apartment-vic-st+kilda-114369799">5/50 Carlisle Street</a> sold for $254,000 through Greg Hocking St Kilda.
The unit was listed with a price guide of “$235,000 to $260,000”.
It had been listed for rent in 2007 at an asking price of $215 per week, in 2012 at an asking price of $260 per week, and in June this year at an asking price of $250 per week, according to RP Data records.
Listing agent Rowan Bustin told Property Observer that the unit was currently rented out at $250 per week, the price reflecting a 5.12% rental yield.
Bustin also told Property Observer the auction was “very vibrant”, after the starting bid at $240,000. 
Bustin said the successful bidder was an investor.
“It is a very good investment with an over 5% return,” he said.
The block of units at 50 Carlisle Street has traditionally been priced quite cheaply in comparison to other units in the area. Recorded sales include unit 10, which sold in 2008 for $210,000, and unit 14 which sold last year for $290,000.
“The block is a great spot. Obviously there's some concern about the space it is situated in, it is two minutes from the red light district. But it is a well-policed area,” Bustin said.
He noted that St Kilda has been a popular suburb for investors as units for lease are snapped up very quickly and are rented at “realistic value”.
“With the cash rate, it is a stimulant for market activity and people buying in the area,” Bustin said. 
He added that most investors are couples who are looking to buy into the area.
Conversely, Bustin also noted that young females are dominating the St Kilda market.
“The buyers we've seen recently are young female, not the male purchaser anymore,” he said. 
But he cited a one-bedroom unit at <a href="https://www.realestate.com.au/property-apartment-vic-st+kilda-114288379">2/84 Blessington Street</a>, which was listed for sale with a price guide of “$260,000 to $280,000” and sold at auction for $325,000 when purchased by parents for their son.
According to the <a href="/news">latest RP Data report</a>, the median sale price for units in St Kilda is $450,000, down 4.3% on last year. The average discount required to sell a unit is 6.9%, while private treaty sales average 91 days on market.
The median asking rent for units is $380, while gross rental yield currently stands at 4.4%. 
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St Kilda cheapies sells for $254,000 as investors compete with helpful parents

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Underutilised Commonwealth government land could make way for thousands of new homes, increasing property supply levels and improving housing affordability, according to a report by urban development peak body Urban Development Institute of Australia.
The report suggests that the Commonwealth government should undertake thorough regular audits of its land assets in order to effectively identify and determine surplus land spaces available for housing development.
“There are numerous examples of redundant or underutilised commonwealth land such as defence sites occupying prime city locations,” said UDIA national president Julie Katz.
“They’re often in older, established areas, and already have good access to transport, employment and community infrastructure such as schools and shops, making them perfect for infill development.
“Development of surplus sites could provide a rapid and cost effective way of bringing much needed new housing to market, improving affordability and supporting jobs in the process,” Katz said.
Currently, there are 16 properties listed on the <a href="https://www.finance.gov.au/property/lands-acquisition/register-surplus-commonwealth-land">Register of Surplus Commonwealth Land</a>. The Department of Finance and Deregulation advises that the register “is not a full list of surplus Commonwealth land holdings”. 
The UDIA has highlighted two sites that could potentially provide an additional 1000 homes in Queensland and 750 homes in South Australia.
The Bulimba Army Barracks at 167 Apollo Road measures around 23 hectares.
The UDIA’s policy officer Liam Foley told Property Observer the site has “the potential for a mixed use retail/residential precinct, which could yield over 1000 dwellings at 50+ dwellings per hectare.”
In addition, the Keswick Army Barracks in Unley measures around 12.5 hectares, with the potential to house 60 dwellings per hectare.
“The city of Unley have done considerable work on this site by preparing a mixed use scheme. They have discussed it with the Commonwealth and it was mooted for release at one stage, but there has been little recent activity,” Foley said.
According to the <a target="_blank" href="/news">latest RP Data report</a>, the median sale price for houses in Bulimba is $880,000, up 3.5% on last year. The average discount required to sell a house is 11%, while private treaty sales average 99 days on market. 
The median asking rent for Bulimba houses is $585 per week, while gross rental yield currently stands at 3.5%. 
The median sale price for units in Bulimba is $565,000, up 4% on last year. The average discount required to sell a unit is 6.7%, while private treaty sales average 122 days on market. 
The median asking rent for Bulimba units is $500 per week, while gross rental yield currently stands at 4.6%. 
According to the <a target="_blank" href="/news">latest RP Data report</a>, the median sale price for units in Keswick is $295,000, up 24.9% on last year. The average discount required to sell a unit is 6.5%, while private treaty sales average 93 days on market. 
The median asking rent for Keswick units is $245 per week, while gross rental yield currently stands at 4.3%.
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Surplus Commonwealth Government land should be used for housing: UDIA

