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Pure Kirra, a $70 million residential tower for the Gold Coast from Pikos Group, has reached its halfway point with a July completion date expected. It’s also just one of two highrise apartment projects currently underway on the southern Gold Coast.
Launching their furnished display suite for <a href="https://www.facebook.com/PureKirra" target="_blank">Pure Kirra</a> over the Easter weekend, they were looking to capitalise on the number of holidaymakers to the city for their 33 beachfront apartments in Coolangatta.
CBRE Gold Coast project marketing agent, Chris Litfin, said that the July completion date is on track.
“The opening of the furnished display suite was well-timed to take advantage of the long weekend, which is traditionally an active period for the local market,” Litfin said.
“The project offers increasingly rare premium-grade apartment product in a blue-chip beachfront position and the market has responded well to this,” he said.
The tower is 12 storeys with two-bedroom apartments with a multi-purpose room, being advertised as convertible into a third bedroom, each with north-east aspects and ocean views. There are just three of these apartments per floor.
The apartments remaining are from 131 to 304 square metres from $829,000. A 134 square metre apartment on level seven is being advertised at $945,000. Some include balconies and decks.
Previous marketing suggested that the cheapest apartment was snapped up for $769,000.
Apartments all include underground carparking, but there is also a ground-floor retail precinct, as well as a swimming pool, barbecue and entertainment space solely for residents.
The display suite is located at 30 Musgrave Street, Coolangatta.
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July completion date for Pure Kirra tower on southern Gold Coast

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It appears that the floor hasn’t been seen for some home loan products, with Greater Building Society cutting their fixed rates on two, three, four and five year fixed rates for its packaged home loan, the Ultimate Home Loan, from today.
In early February, it was found that <a href="/expert-insights/finance/lenders-make-out-of-cycle-rate-cuts-ahead-of-rba-announcement">20 lenders had made cuts since the beginning of 2014</a>.
The Greater Building Society changes:
<ul>
<li>Three year rates: 26 basis points, to 4.99% </li>
<li>Two year rates: 20 basis points, to 4.79% </li>
<li>Four year rates: 11 basis points, to 5.49% </li>
<li>Five year rates: 15 basis points, to 5.64%</li>
</ul>
Greater Building Society’s CEO, Don Magin, said that those looking for a fixed rate should avoid the “revert rate rort” where customers end up on a higher, or even the highest, standard variable rate when the fixed loan term is completed.
Fees around transaction accounts, insurance costs, financial planning fees, redraw facilities and any annual fees on linked cards should be looked at.
As Property Observer previously reported, the <a href="/expert-insights/finance/gap-between-official-cash-rate-and-home-loans-continuing-to-widen">gap between the official cash rate and home loans continues to widen</a>.
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Lenders continue to cut fixed rates for home loans

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A development application for 150-162 Flinders Street and 17-25 Russell Street in Melbourne has been slammed by Melbourne Heritage Action (MHA) who say that while they’re not against development on the site, they believe that the Forum Hotel tower is inappropriate due to height and heritage concerns.
According to the permit application form, the site owner is looking to develop a multistorey building to the rear of the forum, including a residential hotel, dwellings, retail, office and business identification signs, as well as the refurbishment of the Forum Theatre and building and works to make alterations to adjacent roads. The permit was applied for late last year.
The 2,038 square metre 150-162 Flinders Street property was purchased for $6,000,000 in June 2011, according to RP Data.
Arguing on the basis of five points, the MHA said that the application should not be approved in a letter made to the Minister for Planning.
Their points of contention:
<ol>
<li>The development ignores a height limit designed to maintain the heritage character of the area and keep other iconic landmarks in the skyline. </li>
<li>It will be detrimental to Hosier Lane – an important cultural and tourist location. </li>
<li>It has not been proven to be essential for the funding of restoration works (which MHA does welcome for the development). </li>
<li>It may be detrimental to the Forum itself and Cavendish House. </li>
<li>It does not conform to some aspects of the planning scheme.</li>
</ol>
“We are worried that the issue of restoration is being used to sugar-coat what is essentially an inappropriate development intended solely at maximising economic return in a sensitive area,” writes MHA president Tristan Davies in his objection.
He further notes that any development on the site should conform to the 40 metre height limit and “not something three times the limit, dominating over some of our most important heritage landmarks in flagrant violation of the Melbourne Planning scheme.”
Urban Melbourne notes that the tower would sit up to 107 metres high under the proposal.
According to the Department of Planning and Community Development website, the applicant for the development is Bill Kusznirczuk, renowned urban planning expert and managing director of Clement Stone Town Planners who is no stranger to arguments for and against proposals.
Picture courtesy of wikipedia/creative commons. 
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Objections to Forum Theatre hotel tower as Melburnians seek to save skyline

