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Cranes are dotting the skyline in North Sydney’s CBD, with a significant number of developments and strong sales pointing to residential interest in the area once again.
After almost a decade of very minimal residential development, there is now a strong supply of residential apartments coming online, said Duncan Grady, principal of Raine &amp; Horne North Sydney.
“Buyer interest in these new developments has been exceptional, with all projects nearly fully sold before completion,” said Grady.
He pointed to developments such as <a target="_blank" href="https://www.propertyobserver.com.au/developments/sydney-first-home-buyer-interest-picking-up-%E2%80%93-but-not-silver-screen-worthy-%E2%80%93-in-wake-of-government-grant/2012100556998">The Montrose</a>, <a target="_blank" href="https://showcase.propertyobserver.com.au/2/3/skye-by-crown">Skye Apartments</a>, The London, Atria, <a target="_blank" href="https://www.propertyobserver.com.au/developments/transition-apartments-to-tempt-sydney-north-shore-empty-nesters/2013073063590">The Heritage</a> and <a target="_blank" href="https://www.propertyobserver.com.au/news/belvedere-tops-out-north-sydney-with-three-bedders-the-remaining-offerings/2013072463493">Belvedere</a> as examples of what is being built in the area.
Grady expressed his confidence that these developments would breathe ‘new life’ into the area after-hours. Anyone familiar with <a target="_blank" href="/news">North Sydney</a> will be able to attest to its busy atmosphere during the working week, but its very quiet nature over the weekend.
“Take a walk around North Sydney between 9am and 5pm on Monday to Friday and it’s full of activity, however it’s more like a ghost town after work and on weekends, which seems a massive waste given our proximity to Sydney and the harbour,” said Grady. This is emphasized by the fact that the local shopping centre, Greenwood, is completely closed on Sundays and shuts early on Saturdays. In fact, even Wikitravel notes that the area is "notoriously" quiet on weekends.
“With an estimated two residents per apartment, we expect to have at least two thousand new residents living in North Sydney very soon,” he said.
His thoughts are that these residents will be young professionals working in the area, and with the busy nature of the North Sydney train station, it's likely that this could be an attractive option, with close connections to the city, Luna Park and other amusements as well as vibrant work-night local watering holes.
However, developments such as The Heritage are attempting to attract a downsizing demographic, featuring 23 three- and four-bedroom apartments and penthouse apartments, with prices start from $1.425 million.
Whether North Sydney will be able to re-emerge as an after-5pm destination over the weekends is yet to be seen.
The median price for units in North Sydney is $595,000 with a median asking rent of $508, according to RP Data. In September, a <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/%24400-million-office-tower-in-north-sydney-to-provide-new-urban-centre-developer/2013092665302">$400 million office tower was also slated for the area, planning to be a 'new heart'</a>.
jduke@propertyobserver.com.au
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jduke-EHk3XBmHkn

Weekend 'ghost town' North Sydney set to be given new life

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The price on this penthouse on Sydney’s Elizabeth Street is sure to elicit a gasp. At $15 million, it’s a three-storey giant covering 498 metres and overlooking Hyde Park.
Soon-to-be-completed, the four-bedroom, six-bathroom <a target="_blank" href="https://www.elizasydney.com">penthouse in development ‘Eliza’, at 141-143 Elizabeth Street</a> (pictured above and below), is looking at a $30,000 per square metre cost. Quite a sum.
<img src="/images/stories/2014/02/10/Eliza-5-feb-10-one.jpg" alt="Eliza-5-feb-10-one" height="555" width="470">
Said to be as ‘good as it gets’ in Sydney, by Irene Lau from Savills, an Asian market specialist, it has the lower two levels for living, dining and sleeping, with a rooftop level for entertaining.
It has a landscaped terrace, outdoor kitchen and transparent infinity-edge pool so you can see the views while you swim. Presumably not one for those with vertigo.
Meanwhile, Nigel Napoli, director of residential project marketing for Savills, said that this is also a good investment to make.
“Properties such as this tend to appreciate in value more quickly than average because of their scarcity,” he said.
“They have an obvious ‘wow’ factor, but just as important is the overall quality of the building, its finishes and recreational features. ‘Eliza’ is destined to become one of Sydney’s ‘blue chip’ buildings.”
{yoogallery src=[images/stories/2013/09/25/eliza]}
With completion expected in March, there are also three ‘entire-floor’ four-bedroom apartments available currently. The <a target="_blank" href="https://www.propertyobserver.com.au/news/tony-owen-designed-eliza-apartments-to-grace-hyde-park/2013092565252">Tony Owen-designed development</a> (pictured above) features 19 apartments across 17 storeys, each with floor-to-ceiling windows and fireplaces.
Despite the eye-watering price tag, McGrath Estate Agents’ research notes that the cost of these types of penthouses in Sydney is actually far less than those in other ‘leading international cities’.
 
