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The new WestConnex development appears to be receiving a significant backlash on Twitter, and public comments are closing today.
The 33 kilometre motoway looks to connect Sydney's west with Port Botany and the airport, and looks to include an M4 extension as well as the duplication of the M5 East to King Georges Road. Work is due to start in early-2015 for the stage one, linking Parramatta with Haberfield. It's planned in response to population growth and other stresses soon to be placed on this part of Sydney.
Information about the development says that it will create 10,000 jobs, and looks to open stage one to traffic for 2019. Stage two, which includes the airport link, would open by mid-2020, with stage three completed by mid-2023.
"The corridor from Broadway to Parramatta could be flanked by clusters of new apartments, commercial offices, institutional, recreation and community buildings of 6 to 8 storeys in some sections, with higher rise in some other areas," notes <a target="_blank" href="https://www.westconnex.com.au/explore_the_route/urban_revitalisation/the_vision">the vision for the project</a>. They also mention the opportunity for parks, recreational spaces, as well as retail/office hubs.
Currently, the NSW Government has $200 million over 10 years to be focused on Parramatta Road, with $100 million to be spent during stage one from 2015 to 2019. Private developers are expected to jump on board to building the suggested residential sections.
Some of the arguments against the development include that Australia should be moving towards public transport rather than motorways, and that it will cause the destruction of some areas - notably some of Ashfield Park. Much of the backlash is coming from those in affected Inner West suburbs.
Those in some areas, however, are <a target="_blank" href="https://www.propertyobserver.com.au/news/sydney-s-westconnex-motorway-to-offer-major-urban-renewal-opportunities-urban-taskforce/2013092065166">likely to see their house prices jump as a result of the development</a>.
<blockquote class="twitter-tweet" lang="en">
Sydney residents &amp; councils battling <a target="_blank" href="https://twitter.com/search?q=%23WestConnex&amp;src=hash">#WestConnex</a> are facing same chaotic tactics as Melbourne residents with <a target="_blank" href="https://twitter.com/search?q=%23EWLink&amp;src=hash">#EWLink</a> <a target="_blank" href="https://t.co/dEJTE0hx0V">https://t.co/dEJTE0hx0V</a>
— Yarra Campaign (@yarra_campaign) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/yarra_campaign/statuses/432821129447604225">February 10, 2014</a>
</blockquote>
<blockquote class="twitter-tweet" lang="en">
Where's social infrastructure for increased pop. density with <a target="_blank" href="https://twitter.com/search?q=%23Westconnex&amp;src=hash">#Westconnex</a> promotion of high rise? Like schools, sports grounds, even shops?
— Anne Picot (@apicot) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/apicot/statuses/433525684497944576">February 12, 2014</a>
</blockquote>
We've had several readers write in about this, and there has been a recent rally to save Ashfield Park, that is said to lose 4% under the WestConnex changes. Over 500 residents attended the rally on February 9.
Property Observer recently published the article <a target="_blank" href="https://www.propertyobserver.com.au/economy/big-road-projects-are-they-really-worth-it/2014013167374">'Big road projects: Are they really worth it?'</a> from academic Chris Standen.
"The $20 billion being squandered on WestConnex and East-West Link could instead be used to create jobs in growth areas, build affordable family homes near existing employment centres, and construct new rail lines and busways," Standen explained.
What are your thoughts on WestConnex? Email: <a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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jduke-EHk3XBmHkn

Comments closing for controversial WestConnex development

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With the New South Wales government announcing they’re set to drive housing and consider options to independent planning reforms, it appears scaremongering may be hindering the process, according to the Urban Taskforce.
Planning reforms that may allow more opportunities for housing seem to have communities concerned about overdevelopment, the industry body said.
“Claims by the Greens that the Eastern Suburbs will have ‘high rise to the seaside’ or that the government plans ‘to bulldoze the North Shore’ are clearly gross exaggerations that are intended to stir up community anger against change to the planning system,” said Urban Taskforce CEO Chris Johnson.
“There is some confusion between the media reports that the Premier has said the Planning Minister should deliver the planning reforms using existing powers and a more recent statement that options are still being considered,” said Johnson.
“We believe the government should proceed with the reforms as outlined in their White Paper and that most of this can be done through existing legislation.”
He said that the housing supply across the state cannot wait until another election.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Claims Sydney’s eastern suburbs will have “high rise to seaside” are scaremongering: Urban Taskforce

