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With signs of recovery being seen in 2013, BIS Shrapnel is forecasting further strengthening of the off the plan apartment market in Brisbane over 2014 and 2015 before a period of softening.
Low vacancy rates, low interest rates, attractive yields and a strengthening Brisbane residential market are set to push the off the plan market from strength to strength, the research house believes.
Interstate demand will also help fuel this industry, according to the Inner Brisbane Apartments 2013 to 2020 report.
Subdued rent and prices are then expected to be seen by 2016, as a historic peak is seen in the inner Brisbane apartment market, with the potential to ease supply strains.
Senior project manager and report author, Angie Zigomanis, said that the inner Brisbane apartments are increasingly attractive with yields in many of these projects around the 5% mark and above.
“However, with many expecting that the Brisbane market has now bottomed out and the risk of further price declines is dissipating, the impetus to enter the market has increased,” said Zigomanis.
The high prices in Sydney and prospect of oversupply in Melbourne may be pushing interstate buyers towards this market.
“In previous market upturns, interstate investors have accounted for up to 40% of off the plan sales in inner Brisbane,” he said.
“In particular, buyers from New South Wales are likely to find the value proposition for apartments in Brisbane more attractive compared to prices of apartments in inner Sydney after the recent rises that have occurred there.”
Currently, BIS Shrapnel estimates that as of November 2013, over 4,000 apartments in inner Brisbane were under construction in projects scheduled for 2015/2016 completion, with 3,000 expected to see pre-sales hurdles before proceeding to completion around this time.
New apartment completions are therefore looking to increase from 1,300 dwellings in 2012/2013 to more than 2,000 in 2013/2014 and 2014/2015. This could see the numbers exceeding 3,000 in 2015/2016.
“This level of completions is likely to result in excess supply pressures emerging in the inner Brisbane market by 2015/16,” said Zigomanis.
“Together with the likelihood of interest rate policy being well into a tightening phase by this point, this will signal the peak of the market and the window for developers will begin to close.”
The peak will then put pressure on older stock to soften prices and rents. The one factor left undetermined in calculating this length of the weaker period is the number of projects that see hurdles and that are also restricted to certain tenants, such as through the National Rental Affordability Scheme (NRAS).
Price growth up until the 2015/2016 peak is expected to be around 5% per annum.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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jduke-EHk3XBmHkn

Investor warning: Brisbane apartment prices expected to soften in 2015/2016

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Master Builders Australia has renewed its call for the return of the Australian Building and Construction Commission (ABCC), due to the seriousness of the allegations currently being discussed in the media.
Master Builders Australia CEO Wilhelm Harnisch said that the allegations of corruption and criminality are outside of the community’s expectations and therefore there must be an inquiry to get to the truth.
“Such an inquiry is essential to safeguard all parties in the building industry, the community and the Australian economy,” Harnisch said.
“These allegations also illustrate how the behaviour of building unions holds back the productivity of the construction sector to the detriment of the Australian community,” he said.
He noted that while the ABCC did not have the powers to act directly against criminal behavior, its presence on building sites was successful in suppressing coercion and intimation.
“In the light of these new allegations, the Senate must respect the mandate of the Abbott government to restore the ABCC and immediately pass the bills restoring the industry watchdog equipped with the powers necessary to supress industrial thuggery,” he said.<a href="mailto:jduke@propertyobserver.com.au"></a>
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Master Builders Australia weighs in on the ABCC debate

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Just Think Real Estate's Edwin Almeida was out in Sydney, for Sydney Real Estate TV, in a strata block just outside of Parramatta undergoing an investigation.
Looking at the basement carpark of the complex, that he had been to 18 months previously, he noted that nothing has changed here. There are still computers, chairs, couches and general rubbish piled high. Almeida expressed his concern to Property Observer that it is not only taking up parking space of others residents, but it is also a fire and hygiene hazard.
Investors - ensure that if you are buying, or if you're having an inspection undertaken during ownership, you have the carpark looked at as well. If you find that your investment property is kept in a similar state as the video below, it's time to start asking questions and getting it cleaned up. You may find that if a prospective buyer or tenant in the future stumbles on a similar mess, they may not be willing to move in, affecting your return and vacancy rate.
{qtube vid:=WM1VXVrBnZ0&amp;feature=youtu.be}
How would you handle this situation?
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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VIDEO: Ensure you check the basement car park

