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Pilbara, known for its Aboriginal people, landscape, and rich mineral deposits, has seen its housing market record the highest capital gain in the country at 19.8% per annum over the last five years, RP Data national research director Tim Lawless wrote recently.  
Located in North-west Western Australia, Pilbara covers a vast area of 502,000 square kilometres and has a population of 59,894 as of the 2011 Census. Its main settlements include Port Hedland, Karratha, and Newman.  
Port Hedland is the second largest town in the Pilbara region, with a population of 4393 based on data from the 2011 Census. It is also home to one of the largest iron ore loading ports in the world, and the largest in Australia. Other major resource activities supported by Port Hedland include offshore natural gas fields, salt, manganese, and livestock.  
Resources company BHP Billiton has two separate port facilities in Port Hedland, where their principal iron ore operations are based. It also owns the Mount Newman railway which runs from Newman to Port Hedland for the purpose of carrying iron ore.  
Located about 1700 kilometres from Perth, Port Hedland is accessible via the Great Northern Highway or Northwest Coastal Highway. Flights to Port Hedland are also available from Perth and Darwin.  
Russell Pyke of First National Real Estate Port Hedland told Property Observer that the market in Port Hedland has softened, while awaiting the announcement of new projects.  
“It’s been pretty quiet for the last six months. There's a couple of developers who's still buying, [like the] <a href="https://www.royhill.com.au/" target="_blank">Roy Hill</a> [iron ore project] looking to break into market,” he said.  
He added that investors are still interested in properties in Port Hedland and South Hedland.  
According to the latest RP Data report, the median sale price for houses in Port Hedland is $1,765,196, up by 68.1% on last year. The median asking rent for houses in the area is $2,550 a week, and average rental yield stands at 7.5%.  
Houses recently sold in Port Hedland include:  
<a href="https://www.realestate.com.au/property-house-wa-port+hedland-113189507" target="_blank">55 Moore Street</a> (pictured below), sold for $1,485,000 by Hedland First National Port Hedland. Prior to this sale, the house last sold for $285,000 in 2005, $152,000 in 1997, $140,000 in 1995, and $125,000 in 1994, according to RP Data records.
<img alt="pilbarajune25one" height="345" width="470" src="/images/stories/2013/06/pilbarajune25one.jpg">
The house was also listed for sale in 2012 for $1,499,000, and also in 2005 for $302,000.  
It has also been listed for rent in 2008, at an asking price of $1,600 per week, according to RP Data records.  
<a href="https://www.realestate.com.au/property-house-wa-port+hedland-112674115" target="_blank">36 McPherson Street</a>, sold for $1,200,000 by Ray White Port Hedland. The four-bedroom house last sold for $448,000 in 2005, and for $160,000 in 2000, according to RP Data records.  
Houses for sale in Port Hedland include:  
<a href="https://www.realestate.com.au/property-house-wa-port+hedland-114085859" target="_blank">5 Harper Street</a>, listed for $899,000 by Crawford Realty South Hedland. The three-bedroom house last sold for $164,000 in 2001, $189,000 in 1997, $138,000 in 1994, $80,000 in 1993 and $45,000 in 1987, according to RP Data records.  
It has also been listed for rent at an asking price of $1750 per week since May this year, according to RP Data records.
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Port Hedland residential market softens

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A run down waterfront house in Aspendale has sold for over a million dollars, indicating that demand for waterfront properties is strong.  
The house, located at <a href="https://www.realestate.com.au/property-house-vic-aspendale-113686771" target="_blank">7 Gladstone Avenue</a>, sold at auction last month for $1,060,000 through O’Brien Real Estate Chelsea.  
Stavros Ambatzidis of O’Brien Real Estate told Property Observer that the condition of the property was not at its best.  
“It was very run down – we were just selling land value there. It wasn’t selling much more than land value,” he said.  
He added that the auction received a great response, with the final result at a higher than expected price.  
“We had about 100 people at the auction, with very strong bidding. We had 10 registered bidders.  
“It sold above $110,000 over what I expected,” Ambatzidis said.  
A report on news.com.au stated that the successful bidders were a pair of sisters who are hoping to create a dream home for their 90-year-old mum.  
Ambatzidis noted that another run down property at 1 Osprey Lane in Carrum also sold for over a million dollars recently.  
“There’s been a demand for them, as there are not many waterfront properties.  
“Waterfront properties are of a rare nature. There's really only waterfront properties that exist in the Chelsea area,” he said in response to the recent sales.  
According to the <a href="/news">latest RP Data report</a>, the median house price in Aspendale currently stands at $615,000, up 1.2% on last year. The average discount required to sell a house is 5.5%, while private treaty sales average 74 days on market.  
The median asking rent for houses in Aspendale is currently $430 per week, and the average rental yield stands at 3.6%.
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Aspendale waterfront buying interest tide rising

