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GUEST OBSERVER 
Australia is the world’s largest carbon emitter per capita and requires energy reform on our country’s households.
 Australia needs to be more environmentally-minded, and not enough is being done at the top level through policy and greater consumer awareness to reduce our carbon footprint.
You can’t play politics with the environment.
If we genuinely want to reduce our country’s carbon footprint, it needs to be introduced on a Federal level, with both sides of politics coming together, regardless of political persuasion. Frequent changes in Government mean that there is little to no concentration on a long-term goal and while the focus is primarily on industry and commerce, it should extend beyond this.
According to the ABS, households are the biggest consumer of energy after manufacturing, even topping transport and mining.
We need to have more robust conversations on how we can make property more energy efficient and homeowners more energy aware. Most of our ‘green’ discussions are centred around creating energy in a more environmentally conscious manner, but we need to start looking at how we can improve energy waste by reducing the energy leaking from homes. There is a huge lack of education amongst homeowners around this, and while it will first help save money, it will also be a giant leap towards reducing our carbon footprint.
There is a huge lack of education around the Nationwide House Energy Rating Scheme (NatHERS), and given the opportunity, the average Australian would be interested in knowing what the energy rating is for their home or a home that they are purchasing.
Currently, a large number of Australians are buying property off-the-plan, and they may not have access to knowledge about the property’s energy efficiency. Similarly, those who own or who are purchasing more recently built homes may only be able to access this rating through their local council or estate lawyer. 
While there is much focus on building for our future population, there is little consideration on established homes built pre-2000s. Douglas believes these homes are an even bigger contributor to the environment, accounting for 95 per cent of Australia’s total dwellings, and the Government should mandate energy ratings as part of building and pest inspections during the home buying process. 
Mandating energy ratings will provide greater transparency on wasted energy but it won’t necessarily cause people to withdraw from their purchase. The UK Government introduced Energy Performance Certificates in 2007 for homes that are built, sold and rented, and it did not deter people from buying in the slightest. If anything, this step will make people more aware of their environmental impact, and how they can contribute to making our country cleaner and greener. Government rebates are available to alleviate financial stress for homeowners looking to make their homes more energy efficient – there really needs to be more education on this.”
Research by the Energy Supply Association of Australia indicates that Australia leads the world in household solar penetration. While about 15 percent of dwellings have solar, research has demonstrated it is only as effective as behaviour, with almost half of energy generated by solar lost when used in the home through a lack of insulation, single-glazed windows and cavities. Douglas likens this to pouring water into a bucket with holes in the bottom.
There are 10 million dwellings in Australia and if each one is made five to 10 percent more energy efficient, it will make a significant reduction on our country’s carbon footprint, and keep a lid on rising energy bills.
A Canadian company called MyHEAT uses drone technology with thermal heat mapping to help homeowners understand and physically see energy loss in their home. With utility companies abroad becoming legislated to help customers reduce their energy consumption and Australian utility companies becoming privatised, a similar model would be adaptable in Australia.
It’s just as much about keeping dwellings cooler in summer as it is about keeping them warmer in winter. We have the technology at our disposal so why wouldn’t we use it for the greater good?
DOUGLAS DRISCOLL is CEO of real estate agency <a href="https://www.starrpartners.com.au/" target="_blank">Starr Partners</a>.
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Environmental reform on property needed: Douglas Driscoll

