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Local buyers and foreign buyers appear to be head-to-head in Melbourne’s development market, according to a JLL study, however they believe that locals are at a distinct advantage.
The study looked at buyer profiles of major development sites across Melbourne’s CBD, City Fringe, Docklands and St Kilda Road over the past 12 months. It found that 49% of the 39 properties sold from February 2013 to April 2014 were domestic buyer purchases.
When looking at the dollar value of $1 billion in transactions over the past 12 months, 51% came from domestic buyers, said JLL director, sales and investments, James Kaufman.
“Of the 39 major site sales JLL recorded, CBUS' purchase of 447 Collins Street for $91 million was the only land sale where the developer intended to undertake a commercial development,” he said.
“Generally foreign developers have a strong preference for sites that are offered for sale with the benefit of planning permits. Sites with permits make the assessment process significantly less complicated and remove uncertainty.”
He said that domestic developers have a “much deeper understanding” of the town planning process, providing them the advantage when bidding without a planning permit.
“This is evidenced with the sale of 181 Fitzroy Street, St Kilda (pictured above) and 85 Spring Street, Melbourne. During both campaigns, the marketing attracted interest from foreign buyers, however the planning risk put the local developers in the best position to secure the sites,” he said.
This was purchased by Grocon, with planning approval lodged for a 38-level, $300 million 370-apartment development at 85 Spring Street.
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jduke-EHk3XBmHkn

​Melbourne development sites give locals the advantage

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After Property Observer published a<a href="/expert-insights/investing/seven-ways-to-detect-if-your-investment-property-is-being-used-as-a-drug-lab"> list of ways to check whether or not your tenant is turning your property into a drug den</a>, some industry members and property owners wrote in.
Smart Property Adviser’s Kevin Lee was among these readers, describing clients of his who had been taken for a ride after accidentally leasing their Adelaide investment property to drug dealers.
They had felt let down by property managers in the past, and took it upon themselves to self-manage – finding a couple with great references.
Lee explains that it was “happy days” for the investors at first, the tenant paying their deposit and bond completely in cash. In fact, he said, they appeared to be “such perfect tenants” that the investors were tempted not to renew their landlord’s insurance policy.
The tenants paid their rent on time and in cash. They also installed a new, powered, remote-controlled double car garage roller door at their own expense of $2,200, after the investors’ approval.
“The owners occasionally drove past the property, and it always appeared 'lived in', and when they conducted a routine inspection in early November 2013 nothing seemed suspicious,” explains Lee.
Fast forward six weeks, and the Adelaide police raided the properties, arrested the tenants, and revealed that the property was a hydroponic drug farm. The tenants had used false names, identification, referees and references, and resulted in more than 100 man hours worth of effort from the investors to resolve the problem, deal with police and the insurance company.
Despite this, they remain $2,000 out of pocket, Lee explains. Their landlord’s insurance policy covered them for $12,000 in costs to clean and re-wire the property and compensate for loss of rent.
Kevin Lee recommends the following:
<ul>
<li>Always ask for driver’s licenses, passports and bank statements to prove income and employment. 
</li>
<li>Do not accept cash payments – ask for payments via internet banking, such as BPAY or DEFT. 
</li>
<li>Have landlord’s insurance. 
</li>
<li>Keep a professional relationship with your tenants. 
</li>
<li>Consider digging around for a better property manager.</li>
</ul>
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Investor stories: My house was turned into a hydroponic drug farm