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Melbourne property developer Deal Corporation recently embarked on its $100 million project, Kubix.
It's been touted to offer a new way of living in Knox - assisting in helping to stop migration to the inner and middle ring suburbs.
<img alt="kubixjune18one" height="403" width="578" src="/images/stories/2013/06/kubixjune18one.jpg">
Located opposite the Westfield Knox Shopping Centre on the Stud Rd and Burwood Highway intersection in Wantirna South, the development will comprise of a three building complex with 236 apartments.
Designed by the award-winning Fender Katsalidis Architects who designed Melbourne’s Eureka Tower, <a href="https://www.kubix.com.au/" target="_blank">Kubix is expected to be a landmark development for the region</a>.
Already some 40% of stage one has been sold, Michael Radcliffe of DealCorp told Property Observer, with the display suite set to be open late June 2013, while completion is likely to be in early 2015.
<img alt="kubixjune18two" height="403" width="365" src="/images/stories/2013/06/kubixjune18two.jpg">
“Kubix was designed to appeal to one of the most rapidly emerging trends in the region – the rise of couple or single person households,” Deal Corporation managing director David Kobritz said.
The development is also designed to appeal to people downsizing from traditional homes as well as people looking to remain in the local market and young professionals living and working in the area.
Kobritz said buyer demand has been strong with construction of the first stage of the complex due to start within months following a short sales campaign. With very few large developments slated for construction, demand for smaller apartments was not being met by supply.
<img alt="kubixjune18four" height="328" width="470" src="/images/stories/2013/06/kubixjune18four.jpg">
According to data from the 2011 Census, over 26,000 Knox households had either one or two residents.
In addition, flats, units and apartments only account for 3.7 per cent of housing in Knox, with only 2053 units out of a total of over 55,000 private dwellings in the area.
Between 2006 to 2011, over 20,000 residents moved out of the City of Knox to other parts of Victoria, according to data from the Census of Population and Housing.
Kobritz suspected many people were moving because of the lack of diversity in housing options.
“The total number of apartments in Kubix will provide for just 1% of the potential population suited to apartment living so we see it as a development perfectly timed for today’s new housing options,” he said.
He said other medium density developments in Knox tended to be in-fill projects in traditional residential areas, while Kubix would offer spectacular views and provide a whole new perspective on the region.
Kobritz believes the development is also a suitable alternative for the university student housing market, therefore suiting both investors and owner-occupiers.
While Knox is widely regarded as a family suburb, Deal Corp believes there is an emerging market segment looking to downsize to a secure and convenient apartment lifestyle while remaining in the Wantirna/Knox area.
Kobritz said the trend toward apartment living was spreading out from the inner city but this was the first time it had crossed the Eastlink.
Kubix is located near five golf courses, and is also close to freeways for access to the Mornington Peninsula and the CBD.
Apartments are priced between $310,000 and $535,000.
Stage one of the development will comprise 82 one and two bedroom residences over 9 levels, complete with secure basement parking and storage.
Already some 40% of stage one has been sold, according to the website, with the display suite set to be open late June 2013, while completion is likely to be in early 2015.
According to the <a href="/news">latest report by RP Data</a>, the median sale price for units in Wantirna South is $415,000, up 5.1% on last year. The average discount required to sell a unit is 7.8%, while private treaty sales usually average 44 days on market.
The median asking rent for units is $370 a week, while average rental yield stands at 4.6%.
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Fender Katsalidis-designed Kubix in Knox targets downsizers and young professionals

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Investors in the LM Performance Fund (LMPF), of which Pimpama development Maddison Estate is a large asset, are at risk of not getting their investment back if trustees are unable to refinance a loan to Suncorp.
In an update released by KordaMentha, <a href="https://www.propertyobserver.com.au/queensland/trustees-appointed-to-gold-coast-based-lm-managed-performance-fund/2013041560407">the LMPF trustee appointed by the Supreme Court of Queensland</a>, Suncorp has stipulated a 30 June 2013 deadline for repayment of a $22 million loan.
LMPF was due to pay Suncorp in March this year but failed to meet the deadline.
Failure to repay this loan may result in Suncorp appointing a receiver to sell the property. The update also emphasised that the return of the existing $250 million investment in the fund will be minimal, and may be nil.
KordaMentha has advised that while the fund holds security over the development, it does not control the landowner, Coomera Ridge Pty Ltd, or the development.
LMIM founder Peter Drake has since provided KordaMentha access to the books and records of the developer, Maddison Estate Pty Ltd, as well as the Maddison Estate development.
KordaMentha and the developer have revised plans for Maddison Estate. It will now be a basic residential subdivision, without star-studded facilities such as a wave pool, volleyball courts, and aquatic centre as previously planned.
With the new master plan, KordaMentha engaged Knight Frank and Colliers International to review the revised layout. Both organisations recommended a decrease in price for developed lots, and a revision in revenue escalation rates.
The update added that previous revenue rate assumptions “were significantly overstated”.
Maddison Estate, a $1.5 billion Gold Coast Queensland residential community project, was marketed as setting residential community estate benchmarks.
With its strong focus on sporting facilities, the developer has attracted celebrity endorsements from the likes of Olympians Sam Riley, Natalie Cook, as well as world champion surfer Kelly Slater.
However, the podium finish success of Maddison Estate at Pimpama could be a long time off.
<img height="235" width="470" src="/images/stories/2013/05/may3maddison/6.jpg" alt="6">
Property Observer has reported previously that Maddison Estate is a major asset of the LM Performance Fund (LMPF), managed by LM Investment Management (LMIM), whose founder is Peter Drake.
 
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LMIM has recently entered into voluntary administration. The Supreme Court of Queensland has appointed KordaMentha and its affiliate firm Calibre Capital as joint trustees of the LMPF. Previously, John Park and Ginette Muller were appointed voluntary administrators of LMIM on March 19.
<img height="235" width="470" src="/images/stories/2013/05/may3maddison/20.jpg" alt="20">
Most of the $350 million invested in LMPF came from overseas investors, some in Malta.
Investors in the fund have a 60% exposure to Maddison Estate through a $234 million second mortgage, with a smaller $22 million first mortgage to Suncorp, which expired in March.
Property Observer also reported that a “steady stream” of investors are planning to lodge a class action suit against financial planners who recommended they invest in mortgage funds issued by LMIM.
<img height="263" width="470" src="/images/stories/2013/05/may3maddison/21.jpg" alt="21">
LMIM claimed to have $3 billion in funds under management with investors in 73 countries, according to the Gold Coast Bulletin.
The ABC’s Four Corners reported that LMPF was marketing the fund as a “bank-like facility”, but the claim was withdrawn by LMPF “as soon as it realised the potential for confusion.”
Pimpama, which is 30km north of Surfers Paradise, is the last remaining rural town on the Pacific Motorway between Brisbane and the Gold Coast. That was set to change with Maddison Estate and its landscaping by Jamie Durie.
Maddison Estate covers 118 hectares and has plans for about 2500 dwellings and 800 lots of land. It aims to house 3500 residents upon completion.
In addition to 2500 square metres of retail space, 37 hectares of parkland including 30 hectares of environmental reserve have also been planned.
The parkland was to be divided into six different parks, with a sports focus. According to Maddison Estate’s website, the project’s vision was created “in the spirit of developing our next generation of Olympians and in the lead up to the 2018 Commonwealth Games”.
As such, collaborations with Riley, Cook (pictured below), and Slater should not have been any surprise. Indeed Cook’s association with LMI began when Peter Drake financed her journey to the Beijing Olympic Games in 2008. She was slated to create a sandstorm beach volleyball park in Maddison Estate’s Central Park.
<img height="460" width="450" src="/images/stories/2013/05/may3maddison/24.jpg" alt="24">
 
