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A one-of-a-kind family home in Balmoral, Queensland is for sale.
Gail Babbage has listed her circular four-bedroom home with three bathrooms.
It used to be a water tank - part of the Balmoral Reservoir.
Its conversion into the unique property in the 1990s was undertaken by the architects Conrad Gargett Riddell.
The house has concrete walls, and features three levels with a hollow centre. The entrance is on the ground level via a normal door.
A garage and play areas are also on the ground floor. Windows are strategically placed, as the property offers beautiful views all around.
On the upper levels are the bedrooms and bathrooms, kitchen, and dining area with a fireplace. There are also open balcony areas offering 360-degree views of the city.
The master bedroom also has a private office that can be accessed by internal stairs.
The <a target="_blank" href="https://www.eplace.com.au/property.cfm?propertyID=2342010&amp;realestate=11_Apex_Street_Balmoral_QLD_4171">property</a> is listed through Sarah Hackett of Place Real Estate.
The house went to May 9 auction but did not sell. The tank is 900mm thick reinforced concrete at the base tapering off to 200mm thick at the top, with an  industrial structure facade designed to stand the test of time.
"There were three registered bidders, but it didn't sell as we're trying to get the best possible price for the owners," Hackett told Property Observer.
Hackett revealed bidding began at $2 million and ended at "the very early $2s [million]."
She added that the property's main value is land value. While the water tank itself is hard to price, she reiterated that the views are second to none.
According to the <a target="_blank" href="/news">latest report by RP Data</a>, the median house price in Balmoral currently stands at $800,000, up by 9.6% on last year. The average discount required a sell a house is 8.1%, and private treaty sales average 104 days on market.
The median asking rent for houses is $598 a week, and the average rental yield stands at 3.9%.
<img alt="trophyhomesstrapone" src="/images/stories/2013/05/trophyhomesstrapone.jpg" width="470" height="57">
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Formerly part of Balmoral Reservoir, converted Brisbane water tank house listed

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Once a boom mining town housing over 3,000 people before the local nickel mine closed, Greenvale, in the Dalrymple shire in Queensland, is now home to just 289 residents according to the latest census data. 
Yesterday, Terry Ryder wrote in his <a href="https://www.propertyobserver.com.au/residential/smart-investors-diversify-across-australia-s-many-different-property-markets-terry-ryder-hotspotting/2013060361880?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=upperright" target="_blank">column</a> published in Property Observer that he met a man at the Brisbane Home Buyer and Property Investor Show who once owned 30 units and 16 houses in Greenvale at the height of the mining boom. 
When the mine closed down and the train line was removed, he then had to sell his properties for a song. 
Ryder highlighted this as a reminder that investors should not put all eggs in one basket. Instead, he recommends “having a geographical spread” of investment properties. 
Located approximately 220 kilometres northwest from Townsville, Greenvale lies on the banks of the Burdekin River on Gregory Developmental Road. It once had a nickel mine with ore carried by train to a processing plant in Yabulu between 1974 to 1993. The railway tracks were removed in mid-2000. 
Despite the fact that nickel mining operations have ended, more mining operations in the area have commenced. In particular, north Queensland mining company Metallica Minerals Ltd discovered one of the world’s largest deposits of the rare earth, Scandium, at a former Greenvale nickel mine. They are planning to launch the <a href="https://metallicaminerals.com.au/sconi" target="_blank">SCONI project</a> in the near future. 
Scandium is vital for making solid oxide fuel cells, which are used for generating electricity from natural gas and renewable fuels. 
With Metallica Minerals Ltd looking to reopen the mine, Lisa Palmer of Raine and Horne Charters Towers is optimistic about the Greenvale property market. 
“It’s not a hot market; it’s a specialist area. It’s not something that’s going to sell overnight. With the prospect of the mine opening, in the next six to twelve months investors will be more interested in these areas,” she told Property Observer. 
Palmer adds that movement in the market mostly comes from home owners who have decided to move on, or investors looking to buy in the area. 
While Greenvale is only about 220 kilometres from Townsville, Palmer feels the area is best for retired couples, young families who enjoy being away from the city, or people working in the grazing industry who are looking to be close to their place of work. 
According to the <a target="_blank" href="/news">latest report by RP Data</a>, an average discount of 10.9% is required to sell a house in Greenvale, and private treaty sales average 48 days on market. 
 
