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<li>A tenant must be 14 or more days in rental arrears for you to begin formal eviction proceedings, which begins with a Notice to Vacate. At this point, you need to wait a further 14 days before any action can be taken. Alternative payment arrangements with either the landlord or property manager can halt this process. 
</li>
<li>You cannot lock a tenant out and personally evict them, or change the locks. The only authority that can do this is the police, and they will need to have obtained a valid Possession Order and a Warrant of Possession (from VCAT in the state of Victoria). If you try to do this, the tenant can apply for a Restraining Order and can call the police. 
</li>
<li>Tenants can put in a claim for compensation for inconvenience, loss or damages if the landlord has acted unlawfully when attempting eviction proceedings. 
</li>
<li>The tenant should still be paying you rent until the termination of the tenancy, which tends to be when they move out. 
</li>
<li>There are some instances where you can apply straight to Tribunal for a possession order, without the usual circumstance of notifying the tenant. These include, but are not limited to, serious damage to the home or neighbouring homes, injury to the landlord, agent or a neighbour by the tenant, use for illegal purposes (such as drug manufacturing) and a number of other serious circumstances. 
</li>
<li>A landlord's case can be thrown out of Tribunal if they have not abided by the rules required surrounding dates and notice periods. Be sure to know what the required number of notice days is for your particular state or territory (where the property is located) and any extra days required for postage. Keep postal receipts and clear documentation for future reference. 
</li>
<li>If a tenant tries to rectify a breach, a Tribunal may not decide to grant the termination. For instance, Tenants New South Wales notes that "If you can show that you have fixed the breach or taken steps to fix it, NCAT may decide not to end the tenancy." 
</li>
<li>Sub-letting without permission can be grounds for eviction. 
</li>
<li>You cannot dispose of a tenants' items or "goods left behind" straight away. Perishable goods and rubbish may be thrown out, however personal documents must be disposed of after 90 days notice, by returning them to the issuing authority or in another lawful manner and not in a way that makes information publicly available. Other goods require 14 days notice, and they may be sold or disposed of. You must keep a record of the goods disposed of. 
</li>
<li>The tenant will not pay the landlord's legal fees at Tribunal if they are unsuccessful, unless the Tribunal orders otherwise, such as in a case of unreasonable disruption.</li>
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jduke-EHk3XBmHkn