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A single mother on a disability pension in Caulfield, Ella Piro, recently lost her 27 year old son. Facing financial distress, a number of property industry members stepped in to lend a helping hand - resulting in a first of its kind auction coming up. A two-storey period home, renovated by Olive Constructions, at <a href="https://292gleneiraroadelsternwick.com/" target="_blank">292 Glen Eira Road, Elsternwick</a>, is being auctioned. A percentage of the proceeds will be dedicated to Piro, and it's expected to attract a lot of interest - few properties of this particular style are often on the market in the area, explained director of Hodges Caulfield, Alex Flamm. "We encourage potential buyers and community members to come and show their support on auction day. People looking to buy, will not only be presented with a sensational family lifestyle opportunity, but will also take part in raising funds for a community member,” said Flamm. Olive Constructions will also contribute a sum made from the sale of their property. Attendees to the auction are expected to be Masterchef contestant, and host of Kitchen Whiz, Alice Zaslavsky, who will be providing baked goods for attendees. Similarly, a Melbourne guitar duo will be there for entertainment. The four-bedroom, two-bathroom, two-car space property will go to auction on Sunday 18 May, with food and drinks from 11am, and the live auction at 11.30am. Piro's son, Robbie Piro, was the youngest registrar in Australia at 24, and an active community member in Caulfield. At 27 he attained his Bachelor of Medical Science, Bachelor of Medicine, Bachelor of Surgery and Masters of Psychiatry from the University of Melbourne. Those not in the market for the Elsternwick house can still donate via <a href="https://www.youcaring.com/memorial-fundraiser/in-memory-of-dr-robbie-piro/140416%20" target="_blank">You Caring</a>.
Correction: This article initial said that the property had two car garages. It actually has two car spaces. The text has been amended to reflect this fact.
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City of Glen Eira's biggest 2014 auction expected

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Some Sydneysiders may have walked past 201 Castlereagh Street in the past, noting the small 'Scientology' signs if they paid attention. However, this subtlety will be no longer, after a complete upgrade to the building and the introduction of large ‘Church of Scientology’ branding.
The beautiful 1908-built structure has had two storeys added, where initially three were proposed, and has had a number of its heritage features restored. The brick pilasters and bronze-glazed glass curtain have been brought up to the modern day. The building overlooks Hyde Park.
The $12 million lump sum contract, awarded to Kane Constructions in March 2013, had a vision of additional commercial offices and spaces, as well as new lifts, wet areas, a lobby and building services.
They worked with Nix Management and WMK Architecture to deliver the project.
<img src="/images/2014/05/08/scientology%20may%208%20one.jpg" alt="">
The launch of the completed building, on 3 May, saw 2,500 Scientologists attend. Official information says that the building’s congregation is ‘ever growing’ and that it serves as a hub for “people of all faiths and cultures across New South Wales”.
Launching the building with an address was David Miscavige, the ecclesiastical leader of Scientology.
“There’s a new sign in the southern night skies and it points to something never seen before—your Ideal Org of Sydney. That it opens directly in the wake of what is a whole new Scientology world lends it even more significance. Because for all the help you thus far extended to the millions, you now possess the means—in this, our Golden Age—to uplift this city and this nation with the unqualified freedom of Scientology,” said Miscavige.
Attendees include Federal Member of Parliament Julie Owens, Australian Human Rights Council president Sev Ozfowski, Young Offenders Support Service programme manager Kalisi Bese and Aboriginal elder of the Dunghutti people Bill Allen.
Those who attend the newly refurbished building are provided with a Dianetics and Scientology introduction.
The Church of Scientology, Sydney, moved to the site in the 1980s. This year is the 60th anniversary since the formation of the Church of Scientology. Fundraising for this project through Ideal Org has occurred for some time, with online discussion as to when the building would be brought up to standard.
<img src="/images/2014/05/08/scientology%20may%208%20two.jpg" alt="">
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201 Castlereagh Street, or The Church of Scientology, restored

