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New statistics are showing an increasing trend towards urban apartment living in both Melbourne and Sydney, according to the Urban Taskforce. The Sydney Metropolian Program saw three quarters of the housing approvals being for apartments, however Urban Taskforce's CEO, Chris Johnson, warns that this number could slow as delays on Urban Activation Precincts hinder supply. “The December housing approval figures show that 76% were for multi-unit apartment projects which continues the trend at this level,” said Johnson. “For the last three months of 2013 apartments were 73.2% of all housing approvals and 71.1% of all housing completions.” He noted that Sydney is swinging towards more urban apartments in inner city areas with investors and owner occupiers showing interest. “There is also a clear swing towards more urban living with its greater variety of amenities by a number of demographic groups. It is important that the planning system supports zoning for apartments where people want to live," he said. The greatest number of apartment approvals by LGA in December for apartment approvals: <a href="/news">Parramatta</a> (463) <a href="/news">Waverly</a> (367) <a href="/news">Canterbury</a> (316) The highest number of apartment completions over this period: <a href="/news">Botany Bay </a>(368) <a href="/news">Willoughby</a> (295) Meanwhile, in Melbourne, five high rise projects totalling 2,000 apartments were approved in just one day. “The Victorian Planning Minister in approving a 63 storey apartment tower as well as two 55 storey towers is supporting the growing interest in apartment living in urban areas of Australia,” he said. “The demonstration of leadership by the state government in fast tracking these approvals is a lesson for other states where approvals are often delegated to other bodies.” He said that while many corridors in Melbourne can retain their suburban character, there are nodes where mid- and highrise is appropriate. “The swing towards apartment living in Australian cities seems to be part of a cultural shift to favour location over dwelling size. Coming with the new form of urban living is a more co-operative approach to sharing amenities like swimming pools, parks and gymnasiums," he said. A growing interest in rental properties may be behind much of this shift in Melbourne. <a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
              
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jduke-EHk3XBmHkn

Shift towards apartments in Sydney and Melbourne needs government to keep up: Urban Taskforce

