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Prolific developers Crown Group’s Sydney by Crown is a $250 million residential offering in the heart of Sydney CBD and appears to be bringing a bit of Melbourne to the New South Wales capital.
A pedestrian-only laneway, something common in Melbourne’s city centre, is going to be created by Crown Group to connect Skittle Lane off King Street into a T-shaped area, to be home to 11 new cafes, restaurants and fashion retail outlets. The laneway will be publicly accessible and will link Kent Street with Clarence Street as part of <a href="https://www.sydneybycrown.com.au/" target="_blank">Sydney by Crown</a>.
The 25-storey tower will have a curved steel roof feature, <a href="https://www.propertyobserver.com.au/developments/koichi-takada-designs-new-sydney-cbd-development-by-crown-group/2013072363512" target="_blank">designed by renowned Koichi Takada Architects</a>, who have worked with Crown Group on <a href="https://www.propertyobserver.com.au/new-south-wales/skye-by-crown-set-to-become-north-sydney-icon-skye-crown/2013052361500" target="_blank">Skye by Crown in North Sydney</a>.
<img alt="crownjuly24" src="/images/stories/2014/03/05/crownjuly24.jpg" height="517" width="470">
Crown by Sydney artistic impression
Heritage influenced archways on the lower levels will transition upwards into modern glass and steel. There will be 220 apartments in total, including five star serviced apartments to bring in foreign visitors. The apartments and penthouses will be one-, two- and three-bedroom offerings.
CEO of Crown Group Iwan Sunito said that they wanted to reflect the global-nature of Sydney, bringing corporations, brands, designs and people from across the world together.
“Although still a relatively young city by global standards, Sydney is capturing the attention of the world, taking its place among cities like New York, Tokyo and London,” said Sunito. “Sydney by Crown will be unlike anything Sydney has seen before,” he said.
The ground floor will be a retail precinct, leading through to the laneway. Sunito expects it to become a symbol of history and future for the City of Sydney. “We hope Sydneysiders will find the new laneway to be a lively intersection and public meeting place between three active city streets - Clarence, Kent and King Street,” he said. “The podium building blocks, create a sequence of vertical voids, a seven-storey opening to the through-site link and a central nine-storey atrium, which allow natural light to reach the centre of the site.“
Expected to have a gross realisation value for the project of $250 million, Crown Group plans to launch more than $1 billion in total of projects through Sydney CBD, Green Square and Waterloo.
Expressions of interest are giving price reference options from $400,000 to $2 million plus.
According to Shirley Fitzgerald, a Sydney historian, Skittle Lane was given the name due to it being the meeting place for soldiers where there was a skittle ground in 1879. It’s highly likely Crown Group has worked closely with the City of Sydney council in this instance, particularly as the <a href="https://cdn.sydney2030.com.au/documents/2030-Vision-Complete.pdf" target="_blank">2030 Vision for ‘Sustainable Sydney’ includes reference to plans to rejuvenate the laneways around the CBD</a>.
“Laneways and under-utilised areas will be activated with bars and cultural-activities,” the vision explains.
It will be close to bus routes, Wynyard train station and a wharf. Construction is expected to commence mid-2014.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
For the latest development listings, brought to you by Property Observer and partners, see our <a rel="nofollow" href="https://showcase.propertyobserver.com.au/">Investor Showcase</a>.
                          
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jduke-EHk3XBmHkn

Crown Group’s new development to “be unlike anything Sydney has seen before”