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This dilapidated home last sold for $15,000 in February 2011, and is now on the market for $20,000, a 25% increase in three years should it sell for its asking price. It's the cheapest we could find currently listed, with a detached house, and as such as us asking whether there's a Property Observer reader keen to have a look.
{yoogallery src=[images/stories/2014/01/29/kor]}
<a href="https://www.eldersrealestate.com.au/office/bendigo/residential/buy/property-house-vic-korong-vale-566293" target="_blank">124 Vernon Street, Korong Vale, Victoria</a> is on 990 square metres of land and offers us a fairly sketchy view through the listing photographs of what is actually inside of the “old derelict house”.
With a fireplace, bare floorboards, a water tank, and what looks like it may be a broken roof, it’s certainly one for doing up or rebuilding.
It’s a short drive from gold mining town Wedderburn and the Wychitella Forest Reserve, walking distance to a general store, children’s playground, golf course and local hotel, and is advertised towards “gold fossickers and nature lovers”.
<a href="/news">Korong Value</a> is about two and a half hours from Melbourne CBD and nearby to Lake Donald, a popular hunting ground.
It is listed with Elders Real Estate in Bendigo.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
 
 
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The cheapest property currently on the market: A $20,000 home

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New claims from the not-for-profit body Turf Australia had ears pricking up this morning. They believe that home buyers are prepared to pay up to $75,000 more for a home with a lawn and are urging savvy property owners to consider the addition to boost their profits.
Anthony Muscat, president of Turf Australia, recently released a statement saying that home buyers see that a lawn adds to the look and feel of a home, particularly for families who want a safe space for their children to run around in.
Turf Australia polled 114 real estate agents nationally between November 2011 and January 2012 to come up with the $75,000 figure.
The statistics provided to Property Observer by Turf Australia (note: these are the average added value to a property): Victoria: $79,800 on a $420,000 home New South Wales: $83,600 on a $440,000 home Queensland: $48,600 on a $405,000 home South Australia: $43,200 on a $360,000 home Western Australia: $40,050 on a $445,000 home National: $75,668 on a $420,375 home They also found that house hunters want a lawn primarily as a safe playing area (73%), the look and feel of the property (34%), relaxation (32%) and increasing the re-sale value of the property (25%). The report noted that 95% of buyers want real grass in their backyard, while for 80% of Australians a lawn needs to be at least 30% of their property's total size.
"A garden makeover is a cost-effective and quick way to increase the value of a home before sale. Laying a good quality lawn costs approximately $5-$12 per square metre, depending on the variety, compared to $23.22 per square metre for a bathroom renovation," said Muscat.
"A garden makeover including turf could also last a lot longer than an interior renovation, as it’s less likely to become dated and is cheap and easy to maintain. Most turf varieties have been adapted to suit the Australian climate and withstand extreme conditions. And it’s not as thirsty as most think, with watering costing as little as $3.19 per week during summer," Muscat said.
Turf Australia provided an example of one homeowner in Victoria’s north-east Melbourne suburb of <a href="/news">Doreen</a>. He is looking to spend $2,000 on turf for his four/five-bedroom, two-bathroom, two car garage house bought in September 2012 for $550,000. The expectation is a $20,000 to $30,000 increase in value. The ex-display home is only a couple of years old, and both the front and back gardens were covered in gravel when he moved in to the just-under 700 square metre block.
The equation that investors should "[insert task here] to add $[significant extra value]" is certainly part of the home improvement and renovating vernacular, however it's worth a real property-by-property consideration. Is he likely to receive a 10-fold return for turf?
Speaking to Monique Sasson from Wakelin Property Advisory, she argued that from her experience, qualitatively the opposite is true.
"You don't have to look too much further than the extraordinary heat and the upkeep associated with maintaining even a small lawn to know that, overwhelmingly, people are realising that drought-resistent, low-maintenance gardens are much more desirable in terms of the time and money associated with upkeep and the consumption of resources," she said. "If we lived in a climate where rainfall was abundant and we didn't go through these periods of intense heat and didn't live in a country prone to drought conditions, particularly in the southern part of the country, then go for it and have some lawn. But I think in Victoria, and in any area of Australia prone to fire risk, drought and where consumption of water is a judicious and precious commodity, it probably doesn't make a lot of sense as it is quite impractical," she said.
"To suggest that spending $2,000 installing lawn can add this sort of value is a preposterous claim. They are welcome to their opinion, but I'd like to see the hard sales evidence and how the two are connected from a hard data point of view. Over 20 years of working in the property advisory industry I've yet to see that kind of claim born out.
"In fact, when people look at homes they look at high maintenance water dependant gardens, they often think it's too much hard work."
While Sasson said that irrigation systems can work to maintain beautiful gardens, she also said that huge bills can come into play. Turf Australia pointed to a cost from $3.19 per week minimum in the summer months.
Greville Pabst, CEO of WBP Property Group, who offer valuations as well as advisory, was also less than certain about the claims.
“I would expect the lawn to improve the appearance of the property, however, it is most unlikely to add the $20,000 to $30,000 expected by the owner. Installing turf would result in limited to no increase in the value of an established property if the remainder of the property required renovation or repairs," Pabst told Property Observer. 
"Conversely, a new property without landscaping would benefit in increased value through some basic landscaping and improvement to external appeal, although investing $2,000 into landscaping is unlikely to add the increase estimated by the property owner," he said.
Having looked at the property in Doreen's online 'before' photos (address not disclosed by request), the addition of some turf would almost undoutably increase the appeal aesthetically; the greenery, with gravel and mulch, being the main front and backyard features, in addtion with concrete pavers. The home itself falls into Pabst's 'new property' category, looking fairly pristine inside. However, whether this translates into a $30,000 increase is up for debate.
Have your say on the poll below about general home values and turf.
{module How much will adding turf affect a home's value?}
If you've had any experiences with this type of renovation, we'd be keen to hear your valuation experiences and how much you managed to profit.
<a href="https://mce_host/jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
 