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GUEST OBSERVER
Sydney’s property market is buoyant but signs it’s still white hot should be dismissed, with clearance rates partly skewing market perceptions.
Auction clearance rates should not be the sole barometer for how the market is performing and could inadvertently spook buyers into rushing their decision, or sellers into choosing an auction sales method without considering alternatives that might achieve a better sale result for their property.
Many Australians watching the property market are unaware that auction clearance rates don’t constitute how many properties actually sell within a week. Last year the majority of properties were going to auction because it was a more efficient process and agents had confidence that these properties would almost certainly sell. Currently, there are fewer properties being sold by auction and a lot of agents are only taking the properties to auction that they perceive are guaranteed to sell. 
It’s very much a case of apples and oranges. We are still seeing almost all properties go to auction in certain pockets of the lower north shore and eastern suburbs, but this doesn’t reflect the entire market, especially when only about 10 per cent of properties go to auction in Sydney’s west – a community home to 12 percent of Australia’s entire population.
Sydney in itself is not selling a proportionate amount of properties at auction to make an accurate prognosis of the market. We are currently averaging around 300 properties going to auction over the weekends, but I think we should be looking at the results of total residential sales for the whole week, not just the auctions on the Saturday.
Rather than just using auction clearance rates as a barometer, I urge Australians to consider other metrics such as the average days on market and/or the price achieved as a percentage of the asking price. Auction clearance rates are simply a cross-section view of the market.
Here are three tips
Review number of days properties spend on the market
When the number of days on market goes down, understandably it means that the market is doing well. Likewise, when the number of days goes up, it’s generally a sign that the market might be toughening, or – for Sydney – be a sign of a stabilising market.  How Australians can make an informed opinion: 
Last year was very much a case of a high tide floating all boats but this year, despite the market still being strong, there are various nuances across different parts of our city. We shouldn’t be looking at Sydney as a whole, but at individual suburbs, and how things are moving and changing on a much more granular level. Consumers should spend time researching by monitoring listings, specifically, how long properties are on the market for.
Finally, no one knows the area better than local real estate agents and I strongly advocate people talking to the leading agents in their local area, to ensure they are well informed about how the market is performing. According to data from CoreLogic, about 1,000 more properties are being listed for sale than this time last year but the average days on market for Sydney properties this July was 40 days, much different to the average of 26 days in July last year. This really shows how the market is performing and my advice is to look at these independent research findings to get further insight into what’s happening on the ground.  
Assess the percent ratio of the achieved price to asking price
One way to get an accurate measure on how the market is performing is to look at the percentage ratio of the price achieved for properties against the asking price. Last year in Sydney most properties sold for the value within the price guide or above but now we’re in a situation where properties are selling within the price guide or below. But this certainly doesn’t mean the market is crashing. To make an effective prognosis of the market, we need to ensure that we’re looking at all of the facts.  How Australians can make an informed opinion: 
Median house and unit prices are down ever so slightly from the same time last year according to CoreLogic. For units it’s about $1,400 less and for houses it’s about $15,000 less, which really isn’t much in the grand scheme of things. These days, many agents send email newsletters detailing new listings and recent sales with price achieved so my advice is to get on these lists and keep in touch with agents that you’re meeting at open for inspections. There are also some free online tools that can help consumers track the advertising history for properties, to get an indication of property sale histories or what price reductions might have occurred over the past week.  
How to determine more accurate auction clearance rates 
To make an accurate market prognosis, we need to make sure we’re looking at all the facts. In the case of auction clearance rates, there’s no automated process at reporting the results accurately. In many cases you’ll find that agents won’t disclose the details of any properties that were passed in and the problem with brushing these things under the carpet is that you’re going to get a lumpy carpet, which could cause some consumers to trip. The results are often distorted by what’s being withheld, not to mention auction clearance rates also include properties that sold prior to auction with no competitive bidding at play. How Australians can make an informed opinion: 
Straight away, I urge consumers to take approximately 10 per cent off the clearance rates they’re seeing in the headlines. This will provide a more realistic number to make a sound market prognosis. There are many great resources available to Australians, including Cooley Auctions’ Cooley Index, which is a report on total auction volume, clearance rate, percentage sold over reserve and more, as well as a comparison to the same time the previous year. These stats are sometimes up to 10 per cent less than other reports, so given that they are highly reputable auction specialists, this in itself should motivate consumers to rethink clearance rates.
Another thing to remember is that we’re sometimes only dealing with about 200-300 properties being sold at auction here in Sydney, while Melbourne is often dealing with two to three times that amount. At those kinds of numbers, auction clearance rates are going to be a much better barometer of the Melbourne market unlike Sydney’s rates, which are tantamount to looking at the property market through a keyhole.
DOUGLAS DRISCOLL is chief executive officer of real estate agency <a href="https://www.starrpartners.com.au/" target="_blank">Starr Partners</a>.
 
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Auction clearance rates unreliable metric for Sydney property buyers: Douglas Driscoll

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GUEST OBSERVER
Australia needs a fair foreign investment policy that offers Australians equal opportunities.
For foreign investors, Australia is a desirable country because of its stable economy, favourable weather conditions and proximity to Asia. Furthermore, 2016 will be the year international developers take centre stage in Sydney – more than in previous years.
There are many other factors at play that make Australia so desirable and, for investors, there is less red tape and fewer restrictions on how many properties they can buy. 
In contrast, in China, for example, each province has different rules and regulations, with some provinces only allowing residents to purchase a maximum of two properties. 
The International Monetary Fund says that China has the most expensive property in the world. The median house price in Beijing is believed to be 20 times the annual household disposable income, so it’s understandable that they’re looking elsewhere. Sydney and Melbourne represent good value by comparison.
The number of Chinese investors in Australia might fall in Australia within the next 2-3 years and that Indian investors will make Australia their first port of call.
In my opinion, we will start to see Chinese investors possibly fading away from the Australian market depending on their slowing economy in the next few years, and will see a genuine emergence of buyers from India.  They will find it attractive for the very same reasons the Chinese do.
Land and property sales data suggests that foreign investors are now getting in on the process earlier to close the loop.
Many sites have been snapped up by international developers and the reality is that we can’t stop it from happening, not in this global economy. In saying that, it’s only fair, right and appropriate that Australian residents have, at the very least, equal opportunity.
Australian residents should be looked after; they shouldn’t be at a disadvantage to foreign nationals.
Safeguarding the interests of Australian residents should not be confused with being xenophobic, as they’re two very different things. We should still openly invite foreign investment, I just believe that it should come with more restriction and regulation. I was born in Britain so this isn’t a jingoistic standpoint, I merely want to see the same rules be applied to anyone buying in Australia irrespective of where they are from.
Conflicting information about the current market is making it confusing for Australian investors struggling to keep up.
As far as I can tell, there aren’t any accurate numbers available on the extent to which foreign investment is impacting the local investor community and house prices. Significant research is needed. As a real estate head with years of experience in the Australian market, I myself am having difficulty comprehending the situation, so what chance does the average layperson have?
Five solutions for a fair foreign investment policy that gives Australians equal opportunities:
1. Introduction of a levy. 
I absolutely advocate the introduction of a levy.  Last year the government introduced a tax for overseas investors, but in my opinion, this should be increased.  Australian residents are forced to pay for extras such as stamp duty when they buy property and I believe overseas investors should have to pay even more.
2. Placing a cap on the number of properties sold to overseas investors. 
We should regulate the number of properties on Australian soil that are sold to overseas investors:
It’s a bit of a mockery if Chinese investors can only buy two properties in some of their own provinces, but they can come to Australia and can buy 10. It doesn’t matter where investors are coming from – and they’re coming from all over the globe – it’s about looking after the interests of the Australian people.  
3. Clean money assessment.
 A handful of high-profile and high-net cases last year were intentionally made public to oust some illegal transactions happening and spook off unscrupulous investors, and Douglas believes that many more could have gone unnoticed. 
These homes were just the tip of the iceberg and my question is, what about the rest of the iceberg? Do we have any idea how big it is? We know that illegal transactions are taking place because of these cases, and that these acquisitions by foreign investors breach regulations. There is a strong suggestion that this is regularly taking place in the upper echelon of the Sydney and Melbourne markets.
We need to take a harder look into where the money is coming from, as there has been some suggestion that it’s not always clean. The UK government, for example, has implemented money laundering checks and Australia should be doing the same.
4. Financing rules around the acquisition process. 
As is currently stands, financing is not fair for the local investor. We know that a Chinese financial institution based in Australia offers zero deposit home loans for Chinese investors purchasing Australian property. Here, under new macroprudential guidelines, we have Australian residents now required to pay a 20 per cent deposit on a property whilst international buyers can completely circumnavigate the system. It’s ludicrous, all buyers should be on a level playing field in the process and financial aspect.
5. Percentage of developments must be sold to Australian residents.
Up until 2008, developers had to sell a portion of properties to Australian residents. This lifted in the GFC but it’s my view that we should re-establish it and place a limit on how many investments they can buy. I heard that last year only 10-15 per cent of off-the-plan developments in Sydney and Melbourne were sold to overseas investors, but that conflicts with other reliable reports, saying that it was closer to 40 per cent.
It’s increasingly common for foreign investors to buy and develop or redevelop, then sell property on Australian soil off-shore or to international investors without Australian residents even getting a look in.  We need to look at the vulnerability of our market – does selling too much to overseas investors make us become vulnerable to factors outside of our control?
DOUGLAS DRISCOLL is CEO of real estate agency <a href="https://www.starrpartners.com.au/" target="_blank">Starr Partners</a>.
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Foreign investment impact on local market worsens