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The Clifton, a townhouse project in Queensland’s Toowoomba expecting significant investor interest, has seen the first concrete slab put down at one of its three sites.
In total, there will be 43 townhouses delivered <a href="https://cliftontoowoomba.com.au" target="_blank">within The Clifton development</a>, with this first site, Clifton on Blake, delivering eight. The other two sites are called Clifton on Anzac and Clifton on Vacy, and they will all be started and completed at separate times. However, these final two are expected follow the completion of the Blake site very quickly, in an estimated six to eight weeks.
The builder for the sites is Arden Vale Homes, who are located in <a href="/news">Toowoomba</a>. 
The next stage will be site drainage, after which the frames and roof trusses will be installed as the sewer line is replaced. This is expected to take five weeks.
This week, units one to four will see work beginning on replacing the sewer lines.
The Clifton on Blake is located at 5 Blake Street, <a href="/news">Wilsonton</a>, and has four three-bedroom townhouses and four two-bedroom townhouses. Special mention is given that it is located outside of a flood area.
Clifton on Vacy is located at 81 Vacy Street, <a href="/news">Newtown</a>, and includes six three-bedroom townhouses and 20 two-bedroom townhouses.
Clifton on Anzac sits on 86 Anzac Street, Newtown, and offers three three-bedroom townhouses and six two-bedroom townhouses.
<img src="/images/stories/2014/02/17/toowoomba-feb-17-breakout.jpg" width="470" height="264" alt="toowoomba-feb-17-breakout">
Photo: Clifton on Blake
They include stainless steel appliances and open plan designs split over two-levels, starting from $299,500 and 117.5 square metres. They vary in prices up to $355,500, however most seem to sit around the $320,000 mark.
The median sales price in Newtown, Queensland for a house is $268,250 with $300 per week in rent, while the median units sits at $236,500, with $268 in rent, according to RP Data.
Meanwhile, in Wilsonton, Queensland, the median price for a house is recorded at $274,000, with $290 per week in rent, with unit median prices sitting at $235,000, achieving $265 per week in rent.
They are being developed by Thirdi Property Group, who said that they identified an undersupply of quality medium density dwellings in this area, that may underpin strong demand for these homes. Thirdi focuses on providing investor stock, so it would be fitting that these properties may see a large number of investor purchasers.
Rental estimates from Colliers International place achievable weekly rent at $320 to $330 per week on a two-bedroom townhouse, and $370 to $380 per week on a three-bedroom townhouse (estimates for Clifton on Blake). You can <a href="https://cliftontoowoomba.com.au/development-overview/" target="_blank">see the rental appraisals online here</a>. Similar rents are achievable at the other two townhouse stages.
This comes to an estimated 5% to 6% yield unfurnished - however, promotional material suggests that adding a furniture package could boost this higher. The vacancy rate in the area, according to SQM Research, has been slowly on the incline for some months, yet it does still sit at a low 2%.
They have also, in conjunction with BMT, produced depreciation reports for the properties. The <a href="https://cliftontoowoomba.com.au/wp-content/uploads/2013/08/BMT-Tax-Depreciation-Estimate-Clifton-On-Blake-low-res.pdf" target="_blank">Clifton on Blake depreciation report</a> explains that the total depreciation estimate for year one of ownership for the two-bedroom townhouses is from a minimum of $8,207 to a maximum of $10,030, decreasing gradually through the years held. This amount is slightly higher on a three-bedroom townhouse.
NextHotSpot, who are connected with Thirdi, produced the following video of the area, showing developments that they believe will “turn Toowoomba into a logistics hub”.
{qtube vid:=boo4ojCcpts}
Toowoomba has also seen itself secure a place on a number of magazines' lists as a hot suburb; some multiple years in a row.
Clifton on Blake is expected to be completed in July/August this year, while Anzac and Vacy have August/September 2014 and September/October 2014 completion expectations respectively. Each is located near arterial roads and key shopping centre hubs.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
 