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New 20-level AQUA development is to be the new gateway to Bondi Junction, located on the corner of Oxford Street and Hollywood Avenue, just 500 metres from Bondi Junction train station. The 129 apartments in <a href="https://www.aquabondijunction.com.au" target="_blank">AQUA</a> on offer are aiming themselves towards owner occupiers and investors, with Leighton Properties, in a joint venture with Qualitas, bringing the properties to market. The apartments are one-,two- and three-bedrooms, the majority with car spots, and all with access to the 146 bicycle spaces.
Property Observer previously noted that <a href="/news/nsw/two-20-storey-apartment-towers-aqua-to-be-launched-in-bondi-junction">the apartments were soon to be launched</a>.
Architect Kannfinch, with DC8 Studio, are behind the design - looking to maximise the apartments' aspect to ensure all are north-westerly or north-easterly. The majority face north-west. There are two towers with a central corridor connecting them.
The development will include two rooftop gardens and lobbies on each level. It also has a podium with a retail and outdoor space mix.
<img src="/images/2014/05/08/aqua-may-8-one.jpg" alt="">
Kannfinch senior associate, Mark Sheargold, said that the north-west facade of the north tower has city views, while the south tower has ocean views, both taken advantage of from floor-to-ceiling glass windows and balconies.
“In perspective, no entire elevation can be viewed at once which is intriguing to viewers and strengthens the gesture that you are looking at a sculpture form in-the-round,” he said. The interiors have been designed by renowned Koichi Takada Architects.
Koichi Takada said that he incorporates a Japanese sensibility into the architecture.
“Our inspiration comes from the location of AQUA, which is an interchange between a connected, convenient and bustling shopping and transportation hub and some of Sydney’s best beaches – an escape to nature, water and waves,” he said.
“We’ve created two distinct schemes; one called ‘Breeze’ and the other ‘Drift’, and used new materials to experiment with playful shapes. The finishes are a balance of polished modern materials coupled with the warmth of textured, natural timber.”
Peter Chittenden, managing director at Colliers International, said that the development is on the most prominent site at Bondi Junction, and is one of the last high-rise opportunities for the foreseeable future.
“Residents need never use their car to get to work, do the shopping or meet friends for a drink, reducing the stress of urban life and easing pressure on the environment,” Chittenden said.
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Bondi Junction's AQUA launched to be area's new gateway

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Calling Barangaroo an important precinct in Sydney, Urban Taskforce CEO Chris Johnson has said that the City of Sydney’s concerns prompting suggestions for the site to be reduced should be rejected.
Citing a recent PricewaterhouseCoopers report, that saw Sydney CBD as being low growth in economic output, compared to Melbourne and Brisbane, Johnson said that the City of Sydney Council’s reduction in scale ideas for Barangaroo should not become a reality.
“Melbourne’s annual economic growth was 4.7% a year, Brisbane’s 4.4% while Sydney’s was only 2.2%,” he said, arguing that Barangaroo is crucial for the future of Sydney. What Sydney will be like in 2050 was a recent topic of discussion on Property Observer.
“We need to get Sydney CBD back as the leading economic driver of Australia and that requires leadership from state and local government to encourage new development rather than trying to stop it,” he said.
Bold thinking that aims for growth, specifically in the CBD, is crucial, he explained.
“Barangaroo has 22 hectares of land and even the latest potential for 680,000 square meters of development is just over a three to one floor space ratio. Most of the city has buildings over 10 to one floor space ratios so Barangaroo is not excessive.”
He said that the Council should not be taking a negative position on this development, but should get behind the important precinct and help promote it.
However, significant changes have occurred since the Council’s initial involvement. Fairfax Media recently reported that the development has doubled in size since its conception, and that relations have recently deteriorated between the council and the government over the development.
Photo courtesy of Wikipedia/Creative Commons.
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Urban Taskforce criticises suggestion to reduce size of Barangaroo

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Security issues are at the forefront of Grant Mifsud’s mind. The Archers Body Corporate Management’s senior body corporate manager suggests that smaller complexes in Brisbane’s CBD may be ill-prepared for the G20 leader’s summit.
November's G20 summit has Mifsud warning that due diligence around implications from security breaches, particularly in buildings without an on-site manager, are worth thinking about today.
Bodies Corporate are urged to ensure that complexes are prepared and residents have been notified of any restrictions, should their building be within a CBD restricted area.
“It is the body corporate’s responsibility to change their operations for the duration of the G20 summit and we are encouraging those in small complexes without an on-site manager to act now and put a security and communication strategy together,” he said.
“It is imperative that all Brisbane residents understand the effects of the G20 on their buildings which may include total lock out, restricted entry to the building and common areas, heavy police presence and gridlocked traffic in the CBD.”
Some apartment blocks in the CBD have already engaged specialised security consultancy companies to undertake audits, such as M on Mary Apartments, on Mary Street, where building manager Paul Hibberd is waiting one more month for the result of the audit.
“We are beginning preparations as early as possible to ensure all of our residents are informed of what the affects will be and what is expected of them over the G20 weekend,” Hibberd said.
“Come June, we expect to have one of our full time staff trained up as an in-house G20 liaison that will provide a central point of contact for all residents at M on Mary.”
Mifsud suggests that security recommendations are introduced as early as possible, with readily available information, so that tenants and residents are eased into the changes.
A member from the G20 Group is usually able to visit your building to identify issues, which is helpful for those with smaller complexes. They can also help train an in-house G20 liaison that will become the central point of contact for residents.
A full-time trained security guard is also recommended by Mifsud for the duration of the summit.
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G20 summit has interesting implications for Brisbane CBD unit owners