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Properties listed for sale in Greenvale include: 
<a target="_blank" href="https://www.reiq.com/House/for-sale/greenvale/2505369.aspx">8 Tristana Court</a>, a four-bedroom house listed for $185,000 by Raine &amp; Horne Charters Towers. The house last sold for $120,000 in 2008. It was also listed for sale in the same year for $145,000; and again in 2010 for $160,000 according to RP Data records. 
<a target="_blank" href="https://www.reiq.com/House/for-sale/greenvale/2504287.aspx">4 Grevillea Court</a>, a three-bedroom house (pictured below) listed for $100,000 by Raine &amp; Horne Charters Towers. The house last sold for $35,000 in 2004, and was sold at $69,990 in 1996.
<img src="/images/stories/2013/06/woollahrajune5one.jpg" width="470" height="262" alt="woollahrajune5one">
<a href="https://www.reiq.com/House/for-sale/greenvale/2163881.aspx">12 Grevillea Court</a>, a three-bedroom house listed for $260,000 by Jensen’s Real Estate &amp; Livestock. The house last sold for $105,000 in 2005. It has been listed for sale since March 2010. 
<a target="_blank" href="https://www.realestate.com.au/property-unit-qld-greenvale-113061431">2 Hakea Court</a>, a two-bedroom unit (pictured below) listed for $120,000 by Ray White Townsville. The unit last sold for $40,000 in 2011, and was also sold for $30,000 in 2007 according to RP Data records.
<img src="/images/stories/2013/06/greenvalejune5two.jpg" width="470" height="286" alt="greenvalejune5two">
<a target="_blank" href="https://www.realestate.com.au/property-apartment-qld-greenvale-109490016">7 Hakea Court</a>, a two-bedroom unit listed for $115,000 by Jensen’s Real Estate &amp; Livestock. The unit last sold for $41,000 in 2011, and was also sold for $42,000 in 1996. It has also been listed for sale since February last year. 
Properties that have recently been sold in Greenvale include: 
<a target="_blank" href="https://www.realestate.com.au/property-house-qld-greenvale-111379103">8 Grevillea Court</a>, a three-bedroom house (pictured below) that sold for $87,000 last year. The house was sold in 2005 for $52,000, in 2004 for $27,000, in 2002 for $22,000, and in 1997 for $69,990. It was also listed for sale in 2008 for $170,000, according to RP Data records.
<img src="/images/stories/2013/06/greenvalejune5three.jpg" width="470" height="227" alt="greenvalejune5three">
<a target="_blank" href="https://www.realestate.com.au/property-other-qld-greenvale-108768196">1 Geranium Court</a>, a three bedroom house that sold for $89,000 last year. The house was sold in 2004 for $65,000, and in 1998 for $59,990 according to RP Data records.
Image of Greenvale railway track works courtesy of the National Library of Australia.
 
 
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Lessons from Greenvale, a former mining hotspot now tracking at a slower pace