 
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Toowoomba townhouses, The Clifton, lays down first concrete slab

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A North Penrith development site, called the upcoming “crowning jewel” owned by Parkview, has the council shocked by a suggested approval of changes to the initial plans.
The council told The Western Weekender that the plan was for a site to “book-end” the city of <a target="_blank" href="/news">Penrith</a>, and provide a 16-storey hotel as well as 930 dwellings on the site. They had been informed of these intentions in 2008.
The current plan, however, has Masters Home Improvement store and 375 car spaces in the first stage, with stages two to six including 570 residential apartments, retail shops and a tavern, at an estimated capital investment value of $219 million. This was suggested in 2012, which may be good news for renovators in the area, but not so good news for first time buyers.
The State Government has recommended approval of the construction, a stance that is unpopular in local council.
The development area is the former Panasonic site on Station Street – number 164.
Last year, the councilors voted unanimously that they would not approve a new concept design from Parkview Penrith, and then made a submission to the Department of Planning and Infrastructure objecting to the plan.
In 2008, they approved the initial concept plans for the 172,000 square metre site.
The initial high density plans would have provided some housing relief in this lower socio economic area of Sydney.
Over 2012/2013 financial year, Penrith was <a target="_blank" href="https://www.planning.nsw.gov.au/Portals/0/AboutUs/docs/2013_Full-report.pdf">within the top 12 Sydney LGAs for housing approvals</a>.
jduke@propertyobserver.com.au
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“Crowning jewel of Penrith” development’s changes shock Council

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Buying into Australia’s regional areas can cause some to come unstuck, particularly when they haven’t done their research. However, Raine &amp; Horne’s CEO, Angus Raine, said that there are three things you can look for to ensure a bit of extra success.
Discussing the exacerbated drought conditions across regional New South Wales and Queensland, Raine said that seasonal challenges are all part and parcel of living in country areas.
For these reasons, investors and property buyers would do well to focus on these three areas:
<ol>
<li>Robust economies</li>
<li>Strong employment prospects</li>
<li>Population growth</li>
</ol>
“These factors can help underpin decent long-term growth and rental yields and provide some cover against the effects of environmental influences that are often out of our hands such as flood and drought,” said Raine.
In particular, the Queensland town of Charters Towers and north west New South Wales’ Moree have these three pillars.
For instance, Charters Towers doesn’t rely solely on agriculture, with a strong education sector and a mining base for gold and coal.
Kelly Atkins, principal of Raine &amp; Horn Moree, said that while the drought is affecting the market, real estate remains resilient.
“Around 30%of buyers are investors, and many of these individuals don’t live in Moree,” said Atkins.
Yields of up to 8% are seen within the area, such as a $164,500 three-bedroom house on Boland drive that rents for $255 per week.
What factors do you look for in a regional town?
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Angus Raine’s three factors to ensure success investing in regional areas