10 things to know about evicting a tenant

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While capital growth stories can give us a boost of excitement, negative equity is not a fun topic. A worrying state to be in, negative equity is when you owe more than you own on a property. That is, your equity is tipping on the other end of the scales and if you sell today for its market value, you will walk away not just empty handed but still owing.
It may not be as often talked about, but it can happen. Late last year, for instance, some <a href="/news/some-7-1-million-residential-homes-in-the-us-still-facing-negative-equity-corelogic">7.1 million residences were still facing negative equity in the United States</a>. In December 2011, the number of <a href="/expert-insights/investing/negative-equity-hurting-mcmansion-owners-but-most-home-owners-needn-t-worry">home owners facing negative equity was sitting at around 6% in Australia</a>, according to RP Data statistics.
How it happens
Negative equity can happen in a number of ways, however the three most simplest explanations are as follows.
<ol>
<li>A drop in the market If you buy at the upper end of the market, and it then drops, you may find yourself in negative equity on your home. This is quite common in faster moving markets, such as mining towns. 
</li>
<li>You've overpaid in the first place Whether you've been convinced into it by unscrupulous marketeers, or you've entered auction overemotionally and under prepared, you may have committed to spending too much. While a bank valuation will usually stop the mortgage from taking place, this isn't always the case. 
</li>
<li>The asset has been ruined in some way Whether it's an uninsured house fire, or damage from some other situation, this can also add to a loss in value.</li>
</ol>
A combination of the above can spell disaster for any property owner.
What to do if you're in this situation
If you end up facing this, then there are a few things you can do.
<ul>
<li>Check whether it's time to sell: First things first - is the market expected to drop further and soon? If it is, you need to cut your losses and sell as quickly as possible. Don't get yourself in a worse situation by holding on to a failing asset. If it's a $20,000 shortfall then it is better than facing a $50,000 shortfall. 
</li>
<li>Consider renovating: If you have money leftover, consider renovating the property to increase the value. This is not suggested for first time renovators without much concept of adding value, however if you can spend wisely and in visible areas, you may just be able to push the value up to get it over the line for a sale. 
</li>
<li>Move in to the property or weather it out: While not always an option, some facing this situation will see themselves selling their home and moving into the investment property to batten down the hatches and pay down some debt. Similarly, if it's currently tenanted and not too draining, and the market isn't expected to fall further, you may want to batten down the hatches and continue paying it down until you bring yourself into a better situation. 
</li>
<li>Pay it down as best possible: Is there anything you can sell to bring the scales back into your favour? Pour funds into the mortgage to help reduce the amount owing on the property.
</li>
</ul>
How to prevent it in the first place
<ol>
<li>Put down as much as possible into the property as a deposit. The more money you put into the home in the first place, the bigger the safety net for you. While you will still have lost money, through your deposit being eaten up, you can walk away without the debt at the end. There's a reason lenders have LMI for when borrowers take on high debt levels, and it's not to protect you but themselves. 
</li>
<li>Keep an eye out for market movements. Be clear on whether there is likely to be an upcoming downturn in your area's property market. Don't act on the basis of panic, but don't be suckered in to the "never sell" mantra if you can act before a downturn. 
</li>
<li>Buy at a discount. While not always possible, and certainly not easy, having a mortgage for less than the amount the property is worth in the first place can certainly mitigate your risk. Negotiate hard and never overpay. 
</li>
<li>Try to pay down debt. If you're paying interest only and using your funds elsewhere, ensure it's the best decision you're making. By increasing your equity you're effectively keeping the barrier higher against negative equity. 
</li>
<li>Buy in lower-risk locations. If you're not prepared to take the downturns with the upturns, then do not buy in higher risk areas.</li>
</ol>
YOU MIGHT ALSO WANT TO READ
Letter from the editor: <a href="/news/letter-from-the-editor-a-festive-season-and-a-sobering-experience">A festive season and a sobering experience</a>

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What is negative equity and what can you do about it?

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New research released this morning from Residex, the research arm for Onthehouse, has listed 10 suburbs for expected house growth and a further 10 for unit growth that they believe will perform over the next five years.
Property market growth, overall, is expected to be steady over 2014, however some areas, particularly those in the inner ring, will potentially prove lucrative.
<blockquote>
The findings show promising areas in every capital city's inner ring for investors.
</blockquote>
John Edwards, founder of Residex, said that the findings show promising areas in every capital city's inner ring for investors.
“We are expecting to see Sydney and Melbourne’s growth rates slowdown in the next six months and in other national markets next year. Although inner ring areas often fall into the least affordable class compared to their suburban neighbours, the data indicates there are still opportunities for savvy investors, in the right suburbs," he said.
“From a national perspective, I’m expecting to see commentary from the RBA later this year that will affect consumer sentiment and again moderate growth. This will mean changes in the recent strong national growth trends. Property investors will need to be cautious about which suburbs they invest in – particularly in inner city areas, which will deliver a very mixed range of returns."
He also noted that stable growth "never occurs in a linear way", with a fall expected to be seen in growth numbers by the end of the year, with two to three years of minimal to zero growth. By 2018, strong growth is expected to re-emerge, along with the results of the suburbs below to 2019.
Overall, units are predicted to bring in lower returns than houses should. Inner ring suburbs will bring an average of 4% to 8% over the next five years, with Melbourne dominating the top five.
“Melbourne is defying past predictions. My feeling is that there is an oversupply of property, especially units, but demand is currently being propped up by three main factors: property developers are managing their units well; international buyers are supporting new unit sales; and higher public confidence is being driven by factors like good clearance rates at auction," Edwards said.
“Anybody buying property over the next 12 months needs to be aware of the growth patterns, now more than ever it is important to do solid research around the market to back up your decisions with data and insight.”
See over page for the top predicted growth suburbs
<hr class="system-pagebreak">
<img src="/images/2014/04/14/edwards%20april%2014%20one.png" alt="">
Source: Residex/Onthehouse 
What are your thoughts on these suburbs' growth potential? 
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John Edwards' 10 house and unit suburbs expected to outperform for the next five years