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The Insolvency and Trustee Service Australia has released a postcode-based insolvency <a target="_blank" href="https://www.itsa.gov.au/resources/statistics/personal-insolvency-activity-by-postcode-1/personal-insolvency-activity-by-postcode-2011-12/personal-insolvency-activity-by-postcode-2011-12-1">report</a>, revealing that Cranbourne recorded the highest number of bankruptcies in Victoria in the last financial year.  
According to the report, <a target="_blank" href="https://www.propertyobserver.com.au/victoria/victorian-bankruptcies-down-66-with-cranbourne-harbouring-the-most-bankrupts/2013050160936?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">108 Cranbourne residents were declared bankrupt in 2011-2012</a>, up by 10.2% from the previous financial year, where 98 residents were declared bankrupt.  
An additional 51 <a target="_blank" href="/news">Cranbourne</a> residents entered into a debt agreement to repay over an agreed period, up from 42 residents in the previous financial year.  
The median sale price for houses in Cranbourne currently stands at $310,000, down by 4.6% on last year. The average discount required to sell a house in Cranbourne is 7.6%, while private treaty sales average 75 days on market, according to the latest RP Data report.  
The median asking rent for houses in Cranbourne is $300 a week, while rental yield averages at 5.0%.  
The median sale price for units in Cranbourne is $240,000, down by 5.9% on last year. The average discount required to sell a unit in Cranbourne is 10.8%, while units spend an average of 138 days on the market.  
The median asking rent for units in Cranbourne is $258 a week, and the average rental yield is 5.6%.  
Located 43km southwest of the Melbourne CBD, Cranbourne has a population of 67,424.  
Australian Bureau of Statistics (ABS) data shows the median age of Cranbourne residents is 32 years. Children under 15 years of age made up 23.7% of the population, indicating Cranbourne is home to a number of young families.  
According to the 2011 Census, the median weekly income of residents in Cranbourne is $1297, while the median monthly home loan repayment is $1777.  
Of occupied dwellings in Cranbourne, 19.8% were owned outright, 56.1% were owned with a mortgage, and 20.7% were rented.  
51% of occupied private dwellings in the Cranbourne area have three bedrooms, while 37.9% of dwellings have four bedrooms or more. 0.1% of dwellings have one bedroom, and two-bedroom dwellings make up 8.5% of the total number of occupied dwellings.  
The 2011 Census also showed that the most common occupations in the Cranbourne area include technicians and trades workers (17.8%), clerical and administrative workers (16%), labourers (12.1%), machinery operators and drivers (11.6%), and professionals (11.4%).
Properties that have recently been sold in Cranbourne include:  
<a target="_blank" href="https://www.realestate.com.au/property-house-vic-cranbourne-113023615">26 Clairmont Avenue</a>, sold on 28 February this year for $282,000 by Ray White Cranbourne. The three-bedroom house previously sold for $195,000 in 2006 according to RP Data records.  
<a target="_blank" href="https://www.realestate.com.au/property-house-vic-cranbourne-112765171">2 Galway Place</a>, sold in January this year for $392,500. The four-bedroom house (pictured below) was listed in October last year for $399,000 for 87 days, and in August 2011 for $400,000-$429,000 for 196 days according to RP Data records.
<img height="320" width="470" src="/images/stories/2013/04/cranbournemay1one.jpg" alt="cranbournemay1one">
<a target="_blank" href="https://www.realestate.com.au/property-house-vic-cranbourne-111236303">3 Harry Street</a>, sold on 22 November last year for $293,000. The three-bedroom house previously sold for $285,000 in 2010 according to RP Data records.  
<a target="_blank" href="https://www.realestate.com.au/property-house-vic-cranbourne-112085075">15 Jaye Place</a>, sold November last year for $325,600. The three-bedroom house previously sold for $295,000 in 2009 according to RP Data records.  
<a target="_blank" href="https://www.realestate.com.au/property-house-vic-cranbourne-111732511">65 Fairhaven Boulevard</a>, sold October last year for $347,000. The three-bedroom house (pictured below) was listed in September last year for $349,000 for 34 days, and in 2007 for $279,950 for 15 days according to RP Data records.
<img height="332" width="470" src="/images/stories/2013/04/cranbournemay1two.jpg" alt="cranbournemay1two">
<a target="_blank" href="https://www.realestate.com.au/property-house-vic-cranbourne-110970615">53 Jacinta Drive</a>, sold October last year for $300,000. The three-bedroom house was listed in July last year for $304,950 for 128 days, and in 2010 for the same price, according to RP Data records.
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Cranbourne tops Victorian bankruptcies in last financial year