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Mike Baird's election as Premier of New South Wales has the Urban Taskforce suggesting that this may be a boost for the state’s economy, but that it may also have a significant effect on planning.
CEO of Urban Taskforce, Chris Johnson, said that as Treasurer, Baird did well with the state’s economy and this is a good platform to build from.
“The NSW government had become too bogged down in reviews and committees,” said Johnson.
He said that Baird needs to demonstrate leadership and a “can do” approach.
“Barry O’Farrell gave sound leadership to NSW over the last three years but his term was marked by a cautious approach with many potential reforms being slowed down.”
He also pointed to Gladys Berejiklian’s election as Deputy Leader as a potential positive, pointing to a required focus.
“Clearly issues like the sale of the poles and wires can now be rethought and hopefully a new look at the unresolved planning reforms can occur,” he said.
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Will Baird and Berejiklian do good things for NSW planning?

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Capital gain, or the amount you manage to sell the property for, minus what you paid for it, is a taxable income.
The tax you pay on this extra earning is referred to as capital gains tax, or CGT, and is part of your income tax and must be declared on your tax return.
CGT was brought in on 20 September 1985, and anything purchased since this time is subject to the tax, unless they’re specifically excluded. Specific exclusions include your home and car, and most of your personal use assets, according to the ATO. This includes items such as furniture.
“CGT also doesn’t apply to depreciating assets used solely for taxable purposes, such as business equipment or fittings in a rental property,” they explain.
However, shares, real estate and other assets and investments are the most common things hit up for tax.
The family home
If you move out of the home, for up to six years, you may still find yourself exempt from capital gains tax. If you rent out a room in your PPOR, you may find yourself up for a portion of the tax.
If you haven’t owned the property for a whole year, then there is another outcome. <a href="/expert-insights/finance/do-i-have-to-pay-capital-gains-tax-on-land-i-havent-owned-for-a-year-ask-margaret">Margaret Lomas explains to one investor what tax they’ll be incurring</a> in this Q&amp;A article. 
Keeping records
You must keep records proving the acquisition date (when you bought the property), and how much you purchased it for. You should also keep records about the sale, and when it became transferred into another person’s name. Be aware of lurking too close to the end of financial year – you may find that this changes your plans to minimise CGT.
Speak to your accountant before selling any asset. This is important, as often it is the date on the contract, not settlement date, which can be some months later, that the ATO will look at.
Read<a href="/expert-insights/finance/nine-tax-tips-for-property-investors"> these nine tax tips, from Ken Raiss</a>, for more information on preparing yourself for tax time. 
How much will you have to pay?
There are three ways to work out CGT – the indexation method, the discount method and the ‘other’ method. These three methods apply in different situations, as <a href="https://www.ato.gov.au/General/Capital-gains-tax/In-detail/Guides/Guide-to-capital-gains-tax-2012-13/?anchor=Capital_gains_calculation_methods#Capital_gains_calculation_methods" target="_blank">outlined by the ATO</a>. Property and shares held for more than 12 months are entitled to a 50% CGT discount.
A capital loss, or the amount that you perhaps lose on a property compared to what you purchased it for, can offset a capital gain and reduce tax. Savvy accountants may suggest that you sell a loss-making asset in the same year as one of your best growing properties, if you’re looking to offload both, to help bring down the tax you pay. Capital losses can be carried forward, but not backward.
If you’re looking to work out how much capital gains tax you have payable, then we have a free calculator online (that doesn’t keep your details) that will quickly calculate what you will need to give to the government.
The length of ownership can heavily affect CGT. Guest observer <a href="/expert-insights/finance/understanding-capital-gains-tax-terry-hayes">Terry Hayes describes more about understanding CGT in this article</a>.
Incorrectly stating or <a href="/expert-insights/finance/landlords-should-take-care-not-to-get-caught-out-by-the-taxman">wrongly outlining your capital gains and related information to the ATO could land you in severely hot water</a>, so it's worth having an accountant give your information a good look.
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What is capital gains tax, or CGT? Investment terms explained