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Investors looking to build a portfolio and hold their current property, or their home, are constantly looking for ways to jump into the next opportunity. While selling one property and pouring the funds into another can be a possibility, those wanting to build a portfolio may see themselves benefiting from holding on to their purchases - particularly when a significant amount of growth has been seen over a long period of time, or when the prospects for the property are favourable.
When property prices rise, as we have recently been seeing them do around the country, it’s only natural that investors will start wondering whether it’s enough to leverage them into investment number two. This is known as using your home's equity (or your property's equity) and pouring it into another purchase. You may also see this regularly referred to in investment circles as "tipping" equity into another property or "pulling" equity.
A number of experts, including those that write for Property Observer, such as Cameron McEvoy, have <a target="_blank" href="https://www.propertyobserver.com.au/residential/know-the-purpose-of-the-properties-you-buy-cameron-mcevoy/2013040359825">used this technique to build their property portfolio and their initial wealth</a>.
Pulling equity allows you to hold onto an asset that may still grow, avoid exit costs and free up funds that may otherwise cause you to miss an opportunity. However, it does mean that you're looking at holding on to a substantial amount of debt - a concept you will need to become comfortable with should you be looking at holding multiple properties.
But where do you start?
To begin, you need to know how much equity you have available - a quick back of the envelope calculation will help you figure out if it’s even going to be viable enough to begin speaking to your lender.
This comes down to two different factors:
<ol>
<li>
The property’s value – You can work this out through a number of different options. Online valuations, calling local experts such as real estate agents, checking out online comparables or getting a valuation undertaken, can all give you a rough guide. Have a read of this <a target="_blank" href="https://www.propertyobserver.com.au/residential/property-valuation-101/2012022153484">Property Valuation 101 guide</a> to give you a leg up when undertaking this part of the process.
</li>
<li>
How much you owe – Check your statement for what the balance looks like on your mortgage.
</li>
</ol>
The equity you have iis the balance left when you take away what you owe from the value of the property. Let’s assume the property value is now $400,000, and your balance owing is $200,000. This leaves you $200,000 worth of equity.
If you don’t have a substantial amount of equity remaining, you will want to try and push one of the two equations more favourably by either paying down your mortgage more quickly, or by increasing the value of the home. Hopefully, if you've been selective about the area of purchase, you will have seen some capital growth that will have increased the equity without you needing to lift a finger. Those that haven't been so lucky will need to look towards these other value adding measures.
There are a number of guides for doing both of these things. Here are <a target="_blank" href="/news">25 tips from Yellow Brick Road on paying your mortgage off faster</a>, and a number of <a target="_blank" href="/?option=com_googlesearch_cse&amp;q=adding%20value">ways to add value to your home</a> (either through renovations, additions or other improvements).
How much equity can you pull out?
You cannot just tip the entire $200,000 into another property, as this will leave your “owing” balance at 100% on the current property. You also want to ensure that you have enough equity as a buffer in case you see any downturns in value – you <a target="_blank" href="https://www.propertyobserver.com.au/residential/negative-equity-hurting-mcmansion-owners-but-most-home-owners-neednt-worry-catherine-cashmore/2012032654006">do not want to be left with negative equity in any situation</a> (where you owe more than the property is worth).
"If you don’t have any spare funds aside from the equity in your home, then do not use all your usable equity to invest in property, just in case you need to draw on it in the event of an emergency. Even if it means you can’t invest for a while, it is always important to keep yourself protected," NAB warns in their guide to using equity.
With this in mind, you then need to look at how much to leave in the current property for when you refinance. Leaving 20% of the property’s current value (or $80,000), provides you with $120,000 of equity available to play with.
You may be able to use $80,000 of the equity to move into another $400,000 investment property. The back of the envelope calculation in this situation stacks up. Note: Don’t forget that if you want to borrow the amount for the costs as well, this may further erode the amount of equity you have to play with.
Refinancing, cross-collateralisation and finance
To release the equity, a lender will send around a valuer for a new bank valuation. This may be different to your own calculations and will determine the amount you have available in their eyes.
You’ll be looking to refinance your property so that you can have a new mortgage, with a new LVR. Firstly, read our <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-mastering-the-art-of-refinancing-12-tips-for-success-and-key-things-to-consider">free eBook guide on refinancing</a>.
We also have <a target="_blank" href="/news">a freely available webinar presentation on the ‘Dos and Don’ts’ of refinancing</a> with chief executive of the Mortgage and Finance Association of Australia, Phil Naylor.
By this point, you’ll likely have heard the term cross-collateralisation, as well as the associated warnings that many will provide you about this type of structure. Certainly, it isn’t for everyone; however there are some significant benefits to this type of loan.
Cross-collateralising, or where you use one property’s equity as security for another, rather than taking out a separate loan, has certain benefits. Investors Choice Mortgages’ Jane Slack-Smith explains that one of the upsides is that you do not have to pay mortgage insurance, and that it allows you to get in when, for any number of reasons, you may not be able to achieve a second loan.
However, it does make it more difficult to leave the lender in the future, and can leave your properties “tied” to one another so that if your entire portfolio stays stagnant as a whole, yet one property has increased in value, you may see yourself unable to release the equity in the future.
You can read Slack-Smith’s thoughts on how you should be structuring your finances when using your equity in <a target="_blank" href="https://www.propertyobserver.com.au/residential/spare-upper-right-ytc-jane-slack-smith/2012101557172">this how to article</a>.
When it comes to borrowing for the next investment, you need to be aware of your borrowing capacity. The same concerns for when you took out your initial mortgage still apply. While this varies from person to person, a generally rule of thumb provided by NAB is to multiply your available equity by four.
Finally, remember that equity can be used for a number of different things. You may want to consider tapping into your equity to fund renovations, new builds or <a target="_blank" href="https://www.propertyobserver.com.au/residential/the-10-must-know-facts-about-the-advantages-and-disadvantages-of-reverse-mortgages-loans/2012112657879">even fund your retirement</a>. Some are more comfortable just paying down one property and aiming for a debt-free asset, rather than using any growth to jump into another property.
How, when and if you grow your portfolio is, ultimately, up to you as an investor.
Are you looking to release equity?
jduke@propertyobserver.com.au
            
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How to: Use your equity to buy your next property

