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A one-bedroom apartment in Brunswick was Melbourne’s most affordable auction sale over the weekend, according to Australian Property Monitors (APM). 
Located at <a target="_blank" href="https://www.realestate.com.au/property-apartment-vic-brunswick-115137871">5/1 Sydney Road</a>, it sold for $260,000 through Barry Plant Brunswick.
Listing agent Jim Dandris told Property Observer the auction went "very well", with three registered bidders present. 
The successful bidder was an investor. 
Dandris also revealed that the reserve price was $250,000. 
He added that the property market in Brunswick is "very hot" at the moment, with great buyer activity from investors, owner-occupiers, as well as first-time home buyers. 
"With the low interest rates, owning a home has become more affordable. Buyers have ceased renting and are looking at borrowing money to buy their first home. Investors have taken money out of shares, and looking to put it back into brick and mortar. Vendors are also starting to get prices they are happy with," he said.
Prior to this sale, the apartment last sold in 2001 for $167,000. It was also sold in 1997 for $105,000, according to RP Data records. 
The apartment is currently leased at $255 per week, reflecting a yield of 5.1%. 
It was also listed for rent in 2009 at an asking price of $230 per week, and from 2007-2008 at an asking price of $210 per week, according to RP Data records.
According to the <a target="_blank" href="/news">latest RP Data report</a>, the median sale price for units in Brunswick is $397,500, down 5.4% on last year. The average discount required to sell a unit is 6.6%, while private treaty sales average 95 days on market.
The median asking rent for units is $365 per week, while gross rental yield currently stands at 4.8%.
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Brunswick cheapie sells for $260,000 reflecting 5.1% yield

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A Melbourne real estate agent was ordered to serve 200 hours of community services after illegally claiming a First Home Owner Grant (FHOG) despite already owning a home, according to the State Revenue Office (SRO) of Victoria. 
The man pleaded guilty to the First Home Owner Grant Act 2000 and Tax Administration Act 1997. His legal team told the court that he was unclear about what he was doing and the repercussions of his actions. The magistrate dismissed this claim due to the nature of the man’s occupation.
The man first bought a property in St Kilda in 2005 and received the FHOG. The grant was later reclaimed after the SRO found he did not meet the residency requirements.
In 2009, he purchased a second property in Chadstone and applied unsuccessfully to receive the FHOG. The SRO rejected the application on the basis that he had not repaid the FHOG for his St Kilda property.
After repaying that amount, he once again applied for the FHOG. During this period he acquired another property in Moorabbin. When SRO investigators questioned the purchase of this property, he provided a statutory declaration stating the Moorabbin property was for investment purposes and he had never lived there.
Upon receipt of this declaration, he was then paid a $16,000 FHOG.
The SRO conducted further investigations and found that the man once again did not meet the residency requirements to receive a FHOG.
The court heard that the man was extremely sorry and had learned an important lesson from his actions. He was then sentenced without conviction to a 24-month community correction order that requires him to perform 200 hours of community work, amongst other conditions. He was also ordered to pay an extra $203.60 of out-of-pocket costs to the SRO within a month.
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Melbourne real estate agent pleads guilty to First Home Owner Grant offences

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New planning laws in New South Wales could help give regional and rural economies an impetus for growth, by setting upfront rules for fast-tracked approval of townhouses, retail, as well as office projects.
Legislation for the new system has passed the Legislative Assembly in the NSW Parliament and is due to be debated in the Legislative Council in November.
Planning and infrastructure minister Brad Hazzard said regional communities have already implemented streamlined planning approvals.
“Regional councils have shown this can unclog the approval system, get much-needed development happening faster and free up vital council resources from handling individual development assessments,” he said.
Hazzard added that most new homes, renovations, and extensions can already be approved under the NSW housing code, under complying development.
Councils such as Coonamble, Coolamon, Jerilderie and Junee currently approve more than half of their applications using the streamlined system.
“We now want to extend those benefits to the next level of developments, including medium density housing and commercial buildings,” Hazzard said.
The planning bill proposes an additional streamlined approval track called ‘code assessment’, designed primarily for growth areas.
Under this code, regional councils will have the autonomy of choosing where streamlined assessments should apply, while consulting the community.
If an application complies 100% with the rules set upfront by council in consultation with the community, it will go through a fast-tracked assessment by a council planner.
In addition, a NSW planning policy for agriculture and rural resources will be prepared to provide specific guidance on how the needs of agriculture are addressed.
A new planning advisory service will also be implemented, offering a single point of access for advice and resources on the planning system for both councils and the community.
New community participation guidelines will include specific tools and practices tailored for the regional and rural community.
Upfront and better coordination of planning for infrastructure will also be implemented to ensure the necessary infrastructure will be provided alongside population growth.
Councils from regional and rural areas, including Albury, Armidale Dumaresq, Singleton, Lake Macquarie and Mid Western Regional, have expressed their support of the Government’s use of streamlined assessment in written submissions on the reforms.
Hazzard noted that NSW’s population will grow by two million over the next 20 years, with one in five residents aged over 65. This will result in particular impacts for regional areas.
“Planning for this growth is vital and will be carried out major service providers and government agencies to identify housing, employment, infrastructure and service priorities,” Hazzard said.
The NSW government will also introduce ePlanning initiatives to help parents and small businesses based in rural and regional areas.
As of this month, 41 councils in regional and rural areas have either implemented or are in the process of adopting the electronic housing code, which allows people to access planning information online.
This will assist them to lodge fast-tracked applications more easily.
 