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After 20 years of ownership, The Block Arcade in Melbourne has been sold for an undisclosed amount.
The sale, negotiated by Colliers International and Allard Shelton, is expected to have achieved around $100 million, with an expressions of interest campaign operating until 3 April.
Both local and offshore investor interest was strong for the property, which had been held by the Kearney family. It’s being sold to Melbourne family the Cohens, who are said to have a long backstory with the Block Arcade and the surrounding retail precinct. The family owns adjoining property.
<img src="/images/2014/04/22/melbourne-april-22-three.jpg" alt="">
The sellers, including property investor and barrister, John Kearny, and wife Alison, are both members of the National Trust and restored the Block Arcade after their 1993 purchase.
The arcade itself was built in 1892, and includes retail and upper level commercial spaces.
Retail tenants include Telstra, Hopetoun Tea Rooms, Haighs Chocolates, Crabtree &amp; Evelyn and Wittner.
The sale achieved 200 enquiries and 10 formal expressions of interest that spanned to Shangain and Moscow, according to Colliers International managing director of capital marks and investment services, John Marasco.
“The Block Arcade is a blue chip Melbourne CBD investment.  It also offers a number of exciting value-add opportunities including repositioning the asset to attract luxury retail brands to the precinct,” said Marasco.
Luxury brand retail tenants may be the next target of the Cohens.
<img src="/images/2014/04/22/melbourne-april-22-two.jpg" alt="">
Property manager of the arcade for the Keameys, Allard Shelton’s director Patrick Barnes, said that Collins Street is clearly where luxury retail brands want to position themselves.
“The Block Arcade is well positioned to capitalise on demand from luxury retailers trying to secure tenancies along Collins Street,” he said.
During 2013, the building attracted more than 3.5 million visitors.
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The Block Arcade, a Melbourne landmark, sold after more than 200 enquiries

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The National Rental Affordability Scheme (NRAS), which brings new rentals 20% below market rent into existence through incentives to developers, has come under fire over the past week.
Just today, it has been announced that 20 new townhouses are available under NRAS in Redcliffe, with the Minister for Housing and Public Works Tim Mander noting that it's families who are their target.
“The development on John Street includes 28 townhouses, with 20 of those to be offered under the NRAS initiative," said Mander.
“I would like to congratulate Aspire Housing Group and Zest Homes for delivering a quality development that will go a long way to helping people find an affordable place to live.”
They have recently past the 7,000 mark for NRAS dwellings built in Queensland.
“NRAS is important because it increases the supply of new affordable rental housing, and also provides a real alternative to social housing for low to moderate income households," he said.
Property Observer has previously <a href="/expert-insights/scrapping-nras-should-the-affordability-scheme-continue">explored whether the scheme deserves to be scrapped</a>, however its future is still uncertain.
The $4.5 billion project is said to be all but dead by The Australian, who noted that senior government sources had told them that it will face a ‘revamp’ to deliver savings in the budget. This comes after the current round of NRAS applications, round five, has been put on ice, which they reported saw applications for the 80,000 incentives halted.
There have been numerous concerns over the scheme, one of which has been the trading of NRAS entitlements, which has been referred on to ASIC. Another has been the number of ‘wealthy’ international students apparently living in this accommodation. The Australian pointed to commonwealth figures suggesting that of 19,000 tenants of the NRAS scheme, 1,500 are international students.
However, this point in particular has been heavily contested by The Fifth Estate columnist Willow Aliento investigation who believes they’ve run their numbers incorrectly – mistaking 19,000 ‘incentives’ for 19,000 ‘tenants’. The Fifth Estate also reports that the Greens’ Senator Scott Ludlam, who said that NRAS works but that they need more, with super funds and institutional investors not touching the scheme.
At the end of the day, even for individual investors there are significant pros and cons to the scheme that <a href="/expert-insights/investing/keep-an-open-mind-about-the-national-rental-affordability-scheme">have had some commentators asking for an open mind to be kept</a>, and others, notoriously, saying they’d <a href="/news/i-d-rather-stick-a-fork-in-my-eye-than-buy-nras-todd-hunter">rather stick a fork in their eye than buy it</a>.
Readers, what do you think:
{module Is this the end of NRAS?}
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Is this the end of NRAS? Frozen fifth round of applications