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Each week at Property Observer we ask you 'How closely were you watching?' Here are some questions about some of the most intriguing, and some more obscure, stories of the week to get your grey matter busying itself into the weekend.
QUESTIONS
1) Jonathan Chancellor interviewed which bubble-predicting commentator who recently likened the housing market to ‘popcorn popping’?
2) It’s Valentine’s Day, so we’re asking: Which mining magnate and his wife listed the Woollahra property (pictured below)? (Extra points if you can remember the couple who sold it to them!)
<img src="/images/stories/2014/02/13/wol/wollahra_0010_14.jpg.jpg">3) Bad bushfires in an area of New South Wales last year have really affected its performance, particularly in terms of tourism numbers. Which area was this?
4) A development in Queensland’s Kelvin Grove is using its lack of amenity – with no gym, pool or elevators – as a selling point. What is the name of this development (pictured below)?
<img src="/images/stories/2014/02/12/evo/evoque_0000_EVOQUE_-_Artists_Impressions.bmp.jpg">
5) We asked the experts for their opinions on whether Australian property prices are overvalued. Do you remember what the overall consensus was?
6) Clive Burrows presented us with eight risks that could turn your investment dream into a financial nightmare. Do you remember what risk number one happened to be?
7) First home buyers are at record lows, and it wasn’t surprising to see first home buyer grants slumping. But how many dollars were granted to FHBs for their purchases? (Hint: It’s in the millions)
8) The largest Gold Coast masterplanned community is underway. It is halfway to Brisbane, and is called Gainsborough Greens, developed by Mirvac. What is the suburb it is located within called? (Hint: It’s the only place in Australia you can go zorbing)
 
Turn over page for answers
 
 
<hr class="system-pagebreak">
 
 
ANSWERS
1) <a target="_blank" href="/news">Harry Dent</a> 2) <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/mining-magnate-nick-curtis-lists-queens-street-woollahra-residence-with-%2412-million-plus-expectations/2014021267746">Nick Curtis and wife Angela are selling</a>. They purchased it from 2SM radio broadcaster John Laws and wife Caroline.
3) <a target="_blank" href="https://www.propertyobserver.com.au/commercial/after-bad-bushfire-press-the-blue-mountains-works-to-regain-its-footing/2014021167718?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">The Blue Mountains</a>
4) <a target="_blank" href="https://www.propertyobserver.com.au/queensland/no-gym-and-no-pool-a-selling-point-for-kelvin-groves-evoque/2014021267731?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">Evoque</a>
5) Mixed. However, it was <a target="_blank" href="https://www.propertyobserver.com.au/residential/is-australian-property-overvalued-the-experts-have-their-say/2014020667606?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=editor%27spicks">largely agreed that it has been more overpriced in the past</a>.
6) Asbestos! You can <a target="_blank" href="/news">see all eight risks here</a>.
7) <a target="_blank" href="/news">$200 million</a>
8) <a target="_blank" href="https://www.propertyobserver.com.au/queensland/largest-masterplanned-community-underway-on-gold-coast-this-year/2014021167704">Pimpama</a>
How well did you go with the questions?
jduke@propertyobserver.com.au
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Property Trivia: Bushfires, bubble-predicting commentators, mining magnate's home

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A proposal to return planning powers to local councils has been slammed by the Urban Development Institute of Australia (UDIA), who say it will turn back the clock for developers bringing housing to the inner suburbs in South Australia.
Shadow Minister for Planning, Vickie Chapman, announced that planning powers would be given back to councils to assess higher density developments in inner metropolitan areas if they are elected in the March 15 poll. This will be a reversal on planning changes made last year.
“Adelaide can ill-afford to turn back the clock and risk investment that will create jobs, provide much-needed housing choice and enhance the future of our inner suburbs,” said UDIA (SA) executive director, Terry Walsh.
In particular, Walsh made reference to the Karidis Corporation who were required to go to court to defend and progress its conforming Hume Street proposal for the city. He noted that this is what can happen when councils are involved in zoning rules.
“Giving local councils responsibility for development proposals up to eight storeys high flies in the face of the intention of the inner metro planning reform package,” said Walsh.
“It is simply illogical to give assessment powers to five different planning authorities when the job should be done by a single independent planning body, i.e. the state’s Development Assessment Commission.”
He said that for those looking to develop, this effectively results in five separate interpretations of the same rules, and five different decision-makers, which could cause inconsistency, costs and delays.
Walsh suggested that they look the other way, towards further de-regulation, rather than taking this step.
“The recent planning changes to the inner city and inner suburbs have been good for the state. They have resulted in planning applications to the value of $1.2 billion being assessed by the DAC,” he said.
Strict accountability would be required to ensure that zoning rules are consistent in their application, with decisions made according to statutory timelines.
Chapman’s thoughts on the changes are that they will actually help developers, and local areas, by taking away centralised government control.
Speaking to Adelaide’s independent news source <a target="_blank" href="https://indaily.com.au/news/2014/02/13/libs-hand-back-council-planning-powers/">InDaily</a>, she said it would bring back local knowledge to local decision making, and will provide community consultation right from the start.
“We don’t oppose having an urban infill policy. We just think that the Government should stop trying to take control of these things – buying up property themselves, developing their own projects in the urban inner rim … and refusing to let the property development industry get on with it through a proper and timely process through local government,” Chapman said.
<a href="mailto:jduke@propertyobsever.com.au">jduke@propertyobsever.com.au</a>
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Plan to return planning powers to councils slammed, South Australia