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GUEST OBSERVER
Sydney’s property market is set to show signs of change in 2016 as the market moves into a ‘transitional’ phase, and I predict the following market trends for 2016.
Consistent property prices.  
Property prices remain quite consistent throughout 2016.  There’s strong speculation that the Reserve Bank will reduce interest rates again, but if they do, I personally don’t envisage the banks passing it on to consumers. We’ll see a continued decline in investors which will coincide with an increase in owner occupiers.  This is a very good long-term thing as it helps the market have a healthier balance.
More robust conversation on how to encourage first home buyers.  
Home ownership is ingrained into Australian DNA: It’s not an entitlement but it’s always been encouraged. I would be saddened to see that change as I want to see more young people on the property ladder and experience the same things as previous generations. 
The industry needs to focus on encouraging first home buyers to enter the market. Personally, I’m not convinced that throwing money at first home buyers through grants is the right way to go, nor am I convinced that allowing them to make purchases with their superannuation is the right way to go either. It will be nice to see some pressure applied to banks – for them to look at giving discounts or concessional rates to first home buyers. I would still love for first home buyers to continue to be offered deals with a five per cent deposit and a more competitive interest rate.
Developers to become nervous and less likely to take risks.  
We have seen a general sense of nervousness from developers recently so I hope to see a greater sense of balance around approvals as a result.  In 2015, we saw a lot of developments granted planning permission but I think heading into 2016 we will see them feel a bit of pain because some purchased their sites on such narrow margins. As market levels fall away slightly, some developers might struggle to cover costs.  
Towards the end of 2016 we might start to see some investors potentially walk away from their deposits because they perceive that they paid too much for it in 2015 and see that it’s no longer worth the risk. Personally, I see this as very much a knee-jerk reaction as most investments should be viewed with a long-term strategy in mind.
2016 will be the year that Chinese developers really arrive in Sydney – and they’re going to aggressively market their developments in mainland China. I have no problem with foreign developers coming in but there should be a quota of stock that must be sold to Australian residents.
Changes to lending rules will freeze out some investors.  
The early part of 2015 saw investors buying off-the-plan but as these developments start to take shape and bricks go into the ground. The recently introduced macroprudential measures will make it difficult for buyers to complete the purchase.  Investors might have committed to an off-the-plan purchase as their mortgage lender considered them qualified to borrow at the time, but when it comes to the buyer needing the finance, there will be changes to lending rules, which – I think – is unfair.
Going into 2016, mortgage lenders will start freezing out investors, as lenders actually don’t have an obligation to provide the finance. They will simply say that they can’t provide the finance on the original terms (say, a 5% deposit) and that now much more is needed. Lenders might have said yes on a certain date in principle but the framework of their in-principle agreement should carry through.
Under-supply of housing.  
I believe that while town planners and councils might be meeting their quota in terms of dwellings being built, they might not be the right dwellings for the demand.  In my opinion, a disproportionate level of apartments are currently under construction – and now that the investor boom is over, we have an issue.  Planners should take a responsible and sensible approach to what the demand looks like, and offer tangible solutions.  We have to be careful we don’t build too many units and apartments because it will rob some suburbs of their identity.
Furthermore, I believe that there is a huge density problem.  We know that Australians have more living space per capita than anywhere else in the world, so are apartments really what is needed?  You’re not going to have a family of five on the 32nd floor of a high rise, are you?  Now that the investor market is slowing down, I want to know who’s going to be buying because the stock being built does not necessarily correlate to demand.
Suburb desirability and price changes from council amalgamations.  
When councils amalgamate in 2016, certain suburbs will be impacted on more than others in their desirability and/or price.  Look at somewhere like Botany for example, all of a sudden it could become part of an enlarged eastern suburbs council. Of course it’s going to become a lot more desirable and expensive. 
On the flip side, look at what happened when the government tried to divide Mosman into five suburbs – the sentiment was so strong against it that the call was rejected.  You really need to think about what’s in a postcode, in a suburb, in a council area because there could certainly be an impact on desirability for the better or the worse.  Just look at the conversation about the Woollahra, Hunters Hill, Ryde and Lane Cove councils right now.
More disruptors, disintermediation and ‘uberisation’ – but unlikely to take off.  
More disruptors will try to enter the market and shake things up for real estate but that they will be less likely to survive in the new landscape. Disruptors are more likely to thrive in a strong seller’s market when vendors struggle to see value for money.  These start-ups might have all the key ingredients to disrupt the traditional model, but in a softer market, like the one we are transitioning into, these new players will struggle to succeed.
As the market returns to something that resembles an ‘everyday market’ in 2016, we will see a lot of agents leave the industry. Those who were in it for a quick buck will quickly realise that they now have to work for their money and this hopefully means that the quality and standard will improve across the board.  It’s a great opportunity to raise the bar for the next boom.  This will allow us to improve entry level education standards so it will be far more difficult for the fly- by-nights to get a job in the industry.
Sydney to become a spider’s web.  
I really think that we will start to see Sydney become more of a spider’s web in 2016.  Regions of Sydney have always been so disconnected but for the first time ever we will see a joining of the dots.  Some areas currently considered as outposts will benefit from the construction of four new metro train stations, the south-west rail link, and the development of eight new stations in the north-west.
To give credit where credit’s due, the planning of Sydney’s transport system has vastly improved. With the new developments underway, it’s going to open up some key suburbs and make them more desirable.  As transport infrastructure improves, we will slowly start to see the divide between east and west fade as a result of greater accessibility.  Starr Partners’ buying data already proves these divides are softening right across Sydney.
Semi-abandonment of the auction process.  
As the market grew more robust over the past year or so, more people opted for auctions, but as it softens, I anticipate that people will start walking away from the process.
As experts, agents need to start assessing the what, the why and the where, and what works best for the individual property and people involved rather than resolutely sticking to just the one method of sale.  In a strong market, vendors are very prepared to follow the auction path but when things soften or when clearance rates fall, we can expect a semi-abandonment of the auction process.
 