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Trading as Crawford Realty, Oresome (WA) Pty Ltd, of South Hedland, has been fined $9,500 and ordered to pay court costs of $970 after failing to lodge bonds ‘as soon as practicable’ as required by law.
Pleading guilty in the South Hedland Magistrates Court to 21 charges of failing to lodge bonds with the Bond Administrator on time, the fine was issued. There has now been a 1 July 2013 change to the act that requires bonds to be lodged as soon as practicable but within 14 days of receipt. At the time the law was to lodge the bonds 'as soon as practicable'.
Lawyers for Consumer Protection told the court that it had taken the company between 15 and 60 days to lodge the 21 security bonds that totalled more than $170,000. These bonds were collected between March and August 2012.
Anne Driscoll, commissioner for consumer protection, said that real estate agents, property managers and landlords needed to keep an eye on their procedures.
“It’s essential that tenants’ funds are safe and secure and lodged with the Bond Administrator as soon as possible. Taking many weeks or even months to do so is unacceptable and is a breach of the law,” Driscoll said.
“The appropriate lodgement and security of tenant’s bond moneys is an issue that Consumer Protection takes seriously. Agents and property managers need to keep their business in order so they don’t run the risk of being prosecuted.”
Western Australia has been <a target="_blank" href="https://www.propertyobserver.com.au/western-australia/landlord-fined-%242500-over-late-bond-lodgement/2013112566591">particularly active in cracking down on late bond lodgements</a> over the past few years.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Late bond lodgement costs Pilbara agency more than $10,000 

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The Reserve Bank of Australia has kept rates on hold at 2.5% today, for the sixth meeting in a row.
Last month Glenn Stevens said that since the last meeting of 2013, there had been <a href="https://www.propertyobserver.com.au/news/reserve-bank-keeps-rates-on-hold-in-first-meeting-of-the-year/2014020467523" target="_blank">information on the global economy consistent with the growth having been a bit below trend</a>, but with an expectation of a pickup this year.
The experts were <a href="/news">unanimous in predicting rates to stay on hold last month</a>, and this month there was also very little talk of any rate change.
Deputy chairman of LJ Hooker, Janusz L Hooker, said that this maintaining of rates should help push the market into autumn, with rising unemployment and concerns about inflation failing to dent homebuyer enthusiasm.
He is not surprised by the RBA’s move to keep rates on hold and does not expect them to lift until the end of the year.
“February has just delivered one of the best starts to the real estate year ever recorded and we have not seen any signs of it slowing down despite some murmurs about a property bubble,’’ Hooker said. He did, however, pointed to the struggling Adelaide and Hobart markets that would see a boost in confidence from a period of stable rates.
Hooker pointed to the unemployment rate as a key factor that will dictate when the rate increases will commence.
Buyers shying from fixed loans
Michelle Hutchison from Finder.com.au said that with borrowers shying away from fixing their home loans for almost a year, they shouldn’t actually be waiting around for an increase in rates to opt for a fixed rate.
They are seeing more borrowers looking for variable rate loans at present.
“Western Australian borrowers are the least concerned about rising interest rates, with the lowest proportion of borrowers fixing their home loans (averaging 13.48% in 2013) than any other state. On the other hand, we found Queensland borrowers were the most cautious, with over one in five borrowers (21.09%) fixing their home loans on average last year,” she said.
She also said that it’s likely fixed home loans will start rising before the official cash rate does, which may provide a useful barometer for those trying to estimate the next movement.
Meanwhile, RP Data’s national research director Tim Lawless said that the Reserve Bank would be seeing the strong market conditions as a positive scenario, driving investment in dwelling construction and providing a healthy multiplier effect for the domestic economy.
“More housing market activity has translated to greater developer confidence and a consistent upwards trend in new building approvals,” said Lawless.
“RP Data’s February results showed flat capital city dwelling values which will probably reassure policy makers such as the RBA that the unsustainably high rate of capital gain that has been evident since June last year may be winding down.”
He pointed to strong buyer demand across the housing market, with consistently high auction clearance rates and mortgage demand, as measured by their valuation platforms, at record daily averages during February.
“As long as mortgage rates remain low we would expect housing market conditions to remain in positive growth territory, at least in trend terms,” he said.
Impact of steady rates on the commercial market
Simon Fenn, the NSW managing director for Savills, said that investment in the commercial market across the state will remain buoyant with stable interest rates, attracting offshire and local investors. This is largely due to the “positive spread between yields and the cost of borrowing money.”
“In 2013 national commercial sales hit a record $22.2 billion, up 63% on 2012 and we believe this trend will continue through 2014 as owners take advantage of these conditions and trade assets previously not earmarked for sale or take profits.  The RBA’s decision to keep interest rates on hold and focus on stimulating the economy is driving the investment market,” said Fenn.
Meanwhile, Clinton Baxter, head of division, city sales and investments Victoria for Savills, said that the stable interest rates would also do positive things for the state of Victoria as well, as it reinforces the relative stability of Australia's economy. Baxter also mentioned the value that commercial assets offer compared to major cities in the Asian region. “Following record investment into Australian commercial property in 2013, the platform is well set for another record year in 2014.  A long term, stable interest rate environment has the added benefit of engendering confidence in small and medium-sized businesses, leading to acquisition of commercial properties for owner-occupation and self-managed superannuation funds,” he said.
You might be interested in reading <a href="/news">this analysis on what the cash rate means for home values</a>.
As for what the next movement might be it’s a little uncertain; however, Westpac believes <a href="https://www.propertyobserver.com.au/finance/rate-cuts-still-more-likely-than-rate-hikes-westpac/2014021967884" target="_blank">we’re likely to see rate cuts more than rate hikes</a>. Hooker expects there may be a lift towards the end of 2014.
“Our monthly Reserve Bank survey of leading economists expect interest rates to start rising within the next year. If variable rates move back up to the historical normal level of 7%, that will cost borrowers with the average $300,000 mortgage an extra $313 every month in repayments,” said Hutchison.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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No surprises as RBA keeps rates on hold