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Riley, who runs six swim schools in Brisbane at present, also planned to open the first Gold Coast Sam Riley Swim School in the estate’s Central Park.
Property Observer could not ascertain at press time if Cook and Riley are still tied to the Maddison Estate project, but presumes their engagement is no longer required.
While the world’s first Kelly Slater wave pool was also marketed as a huge part of the project, Surfing Life reported in March this year that the “Kelly Slater Wave Company had entered into ‘an exclusive Memorandum of Understanding,’ to build one of its wave pools on the site, but no contracts had been signed and no money had changed hands.”
Slater also told Surfing Life, “…we aren't actually in business with Maddison as of now, and have been waiting to really understand what the truth of the whole matter is with the company anyway.”
Even with revisions from KordaMentha, Maddison Estate’s Facebook page still shows updates from November last year linking them to the Kelly Slater wave pool.
The project was meant to create an additional 3,500 construction jobs, as reported by the Gold Coast Bulletin.
LMPF’s latest financial report has stated that building companies Ausbuild, Clarendon Homes, Metricon and Plantation Homes have signed agreements with Maddison.
However, a check by Property Observer has found that all links between Ausbuild and Clarendon Homes to Maddison Estate have been taken offline. Metricon’s website has no link to Maddison Estate as well, although Plantation Homes had three listings on realestate.com.au for three seperate lots on the property.
LMIM first took control of the Maddison Estate project in 2010, after a joint venture with Young Land Corporation fell through, as reported by goldcoast.com.au in August that year. Under the partnership, the project was then named Arrowtown.
Coomera Ridge Pty Ltd, where Drake is the sole director, owns around 30 sites in Pimpama. These sites were mostly purchased between 2006 and 2009 according to RP Data records for $89 million, as reported by the ABC.
The Gold Coast City Council moved to speed up Maddison Estate’s approval process in August last year, as reported by ABC News. In October last year, the Australian Financial Review reported that the project had won preliminary approval, with the first 150 lot stage been fully approved.
According to the Maddison Estate January 2013 Project Update, bulk earthworks commenced, paving the way for the first 140 lots. Delivery of the first 29 lots and the first stage of Central Park is anticipated for later this year.
In February this year, a press release stated that the first phase of tree clearing and demolition works were completed, and bulk construction had commenced.
Multiple attempts to contact Maddison Estate’s site office to determine the current state of construction were unsuccessful.
The directors of the LMPF include Peter Charles Drake, who is the founder of LM Investments Management (LMIM), Eghard van der Hoven and Francene Maree Mulder, who both sit on the directorship of LMIM, as well as Katherine Phillips, who became the director of LMIM UK Limited in 2007.
While little is known about Drake and van der Hoven, Mulder has held several managerial positions in commercial mortgages, conveyancing, and the property sector, according to zoominfo.com. She is currently the Executive Director, General Manager Distribution and Product of LMIM.
Phillips was the director of LMIM UK Limited from 2007 to June 2012. In July 2012 she was appointed the director of the LMPF.
According to LMPF’s latest financial report, it has continued to pay investor redemptions, which make up 6% of Funds Under Management. This is a significant decrease from “a high of just under 40%” of redemptions.
At the time, the fund met the objective of maintaining investor capital, and “declared investor returns of 3.00%p.a. to 5.00%p.a. over cash rates whilst maintaining full capital value”.
The report also stated that management fees paid to LM Administration Pty Ltd by the LMPF totaled $11.36 million for the 2012 financial year, up from $1.39 million for the 2011 financial year.
LMPF stated in the report that the amount represents 3.1% of average net assets of the fund, and that it is a “pre-planned increase in management fees is reflective in the growth of assets in the Fund and allows the Manager to employ additional resources required to properly manage the assets to the benefit of the investors”.
The report also adds that the LMPF pays LM Administration Pty Ltd is paid an administration fee of 5% per annum directly from the scheme’s assets.
A disclosure update for LMPF was posted on 31 January 2013, stating that the fund’s assets totalled AUD$401 million.
The disclosure statement notes that commercial loans total $385 million, with the largest mortgage totaling $240 million.
 
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Back to basics for troubled $1.5 billion Maddison Estate

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Greater western Sydney has - not surprisingly - emerged as a hotspot for population and building growth, according to the latest Housing Industry Association (HIA) report.
Three out of the top five statistical areas on the NSW building and population hotspot list were located in greater western Sydney. Parklea-Kellyville Ridge and Homebush Bay-Silverwater were the top two areas in New South Wales in terms of population growth, with Parklea-Kellyville growing by 10.2% and Homebush Bay-Silverwater by 9%.
Both suburbs were also amongst the national top 20 building and population hotspots, in positions thirteen and eighteen respectively.
Kellyville was fifth on the NSW list, citing population growth of 3.1%.
Property Observer <a href="https://www.propertyobserver.com.au/new-south-wales/hotspots-from-fibros-to-mcmansions-western-sydney-attracting-investor-attention/2012012953164">reported</a> in January this year that western Sydney has been attracting investor attention, largely due to affordable housing especially in comparison to inner Sydney, new residential developments, as well as businesses moving into the area.
Douglas Driscoll, CEO of Starr Partners, expects the western Sydney market to get stronger with new suburbs and shopping districts appearing, businesses establishing and settling in the area, transport connections improving and large master-planned residential developments are appearing. “No other area in Sydney is seeing that amount of change so quickly,” he said in January.
Western Sydney also registered the highest sales activity in New South Wales in 2012, as <a href="https://www.propertyobserver.com.au/new-south-wales/sydney-house-prices-up-61-over-2012-but-little-growth-in-the-western-suburbs-reinsw/2013030759770">reported</a> by Property Observer in March this year.
Simon Pressley also <a href="https://www.propertyobserver.com.au/new-south-wales/greater-western-sydney-is-spruiked-as-a-gold-mine-but-investors-should-be-wary-simon-pressley/2013041660434">highlighted</a> western Sydney’s investor potential in Property Observer in April this year. He mentioned western Sydney’s dense population and diverse demographic may influence property values.
The Parklea-Kellyville Ridge statistical area saw the largest and fastest growth in the state, with an increase of 2300 residents according to the Australian Bureau of Statistics (ABS). The value of residential building work approved was $182.1 million.
Parklea-Kellyville Ridge is located approximately 40 kilometres north-west of the Sydney CBD. According to the latest census report, the median age of people in the area was 31 years, with children aged 0-14 years making up 27.7% of the population. This indicates that young families populate the area.
Some 57% of residents in the Parklea-Kellyville Ridge area were born in Australia. 9.1% of the population have an Indian background, while 6.1% of the population have a Filipino background. In addition to English, languages spoken at home included Hindi, Punjabi, Tagalog, Filipino, and Arabic, indicating Parklea-Kellyville Ridge is a culturally diverse area.
 