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The private investment firm MGC Wealth Pty Ltd has purchased a vacant land block in Wolli Creek from a private vendor that has the potential for a residential development.
The $3.16 million sale, at 15-17 Gertrude Street, is an 840 square metre block of vacant land that could house a boutique block of 20 apartments.
<a href="/news">Wolli Creek</a>, located in South Sydney, is in the City of Rockdale.
Knight Frank senior executive, industrial - South Sydney, Adam Bodon, said that the block, near Wolli Creek train station, Woolworths and opposite Cahill Park, is a rare opportunity.
“This property represented an extremely rare opportunity to create a boutique development in this rapidly evolving precinct. The end product will have a clear point of difference against most other developments in Wolli Creek due to this site’s incredible amenity, location and aspect," he said.
It was negotiated by Knight Frank's Adam Bodon.
The site is also close to Sydney International Airport. Currently, Getrude Street sits on the list of those affected to some degree by noise.
Council plans from 2010 suggested that around six storeys may be able to be built on the site, to ensure that there won't be too many buildings in the development's shadow.
Wolli Creek has been suggested as <a href="/expert-insights/investing/sydney-s-wolli-creek-and-melbourne-s-parkville-among-strong-performers-as-australand-forecasts-improved-residential-performance-in-second-half-of-2013">a strong area for off the plan sales</a> for some time. Buyer demand has previously brought forward other releases, such as <a href="/news/buyer-demand-brings-forward-southbanks-second-stage-in-wolli-creek">Southbank development, which expects to be completed in 2016</a>.
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Potential residential development for Wolli Creek after $3.16 million sale