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New plans to lower land tax rates for property investors across South Australia have been welcomed by the Urban Development Institute of Australia (SA), with the potential threshold for land tax to be payable to be increased from $316,000 to $400,000.
The top land tax rate for land up to $5 million has also been suggested to see a decrease, from 3.7% to 3%, making holding property cheaper.
If elected to government, the Liberal Party has said that proposed changes would come into play from 2016/2017, which UDIA (SA) executive director Terry Walsh has called a “good start” in reform.
“While we’re disappointed the Liberals’ proposed land tax relief will not be introduced until 2016-17, we do applaud their willingness to proceed with land tax reform,” said Walsh. The land tax rates will be kept at this level over 2017/2018 as well, at a total of $106 million across the two years.
“This is a positive step in overall land tax reform. Buyers of land in residential development projects across the state will benefit from the plan, with the higher land tax threshold likely to result in price reductions for house and land packages.”
He said that this could lower the median price for buyers of land within larger residential projects by several hundred dollars, as well as reduce the operating costs of rental houses owned by mum and dad investors.
“Land tax is a slug on all property used for investment, including land being prepared for housing construction, and adds to the costs borne by property buyers, particularly first homebuyers,” said Walsh.
“The UDIA encourages all parties to relieve the impost that land tax has on individuals and enterprises using property. We all pay for this government revenue-raising and our industry looks forward to working with the next elected Government to consider the effects of land tax and other taxes and charges on the success of enterprises and jobs in South Australia.”
The Liberal party has also pledged to repeal the transport development levy.
Premier Jay Weatherill has slammed the proposal, saying that it is completely unfair to the majority of South Australians.
“Land tax is only paid by people who own multiple properties,” said Weatherill.
“This comes on top of promises on payroll tax and the transport development levy.
“Most South Australians only own one house, most businesses don’t pay payroll tax and most people don’t own a car park.”
He said the proposals will only help the “big end of town”.
FURTHER READING: <a target="_blank" href="https://www.propertyobserver.com.au/tax/how-property-investors-can-avoid-the-traps-and-pitfalls-of-land-tax-ken-raiss/2012090656442">How property investors can avoid the traps and pitfalls of land tax</a> <a target="_blank" href="https://www.propertyobserver.com.au/residential/swapping-stamp-duty-for-land-tax-would-improve-affordability-institute/2011091551571">Swapping stamp duty for land tax would improve affordability: Institute</a>
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
 
