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The ‘Sydney Property Market’ is often referred to just like that:  a three word headline meant to encompass all suburbs, properties, demographics, sales and rentals. It’s about as realistic as saying that all Australians are called Barry, drink beer, love sport, wear bucket hats and zinc cream.
I mention this because I was talking to our leasing team last week about the impact of the sustained strength in the sales market on rental availability. It would be easy to say that it’s great out there right now but beware of the blanket generalisation.
With investors so active in the current market there is an expectation that more rental properties will become available, easing what has been reported as a ‘rental crisis’ across the city.
Yes that is the case, but it isn’t that simple. It continues to be very patchy and as always it comes down to the maths. The devil is in the detail.
Along the north shore there is a steady stream of new build developments coming onto the market which has expanded the supply of rental properties available. Demand is there but with such a selection available the rental returns have become more competitive. Landlords will secure a tenant if they pay attention to the market and price it right.
In other areas, specifically around the CBD and fringe suburbs investors are certainly active but the price premium for a CBD property is reflected in rents which in turn has an impact on the level of demand.  
Again, even at the premium end of the market landlords need to be mindful to price their property correctly.
Anyone who has studied even basic economics would know the principle of supply and demand. As one increases – the other decreases until a point of equilibrium is reached. Which is why the numbers delivered in the current property market are so extraordinary.
The Cooley Index for February reveals some amazing statistics: A total of 302 properties going to auction with an average of 5.5 registered bidders delivering a clearance rate of 81% and 76% selling above reserve. Wow!
Now look at those numbers in comparison to the same period last year when there were only 171 properties taken to auction with a 68% clearance rate and 59% of those achieving prices above reserve.
What we’re seeing is an increase in supply as vendor confidence in the sustainability of the market has grown.  And rather than dilute demand the additional listings have been met by stronger buyer interest.
The number of registered bidders at auction is another interesting gauge of market strength. While there can only be one buyer the fact so many parties are revealing a very serious intent to purchase bodes well for the months ahead. That’s because losing bidders don’t automatically drop out of the market, rather they remain on the hunt, more determined to secure the next property.
It seems everyone is coming out to play.
 
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The Sydney property market: The devil is in the detail

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QANTAS is dominating the headlines with results that are as bad as many expected, but nobody wanted to hear. Discussion has inevitably turned to how to save the airline, with the PM controversially advocating removing the restriction on foreign ownership of the airline. It is a debate that feels eerily familiar and I fear has no easy conclusion.
The connection between aviation and property isn’t immediately obvious, until you consider the heated debate that rages whenever the prospect of ‘foreign ownership’ looms large.
In real estate emotions run hot whenever reports emerge that Chinese buyers are outbidding Aussie mums and dads, driving domestic property prices out of reach of the masses. It seems that same level of emotion is bubbling around QANTAS, Australia’s national airline.
I have no problem with national pride and a desire to retain national assets, except often emotion and reality collide.
In property vendors are always seeking the best possible price. Naturally. In the global market these days there is a good possibility that might mean selling to an overseas investor. Let’s be clear -  I have never had a vendor stipulate the sale must only be to an Australian national.
In aviation travellers want to fly with an airline that is safe and inexpensive. But the reality is global competition has delivered a wide selection of airlines delivering equivalent service and safety to QANTAS. How many of us choose QANTAS because it is our national carrier if there is a more affordable alternative?
Perhaps that’s why the push is for governments to impose restrictions and regulations to restrict foreign ownership.  It removes the need for individuals to make those decisions.
Ewan Morton is managing director of the Sydney based <a rel="nofollow" href="https://www.mortonandmorton.com.au/" target="_blank">Morton &amp; Morton</a>. 
                           
