<html><body>
The relatively new suburb of the Hills District, and 40 kilometres north west of Sydney CBD, <a href="/news">Beaumont Hills</a> was a formal part of Kellyville until 2002. Characterised by house proud residents, with a number of estates that form part of the McMansion culture, it has been built up in recent times. Most of the internal streets branch out from Samantha Riley Drive and Brampton Drive, while being bound by Windsor Road, Withers Road and Smalls Creek. It's a postage stamp on the Hills' map, housing just under 8,000 people at the time of the 2011 Census with an average 3.6 people per household.
Within the community, 67% are married and 35.4% are catholic, while 18.2% are anglican.
The median weekly household income is $2,515, more than double the state average of $1,237.
Employment in Beaumont Hills by sector
<img width="450" height="282" src="/images/stories/2014/01/22/employmentbhills.png" alt="employmentbhills">
Source: Australian Bureau of Statistics, Census Data 2011
Employment in New South Wales by sector
<img width="450" height="291" src="/images/stories/2014/01/22/employmentstate.png" alt="employmentstate">
Source: Australian Bureau of Statistics, Census Data 2011
With its own shopping centre with underground carpark, that appeared some years after the suburb's inception, servicing the locals with an IGA, a bakery/coffee shop, a pharmacy and several other necessities, it's also a decent walk away from Rouse Hill Town Centre.
Beaumont Rise, developed in recent years in the space between Rouse Hill and Beaumont Hills, is made up of smaller blocks than the slightly older properties in the Hills.
A quiet, leafy suburb with quirky street names such as Tellicherry Circuit, it's mainly home to younger families - clear by the sheer volume of school bus trips and stops required from any one school, as well as the quick enrolments seen by schools such as Beaumont Hills Public School.
Notably the area's biggest downfall, particularly lamented by older teenagers and early 20-somethings that still live at home, as well as commuters, is its distance from public transport. Many drive to Castle Hill to take a bus into university, or are required to drive to Seven Hills Station to take the train.
Hills Bus connections, as noted by Trip Planner, can take an hour and a half to get from the suburb to Central Station, often using a combination of transport modes. For this reason, many drive and Brampton Drive, the long arterial through the centre of the suburb, is commonly lined with P-plater cars.
A significant proportion, 72.6% in the 2011 Census, noted that they travel to work by car either as a driver or a passenger and most have two or more cars for each household. Congestion along Windsor and Old Windsor Road is notorious.
This is set to change with the <a href="https://www.propertyobserver.com.au/new-south-wales/what-the-north-west-sydney-rail-link-means-for-property-investors-cameron-mcevoy/2012102557410" target="_blank">North West Rail Link for sometime being said to hold good things for property values across the Hills District</a>, despite the disbelief from some locals that it would ever eventuate.
New stations at Kellyville and Rouse Hill should be easily accessible by Beaumont Hills residents, with the <a href="https://www.nwrail.transport.nsw.gov.au/The-Project/Stations/Kellyville" target="_blank">Kellyville station set to have the biggest car park</a> of any of the stations on the North West Rail Link.
With increasing access, it has been predicted that house prices should increase as a result and that there may be an increase in different types of housing stock. Currently, the vast majority of properties are houses with four or more bedrooms, and 67.9% are owned with a mortgage. The median price sits at $720,000, with 6.3% growth over the past year, according to RP Data.
It appears many are looking for brand new homes, with Beaumont Rise Estate, located above Parkway Drive between the suburb and Rouse Hill, being one of the latest to populate. Most of the blocks on these newer estates are smaller offerings, often around the 450 square metre mark.
A currently listing has a 650 square metre block for around $600,000, meanwhile on the other end of the spectrum a six-bedroom five-bathroom home has a price guide of "over $1 million".
However, with the $8.3 billion rail project not set to open until late-2019, it will be interesting to see what will happen to the area in the meantime.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
</body></html>