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Luxury development Silt at Brisbane’s Kangaroo Point, has sold out. All seven apartments have been snapped up in only one month, with more than $10 million of deals.
The complex, at 50 Holman Street, <a href="/news">Kangaroo Park</a>, had one apartment per floor that, from the exterior, appeared to be a commercial or industrial building, according to Place Estate Agents’ Simon Caulfield. Each of the sales were between $1.3 and $1.6 million, with $50,000 increases per floor. Sales material for online listings had the prices at $1.4 to $1.7 million.
{qtube vid:=h9GmytsfIJE}
The median price for units in Kangaroo Park is currently $475,000, with $460 as the weekly median asking rent.
These sales, which are notable at their price point, are not entirely unusual for the area. <a href="/news">Two whole-floor apartments in the same development complex that transacted in 2012</a> went for the eye-watering prices of $4.13 million, and $4.62 million in the 15-level 1 Scott Street development. Bought by local owner occupiers, they were 432 square metres in size including over 100 square metres of balcony space.
The site was previously home to three houses occupied by the Burke family – relatives of renowned Captain Burke, who is the namesake for the local park.
The interior of <a href="https://www.eplace.com.au/property.cfm?propertyID=2498096&amp;realestate=50_Holman_Street_Kangaroo_Point_QLD_4169" target="_blank">Silt</a> has an industrial feel, with exposed precast concrete, exposed load bearing walls and enclosed balconies with soft timber shutters.
“The latter in particular is something that hasn’t been done before; most conventional apartments have exposed glass balustrades and they’re painted, rather than having raw material on the outside,” said Caulfield.
“Once potential buyers saw the inside they were wowed with the finishes, and they loved it even more,” he said.
The development has park and river views, floor-to-ceiling glass windows and is located next to Story Bridge. Caulfield likens it to New York-style living, a style that is substantially popular the moment. In fact, Property Observer has even looked at <a href="/news">the merits of the New York loft style designs</a>, as presented on The Block, and how to replicate the style yourself.
Each of these apartments is 184 square metres with three bedrooms, two bathrooms, separate study and parking for two cars.
Developed by GBW Group, in an unusual twist, they waited for the project to be completed before launching them onto the market – rather than the usual approach of selling off the plan.
“This contributed to the sales success,” said Caulfield.
“It made the apartments more saleable – as soon as people saw the finished product and got a feel for it, they fell in love with it, and consequently we were able to find the right buyers quicker,” he said.
“This project was next to the Story Bridge and not on the riverfront, but we sold them for essentially record prices, and not only that, we sold them quickly.”
The sales approach was to take one apartment to market to start with, the middle floor, and once that sold they released the final six sell.
Settlement on the properties will occur for the end of this month. The buyers are said to be between mid-40s and early 60s, and included both upgraders and downsizers.
Interestingly, the majority of the sales went to buyers who were not initially looking to purchase.
“Four out of the seven buyers technically weren’t in the market, but once they saw the property - and how unique it was - many purchased on the spur of the moment,” he said.
“All of the buyers purchased with the intention of occupying the property, but one has since opted to rent out their apartment instead.”
Another apartment development from GBW Group is ready to begin on a riverfront site around the corner from Silt. The similar development will be substantially larger, with 2016 completion expected.
According to historical online listings, 50 Holman Street was purchased in a listing of a group of three sites as part of a deceased estate. Located on 334 square metres, it was advertised along with 11 Wicklow Street and 105 Main Street. All three are zoned High Density Residential, with the largest of the three being 11 Wicklow Street, at 417 square metres. The blocks were for sale individually or as a group, with 50 Holman Street the only vacant land plot.
<a href="mailto: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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Luxury Kangaroo Point development sells out whole floor apartments in just one month

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One of Canberra’s first new towns, built in 1967, and a major employment centre within the territory that expects significant population growth and housing demand, has seen a new masterplan released.
The <a href="/news">Woden</a> town centre and <a href="/news">Mawson</a> group centre are the focal points of the masterplan, with population growth in the area being contributed to by recent housing developments in the core of the town centre, such as Sky Plaza, and adjacent Woden Green.
The two centres are being considered together due to a range of relationships and planning arrangements between them, however a separate masterplan will also be created for each area.
The Woden Town Centre Master Plan looks to review the 2004 plan to see if planning controls are currently adequate. Meanwhile, the Mawson Group Centre Master Plan will look to see how the centre operates and what future changes can take place.
In September last year, the <a href="/expert-insights/buying/woden-town-centre-building-sold-for-4-4-million-for-use-as-a-medical-centre">Woden town centre building in Canberra's CBD was purchased by the Woden Specialist Medical Centre</a> for $4.4 million.
According to <a href="/news">the discussion paper</a>, Woden town centre could be looking to a requirement of 100 to 150 dwellings per year, or 2,000 to 3,000 dwellings over the next 20 years.
The paper notes that a number of recent development proposals look like they may introduce residential development into the western edge of the town. There is also likely to be an expansion of the Westfield, and bus network improvements.
Mawson group centre permits residential development, but has been identified for urban intensification. Currently, the centre is largely surrounded by low density single detached housing, with some medium density close to the centre, but none within the centre.
“There are several known benefits to incorporating residential that brings more people to centres, including more economically viable shops, more ‘eyes on the street’ (safer public spaces), more housing choice in a convenient location and increased use of public transport.”
Those interested in providing feedback to the discussion paper have been welcomed to do so by the ACT Government. You can <a href="https://www.timetotalk.act.gov.au/consultations/?engagement=woden-and-mawson-master-plans" target="_blank">submit your thoughts online</a>.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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Major ACT employment centre’s discussion paper paves way for residential development