 
 
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Regional NSW could benefit from new planning systems

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While the RBA has announced that the cash rate remains steady, <a target="_blank" href="https://www.propertyobserver.com.au/finance/investors-warned-85-lenders-have-upped-fixed-rates/2013110766238?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">85 lenders have increased their fixed-rate loans</a>. How can prudent property investors get the best deal, making their investment more efficient? We speak to Ken Raiss, partner at Chan &amp; Naylor accountants, for some insight.
<img style="float: left;" alt="number-1" height="30" width="20" src="/images/stories/2013/11/08/number-1.jpg">Ask for a professional discount from your lender.
Many investors do not realise they can shave off “between 50 to 100 basis points” from the published rate by asking for a professional discount from their lender, Raiss told Property Observer.
“We’re just surprised at the number of new clients we get for finance. They haven’t asked for it and so they haven’t got it,” he said.
 
<img style="float: left;" alt="number-2" height="30" width="26" src="/images/stories/2013/11/08/number-2.jpg">Understand the product you’ve locked yourself into. 
Often, bankers offer the product that’s easiest for them. Hence, it is important for consumers and investors to do their due diligence and find out what exactly their loan provides – including the flexibility of the loan.
Raiss also reminds investors that they can have a partially fixed and variable loan.
“You don’t have to have all or nothing,” he said.
 
<img style="float: left;" alt="number-3" height="30" width="22" src="/images/stories/2013/11/08/number-3.jpg">Consider the exit cost to pull out of a home loan.
Another point Raiss raised was to properly consider the purpose of a property when purchasing it.
“People haven’t properly considered whether they are going to be living in the home for a long time as a principle place of residence. They live there for a short period then move that property into an investment loan. Your loan may not take into account short to medium-term changes in usage,” he said.
He added that it is possible to change a loan, but changing ownership of a loan will incur “significant costs or stamp duty”.
Hence, he emphasised the importance of structuring the loan correctly as the flexibility of the loan may be able to allow investors to repay it as a principle place of residence, or investment property.
 
<img style="float: left;" alt="number-4" height="30" width="22" src="/images/stories/2013/11/08/number-4.jpg"> “Rent money is dead money” – that’s only true if you don’t do something else.
Raiss has noticed a trend where people do not purchased principle places of residences because of the costs involved.
“A lot of clients say they can at least get an investment property and rent – because you can be better off paying rent to somebody and buying an investment property than saddling yourself with a high mortgage that puts you in financial stress,” he said.
“People don’t understand the financial structure of having an investment property. It could cost you significantly less if you don’t live in it. Even if you rent, you could still be better off financially,” he added.
 
<img style="float: left;" alt="number-5" height="30" width="22" src="/images/stories/2013/11/08/number-5.jpg">Cross-collaterising your loan can be “dangerous”.
Property Observer <a href="https://www.propertyobserver.com.au/industry-news/common-mistakes-investors-make-with-loans/2013110566172?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus" target="_blank">reported</a> recently that Angelo Malizis from mortgage broker Resi agreed cross-collaterisation of loans is not ideal. Raiss echoed this point of view.
 
<img style="float: left;" alt="number-6" height="30" width="22" src="/images/stories/2013/11/08/number-6.jpg">Repay your mortgage fortnightly instead of monthly.
Raiss recommends paying your mortgage fortnightly, not monthly, as it “dramatically reduces principle” – allowing investors to have equity quicker, therefore allowing them to reinvest in another investment property.
He also asks investors to look out for interest-only loans, even for their principle place of residence.
 