DOUGLAS DRISCOLL is CEO of real estate agency <a href="https://www.starrpartners.com.au/" target="_blank">Starr Partners</a>.
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Sydney 2016 property market forecast: Douglas Driscoll

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Sydney’s property market is predicted to be healthy and stable this spring. 
The market has been like a steam train the past 18 months with prices accelerating far too quickly and a lot of talk of a bubble, however it has now found its feet and is well on the road to a healthier, balanced position. 
This spring, with the Australian economy still strong and consumer sentiment up, we’re hopefully set to see an increase in the number of first home buyers entering the market, as well as an increase in listings. 
My top seven trends for Sydney’s property market this spring are:
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Heightened stability. Over the past 18 months, Sydney’s market conditions were frantic and unpredictable, however, we’re now beginning to see a calming of the waters. The market is far less volatile - people know what they’re in for - and with this heightened sense of consumer confidence comes more action and more listings. </li>
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More listings. With consumer sentiment up, expect to see more properties on the market this spring compared to last. This time last year, buyers were unsure of what would happen, adopting a ‘wait and see’ mentality. However, this year, the market is much more consistent and we should see more stock hit the market as a result.</li>
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Slightly lower clearance rates. So far this year Sydney’s auction clearance rate has consistently hovered around the mid-80% mark, however, we are likely to see this drop slightly to around the mid-70s. This is still an exceptionally high clearance rate and a sign of a strong, healthy market – one that is stable and less fickle.    
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Less local investors. As banks become more prudent about responsible lending, we’ll see less local investors in the market this spring.As investors back off a bit, we are likely to see the number of first home buyers increase by as much as 3-5%. </li>
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Apartments, apartments, apartments. Sydney is going apartment crazy. We’ll see more being built and more being sold. Although I’m pleased to see more dwellings being approved and constructed, my lingering concern is that a disproportionate amount are still being sold to overseas investors. This spring we’ll no doubt see more debate and discussion on this topic.</li>
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Emerging growth suburbs. There will be a surge in buying activity in regional areas close to metropolitan cities, as buyers walk away from Sydney in favour of areas such as the Central Coast. Newcastle and Wollongong should also experience increased demand from buyers as Sydney properties become increasingly unobtainable. In Sydney, it’s Mascot, Botany, Riverstone and Leppington that are emerging as the next big growth areas. </li>
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<li>
Prices to increase but at a balanced rate. Property prices will continue to rise, but at a healthier, less accelerated rate. Rather than the 1-1.5% per month increases we’ve been experiencing, I expect to see closer to half a percent increase in prices for the remainder of this year, making it more achievable for first home buyers to purchase their ideal home this spring. </li>
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DOUGLAS DRISCOLL is CEO of real estate agency <a href="https://www.starrpartners.com.au/" target="_blank">Starr Partners</a>.
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Top seven trends for Sydney’s property market: Douglas Driscoll