New York
A $137,000 per square metre sale, and a record for the city, has been pointed to. At US$88 million and 626 square metres, <a target="_blank" href="https://manhattanpenthouses.com/penthouses/15.CentralParkWest.88million">Russian billionaire Dmitry Rybolovlev snapped up this penthouse</a> (picture below). It was previously the home to Sanford Weill, former chairman and chief executive of Citigroup.
{yoogallery src=[images/stories/2014/02/10/new]}
It is on the 20th floor of Fifteen Central Park West.
Property Observer isn’t quite sure this is directly comparable to Eliza, particularly as the building includes an in-house chef, climate controlled wine rooms, and other unusual features such as an anemometer on the roof to measure the wind speed so that terrace awnings can be retracted when necessary. It also has moisture sensors to detect leaks, temperature sensors on the pipes, and all manner of bells and whistles.
 
Monaco
A three-bedroom penthouse in pre-war La Belle Epoque was purchased on lease for 97 years.
<img src="/images/stories/2014/02/10/Monaco-penthouse-feb-10-one.jpg" alt="Monaco-penthouse-feb-10-one" height="378" width="470">
The buyer was rumoured to be an Arab sheik, and the sale was for €240 million over 1,626 square metres, or A$209,000 per square metre. This is a world record.
{qtube vid:=Qr2xcdI3AoU}
 
London
Penthouses in central London usually receive a 60% premium per square metre above apartments in the same complex.
 
Record prices
<div align="center">
<table style="height: 120px; width: 470px;" border="0" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="98">
City
</td>
<td valign="top" width="122">
Sale price (approx.)
</td>
<td valign="top" width="113">
Per square metre
</td>
</tr>
<tr>
<td valign="top" width="98">
Monaco
</td>
<td valign="top" width="122">
A$340 million
</td>
<td valign="top" width="113">
A$209,000
</td>
</tr>
<tr>
<td valign="top" width="98">
New York
</td>
<td valign="top" width="122">
A$86 million
</td>
<td valign="top" width="113">
A$137,000
</td>
</tr>
<tr>
<td valign="top" width="98">
London
</td>
<td valign="top" width="122">
A$304 million
</td>
<td valign="top" width="113">
A$131,000
</td>
</tr>
<tr>
<td valign="top" width="98">
Hong Kong
</td>
<td valign="top" width="122">
A$58 million
</td>
<td valign="top" width="113">
A$101,000
</td>
</tr>
<tr>
<td valign="top" width="98">
Singapore
</td>
<td valign="top" width="122">
A$36 million
</td>
<td valign="top" width="113">
A$50,000
</td>
</tr>
<tr>
<td valign="top" width="98">
Toronto
</td>
<td valign="top" width="122">
A$26 million
</td>
<td valign="top" width="113">
A$30,500
</td>
</tr>
</tbody></table>
</div>
 
Source: McGrath 
However, despite its lavishness, Eliza isn't necessarily slated to beat any records like these penthouses.
Sydney's <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/11th-floor-bennelong-trophy-apartment-set-to-test-the-2014-prestige-market/2014012367356">1 Macquarie Street, which in 2010 was asking for $30 million</a>, on 715 square metres, is a penthouse that's closer to the record mark. 
CPM Realty's Sam Elbanna told Property Observer that despite Sydney being an 'international' city, the penthouses tend to be smaller than those seen in cities such as New York. However, it isn't the size that sets them apart, but the views - such as those of the Sydney Opera House or the Harbour Bridge.
 