jduke-EHk3XBmHkn

Suburb spotlight: Family favourite Beaumont Hills' steady interest

<html><body>
An ASIC investigation has found that seven home loan applications, worth $3.2 million, were submitted to a lender with false or misleading information, including false payslips.
This has caused Anthony Bergin to be banned from engaging in credit activities for three years.
Bergin's company, Melbourne-based Equity Financial Management Pty Ltd (EFM), submitted these loan applications between September 2011 and February 2012.
Bergin was the key person and sole responsible manager of EFM over this time period. It held an Australian credit licence.
ASIC deemed that he both failed to supervise and monitor the activities of the staff adequately and failed to understand the obligations under credit legislation.
Peter Kell, deputy chairman for ASIC, said that the role of manager is crucial to the property conduct of a credit business.
"If you do not demonstrate the highest standards of competence and diligence in this important role you will be banned from the credit industry," he said.
Bergin was found to have failed to comply with credit laws. He was also found to not be a fit and proper person to engage in credit activities.
EFM's Australian credit licence has now been suspended until 16 June 2014, however Bergin and EFM do have the right of appeal.
EFM previously advertised themselves as a "boutique finance firm" that also covered services such as "financing of equipment and motor vehicles, insurance, asset protection and buyers agents."
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
</body></html>

ASIC bans manager after $3.2m of false or misleading home loan applications

<html><body>
Mark Alan Henderson, a real estate agent located in Western Australia's Spearwood, has been fined $5,000 for failing to complete the compulsory professional development (CPD) program.
The program is a condition of the renewal of his triennial certificate, and he has been ordered to pay the $5,000 and costs of $600 as a result of not completing the CPD.
The agreement was made at mediation at the State Administrative Tribunal on 17 January 2014.
They also ordered that his licence and triennial certificate would be suspended for six months if he does not comply by 30 April 2014.
In August 2012, Henderson had his triennial certificate renewed with the condition of completing the outstanding requirements of the CPD program by February 2013.
Currently, all real estate agents, sales representatives, business agents and property managers must obtain 10 points in a 12 month period under the CPD program by taking part in a number of development activities.
Commissioner for Consumer Protection, Anne Driscoll, said that it's a crucial program to ensure the standards of skills and knowledge of those in the industry.
“The CPD program is designed to increase the professionalism of those working in the real estate and business broking industries, so it is imperative that licence and certificate holders comply completely with this very important licensing requirement,” Driscoll said.
“Failure to complete the required training will leave industry participants open to disciplinary action and may jeopardise the renewal of their licence or certificate of registration.”
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
</body></html>

Agent fined $5,000 for not completing compulsory professional development

<html><body>
A new procedure requires Tasmanian private developers, receiving $500,000 of government funding for a project of $5 million and above, to complete a Tasmanian Industry Participation Plan (TIPP).
David O'Byrne, Minister for Economic Development, said that this is red tape that developers do not need.
He said that clarity needed to be provided around this plan and what it means for developers if they do not fill out the TIPP, asking: “Will they be penalised? Will their development be stopped? Will they have to pay back government funding? Who is policing it?"
Minister Michael Ferguson's blog explains that when taxpayers fund or contribute to a project they should expect a benefit from the development and construction, as well as when the project is finished.
"TIPPs are a practical way to make sure more Tasmanians and more Tasmanian businesses are involved in local projects," Ferguson writes.
"A [TIPP] means a project proponent will need to detail the capacity and anticipated participation of local suppliers in the project and the benefits to the state that the project will create. So when there’s a major project local suppliers are actively sought out and considered."
Tasmania certainly has a number of challenges when it comes to ensuring the economy, communities and property market thrive. Jonathan Chancellor <a href="https://www.propertyobserver.com.au/news/tasmania-s-unemployment-rate-holds-back-property-investment-but-watch-growing-overseas-student-numbers/2013110666223" target="_blank">recently wrote about the troubling unemployment rate</a>.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
</body></html>

Private developers receiving government grant must jump through another hoop: O'Byrne

<html><body>
Malicious damage and rental defaults are among the top claims lodged by investors with landlord's insurance across the board, according to RACV Insurance.
Landlord insurance claims were highest in the Council areas of <a target="_blank" href="/news">Monash</a> and <a target="_blank" href="/news">Knox</a>, where 60 and 44 claims respectively were lodged by those with landlord insurance, said RACV manager personal insurance, Phil James. Maroondah, Manningham, Yarra Ranges, Boroondara and Whitehorse followed closely for claims.
“The average claim cost more than $7,000 in Monash, demonstrating the financial impact property damage or lost rental income can have,” said James.
State-wide, 2,234 claims were lodged with RACV between July 1 2012 and June 30 2013, with a pay out of almost $10.6 million in total.
“Last financial year RACV Insurance paid out an average of $4,323 for 380 claims for malicious damage and an average of $3,341 for 370 incidents of tenants defaulting on rental payments but remaining in the property,” he said.
“RACV Insurance also paid out an average of $3,087 for 213 claims for renters defaulting on rent when vacating the property without notice."
Other claims included storm damage, water damage, burglary and fire. Landlords should consider both tenant damage and natural disaster damage when looking into insurance coverage.
<img alt="graph" src="/images/stories/2014/01/22/graph.png" height="417" width="450">
Source: RACV Insurance
jduke@propertyobserver.com.au
</body></html>

