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Melbourne has been contested for its growth prospects over the past year with many experts pointing to its hefty supply capacity as underpinning the potential for softer growth compared to other capitals. We recently <a target="_blank" href="https://www.propertyobserver.com.au/victoria/exclusive-melbourne-s-potential-oversupply-the-experts-have-their-say/2013101065633">asked the experts about Melbourne's potential oversupply with mixed responses</a>.
Planning Minister, Matthew Guy, is pointing to significant land release and development capacity as part of the way forward for the state of Victoria, and for Melbourne.
The latest Urban Development Program reports, covering the 19 regional centres across the state including Melbourne’s outer suburbs, has found that there is plenty of land available for future growth, said Guy.
“It’s clear that there is plenty of land for future development and plans to maintain supply. It is critical that we continue to identify land to drive industry, jobs and housing growth in regional centres,” he said.
“Melbourne is certainly in an enviable position because we have large tracts of land marked for urban renewal and new suburbs. We also have the largest amount of industrial land of all capital cities in the country.”
Over the past year, five new precinct structure plans have been approved – adding 19,000 potential house blocks in Melbourne’s new suburbs – and a record 179,400 potential dwellings from major apartment developments were slated, he said.
Currently across Melbourne five of the six growth areas had 25 years or more of land supply, with Whittlesea having 22 years. There are also 412,600 potential house lots in these growth areas, with a more than a third zoned for residential development or approved in a precinct structure plan.
He also noted that the number of potential apartments in “activity centres” has more than doubled since 2008/2009. Interestingly, <a target="_blank" href="https://www.propertyobserver.com.au/victoria/do-you-think-melbourne-is-facing-an-oversupply-of-apartments/2013100965607">when polled in October 2013, Property Observer readers believed that inner city Melbourne was oversupplied</a> (44.8%), while many thought all of Melbourne was oversupplied (37.3%).
Investors would be wise to keep an eye on Plan Melbourne, the blueprint to 2050, if they are keen to know where releases will take place. It was <a target="_blank" href="https://www.propertyobserver.com.au/victoria/third-airport-mooted-for-melbourne/2013100965599">launched in October 2013 and has some interesting implications</a>.
“Right across the state, there are plans in place to ensure we can gradually open up residential and industrial land for at least the next 20 years, while protecting agricultural employment land,” he said.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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jduke-EHk3XBmHkn

Supply to continue increasing in Melbourne: Minister for Planning

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The latest Commsec State of the States report is pointing to Queensland for the fastest economic growth rate across the country, causing Premier Campbell Newman to note that the state is the best to “invest, employ and grow your business”.
With economic growth up 4.2% from this same period in 2013, Queensland’s economy is gearing up to fulfil forecasts that put the state as the fastest growing into 2014/2015 as well.
“Queensland is leading the way in business investment, with spending in the September quarter almost 27 per cent above decade-average levels,” said Newman.
“Meanwhile, improvements in the housing sector and increased retail and tourism spending mean more jobs are being created across the state,” he said.
“Last week's ABS data showed three-quarters of all the jobs created in Australia in the year to December were created in Queensland.”
Massive LNG projects currently in development are being said to underpin this growth, with Acting Treasurer John McVeigh pointing to $60 billion invested in the year to September 2013 quarter.
“The CommSec report has found retail spending in Queensland is up 14.7 per cent on decade average levels as both consumers and businesses continue to show sustained optimism, while tourism is also improving,” said McVeigh.
However, there is still an $80 billion debt overshadowing the state’s finances, which is shackling the ability of the government to fund new services and infrastructure, he said.
Despite this being noted by McVeigh as the area of weakness, the Commsec report points to population growth being the factor of weakness for Queensland.
In New South Wales, the job market is seen as the strength, while economic growth is the factor holding the state back.
In Victoria, a housing pickup is the positive factor, while construction work is seen as a weakness.
Meanwhile, South Australia has construction work listed as a strength with retail spending at a low. Western Australia saw retail spending on top, however dwelling starts were a weakness.
Tasmania’s housing pick up was a strength, however there were “Various” weakness factors. The Northern Territory’s strength remained in economic growth, with home lending letting the territory down. Lastly, the ACT saw population growth as a strength but business investment as a weakness.
Currently, WA remains Australian’s best performing economy, while the ACT, NSW and VIC (equal fifth) have been leapfrogged by NT. In October, <a target="_blank" href="https://www.propertyobserver.com.au/economy/wa-continues-to-lead-but-the-rest-of-australia-is-catching-up-state-of-the-states-report/2013102165831">WA was also the best performing</a>, quickly seeing other states and territories catching up.
With the slowdown in mining mentioned as having a continuing effect on some regions, it was noted to likely be offset by residential building, with NSW, WA, QLD and ACT expected to benefit most of all from this.
Commsec’s quarterly State of the States report analyses eight key indicators to judge state and territory performance. They look at economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Queensland has fast growth, but picture mixed: Commsec