"As Sydney becomes even more ‘international’, particularly with its ever growing popularity in Asia, it won’t be long before Sydney penthouses become larger and the prices achieved will rival other major cities. Effectively demand for amazing apartments will increase therefore driving up the prices," he said.
{module Are Sydney's penthouse prices reasonable compared to global prices?}
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
 
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Sydney’s penthouse prices significantly below those of international cities: McGrath

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A new Light Rail Master Plan has been opened for tender, announced by Minister for the Environment and Sustainable Development, Simon Corbell.
With a plan to develop a light rail network to connect residential development with employment, retail and entertainment hubs, the plans to connect Gungahlin to the city is already being undertaken, however the next stages are ready for planning.
"The Light Rail Master Plan will guide government decision making about the future investment in the extension of Capital Metro, the light rail network,” said Corbell.
"This is a long term project for Canberra and it is important that we get the planning phases done right, to ensure we get the best value for money and to maximise the significant social, economic and environmental opportunities that light rail provides."
In the 2013/2013 Budget, the ACT Government provided $1.4 million for the planning process to identify options for the Canberra-wide light rail network.
This will be part of the ACT Planning Strategy, the Transport for Canberra government policy and the draft City Plan.
The tender is open until March 4, with a successful consultant to be appointed in late-March.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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ACT Light Rail Master Plan open for tender

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The director of MI Constructions (WA) Pty Ltd has appointed a liquidator of the company, following an assessment of their financial position and restructuring alternatives.
The residential construction business, located in Northbridge, Perth, had employed 18 staff and is currently engaged in more than 175 residential building projects within the area. They are said to be at ‘varying stages of completion’.
MI Constructions uses a number of taglines, such as ‘built for life’ and ‘profit from property’, and their website claims that their history as a builder dates back 40 years. They were a Housing Industry Association member.
The building company was receiving building permits from the City of Stonnington as late as October 2013 for sites in Balga.
The liquidator, Avior Consulting, analysed the company’s position and advised that they should stop trade before his appointment as liquidator.
Dermott McVeigh, Avior Consulting’s managing director, said that they are working closely with the director to ensure an outcome is achieved in the best interests of all creditors.
“We are also working closely with the Company’s insurer, QBE, to assist the Company’s customers to lodge insurance claims in situations where they have suffered a loss from the Company’s liquidation,” said McVeigh.
“I have convened a meeting of the Company’s creditors to take place on Monday, 17 February 2014 and I hope to be in a position to provide creditors with more details of the Company’s position then. We have also commenced an investigation into the Company’s failure which we will discuss with the Company’s creditors in due course.”
Currently, it’s noted that the liquidator requires more time to make an assessment of all building projects currently under construction, with investors to be advised.
More to come.
<a target="_blank" href="https://mce_host/jduke@propertyobserver.com.au">jduke@propertyobserver.com.au </a>
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Perth residential construction company, engaged in 175 projects, appoints liquidator

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Whittlesea residents have contacted Consumer Affairs Victoria 56 times in 2013, largely in relation to contractor delays and failure to complete works.
Similarly, Brimbank and Casey had 53 and 49 complaints respectively.
Homeowners are being urged to protect themselves when choosing a company or person for a project, with Consumer Affairs Victoria director, Claire Noone, warning that you must do your homework.
They provide the following tips when choosing a contractor:
<ul>
<li>
Get at least three quotes on the same detailed description of the work you want done
</li>
<li>
Check the company’s reputation by doing an online search, independently confirming business details and contacting referees
</li>
<li>
Ensure the contractor holds a registration or a licence. You should also check if the company or person has relevant qualifications before they start
</li>
<li>
Are confident that you can communicate with the company about any problems that may arise
</li>
<li>
Have a written contract for all work – even small jobs – that clearly specifies the work and total cost. You should also document any changes from the agreed initial work
</li>
<li>
Never pay the full amount up-front.
</li>
</ul>
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a> 
 
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Dodgy contractors have Consumer Affairs Victoria warning residents