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According to the <a href="/news">latest RP Data report</a>, the median house price in Parklea currently stands at $549,500, up 0.5% on last year. The average discount required to sell a house is 5.1%, while private treaty sales average 57 days on market. The median asking rent for houses is $550, while average rental yield stands at 5.2%.
The median unit price in Parklea currently stands at $390,000. The median asking rent for units is $470, and average rental yield currently stands at 6.2%.
The median house price in Kellyville Ridge currently stands at $610,000, up 3% on last year, according to the <a href="/news">latest RP Data report</a>. The average discount required to sell a house is 5.2%, while private treaty sales average 85 days on market. The median asking rent for a house is currently $600, with an average rental yield of 5.1%.
The median unit price in Kellyville Ridge is currently $422,500, up 6.8% on last year. The median asking rent for a unit is currently $420, with an average rental yield of 5.2%.
The Homebush Bay-Silverwater statistical area saw an additional 1100 residents in 2011-2012, according to the ABS. The value of residential building work approved in the area was $276.4 million.
Homebush Bay-Silverwater is located approximately 16 kilometres west of the Sydney CBD. According to the latest census report, the median age of people in the area was 33 years, with children aged 0-14 years making up 17.2% of the population.
Homebush Bay-Silverwater is home to people of various backgrounds, with 47% of Australian-born residents making up the population. 8.5% of the population have a South Korean background, and 6.1% of the population have a Chinese background, indicating that Homebush Bay-Silverwater is a culturally diverse area as well.
According to the latest RP Data report, the median house price in Silverwater currently stands at $540,000, up 3.8% on last year. The average discount required to sell a house is 5.8%, while private treaty sales average 52 days on market. The median asking rent for houses is $420 a week, while average rental yield stands at 4.0%.
The median unit price is Silverwater currently stands at $410,000, down 8.9% on last year. The average discount required to sell a unit is 9.0%, while units average 112 days on market. The median asking rent for unit is $490 a week, while average rental yield stands at 6.2%.
The Kellyville area saw population growth of 3.1%, and the value of residential building work approved in the area was $208.1 million.
Kellyville is located approximately 36 kilometres north-west of the Sydney CBD. According to the latest census report, the median age of people in the area was 34 years, with children aged 0-14 making up 25.4% of the population, indicating the area is home to a number of young families.
While majority (63.6%) of Kellyville residents are born in Australia, it is also home to a number of residents who were born in England (3.7%), India (3.0%), South Africa (2.3%), Philippines (2.3%), and Sri Lanka (1.8%). 35.4% of households in Kellyville also report speaking two or more languages at home, according to data from the ABS.
According to the <a href="/news">latest RP Data report</a>, the median house price in Kellyville currently stands at $680,500, up 4.7% on last year. The average discount required to sell a house is 6.0%, and private treaty sales average 78 days on market. The median asking rent for houses is $620 a week, while the average rental yield is 4.7%.
The median unit price in Kellyville currently stands at $547,500, up 2.3% on last year. The average discount required to sell a unit is 2.6%, while private treaty sales average 70 days on market. The median asking rent for unit is $550 a week, while the average rental yield is 5.2%.
 
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Kellyville among Sydney's top new home suburbs: HIA

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Prices of units and townhouses on the Sunshine Coast have fallen despite an increase in sales activity, according to the latest data report by the Real Estate Institute of Queensland (REIQ).
The report found that the median price of units on the Sunshine Coast have declined by 1.5% from last year’s $340,000 to March’s $335,000, with no change in the March quarter.
This is despite an increase of 22.6% in sales activity of units and townhouses compared to the March quarter last year.
It also revealed a significant increase in the numbers of unit and townhouse sales priced between $350,000 and $500,000.
“Many of these areas have become more affordable, even those with unique seaside locations, so this is no doubt spurring buyers into action before the tide has turned to the positive completely,” <a href="https://www.reiq.com/" target="_blank">REIQ</a> chief executive Anton Kardash said.
Reports of price declines on the Sunshine Coast and Gold Coast are nothing new.
In January 2012 the two struggling coastal markets received national media attention when <a target="_parent" href="https://www.propertyobserver.com.au/residential/kochie-to-property-investors-avoid-catastrophic-gold-and-sunshine-coasts/2012011953058">Channel Seven Sunrise host David Koch</a> outraged Gold Coast and Sunshine Coast estate agents and developers by describing them as “catastrophes”.
Sunshine Coast suburbs that recorded significant declines in prices included Noosa Heads, according to the REIQ data.
Noosa Heads recorded 35 unit sales for the March quarter, with the median unit price at $520,000, representing a 10% decrease from the last quarter.
The annual median unit price in Noosa Heads stands at $480,000, representing a 15.4% decrease on last year’s $567,500. The REIQ emphasised that median prices in Noosa Heads have been affected by the varying quality of stock sold, and the number of waterfront properties sold.
Noosa Heads units for sale include:
<a href="https://www.reiq.com/Apartment-Unit/for-sale/noosa-heads/2480908.aspx" target="_blank">Unit 10/28 Viewland Drive</a>, a two-bedroom apartment (pictured below) listed for $495,000 by Robert James Realty. It last sold for $315,000 in 2003, and $107,500 in 1991, according to RP Data records.
<img alt="sunshinejune12one" height="353" width="470" src="/images/stories/2013/06/sunshinejune12one.jpg">
Other suburbs that recorded declines of between six to nine per cent included Kings Beach and Maroochydore.
Kings Beach recorded 18 unit sales for the March quarter, with the median unit price at $290,000, representing an 18.3% decrease from the last quarter.
The annual median unit price stands at $330,000, representing a 9.6% decrease on last year’s $365,000. The REIQ highlighted that median prices in Kings Beach have been affected by the varying quality of stock sold, and the number of waterfront properties sold.
Kings Beach units that were sold in the March quarter include:
<a target="_blank" href="https://www.realestate.com.au/property-unit-qld-kings+beach-112768827">2/14 Levuka Avenue</a>, a two-bedroom unit (pictured below) was listed by Caloundra City Realty. It sold for $267,000 according to RP Data records.
<img alt="sunshinejune12two" height="353" width="470" src="/images/stories/2013/06/sunshinejune12two.jpg">
Prior to this sale, the apartment last sold for $122,500 in 2000. It was also sold in 1994 for $130,000, and also in 1993 for $117,500, according to RP Data records.
 