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Sydney’s property market is continuing along a stellar growth path, with auction clearance results surpassing 90% and dwelling values increasing 13.9% since March last year*. With the growth rate not showing signs of slowing, experts are warning of another property bubble. Is this the case?  
Sydney’s market is certainly very bullish. Capital growth is strong and buying and selling activity has exceeded expectations. While most commentators expected the market to ease to steadier levels in 2015, to around 5-7% growth, the market is continuing to defy our predictions. We are now in unchartered territory but this is nowhere near a bubble. Instead, Sydney is evolving into a new market where conditions are unpredictable, competition is high, and the pool of affordable housing is drying up.
Despite strong sales, a worrying trend in this new market is a lack of owner-occupier housing. The vast majority of buyers are now investors and fewer buyers are moving into a new home. Property purchases are not following a linear path as they did in previous generations and the new generation of buyers are struggling to compete. Investors are also buying with a long-term view, with many planning on leasing their property for 10 to 15 years or more.
Sydney is also facing a serious housing undersupply. By 2031, Sydney’s metropolitan population is expected to grow to almost 6 million people; the total number of homes needed to meet this projected demand is 2,338,100**. While building up has been one solution, foreign investors are snapping up Sydney developments in droves and in bulk, reducing stock for local buyers. Many of these properties, are also ideal for first home buyers.
Is now the time to buy, or should you wait for prices to cool? Here are 7 tips.
1. Don’t second-guess the market
In an unpredictable market, trying to pinpoint the ideal time to buy where the odds are in your favour is a difficult game. You may never know. I see buyers stall on their decisions by trying to second-guess. If you find a property you can afford that fits your needs, deciding to wait for a better option or a drop in price means you may miss out on a good opportunity.
2. First impressions aren’t always the last 
Don’t disregard a property because it doesn’t fit the aesthetic you had in mind. While properties built in the past 15 years may require less maintenance, older properties often feature double-brick walls and more spacious living and sleeping areas compared to properties built more recently. If the property you admire does require renovation, scale up the costs as a buffer to cover you when planning your budget.
3. Broaden your search 
To enter the market, you may need to consider suburbs that might not be your first or second preference. Sydney has a number of suburbs on the cusp of regeneration that offer great value such as Roseberry, Botany, Mascot, Rockdale, Baulkham Hills, and Penrith. By keeping your suburb search pool too slim, you risk cutting yourself off from other opportunities. Your ideal home might be a few suburbs away from your ideal suburb.
4. Focus on the bigger picture
Base your decisions on your property goals. Are you looking to climb the property ladder? If so, your first or second purchase is unlikely to be your last. Use your purchase as an opportunity to earn capital gains and release the equity to put toward your next purchase. The new market is not linear, so be prepared to go on a journey as you progress. I also recommend buying with a business rather than emotional mindset.
5. Get on the list 
If you’re looking to buy within a new development, I recommend doing your homework to stay a step ahead. Call local councils in areas where you would consider buying to identify any new residential plans. Ask to be on their mailing list for any updates and news. Many real estate agencies also have relationships with developers, so use them as a source of information to stay on the pulse.
6. Avoid stretching your budget 
Sydney’s market is significantly competitive and this is pushing up prices. Know your limit. Property is an expensive life investment. If you find yourself going beyond your limit to afford an increase in the asking price, knowing where to draw the line is an important life skill. Be responsible, make wise choices and seek guidance from a financial advisor.
7. Keep the faith 
If the search has been arduous and you’ve given up hope, you may find yourself developing a resentful attitude towards the market. Don’t succumb. Many buyers go through this phase at some stage in the property life cycle. If things aren’t working out, consider taking a step back to reassess and readjust your strategy. Taking some time away from the market may help you gather perspective before you make your next move.
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Sydney battles along strong: Douglas Driscoll

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GUEST OBSERVATION
Sydney’s 2015 property market is set to be healthy and buoyant.
In 2014, Sydney’s property market was white hot but the rate of growth was unsustainable.
While the volume of sales last year were impressive, more than half of the transactions made were by investors rather than owner-occupiers and this has started to create a bottleneck in the market. The good news however, is that the market is starting to relax.
With the economy strong, consumer sentiment holding and the Australian dollar balancing against the greenback, I think the 2015 market will go from white hot to red hot and be slightly less frantic for buyers.
Here are my top five trends for Sydney’s property market in 2015:
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<li>
Increased stability in property prices  The Sydney property market experienced accelerated growth in the past year but this should start easing in 2015. In 2014, average growth rates swelled past 13%. If we continue along this path, I believe that Sydney could be at risk of entering another property bubble, with prices ballooning and competition escalating. As we enter 2015, I expect to see more stability in the market, with growth rates of between 6-8% over the year. With interest rates also likely to remain at low levels and inflation easing, home buyers can take their time in making their biggest life decision without feeling the panic to buy now. 
</li>
<li>
Increased diversity in property portfolios  I think more investors will be ready to spread their wings and generate wealth in 2015. While it’s common for investors to invest in only one property, we are seeing a shift in the investor mindset. Whether it’s mum and dad investors or those planning to retire and live off their rental income, investors are becoming more open minded about how they purchase property and grow their portfolio – such as through structured SMSF investments. More investors are also treating their investments as a business transaction. They are not looking for a property to move into down the track; they are looking for properties in high growth areas where rental vacancies are low, demand is strong, and the property type fits the demographic needs of residents in the area.  
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Emergence of a genuine commuter belt Sydney is a global city but transport links between the CBD, and the eastern and western suburbs have been sub-optimal when compared to other global cities. With a fragmented transport system, pockets of the city are closed off and this can be a huge detractor for buyers wanting to live outside inner city areas. With new major rail links and road works underway, such as the North West Rail Link, and upgrades to the M2/M7 and M5 motorways, the divide between Sydney’s east and west is starting to close. New railway stations in the Hills District for instance, such as Rouse Hill, Kellyville and Bella Vista, will open up these family friendly areas to dwellers who may have previously only considered living close to the CBD, where properties are typically more expensive and less spacious.  
</li>
<li>
A ‘freezing out’ of first home buyers A worrying trend I see in 2015 is the continued decline in the number of first home buyers entering the market. This, I believe, correlates with an increase in investors snapping up Sydney properties. In a balanced market, around 20% of property transactions should be made by first home buyers. Instead, transactions by this group have dropped as low as seven%. First home buyers are our future generation. They are encouraged to buy property, yet their ability to enter the market and climb the property ladder is becoming increasingly difficult. More incentives will be needed to enable first home buyers to compete against more established or cashed-up investors; otherwise they risk being left behind,” says Doug. 
</li>
<li>
A continued influx of foreign investors The unprecedented rise in foreign investors purchasing Australian property in 2014 is set to continue. While investment from overseas buyers may help stimulate the economy, we need to be mindful that we already have an undersupply in housing and there is no shortage in locals wanting to buy. Many foreign investors are buying off-the-plan developments in bulk, often purchasing up to five properties at a time. Debate over the number of properties bought by this group could reach a climax in mid-2015. Introducing boundaries, such as limiting the number of properties that an overseas investor can acquire, or requiring developers to sell a percentage of their stock to Australian residents, I believe, will help provide more opportunities for local buyers.
</li>
</ol>
Douglas Driscoll is CEO of real estate agency <a href="https://www.starrpartners.com.au/" target="_blank">Starr Partners</a>.
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The five Sydney property market trends to watch this year: Douglas Driscoll