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Auctions can be confronting situations, particularly for the inexperienced buyer, and the first rule that must be remembered is that “winning” at auction doesn’t necessarily mean walking away with the property.
If the home starts getting bids that you cannot afford, or that are more than the property is worth, then the best way to ‘win’ is to walk away. Often easier said than done.
This week, Property Observer took part in #loanchat – a Twitter conversation where people are encouraged to chime in and ask questions – with the topic being about auctions.
Here are the top tips
1 Practice and visit auctions ahead of time
If you can, it’s worth going to a number of auctions ahead of the time that you wish to place a bid. This will not only give you an understanding of what prices properties are going for, and the interest levels, but you will also find yourself more comfortable and familiar with the auction process
Auctions are an experience you don’t want to be dropped into cold. Try to visit as many as you can to get a feel of the language.
If you can’t head to any auctions ahead of time, then try to watch some videos of auctions online so that you know what to expect, and see some online guides.
For instance, this video on bidding tips:
{qtube vid:=IG45EARH8YM}
 
2 Have a game plan, including a budget, figured out beforehand
Do not go into an auction unsure about how much you’re willing to spend – know your upper limit and stick to it. However, you may find yourself needing to be flexible by $1,000 or $2,000 to make sure you don’t miss your ‘dream home’ by a few thousand.
Don’t give away how close you are to your limit – many buyer’s agents say they easily get the upper hand as it’s obvious when inexperienced purchasers are reaching their limit. Keep any notes with your limit on out of sight. 
 
3 Get an ‘auction buddy’ if you’re unsure
If you don’t trust yourself at auction, or could do with the support, then it’s recommended to consider an ‘auction buddy’ – someone who can come with you, keep you accountable and ensure that you’re not acting emotionally.
Make sure that you choose someone who isn’t emotionally invested in the purchase and who will play your ‘devil’s advocate’ when you want to pay more than you initially decided to.
 
4 Know exactly what it is your buying (and check out that contract ahead of time)
Do not go into an auction without being clear on your borrowing capacity, your expectations for the property and knowledge of what the asset is like. Ensure you’ve ‘popped the hood’ and undertaken a building and pest inspection, as well as had a solicitor look through the contract so you know what you’ll be signing.
Remember to negotiate any changes ahead of auction time.
 
5 Get as much information as possible
While getting plenty of information is crucial, ensure the advice that you seek out is independent and well-researched.
Too often, investors take advice from the real estate agent, who is acting in the vendor's interest. Prospective buyers should always be looking for impartial advice in every part of the buying process, including auctions. See out your own comparable properties, undertake your own research, and be sure to match it against what you are being told.
Similarly, double check any claims about rental yields achievable.
You'll also want to be figuring out the vendor's motivations - try and find out as much about the current owner as possible. This may just help to secure you the upper hand.
If you want to see <a href="https://www.statecustodians.com.au/help/Ask-Heidi-Blog/February-loanchat-Wrap-Up" target="_blank">a full wrap-up of loan chat then have a look here</a>.
 
<div align="center"><hr width="100%" size="2" noshade></div>
 
 
YOU MIGHT ALSO WANT TO READ:
How to <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/new-south-wales/ten-tips-to-avoid-becoming-spring-auction-pushover-buyers/2013091665044" target="_blank">avoid becoming an auction pushover buyer</a> (10 tips) 
<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/residential/seven-tips-for-buying-before-auction-john-mcgrath/2013072562631%20www.propertyobserver.com.au/auctions/five-tips-for-buying-at-a-busy-auction/2013101865803" target="_blank">John McGrath's seven tips</a> for buying before auction
<div align="center"><hr width="100%" size="2" noshade></div>
 
 
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
 
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Five tips to win at auction, and how to know when to walk away