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When looking for a mortgage pre-approval, it isn't easy. There are many ways to go about it, and the last thing you would want is for the loan to fall through last minute - particularly if you're looking at buying at auction.
At the end of last year, an increasing number of people were being reported as <a href="/expert-insights/investing/home-loan-approvals-soar-while-first-home-buyer-proportion-sinks">taking out pre-approvals and using it as a leg-up over competition</a>.
<blockquote>
Having pre-approval will enable you to know what you should bid up to at auction, what you can afford and where your limits are.
</blockquote>
However, Property Observer knows of a number of cases where buyers, confident that they can achieve a certain loan, head in and find their finance fallen through. Don't let this happen to you.
First up, a recommendation is to always look to get formal approval, rather than pre-approval, for auction. Pre-approval is generally most useful when you can offer a conditional contract on the basis of a valuation, inspections and similar.
What is pre-approval?
Think of pre-approval like reserving yourself a seat at a restaurant. You know you're going to want one, but you're not quite there yet. If you book, and provide plenty of information in advance, then you're likely to secure yourself a seat. If, however, you book for three people rather than five, or for the wrong time, you're going to find yourself without your venue of choice. Similarly, you may get there and find that there hasn't been a seat reserved for you after all or that your own circumstances have changed.
Pre-approvals for mortgages work in a similar way. You can head in to a lender, and fill in information, and then you will be provided a suggestion of your borrowing limit with conditions. You may later find that the pre-approval didn't have as much information as it needed to be accurate or that the property you're looking at doesn't stack up.
Why get pre-approval?
Having pre-approval will enable you to know what you should bid up to at auction, what you can afford and where your limits are. It will also give you a boost of confidence when negotiating a property.
Michelle Hutchison, money expert for Finder.com.au, explained to Property Observer that readers should look to get this done as early in the buying process as possible as it can help speed it up.
"I've seen people who have missed out on buying the home of their dreams because they couldn't make an offer in time as they didn't have pre-approval. Real estate agents will also take you more seriously because having pre-approval means you are essentially ready to buy," said Hutchison.
Century 21 Homes Loans WA, Harry Bozin, said that it can be<a href="/expert-insights/finance/why-you-should-secure-finance-pre-approval-before-looking-for-property"> powerful for pushing a vendor in the right direction</a>.
"In addition to enabling an investor to narrow the property search within a purchase budget, loan pre-approval could also provide increased price bargaining power with vendors, who might be willing to accept a lower price than was advertised with the knowledge that the transaction is already backed by secure finance – particularly in cases where a vendor is looking for a quick and hassle-free sale," he explained.
However, not all of them are the same.
Different pre-approval versions
Mortgage Choice head of corporate affairs Jessica Darnbrough told Property Observer that home loan pre-approvals are definitely worth considering.
"As a general rule of thumb, pre-approvals are valid for at least three months," she explained, although some vary. Commonwealth Bank's pre-approvals, for instance, are noted online to be valid for six months. After this time, you repeat the process and get another pre-approval.
"Some lenders only require potential borrowers to complete a short form in order to gain pre-approval, while others require a significant amount of information and documentation to provide a formal written pre-approval," said Darnbrough.
"To be sure of your borrowing capacity, a potential buyer should secure a formal pre-approval."
<blockquote>
"As a general rule of thumb, pre-approvals are valid for at least three months." - Jessica Darnbrough
</blockquote>
A formal pre-approval means more than just getting it done online. A five minute questionnaire and no follow up before being given an indication should not set your mind at east. Savvy borrowers will want to make sure that the pre-approval is a true indication of what they can purchase.
Hutchison explains that some will provide pre-approval within a 48 hour turnaround, while others can take longer. You will need to be ready in advance, especially if there is an enticing auction coming up.
"Borrowers can slow down the process if they don't have all of their paperwork in order, which means the lender will go back and fourth with the applicant to complete the application," she explains.
Paperwork you need
Pretend you're going for the final mortgage discussion, and replicate the paperwork you will need at that point. The more you can provide, the less back-and-forth there will be and the more comprehensive and accurate your pre-approval will be.
Bring:
<ul>
<li>Copies of your bank statements 
</li>
<li>Savings history for the past three to six months (minimum) 
</li>
<li>100 points of ID 
</li>
<li>Any proof of assets (eg council rates for any property you own) 
</li>
<li>Employment verification and payslips 
</li>
<li>Tax returns (particularly if self-employed) 
</li>
<li>Other proof of income (such as rental income proof through a lease document)</li>
</ul>
With these details, and some general information around whether you're buying new or looking to build, the lender will then look to verify the information. They will undertake a credit check and they'll also look to ensure there's nothing that could change your situation, such as reduced hours.
How useful is pre-approval?
It can be a powerful tool to have, and if you have time it's worth getting pre-approval done, however you still would not necessarily want to enter into an unconditional contract. A valuation on the property you are looking at, as well as the final say-so in regards to achieving finance will likely both be needed. This can mean that, despite having the pre-approval, you may still not be able to purchase the property.
Pre-approval can also help bring up any problems you hadn't prepared for. Perhaps you can't borrow as much as you had been hoping due to a bad mark on your credit file you hadn't prepared for. Either way, this can quickly alert you before you get yourself stuck into a contract.
<blockquote>
DISCUSSION POINTS:
WHAT HAVE YOUR EXPERIENCES WITH PRE-APPROVALS BEEN LIKE?
HOW USEFUL IS THIS DOCUMENT?
AT WHAT POINT IN THE BUYING PROCESS DO YOU OBTAIN ONE?
</blockquote>
Similarly, there can be problems with looking for obtaining pre-approval multiples times, warns Hutchison.
"Obtaining pre-approval is part of the application process, which means it will be recorded on your credit file every time you apply. This can have a negative impact on your credit file if you apply for too many home loans in a short period of time," she said.
Lastly, don't expect to get the same pre-approval from each bank or six months later.
"In regards to experienced investors: many often believe that because they have gained finance approval in the past that they will automatically be granted the same in the future. It is important to note, however, that this assumption is incorrect, as the lending criteria of banks changes constantly, meaning that investors can cease to qualify for loans despite their situations remaining unchanged," said Bozin.
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A quick guide to home loan pre-approval