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Many apartments, particularly those in boutique complexes, have storage space that can be utilised in a different manner. Opteon Property Group are recommending that the existing storage space - such as an adjacent walk in wardrove - could become an ensuite for some added value.
Certainly, ensuites are much-desired amenities that can be seen as a great luxury. Opteon suggests that there are sizable gains up for grabs if an ensuite is added - pointing to $20,000 to $30,000 as the margin that could be added.
However, on further request from Property Observer, it appears that $15,000 would be the cost to put in that bathroom in the first place, leaving the potential profit from $5,000 to $15,000. Online estimates suggest that $15,000 may be the lower-end of the scale for the costs of installing a decent ensuite, particularly when looking at labour costs.
Opteon Victoria's central regional manager, Scott Chapman, said that it could be a place to start. For renovators looking at updating the entire unit, it could perhaps be a consideration.
“For the right floor plan, we would expect to see an increase in both the value and rent," said Chapman.
However, for those looking to get a quick bit of a profit by just installing an ensuite - it might not be the best option. If the property is an investment, the requirement to move the tenant out will also increase the cost base. Similarly, any specific requirements, difficulties with plumbing, structural changes around walls or other situations will quickly blow the base cost out leaving little left for profit.
What it may add, however, is a boost in buyer and renter interest that may make the exercise worthwhile, and make your apartment stand out, explains Chapman, pointing to a potential rental premium from tenants who are often prepared to pay a bit more for the two-bathroom option. From having a quick look at online rental listings, it appears that in highrise areas in Melbourne, such as Docklands, rentals with two bathrooms in similar locations and conditions do appear to command substantially more rent.
The research undertaken by Opteon was largely focused on highrise apartments in Melbourne, and it was noted that timing between sales dates, views and elevation had impact and were considered.
Would you install a bathroom knowing these numbers?
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Does adding an ensuite add value to your inner city Melbourne apartment?