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Residential land, having seen a 40% uptick in sales between the September 2012 and September 2013 quarter, is being said to have supply restrictions causing a ‘bottleneck’ and upwards price pressure, according to Housing Industry Association (HIA) senior economist, Shane Garrett.
The latest HIA/RP Data Residential Land Report pointed to pressure on residential land supply in the current recovery, despite a seasonal sales dip of 2.8% over the September 2013 quarter compared to the previous quarter.
“We have long emphasised the importance of ensuring that an adequate supply of affordable, shovel-ready land will be crucial to any sustained recovery in new home building,” said Garrett. 
“That task is imperative now more than ever. All levels of government need to implement the necessary reforms to address the problems affecting the residential land market. Reducing the excessive taxes and charges on housing as well as reducing planning and land release delays are key areas that need attention,” he said.
In fact, Peter Chittenden, managing director of Colliers International, has been asking <a href="https://www.propertyobserver.com.au/land/how-will-sydney-deal-with-shortage-of-land-supply-peter-chittenden/2013072963637" target="_blank">about how Sydney will deal with a lack of land supply for some time</a>.
Meanwhile, observer Terry Ryder has argued that <a href="https://www.propertyobserver.com.au/australian-capital-territory/increasing-land-supply-is-not-the-answer-to-affordability-issues-terry-ryder/2013041060295" target="_blank"></a><a href="https://www.propertyobserver.com.au/australian-capital-territory/increasing-land-supply-is-not-the-answer-to-affordability-issues-terry-ryder/2013041060295" target="_blank">increasing land supply is not the answer to housing affordability</a>. 
Land sales are an indicator of detached house building down the line, said Garrett, noting that he sees the prospect of rising detached house building activity this year.
Meanwhile, RP Data’s research director, Tim Lawless, said that market activity has varied.
“The number of land sales reached a new decade high in Sydney over the September quarter. Transaction numbers were close to 60 per cent higher over the six months ending September 2013 compared with the same period in 2012. Such strong conditions across the Sydney vacant land market are in line with broader housing market in Sydney where value growth continues to be nation leading,” he said.
Melbourne and Brisbane have also seen accelerating sales, despite volumes remaining below the highs recorded in 2009. Perth, Adelaide and Hobart have also seen some slippage in the number of land parcels sold over the September quarter, he said.
 