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A one-bedroom apartment in Essendon North was recorded as the cheapest auction sale in Victoria for the past weekend, selling for $235,500 according to Australian Property Monitors (APM).  
Located at <a target="_blank" href="https://www.realestate.com.au/property-apartment-vic-essendon+north-113454423">1/3 Royal Avenue</a>, the apartment (picture below) sold at auction on April 27 through Matthew Febey of Nelson Alexander Real Estate Essendon.
<img src="/images/stories/2013/04/essendonmay1one.jpg" width="470" height="349" alt="essendonmay1one">
“There were three bidders present – it was fairly competitive,” Febey told Property Observer.  
Febey added that the vendor’s reserve price was $215,000. The unit was also previously on the market at $215,000, and its sale price of $235,500 was “a good result”.  
Febey said the successful bidder was an owner-occupier.  
Based on Nelson Alexander’s estimated rent at $230 a week, the price reflected a rental yield of 5.08%, higher than the average rental yield for units in Essendon North which currently stands at 3.8%.  
According to the <a target="_blank" href="/news">latest report by RP Data</a>, the median sale price for units in Essendon North is $420,000, down by 10.4% on last year.  
Febey also told Property Observer the market in Essendon North is “quite healthy”, and “there are multiple buyers for the properties as long as the property’s price is right”.  
“Realistic vendors are selling better than vendors with high expectations,” he added.  
Other one-bedroom apartments for sale in Essendon North include <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Essendon-North/?adid=2010382232">24/60 Keilor Road</a>, listed for $310,000 to $340,000.
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Essendon North apartment was Victoria's cheapest auction sale last weekend

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Carlton’s Italian heritage will get a boost with the arrival of iconic Sydney Italian chain Criniti’s in November.  
Taking over Brunetti’s former site at <a target="_blank" href="https://rca.colliers.com.au/property-retail-vic-carlton-500540283">198-204 Faraday Street</a>, Property Observer understands that Criniti’s has signed a ten-year lease with a ten-year option to renew.  
When contacted, Colliers International leasing agents Mike Crittenden and Ben Tremellen declined to comment about the details of the lease.  
Criniti’s told former Herald Sun food editor Wendy Hargreaves on <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/wendyonline/status/326132219036975105">Twitter</a> on 21 April that they are moving into the old Brunetti Melbourne site.
<img src="/images/stories/2013/04/crinitimay1one.jpg" width="470" height="281" alt="crinitimay1one">
At Criniti’s helm is managing director Frank Criniti, whose dream is “to establish a traditional Italian eatery affording people the opportunity to experience authentic Southern Italian food in a restaurant environment”.
They have opened four branches in Sydney, namely in Parramatta, Castle Hill, Darling Harbour, and Woolloomooloo, since their inception in 2003. A fifth restaurant, in Manly, is set to open later this year.  
The restaurant in Faraday Street will be their first Melbourne venture.  
Brunetti’s returned to its former location on 380 Lygon Street in March this year, where it first opened in 1979.  It moved around the corner into two Victorian buildings, 198-204 Faraday Street, in 1985. 
After the Angelé family acquired the café in 1991, they expanded the premises by leasing another building next door, at 194-196 Faraday Street to accommodate a restaurant as well.   Over the years, Brunetti’s has opened several branches around Melbourne, including one at City Square on Swanston Street in the CBD, and another in Camberwell. They have also expanded internationally to Singapore and Dubai.
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Sydney Italian restaurant chain Criniti's set to open in Carlton

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The marketing of property project with proximity to parklands has become a clear priority, and this trend is evident in Sydney's Putney Hill, with the development of houses and apartments by Frasers Property.
<img height="301" width="470" src="/images/stories/2013/04/putneyapril29one.jpg" alt="putneyapril29one">
Located on the cusp of Putney and Ryde, <a href="https://www.putneyhill.com.au/" target="_blank">Putney Hill</a>’s centerpiece will be the 24,000-square-metre Lardelli Park.
Additional features include Palmera Park, a 4,400 square metre bushland park as well as Figtree Park, a rainforest-style garden, a hilltop green and community rooftop gardens where residents can grow vegetables and herbs.
Award-winning landscape designer Environmental Partnership has signed on to the project.
Adam Hunter, Environmental Partnership director said, “It’s rare to find a new community with such a large percentage of the total area dedicated entirely to green spaces. Our brief was to create a landscape as close to Sydney’s natural bush setting as we could.”
Other amenities such as a childcare centre, community hall, professional medical suites, tennis and basketball courts and a playground have also been planned.
All houses in Putney Hill have been sold, while Palmera Apartments are available off-the-plan from $585,000 for a two-bedroom unit, for completion in 2014.
An established inner city properties’ proximity to parklands is also a priority as highlighted by a recent report by buyer’s advocate Secret Agent.
The report, which surveyed 30 suburbs in inner Melbourne, found that parkland properties in general fetch stronger prices, Property Observer reported <a target="_blank" href="https://www.propertyobserver.com.au/residential/properties-with-direct-parkland-views-fetch-higher-house-prices-secret-agent/2013040860186">earlier this month</a>.
Conversely, properties that are close to parks but don't have a view do not perform as well as those with a direct view.
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Sydney's Putney Hill the latest development in parklands proximity trend