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Yesterday’s decision at the monthly Reserve Bank of Australia meeting to keep interest rates on hold was unsurprising. However, the response to this period of stability, with a focus largely on next week's budget announcements, has been fascinating.
Housing Industry Association economist, Geordan Murray, said that recent commentary from RBA officials had everyone expecting the no-change result of yesterday, however said that the statement suggests the board’s confidence has been buoyed by positive developments in the household sector. This was, as <a href="/expert-insights/finance/strong-expansion-in-housing-construction-expected-rba-governor-glenn-stevens">you can read in Glenn Stevens’ speech yesterday</a>, largely related to strong leading indicators for residential construction.
Murray noted that it’s the strength of the labour market that is now at the forefront of the Board’s concerns “although the statement belies a confidence that the accommodative monetary policy settings will enable conditions to improve within the foreseeable future”.
Similarly, the strength of the Australian currency struck Murray as something the Board is watching closely, however there is “no sense of urgency” as it sits a level lower than a year ago.
Mortgage Choice spokesperson Jessica Darnbrough explained that inflation is sitting comfortably within the target range, with positive employment data and property prices now climbing modestly.
However, despite this, it appears some are more concerned about increases in the near future than others – while most are now turning their attention to the budget.
“There is no doubt rates will climb eventually, but right now they are sitting at historically low levels. So for those potential borrowers who have the means to get onto the property ladder, now may be a good time to do so,” she said.
CEO of RateCity, Alex Parsons, said that consumers should not be complacent in today’s low-rate environment.
“We're at record low interest rates so over time they are only likely to go up so make sure you can afford to withstand some increases in interest rates,” Parsons explained.
“The second thing is we've heard a lot from the government in the recent few weeks around the prudent budget and so that is going to hit people in the back pocket I would suspect,” he said.
REINSW president Malcolm Gunning also said that it’s the budget that has the attention.
“We are not surprised by the RBA's choice to leave interest rates in a holding pattern. All eyes are now on the federal budget, which could have wide implications for Australians and the future direction of interest rates,” he said.
“While the housing market remains firm, we watch with interest the delivery of the budget, the high Australian dollar and rising unemployment levels which could negatively influence consumer confidence,” Gunning explained.
While Laing+Simmons’ general manager Leanne Pilkington also said that we should now be looking more closely at the changes to be made next week, with the finer details of foreshadowed changes to taxation to be identified.
“While many young people struggle to build a suitable deposit, many existing mortgage holders are struggling to meet repayments, and pensioners have also been put on alert,” warned Pilkington.
“There is general acknowledgment that next week's budget must be tough, however it is important that Government supports those already in a precarious financial position,” she said.
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RBA holds rates as expected, but federal budget the focus of the month