 
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Analysis: Can laying turf really increase your property’s value by $75,000?

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A new housing plan for South Australia’s Marden area has seen the state government’s assistance with the project welcomed by the Urban Development Institute of Australia (SA), who say that this type of infill is the way forward for new homes.
The proposed redevelopment of the 2.1 hectare site <a href="/news">along River Street in Marden</a> provides a framework for urban infill development that UDIA (SA) executive director, Terry Walsh, is commending.
“The UDIA has been urging the State Government to release inner suburban land like the River Street site at Marden to provide necessary new near-city housing that appeals to homebuyers,” said Walsh.
“This land redevelopment at Marden could eventually become a shining example of how governments and the private sector can work together to transform tired inner suburban areas into modern, higher density townhouse and apartment developments to meet homebuyer demand.”
Marden will include 158 new homes, masterplanned and developed by South Australian developer and construction company, Qattro. Of these homes, 66 will be sold as affordable homes through the government’s Affordable Homes Program, funded through the Housing Affordability Fund.
The Affordable Homes Program provides opportunities to those who don’t own property, planning to live in their home in South Australia and whose income is within certain limits – less than $75,000 for singles, or $95,000 for couples. The limits change for those with children. Asset amounts are also required to be under a certain level.
Marden is 10 minutes from Adelaide (just under six kilometres).
“The announcement of plans for the Marden site is particularly good news for low and middle income earners who have been given a rare opportunity to buy a new home within 5km of the Adelaide city centre,” said Walsh.
To proceed with the project, Qattro is yet to gain necessary council development approvals. Provided this all goes to plan, construction is expected to begin later in 2014.
This is substantial for a suburb which, at 2011 Census time, had a population of 2,342.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Infill project welcomed as potential future standard: UDIA

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If you ask an investor what type of tenant they would like many will say something like “a young professional” or "a quiet family", but do they have the right property to attract this type of renter?
Terri Scheer Insurance, at their Australian Landlords Panel 2012, noted that thinking about the resident you would like in your investment property is crucial prior to purchase.
Insurance executive manager at Terri Scheer Insurance, Carolyn Majda, said that the tenant can “make or break” a landlord’s experience and so should be considered ahead of time.
Thinking about the demographic of a tenant and what will appeal to them is crucial.
"For example, if you would prefer a student to rent your property, you may consider looking for an apartment or unit close to a university and public transport,” said Majda.
The panel found that 57% of standalone house rentals are tenanted by families with children, while 47% of apartments and units are tenanted by young couples and 37% by singles.
It’s also worth remembering that the quality of your property, and its state when photographed for a listing and when presented for an open home, will also help to attract the right tenant. Properties that are poorly maintained are more likely to attract a less than desirable tenant.
Cameron McEvoy previously wrote that there are <a target="_blank" href="https://www.propertyobserver.com.au/landlords/the-importance-of-good-tenant-selection/2012030453664">several important characteristics of a tenant</a>:
-       Longevity/stability of employment (at least four years in their job) -       Request longer-term leases -       Have been in a previous rental for at least two years
Choosing an area that is attractive to the type of tenant you are looking for is also important - it will be difficult to find a young couple in an expensive, family-orientated area, particularly if you have purchased a large property.