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A three-bedroom Werrington brick house was last weekend’s cheapest auction sale in New South Wales, selling for $300,000 according to Australian Property Monitors.
Located at 20 Dunkley Place, the house sits on a 562 square metre block of land and features a large backyard.
<a target="_blank" href="https://www.realestateview.com.au/Real-Estate/20-dunkley-place-werrington/Property-Details-sold-residential-5234711">The property </a>sold for $10,000 over the reserve price, which was set at $290,000. It last sold for $19,750 in 1991 according to RP Data records.
Its listing agent Paul Abassi of Laing+Simmons St Marys/Ropes Crossing told Property Observer there were seven registered bidders present at the auction, most of whom were potential investors.
“The successful bidder was an investor,” he said.
Based on Laing+Simmons’ estimated $360 rental per week, the price reflected a likely rental yield of 6.24%, slightly higher than the average rental yield in Werrington which currently stands at 5.5% according to RP Data.
Abassi added that the market in Werrington is “pretty strong”. While the area is populated by “older people”, he told Property Observer that new homes are coming up, and younger families are “buying and renovating”.
According to the latest report by RP Data, the <a target="_blank" href="/news">median sale price for houses in Werrington</a> is $335,000, up 2.5%% on last year. The average discount required to sell a house is 4.2%, while private treaty sales average 67 days on market.
Other houses currently on sale on Werrington include: 70 Reid Street, listed for $379,000 by JLB Real Estate Werrington, and 205 Victoria Street, listed for $509,950 by LJ Hooker St Marys.
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Investors compete for $300,000 Werrington offering which sells at 6.24% yield

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Annadale, a new housing development in Mickleham, Victoria has embraced the parklands bandwagon.
<img src="/images/stories/2013/04/annadaleapril23one.jpg" width="470" height="289" alt="annadaleapril23one">
Located on the site of Jika farm known for its Clydesdale horse breeding and bed-and-breakfast operation at 495 Donnybrook Road, the Annadale project (pictured above and below) will consist of 1,100 new homes built among a lush woodland environment, with the Mount Ridley Woodlands incorporated into the development.
Two parks have been planned.
The <a target="_blank" href="https://annadale.com.au/">Annadale</a> master plan has been designed to embrace the landscape with walking and cycle paths part of the development’s design, along with nature trails that lead into the Woodlands.
<img alt="annadaleapril23two" height="316" width="470" src="/images/stories/2013/04/annadaleapril23two.jpg">
In addition to its proximity to parklands, Annadale is also close to existing schools and community facilities. Non-government schools and other sporting facilities are also part of the master plan.
Evolve Development is the developer for Annadale with land prices starting from $99,000.
Mickleham is 32 kilometres north of Melbourne’s CBD. Property Observer reported <a target="_blank" href="https://www.propertyobserver.com.au/land/where-to-find-blocks-of-land-around-melbourne-for-under-%24200000/2012082256169">last year</a> that Mickleham is one of eight suburbs in Melbourne where land can be purchased for under $200,000.
Inner city residential development projects offering parkland views have also become a catching trend enveloping Melbourne, as noted in a report by buyer’s advocate Secret Agent.
The report, which surveyed 30 suburbs in inner Melbourne, found that parkland properties in general fetch stronger prices, Property Observer <a href="https://www.propertyobserver.com.au/residential/properties-with-direct-parkland-views-fetch-higher-house-prices-secret-agent/2013040860186" target="_blank">reported</a> earlier this month.
Conversely, properties that are close to parks but don't have a view do not perform as well as those with a direct view.
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Developments with parklands evolving across Melbourne