<img style="float: left;" alt="number-7" height="30" width="22" src="/images/stories/2013/11/08/number-7.jpg">Take into account what happens when interest rates rise.
With interest rates at an all-time low, Raiss notes it is important to consider what happens when rates go up and make preparations when the economy improves.
“We all want a better economy, and with that comes a higher interest rate. Some people have got themselves into loans at these arbitrary interest rates without considering what happens later on,” he said.
 
<img style="float: left;" alt="number-8" height="30" width="22" src="/images/stories/2013/11/08/number-8.jpg">Don’t be a lazy borrower.
If you find that your current loan is not working for you, look around for a better loan and switch.
“The banks have no loyalty to you as a customer,” Raiss reminds investors.
He adds that in the past, it was difficult to switch loans. With the current economy however, he finds that it is possible to “ring up and put a bit of pressure on your banks – for a lot of people that will deliver great benefits”.
Conversely, he warns against going to too many banks, which will impact your credit rating.
 
<img style="float: left;" alt="number-9" height="30" width="22" src="/images/stories/2013/11/08/number-9.jpg"> Talk to a mortgage broker.
Raiss feels that unless the loan is a straightforward one, there is no necessity to go to a bank. 
“A lot of people will go to a bank and the bank puts them in the easiest product. It’s not good for the future. You haven’t maximized the discount rate,” he said.
A mortgage broker may be able to help navigate the minefield that entails different lends and loan structures, and therefore help you choose the product that best meets your investment goals.
 
 
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Loan tips for investors: Ken Raiss, Chan & Naylor

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With the RBA keeping the cash rate on hold, the loans market is becoming increasingly competitive. As investor activity continues to heat up, we speak to mortgage brokers as well as a tax accountant on some common mistakes investors make with securing a loan – and how to avoid them.
Mortgage broker Mortgage Choice spokesperson Jessica Darnbrough says one of the most common mistakes investors make is not taking enough time to shop around for the loan that best meets their needs.
“It’s really important to compare home loans and decide on the one that suits your needs – not just now but the future, especially if you are creating a property portfolio,” she told Property Observer.
She also notes that investors tend to dismiss smaller lenders, as well as non-bank lenders.
“Credit unions and building societies, they are really competitive. In this economy, all lenders are hungry for business,” she said.
She warns that while investors can be lured to a product that offers the cheapest rates, they also need to consider loan features that may be useful.
“Take the time to think about loan features as well as pricing – everything about the loan product. It’s really important to do your due diligence,” she said.
She adds that investors often enter the market with the goal of creating a property portfolio, while the loan product is at the back of their minds. It is important to consider the loan product when taking out a loan as well.
Darnbrough recommends speaking to a mortgage broker before taking out a loan as they will be better-placed to advise which loan you should take out based on your needs and investment goals.
“Do your due diligence. Sit down and put together a five to ten-year plan for yourself and your property investment options. Ask yourself what you want to achieve, and work around a loan.
Don’t put it off, but don’t race into things either. The timing’s good at the moment, it is a good time to jump on the property investment ladder. Think carefully and act wisely,” she said.
Non-bank lender Resi’s chief executive Angelo Malizis agrees with Darnbrough.
“Investors first and foremost only chase rate and don't look enough at the flexibility and features of the loan. Especially when it comes to investments, it's important you get the right type of product,” he said.
He adds that loans with the lowest rate are often simple loans with basic features, which may not be ideal for investors who require some loan flexibility.
“It’s better to compromise 10 basis points of rate to get the right flexibility and features in your product,” he emphasises.
He reiterates the importance of looking around and considering both big banks and non-bank lenders.
“Non-bank lenders have been around for a long time, and they are able to provide additional time and energy to go through what a client needs,” he said.
Another mistake investors often make is poor loan structure, especially with mixing personal and investment debt.
“A number of times we've seen investors who have already got a loan against their own house create redraw. They think they can expand on that loan – mixing up personal debt with investment debt. That makes the ability to track expenses and investment costs for tax purposes a nightmare. It could make a part of the debt non tax-deductible, making it uneconomic,” he said.
A loan structure is very important to optimise your investment, according to Malizis.
“A number of people do a lot of research on the underlying property they are going to purchase. They have researched all the cash flows but they quickly get financed without looking around, resulting in a sub optimal loan structure,” he said.
In his experience, he has also seen cross-collateralisation with loans, where multiple properties are put up to secure more than one loan.
“The problem with that is, if you keep on adding properties to your investment portfolio and you've got one large loan, when you sell one of those, the bank can control where the funds go. You’ll lose flexibility potentially if you use one big loan to fund your investment properties,” Malizis said.
Malizis also advises against having all your loans with one lender, as the lender could drastically change their lending policies, rendering your investments less effective.
“Once you start getting to theee or four investment properties, consider your next investment purchase with a different lender. Of course, make sure it doesn't overall significantly increase your cost,” he said.
“Having some risk mitigation and diversification as you add properties to your portfolio is a smart strategy. Having two or sometimes three lenders is sometimes a prudent thing to do,” he added.
When it comes to repaying your loan, Malizis recommends paying the minimum amount on your investment property and using cash to reduce any personal debt you may have – be it a credit line or a home loan.
If you believe you have got the wrong home loan, it is not too late to go shopping for a new one that would better suit your needs.
“We are in a very competitive lending market at the moment. The trend we have seen is the cost of switching loans are far less today than they were in the past. It is never too late to switch. There are significant incentives offered for switching loans,” he said.
He added that lenders are now offering to pay valuation fees, legal fees, and even give you cash for switching lenders.
Lastly, Malizis states the importance of reviewing your home loan at least once every 12 months, just like you would review the performance of your properties.
“‘Are they provided the same benefits?’ ‘Are there better products that will better satisfy their needs?’ Those questions should be asked,” he said.
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Common mistakes investors make with loans