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A new scheme, to be seen from 1 July this year, will provide the long-term unemployed with an added incentive to get a job. The government will pay for removalists' fees, bond and rent for those who relocate to get work.
A total $157 million of funding will be in part for this scheme, which is available to those aged 18 to 30 years, if they stay in a job for 24 months. They will receive $2,500 for staying in work for 12 months, and a $4,000 bonus for working for two years. A further $40 million is offered to those needed to relocate for a job.
This will see up to $6,000 to be available to those who move to a regional area, and $3,000 for those relocating to a city. Families could receive another $3,000. In total, unemployed parents with children could receive up to $9,000 in funding.
These payments will be to assist with rent, relocation costs such as removalists, and their bond. They will need to collect the receipts and have them for reimbursement.
Last Thursday, Minister for Employment, Eric Abetz, said that greater incentives needed to be provided, despite total employment rising.
These incentives included a Job Commitment Bonus, of up to $6,500, as mentioned above, that encourages long-term unemployed Australians to find a job, a Seniors Employment Incentive payment of up to $3,250, and the Tasmanian Jobs Programme which provides an incentive to businesses to employ job seekers who have been out of work for six months or more.
“Whilst employment figures can fluctuate from month to month, the growth in employment is welcome,” Abetz said of the latest numbers.
<blockquote>
The level of assistance is an increase on past schemes, however is now different between metro and regional areas, and offers extra to families.
</blockquote>
The Social Security Legislation Amendment (Increased Employment Participation) Bill 2014 also notes that in order to be eligible, the workers will need to have been receiving Newstart Allowance or Youth Allowance Other (not as an apprentice or full time student) for 12 months. They need to remain in work and off benefits for a minimum period of 12 months.
The bonus will be awarded even if the individual is in multiple jobs, rather than one continuous, provided they stay off of benefits. Self-employment qualifies, but other work is excluded, including work in the sex industry.
All the bonuses are tax free.
The 'Relocation Assistance to Take Up a Job' programme is the replacement for 'Move 2 Work', which expires on 30 June 2014.
The level of assistance looks to increase overall, however is now different between metro and regional areas, and offers the excess to families, which it did not before.
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Unemployed? Government will cover rent, bond and removalist if you relocate for work

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Wealth Within, a company specialising in education, investments, SMSF, property and finance, has paid $20,400 in penalties after being issued two infringement notices by ASIC for misleading online advertisements through their websites.
The advertisements were in relation to their individiually managed account services, the Direct Equity Managed Account Service. One ad that ran online from 30 June 2011 to 5 March 2013 was found to 'overstate' the true returns for the portfolios being advertised.
A second advertisement from 5 March 2013 to 17 October 2013 could have mislead investors into believing that the returns they could personally achieve would match or be similar to those advertised. ASIC discovered that each investor would have a differing return, due to the nature of the service.
Deputy chairman for ASIC, Peter Kell, said that they would continue monitoring all forms of advertisements to help consumers make informed decisions.
"Consumers make important financial decisions based on the advertisements they see, read or hear. It is vital that organisations promote their product in a way that is not misleading in any way," he said.
ASIC notes that the payment of an infringement notice is not an admission of a contravention of the Act.
ASIC has recently been fairly bullish on taking action against misleading advertising, including <a href="/expert-insights/media-super-limited-latest-to-pay-penalty-under-asic-misleading-ad-crackdown">fining Media Super in January</a>. SMSF 'SuperHelp' magazine advertising also <a href="/guides/smsf-superhelp-magazine-advertising-on-asics-radar-after-free-claims">saw themselves paying a fine last month</a>.
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Wealth Within pays $20,400 after ASIC infringement notices