Monash and Knox see highest number of landlord insurance claims: RACV

<html><body>
A tenant in Western Australia has been charged $1,000 after leaving a rental property in a "dirty way" and failing to provide a forwarding address.
The tenant, 47-year-old Lisa Marie Hutchins, pleaded guilty to breaking tenancy law at a hearing at the Midland Magistrates Court on 16 January 2014.
Hutchins rented a property in <a target="_blank" href="/news">Stratton</a> in December 2008, owned by a couple. She was given a notice of termination in August 2011. She refused to vacate. The investors sought a court order, which they obtained, that made her leave in November 2011. She did not attend the final inspection nor provide a contact address.
Stratton's median weekly rent is $393.
The property was left in a bad way, with the carpets ruined by pet faeces and urine. Hutchins was fined $250, and ordered to pay $702.63 in costs after her guilty plea.
Commissioner for Consumer Protection, Anne Driscoll, said that this prosecturion under the Residential Tenancies Act shows 'even handedness' in the regulation of the rental marketplace, and warned tenants about their legal responsibilities.
"Tenants have to keep a rental home tidy and clean and hand it back in a similar condition to how it was when the rental agreement began; less any fair wear and tear. In this case the property was left in a dirty and unsatisfactory condition – the carpets were ruined with pet faeces and urine," Driscoll said.
"The repairs cost nearly $6,000 and the bond only covered about $1,600 leaving the owners about $4,300 out of pocket. They were unable to contact Ms Hutchins to seek redress because she had failed to leave her former landlord a forwarding address, which exiting tenants are required to do under the Residential Tenancies Act."
A number of complaints are apparently received by Consumer Protection from landlords around this type of issue. Not leaving a forwarding address is a responsibility of the tenant, said Driscoll.
"Importantly, the maximum fine for this issue has recently been increased from $1,000 to $5,000. The higher fine was not applicable in this case," she said.
"A tenant failing to leave a forwarding address might sound like a trivial matter but for a landlord who needs to seek payment for repairs, it is vital information. The consequences of not having those details can be severe financial detriment."
Tenant damage, while not always common, is something that <a target="_blank" href="https://www.propertyobserver.com.au/landlords/six-bad-cases-of-tenant-damage-which-one-is-the-worst/2013112566599">strikes fear into the hearts of many investors</a>. If you are concerned about tenant damage, Margaret Lomas explains <a target="_blank" href="/news">the insurances you might want to take out</a>.
This guide on <a target="_blank" href="https://www.propertyobserver.com.au/residential/how-to-keep-good-tenants/2011053150310">how to keep good tenants</a> might also come in handy.
jduke@propertyobserver.com.au
</body></html>

Tenant fined $1,000 for ruining rental with pet faeces and urine: Midland Magistrates Court