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The Reserve Bank of Australia has left the official cash rate unchanged at 2.5%, in line with analysts’ predictions. 
It is the third month in a row the Bank has left rates unchanged in a 53-year low.
The next RBA Board Meeting is on December 3. 
The Bank has previously cut rates in August 2013, May 2013, December 2012, October 2012, June 2012, May 2012, November 2011 and December 2011.
RP Data’s Tim Lawless says the current rate setting is working as intended, by encouraging more buyers into the housing market, therefore stimulating new housing construction.
“Transaction numbers are close to 20% higher compared with a year ago and dwelling values across our combined capitals index have risen by 7.9% over the past twelve months,” Lawless says.
“The RBA has, on several occasions now, stated they are comfortable with the level of capital gains in the housing market; in fact the current rate of growth is well below the highs achieved over previous growth cycles and dwelling values across every capital city apart from Sydney remain below their previous peaks.”
“The improvement in housing market sentiment has flown through to improved developer sentiment as well, with the number of dwelling approvals showing a marked improvement over recent months,” he says.
“In our view, the RBA will remain vigilant on the housing market, particular the Sydney and Melbourne housing market where values are rising at a faster rate than other cities," Lawless says.
RBA governor Glenn Stevens said in his <a href="https://www.propertyobserver.com.au/news/rba-governor-glenn-stevens-november-statement/2013110566176?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">November statement</a> that global financial conditions have remained "accommodative". 
"Volatility in financial markets has abated recently. Long-term interest rates remain very low and there is ample funding available for creditworthy borrowers," Stevens said. 
Nationally, he notes the economy has been growing "a bit below trend" thus far into the year. This is expected to continue as the Australian economy adjusts to the lower levels of mining investment. 
In addition, he added that the pace of borrowing has remained "relatively subdued", though there have been signs of increased demand in financing for households. 
"Housing and equity markets have strengthened further, trends which should in time be supportive of investment," Stevens said.
The Board judged at today's meeting that the current monetary policy is appropriate.
"The Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the target," he said.
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RBA leaves rates on hold at Cup Day meeting