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Non-bank lender State Custodians is currently offering one of the lowest variable rates on the market, according to a search across mortgage comparison websites by Property Observer.
State Custodians offers a variable rate of 4.74%.
Its Peak Performance Offset home loan allows for a maximum of 80% loan to valuation ratio, and can be used as either an owner occupier or investment loan.
Variable rates may fall further if the Reserve Bank of Australia (RBA) announces a further rate cut today.
The Greater Building Society offers the lowest one-year fixed-rate home loan at 3.99%. Property Observer reported last week that it is <a target="_blank" href="/news">currently the only home loan with a rate below 4%</a>.
HomeloanHQ currently offers the lowest thee-year fixed-rate loan at 4.69%. The Rate Lock Home Loan can be used for both purchases and refinance, and allows for a 75% loan to valuation ratio.
These are the lowest advertised variable and fixed mortgage rates based on listings on mortgage comparison websites <a target="_blank" href="https://www.ratecity.com.au/">ratecity.com.au</a>, <a target="_blank" href="https://mozo.com.au/">Mozo.com.au</a>,  <a target="_blank" href="https://www.infochoice.com.au/">infochoice.com.au</a> and <a target="_blank" href="https://www.homeloanfinder.com.au/">finder.com.au</a> as of August 2:
Where the headline rate is the same, the lender with the lowest comparison rate gets preference.
Lowest variable rate offerings:
<table border="1" cellspacing="0" cellpadding="0" width="469"><tbody>
<tr>
<td valign="top" width="134">
Provider
</td>
<td valign="top" width="125">
Loan name
</td>
<td valign="top" width="93">
Rate
</td>
<td valign="top" width="117">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="134">
State Custodians
</td>
<td valign="top" width="125">
Peak Performance Offset
</td>
<td valign="top" width="93">
4.74%
</td>
<td valign="top" width="117">
5.11%
</td>
</tr>
<tr>
<td valign="top" width="134">
UBank
</td>
<td valign="top" width="125">
UHome Loan (Refinance Only)
</td>
<td valign="top" width="93">
4.87%
</td>
<td valign="top" width="117">
4.87%
</td>
</tr>
<tr>
<td valign="top" width="134">
Loans.com.au
</td>
<td valign="top" width="125">
Dream Loan Express
</td>
<td valign="top" width="93">
4.87%
</td>
<td valign="top" width="117">
4.89%
</td>
</tr>
</tbody></table>
Lowest one-year fixed-rate offerings
<table border="1" cellspacing="0" cellpadding="0" width="469"><tbody>
<tr>
<td valign="top" width="125">
Provider
</td>
<td valign="top" width="113">
Loan name
</td>
<td valign="top" width="84">
Rate
</td>
<td valign="top" width="106">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="125">
Greater Building Society
</td>
<td valign="top" width="113">
Ultimate Home Loan package
</td>
<td valign="top" width="84">
3.99%
</td>
<td valign="top" width="106">
5.46%
</td>
</tr>
<tr>
<td valign="top" width="125">
Newcastle Permanent
</td>
<td valign="top" width="113">
One year fixed rate
</td>
<td valign="top" width="84">
4.39%
</td>
<td valign="top" width="106">
5.69%
</td>
</tr>
<tr>
<td valign="top" width="125">
UBank
</td>
<td valign="top" width="113">
UHome Loan for refinancing
</td>
<td valign="top" width="84">
4.68%
</td>
<td valign="top" width="106">
4.79%
</td>
</tr>
</tbody></table>
Lowest three-year fixed-rate offerings
<table border="1" cellspacing="0" cellpadding="0" width="473"><tbody>
<tr>
<td valign="top" width="133">
Provider
</td>
<td valign="top" width="130">
Loan name
</td>
<td valign="top" width="95">
Rate
</td>
<td valign="top" width="115">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="133">
HomeloanHQ
</td>
<td valign="top" width="130">
Rate Lock Home Loan
</td>
<td valign="top" width="95">
4.69%
</td>
<td valign="top" width="115">
5.19%
</td>
</tr>
<tr>
<td valign="top" width="133">
Resi
</td>
<td valign="top" width="130">
FlexiFix Plus 75
</td>
<td valign="top" width="95">
4.78%
</td>
<td valign="top" width="115">
5.54%
</td>
</tr>
<tr>
<td valign="top" width="133">
Mebank
</td>
<td valign="top" width="130">
Three year fixed (member package rate)
</td>
<td valign="top" width="95">
4.79%
</td>
<td valign="top" width="115">
5.26%
</td>
</tr>
</tbody></table>
*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
For information on refinancing, watch our free webinar <a target="_blank" href="/news">The Do's and Don’ts of Refinancing Your Existing Home Loan ... and How to Avoid Unnecessary Hurdles</a>.</body></html>