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Liberal Party vows to decrease land tax for investors if elected in South Australia

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New greenfields development Shannon Waters, set to be the only estate east of Sale to be connected to the NBN, is opening the region’s largest display village.
Celebrating the opening through a New Homes Expo this month, they will launch the largest display village in East Gippsland featuring a number of different house and land options, along with NBN demonstrations.
The developer of Victoria's <a href="https://www.shannonwaters.com.au" target="_blank">Shannon Waters</a>, Stan Collins, said that they would be taking a number of ballot-selected attendees on helicopter rides over the area. A trackless train will take others around the display to the estate’s central parkland to see the views and gorge. Oliver Hume is marketing the sites at 100 Bairnsdale-Dargo Rd.
Stage two of the <a href="/news">Bairnsdale</a> development has been launched, after stage one sold out prior to Christmas. Stage one consisted of 74 blocks, and it was the fastest selling estate in the region. The median sale price for houses in Bairnsdale is $235,000, according to RP Data, with a median weekly achievable rent of $260 - providing an indicative 2.6% yield.
The event will run from 11am to 3pm on March 15.
Shannon Waters recently launched its stage two release following unprecedented demand for allotments from local and regional buyers.
Collins said the 74 blocks in stage one A and B had sold out by Christmas securing it the position of the fastest selling estate in the region. A number of homes are currently under construction and complete, with some already living in the estate. Ten blocks are said to have already sold in stage two.
Prices for land start at $94,900 with a number of sizes available, looking to cater to first home buyers upwards.
Builders for the house and land packages include Simonds, Colmac &amp; Blay Builders, Key Homes, Metricon, Aspired Living and a number of others. There's approximately 20 hectares of open space, including walking trails, with the location being created around a lake and the Mitchell River. The area is close to a number of amenities such as hospitals, schools and shops, and is five kilometres from Bairnsdale CBD.
It is located outside of the flood zone, and includes flat blocks. It appears 230 square metres is the starting block size.
<a href="https://mce_host/jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
For the latest development listings, brought to you by Property Observer and partners, see our <a rel="nofollow" href="https://showcase.propertyobserver.com.au/">Investor Showcase</a>.
                               
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Fastest selling estate in East Gippsland, Shannon Waters, to open largest display village in region

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The national stock on market figure saw residential property listings rise only moderately last month, up 1.3%; however, Sydney and Melbourne recorded substantial increases, according to SQM Research.
SQM Research’s managing director Louis Christopher explained that the national figure shows just a moderate uptick, while on a yearly basis stock levels are down in most localities.
In Sydney, a 13.1% monthly increase and in Melbourne a 6.8% monthly increase were recorded, which Christopher noted is in line with usual seasonal increases seen in February.
Despite this, Sydney leads the capital cities with the most substantial yearly decrease, down 16.1% since February 2013. Meanwhile, in an opposite result, Darwin stock levels have risen 16.1% over this time. It’s currently the only city recording an increase in listings over the yearly period.
“Normally, listings jump in each February followings its hiatus in the holiday season. However, this year there was only a modest rise in stock level,” said Christopher.
“That would suggest to me that vendors are in no rush to sell and existing stock is being absorbed at a quicker rate than usual.”
Nationally, stock on market sits at 346,289.
See over page for table of full data
 
 
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Stock on market data, February 2014
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" width="470">
Darwin is recording the most prominent slump across the capitals, as Perth stays on par with January. Brisbane has been similarly stable.
Source: SQM Research
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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SQM Research’s Louis Christopher finds vendors in no rush to sell