<html><body>
Located out in Sydney’s west is the suburb of Mount Druitt. Serviced by a sizeable train station, a hospital, a Westfield (including an external 24 hour K-Mart, a drive through Starbucks and a number of early payday loan stores and cash converters), schools, a police station and an RTA and well placed between Penrith and Parramatta, it is a confusing blend of amenity and stigma.
<a href="/news">Mount Druitt</a> is some 40 to 45 kilometres away from the CBD, and in the Blacktown Local Government Area, it was once one of the poorest suburbs in Sydney. Locals often use the ‘Mount Druitt’ label to refer to smaller suburbs, including <a href="/news">Whalan</a>, <a href="/news">Bidwill</a>, <a href="/news">Blackett</a> and <a href="/news">Tregear</a>, with the precise suburb itself having around 16,000 people.
Many investors express <a href="https://somersoft.com/forums/showthread.php?t=25651" target="_blank">concerns about tenanting properties in these areas</a> and, given some of the negative media attention it regularly receives (who can forget the death of Kiesha Abrahams, or the 2770 postcodes' 2012 top-of-the-bankruptcy-list ranking), it's unsurprising if perhaps a little unfair.
Certainly, there's graffiti and signs warning that domestic abuse is not tolerated dotted around the main shopping centre. There can also be a sense of discomfort around the station itself, with youths often lounging around this particular meeting point. However, it would be a hard argument to push that the suburb hasn't improved significantly in recent years, and many investors have success in these areas with good renters. While the area is shifting in demographics, and more suited-up professionals can now be seen waiting for the morning city commuter train than ever before, it may take some time for the stigma to wear off.
It has recently seen <a href="https://www.perthnow.com.au/realestate/news/mt-druitt-property-sells-for-more-than-1-million/story-fnhlgrau-1226750563232" target="_blank">its first sale over $1 million</a> – a development opportunity piece of land – and it seems some other properties locally may be creeping closer to this price bracket should demand continue the way it has been since over 2013.
This upwards pressure on prices has been striking. Whalan, for instance, has seen 14.8% growth in the median price of houses over the past year, with RP Data putting the new median at $276,000. Meanwhile, Blackett has seen 12.8% growth, while Tregear has seen 15.5% growth. Bidwill has not changed in value.
These statistics are potentially strong due to both first home buyer, new development and renovation activity (many investors buy worn out older homes in this suburb to cosmetically improve).
Employment statistics
<img src="/images/stories/2014/01/21/comparison_graph.png" alt="comparison_graph" height="248" width="400">
Source: Australian Bureau of Statistics 2011 and 2006 Census Data
Heading towards the Australian Bureau of Statistics' (ABS) census data, the median weekly income for a household in Mount Druitt sits at $1,099, compared to $1,477 for the state. Couple families with children, at 55%, are most dominant. Within these families, it is most likely that one will be working fulltime, at 25.2%, followed by neither working, at 24.6%, followed by both fulltime at 18.4%.
For those unfamiliar with the stigma of suburbs out west, and particularly those in Mount Druitt and surrounding areas (including Rooty Hill), a Facebook page currently exists with the headline “I Agree, Bear Grylls is Tough But Could He Survive a Night in Mount Druitt?” It has 6,427 likes. A <a href="https://www.urbandictionary.com/define.php?term=Mount%20Druitt" target="_blank">quick look at Urban Dictionary</a> reveals a similar line and a 2010 documentary, The Lives of Mount Druitt Youth, asks "What happens when you walk into an area labelled the worst area in Sydney?”
Whether or not it retains this label in 2014 is up for debate, and it is becoming increasingly busy - the inability to park at the Westfield carpark on a weekend in the suburb has become a running joke - with its position near the Lighthorse Interchange (M7/M4) rendering it easily accessible.