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You might also be interested in:
How to <a target="_blank" href="https://www.propertyobserver.com.au/landlords/how-to-find-and-hold-good-tenants-carolyn-majda/2012071755510">find and hold good tenants</a>
How to <a target="_blank" href="https://www.propertyobserver.com.au/landlords/choose-the-right-person-to-manage-your-rental-property/2011101251903">choose the best person to manage your rental property</a>


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<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Your property-type will dictate your tenant: Terri Scheer Insurance

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February is historically the month of the seasonal rebound after the Christmas season’s lull however, despite an expected upsurge, it is expected that sellers will be those profiting from the Perth market next month.
RE/MAX WA's managing director, Geoff Baldwin, said that buyer demand is expected to go to a much higher level again, even with strong momentum being retained through the holiday period.
“Sellers who have been holding off would be well advised to take advantage of this predicted upswing in buyer demand as it historically creates more competition for available listings often resulting in better sale prices and a shorter time on the market,” said Baldwin.
He said that one of the problems <a target="_blank" href="/news">the Perth market</a> is facing is comparatively love listing stock levels, requiring buyers to choose from less and making it advantageous to those who are putting their properties up for sale.
“We have seen buyer demand increase significantly in the second half of January and this momentum is expected to grow as we move into February with the overall outlook for 2014 being very positive for sellers,” he said.
Meanwhile, he urged buyers to act soon to avoid paying more later.
This comes despite results towards the end of 2013 noting softness in the market, with <a target="_blank" href="https://www.propertyobserver.com.au/western-australia/prices-down-rents-down-perth-s-trend-of-decline-continues-david-airey/2013101065602">prices and rents down in October</a>. Following, in December, the Real Estate Institute of Western Australia (REIWA) recorded the <a target="_blank" href="https://www.propertyobserver.com.au/news/perth-median-reaches-a-new-high-while-rents-fall/2013121166794">prices picking up, pushing towards a new record high</a>.
“The main reason for the big rise in sales was that Perth was coming out of a big slump in turnover in the September quarter and had returned to more normal conditions,” wrote David Airey of the market in December.
However, he also noted a recovery of the number of properties on the market from below average levels over 2012 to the highest point for 2013, with REIWA recording 8,656 dwellings and 1,199 lots for sale at the time.
jduke@propertyobserver.com.au
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Perth sellers set to benefit in February market: RE/MAX WA

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South Yarra accountant, Mark Ronald Letten, 60, today pleaded guilty to 27 criminal charges of operating 21 unregistered managed investment schemes.
Letten, the former director of LGH Holdings Ltd, which is in liquidation, and principal of accounting firm Lettens Pty Ltd - formerly The Letten Group - has admitted to dishonestly using his director position using investor funds totalling up to $550,000, and of operating a financial services business without an Australian financial services licence.
The guilty plea came following an ASIC investigation.
Between 1998 and 2010, more than $100 million was placed in commercial investment property schemes in Australia and New Zealand by more than 1,000 investors. Letten managed and promoted the projects through a number of companies, including the aforementioned.
These companies and unregistered schemes were then wound up after a number of ASIC applications in the Federal Court of Victoria, from 2010 onwards.
He was charged in December 2011, to face trial following a committal hearing in December 2012.<a target="_blank" href="mailto:jduke@propertyobserver.com.au"></a>
Schemes managed by Letten included the Healesville Walk Shopping Centre Joint Venture in Victoria, Reef House Resort in Palm Cove, Queensland and the Yarra Valley Golf Joint Venture in Chirnside Park.
Property Observer previously reported about <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/melbourne-property-developer-mark-ronald-letten-facing-criminal-charges-over-alleged-unregistered-investment-scheme/2011121452844">Letten's appearance in the Melbourne Magistrates Court</a>.
In March, it was noted that <a target="_blank" href="https://www.propertyobserver.com.au/victoria/interim-payment-likely-for-mark-letten-property-scheme-investors-kpmg-receivers/2013030559723">those who had placed money in these schemes were potentially able to receive an interim payment</a>. There is further information available for investors and creditors on <a target="_blank" href="https://www.kpmg.com/AU/en/services/Advisory/Transactions-Restructuring/Restructuring/Letten/Pages/Default.aspx">a dedicated site here</a>.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Accountant who placed 1,000 investors into investment property schemes pleads guilty: ASIC

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Despite common arguments that tenants having 'all the rights' will deter investors from buying, the Tenants' Union of NSW has hit back, saying that it appears that any regulation or slant from the legislation isn't keeping investors out of New South Wales.
Discussing claims made by the Real Estate Institute in 2010 that regulation in the Residential Tenancies Act might cause investors to "think twice about becoming a residential landlord", they noted that regardless of the statement investment in residential property is at an all time high.
In the REI's preliminary submission on the draft Residential Tenancies Bill 2009, they'd noted that the property market in New South Wales must be kept attractive for both NSW and external investors.
However, the Tenants Union argued that research consistently shows that the rights of tenants and landlords are far down the list when it comes to decisions to invest or disinvest in property and that, in fact, we're at a high in terms of money sitting in residential investment properties.
Have concerns about the Residential Tenancies Act ever stopped you or someone you know from purchasing?
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Over-regulation isn't keeping landlords away: Tenants' Union of NSW

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.

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Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

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Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

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Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

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Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

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La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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Jennifer Duke

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