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GUEST OBSERVATION
The clearance rate for houses sold at auction in Sydney is higher now than this time last year.
While the housing market remains competitive, consumers should not feel pressured to buy now in the lead up to spring. The market is expected to maintain its buoyancy until the end of the year.
Home buyers looking to take advantage of current housing market conditions may be placing undue stress on themselves and their families, with some believing that they may need to rush in and buy due to a fear of slimmer pickings or price inflation come September. However, this isn’t necessarily the case. Home buyers should be focussed on making wise choices and finding a home that they know is right for their family in the long term – rather than jumping the gun.
Over the last three years, the Sydney property market has experienced no real surge in the volume of listings during the spring period. Housing demand has remained relatively constant and seasonal buying trends such as the spring rush are becoming less prevalent.
Today’s market is increasingly more predictable and less volatile and the current surge in listings is more likely a result of increased consumer sentiment in macro-economic conditions.  Since January this year, the market has remained steady and this trend is expected to continue until well into 2015, which should be reassuring for home buyers.
Here are five tips for home buyers to use as guide before purchasing property:
<ol>
<li>
Don’t follow the crowd Property is your biggest life purchase and buying when everybody else is shouldn’t be the factor motivating you to move. Take the time to ensure you’re confident with your purchasing decision and base your buying and selling plans on your own circumstances. If you’ve found your ideal home that fits within your budget don’t be afraid to go against the grain. 
</li>
<li>
Don’t second guess the market When researching property market conditions it is vital that you analyse market movements; home buyers should realise that they can’t second guess the market as the landscape is constantly changing. You can’t control the wind but you can control the sails. This includes control over where and when you buy and the mortgage terms you agree to take on. 
</li>
<li>
Consider the area you’re buying into Do your homework to find out what the growth prospects in the surrounding suburbs look like. Are there any new developments planned such as road works or transport links, new schools or shopping centres? These could point to growth in the area and have a significant impact on the value and desirability of a property over time. It’s also important to understand the local demographics. While speaking to experts is important, I would encourage buyers to speak to neighbours across the street to get a feel for the community before buying. 
</li>
<li>
Thoroughly research the mortgage market  Spend time researching the mortgage market and collect a cross-section of advice. I recommend speaking to at least three home loan and finance experts. The more advice you seek, the better you will make an informed choice about the right mortgage and interest rate package that works for you and whether you should opt for a fixed or variable loan. I also recommend comparing home loan options online. 
</li>
<li>
Don’t overstretch your finances  This is imperative. Not only do you need to feel confident about the amount of finance you’re taking on and your ability to meet future financial obligations, it’s critical to know that you can carry the mortgage if your or your family’s circumstances change. Before taking on your mortgage, speak with a trusted financial advisor who can provide unbiased financial advice and assist you in developing a long term financial plan. Home buyers should also allow for at least one per cent increase in interest rates.</li>
</ol>
Douglas Driscoll is the CEO of award winning Sydney real estate network <a href="https://www.starrpartners.com.au/" target="_blank">Starr Partners</a>. 
Starr Partners has an online home loan feature that allows home buyers to <a href="https://www.starrpartners.com.au/home-loans" target="_blank">compare loan products</a> from 15 different lenders.
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Five home buyer tips to help you beat the spring auction heat