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Maroochydore recorded 62 unit sales for the March quarter, with the median unit price at $310,000, down 6.1% from the last quarter.
The annual median unit price stands at $319,000, representing a 6.2% decrease on last year’s $340,000.
Sunshine Coast suburbs that recorded significant price growth included Golden Beach and Coolum Beach.
Golden Beach recorded 17 unit sales for the March quarter, with the median unit price at $305,000, representing a 7.6% decrease from last quarter.
The annual median unit price stands at $320,000, representing a 26.0% increase on last year’s $254,000.
Golden Beach units for sale include:
<a target="_blank" href="https://www.reiq.com/Apartment-Unit/for-sale/golden-beach/2491162.aspx">Unit 26, 2 Landsborough Parade</a>, a two-bedroom apartment (pictured below) listed for $249,000 by Ray White Caloundra. It last sold in 2008 for $270,000. The apartment was also sold in 2004 for $230,000, in 2003 for $165,000, in 2002 for $120,000, in 1999 for $91,000, and in 1991 for $144,450, according to RP Data records.
<img alt="sunshinejune12three" height="353" width="470" src="/images/stories/2013/06/sunshinejune12three.jpg">
Coolum Beach recorded 17 unit sales for the March quarter, with the median unit price at $338,500, representing a 19% decrease from last quarter.
The annual median unit price stands at $359,000, representing an 8.1% increase on last year’s $332,000.
Coolum Beach units for sale include:
<a target="_blank" href="https://www.reiq.com/Apartment-Unit/for-sale/coolum-beach/2493781.aspx">6/1714 David Low Way</a>, a one-bedroom unit listed for $329,000 by Coolum Beach Real Estate. The unit last sold in 2005 for $320,000, and in 1990 for $97,000, according to RP Data records.
The unit was listed for sale last year for 71 days, at $329,000. It was also listed for sale in 2005 for 22 days, at $340,000.
The unit’s asking rent stands was $250 per week in 2009 and again in 2010.
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Sunshine Coast unit prices still falling: REIQ

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Property developer Piccolo has acquired the Elwood RSL Club for $6.275 million.
The site (pictured below), advertised via public tender, sold through Chisholm &amp; Gamon Elwood.
<img alt="elwoodjune18one" height="253" width="470" src="/images/stories/2013/06/elwoodjune18one.jpg">
Sam Gamon of Chisholm &amp; Gamon Elwood told Property Observer the site received about 38 submissions.
“That’s a really healthy sign for the popularity of the property market in the area," Sam Gamon said.
<img alt="elwoodjune18two" height="246" width="470" src="/images/stories/2013/06/elwoodjune18two.jpg">
"It exceeded our expectations, with a landmark result for the area.
"It’s a real landmark because of its corner location.
"It’s a gateway to Elwood,” he said.
 
<hr class="system-pagebreak">
The Elwood RSL opened soon after the World War II as a meeting place for ex-servicemen.
The property was originally a weatherboard house, Brett Gamon of Chisholm &amp; Gamon Elwood told Property Observer.
“In 1959, the members raised sufficient funds to build a new building on the site.
Over the years, it was fundamentally a meeting place for ex-servicemen. As time continued on, it became a social club as well,” he said.
Locals enjoyed the facilities available at the club, including a restaurant and a gaming area.
The Elwood RSL ceased operations in August last year, citing financial difficulties.
“Dwindling membership in terms of servicemen did become a problem for the club, [as well as] the aging building, and the number of people visiting the club. It got to the point where it had to rationalised and it was eventually sold,” Gamon said.
This will be Piccolo’s first Elwood development, after completing over 500 apartments in the last decade.
Last year, Property Observer <a href="https://www.propertyobserver.com.au/developments/piccolos-upper-house-carlton-apartment-complex-secures-70-sellout-after-10-weeks/2012112158011">reported</a> that their latest project, Upper House in Carlton, has achieved significant sales success.
It has since almost sold out.
The developer is also responsible for the Garden House luxury apartments opposite Carlton Gardens.
Piccolo plans to create a mixed-use Elwood development consisting of ground-floor restaurants and luxury apartments.
Located on the corner of Pine Avenue and Ormond Road, the 1,404 square metre site is in a prime position, and is accessible from three sides.
“We are thrilled with the acquisition of this sought after site in Elwood," Piccolo director Michael Piccolo said.
Victorian RSLs has been quite active in the property market in recent years. The RSL sold an 1895 Windsor Place property in the city for $2.4 million as well as its St Kilda West branch for $3 million approximately two years ago, according to a recent report by The Age.
 
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Property developer Piccolo acquires the Elwood RSL Club for $6.275 million

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A two-bedroom Glenroy apartment was the weekend’s most affordable sale in Victoria, selling for $290,000 according to Australian Property Monitors.
 
Located at <a href="https://www.realestate.com.au/property-unit-vic-glenroy-113765807" target="_blank">2/167 Glenroy Road</a>, the apartment sold at auction on June 8 through Raine &amp; Horne Glenroy.
 
Sebastian Rello of Raine &amp; Horne Glenroy told Property Observer that the apartment was previously on the market at $285,000, and that the reserve price stood at around $280,000.
 