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The latest data from the Real Estate Institute of Queensland (REIQ) has revealed a continued divide in rental market conditions between Queensland’s resource and non-resource regions to the end of September 2013.
Demand within South East Queensland has remained strong, with most markets posting a vacancy rate of 2.5% or less. The only exception is Bay Islands in Redland City, which has posted a vacancy rate of 3.9% for September this year. 
Brisbane saw a rise in vacancy rates to 2.3% for September, up from 2.1% in June this year and 1.7% in September last year.
Inner-city Brisbane (suburbs 0-5km from the CBD) recorded a vacancy rate of 2.4%, up from 2% in June this year and 1.5% in September last year. The REIQ has attributed this rise to less international student demand, as well as an influx of new rental properties over the quarter.
Rental conditions in Gold Coast has continued to tighten, with a vacancy rate of 2.2%, down from 2.6% in June this year and 3.5% in September last year. One REIQ accredited agent noted that due to the improvement in the sales market, they had seen an increase in the occurrence of investors selling their rental properties.
Additionally, the Sunshine Coast region has seen a decline in vacancy rates over the past year. It now sits at 1.3% as of the end of September, which is the lowest rate in the state for September. Vacancy rates are down from 2% in June this year and 2.5% in September last year.
Toowoomba also recorded the state’s lowest vacancy rate at 1.3%, down from 1.8% in June this year.
The Cairns rental market has remained at tight levels as well, having recorded a vacancy rate of 1.6% for September. REIQ accredited agents noted that rental demand is mostly for houses, although available properties are mainly units.
The Cairns rental pool is said to be shrinking not only due to the ongoing lack of new residential construction in the region, but because of many properties being sold to owner occupiers.
A vacancy rate or 3% is generally considered to indicate equilibrium of supply and demand for rental property within a particular area.
Conversely, areas where the resources sector plays an important role in local economies continued to exhibit relatively weak rental market conditions. The Gladstone region recorded a vacancy rate of 5.8%, up from 0.9% at the same time last year. Mackay’s vacancy rate stood at 5%, Rockhampton at 4.7%, and Townsville at 3.5%.
Just a year ago, Gladstone saw a vacancy rate of 0.9%. This figure rose to 4.6% in June this year. At the time, valuers Herron Todd White <a target="_blank" href="https://www.propertyobserver.com.au/hotspots/prices-fall-and-vacancies-rise-in-vulnerable-gladstone-market-herron-todd-white-hotspots/2013060561947">reported</a> that the Gladstone residential market had “relatively subdued over recent months as major gas projects in the area are nearing peak construction workforces and demand for accommodation has eased significantly”.
In May this year, Hotspotting.com.au's Terry Ryder <a target="_blank" href="https://www.propertyobserver.com.au/residential/rocky-on-the-rise-as-gladstone-stumbles-terry-ryder-hotspotting-rockhampton-gladstone/2013052261590">noted that</a> Gladstone was seeing a decline in vacancy rates, but investors should "avoid any feelings of panic" as the city has a strong future as Australia's top industrial city. 
Still, he called for investors to be cautious, as much as anywhere else.
REIQ chief executive Anton Kardash expects the Queensland sales market to see an increase in activity, therefore reducing tenant demand.
“Queensland’s property market as a whole is undergoing a more steady sales recovery but we are starting to see some very positive results,” Kardash said.
“What is interesting to note is the flow-on effect this is appearing to have on our rental market with responses to our September survey clearly showing an increase in investor activity here, especially in the southeast.
“Additional comments indicate the departure of some tenants and investors from the rental market into the sales market however it is too early to tell if this is a trend which will increase significantly as the months roll on,” he added.
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Brisbane vacancy rates easing but landlords biggest rental challenges in Queensland mining regions: REIQ