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With the Reserve Bank expected to, once again, keep the official cash rate on hold today, it comes as little surprise that borrowers are looking towards variable rather than fixed home loans.
Finder.com.au said that of 10 economists they surveyed there was a unanimous prediction of no rate change today. This is consistent with Property Observer’s own recent panel survey, which saw experts unanimously predict 'no change' for February and to <a target="_blank" href="/news">suggest that any changes would be a way into the future</a>.
Money expert for Finder, Michelle Hutchison, said that this was causing borrowers to ride out the low variable rate wave. However, she urged that fixing your home loan may save you money over the long term.
“With every economist in our survey expecting that the Reserve Bank will leave the cash rate at 2.50% next week, and home loan interest rates at record lows, it's no wonder we're seeing borrowers sticking with variable rates,” said Hutchison.
She pointed to the proportion of fixed rate home loans being at its lowest levels in the past year, at 16.8% in December 2013, based on Australian Bureau of Statistics’ Housing Finance data.
“There has been a decline in the number of fixed loans financed, with a drop of 17% since its peak in May 2013, when the number of fixed loans financed reached a five-year high of 10,631,” she said.
Higher demand is also being seen across their site for variable home loans, with traffic to these products up 15% since July 2013.
“The biggest concern is that fixed rates are starting to rise and borrowers may miss out on securing a low rate if they want to fix their home loan later,” she said.
The average three-year fixed rate has increased by 0.16% to 5.11% since September 2013, remaining lower than variable rates which, on average, sit at 5.39%.
“For a $300,000 home loan, borrowers could potentially save almost $2,000 in three years by fixing at the average rate of 5.11% compared to the average variable rate of 5.39%,” she said.
In a Property Observer panel of experts, borrowers were <a target="_blank" href="/news">urged by the majority to consider fixed rates</a>.
No change is also expected by AMP Capital's Shane Oliver, as he expects rates to be on hold for the sixth meeting in a row.
"The RBA has clearly indicated that with growth remaining low but tentative signs of improvement in some indicators, a period of stability in interest rates is appropriate. Since not enough has really changed since the last meeting, this remains the case. Soft jobs news and the poor business investment outlook do suggest though that our expectation for rate hikes to commence later this year may be premature with the risk being that they won't occur till next year.
"Governor Steven’s Parliamentary testimony (Friday) will be watched closely for his views on the jobs and investment front," he wrote in his most recent market roundup.
jduke@propertyobserver.com.au
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Fixed rate loans at year low, despite rates creeping up: Finder