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As property prices increase around Sydney, much discussion is being had around whether investors and home buyers will head more towards units as opposed to houses to save on the costs.
Edwin Almeida, from Just Think Real Estate and Sydney Real Estate TV, explains that you really need to look at the true cost of buying an apartment when undertaking a financial comparison to a house. In fact, it’s not all about the asking price.
Almeida asks whether it’s a simple case of the unaffordability of housing, or whether there’s more behind the drive to move people into apartment buildings.
“Well let’s look at the numbers and the true costs buying into an apartment represents; after all, these are figures most marketing companies and agents don’t want you to know,” he said, providing the figures outlined in the video below.
{qtube vid:=2gMpvfDGovA&amp;feature=youtu.be}
These figures have been derived from Almeida’s own property management books on his rent roll at Just Think.
<hr>
 He provided the following numbers (as outlined in the video): 
Average Two Bedroom Apartments Costs
A: Costs
<ul>
<li>Average Strata levies $1600 x 4 = $6,400</li>
<li>Average Water Rates $190 x 4 = $760</li>
<li>Average Council Rates $230 x 4 = $920</li>
<li>Average Property Management fees annualised = $2,100</li>
<li>Average vacancy rate and letting fees = $1,200 </li>
</ul>
Total = $11,380
 
B: Rent Annual
<ul>
<li>Average rent $550 x 52 = $28,600 per year 
</li>
</ul>
C: Interest Rate
<ul>
<li>Average interest rate on investment $550,000 = $29,975 per year 
</li>
</ul>
Therefore: 
B – C = -$1350 (D) Short Fall
 
Therefore: 
D (Short fall) + A (Costs) = $12,755/52 weeks
= $245.29/week out of pocket “top up”
 
*Other costs not factored into the purchase of the property: Stamp duty if applicable
Source: Just Think Real Estate
<hr>
“An increase of 30%  leads from $245.29/week to average costs $318/week out of pocket ‘top up’ -what we are noticing of late across Sydney [in terms of property price growth figures],” said Almeida.
He also pointed to increases in levies, in one instance of 100% - from $1,600 to $3,100 – with no real reason, but with rents staying stable at $580 per week. This property is an apartment in a Parramatta highrise, where Almeida manages three properties.
“Be sure to calculate real costs of purchasing into new apartment investment opportunities before making the decision to buy,” he said.
So, investors and apartment owners, we’re asking you what your costs look like around the country? What are the fees that have increased or have been unexpected? Are you having success with the apartment strategy?
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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The true cost of buying an investment unit: Are these the numbers developers don’t want you to see?