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Located in Sydney’s lower north shore and five kilometres from the Sydney CBD, Neutral Bay has been seeing increased buyer activity in the last 12 months, especially in the entry-level section of the prestige market.
Dr Andrew Wilson, senior economist for Australian Property Monitors, told Property Observer the lower north shore area has seen some increase in the luxury end of the market. While there has been quite a bit of activity, “it’s still not the level it was three to four years ago,” he said. 
He also noted that the area remains attractive because of its proximity to the Sydney CBD, as well as amenities such as shops and schools.
The median house price in Neutral Bay is $1,650,000, up 24.1% on last year, according to the <a href="/news">latest RP Data report</a>.
The median rent for a house currently stands at $860 per week, reflecting a rental yield of 2.7%.
A two-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-neutral+bay-114971191">60 Military Road</a> (pictured below) is currently on the market for $875,000.
{yoogallery src=[images/stories/2013/11/04/neu1]}
According to RP Data records, the property sits on 158 square metres and last traded in 2007 for $539,000. 
The listing notes that it is currently tenanted for $700 per week, reflecting a rental yield of 4.16%.
The median unit price in Neutral Bay is $643,000, up 3.3% on last year. The median rent for a unit is currently $550 per week, reflecting a 4.4% rental yield.
A studio apartment at <a href="https://www.realestate.com.au/property-apartment-nsw-neutral+bay-114880599" target="_blank">3D/23 Baden Road</a> (pictured below) is currently on the market for $375,000.
{yoogallery src=[images/stories/2013/11/04/neu2]}
According to RP Data records, the 35 square metre apartment last sold for $260,000 in 2003. It has also been listed for rent in July this year, at an asking price of $330 per week.
Wilson added that Neutral Bay has attracted a mixed demographic, from young professionals to families. It is also known to be a high density suburb. Over 72% of dwellings in Neutral Bay are units; separate houses make up 10.2% of total dwellings, while 17% of dwellings are townhouses, according to the Australian Bureau of Statistics.
In addition, Wilson mentioned that Neutral Bay sees more changeover buyers. 
“There has been a surge of interest in apartment living. Neutral Bay is attractive to professionals looking for an apartment lifestyle – I’m not sure it’s affordable for first time homebuyers; it’s more of a changeover buyer environment, for people moving into the $1.5 million to $3 million price range,” he said.
As for how Neutral Bay will do in the months ahead, Wilson believes the Sydney market in general will see a “strong finish towards the end of the year”.
“The market will remain strong in the middle and upper section of the market. Activity will moderate through next year. Where it heads will depend on how the economy pans out,” he said.
Tenant demand remains high in the Neutral Bay area as well.
“There’s always a strong demand for tenants – it’s a lifestyle market to a large degree. The area has many positives, like its proximity to the CBD,” Wilson said.
Shanon Campbell, head of Ray White Lower North Shore Property Management, agrees that the tenancy market is doing well at the moment. 
“We’ve got strong enquiries coming through from people moving around. Especially this time of the year when school's coming to an end, people are looking to get moved and get settled christmas and the new year. Businesses have people moving, we’ve got people renewing contracts,” she said.
She added that the tenancy market is looking up at the moment, with an increase in asking rents.
“12 months ago you weren't so much increasing rents, especially if you have good tenants. At the moment we’re reviewing rents, rents are going up again – which is good,” she said. 
In addition, Campbell noted that investors are starting to come back into the market. As such, more properties are available for rent.
With the low interest rates, she has noticed a trend where tenants are looking to purchase properties if the price is right.
“A lot of tenants looking to buy, therefore pushing the prices up. Some people are hesitant with signing lease agreements in case a property comes up at the right price,” she said.
“12 months ago, most tenants wanted to sign longer term, 18-24 month leases. Now, people want to sign six month leases to keep their options open,” she added.
However, Campbell adds that investors need not worry about a lack of tenants in Neutral Bay.
“The Neutral Bay area is nice and close to city. We've always got a fairly high demand. There’s the family clientele, young professionals - they're always moving. People like the convenience of being close to the city,” she said.
She adds that it’s going to be an interesting market for the next twelve months.
“A lot of people are talking that this is a bubble – I don’t know if it is,” Campbell said.
Director of Home Property Agents Gabi Somlai has 25 years’ experience in the Lower North Shore area. He says the population in Neutral Bay has become increasingly younger, with the current median age at around “late 20s to early 30s”.
He agrees that the market has moved in the last few months, and prices have increased “10-15%”.
Somlai says his biggest issue at the moment is a shortage of stock in the market.
“There are a number of houses available in Neutral Bay, Cremorne, and Mossman in the $2 million to $2.5 million pricing. But people are looking for two-bedroom apartments between the $600,000 to $800,000 mark. For one bedroom units, up to the $600,000 mark. And for semi-detached houses, around $1.5 million,” he said.
For the six months going forward, Somlai believes that prices will continue to increase.
“The reason for that is low interest rates. For a couple of years the market was pretty much depressed and unfortunately there is not enough properties on the market. All of this shows increased enquiries and increased prices,” he said.
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Suburb spotlight: Neutral Bay seeing increased buyer activity

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An Ivanhoe 1935 art deco masterpiece sitting on 3000 square metres of lush ground has been listed for sale. 
Located at <a target="_blank" href="https://www.realestate.com.au/property-house-vic-ivanhoe-114898603">59 Studley Road</a>, the four-bedroom house (pictured below) boasts uninterrupted views of the Melbourne city skyline, as well as mountains in the distance. 
{yoogallery src=[images/stories/2013/11/07/iva1]}
With its rich history, it was constructed by a Frank Spry. The property used to be 46 Studley Road until the 1960s, when the numbers changed from even to odd. Its address was then revised to 59 Studley Road. 
Originally a single storey house, a second storey was added to it some time after its completion. 
Minutes from private schools and shopping areas, the two-storey house has a grand entrance which leads to a formal sitting room, dining room, fully-appointed granite kitchen, ducted heating, air-conditioning, an alfresco dining area and more. 
Listing agent Damien Carter states the asking price stands at $3.45 million. 
Also for sale in Ivanhoe is the former home of tennis court creator Kevin McNamara, complete with a floodlit court which has hosted the likes of Wimbledon champion Pat Cash.
Located at <a target="_blank" href="https://www.realestate.com.au/property-house-vic-ivanhoe-115188455">9-11 Riverside Road, Ivanhoe</a> (pictured below), the property is being sold by current owners Simon Bolles, who is a former investment banker, and his wife Sarah, an accountant. 
{yoogallery src=[images/stories/2013/11/07/iva2]}
The property is set among some 3900 square metres of gardens. It also boasts five bedrooms, a self-contained apartment, multiple living spaces, a formal dining room, a Miele-equipped kitchen, as well as hydronic heating, among other amenities. 
According to RP Data records, the house last sold in 2003 for $2.47 million.
It was also listed for sale in July 2012 for 29 days, at an undisclosed price, according to RP Data records. 
The home goes to auction on November 16 through Anthony Lapadula of Jellis Craig Northcote. 
Lapadula is quoting over $4 million for this property.
According to the <a target="_blank" href="/news">latest RP Data report</a>, the median price for houses in Ivanhoe is currently $990,000, up 11.6% on last year. The median price for houses over $750,000 is $1.13 million. The average discount required to sell a house is 9.5%, while private treaty sales spend an average of 91 days on market. 
The median asking rent for houses in Ivanhoe is $463, while gross rental yield currently stands at 2.4%. 
<img height="60" width="470" src="/images/stories/2013/08/PO_Strap_new.jpg" alt="PO_Strap_new">
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Art deco masterpiece and riverside mansion Ivanhoe trophy listings