<table width="399" cellspacing="0" cellpadding="0" border="0">
<colgroup>
<col width="64" style="width: 48pt;">
<col width="271" style="mso-width-source: userset; mso-width-alt: 9910; width: 203pt;">
<col width="64" style="width: 48pt;">
</colgroup>
<tbody>
<tr height="20" style="height: 15.0pt;">
<td width="64" height="20" style="height: 15.0pt; width: 48pt;"></td>
<td width="271" style="width: 203pt;">MOST EXPENSIVE LAND 
</td>
<td width="64" style="width: 48pt;"></td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">STATE</td>
<td>REGION</td>
<td>COST</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;"></td>
<td></td>
<td></td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">WA</td>
<td>Kimberley</td>
<td align="right" class="xl65">$260,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">QLD</td>
<td>Sunshine Coast</td>
<td align="right" class="xl65">$240,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">NSW</td>
<td>Richmond-Tweed</td>
<td align="right" class="xl65">$225,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">QLD</td>
<td>Gold Coast</td>
<td align="right" class="xl65">$219,900</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">NSW</td>
<td>Hunter</td>
<td align="right" class="xl65">$185,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">VIC</td>
<td>Barwon</td>
<td align="right" class="xl65">$185,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">QLD</td>
<td>Mackay</td>
<td align="right" class="xl65">$185,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">NSW</td>
<td>Illawarra</td>
<td align="right" class="xl65">$183,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">QLD</td>
<td>Fitzroy</td>
<td align="right" class="xl65">$179,900</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">NSW</td>
<td>Mid-North Coast</td>
<td align="right" class="xl65">$175,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;"></td>
<td></td>
<td></td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;"></td>
<td></td>
<td></td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;"></td>
<td>LEAST EXPENSIVE  LAND 
</td>
<td></td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">STATE</td>
<td>REGION</td>
<td>COST</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;"></td>
<td></td>
<td></td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">TAS</td>
<td>Southern</td>
<td align="right" class="xl65">$70,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">SA</td>
<td>South East</td>
<td align="right" class="xl65">$72,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">VIC</td>
<td>Mallee</td>
<td align="right" class="xl65">$79,200</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">SA</td>
<td>Murray Lands</td>
<td align="right" class="xl65">$80,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">TAS</td>
<td>Mersey-Lyell</td>
<td align="right" class="xl65">$86,500</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">SA</td>
<td>Yorke and Lower North</td>
<td align="right" class="xl65">$92,500</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">SA</td>
<td>Northern</td>
<td align="right" class="xl65">$98,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">VIC</td>
<td>East Gippsland</td>
<td align="right" class="xl65">$100,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">QLD</td>
<td>West Moreton</td>
<td align="right" class="xl65">$100,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">NSW</td>
<td>Murray</td>
<td align="right" class="xl65">$105,000</td>
</tr>
</tbody>
</table>
Source: RP Data, HIA
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>  
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<td width="271" style="width: 203pt;">MOST EXPENSIVE</td>
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<td height="20" style="height: 15.0pt;">STATE</td>
<td>REGION</td>
<td>COST</td>
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<td> </td>
<td> </td>
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<td height="20" style="height: 15.0pt;">WA</td>
<td>Kimberley</td>
<td align="right" class="xl63">$260,000</td>
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<td height="20" style="height: 15.0pt;">QLD</td>
<td>Sunshine Coast</td>
<td align="right" class="xl63">$240,000</td>
</tr>
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<td height="20" style="height: 15.0pt;">NSW</td>
<td>Richmond-Tweed</td>
<td align="right" class="xl63">$225,000</td>
</tr>
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<td height="20" style="height: 15.0pt;">QLD</td>
<td>Gold Coast</td>
<td align="right" class="xl63">$219,900</td>
</tr>
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<td height="20" style="height: 15.0pt;">NSW</td>
<td>Hunter</td>
<td align="right" class="xl63">$185,000</td>
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<td height="20" style="height: 15.0pt;">VIC</td>
<td>Barwon</td>
<td align="right" class="xl63">$185,000</td>
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<td height="20" style="height: 15.0pt;">QLD</td>
<td>Mackay</td>
<td align="right" class="xl63">$185,000</td>
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<td height="20" style="height: 15.0pt;">NSW</td>
<td>Illawarra</td>
<td align="right" class="xl63">$183,000</td>
</tr>
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<td height="20" style="height: 15.0pt;">QLD</td>
<td>Fitzroy</td>
<td align="right" class="xl63">$179,900</td>
</tr>
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<td height="20" style="height: 15.0pt;">NSW</td>
<td>Mid-North Coast</td>
<td align="right" class="xl63">$175,000</td>
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<td> </td>
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<td>LEAST EXPENSIVE 
</td>
<td> </td>
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<td height="20" style="height: 15.0pt;">STATE</td>
<td>REGION</td>
<td>COST</td>
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<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;"> </td>
<td> </td>
<td> </td>
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<td height="20" style="height: 15.0pt;">TAS</td>
<td>Southern</td>
<td align="right" class="xl63">$70,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">SA</td>
<td>South East</td>
<td align="right" class="xl63">$72,000</td>
</tr>
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<td height="20" style="height: 15.0pt;">VIC</td>
<td>Mallee</td>
<td align="right" class="xl63">$79,200</td>
</tr>
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<td height="20" style="height: 15.0pt;">SA</td>
<td>Murray Lands</td>
<td align="right" class="xl63">$80,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">TAS</td>
<td>Mersey-Lyell</td>
<td align="right" class="xl63">$86,500</td>
</tr>
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<td height="20" style="height: 15.0pt;">SA</td>
<td>Yorke and Lower North</td>
<td align="right" class="xl63">$92,500</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">SA</td>
<td>Northern</td>
<td align="right" class="xl63">$98,000</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="height: 15.0pt;">VIC</td>
<td>East Gippsland</td>
<td align="right" class="xl63">$100,000</td>
</tr>
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<td height="20" style="height: 15.0pt;">QLD</td>
<td>West Moreton</td>
<td align="right" class="xl63">$100,000</td>
</tr>
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<td height="20" style="height: 15.0pt;">NSW</td>
<td>Murray</td>
<td align="right" class="xl63">$105,000</td>
</tr>
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</table>
</div>
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Supply ‘bottleneck’ of land adding to price pressure: HIA