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Have a reno planned for this Easter weekend coming (or some home improvement), then play it safe is the message from Consumer Affairs Victoria.
It might not be glam, but it is falls that are on their radar, with eighty-two people passing away in Victoria between 2000 and 2011, in particular the elderly.
Eighty-two people died after falling from ladders in Victoria, between 2000 and 2011, with most of these people being aged over 65.
However, there are a number of safety issues for all Australians looking to give renovating an attempt.
LADDER TIPS Source: Consumer Affairs Victoria
<ul>
<li>Before getting on the ladder:</li>
<li>Check that your ladder is in good condition</li>
<li>Place it on dry, firm and level ground</li>
<li>Check all safety locks and braces are in place.</li>
</ul>
Other things to check:
<ul>
<li>Ensure the ladder has non-slip safety feet</li>
<li>Read safety warnings and follow the manufacturer's advice</li>
<li>Wear non-slip footwear</li>
<li>Keep people and vehicles away from the ladder while you are working</li>
<li>Work within your arm’s reach and avoid leaning out</li>
<li>Only climb as far as the second step from the top of a step-ladder or the third step from the top of a straight ladder</li>
<li>Never put the ladder on top of other objects to gain extra height.</li>
</ul>
ASBESTOS TIPS
Another common area of safety scares are when it comes to asbestos. We have written a number of articles about preparing for this eventuality.
With renovations becoming increasingly popular, and <a href="/news/asbestos-found-in-one-in-four-pre-purchase-inspections">asbestos reportedly found in one in four building inspections</a>, it makes sense to be careful around this deadly material. Apparently, <a href="/news/nsw/how-is-asbestos-affecting-you-61-of-renovators-exposed">61% of renovators are exposed</a>.
Don't let this <a href="/expert-insights/investing/asbestos-is-a-silent-killer-and-our-ignorance-is-putting-people-in-danger">silent killer lurk in your home</a>.
<a href="/news/how-to-choose-a-building-and-pest-inspector">Choose a good building and pest inspector</a> when you purchase, or before any extreme renovations, so you know what you're up against.
This will quickly alert you to the asbestos that you should call the professionals in for. Don't DIY asbestos removal and disposal. Keep your mouth and nose covered when around the substance.
GENERAL TIPS
Unless you have been trained in certain areas, we recommend bringing in the professionals.
Electricity - get an electrician in to do the difficult jobs around power. It just isn't worth the potential danger.
Balcony fixing or installation - <a href="/expert-insights/investing/before-the-fall-balcony-safety-regulations-are-still-falling-short">Too many deaths have happened</a> to make this an excusable area for a dodgy reno. 
Swimming pools - Once again, this is a high risk area. Bring in the experts and ensure you're compliant.
When undertaking a renovation, ensure to have protective measures for all those on site - face masks, goggles, gloves and appropriate clothing. Be orderly and organised, and have required medical supplies with you at all time.
Ensure your Easter renovation works out as successfully as you had hoped!
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Easter weekend renovators: Tips from Consumer Affairs Victoria

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If you've ever wanted to buy a haunted island then you're in luck. Poveglia is up for sale.
{qtube vid:=URbvSD0QdnA}
Possibly the only place near Venice that nobody wants to go to, the uninhabited Italian island has been put up for sale to help reduce the country’s public debt, according the the UK’s The Independent.
It was a quarantine station in the 18th century before apparently becoming a ‘dumping ground’ for plague victims, including children, and the 17-acre island was then home to a mental hospital where the doctor apparently undertook horrible surgeries, such as lobotomies, with hand drills, on the patients. Combining these aspects together, with current rumours that it’s now haunted, and you have the topic for one of the most nail-bitingly creepy films of all time.
That doctor then threw himself off the tallest tower. That hospital only closed in the late-1960s.
As they say, one man’s trash, another man’s treasure. Where some Property Observer readers will see “Personal Worst Nightmare” our property opportunists may instead consider it a “Private Island Holiday Destination”.
The Telegraph reports that the plan is to transform the building into a luxury hotel, however a campaign has been launched to stop privatisation of the lagoon. We imagine that creepy child plague-ghosts, one by the name of Little Maria, aren’t among the resort’s plans, but we could be wrong.
Closed to visitors in recent years by the Italian government, in what could be seen as a conspiracy against the worldwide findings-out of the devils beyond but is likely just a safety protocol, it has attracted paranormal investigators in the past.
If you’re in the market to buy a creepy island, then this is the perfect option. Bids for Poveglia close 6 May 2014.
The Daily Mail explains that a 99 year lease is in the offering for its redevelopment, but that a further four properties, including 15th Century castle and monastery, will be auctioned off freehold. Around 150 state-owned properties will go under the hammer with hopes of netting a 500 million euro total.
Australians can bid <a href="https://venditaimmobili.agenziademanio.it/AsteDemanio_FE/index.php/benioffertalibera/index" target="_blank">in the virtual auction</a>.
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Poveglia, haunted Venetian island up for sale, with hotel plans

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.

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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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