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Purchasing a property usually requires a fair amount of time for research, calculation, and consideration – which some buyers may not necessarily have. Buyer’s agents can represent a buyer in a real estate transaction, help negotiate for a better deal, and help you achieve your investment goals by looking for the right properties.
Property Observer spoke to Simon Buckingham from <a href="https://www.resultsmentoring.com/" target="_blank">Results Mentoring</a>, <a href="https://wakelin.com.au/" target="_blank">Wakelin Property Advisory</a>'s director Monique Wakelin and founder of Melbourne buyers agency <a href="https://secretagent.com.au/" target="_blank">Secret Agent</a> Paul Osborne to gain different perspectives on buyers agents – whether or not you should hire them, and how to find the best one for you.
Buyers who have neither the time nor the inclination to conduct research and analysis on potential property deals should consider hiring a buyer’s agent to represent them, according to Buckingham.
In addition, an investor looking to invest somewhere away from home and does not want to spend time and money for travel could benefit from a buyer’s agent’s services.
However, Buckingham notes that “a buyer's agent and the results you get are going to be as good as how clear and specific you are about what you're looking for.”
Buyers who are unable to define the properties they are seeking may find themselves frustrated with the deals presented by the buyer’s agent.
“The critical success factor is to be crystal clear about what you're after. Whether it’s growth investment, or you want the property to deliver a certain rental return or cash flow, how much you want to spend, opportunities to renovate or develop… exactly what kind of property would fit those criteria?” he said.
Other factors to consider are the number of bedrooms, how much land is available, as well as zoning.
Conversely, buyers need to consider the cost of a buyer’s agent’s services. 
“Some buyer's agents charge a retainer to start looking for deals. Others might charge a less retainer or no retainer, but take a fee when you choose to buy a property. You need to understand exactly what the costs are and what you're getting for your money,” he said.
Often, buyers forget to factor the cost of a buyer’s agent’s services into the property deal – that needs to be included when doing your calculations.
“The tradeoff is what you might save if you simply went out and look for the same sort of deals yourselves and whether you're prepared to bear that cost,” Buckingham said.
He added that he is “not a fan” of buyer’s agents who require an upfront payment. He much prefers “paying people on a performance basis” so you can see how an agent has performed first, and decide whether or not that meets your expectations. Ultimately he recommends looking at a fee structure that you are willing to bear in addition to the cost of the property.
Most importantly, Buckingham stresses that you cannot delegate responsibility for doing due diligence on any deal. He emphasised that buyer’s agents are unable to guarantee the performance or profitability or any property, and the responsibility of ensuring that belongs to the buyer alone.
“You need to carry out the same due diligence as if it was your own deal that you found yourself. This includes crunching the numbers, and doing your own research to test any assumptions. Never rely on a buyer's agent or a real estate agent to say a deal is a good deal,” he said.
Buckingham says that good buyer’s agents will listen carefully to your criteria, take all the details, and look for the exact types of properties that would suit your needs.
“Not all buyer's agents are created equal. It is important to seek references from people who have used that buyer's agent, specifically for the kinds of properties you're looking for,” he said.
Wakelin Property Advisory’s director Monique Sasson Wakelin shares that view. After deciding on the reasons for purchasing a particular property, be it for a home or an investment, the next step is to interview “a number” of buyer’s agents and select one “very experienced in undertaking the kind of purchase you want to make.”
“For example, if you are buying a property for capital gain, or for investment rental return, you don’t engage a buyer’s agent that looks after homebuyers. Match the experience and expertise,” she said. 
Wakelin strongly encourages buyers to engage a buyer’s agent as it is in their interest to be “looked after”. 
“It’s a transaction upwards of $500,000 – to not have your own representation is completely silly,” she said. “It would be the equivalent of divorce. If we were getting a divorce, it would be like getting your lawyers to represent me. Why would your lawyers give me good advice if you're the one paying them?” 
She added that the benefits of having a buyer’s agent include avoiding conflicts of interest, independence, and having somebody to ensure you are purchasing the right property to suit your purpose, as well as making sure you are not overpaying for a particular property.