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The concept of making Queensland's Moranbah a 100% fly-in, fly-out town has angered investors, who argue that it isn’t a flexible option and that there is plenty of accommodation for workers to live in the town.
<a href="/news">Moranbah</a>, once an investor favourite town gracing hotspot lists around the country, saw capital gains soaring and high rental yields to the tune of 20% before plummeting in recent times and leaving investors the area struggling.
The area has been the subject of much debate, and has <a href="https://www.propertyobserver.com.au/hotspots/busted-suburb-again-labeled-hotspot-the-moranbah-debate/2014020667559" target="_blank">recently been labelled a hotspot again with resources spending expected to be significant</a>.
However, within a new proposal from BMA to expand underground mines and create a new development is a 3,000-room mine camp for all of the construction and operational workforce.
Property Observer was provided with a letter sent to Deputy Premier and Minister for State Development, Infrastructure &amp; Planning Jeff Seeney by a Real Wealth Australia client, who lost a tenant due to forced changes and who is calling out for there not to be an enforced 100% FIFO workforce.
The investor, who had attempted a FIFO lifestyle before choosing to live in Moranbah themselves to be with their family every day, wrote to Seeney that the majority of workers traditionally drive in from <a target="_blank" href="/news">Mackay</a>, <a target="_blank" href="/news">Rockhampton</a> and other areas.
“There are hard working families in the regions who are financially suffering due to the jobs that are being lost to the region via the down turn and reduced employment opportunities because of FIFO. There are families who have purchased homes that are now worth less than the purchase prices. Some of them need to leave town to secure work and they can't rent out their places. Some people are going bankrupt, honest hard working people who have tried to build up some assets so that they can avoid dependance on government. By approving FIFO you are basically kicking these people in the guts,” the investor wrote.
In the letter, they quoted comments made by Seeney to the ABC.
"I don't believe there are enough opportunities for people to live in Moranbah and that's why we've been working with the Isaac Regional council to develop places like the Belyando estate and we've been prepared to invest into infrastructure," Seeney was reported as saying.
"Since we came to power, we've tried to work with the council to ensure there are extra opportunities provided for people to live locally, but unfortunately we haven't had the co-operation from the council that we would have liked."
Irritated at these claims, the investor pointed to the following:
<ol start="1">
<li>
There are currently 359 Vacant Houses in the communities of Moranbah and Dysart that are affordable and many have been vacant for months
</li>
<li>
There are 100's of approved development applications in Moranbah / Dysart for new properties which have been stalled due to the mining down turn and the FIFO policies that are being approved. Values have dropped so much that it is no longer viable to continue these developments 
</li>
<li>
That BMA owns a large block of land at the end of Mills Avenue, which during the 2011 mining boom remained untouched, yet BMA claimed there was a "shortage of accommodation" in the town which helped them to fuel their debate for 100% FIFO at Caval Ridge and Daunia
</li>
<li>
Council wants to grow the town and have always been accommodating for developers and investors in the region. Their commitment to the Belyando Estate is hard evidence that they want to accommodate more people. 
</li>
</ol>
Isaac Regional Council’s Mayor Anne Baker is against the proposal for a 100% FIFO workforce in the area, saying that it threatens the wealth of all of regional Queensland.
"It is reasonable to represent our residents and stand up when we facing the long-term failure of our regional communities, and it's bigger than that, no one in Central Queensland is safe, particularly Mackay and Rockhampton,” said Baker.
"If the Queensland government condones 100% forced FIFO work practices at Red Hill they are effectively allowing BMA to cut jobs in the region and lay the foundation for regional decline."
Baker said that the council is “not naïve enough” to expect the full amount of employment numbers to be sourced locally, but said that a forced 100% FIFO threatens all of regional Queensland.
"As I have said before, our vital and well established mining regions must be strong, healthy communities.  Our communities need population and economic growth, small businesses need confidence and we need community sustainability,” she said.
The median price in Moranbah is currently $382,500 for a house, with a median weekly asking rent of $500, according to RP Data.
{module Do you think 100% FIFO should be allowed in Moranbah and surrounding towns?}
jduke@propertyobserver.com.au
            
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100% FIFO concept slammed by Moranbah investors