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Causing waves in Sydney's gay community, LGBTIQ icon Midnight Shift in Darlinghurst, at 85 to 91 Oxford Street, is up for sale, with two retail shops - up to 95 Oxford Street. The longest running Oxford Street hotel, with 31 years under its belt, has been a loved part of the street's culture for many years, but it appears its days may be numbered.
Samesame.com.au suggest that the closure may be due to a lack of business, with opening nights reduced from seven to four nights this month, but reassured that the venue is open for business as usual until the sale date. Midnight Shift began charging for shows in 2011, but has still been referred to as a "must attend" venue. The downstairs bar has remained free, but charges were increased to head to Upstairs Shift.
<img src="/images/bar.png" alt="">
<img src="/images/bar2.png" alt="">
The reduction of nights open was said to be due to changes in liquor legislation and the impact of a five-year freeze on the CBD entertainment precinct, the promotions manage for the venue, Leigh Harder, said in March.
While some have taken to Facebook lamenting the loss of an icon, it does provide a good chance for an opportunistic business and party-minded new owner to grab one of Oxford Street's renowned venues with 28 metre frontage.
<img src="/images/decor.png" alt="">
<img src="/images/pokey.png" alt="">
On approximately 849 square metres and being offered with vacant possession tenure, the colourful <a href="https://www.realcommercial.com.au/property-land+development-nsw-darlinghurst-501111067" target="_blank">Real Commercial listing was put up today</a>.
The listing notes that it is within "one of Australia's premier entertainment and retail precincts on the edge of Sydney," and that "Valuable hotel license and entitlements that can be purchased with the sale".
It has dual street access.
93 Oxford Street, which appears to be included in the listing, is Liquor on Oxford, which was sold in 2008 with a first level office lease to Midnight Shift on a 5+5 year lease commencing in September 2008 and a 5+5 year retail lease to House of Fetish from August 2008. The other shop appears to be a Pad Thai (pictured below) at present. According to RP Data, the November 2008 sale for 85-91 Oxford Street was for $8,250,000, settling in December. Before that it had been sold in 1994 for $3,300,000, with one other previously recorded sale - in 1992 for $2,900,000.
<img src="/images/pad%20thai.png" alt="">
Expressions of interest are closing 21st May 2014 after its listing today. Disco dancing, a stage and everything theatrical, Midnight Shift has been home to many a memorable night, including colourful Strip Karaoke, that will see some mourning its sale.
<img src="/images/theatre.png" alt="">
It is being advertised through Oxford Commercial, and sits between the Lick-Her Shop and House of Fetish.
It is currently owned by Arunta Investments after the 2008 sale, previously with the Midnight Shift title being in the hands of long-time owner Tim Berry, in a <a href="https://www.propertyobserver.com.au/https://www.starobserver.com.au/news/local-news/new-south-wales-news/berry-sells-midnight-shift/30033" target="_blank">somewhat bitter situation reported on by the</a> Star Observer back in 2010.
“Weighing the pros and cons of that, Tim decided that it was probably time that [Arunta executive director] Mark Madar gets the place and experiences for himself what it takes to run a pub," they reported Berry's partner Clarence Cruz as saying.
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Oxford Street, Sydney's oldest gay hotel venue up for sale