The cheapest fixed and variable home loan rates on offer starting from 3.99%

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The Greater Building Society has cut its one year fixed home loan rate by 40 basis points to 3.99% ahead of Tuesday’s Reserve Bank meeting where the cash rate is expected to be cut to 2.5%.
The Greater home loan rate will be available from Monday, August 5, as part of a packaged home loan rate offering.
The current rate stands at 4.39%.
A search across mortgage comparison websites revealed that no other lender is currently offering a home loan rate below 4%. It continues a trend of lenders cutting their fixed-rate loans.
The comparison rate will be 5.44%.
The Greater will also be cutting two other one year fixed home loan rates on Monday by 40 basis points.
The Great Rate Home Loan will have a 4.19% interest rate and a comparison rate at 5.33%, while the Standard Home Loan will have a 4.55% interest rate and a comparison rate at 5.69%.
The Newcastle Permanent Building Society currently offers the next lowest one year fixed home loan rate at 4.39%, with the comparison rate at 5.56%
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Greater Building Society cuts one year fixed-rate loan to 3.99%

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The Oceanside Hawks Nest motel, which was once John Howard’s favoured family holiday retreat, has been listed for sale.  
Located on the corner of Booner and Bennett Streets in Hawks Nest, on the mid-north coast of New South Wales, the motel sits on a 2,688 square metre site.  
It houses a total of 52 units, 31 of which are freehold motel rooms and 21 are one and two-bedroom serviced apartments.  
The motel is located 70 metres from the beach, and facilities include a heated pool, spa, and water slide. It recently underwent a substantial refurbishment, with close to $250,000 spent upgrading the property.  
Also on site is a fully leased restaurant, café, a sports bar, substantial car parking, as well as zoning for long-term redevelopment.  
The listing is managed by Paul Kapiris and Rob Cross of CBRE Hotels.  
Cross told Property Observer the listing is expected to fetch around $5 million.  
He also said that the widening gap between low current interest rates and investor returns for hotels and motels provides a solid opportunity for investors to enter the market place and achieve strong returns.  
“Recently, we have heard of hoteliers locking in interest rates around or even below 5%, making the purchase of a hotel or motel that provides double digit returns a favourable investment,” he said.  
According to Kapiris, the hotel would attract strong interest from owner operators, as well as investors because of its solid trading history.  
“The motel is currently owned by a Sydney based investor, with a management couple taking care of the day to day operations.”  
“Whilst the asset currently performs well, an experienced owner operator would be aware of the inherent upside available with a more hands on approach to management,” he said.  
According to RP Data records, the site was last sold in 2003 for $3.8 million. Prior to this sale, it was sold in 2001 for $1.35 million.  
The property has been listed for sale through an expressions of interest campaign. Applications close on Wednesday, 4 September.
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John Howard's favourite holiday retreat Oceanside Hawk's Nest listed for sale

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The Stirling local government area (LGA) in WA has been enjoying high market activity over the last five years, as well as rental demand in the March quarter of this year, according to the latest report by PRD nationwide. 

 The Stirling LGA includes Balcatta, Balga, Carine, Churchlands, Coolbinia, Dianella, Doubleview, Glendalough, Gwelup, Hamersley, Inglewood, Innaloo, Joondanna, Karrinyup, Menora, Mirrabooka, Mount Lawley, Nollamara, North Beach, Osborne Park, Scarborough, Stirling, Trigg, Tuart Hill, Wembley Downs, Westminster, Woodlands, and Yokine. 

 Over a five-year period ending in the first quarter of this year, house transactions in the Stirling area accounted for 30% of all house transactions in Central Perth (listings within a 15km radius of Perth CBD). Similarly, unit transactions in the Stirling LGA made up 28% of all transactions over a five-year period ending in the March quarter of 2013. 

 Central Perth is also seeing a resurgence in rental listings as demand continues to grow as a result of increased mining activity in Western Australia. It recorded 47% of house rental listings for the March quarter of this year, with the Stirling LGA recording 10% of the Perth citywide market. 

 According to PRD nationwide research analyst Angus McLean, the Stirling LGA recorded 907 house rental listings for the March quarter, with a median asking rent of $550 per week, reflecting an 11% increase on last year, when the median asking rent was $490 per week, according to data from the REIWA. 

 <a href="/news">North Beach</a> saw one of the largest annual increases in asking rent. For the March quarter of 2013, the median asking rent was $610 per week, up 30% on last year where the median asking rent was $425 per week


Conversely, <a href="/news">Inglewood</a> saw one of the largest annual drops in asking rent. For the March quarter of this year, the median asking rent was $560 per week, down 16% on last year where the median asking rent was $650 per week. Central Perth dominated the unit rental market with 86% of listings.