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Domestic or international? The parallels between QANTAS and property

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If you’re as obsessed with property as I am you might have noticed the steady stream of media stories announcing with incredulous fanfare another premium listing with double digit price tags.  
Looking at the pictures is probably as close as most of us can get to an episode of Lifestyles of the Rich and Famous (does anyone else remember that show?). But aside from an opportunity to have a sneak peak at what $20, $30 or $50 million might buy you, are there any similarities between that premium market and the ‘everyday’ property market?
Two things:
One. Price it right. Even at the very pointy end of the market buyers will not overpay. Whilst you might think someone able to drop $30 million on a property would probably be prepared to pay $40 million, you’d be wrong. At the high end of the market, and at the low end, and at all points in the middle buyers will pay only what they consider to be the realistic value of a property. And all buyers will always be looking to make a deal!
Two. You’re not just selling a property. In real estate today you’re selling a lifestyle so the little extras can make a big difference and your marketing photos are vital. Those with big budgets will be looking for a wine cellar, parking for several cars and perhaps accommodation for staff. Families with more modest amounts to spend will want off street parking, a playground nearby and a great laundry to store wet clothes and muddy boots. 
Both are simple, relatively obvious points, but they matter. They are as important to remember for vendors hoping for a $50 million return as those hoping for $500,000.
Records
I’ve been watching the Winter Olympics. Lots of sport I’ve never heard of, rules I have no hope of understanding but skills I find amazing. And then there are the records! There seem to be records for everything and anything these days, real estate included.
At the Winter Olympics there have been record times in speed skating, scores in the ice dancing, and even an age record with the oldest ever winner of a Gold Medal awarded this week. In the property market the records are clearance rates, interest rates, listing rates and prices.
It makes me wonder. Does the focus on the pursuit and glory of a 'record' dilute the value of achievements where a record is not set or broken?
In the school playground there has been a backlash against the practice of ‘every child gets a ribbon’, claiming it devalues the lessons of competition and creates an unrealistic expectation that everyone is a winner.
I think property records can be interesting, but they're really quite irrelevant because it is true that not everyone is a winner. 
Think about it for a moment. A record price achieved in a particular street or suburb does not automatically mean the same result can be expected for every property. It is an indication of what could be achieved but it can't be taken as automatic.
Just like Usain Bolt breaking the world record in the 100 metres doesn't make the rest of us faster!
Ewan Morton is managing director of the Sydney based <a target="_blank" href="https://www.mortonandmorton.com.au/" rel="nofollow">Morton &amp; Morton</a>.
            
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What does the top end of the market have to do with the rest of us?

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Already the ‘boom 2014’ forecasts have been replaced by some predictions of doom. The fear is investors are leaving the market. Well that's certainly not how I read it as we continue to see buyers making enquiries for potential investment properties. Feeding into that is the fact that we also continue to see pretty good demand for rental properties. However, I think it’s worth noting how easily the whisper of a bump in the market can start everyone talking and asking questions. It’s a reflection of the Australian obsession with property but talk alone doesn't make it true. Be careful not to jump at shadows. Our team spends a huge amount of the day talking and when reports surface of negative trends like investors retreating phones run hot. In recent days I've repeatedly said the same thing. Look at what's actually happening now. It's OK out there and I think the fundamentals are there for a good year ahead.
We’ve already had a busy January but it really isn’t until February that people are forced to return to the reality of everyday school and work routine. So the next couple of weeks will be very interesting.
The question is will there be a jump in activity as those people who have successfully escaped over the holidays return and refocus on buying and selling?
I think it’s highly likely.
For example as well as those who took a break from the property hunt over the holidays, I anticipate even more than in past years there will be new players who enter the market having used the break to prioritise and make plans for 2014. The overall economic outlook is simply more secure than the same time last year.
That’s why our team continue to predominantly recommend vendors take their property to auction. The demand is there.
And at the moment we are also increasingly recommending vendors let the auction campaign run through to completion rather than potentially consider even a healthy pre-auction offer.
Again the demand appears to be there so let’s see what happens.
Ewan Morton is managing director of the Sydney based <a target="_blank" href="https://www.mortonandmorton.com.au/" rel="nofollow">Morton &amp; Morton</a>.
 
