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GUEST OBSERVER
The latest ABS housing figures confirm the new home building sector as the star performer of the Australian economy.
Despite a modest decline in new dwelling commencements in the June 2015 quarter, there was still a record number of 211,976 new homes started in 2014/15 – an increase of 16.9%. 
That is a phenomenal result which caps three consecutive years of growth for new home building – only the fifth time in the last 60 years that this feat has been achieved.
Through its broad reach the new home building sector has delivered a strong economic dividend to Australia during a period when many other sectors of the economy have struggled. 
New dwelling commencements will fall in 2015/16, but should remain elevated at what would still be the second highest level on record.
The key to the short term prospects for new home building is how much work in the pipeline is converted into actual activity – it’s not coming through as quickly now. 
An orderly decline in commencements in 2015/16 remains the most likely outcome. However, the credit rationing aimed at curbing investor activity is having a broad impact and risks generating a sharper fall.
The ABS figures show there were 53,314 dwellings commenced during the June 2015 quarter, a decline of 3.2% from an upwardly revised March quarter. Detached house commencements fell by 2.9% in the June 2015 quarter to 28,046, while ‘other dwelling’ commencements declined by 4.9% to 24,482.
The profile for national dwelling commencements continues to mask large regional differences. In the June 2015 quarter new dwelling commencements increased in South Australia (+12.0%), Tasmania (+54.0%), and the Australian Capital Territory (+76.4%). Commencements fell in New South Wales (-1.6%), Victoria (-0.5%), Queensland (-9.6%), Western Australia (-10.5%), and the Northern Territory (-36.1%). 
<a href="/images/2015/10/15/Screen%20Shot%202015-10-15%20at%209.30.31%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/15/Screen%20Shot%202015-10-15%20at%209.30.31%20AM.png" alt="">
Harley Dale is chief economist, HIA and can be contacted <a href="https://hia.com.au/en/BusinessInfo/economicInfo/EcoGroup.aspx" target="_blank">here</a>.
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New home building sector is the star performer: HIA's Harley Dale

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GUEST OBSERVATION
A widely expected ‘no change’ decision has now been announced over three consecutive months.
There is still the possibility of a further rate cut this cycle and chatter about this prospect will ebb and flow through the remainder of 2015.
A very low mortgage rate environment is very supportive of new home construction activity. The RBA’s signal that they won’t be taking rates higher in 2015/16 is obviously welcome.
Governments can complement the RBA’s current interest rate environment by progressing vital economic and taxation reform. The imperative for supply-side reforms in housing around planning timelines, land supply, infrastructure delivery, and inefficient taxation has never been greater. 
Successful reform outcomes would generate improved economic and productivity growth, greatly assisting the rebalancing of Australia’s economic growth.
The credit rationing to residential investors and higher barriers to new foreign property investment is, however, a different story entirely. These moves will have some adverse impact on new home building activity. 
You wouldn’t want these controls to get out of hand given new home construction is the key driver of domestic growth through the economy’s current rebalancing.
Harley Dale is chief economist at the Housing Industry Association and can be contacted <a href="https://au.linkedin.com/pub/harley-dale/52/bb7/b8" target="_blank">here</a>.
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Steady RBA rate is only part of the story: HIA's Harley Dale

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The further reduction in interest rates by the RBA boosts the prospects of the residential construction industry mounting a sustainable recovery.
As we enter mid-2013 there is still no evidence of a sustainable national recovery in residential construction, despite such evidence being crucial to a successful rebalancing of Australia's economic growth.
Today’s move is therefore welcome news for the industry and a prudent decision by the RBA.
Australia's banks now need to pass this 25 basis point cut on in full and in rapid time, to business as well as household customers.
Meanwhile, the federal government needs to act decisively to complement easier monetary policy by using next week’s budget to begin reforming the excessive tax and regulatory cost base which acts as a major constraint on new housing activity.
Policies to reduce inefficient taxation and excessive regulation on new home building will unlock billions of dollars of economic activity and generate much needed revenue for the government.
A 1% reduction in red tape would alone generate $1.15 billion worth of economic activity per annum while obviously improving the nation's productivity.
A week out from the federal budget it is disappointing that amidst the fiscal options available, the silence around reform measures that could boost the nation’s revenue base is deafening.
Harley Dale is chief economist at the <a target="_blank" href="https://hia.com.au/">Housing Industry Association</a>.
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RBA rate cut will help residential construction: HIA's Harley Dale