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There will continue to be infrastructure growth, new developments and rental yields of 5% to 6% in greater western Sydney. Investors will continue to head west, lured by affordable property with high returns and higher stock levels.
Sydney is a tale of two cities
Until now Sydney buyers have pooled greater western Sydney into the same market as Sydney, but this perception is beginning to change. Greater western Sydney cannot be regarded as the same economy as inner Sydney or the northern beaches. The development boom, the buyer and seller mentality here – and hence the property data – is very different from the rest of Sydney.
We are seeing commercial epicentres emerging here – negating the need for residents to commute to the CBD. New suburbs and shopping districts are appearing, businesses are establishing and settling out here, the M2 motorway is expanding, new and expanded train stations are emerging, and so are large master-planned developments. No other area in Sydney is seeing that amount of change so quickly.
Investors are realising it – and their presence in the area is growing. Rental yields have averaged 5% to 6% here, in comparison to Sydney’s inner west, where they are 3% to 5%. This kind of strong rental yield will continue in 2012, assuming the economy will remain stable.
Hot suburbs to watch
Infrastructure growth and new developments are indicators of good rental yields and capital growth for those areas. Suburbs to watch out for include:
•             The Ponds (west of Kellyville): High-quality housing is being developed on a large scale, and this is tipped to be an upmarket area. In November, the $8.5 million landmark Eastern Playing Fields precinct opened. Nearby, Schofield train station has been relocated and expanded. In addition, my belief is that the north-west rail link will have to happen, further benefitting these areas.
•             Schofields and Riverstone: A significant amount of land has been released here with quality developments; a major part of the M2 is being widened to three lanes; and a planned Woolworths in Schofields is pointing to the growth of these suburbs.
•             Oran Park and Edmondson Park: These are large new suburbs. Edmondson Park is conveniently at the junction of the M7 and M5 corridors and will have a new train station linked to the airport and East Hills lines by 2016.
•             Pemulwuy: There have been significant sales in this new suburb by our new Pemulwuy office. In 2010 there was an 11.5% increase in the median house price, and 2011 a 5.6% increase. In October, median house prices were 8% higher than the median house price for the Holroyd area.
Off-the-plan sales to grow
Off-the-plan sales are already at a high due to the wave of savvy overseas investors. Often entire developments are purchased off the plan quickly. That’s where local buyers are missing out. Investors overseas know it’s a safer investment here and are also comfortable buying off the plan. Often, by the time a development is completed these investors have made tens of thousands of dollars on their purchase price.
Local investors are likely to soon change their mentality and realise that off the plan is the way of the future in the greater west. Developments also offer warranties, making the investments as safe as a second-hand property. The challenge is for local buyers to get in there before overseas investors snap up future developments.
Douglas Driscoll is CEO of <a href="https://www.starrpartners.com.au/" title="Starr Partners" target="_blank">Starr Partners</a>.
 
 
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Greater western Sydney market to go from strength to strength in 2012

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Pick up any newspaper or property magazine at the moment, and you could be forgiven for thinking that the bottom has just fallen out of the housing market.
Although it is true that we have witnessed some minor price adjustments, the market is still very robust and talk of any bubbles bursting are wide of the mark. It is almost inevitable that the halcyon conditions that we have recently encountered would not last indefinitely.
Markets rise and fall, but unlike a lot of other developed countries, Australia is experiencing a calmer acclimation to turbulent external factors.
With prices more sensible and interest rates unlikely to increase any time soon, the spring is an ideal time to move home. Up until recently we have experienced a "sellers' market", whereas now there is a far greater equilibrium between supply and demand, creating a heightened level of stability.
Irrespective of market conditions, a property is only worth what a buyer is willing to pay, so study comparable evidence carefully and ensure that the price is realistic.
Douglas Driscoll is CEO of <a target="_blank" title="Starr Partners" href="https://www.starrpartners.com.au/">Starr Partners</a>.
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Any talk of property bubbles bursting is well wide of the mark

<a href="https://www.apartments.com.au/new-apartments/smith-by-valli-collingwood-224-228-smith-street-collingwood-vic-3066">Smith Collingwood</a> is a new boutique apartment development bringing a refined, design-led approach to one of Melbourne’s most established inner-city neighbourhoods.

Designed by <a href="https://www.apartments.com.au/architects/pandolfini-architects">Pandolfini Architects</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/lisa-buxton-interiors">Lisa Buxton</a>, Smith by Valli sits on iconic Smith Street and comprises just 22 residences tailored toward owner-occupiers seeking a more considered style of apartment living.

[smartcode_project:default project_id=140747 project_image_fid=367540]

The design of Smith focuses on a north-facing orientation across all residences, a relatively uncommon feature in dense inner-Melbourne settings. Each apartment has been planned to maximise natural light and outlook, alongside a material palette defined by warm tones, custom joinery, and a full suite of Gaggenau appliances.

The development comprises a mix of one, two, and three-bedroom apartments, with pricing currently ranging from just under $1 million to around $4.85 million for the premium penthouse-level residences, reflecting growing demand for luxury owner-occupier product in Melbourne’s inner urban market.

Residents will also have access to a private rooftop garden designed as an elevated retreat above the city, &nbsp;featuring curated landscaping, veggie boxes, intimate seating areas and spaces for relaxed gatherings. Sustainability has also been integrated into the project through a 7-star energy rating and two secure bicycle facilities for every residence.

[smartcode_project:default project_id=140747 project_image_fid=367529]

Smith by Valli sits in the heart of one of Melbourne’s most established retail and hospitality strips, within walking distance of venues such as Falco Bakery, Carnation Canteen and Alimentari, alongside parks and everyday services. With a Walk Score of 99, the location reinforces the project’s positioning toward buyers prioritising walkability and access over car dependency.

With only a limited number of residences, Smith reflects growing demand for smaller, highly curated apartment developments that prioritise design quality, liveability, and connection to neighbourhood character.

[smartcode_project_cta:default project_id=140747]

Joel Robinson

Smith by Valli delivers design-led apartments to Melbourne’s inner north

<a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>’s 640 Bourke Street stands as a testament to&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic-3000">Melbourne</a>’s ability to bridge its storied past with a bold vision for the future.&nbsp;

Rising above the heritage-listed Eliza Tinsley building, the development reflects a broader shift toward adaptive reuse in the city, where historical assets are retained and reinterpreted as part of new residential development.

Designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> incorporates the Eliza Tinsley building as its foundation, housing a grand gallery and lobby space that serve as both a functional and symbolic centrepiece. The heritage façade informs the tower’s design, creating a connection between Melbourne’s past and its contemporary skyline.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=365684]

Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.

Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.

"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;

This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;

“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=365687]

Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;

Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.

"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.

At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.

[smartcode_project:default project_id=509 project_image_fid=365689]

The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.

"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;

640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.

"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."

One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.

Renders shown are Artist's Impressions correct as of May 2026.