 
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The year has started and the demand appears to be there

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I think now is the time to issue a bit of a warning. This week we have hit the point where I anticipate the market will start to slow down a little.
Now don’t panic. I am not saying it will drop, nor will it stop, but the frantic pace of recent weeks will fall away.
With less than a month until Christmas it is inevitable that for some potential buyers the focus will shift from house shopping to Christmas shopping. Those people will have decided it is just too hard to keep pushing to find the perfect property before the holidays.
But as I said, for vendors it isn’t time to panic.
The market is solid right now. Even if a percentage of buyers withdraw there will remain a healthy percentage who will continue to engage in the hope they can secure a new house for Christmas, even if they can’t move in.
We have several auction scheduled over these last weeks before Christmas and interest is good.
Prices have been strong but not ridiculous which isn’t a bad thing as it reflects a very solid market platform.  With a few less vendors in the mix prices should hold, delivering a happy outcome for pre-Christmas buyers and sellers.

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Ewan Morton is managing director of the Sydney based <a rel="nofollow" href="https://www.mortonandmorton.com.au/" target="_blank">Morton &amp; Morton</a>.
 
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Market is solid, but prepare for a Christmas slowdown

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They're back. Investors have returned to the market and with that comes a need to make some key decisions. The biggest is probably; do you or don't you? I'm talking about property management.
I see it as the DIY dilemma of real estate. 
Think about it. You decide to retile the bathroom. You get a quote from a professional tiler. You have a heart attack. You decide it can't be that hard. You will do it yourself for half the price.
Uh oh. Fast forward three months. You've had more trips to the hardware store than you can count, a trip to hospital and the cost of the project is already in line with the quote you laughed at....and it still isn't finished.
It can be the same with property management. You get a quote from an agent and decide 'it can't be that hard. I'll save money and do it myself.'
But just as not everybody can conquer the DIY renovation, the same is true of property management.
It's much more than securing a good tenant and ensuring the rent and bills are paid. There is the slightly tedious reality of always being on call to manage any maintenance and tenant issues. Then there are the countless 'other' issues that come when dealing with people, personalities and property and it's when the inevitable, unexpected, sometimes the truly unbelievable, happens that the DIY owner will be left wishing they had left it to the experts.
 
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 Ewan Morton is managing director of the Sydney based <a rel="nofollow" href="https://www.mortonandmorton.com.au/" target="_blank">Morton &amp; Morton</a>.
 
 
 
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Property management: Should you do it yourself or leave it to the experts?

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This week my words of wisdom are to ‘be careful’ because there is a lot going on out there right now in real estate land.
It is exciting to see investors back in the market. It’s great to see auction clearance rates at continuing record levels and our team is achieving great results across the high end apartment mark.
The momentum is definitely there and if you needed any further confirmation you can tell the Sydney market is strong when the newspapers start headlining talk about a crisis in housing affordability!
But after weeks of going gangbusters we are now starting to see a little bit of pull-back. Nothing dramatic but certainly there is not quite the same level of interest out there as we were seeing even a couple of weeks ago. I think we have hit a little speed bump.
I think some buyers are a little spooked by property hype. Add to that a percentage of buyers who have determined it will require too much effort to meet a pre-Christmas deadline so have decided to wait until the new year. That means there are less active buyers out there right now.
The market is without doubt still strong but a speed bump does slow things down a little and it is another timely reminder for sellers to remain realistic and to consider sensible offers.

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Ewan Morton is managing director of the Sydney based <a rel="nofollow" href="https://www.mortonandmorton.com.au/" target="_blank">Morton &amp; Morton</a>.
 
 
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Has the market hit a speed bump?