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The Victorian Civil and Administrative tribunal has been open for comment online as to the next three years of organization, under the VCAT Strategic Plan 2014-17, with the opportunity to have a say ending today.
Building on Transforming VCAT 2010-13, the priorities and focus areas are <a target="_blank" href="https://www.vcat.vic.gov.au/sites/default/files/draft_strategic_plan_2014-17-building_a_sustainable_vcat.pdf">outlined in this draft available online (PDF here)</a>. These include modernizing the technology, providing increased access and planning for an expected increase in demand.
Submissions can be emailed to <a href="mailto:VCATStrategicPlan@justice.vic.gov.au">VCATStrategicPlan@justice.vic.gov.au</a> by the end of today.
The plan is expected to be finalized and launched in March 2014.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
 
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Last day to have your say on VCAT changes

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Lord Mayor Clover Moore recently called for more childcare places in Sydney, and it appears that the ‘childcare’ ingredient is increasingly becoming a focus for developers.
Australia’s largest residential apartment builder, Meriton, noted that they are currently building more childcare facilities than ever in their 50 year history, as it becomes increasingly important within their masterplanned communities.
Meriton’s national sales director, James Sialepis said that they include childcare facilities in every major project, unless there are site specific conditions.
“We’ve seen a high need for quality childcare from families moving into inner city areas,” said Sialepis.
Their upcoming developments in Ryde, Mascot, Lane Cove, Chatswood, Warriewood, Epping and Pagewood in Sydney all have onsite childcare facilities.
World Tower, an existing Meriton development, includes a 24-hour childcare centre.
The <a target="_blank" href="https://www.propertyobserver.com.au/news/triguboff-gets-green-light-for-lane-cove-towers/2013120566771">Lane Cove development, on 150 Epping Road</a>, recently got the green light from the Planning Assessment Commission.
It also appears that childcare facilities themselves are becoming more attractive to commercial investors, with <a target="_blank" href="https://www.propertyobserver.com.au/victoria/ringwood-childcare-centre-subject-of-bidding-war/2013121566906">a childcare centre auctioned in December 2013 sparking a bidding war when it hit the market</a>.
A centre in Melbourne’s Ringwood saw bidding begin at $2.5 million and, 30 bids later, it reached $3.145 million.<a href="https://www.propertyobserver.com.au/victoria/ringwood-childcare-centre-subject-of-bidding-war/2013121566906"></a>
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
</body></html>

Childcare a critical element in masterplanned communities: Meriton

<html><body>
New legislation to reduce the Fire Services Levy in Victoria will see over 60,000 residential rental properties and 860 outdoor sports ground benefit from July 1, providing savings for investors.
Due to the transition from an insurance levy to a property based levy, as recommended by the Victorian Bushfires Royal Commission, a tax relief will be able to be provided to over 60,000 rental property owners and their tenants, according to Treasurer Michael O’Brien.
“This is $15 million in tax relief that will ease cost of living pressures for lower income earners, students, young families and others in the rental market,” said O’Brien.
“This legislation also provides $2 million in tax relief that will benefit 862 outdoor sports grounds right across Victoria, with 777 of these located within the CFA area,” he said.
The changes will move residential investment properties to a residential classification of the levy, reallocated from the commercial land use, and will provide an average annual saving of almost $260 per property per year.
Commercial and industrial vacant land with buildings that do not add value will be reallocated to the ‘vacant land use’ classification.
 
YOU MIGHT ALSO WANT TO READ:
This <a target="_blank" href="https://www.propertyobserver.com.au/news/a-state-by-state-guide-to-fire-levies/2013060762064">state-by-state guide to fire levies</a>
Property owner scam alert: <a target="_blank" href="https://www.propertyobserver.com.au/victoria/property-owner-scam-alert-fire-services-levy-overpayments-vic/2013121566937">Victorian Fire Services Levy overpayments</a> 
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
</body></html>

Fire Services Levy reduction in Victoria to provide savings for 60,000 rental properties

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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