[smartcode_project_cta:default project_id=509]

Heritage-led design anchors Far East Consortium’s 640 Bourke St, Melbourne

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD Group</a> has set a new residential price record in Queensland with the $30 million sale of the penthouse at its <a href="https://www.apartments.com.au/new-apartments/one-burleigh-88-the-esplanade-burleigh-heads-qld-4220">ONE Burleigh</a> development in Burleigh Heads.

The sale equates to around $37,500 per sqm.

The two-level, 800 sqm penthouse, featuring five bedrooms, five bathrooms, five car spaces, and a private infinity pool overlooking the Pacific Ocean, was acquired by a Gold Coast-based entrepreneur, highlighting continued demand for ultra-premium beachfront product.

Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.

“There’s very limited opportunity to secure this level of scale and absolute beachfront position in <a href="https://www.apartments.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>,” Tehle said.

“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”

[smartcode_project:default project_id=146358 project_image_fid=323057]

The sale comes as construction progresses on ONE Burleigh, a boutique development of 17 full-floor residences at 88 The Esplanade, scheduled for completion in early 2027.

Developed by MAYD Group and designed by <a href="https://www.apartments.com.au/architects/mas-architecture-studio">MAS Architecture</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/sici-design">Sici Design</a>, the project has been positioned as a collection of house-sized beachfront apartments, each occupying an entire floor with around 381 sqm of internal and external living space.

When construction commenced, MAYD director Todd Mould pointed to the long-term resilience of premium coastal real estate as a key driver behind the project.

“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.

“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”

[smartcode_project:default project_id=146358 project_image_fid=323055]

Each residence has been configured with four bedrooms, multiple living zones, a private office, and expansive ocean-facing terraces. Interiors draw on a restrained material palette, including travertine stone, timber joinery, and integrated premium appliances.

Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.

“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”

Residents will have access to a suite of wellness-focused amenities, including pools, sauna facilities, and dedicated relaxation spaces, reflecting a broader shift toward lifestyle-driven apartment design on the Gold Coast.

[smartcode_project:default project_id=146358 project_image_fid=323052]

The project occupies a southern Esplanade site with uninterrupted beachfront frontage, an increasingly rare offering in Burleigh Heads, free from the Norfolk Pines that line much of the coastline and often limit direct ocean outlook.

Mould said the design intent was to balance that outlook with a sense of retreat.

“Living at ONE Burleigh is about how your day naturally unfolds, morning light across the ocean, coffee on the balcony, and being in Burleigh but elevated above the noise.”

The result further reinforces Burleigh Heads’ emergence as one of the Gold Coast’s most tightly held and supply-constrained beachfront markets, where boutique, owner-occupier-focused developments are increasingly setting new price benchmarks.

[smartcode_project_cta:default project_id=146358]

MAYD Group sets Queensland record with $30 million penthouse sale at ONE Burleigh in Burleigh Heads

Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.

Developer BIG Projects brought in the renowned Sydney-based design studio YSG Studio to craft the interiors for The Frederick, BIG Projects' new Mermaid Beach project and YSG Studio's first move into the multi-residential development space.

[smartcode_project:default project_id=110588 project_image_fid=5346]

It was a strategic move for BIG Projects to bring in a Sydney eye to the development.

“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of BIG Projects.

“We wanted YSG Studio to capture the essence of Nobby’s, to design a building that embraces life, light and connection, while creating a genuine sense of place.”

There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;

[smartcode_project:default project_id=110588 project_image_fid=5347]

Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."

“Nobby’s has such an iconic energy, it’s one of those rare pockets of the Gold Coast where the community, the beach, and the streets all feel connected,” Ghoniem says.

"Responding to the neighbouring coastline, soothing curves add a relaxing regional overlay, while unique detailing really sets it apart. It’s a place that feels lived in from the moment you step inside.”

A standout feature of The Frederick is its rooftop terrace, an uncommon inclusion for a boutique, low-rise building, where amenity is typically concentrated at ground level.

[smartcode_project:default project_id=110588 project_image_fid=5360]

Positioned to capture panoramic views from the hinterland to the ocean, the rooftop has been designed as a series of intimate zones. It includes a pool, sauna, sun decks, workspaces and dedicated entertaining areas.

“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.

Architecture for the project was led by Plus Studio, with landscape design by LDG Landscape Architecture.

SRQ Projects Director Nick Clydsdale, who is handling sales at The Frederick, says the majority of enquiry is coming from South East QLD and Victorian buyers who have been actively searching between Broadbeach and Mermaid Beach for some time.

"They’ve reviewed a number of projects, however this one has stood out for its unique detailing and compelling design,"&nbsp;Clydsdale says.

Site demolition is slated for this month, with construction commencing soon after. BIG Projects is targeting a late 2027 completion.

[smartcode_project_cta:default project_id=110588]

Sydney’s YSG Studio makes Gold Coast multi-residential debut with BIG Projects at The Frederick

Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.&nbsp;

Set within one of Melbourne’s most sought-after precincts and designed by <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser and Partners</a>, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.&nbsp;

The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.&nbsp;

The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.&nbsp;

Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 - $11 million.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="aa11211b-5581-43f9-940c-fc84d30a0e61" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/C_04.png?VersionId=Yhf5p_1EgGDu_zOIMFgvA8Ug8j3sTFQs" />

Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.&nbsp;

Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.&nbsp;

The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.&nbsp;

ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;

Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments &amp; Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="647e13d7-b4bc-433a-9bc9-fe3c3dd4f2ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/V_06.png?VersionId=ou4NUCWUgA3NAy.6CQJlEdKX50j3dOk6" />

For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;

“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.

"With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.

“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity."

Givoni says the project is a&nbsp;highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.

"We are really looking forward to the market’s response,” he said.&nbsp;

Douglas Driscoll

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