A typical property in the suburb as noted by the ABS is a house (48.9%) with three-bedrooms, and likely rented by a family with one car. It’s likely to be either fibro or brick and on a decent sized block of land. For almost 80% of those that are tenants, they will be paying less than 30% of their income on rent.
The NSW government’s Family &amp; Community Services’ Building Stronger Communities strategy has been working for some time on improving the social housing estates across the state, and has flagged Mount Druitt and its small suburbs as an area worthy of attention.
“Mt Druitt is a priority location for this strategy and exciting new improvement plans to revive the social housing areas in Shalvey and Lethbridge Park have been announced,” it currently prioritises.
The suburb is divided informally into ‘old’ and ‘new’ Mount Druitt, with a striking comparison. The train track is largely what divides these two areas apart and, as many who spend time in the suburb will know, so do the prices. In the older section, prices for a five-bedroom family home can be seen up to the $600,000 price point. Meanwhile, in the newer section, the upper limit of house prices is generally $100,000 or more under this price. This may also be to do with the block sizes seen in the newer section.
Investors have swooped in over the past five to 10 years, attracted by the low prices, rental yields and the ability to attach a granny flat to many house blocks to boost this rental income even higher - often into the 9% range, figures usually unheard of around Sydney. Units near the train station have been in particularly high demand from investors, and the suburbs have seen much media attention as 'hotspots' with headlining stories from investment titles, and mainstream media, for two years saying the area has recently emerged as the next place to buy. Mum and dad investors also aren't necessarily going it alone - buyer's agents such as Right Property Group, B Invested and similar have bought in these areas regularly over the past half a decade.
New developments, currently with asking prices of over $330,000 for two-bedroom units, and advertising themselves to first home buyers, attest to the increasing popularity of the area. Residex puts the median house price at $427,000, and the median unit price at $267,000. Properties on the outskirts of the suburb tend to be more expensive, while those down busy arterial roads, such as Luxford Road, tend to be significantly cheaper.
Heading onto the rental listings, it's incredible to see rents in the $300 to $400 range for two bedroom units, where a couple of years ago a reasonably sized rental could be snapped up for around $250. The most expensive rental currently listed is a $500 a week four-bedroom house, with the cheapest being $240 for a studio.
Most expensive rental ($500 per week)  <a href="https://www.realestate.com.au/property-house-nsw-mount+druitt-412270355" target="_blank">16 Tulloona Street</a>
{yoogallery src=[images/stories/2014/01/22/dru1]}
This four-bedroom home (pictured above)  is unusual for the area, with built-ins in every room, two bathrooms, a garage and the master bedroom having an ensuite and balcony. It has ducted air conditioning, a spa bath in the bathroom, an internal laundry and sizeable rooms. It has had 141 page visits, but has been listed for four days this year.
Cheapest rental ($240 per week) <a href="https://www.realestate.com.au/property-unit-nsw-mount+druitt-404629041" target="_blank">40/254 Beames Avenue </a>
{yoogallery src=[images/stories/2014/01/22/drui2]}
There have been 4,978 views on this property (pictured above), according to the listings site, and RP Data notes that it has been listed since mid-January. It has a registered car space and recently had its open for inspection. It also has a balcony, and what appears to be fairly modern fittings for the kitchen and bathroom. It's "near new" and located close to the train station, noting that no pets are allowed. With a tight vacancy rate, put at 1.1% by SQM Research, it's likely rents in the suburb may increase even further, despite more supply being injected into the area.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
</body></html>