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This time last month I wrote that we had reached what I called the <a target="_blank" href="https://www.propertyobserver.com.au/landlords/we-ve-reached-the-tipping-point-of-a-balanced-rental-market-ewan-morton/2013091264962">delicate rental market tipping point</a>. I said it would be fleeting and it appears I was right. That moment when rents and mortgage outlay are in line has passed. Figures released over recent weeks highlight house prices in Sydney jumped 2.5% in September with a 10% growth overall so far in 2013. Compare that to figures released by APM yesterday showing average Sydney house price rents haven't moved over the last 12 months and predictions are they will remain stable for much of the year ahead. That's great news if you're renting.  For those in the market to buy it is an interesting revelation. It's certainly another reason not to get caught up in talk of the market going gangbusters, and while it might sound gloomy I think investors should factor in a uniform rental return when doing their numbers on the value of a potential rental property. Better to be happily surprised rather than financially squeezed.   However it is also good to remember that those numbers are the average and there are pockets where rental demand is strong. We manage a large number of properties in and around Pyrmont where demand continues to outstrip supply so rental return is very healthy. If you are a potential investor don't be discouraged but do be discerning.
 
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 Ewan Morton is managing director of the Sydney based <a target="_blank" href="https://www.mortonandmorton.com.au/" rel="nofollow">Morton &amp; Morton</a>.
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Moment when rents and mortgage outlay are in line has passed: Ewan Morton 

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I’ve got a sneaky suspicion that what many people have worried might be a ‘bubble’ is actually just the pop of pent up demand.
Think about it. It’s an undeniable truth that in Australia, and particularly Sydney, we’re obsessed with the property market. In recent years that obsession hasn’t waned but, like a child desperate to ride a roller coaster, we have been too scared to jump on.
Now we’re a bit older and wiser. The potential ups and downs are not quite so scary and we’re ready to go.
But why such a significant spike in demand over recent months? Some might argue that it is in response to interest rates, others to the federal election and change of government fuelling traditional spring demand.
While I think all those factors have played a role the other key point that is often overlooked is the power of the positive trend. It could be a little unkind but you could see it as the ‘sheep factor’. I’m sure you know what I mean. Buyers and sellers don’t necessarily want to go first and test the market but once somebody has taken that plunge with a positive result nobody wants to miss out.
A couple of months ago I was calling for potential vendors to have faith and list their property because demand was there and supply was very low. It was worth it and continues to be worthwhile as demand has increased over and above supply.
 
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 Ewan Morton is managing director of the Sydney based <a target="_blank" href="https://www.mortonandmorton.com.au/" rel="nofollow">Morton &amp; Morton</a>.
 
 
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Follow the leader, pent up demand behind the rise of Sydney market: Ewan Morton

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The property market is on the rise and so is the inner city building boom. As off-the-plan apartment sales attract investor attention what does that mean for existing property price potential?
It can mean everything and nothing.
By ‘everything’ I mean that the increase in brand new apartments coming onto the market could obviously potentially decrease the value of existing property in the area. It isn’t a great story to be telling as a real estate agent but it’s undeniable that many people will say "why buy an old one if there is a brand new one available?"
That’s the obvious and worst case scenario. It’s the concern I’ve encountered regularly when talking to investors whose property we manage in and around Pyrmont in particular. Should they get out now?
My response is that new apartments could also mean ‘nothing’ to the value of existing property.
It’s important to remember the apartment building boom is a reaction to carefully calculated and evaluated prospective growth in demand. That means demand for new apartments will not automatically cancel out demand for those already built.  Also, for existing properties in Pyrmont and the CBD significant value is invested in their prime location which will not decline.
It means there will be more choice but the anticipation is there will be more people looking.
My advice to landlords is to ensure their property is well maintained so it remains competitive in both in the rental and sales market.  It can be more cost-effective to undertake smaller, regular upgrades to keep fixtures and fittings top class and top quality.
I suppose what I am saying here is the shiny new play thing might capture a lot of attention but don’t underestimate the inherent value of elegance and sophistication; virtues that increase with age.
 
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 Ewan Morton is managing director of the Sydney based <a target="_blank" href="https://www.mortonandmorton.com.au/" rel="nofollow">Morton &amp; Morton</a>.
 
 
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Inner city building boom will not automatically cancel out demand for existing properties: Ewan Morton

ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

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<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

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There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

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BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

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Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

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Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
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Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
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Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Ewan Morton

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