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Eight Colliers International agents have raised $17,400 for Oxfam to help fight global poverty by braving the elements and going without sleep for 28 hours.  
The agents, Jeremy Gruzewski, Ben Baines, Hamish Burgess, Andrew Ryan, Rob Joyes, Ted Dwyer, Leigh Melbourne and Tony Landrigan, formed two teams to participate in the <a target="_blank" href="https://trailwalker.oxfam.org.au/">Oxfam Trailwalker Challenge</a> last weekend.
<img src="/images/stories/2013/04/oxfamapril24one.jpg" width="470" height="352" alt="oxfamapril24one">
Oxfam Trailwalker began in 1981 as a military training exercise for the elite Queen's Gurkha Signals Regiment in Hong Kong. It has since grown into one of the world's leading team endurance challenges, with 15 events in 11 countries.
The event launched in Australia in 1999, with Melbourne joining in 2003 and steadily growing each year since.
According to Oxfam, the 2013 Melbourne event comprised 3,024 walkers and, to date, has raised almost $2.3 million to aid in fighting poverty around the world.  
This year’s Melbourne challenge saw 750 teams walk 100km from Wheelers Hill through the Dandenong Ranges National Park to Wesburn from April 19-21.  
The Colliers International participants walked through the night, with no sleep, through seven checkpoints to complete the trail.  
Mr Gruzewski said each team had set a fundraising target of $5,000, which had been easily exceeded.  
“We’ve been blown away by people’s generosity – we’ve well exceeded our original fundraising goal and it’s a huge thrill to know that all the pain, exhaustion and blisters were worth it,” Mr Gruzewski said.  
“Oxfam do great work across the world to fight poverty, and we’re so glad the physical challenge we embarked upon will contribute, even in small way, to this very worthy cause.”  
Since November, the eight agents have endured blisters, chafing, sore legs, and shed lots of sweat in order to adequately prepare for the challenge.  
“It was a grueling challenge, which tested us not only physically but mentally and emotionally as well. We were pushed to our limits, but every step was worth it to know that we have been able to help Oxfam in their ongoing fight against poverty,” he said.
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Colliers staff join Oxfam Trailwalker effort

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Sydney’s Westmead Rehabilitation Hospital has been sold for $30 million, in a deal involving St Andrews Healthcare, Pulse Health, and Generation REIT.  
Located at 7 Coleman Street, the 61-bed private rehabilitation hospital is located in western Sydney’s Merrylands, three kilometres south of Parramatta and within close proximity of the Westmead Public Hospital and Westmead Private Hospital.  
This is the third private hospital that Colliers International Healthcare &amp; Retirement Living has sold in twelve months.    
Shane Nicholson of Colliers International, who represented the vendor St Andrew’s Healthcare Pty Ltd in the transaction, said the sale was significant because private hospitals are such tightly held assets.  
“They rarely come onto the market, and when they do, they are often sold in off-market transactions,” he said.  
“There is high demand amongst buyers for these types of assets because Australia’s healthcare sector is such a solid and desirable sector for investors to be in. Asian REITs have also demonstrated an appetite for these assets.  
Mr Nicholson said that while private hospitals were generally sought after, the Westmead Rehabilitation Hospital was considered to be a particularly good asset because it is “one of New South Wales’ finest specialist rehabilitation hospitals”.  
Mr Nicholson said part of the sale had involved unwinding the existing leasing arrangements, which was negotiated over the past couple of months.  
“A new lease arrangement between publicly listed companies Pulse Health and Generation REIT has now been signed, resulting in the sale of the freehold interest of the property for $29.86 million, which represented a yield of 8.75 per cent to our client, St Andrew’s Healthcare Pty Ltd,” he said.  
Mr Nicholson said given the demand amongst buyers for private hospitals in Australia, the sale was a big win for both Generation REIT and Pulse Health.  
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Sydney’s Westmead Rehabilitation Hospital sells for $30 million reflecting 8.75% yield

<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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