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Brisbane, in recent years, has achieved prime status with investors due to its lower entry level price and comparatively strong yields.
However, powerhouse regional town Gladstone in central Queensland has long been an investment hotspot, making its way on to top suburb lists across the country.
So, which one would you choose to park your money in? <a href="/news">BRISBANE</a> 
Bonus reading: <a href="https://www.propertyobserver.com.au/queensland/brisbane-s-most-popular-suburbs-too-expensive-try-the-10-hidden-gem-suburbs/2013082964581" target="_blank">10 hidden gem suburbs in Brisbane</a> 
Lachlan Walker, director of <a href="https://www.propertyobserver.com.au/news/brisbane-markets-strength-to-muscle-up-further-in-2014-place-estate-agents/2013123167060" target="_blank">Place Advisory is bullish on Brisbane</a>, calling it the key business district for South East Queensland, and a hub of commerce, professional services and industry.
“Over recent years Brisbane’s property price growth has slowed considerably against its southern counterparts, creating the ideal buyers’ market today, but Brisbane’s population is still expected to grow by over 9,000 people each year; meaning there is an underlying demand for new homes and rental accommodation,” said Walker.
“According to the SEQ Regional Plan, there is a forecast need for at least 138,000 new infill apartments to meet Brisbane’s predicted population growth, illustrating that residential property is in hot demand.”
However, <a target="_blank" href="https://www.propertyobserver.com.au/queensland/investor-warning-brisbane-apartment-prices-expected-to-soften-in-2015/2016/2014012967432">BIS Shrapnel is expecting apartment prices in Brisbane to soften</a> over the next few years after strength this year in the off the plan building sector.
In previous market upturns, they noted that interstate investors have accounted for up to a massive 40% of the off the plan sales in inner Brisbane, with New South Wales buyers being pronounced – finding the apartment prices far more accessible than those of Sydney.
With Sydney’s prices still increasing, this seems likely to continue.
Currently, BIS Shrapnel estimates that as of November 2013, over 4,000 apartments in inner Brisbane were under construction in projects scheduled for 2015/2016 completion, with 3,000 expected to see pre-sales hurdles before proceeding to completion around this time.
New apartment completions are therefore looking to increase from 1,300 dwellings in 2012/2013 to more than 2,000 in 2013/2014 and 2014/2015. This could see the numbers exceeding 3,000 in 2015/2016.
Across Brisbane, the median house price is $470,000, while in Brisbane City it sits substantially higher. Meanwhile, the median unit price sits at $383,000 across the entirety of Brisbane.
“Yes, the top end suffered losses from those who over extended themselves, but Brisbane’s middle market continued to transact as people took the opportunity to trade and upgrade,” said Walker.
<a href="/news">BRISBANE CITY</a> Median house price: $662,000 Median weekly asking rent (house): $560 Indicative rental yield: 4.4% Median unit price: $461,500 Median weekly asking rent (unit): $630 Indicative rental yield: 7.1% (Source: RP Data) Vacancy rate: 6.3% (Source: <a href="https://www.sqmresearch.com.au/graph_vacancy.php?mode=p&amp;postcode=4000&amp;t=1" target="_blank">SQM Research</a>) <a href="https://www.sqmresearch.com.au/graph_vacancy.php?mode=p&amp;postcode=4000&amp;t=1"></a> 
<a href="/news">GLADSTONE</a>
Recently, Property Observer asked <a href="https://www.propertyobserver.com.au/news/is-the-gladstone-market-positioned-to-crash/2014011567210" target="_blank">whether Gladstone was positioned to crash</a> after there was talk of skyrocketing vacancy rates. The fact that this question is asked says something of the general view of the risk prevalent in markets similar to Gladstone.
Despite this, there is an element of the ‘sky falling’ with these sorts of sensational comments, explained director of property management and leasing Ray White Gladstone, John Fieldus. While the vacancy rate got close to 9% the week before Christmas, this is actually said to be normal for the market. In January it returned to close to 3.5%. Despite this, SQM Research still records the vacancy rate near to 9%.
“I’ve been a property manager for 25 years and it’s very sensational what is being said.
“It’s like an ebb and flow effect, a lot of tenants do transfer, it’s a very transient sort of town,” Fieldus said.
This strongly contrasts with the predictions being made mid-2013 that prices for houses would drive upwards of $900,000 by 2018. The study, from Central Queensland University was commissioned by Lyons Capital – they were developing in the area at the time of the study.
LJ Hooker Gladstone director <a href="https://www.gladstoneobserver.com.au/news/median-house-at-900k/1903750/" target="_blank">Mark Spearing told The Gladstone Observer</a> at the time that this was pure speculation.
The area has grown substantially over the past few years, and often it is pointed to as a town that offers diversity as well as the bullishness of a mining town investment area.
With the fifth largest multi-commodity port in Australia and the world’s fourth largest coal exporting terminal, it has become a focused hub. Despite some of the diversity, it has seen adverse impacts from the mining sector downturn over the past two years, Walker warned.
“This uncertainty resulted from a significant decline in employment opportunities and is reflected in the ongoing decline in the level of sales transactions,” he said. “Unlike Brisbane, Gladstone is a rare example in the Australian property market that defied the immediate wider Queensland market contraction post GFC, only to suffer the effects of a mining recession years later, and arguably to a greater extent,” he said.
Apartment sales across Gladstone through 2008 to 2011 saw figures peak just short of 10 year highs, with a median driven to $465,000.
“However, the market performance in Gladstone has been tightly linked to the demand resultant from the mining industry in the local area,” said Walker. Prices soon came back to $365,000 as of the December 2013 quarter, with an 18% softening over the past 12 months.
“Therefore, unfortunately as quickly as the Gladstone apartment market went up, so too did it go down”.
<a href="/news">GLADSTONE</a> No statistically reliable information available for medians and rents Vacancy rate: 8.8% (Source: <a href="https://www.sqmresearch.com.au/graph_vacancy.php?mode=p&amp;postcode=4680&amp;t=1" target="_blank">SQM Research</a>)  
{module Where would you buy an investment property: Brisbane or Gladstone?}
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
                            
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Brisbane v Gladstone: Where would you invest?