She notes that when she first started her property advisory career, her biggest hurdle was having clients ask, “Why would I pay you thousands of dollars when I can get all this information from the real estate agent?”
She explains that the agents are usually paid by the vendor to get the highest possible price, while buyer’s agents are paid to do the exact opposite.
“You’re dealing in a very complex area. The marketplace very dynamic – things can change from one week to the next. You need someone who's really got their fingers on the pulse, who can give you the inside running on what's the process of a sale. That’s information members of public have no access to,” she said.
She added that it is important for the purchaser to get along with their buyer’s agent.
“You’ve got to be on the same page, have the same values and level of commitment to what you're doing. You've got to interview them for personality and make sure you're going to get on together,” she said.
“You don't want friction in that relationship; you've already got friction with the estate agent – and you don't want to create more problems.”
Her other piece of advice is to never choose a buyer’s agent based on fees alone.
“Don't try to get the cheapest buyer's agent you can find. You would not appoint the estate agent that gives you the lowest quote. Their attention and commitment and willingness to spend time to negotiate is in direct proportion to how they're being paid,” she said. "Select from the point of view of  your purpose and pick a fee structure that is neither the highest nor lowest."
She noted that if a buyer’s agent is charging a low fee, there is a high likelihood that they depend on a high turnover rate. They will be more interested in closing the deal and moving onto the next one as opposed to their client’s interests.
While hiring a buyer’s agent may be a difficult decision, Secret Agent’s founder Paul Osborne suggests that you should not hire one if it will not add any value to the process.
“If a buyer's agent is acting as a salesman – just trying to get the particular person to buy something, that is a buyer's agent that is not adding value. A good buyer's agent will challenge their client to perhaps consider different options,” he said.
These different options can include lessening the price against their client’s wishes and making recommendations on why they shouldn’t pursue a particular property.
“It’s a big part of the (buyer’s agent’s) responsibility – they almost need to be a great discarder of dismissing options and telling a client why something isn't suitable rather than just trying to get them to buy something,” Osborne said.
He notes that a good buyer’s agent would keep abreast of market trends, and know their market back to front and conduct their own research. They will also have a solid understanding of the economic fundamentals of property so they will be able to negotiate really good outcomes for the particular buyer. 
He also added that buyer’s agents for homebuyers will understand that there is an emotional element to their purchase and do their best to position them in the right area for their needs.
“It’s where somebody wants to live. They don't want to make a mistake for overpaying, but they don't want to pass up an opportunity in an area where they've always wanted to live. But they don't want to buy something and have had to spend a lot more money on renovations either,” he said.
Conversely, buyer’s agents specialising in investment property will have a “bird’s eye view” of the property.
“It is easy for an investor to look at things and not look at the truth. There may be fees involved like stamp duty. You should discount your projected cash flow by 10%. A good buyer’s agent will look out for all these things that should be instilled to make it a non-emotional choice,” Osborne said. 
Additionally, Osborne warns against buyer’s agents who constantly agree with their clients.
“You don't want a ‘yes man’. You really want them to challenge somebody's own assumption on a rather big decision as to whether that's the right decision to make at that given time,” he said.
He added that a buyer’s agent’s job is made more challenging when they really explore their client’s needs. If their client is looking for a home to live in for the long term, design needs to be a large factor. If a client wants to renovate a property, the agent should look into projections for after the renovation, and ask questions about the budget, if that is realistic, and will it be overcapitalised by the time renovations have completed.
“We have to hold uncomfortable discussions sometimes because it is common when someone is buying property for the first second time, they can miscalculate a lot of things, or make errors in decision making. A professional helps them avoid these situations,” Osborne said.
Lastly, Osborne said that buyer’s agents also have access to off-market properties. They can also provide advice on picking one property over another and help their clients get their purchase right.
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The argument for/against buyer's agents

<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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