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February is one of the busiest months for prospective tenants searching for rentals, according to REA Group. For investors, this may mean one of two things. Either you can easily snap up a new tenant for your vacant rental, or you may see your tenant looking to move elsewhere.
While the <a href="/news">trend is increasingly to marry and have children later in life</a>, realestate.com.au has surveyed and found that 55% of those they spoke to would be more than happy to move in with their partner within 12 months of dating.
Just one in 10 will wait until they are married to move in together, with two-thirds noting they’d rather set up an entirely new home with their significant other than try to move into the others’ space.
General manager of sales and operations, Arthur Charlaftis, said that a change in life stage is one of the biggest triggers for those looking to move rental properties.
“The decision to move in with a partner, or away from a housemate, often prompts people to re-enter the property market. The suburb profile pages on realestate.com.au help tenants and buyers to understand the demographic of the suburb they are considering, helping them to make a more informed decision,” Charlaftis said.
And with February being “the month” for tenants to be shopping around, it’s time to take advantage of the increased number of eyeballs looking at your listing.
If your property has been vacant for some time, then you need to identify what the problem is.
There are three factors that you need to look at:
Demand
Price
Presentation
Tips on tenanting your vacant rental on the next page. Please click below.
 
<hr class="system-pagebreak">
Getting that vacant rental tenanted
DEMAND
Firstly, check the demand in your suburb. A quick way to do this is to head onto SQM Research and look for the vacancy rate. The lower it is, the higher the demand for rentals, and the more likely this isn’t the problem.
However, in a suburb where dwelling types are mixed, it’s worth working out whether this blanket rate of demand applies to your property. Head onto a listings website and find out how many properties there are for that suburb – then check how many there are that are comparable to your property.
As you do this, make sure you’re keeping careful watch on how many are superior and how many are inferior to your property.
You then want to call a property manager – it might be worth calling one that isn’t your own if they can’t seem to provide any new information on why your property isn’t seeing much interest – and ask about the tenant demand on their books.
 
Five questions to ask:
1) How quickly are my type of property e.g. three bedroom, two bathroom units, being rented out?
2) What number of applications do you tend to get? (And what type of people are they – students, families etc?)
3) How much are tenants paying for them?
4) Are there any features they are looking for more than others?
5) How often do these properties come up for rent?
Ensure you’re comparing apples with apples – if your block is on a main road, or doesn’t have air conditioning when others do, you’d do well to mention this to the property manager. Your <a href="https://www.propertyobserver.com.au/news/your-property-type-will-dictate-your-tenant-terri-scheer-insurance/2014012867402" target="_blank">property type is also likely to dictate your tenant, according to Terri Scheer Insurance</a>, so you need to know what type of person will be looking to rent this home.
For instance, if you have a ‘top dollar’ apartment, then your tenant is going to be expecting ‘top dollar’ amenities. Observer <a href="https://www.propertyobserver.com.au/landlords/the-10-things-a-tenant-wants-in-a-top-dollar-apartment-cameron-mcevoy/2013100865565" target="_blank">Cameron McEvoy explains what the 10 things are that they will be searching for</a>.
Low demand means you’re going to need to be more competitive.
If demand is or isn’t favourable, then it’s still time to look at aspect number two.
 
PRICE
For many tenants, price is the top factor that they consider when renting a home. As an investor sitting with a vacant property that’s likely proving to be a drain on your bank account, you might find that a $5 or $10 drop in asking rent will stop the bleed in the short term.
You can head to RP Data for free and check what median asking rents are within a suburb, but by now, you will have looked at a number of comparable properties in the area, including some that are and are not being rented quickly. If your headlining figure is not in line with those doing well, or if you found that demand was soft in the example above, then it may be time to offer a rent discount or a “week’s free” incentive to get a tenant locked in.
Price is likely to be the aspect holding you back from your secure income.
 
PRESENTATION
Seeing how your property appears to a tenant who is looking at it for the first time can be difficult. It’s important to remember that presentation covers both how the property is advertised, as well as how it appears when the tenant attends an open home.
Have a look at your online listing (this should be on the major listings websites, and potentially on other sites such as Gumtree if you are comfortable with this strategy).
 