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Holiday hotspots are a source of interest for many, and comparison website Finder have compiled a list of the top yielding areas that investors just might want to consider turning their gaze towards.
Using the top holiday destinations by postcode through Tripadvisor’s Travellers’ Choice Awards 2013, and ranking them by rental yield, sourced through Residex, they’ve provided the most popular areas that will also secure a good yield. <a target="_blank" href="/news">Owning a holiday home has a number of pros and cons</a>, and for those looking to make a good investment out of it primarily, it's all about the return.
Michelle Hutchison, money expert for Finder, said that there is a dramatic difference in potential returns between houses and units, and also that just because an area is very much loved by tourists it doesn’t mean it will stack up in terms of rental yield.
“For instance, we found Hobart City to be the best value holiday hotspot to buy a house, but it came lowest on the list for units,” said Hutchison.
“The most popular holiday destination was Sydney, but it holds one of the worst performing rental yields for houses and mid-range for units. You could potentially buy three houses in Hobart with a fair amount left over and earn $1,290 per week in total, as opposed to one house in Sydney earning $1,190 per week – a difference of $5,200 per year.”
Melbourne, the second most popular holiday spot, was found to consistently lag behind in terms of rental yields.
“Surfer’s Paradise is a mixed bag, placing second last for yield rates in the housing market, but second for unit prices. If you’re thinking of investing there, units may be the way to go for potentially better returns,” she said.
See over page for the top 10 holiday hotspots for houses and units.
 
 
 
<hr class="system-pagebreak">
 Top hotspots for houses
 
<table border="0" cellpadding="0" cellspacing="0" width="453"><tbody>
<tr>
<td width="201">
Holiday destinations and post codes
</td>
<td width="103">
Median house price
</td>
<td width="85">
Average rent /week
</td>
<td width="64">
Yield
</td>
</tr>
<tr>
<td width="201">
1. Hobart (7000)
</td>
<td width="103">
$483,000
</td>
<td width="85">
$430
</td>
<td width="64">
4.75%
</td>
</tr>
<tr>
<td width="201">
2. Byron Bay (2481)
</td>
<td width="103">
$701,000
</td>
<td width="85">
$640
</td>
<td width="64">
4.70%
</td>
</tr>
<tr>
<td width="201">
3. Adelaide (5000)
</td>
<td width="103">
$514,500
</td>
<td width="85">
$460
</td>
<td width="64">
4.57%
</td>
</tr>
<tr>
<td width="201">
4. Perth (6000)
</td>
<td width="103">
$812,000
</td>
<td width="85">
$695
</td>
<td width="64">
4.28%
</td>
</tr>
<tr>
<td width="201">
5. Cairns (4870)
</td>
<td width="103">
$691,000
</td>
<td width="85">
$585
</td>
<td width="64">
4.17%
</td>
</tr>
<tr>
<td width="201">
6. Port Douglas (4877)
</td>
<td width="103">
$503,000
</td>
<td width="85">
$365
</td>
<td width="64">
3.88%
</td>
</tr>
<tr>
<td width="201">
7. Brisbane (4000)
</td>
<td width="103">
$947,500
</td>
<td width="85">
$700
</td>
<td width="64">
3.66%
</td>
</tr>
<tr>
<td width="201">
8. Sydney (2000)
</td>
<td width="103">
$1,860,000
</td>
<td width="85">
$1,190
</td>
<td width="64">
3.45%
</td>
</tr>
<tr>
<td width="201">
9. Surfer’s Paradise (4217)
</td>
<td width="103">
$940,000
</td>
<td width="85">
$615
</td>
<td width="64">
3.42%
</td>
</tr>
<tr>
<td width="201">
10. Melbourne (3000)
</td>
<td width="103">
$905,000
</td>
<td width="85">
$545
</td>
<td width="64">
3.07%
</td>
</tr>
</tbody></table>
Source: Finder
Top hotspots for units
<table border="0" cellpadding="0" cellspacing="0" width="453"><tbody>
<tr>
<td width="201">
Holiday destinations and post codes
</td>
<td width="103">
Median house price
</td>
<td width="85">
Average rent /week
</td>
<td width="64">
Yield
</td>
</tr>
<tr>
<td width="201">
1. Port Douglas (4877)
</td>
<td width="103">
$184,000
</td>
<td width="85">
$270
</td>
<td width="64">
7.68%
</td>
</tr>
<tr>
<td width="201">
2. Surfer’s Paradise (4217)
</td>
<td width="103">
$299,500
</td>
<td width="85">
$400
</td>
<td width="64">
6.94%
</td>
</tr>
<tr>
<td width="201">
3. Brisbane (4000)
</td>
<td width="103">
$446,500
</td>
<td width="85">
$575
</td>
<td width="64">
6.63%
</td>
</tr>
<tr>
<td width="201">
4. Adelaide (5000)
</td>
<td width="103">
$359,000
</td>
<td width="85">
$420
</td>
<td width="64">
6.22%
</td>
</tr>
<tr>
<td width="201">
5. Sydney (2000)
</td>
<td width="103">
$575,500
</td>
<td width="85">
$720
</td>
<td width="64">
6.22%
</td>
</tr>
<tr>
<td width="201">
6. Perth (6000)
</td>
<td width="103">
$507,000
</td>
<td width="85">
$610
</td>
<td width="64">
6.16%
</td>
</tr>
<tr>
<td width="201">
7. Byron Bay (2481)
</td>
<td width="103">
$444,000
</td>
<td width="85">
$520
</td>
<td width="64">
6.15%
</td>
</tr>
<tr>
<td width="201">
8. Cairns (4870)
</td>
<td width="103">
$341,000
</td>
<td width="85">
$390
</td>
<td width="64">
5.92%
</td>
</tr>
<tr>
<td width="201">
9. Melbourne (3000)
</td>
<td width="103">
$409,500
</td>
<td width="85">
$470
</td>
<td width="64">
5.86%
</td>
</tr>
<tr>
<td width="201">
10 Hobart (7000)
</td>
<td width="103">
$456,000
</td>
<td width="85">
$425
</td>
<td width="64">
5.02%
</td>
</tr>
</tbody></table>
Source: Finder
“Houses and units in these holiday hotspots can be rented sporadically to tourists and holiday-goers or on a long-term basis. This makes them flexible and an attractive option for investors as you can make money with them and use them as a holiday home yourself, concurrently,” said Hutchison.
“Take into account legislation from the various states if you’re buying interstate – although many states will share similar regulations around property and investment, failing to look into them before purchasing could cause problems later on, especially concerning your rental agreement with tenants.”
Here's <a target="_blank" href="https://www.propertyobserver.com.au/residential/buying-a-holiday-home-can-be-part-of-your-long-term-investment-plan/2013081363708">how to make a holiday home part of your long term investment plan</a>.
jduke@propertyobserver.com.au
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10 top yielding holiday investment hotspots: Finder