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High-risk home loans have CHOICE alerting borrowers about significant difficulties down the track.
The three products on their list are 40-year loans, family guarantees and low-deposit loans, with CHOICE head of media Tom Godfrey explaining that while they can make it easier to get from renting to buying, they carry risks.
“During the global financial crisis people were hard pressed to get a home loan approval unless they had a significant deposit. Now RAMS is offering a low-deposit loan combined with a guarantee that allows you to borrow a staggering 120% of the value of your home,” said Godfrey.   “Worryingly there has been a strong demand for these high-risk loans with one in three new home loan borrowers putting up less than the 20% normally required,” he said.
Consumers without a significant deposit are being offered products such as low LVR loans and family guarantees. Family assistance is becoming increasingly popular with home buyers, with <a href="/expert-insights/buying/the-two-aspects-stopping-most-renters-from-buying">Property Observer recently reporting that a survey calculated that 19% of buyers rely on their parents in some way</a>, with 42% of first home buyers doing so. This included using them as a guarantor, borrowing money or living with them while they invest.
Godfrey warns that those who lose their jobs, get sick or cannot keep up with repayments may see the bank requiring them to sell their homes, or repossess it.   “Getting a family member to guarantee all or part of your home might seem like a good idea for some borrowers as a way of avoiding lender’s mortgage insurance. However, the potential downside side risk for your family member is significant because if you are unable to make repayments on your home loan they may lose their house as well,” he said.   “For elderly parents who are no longer in the workforce and worked all their life to finally own their home, this is a high-risk strategy and can be devastating if things go wrong.”
Of these three, however, he said that 40-year loans come with the most risk – particularly as they can backfire if the interest rate goes up again. He suggests that those who take this loan do so as they cannot afford the monthly repayments on a 30-year term, and so are more vulnerable to rate changes.
Looking at a 30 and a 40 year loan on a $300,000 home, an extra $140,800 in interest ends up being paid – despite repayments being just $4.88 more per day for the 30-year loan.
“The average interest rate for standard home loans over the last 20 years has been 7.6% compared to 5.9% today. Be prepared for rates to go up.”
CHOICE recommends the following four tips for new buyers:
<ol>
<li>Check if you can afford rates increasing by 3%. 
</li>
<li>Consider fixing part of your loan, called a split loan. You can make extra payments into the variable portion of the loan. 
</li>
<li>Don’t try beating the bank. Even economists are often wrong when predicting long-term interest rate movements. 
</li>
<li>If you’re thinking about providing a family guarantee for someone, consider alternatives and important factors such as: <ul>
<li>Taking an unsecured personal loan for the amount you want to give the person and ask them to make all or part of the repayments. The interest rate will be higher but the risks are much smaller. 
</li>
<li>Make sure you have enough savings to cover the guarantee if problems arise. 
</li>
<li>If things go wrong, and the lender threatens to sell your house, immediately seek legal advice. If you make a complaint to the Financial Ombudsman Service or the Credit Ombudsman Service the bank has to pause the enforcement proceedings while the complaint is assessed.  </li>
</ul>
</li>
</ol>
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Investor Alert: CHOICE warns about high-risk borrowing strategies

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Tasmania’s first home buyers are still keeping out of the market, now sitting at just 17% of the market, warns the Real Estate Institute of Tasmania’s president Adrian Kelly.
Kelly said that if the first home owners’ grant is removed in 1 July, then this situation is likely to keep getting worse.
“If the Grant is to be axed, we look forward to seeing what alternative measures are to be introduced by the new Liberal government,” he said.
“Second home buyers still continue to hold over half the property market now accounting for 52% of purchases with a median house price of $325,000.
“Both interstate and overseas buyers were also up slightly to sit at 16 per cent of house sales for the quarter.”
In the March quarter, a house sales decrease of 4.6% was recorded, however an annual 14.9% improvement compared to 2013 has been noted.
Launceston house sales dropped 18.5% over the March quarter, returning to a similar level prior to the uptick in interest. It remains 25.1% above the March quarter 2013.
Hobart house sales also dropped for the quarter, but recorded a 10% uptick over the year, with specific interest in the central suburbs – 18.8% up for the year.
“The median house price for Tasmania remained steady for the quarter to sit at $305,000 totalling an increase for the year thus far of 4.5%,” he said.
Brighton, Clarence, Hobart and Kingborough municipalities saw increases in median house prices and sales for the quarter – along with a number of others with lower than median house prices.
Photo courtesy of Ian Armstrong/Flickr/<a href="https://creativecommons.org/licenses/by-sa/2.0/" target="_blank">Creative Commons</a>.
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“First home buyers continue to dwindle” in Tasmania: REIT

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

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Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

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Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

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Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

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Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

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La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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Jennifer Duke

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