Check for the following:
<ul>
<li>
An effectively written advertisement (does it sell the home’s best features and location benefits?)
</li>
<li>
As much information as possible about the home.
</li>
<li>
Good photographs – well lit, neat, clean, tidy and professional-looking photographs are absolutely crucial. It is worth getting these re-done if they are below standard.
</li>
<li>
Then have a look at the property itself (or the last inspection photographs if you are not close by). Some landlords even spend a night and a day in the home seeing if there’s anything that needs sorting out.
</li>
</ul>
 
You need to ensure that:
<ul>
<li>
Everything is in working order (no dripping taps, dodgy doors or similar).
</li>
<li>
Everything is clean – and by clean, it means really clean. Steam cleaning the carpets is important.
</li>
<li>
Your agent is prepared to maximise the home for its open (lights on, blinds open – just as you would when selling)
</li>
<li>
You’ve considered all of the senses – does something smell, look, feel or sound bad. Is the traffic noise too much? Is there anything you can do about it (such as timing your open homes carefully)?
</li>
<li>
The outside of the home has had as much attention as the inside – the yards should be tidy, and the front needs to be as presentable as possible. This is your first impression.
</li>
</ul>
If you still have questions, see if you can find out why your last tenant left.
If your property is still looking a bit lacklustre, it might be worth considering some cosmetic renovations or getting the property professionally staged to provide it the ‘uplift’ it needs at an open home. A lick of paint, some new handles or taps and a bit of attention to the front of the property can really go a long way.
If you are still struggling after this point, it might be time to check how well your property manager is performing in terms of following tenant leads. If your property manager isn’t performing, it will become pretty clear when you have gone through the above steps.
This step-by-step guide to securing tenants will really <a href="/news">help you get an understanding of the process</a> a property manager should be going through.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
 
 
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Vacant investment property? February is the month to get it tenanted

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The much-discussed development of Sydney’s Barangaroo is potentially behind an increase in demand in neighbouring Walsh Bay, said to be benefiting from the flow on effect.
Pier 8 &amp; 9 at Walsh Bay, along with 36 Hickson Road, a heritage building, have sold for a combined $58.5 million to a Swiss investment company, sitEX, and a Sydney-based investor respectively.
Pier 8 &amp; 9 was owned by Matt Handbury of Murdoch Media and is a heritage finger wharf.
The pier, at 7,500 square metres, had apparently seen a lot of interest, finally being purchased by sitEX, who had also acquired 117 Harrington Street in 2013 for $13 million.
Design firm Hassell Services has signed a 10-year lease for 2,660 square metres of space, while Yahoo!7 and Murdoch Media are also tenants in the building. <a target="_blank" href="/news">Hassell architect firm relocated to this site from their previous space in The Rocks</a>, and are working on the redesign of the $2.5 billion Darling Harbour exhibition centre. The rent is undisclosed.
Meanwhile, 36 Hickson Road, known as 36 The Bond, is a 1,200 square metre building that has been refurbished into an office/retail space on a freehold strata title. New tenants will be sought for the space once vacated by current tenant, Lend Lease.
Gavin Lloyd, CBRE, who negotiated the deal, said that investors are looking to capitalize on the rejuvenation benefits of Barangaroo, which is to be Australia’s largest mixed use waterfront development.
 
“Walsh Bay and Hickson Road have been recognised for many years as a premier address for creative tenants,” Lloyd said.
“The $6 billion Barangaroo precinct has heightened the focus on these neighbouring markets and underpinned a surge in tenant and buyer demand, with investors focusing on the provision of new infrastructure, amenity such as the planned Headland Park and its associated cultural facility, as well as significantly improved transport links.”
It’s not just commercial opportunities attracting attention either, with residential conversions also seeing interest, such as the first released apartment stage at Barangaroo South.
In January 2012, John McGrath <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/john-mcgrath-finds-walsh-bay-prices-have-been-watered-down-title-tattle/2012013153185">sold his Walsh Bay apartment for $5.5 million</a>, a drop on the amount it was purchased for.
jduke@propertyobserver.com.au
 
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Barangaroo’s flow on effect sees $58.5 million in Walsh Bay transactions

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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