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An iconic new intersection has been created for the Docklands area at Collins Street and Bourke Street, and it may become the new “heart of Melbourne,” according to Planning Minister Matthew Guy.
Opening the development last week, Guy noted that it is an important milestone for both Melbourne and for <a target="_blank" href="/news">Docklands</a>, calling it a “new heart” for both.
“Bringing two of the city’s most important streets together for the first time at this new intersection represents a significant historical moment for Melbourne,” Guy said.
This could be a crucial step in the defining of Docklands’ future, an area that has been criticised over its planning and implementation in the past. Property Observer took a tour around the area in October, <a target="_blank" href="https://www.propertyobserver.com.au/victoria/docklands-finding-its-feet-after-a-difficult-conception/2013101065628">finding that there may be a strong future ahead for the precinct upon completion in 2025 after a “difficult conception”</a> after an estimated $17.5 billion of private sector investment.
The development, and Collins Street extension, is a partnership with the City of Melbourne, Places Victoria and Lend Lease. The Collins Street extension, a $21.5 million capital cost project, also includes $3.5 million of tram infrastructure work. This has added 1,200 extra services per week to the Docklands tram timetable.
“This new intersection is indicative of the infrastructure the State Government and City of Melbourne have provided for the growing Docklands community. More than $1 billion worth of development is currently underway in the area, making it by far the largest urban renewal project under construction in Australia,” Mr Guy said.
The intersection has been opened to pave the way for Dock Square, set to open in early-April, a 3,500 square metre open space in Docklands.
“The $63 million civic precinct will be an outstanding addition to our city incorporating Dock Square, the Library at the Dock and the Family Services and Boating Hub that will get underway later this year,” he said. He previously foreshadowed the importance of Dock Square when announcing <a target="_blank" href="https://www.propertyobserver.com.au/victoria/a-%24300-million-hotel-and-apartment-complex-to-grace-docklands/2013102165853">The Altus, a $300 million hotel and apartment complex</a> to be built on the corner of the Harbour Esplanade and Dudley Street.
Guy co-announced the intersection with Lord Mayor Robert Doyle, who said that few could have dreamed of this development.
“The opening of this new intersection not only brings together two of our most iconic streets, but creates a unique meeting places in the heart of Docklands,” said Doyle.
For those interested in Docklands, here are <a target="_blank" href="https://www.propertyobserver.com.au/developments/five-of-the-biggest-docklands-developments/2013101465705">five residential developments shaping the future of the area</a>.
jduke@propertyobserver.com.au
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Largest urban renewal project in Australia to become the new heart of Melbourne: Planning Minister