He also said there were four registered bidders present at the auction. The successful bidder was an owner-occupier,<a name="_GoBack" href=""></a> who was also a first-time homebuyer.
 
According to RP Data records, the apartment had been listed for sale in May this year at “$250,000 plus”. It has been offered for sale in 2005 for 160 days at $212,500, and also in 2003 for $150,000.
 
Rello also told Property Observer the market in Glenroy is “quite buoyant”.
 
“We’ve been getting a lot more enquiries. A lot of people are coming through for inspections. It’s definitely a lot better than what it was last year, we’re getting bigger crowds and more bidders if the price is right,” he said.
 
Based on Raine &amp; Horne’s estimated $320 rent a week, the price reflected a likely rental yield of 5.74%, higher than the average rental yield in Glenroy which currently stands at 4.6%.
 
According to the <a href="https://mail.privatemedia.com.au/owa/redir.aspx?C=ipFTTsgz2kGm1K-MLQruBYOdgpjiOdAIlEbLmsNkHOgAzjnB4XTscHpJ7i5OtKkKOa3R1lURX2U.&amp;URL=http%3a%2f%2fwww.propertyobserver.com.au%2fdata%2fsuburb%2fglenroy-vic" target="_blank">latest report by RP Data</a>, the median sale price for units in Glenroy is $339,250, down by 14.1% on last year. The average discount required to sell a unit is 7.8%, while private treaty sales average 109 days on market.
 
Other two-bedroom apartments for sale in Glenroy include: <a href="https://mail.privatemedia.com.au/owa/redir.aspx?C=ipFTTsgz2kGm1K-MLQruBYOdgpjiOdAIlEbLmsNkHOgAzjnB4XTscHpJ7i5OtKkKOa3R1lURX2U.&amp;URL=http%3a%2f%2fwww.realestate.com.au%2fproperty-unit-vic-glenroy-113480327" target="_blank">3/31 Prospect Street</a>, listed for $370,000 by D’Aprano Real Estate Ascot Vale.
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Glenroy two bedroom unit $290,000 sale to first home buyer