 The Stirling LGA once again proved to be a popular area with 17% of all listings for Central Perth. It recorded 957 listings and a median asking rent of $420 per week during the period, according to data from the REIWA. Scarborough saw one of the largest annual increases in asking rent. 

For the March quarter of this year, the median asking rent was $460 per week, up 17% on last year when it was at $380 per week. PRD nationwide director of Perth project marketing Angus Murray told Property Observer the Perth property market is “very strong” across the board. 

 “There is a shortage of listings in Perth, and we are well undersupplied. It’s pushing prices a little.” 

 “There is about a 6% increase in pricing in the last 12 months, and I expect it will be a similar amount in the next 12 months as there is a shortage of stock,” he said. 

 He revealed that the Sterling market is mainly driven by families and people looking to upgrade, especially from other parts of Perth. Some pull factors include its proximity to the Perth CBD and established schools in the area. 

 Located about 10 kilometres north of the Perth CBD, Stirling is accessible by the Mitchell Freeway and Stirling train station. A train ride to Perth city takes about nine minutes. According to the <a href="/news">latest RP Data report</a>, the median sale price for houses in Stirling is $775,000, up 4.3% on last year. 

The average discount required to sell a house is 8.9%, while private treaty sales average 87 days on market. 

 The median asking rent for houses in Stirling is $750 per week, while gross rental yield currently stands at 5%. Houses that have recently sold in Stirling include: 

 <a href="https://www.realestate.com.au/property-house-wa-stirling-113515191">3 Skua Street</a>

The three-bedroom house (pictured below) sold for $653,000 through Professionals Realty in April this year. 

Prior to this sale, it sold in 2008 for $495,000, in 2001 for $215,000, and in 1994 for 152,800 according to RP Data records. It was listed for sale at “offers from $669,000”, and was on the market for 9 days. 

In addition, it was listed in January 2008 with an initial price guide of “$560,000 to $575,000”, which was subsequently adjusted to “$550,000 to $560,000” and spent 257 days on the market according to RP Data records.

<a href="https://www.realestate.com.au/property-house-wa-stirling-112483075" target="_blank"></a><a target="_blank" href="https://www.realestate.com.au/property-house-wa-stirling-112483075">247 Odin Drive</a>

The four-bedroom house (pictured below) sold for $810,000 through Realmark Premier Gwelup in February this year. 

Prior to this sale, the 669 square metre house sold in 2007 for $785,000, and in 2003 for $429,000, according to RP Data records. 

 It was listed for sale with a “all offers invited” price guide in February this year, and was on the market for 17 days. In addition, it was listed for sale in March 2007 with a price guide of “from $769,000”, and it spent 64 days on market. It was also listed for sale in 2006 at an asking price of $850,000, spending 23 days on market, and again in 2003 for $444,000 where it spent 78 days on market, according to RP Data records. 

 <img width="470" height="353" alt="STIRLING_0002_stirlingjuly31two.jpg" src="/images/stories/2013/07/STIRLING_0002_stirlingjuly31two.jpg.jpg"> Houses currently for sale in Stirling include: 

 <a href="https://www.realestate.com.au/property-house-wa-stirling-114365491" target="_blank"></a><a target="_blank" href="https://www.realestate.com.au/property-house-wa-stirling-114365491">35 Cassino Drive</a>

The four-bedroom house (pictured below) has been listed for sale by Altitude Real Estate Subiaco at an asking price of “from $895,000”. It last sold for $495,000 in 2007 and for $395,000 in 2005, according to RP Data records. 

 It has also been listed for rent in July last year at an asking price of $750 per week. The asking price was subsequently adjusted to $720 per week later that month, according to RP Data records. <img width="470" height="353" alt="STIRLING_0001_stirlingjuly31three.jpg" src="/images/stories/2013/07/STIRLING_0001_stirlingjuly31three.jpg.jpg"> <a href="https://www.realestate.com.au/property-house-wa-stirling-113764135" target="_blank">2B Grebe Street</a> The three bedroom house (pictured below) has been listed for sale with a price guide of $620,000 to $640,000 through Professionals – the Kelly team. 

It last sold for $94,000 in 1993, according to RP Data records. It was also listed for sale from December last year to April this year with an “expressions of interest” campaign that spent 113 days on the market, according to RP Data records. <img width="470" height="353" alt="STIRLING_0000_stirlingjuly31four.jpg" src="/images/stories/2013/07/STIRLING_0000_stirlingjuly31four.jpg.jpg">
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Stirling a hotbed for the resurgence in Central Perth property market

<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Diane Leow

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