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A new 20-storey apartment complex, with 129 homes, will be launched in Bondi Junction in May, comprising of two towers.
The complex, named <a target="_blank" href="https://www.aquabondijunction.com.au">AQUA</a>, is being developed by Leighton Properties, along with joint venture partner, Melbourne-based Qualitas, and will be located on the corner of Oxford Street and Hollywood Avenue. This is the third joint venture arrangement between the two companies.
Built on 1,309 square metres, adjacent to a Westfield Shopping Centre, and near Bondi Junction train and bus interchange, the street level of the development will include retail and landscaped outdoor spaces.
<img width="470" height="524" src="/images/stories/2014/02/24/bondi-feb-24-one.jpg" alt="bondi-feb-24-one">
Not to be confused with <a target="_blank" href="https://aquapetsaquariums.com.au/">AquaPets Aquariam</a> at Bondi Junction, AQUA, at 241 - 245 Oxford Street, is also aiming for a four star Green Star design.
Most of the apartments will have Sydney Harbour, Opera House or ocean views, and they are all of north and easterly aspects. They vary from studios to three-bedroom apartments, and the complex will also feature rooftop gardens.
The interior design will be from Koichi Takada, renowned designer who has been involved in <a target="_blank" href="https://www.propertyobserver.com.au/https://showcase.propertyobserver.com.au/2/3">North Sydney’s Skye</a>, <a target="_blank" href="https://www.propertyobserver.com.au/developments/work-begins-on-australia-s-largest-cantilever-on-frasers-one-central-park-tower/2012102357266">One Central Park</a> in Broadway and <a target="_blank" href="/news">Pacific in Bondi Beach</a>.
The current median price for a unit in <a target="_blank" href="/news">Bondi</a> is $735,000, with a 14.2% increase over the past year. Achievable median weekly asking rent is sitting at $650 per week.
Kann Finch Architects, in collaboration with DC8 Studio, will be undertaking the design.
A glass lobby will link the two towers. They are placed on a podium, which is said to maximise the view corridors.
The north tower features “shell white” horizontal bands, while the south tower features contrasting “wayward grey” bands.
Gavin Tonnet, Leighton Properties national head of residential said that they have appointed Colliers International as sales agents, and anticipate marketing to begin in May when the display centre is ready on site.
“[Bondi] is already a great place to live, and our apartments will add quality and style unmatched for this area, and continue the transformation of Bondi Junction’s urban centre,” Tonnet said.
Qualitas’ director, Mark Fischer, said that it’s a convenient location for transport, shopping, restaurants and entertainment.
“We have no doubt AQUA will be Bondi Junction’s most prestigious residential building,” said Fischer.
The enquiry page sees interested buyers able to select options on a studio from "under $500,000" to "$600,000+", one-bedroom from "under $600,000" to "$800,000+", two-bedrooms from "under $900,000" to "$1.2 million+" and three-bedroom properties from "under $900,000" to "$2 million+".
jduke@propertyobserver.com.au
   
 
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Two 20-storey apartment towers, Aqua, to be launched in Bondi Junction

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Recently announced delays to strata reform have seen mixed responses, with some satisfied the time is being taken to ensure the previous drafts are carefully considered, and others concerned as to what delays mean to what was initially proposed.
Noting <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/strata-reform-see-developers-fear-more-onerous-requirements-but-concerns-may-be-misplaced/2014022067943">his fears for more “onerous requirements” on developers under changes to the current draft</a>, Urban Taskforce CEO Chris Johnson last week expressed his disappointment with the delays.
These delays are <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/changes-to-nsw-strata-laws-delayed-after-stakeholders-demand-more-time/2014021867843">said to be due to an "unrealistic timeframe" that may place the changes to the legislation in jeopardy</a>.
Brookfield Multiplex, a member of Urban Taskforce, while noting that they have not been officially informed of any delays to the reform package that involves amendments to the Home Building and Strata Management Acts, provided Property Observer with a written statement about the delays.
“Further, Brookfield Multiplex can not understand why there would be delays to introducing the legislation as draft bills were circulated in December and by and large there is consensus amongst the stakeholders on the key reform elements. Our expectation is that the legislation will be introduced into Parliament this session,” regional managing director of Brookfield Multiplex Australasia, David Ghannoum, said.”
“The current Acts are not working as the legislation intended. This is to the detriment of homeowners, consumers and the building industry. Accordingly Brookfield Multiplex remains a strong supporter of the reform package,” said Ghannoum.
Applauding the work of previous minister, Anthony Roberts, in developing the “much overdue reform package and for building a consensus around those reforms”, they encouraged the new minister to keep momentum up for the changes.
Urban Development Institute of Australia’s chief executive Stephen Albin, however, recently told Property Observer that he isn't expecting any major changes for developers due to the delay.
Back in November 2013, when the position paper was released, the <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/nsw-strata-law-reforms-get-thumbs-up/2013111466361">draft for changes to the reforms received a fairly broad thumbs up from a number of groups in the industry</a>.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Developers speak out against strata reform delays