Suburb spotlight: Mount Druitt may retain hotspot label

<html><body>
HomeGround's mission is simple: "to get people housed and to keep people housed". 
Their website notes they will do this by developing innovative housing models, advocating for systems change and providing housing and support services across Melbourne.
One of these plans, it seems, is to develop a not for profit real estate agency calling on the goodness of property investors and owners from across Victoria.
Property owners will be given three options - to lease at full market value, at a reduced rent or for free, with profits to go into helping the homeless, according to The ABC.
However, are investors likely to put their property up for this? While Zoe Vale, HomeGround Services, said that they've had a "lot of enquiry" from interested property owners, it's unclear how many will jump onboard and become participants in the philanthropic project.
CEO of HomeGround, Dr Heather Holst, said that the private rental market is the largest supplier of housing for their clients, but also the greatest barrier - simply not being an affordable, sustainable option for people on low incomes.
“It is simply not acceptable that in Victoria alone more than 6,000 extra people attended homelessness services seeking help," said Holst.
The real estate agency will include property managers and a shopfront in Collingwood, and is said to be launched in early-2014 (by March). They note that their team has over 15 years of experience managing in excess of 300 tenancies throughout Melbourne.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
</body></html>

Not for profit real estate agency to launch this year

<html><body>
Would you rent this property? For $370 in Darlinghurst this studio could be yours but, be warned, it is a little unusual… particularly when it comes to the toilet. If you're a fan of cooking dinner while performing the final stages of digestion, then we have a treat for you with this property. Pointed out to us by a reader on Twitter, it’s sure to draw some criticism. <a target="_blank" href="https://www.realestate.com.au/property-studio-nsw-darlinghurst-412259795">4b/114 Burton Street, Darlinghurst</a> is a “Freshly renovated, fully furnished studio apartment” that is a ground floor art deco property.
{yoogallery src=[images/stories/2014/01/21/darl]}
Noted as a “streamlined” bathroom with an integrated internal laundry, it’s rather a curious design with transparent walls between the bathroom and the kitchen and, in fact, some aren't sure they would even be happy to take on the curious listing.
<blockquote class="twitter-tweet" lang="en">
<a target="_blank" href="https://twitter.com/JennieDuke">@JennieDuke</a> as an agent I just don't know if I could take on that listing. Professionally I would have to say no. LOL
— Rob (@rman_trebor) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/rman_trebor/statuses/424097569329782784">January 17, 2014</a>
</blockquote>
 It’s available now for rent and the bed even folds away as a space saver. The listing has seen some interest on Reddit, and it isn't the first time curious bathroom layouts have been seen in Australian properties. Property Observer clearly remembers a discussion on the Somersoft forum regarding a property that <a target="_blank" href="https://somersoft.com/forums/showthread.php?s=9a79db1eec5055d4d7f04b915cfd3777&amp;t=81999">had an extra toilet casually placed in the living room</a>, without a mention on the listing as to the reason.
<img alt="shower_in_living_room_jan_21" src="/images/stories/2014/01/21/shower_in_living_room_jan_21.jpg" height="353" width="470">
When asked, the real estate agent said that it hadn't been used by the current family and they used a shelf to keep it covered. It had forum readers creating their own versions of how the floorplan should look. It appears to be the only of this style in the block – where rents vary around the $300 to $400 mark.
RP Data puts the <a target="_blank" href="/news">median Darlinghurst rental </a>at $550 a week, reflecting a 4.4% gross yield.
jduke@propertyobserver.com.au
</body></html>

A toilet in the kitchen? A strange unit layout

<html><body>
Keen to take on a renovation project? There are properties across the country calling out for attention and a bit of TLC, and they won’t all break the bank. However, would you buy one of these “renovator’s dreams” where the renovation may cost more than the purchase price? Or would you pass on the opportunity?
Here are five options all for $50,000 or less from around the country. Vote on the house you think you would make the most profit from with a renovation.
1) <a target="_blank" href="https://www.realestate.com.au/property-house-vic-murrayville-115300719">28-30 Sharrock Street, Murrayville, Victoria</a>
This property, on 2,225 square metres, is on a double clock with four-bedrooms, one-bathroom and two carport spaces. It has a large central lounge, separate kitchen with electric cooking and a sun room, as well as ducted cooling and a laundry.
It is asking for $39,000 and is currently under contract. RP Data notes that it last sold for $30,000 in 2002.
{yoogallery src=[images/stories/2014/01/21/mur]}
 
2) <a target="_blank" href="https://www.realestate.com.au/property-house-tas-zeehan-115771699">1 Montana Tram, Zeehan, Tasmania</a>
This $37,000 two-bedroom one-bathroom home, located opposite Trial Harbour and nearby a creek has no immediate neighbours, and has had the local timber used as features within the home. It has its own front verandah.
{yoogallery src=[images/stories/2014/01/21/zee]}
 
3) <a target="_blank" href="https://www.realestate.com.au/property-house-qld-mitchell-115703243">113 Mary Street, Mitchell, Queensland</a>
For $45,000 this piece of Queensland can be yours. With three-bedrooms and one-bathroom, it’s on a significantly sized block of 4,047 square metres. The land was last bought for $7,500 in 1986.
{yoogallery src=[images/stories/2014/01/21/mitch]}
Article continues on next page. Please click below.
 
 
<hr class="system-pagebreak">
4) <a target="_blank" href="https://www.realestate.com.au/property-house-wa-norseman-113703991">38 Johns Street, Norseman, Western Australia</a>
 
At $30,000, this fibro/iron house has three-bedrooms and one-bathroom. The living room has a tiled fireplace and it also has a laundry and an undercover carpark. It is on an 842 square metre block. The property last transacted in 2006 for $35,000.
<img src="/images/stories/2014/01/21/1.jpg" width="470" height="353" alt="1">
 
5) <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-broken+hill-112461735">281 Piper Street, Broken Hill, New South Wales</a>
 
Lastly, this Broken Hill house for $50,000 with three-bedrooms and one-bathroom is on 1,012 square metres with a wide frontage. It could be a knock down or a renovation project, according to the listing. It has a pressed metal ceiling in the lounge room and the laundry and toilet are external. The yard has old shedding remaining. It last sold for $27,000 in 2004.
{yoogallery src=[images/stories/2014/01/21/broke]}
 
{module Which of these would you renovate?}
If you have a renovation project you would like to share, email <a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
 
 
 
</body></html>

Five renovators in need of attention… all under $50,000

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

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News