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State governments have been paying more attention to fire levies, as questions have been raised about funding fire services. This issue concerns the community as well as bringing up tax issues for property owners and investors.
Victoria is implementing a new fire levy system, called the fire services property levy, as of July 1, 2013. Property owners will now pay for the fire services property levy as part of their council rates notices, which will be issued by councils from July 2013.
New South Wales is also looking to move from an insurance-funded fire service to a broad-based property tax.
Queensland has also implemented plans to re-brand the fire levy to an “emergency management, fire and rescue” levy as of January next year, which will be applied to all rateable properties. The levy will also be increased by 6.5% at the same time.
ACT will increase the levy amount to $120, from $104.80 previously.
In WA, the minimum charge for the emergency services levy will increase to $60, from $57 previously.
South Australia’s emergency services levy will see the prescribed levy rate change from 0.001027 to 0.001108 for the 2013-14 financial year.
Northern Territory residents do not pay a fire levy as fire services are funded directly from consolidated revenue.
Tasmanian residents can expect to pay an additional 4% in the coming financial year for fire service contributions.
--
Victoria
The Victorian Government implemented a new fire levy system as of July 1 2013 after recommendations from the Victorian Bushfires Royal Commission.
The current Victorian fire services levy will be removed from insurance premiums. The fire services property levy will be in its place, and property owners will pay for it through their council rates notices.
All property owners will need to contribute a minimum of $100 a year to fund Victoria’s fire services. Previously, only those with adequate insurance contributed to the fire levy.
A charge of $100 will apply for residential property owners, and $200 will apply to non-residential properties. On top of this, a variable cost calculated according to the property’s capital improved value and the area’s designated fire service will apply.
The levy rate will vary for residential, industrial, commercial, and farming properties, while separate levies will be charged in the Metropolitan Fire Brigade (MFB) and Country Fire Authority (CFA) areas as there are different costs associated with funding each service.
MFB variable rates (cents per $1000 of capital improved value)
<table cellpadding="0" cellspacing="0" border="0" style="width: 470px;"><tbody>
<tr>
<td>
Property Sector
</td>
<td width="60">
MFB
</td>
</tr>
<tr>
<td>
Residential
</td>
<td width="60">
6.9
</td>
</tr>
<tr>
<td>
Commercial
</td>
<td width="60">
60.7
</td>
</tr>
<tr>
<td>
Industrial
</td>
<td width="60">
95.0
</td>
</tr>
<tr>
<td>
Primary production
</td>
<td width="60">
17.3
</td>
</tr>
<tr>
<td>
Public benefit
</td>
<td width="60">
6.9
</td>
</tr>
<tr>
<td>
Vacant (excluding vacant residential land)
</td>
<td width="60">
6.9
</td>
</tr>
</tbody></table>
CFA variable rates (cents per $1000 of capital improved value)
<table cellpadding="0" cellspacing="0" border="0" style="width: 470px;"><tbody>
<tr>
<td>
Property Sector
</td>
<td width="60">
CFA
</td>
</tr>
<tr>
<td>
Residential
</td>
<td width="60">
11.5
</td>
</tr>
<tr>
<td>
Commercial
</td>
<td width="60">
109.2
</td>
</tr>
<tr>
<td>
Industrial
</td>
<td width="60">
170.9
</td>
</tr>
<tr>
<td>
Primary production
</td>
<td width="60">
31.2
</td>
</tr>
<tr>
<td>
Public benefit
</td>
<td width="60">
11.5
</td>
</tr>
<tr>
<td>
Vacant (excluding vacant residential land)
</td>
<td width="60">
11.5
</td>
</tr>
</tbody></table>
Residents will pay the levy according to the capital improved value of a property. According to the Department of Planning and Community Development, the capital improved value of a property is “the total market value of the land plus buildings and other improvements”.
The levy will be paid through council rates, and not from insurance premiums as previously implemented.
Non-rateable properties will be issued a separate notice. GST and stamp duty will also no longer be charged on the levy.
First, determine if your property is located in the MFB or CFA region.
Then select your classification code, which is included in your rates notice.
Then enter your Capital Improved Value, also included in your rates notice.
<img height="296" width="470" src="/images/stories/2013/06/leviesjune26one.jpg" alt="leviesjune26one">
For instance, if you live in a region that requires the services of the Metropolitan Fire Brigade (MFB), in a residential property whose capital improved value is $450,000, and do not currently hold a Pensioner Concession Card, based on the calculator available on the Victorian Fire Levy website the fire levy will cost about $131.05 per annum.
More information is available on the <a href="https://www.firelevy.vic.gov.au/">Victorian Fire Services Property Levy website</a>.
--
New South Wales
Similarly, the NSW government is looking to move the point of payment from insurance premiums to a broad-based property tax.
With the introduction of the proposed fire levy, every property owner will now have to contribute to the total cost of running the Fire &amp; Rescue service.
A report by Fairfax Media estimated that some 36 per cent, or 810,000 households who currently do not have home contents insurance will have to pay the fire levy for the first time.
The main difference between New South Wales and Victoria’s fire levy comes from the base on which the levy is calculated.
The NSW government has announced there will be <a href="https://www.theage.com.au/business/property/tips-for-a-fire-levy-thats-fair-20130607-2nvl3">no move to capital-improved valuations</a>. A <a href="https://www.propertyobserver.com.au/https://engage.haveyoursay.nsw.gov.au/document/show/352">discussion paper</a> on the fire services levy released last year proposed an annual charge of up to $267 on land valued at $250,000, based on applying a rate of $1.07 per $1000 of land value.
At present, people contribute to the Fire and Rescue NSW when they pay their insurance. The insurance company shows a separate amount on their invoice notice, which they call "fire service levy".
According to the Fire and Rescue NSW, this amount is only an estimate of what insurance company itself will pay, as they are not required to reconcile what they show on premiums and the amount they actually remit.
The annual cost of running Fire &amp; Rescue NSW is $645 million as of the 2011/2012 financial year. Three quarters of the cost was paid for by implementing taxes on insurance companies, which they passed onto home contents insurance policy holders by charging higher premiums.
The remaining one quarter was paid by the state and a tax on local councils.
--
Queensland
A change to Queensland’s fire levy was announced in May. The existing 2012-13 levy amounts saw a 3.5% increase on July 1 this year. Come January next year, the fire levy will be changed to an “emergency management, fire and rescue” levy, which will be applied across all rateable properties.
The levy will be increased by a further 6.5% from 1 January 2014.
In addition, all landholders in Rural Fire Brigade areas will pay an additional $90 on top of their existing rural fire levy.
This change comes as the Newman government announced $4.5 billion of revenue falls since coming into office. In addition, general taxation in the 2013-14 budget will be written down a further $1.2 billion.
According to the Queensland Fire and Rescue Service, about 68% of its running cost is provided by fire levies collected through local government rates, while other funding comes from the state and Commonwealth governments, as well as other fees and charges.
At present, the fire levy in Queensland applies to all properties located within an urban district, but not all rateable properties. Local government officers calculate the levy to be imposed. The urban fire levy in Queensland is dependent on the following factors:
<ul>
<li>
The class of urban district in which the property is situated
</li>
<li>
The activity carried on or the use to which the land is put
</li>
<li>
The size and nature of any improvements on the land
</li>
</ul>
In addition, the new levy will not support local volunteer rural fire brigades, according to a <a href="https://rfbaq.org/news.aspx?ArticleID=427">media release from the Rural Fire Brigades Association of Queensland (RFBAQ)</a>.
Pensioners will continue to receive a 20% discount on the proposed levy.
--
ACT
The Fire and Emergency Services levy in ACT is charged on all rateable properties to partially cover the cost of providing fire and emergency services.
The levy amount for the 2013-14 financial year on all rateable residential and rural properties is a fixed charge of $120, up from $104.80 during the last financial year.
Commercial property owners will pay an amount based on the average unimproved value (AUV) multiplied by 0.5041%, an increase of 0.0948% from last year.
Property owners have the option of paying their rates and levy assessment in full by the first due date and receive a 3% discount, or by four quarterly payments throughout the year.