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A local real estate agency involved in the advertising of a Cookernup property and a Pelican Point home has had his “not guilty” plea upheld, after an appeal made against a Bunbury magistrate’s decision.
The Supreme Court dismissed the Commissioner for Consumer Protection’s appeal against the agent regarding a case of potentially misleading advertising of the two separate property listings. The result was released this week.
The real estate agency in question was Barr and Standley, and there were six respondents of the appeal - all associated with the agency.
The first charge involved the January 2012 advertising of a <a target="_blank" href="/news">Cookernup</a> property, that said it was located in <a target="_blank" href="/news">Harvey</a>. The existence of an interactive map on the online advertisement was enough, ruled by the judge to sufficiently qualify the location of the property.
The property, advertised as "47 Hardwick Street, Harvey" was said to be not strictly misleading by Justice Jeremy David Allanson, of the Supreme Court WA. The home, a four-bedroom, two-bathroom house, was asking for $535,000 plus.
The prosecutor opened the appeal by saying that consumers wishing to find a property online use search terms to the narrow the field, most commonly by location and price.
"Once a property is displayed on the website by the agency, any member of the public can locate the advertisement while searching online for properties to purchase under the search terms of 'price' and 'location'. It is the content entered by Barr and Standley in relation to a particular property that dictates the content of the online advertisement seen by the consumer.
"Price and location are specific fields on the web page that require data entry at the time the property listing is created by Barr and Standley. A property advertisement on the web page will have the location in prominent font at the top of the first page with the price underneath and it is then possible to scroll down to read a more detailed description of the property features or characteristics," the prosecutor said.
The prosecution also alleged that it was initially advertised in the correct location for three weeks, but was then changed to Harvey.
Rhys Standley, from the agency, said that few people knew of the township and it would generally be referred to as "being near Harvey".
Justice Allanson said that the representation was, as a result of the Google map inclusion, not strictly misleading. It took the buyers to the true location, some 12 kilometres from Harvey township but within the Shire of Harvey.
The second charge revolved around a listing of a <a target="_blank" href="/news">Pelican Point</a> property between January to April 2012. The complaint had been made to the authorities by another real estate agent.
The home was first advertised for $2.2 million to $2.5 million, and later altered to $1.5 million to $2.5 million, despite the owner saying they would not accept anything below $2.2 million.
Jay Standley, from the agency, said: "I think they would put a range on it where the bottom end would be market value and you would endeavour to get as much as we can."
He further said that while vendors will say they will not take under a certain amount, and buyers will say they won't pay over a certain amount, the reality is very different.
The respondents said that: "A certain amount of 'puffery' is to be expected to attract potential purchasers in the real estate market."
Justice Allanson said that Magistrate Langdon erred in coming to the conclusion, but did not look to a guilty verdict. This was due to a lack of evidence presented in support of the charge that would show how the audience would have responded to the advertised price range.
The defences case used arguments that the price range was agreed to by the owner. This was rejected by Justice Allanson.
The notion that it was widespread practice by Bunbury agents and that the lower price was based on market value were also rejected notions.
Commissioner for Consumer Protection, Anne Driscoll, said that despite this dismissal, it does not remove the legal requirements not to mislead buyers.
“The original magistrate’s decision and the subsequent dismissal of our Supreme Court’s appeal are judgments made on the specific circumstances and the evidence presented in this particular case,” Driscoll said.
“It should not be taken by the industry as a licence to advertise a property as being located in a more desirable nearby suburb, or advertised at a price that is not actually acceptable to the owner.
“The overarching principle of the Australian Consumer Law is that advertising must be fair and accurate, and not misleading. Consumer Protection will continue to enforce the law in relation to false and misleading representations and ‘bait’ advertising, and we will take action if there is evidence that these laws have been breached.”
jduke@propertyobserver.com.au
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WA agent found "not guilty" after advertising home in wrong suburb: Consumer Protection

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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