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Shanghai-based Greenland Group are behind <a href="https://www.greenlandcentre.com.au" target="_blank">Greenland Centre</a>, the tallest residential tower in Sydney and their first foray into the heart of the CBD, and they are set to launch their second stage tomorrow with expected significant Chinese interest.
It seems Chinese buyers are, unsurprisingly, being actively marketed to - with the entire site, at a click of a button, translatable to Chinese, and a similar tower, Wuhan Greenland Centre, under construction in Wuhan, China, from the same developer. Marketing efforts are expected to be rolled out in Shanghai, Singapore and Hong Kong. In fact, Wuhan's building has also been reported overseas as likely to be the third tallest building in China, and the fourth tallest in the world at around 600 metres, making them no stranger to heading skyward.
<img src="/images/2014/04/11/greenland-april-11-one.jpg" alt="">
Above: Screenshot of the Greenland Centre Sydney website, translated into Chinese
The $680 million development’s Stage 2 will see 200 apartments and penthouses released to the market, adding to the <a href="/expert-insights/buying/greenland-centre-launches-second-sales-stage">300 released and sold in Stage 1 in a sellout</a>.
Greenland Centre, at 115 Bathurst Street, looks to include new technology to re-use the existing structure and rejuvenate the building, with a design from BVN Donovan Hill and Woods Bagot.
It includes views to the ocean, mountains, across the Harbour and Hyde Park.
There will also be commercial and retail spaces at the site, as well as a boutique hotel with a swimming pool, roof terrace and concierge. The tower residents will also be able to use the roof terrace.
The public launch of Stage 2 is today, 12 April, with the entire development set for completion in late-2017.
Half of the apartments will have parking spaces.
In Stage 2 it’s yet to be confirmed how many of each type of property will be available, but the range will include one-, two- and three-bedroom apartments, studios and penthouses.
Studios range from $595,000 upwards, with an unconfirmed internal size. One-bedroom apartments, from 38 to 66 square metres, also range from $595,000 upwards. Two-bedroom apartments, from 70 to 91 square metres, the prices are set to be from $1.1 million, and three-bedroom apartments, at 105 to 144 square metres, will be from $2.175 million.
An opportunity to buy the highest penthouse in the area, with the entire building estimated to be 235 metres tall, may just be on the tickets tomorrow in what will prove to be a coveted position. However, you'll need to pay dearly for the property. Penthouse prices, despite the Saturday launch date, are still to be confirmed, estimated at up to $10 million each. In the Stage 1 release, Bloomberg reported that the most expensive sale was a three-bedroom unit on the 55th floor for $3.7 million, that sold to a Chinese buyer living in Australia. Whether they have citizenship was not mentioned. Sub-penthouses are also available.
Next to the site, 339 Pitt Street, the former Sydney Water head office site, is also slated to be turned into a hotel, according to<a href="https://development.cityofsydney.nsw.gov.au/Datasource/DANotifications/1128322_049.pdf" target="_blank"> the Preliminary Construction Management Plan</a>. It is on the state heritage council register of NSW, and the plans suggest "adaptive reuse" of the building and remedial work to the facade. Building works are suggested to maintain hours from 7am to 7pm Monday to Friday and 7am to 5pm on Saturdays.
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Opportunity to buy the highest penthouse in Sydney

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When first home buyer numbers are weak, some policy setters look towards incentives to urge the buyers back into the market.
However, warns Urban Development Institute of Australia NSW chief executive, Stephen Albin, this would exacerbate the problem.
Albin warned that pushing up the incentives for first home buyers, which are currently focused at those looking to buy new or build themselves, would cause a flood of demand into the market and push up property prices even higher than at present.
Instead, he thinks that we need to address other issues before encouraging first timers to jump back in.
“The NSW property market, particularly in Sydney, is highly competitive due to low interest rates and a chronic lack of housing supply in the market,” said Albin.
“Now is not the time to be encouraging further housing demand by increasing incentives for first home buyers."
He said that the stock for first home buyers isn't available and that, before making decisions to increase incentives, the government should instead look to the proposed planning reforms.
“For more than 10 years, NSW has suffered a chronic undersupply of housing and now needs more than 40,000 homes per year to be delivered to fill that void and bring demand back to stable levels,” he said.
“The proposed Planning Reforms reduce unnecessary duplications in development processes and ultimately streamline the industry’s ability to get on with the job of delivering housing and infrastructure for our growing population.”
Property Observer readers, what do you think? Should we be providing more incentives for FHBs?
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Don't encourage FHBs into NSW, we don't have the supply for them: UDIA

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.

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<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.

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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.

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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."

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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.

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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.

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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."

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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."

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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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