Pensioners eligible for a rates rebate will receive a 50% on their portion of the levy.
The ACT Revenue Office has provided a Fire and Emergency Services levy calculator, which is available <a href="https://www.revenue.act.gov.au/calculators/rates,_fesl_and_land_tax_2013-14" target="_blank">online</a>.
--
WA
The emergency services levy (ESL) imposed in Western Australia has been in place since 2003. It addresses key issues and replaces an old system where insurance companies collected funding for the career fire and rescue service by placing a levy on insurance premiums for properties in WA.
At present, the ESL helps ensure a system where everyone contributes to the emergency services available, and people are more aware of the exact amount they contribute.
<img height="207" width="470" src="/images/stories/2013/06/leviesjune26two.jpg" alt="leviesjune26two">
Major changes to the 2013-14 ESL include an increase in minimum charges, from $57 to $60.
Residents living in Alkimos, Two Rocks, Cowaramup, Wallcliffe, Witchcliffe, Yallingyup, Bridgetown, Port Hedland, Karratha, Bruce Rock, Tom Price, Dampier, and Dwellingup should take note of <a href="https://www.dfes.wa.gov.au/emergencyserviceslevy/Pages/AreasBoundariesandRateCategories.aspx">boundary changes</a> made for 2013-14.
A <a href="https://www.dfes.wa.gov.au/emergencyserviceslevy/ESL%20Docs/20130617%20ESL%20Q%20A%20Document%20-%202013-14.pdf">document</a> on Western Australia’s ESL for 2013-14 states that the cost of running WA’s Department of Fire and Emergency Services in 2013-14 is about $338 million, with $271.184 million coming from the ESL.
The ESL charge is dependent on four factors:
1. the location of the property (the ESL Category it is in);
2. the declared ESL rate for that category;
3. the property’s Gross Rental Value (GRV); and
4. Minimum and maximum charges, which are based on what the property is used for.
The ESL Categories are as follows:
<img height="285" width="470" src="/images/stories/2013/06/leviesjune26three.jpg" alt="leviesjune26three">
The ESL charge for properties in categories 1 to 4 is calculated using the Gross Rental Value (GRV). The GRV is multiplied by the ESL rate for the category.
<img height="201" width="470" src="/images/stories/2013/06/leviesjune26four.jpg" alt="leviesjune26four">
Properties located in ESL Category 5 and certain mining tenements (where infrastructure is likely to exist) receive a fixed charge of $60 per rates notice.
The Valuation of Land Act (1978) defines the GRV as "the gross annual rental that the land might reasonably be expected to realise if let on a tenancy from year to year upon condition that the landlord were liable for all rates, taxes and other charges thereon and the insurance and other outgoings necessary to maintain the value of the land..."
Pensioners who quality for a rebate on council rates will receive the same amount of rebate on their ESL charge.
The Western Australian Department of Fire and Emergency Services has provided an ESL calculator, which is available <a href="https://www.dfes.wa.gov.au/emergencyserviceslevy/pages/eslcalculator.aspx" target="_blank">online</a>.
--
South Australia
The South Australian emergency services levy (ESL) is a levy for all real estate and some vehicles, funding emergency services across SA, including the Metropolitan Fire Service and Country Fire Service.
The prescribed levy rate for the 2013-14 financial year has increased from 0.001027 to 0.001108. This therefore affects the determination of the remission contributed by the government to the community emergency services fund. 
The formula used to calculate the levy is detailed below:
<img height="372" width="470" src="/images/stories/2013/06/leviesjune28one.jpg" alt="leviesjune28one">
Effective Levy Rates and Land Use Factors for 2013-14 will remain the same.
Applying the prescribed fixed charge, and the other prescribed components to the capital value of a property (variable charge) results in the Gross levy (i.e. the total amount contributed to the fund by both the government and the owner). 
The main component of the government contribution is the general remission. This is the difference between calculating the ESL using the prescribed components and the effective components.
The component of the ESL contributed by the owner is calculated by applying the Effective Fixed Charge, and the other Effective components to the capital value. This amount may be further reduced by:
<ul>
<li>any remission to certain other properties;</li>
</ul>
<ul>
<li>any concession; or</li>
</ul>
<ul>
<li>any reduction of the fixed charge for contiguous or single farming enterprise land.</li>
</ul>
 The levy components are as follows:
<img height="589" width="470" src="/images/stories/2013/06/leviesjune28two.jpg" alt="leviesjune28two">
<img height="437" width="470" src="/images/stories/2013/06/leviesjune28three.jpg" alt="leviesjune28three">
<img height="511" width="470" src="/images/stories/2013/06/leviesjune28four.jpg" alt="leviesjune28four">
Source: Revenue SA
SA’s four emergency areas are:
Regional Area 1 (R1): the areas of the cities and towns of Berri, Goolwa, Kadina, Loxton, Millicent, Mt Barker, Mt Gambier, Murray Bridge, Naracoorte, Nuriootpa, Pt Augusta, Pt Lincoln, Pt Pirie, Renmark, Tanunda, Victor Harbor and Whyalla.
Regional Area 2 (R2): that part of the State outside of “Regional Area 4” and “Regional Area 1” but still within a council area.
Regional Area 3 (R3): that part of the State not within a council area.
Regional Area 4 (R4): land within all metropolitan councils, the Adelaide Hills Council, Corporation of the Town of Gawler, City of Onkaparinga and City of Playford.
Full remission of the fixed and variable charge applies to properties with a Capital Value of $1000 or less in Regional Areas 2 and 3.
A full remission applies to levy accounts of $20 or less where property ownership is confined to Regional Area 3.
Concessions of up to $46 are available for pensioners, self-funded retirees, and other beneficiaries in respect of their principal place of residence.
SA’s Department of Treasury and Finance has also provided a <a href="https://www.revenuesa.sa.gov.au/esl/eslcalc">calculator</a> to help with the amount of ESL one needs to pay.
Further information is available on RevenueSA’s <a href="https://www.revenuesa.sa.gov.au/esl/esldocs/guideleg.pdf">guide to the Emergency Services Levy</a>.
--
NT
The Northern Territory funds fire services directly from consolidated revenue.
--
TAS
Tasmania uses a hybrid system to collect fire levies, with an insurance levy on commercial insurance and a fire service contribution (FSC) on residential rates.
For the year 2013-14, there will be a 4% increase in FSC for both commercial and residential properties, Mike Gallagher of the Tasmanian Fire Service told Property Observer.
FSC on properties for 2011-12 amounted to $32.3 million and represented 45 per cent of the Tasmanian Fire Service’s total revenue. The levels of contribution payable by ratepayers vary throughout the state according to whether ratepayers are in urban or country areas.
The FSC is based on a rate in the dollar and this is determined by the assessed annual value of land and the level of service provided.
On average the cost for a property covered by a permanent brigade with 24 hour a day and 7 day a week coverage is $241. The cost for a property covered by a volunteer brigade is $49 on average.
For commercial insurance premiums with a fire component, the percentage charged for prescribed classes of insurance is 2% for marine cargo insurance, 14% for aviation hull insurance, and 28% for other classes of insurance. The actual amount of insurance fire levy paid will be dependent on the premium charged by the insurance company.
Unlike the FSC where the State Fire Commission advises each council how much it is to collect and for what classes of land, the insurance fire levy is determined by market forces and the Commission does not set an amount to be collected, Gallagher said.
The minimum fire service levy for motor vehicles in Tasmania is $16, and $11 for pensioners.
The minimum fire service contribution that landholders are required to pay on a parcel of land is $36. Pensioners are entitled to a 20% discount.
Councils are paid a commission of 4% for collecting the fire service contributions, which is included on rates notices.
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A state-by-state guide to fire levies

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Unit prices in Brisbane have remained steady over the last year, according to the latest Real Estate Institute of Queensland (REIQ) data report.
Some 1060 unit sales were recorded over the March quarter. The median unit price stands at $390,000, which is the same figure as last quarter.
The $396,000 annual median unit price to March 2013 represented a 0.8% decrease on the $399,000 last March.
Suburbs that recorded significant growth included Kangaroo Point.
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Brisbane unit prices steady over March quarter: REIQ

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

&nbsp;

&nbsp;

fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

&nbsp;

FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

Diane Leow

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