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Against a backdrop of strong aggregate economic conditions, at least as measured by the latest National Accounts update, momentum in Australia's residential construction industry is still clearly heading in the wrong direction.
The latest national accounts figures show dwelling investment still detracting from Australia's economic growth. As a whole, residential dwelling investment fell over four consecutive quarters to be down by a significant 6.2% in the year to the March 2012 quarter.
New dwelling investment drove this result, falling over four consecutive quarters through to March this year. However, investment in alterations and additions (renovations) declined at an accelerating rate over three quarters to March. We will likely see in early September that dwelling investment declined further in the June 2012 quarter.
Ten of thousands of businesses in Australia, predominantly but by no means solely small businesses, rely on housing for their livelihood.
Housing also has a broad multiplier reach through to the wider economy in terms of activity and employment – into significant parts of the retail and manufacturing sectors, for example.
A weak residential construction industry therefore doesn't paint the Australian domestic economy in a favourable light, especially when you consider the basic product (and service) new housing provides – additional shelter for Australia's population.
In other words, housing is the provision of a necessary "good". However, supply is going backwards. Job losses in the sector are consequently mounting.
Right now, the new housing sector in Australia is experiencing its second recession in four years. Housing starts in the March 2012 quarter fell to their lowest annualised level since the new home building recession of 2000-01, considerably passing along the way the milder recession mark of 2008-09.
Despite what was an awful March quarter, leading housing indicators, poor weather conditions on the east coast, and a substantial problem with the new building act in Western Australia suggest housing starts weakened further in mid-2012.
So what's going on and what can be done about it? After all, it is clear to all those who can accurately count that Australia doesn't exactly suffer from an oversupply of housing. Some people point to the current weak demand for housing (which exists across new housing in all eight states and territories, renovations, and existing property transactions) as the reason, and that's part of it. Others point to seemingly intractable supply side constraints, and that's a big part of it. Those, such as the Reserve Bank, who recognise that both weak demand and high supply costs (i.e. excessive tax) are responsible for the parlous levels of new housing activity are spot on.
From the demand side, it is difficult to enjoy healthy levels of new home building activity when the household sector is cautious and nervous in the post-GFC world, as they travel down a deleveraging path that likely has some way to go.
There are a myriad factors driving weak household confidence. Historically low levels of household confidence is in turn having a clear negative impact on housing expenditure as opposed to household consumption, the latter of which appears in an aggregate sense to be very robust in 2012.
However, weak housing demand (including transactions of existing residential property, which are a driver of new home building activity and which are currently at historically low volumes), doesn't get you to the sub-140,000 mark for housing starts, which we are unfortunately again seeing in 2012. To get to that recessionary level, especially for the second time in four years and the third time in 12 years, you need to bring the supply side into the equation.
The cost (tax) of new housing is excessive, continues to increase, and is more transparent now in an environment of flat to easing existing property prices. Research conducted for the HIA by the Centre for International Economics (CIE) found that up to 44% of the final price of a house-and-land package is represented by federal, state and local taxes, with around half of these taxes described as “inefficient”.
The general equilibrium modeling of the taxation on housing conducted by The CIE showed that new housing is the second most heavily taxed of the 27 large sectors of the Australian economy. Where is the sense (or equity) in that?
New housing is a very efficient, competitive, dynamic sector of the Australian economy.
The most prominent recent example of this fact is the stimulus measures implemented to combat the GFC. Those policy measures directed at new housing were quickly reflected in increased housing employment, and in manufacturers turning casual employees into permanent employees and hiring new staff, well ahead of aggregate labour market conditions in Australia displaying signs of improvement.
The temporary tripling of the first-home owners' grant for new dwellings (often mistakenly lumped in with the doubling of the grant for existing property, even though the price outcomes were very different) was greeted aggressively by a very competitive sector that was facing a negative demand shock. The outcome was new homes to first-time buyers at a lower price than prior to the GFC. The social housing initiative, another GFC-related policy measure aimed at new housing, came in under budget.
However, a sector can be as competitive as a Bledisloe Cup match, but if up to 44% of the final product represents taxation, much of it inefficient, and the principal competitor – in this case existing property – is less heavily taxed, then intuituvely the end result won't be good. As the empirical evidence clearly demonstrates, the end result isn’t good and unfortunately it is being keenly felt by tens of thousands of businesses and well over 1 million labour market participants in the Australian economy.
As it stands, there are many reasons why new housing demand won't come roaring back. It will, however, recover. The lagged impact of lower interest rates will prove positive, for example, but the inherent cautiousness of households and the large, unfavorable gap between official rate reductions and what mortgagees (and businesses) have received, means an easing in monetary policy is no panacea.
Taxation reform is a key requirement to bolster confidence and lift activity.
The federal government could well do to reignite its appetite for leading by example in this regard. Meanwhile state (and territory) governments that have made a start, such as New South Wales, need to keep the foot down and those that have done little or nothing need to get on with it for the sake of wider domestic (non-mining) economic activity.
All the while, short-term investment in new housing is warranted to lift activity above the recession bar.
Well-constructed investment targeted at boosting new home building demand, through policies with a clear, short and finite timeframe, can lift new home building activity without spruiking final prices.
The cost of doing nothing now far exceeds the cost of implementing short term measures to complement a focus on wider policy reform aimed at creating a more efficient and equitable environment for new home building.
Harley Dale is chief economist at the <a href="https://hia.com.au/" target="_blank">Housing Industry Association.</a>
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Excessive taxes on the housing industry must be removed to stimulate growth

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

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Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

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ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

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For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

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Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

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Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

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Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

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Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

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Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

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Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

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The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

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The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

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The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

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Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

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Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

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Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

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Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

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Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

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The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

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The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Harley Dale

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