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The Housing Industry Association’s most recent statistics, for January 2014, have recorded a 0.5% increase, after a small decline was recorded in December.
HIA senior economist, Shane Garrett, said that new home sales have been rising steadily since the third quarter of 2012, as interest rates fell.
“The return of house price growth to most cities has done much to oil the market and allow transactions to start occurring in greater numbers,” Garrett said.
Compared to January 2013, new home sales are up 17%, with the three months to January 2014 recording an annual increase of 22.3% compared to the same quarter 12 months previous.
“Strengthening new home sales activity suggests that higher dwelling construction activity during early 2014,” he said.
Forecasts for new home commencements have now been revised upwards for 2014, with 165,000 commencements expected this year, followed by 168,000 in 2015. Stronger sales activity should come as a result.
“It is important to bear in mind that the new home sales recovery has not benefitted all states,” warned Garrett.
“State governments will be framing their budgets in the coming months, and it is vital that their policies work to sustain the housing market recovery,” he said.
In January 2014, new private detached house sales increased 10.9% in Victoria and 0.4% in Queensland, while declining by 6.9% in South Australia, 6.4% in New South Wales and 1.9% in Western Australia.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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New home sales creep up after December dip: HIA

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Governor-General Quentin Bryce has officially opened Victoria’s home of architecture today at 41 Exhibition Street, in a strata-titled commercial tower developed by the Australian Institute of Architects.
The commercial tower, named 41X, is 22-storeys and with a Five Star Green Star rating, is home to the Institute’s Melbourne offices, including the Victorian chapter, over five levels.
Located on the corner of Exhibition Street and Flinders Lane, it is home to 15 other purchasers and tenants, and is the first strata commercial office building with a focus on carbon neutrality.
“41X successfully shows how private and not-for-profit organisations can have a positive impact on the development of our cities by creating world class, cutting-edge, environmentally responsible commercial buildings,” said Bryce.
“This elegant addition to Melbourne’s CBD makes a bold statement about the value of design. With this building, the Institute is strongly reinforcing the value of architects and architecture to the sustainable growth of our community – tangibly fulfilling its mission of ‘making the world a better place through architecture’.”
There is a design “haven” on level one, which houses an architecture and design bookshop – Architext – and an Axil Coffee Roasters café.
The project was initially prompted in 2006 with a feasibility study for the site commissioned. Renovation and relocation were considered before a redevelopment was settled on.
A two-stage design competition was then held in 2008, before the commission was awarded to winners Lyons Architects with their public/commercial concept. In 2012, HASSELL was then selected as the architect for the fit-out of the five levels occupied by the Institute.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Quentin Bryce officially opens Victoria’s new home of architecture: 41 Exhibition Street

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.

[smartcode_project:default project_id=150489 project_image_fid=373834]

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."

[smartcode_project:default project_id=150713 project_image_fid=373827]

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.

[smartcode_project:default project_id=151449 project_image_fid=357458]

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."

[smartcode_project:default project_id=151449 project_image_fid=357463]

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.

[smartcode_project:default project_id=151449 project_image_fid=357469]

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>.

[smartcode_project_cta:default project_id=151449]

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.

[smartcode_project:default project_id=134951 project_image_fid=368645]

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."

[smartcode_project:default project_id=134951 project_image_fid=358802]

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.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<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.

[smartcode_project_cta:default project_id=134951]

Jennifer Duke

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