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Coast Broadwater, the latest residential high-rise offering from Queensland’s Heran Building Group, has been launched to the market.
The Gold Coast development is to be released over three stages, and is a $100 million multi-tower development that provides waterfront apartments to those looking to purchase in the controversial Gold Coast market at <a target="_blank" href="/news">Broadwater</a>.
This may be a positive boost for the area after Harry Triguboff said he would quit the market last July, after the <a target="_blank" href="https://www.propertyobserver.com.au/developments/harry-triguboff-to-quit-volatile-gold-coast-market-after-one-last-high-rise-hurrah/2013072363516">release of the final stage of a $1 billion Brighton on Broadwater project</a>. However, it appears he then amended his outlook in December - <a href="https://www.goldcoastbulletin.com.au/news/gold-coast/highrise-harry-triguboff-returns-to-the-gold-coast-to-break-ground-on-400-million-luxury-tower-in-southport/story-fnj94idh-1226773876258" target="_blank">re-entering the market with another development in Southport</a>, as reported by the Gold Coast Bulletin.
Located on Labrador’s Marine Parade, the views are across Gold Coast Seaway and will potentially be onto the proposed Cruise Ship Terminal. It is close to Charis Seafoods and Grand Hotel.
The Cruise Ship Terminal has seen <a target="_blank" href="https://www.propertyobserver.com.au/news/eight-bid-for-broadwater-gold-coast-cruise-ship-development/2013021459343">a number of bids over the past year for its development</a>.
Stage one is to be released first with 124 resident-only apartments on 12 levels. There will be 45 one-bedroom, seven one-bedroom plus study and 72 two-bedroom units with prices from $299,000 upwards. This price was noted as 30% below other new apartments in the area, which was said to be achievable by disregarding "wants" and re-focusing on what property owners "need", said development manager Tim Kelly.
The construction on this stage has started with a completion date slated for September 2014.
The project should appeal to both owner occupiers and investors due to the value and location said Kelly. Stage one in particular will appeal to first home buyers, single occupants or couples looking to get into the market.
“Prior to developing Coast Broadwater, we undertook extensive market research and found there was a strong need for affordable new residential one and two bedroom apartments on the northern Gold Coast,” said Kelly.
“According to recently conducted research by Australian property expert Michael Matusik, 34% of local residents currently live alone and a further 31% live as a couple, which means the need for one bedroom apartments in the area is on the rise,” he said.
“We have achieved this by ensuring each apartment caters for what a buyer ‘needs’ rather than ‘wants’, allowing us to offer quality apartments well below the average asking price.”
Senior architect, Ian Hosking, said that the design is based on spacious, contemporary, open plan living.
“Each apartment has been designed to encompass fresh, neutral tones to reflect the development’s coastal ambiance, with the addition of large floor-to-ceiling windows and doors and expansive balconies,” said Hosking.
“Modern fixtures and finishes will feature throughout, including Caesar stone kitchen bench tops, stainless steel European appliances and ceramic tiles, while all bedrooms are generously sized, and come complete with built-in robes.”
Stage one also has a salt-water swimming pool, barbeque and social area, residents’ lounge and underground car parking. On-site management is also included.
jduke@propertyobserver.com.au
For the latest development listings, brought to you by Property Observer and partners, see our <a href="https://showcase.propertyobserver.com.au/" rel="nofollow">Investor Showcase</a>.
Images are artist impressions.
 
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Coast Broadwater $100 million residential highrise hits the market

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New statistics surrounding the distribution of first home owner grant statistics are painting a fairly clear picture of where first time buyers are snapping up new properties across the state of Victoria.
The State Revenue Office of Victoria's latest statistics point to the following for metropolitan and regional distribution of the grants. This data covers the last quarter available - 1 October 2013 to 31 December 2013.
While, typically, the top 10 lists are dominanted by metropolitan areas on the outer suburbs of Melbourne, this quarter three inner city suburbs spilled into the top ten - South Melbourne 3205, Melbourne 3000 and Docklands 3008 as the 7th, 8th and 10th most popular postcodes respectively.
Regional:
1) Armstrong Creek, Charlemont, Freshwater Creek, Mount Dundeed (54 applications)
Interestingly, Property Observer recently reported that the <a target="_blank" href="https://www.propertyobserver.com.au/news/suburb-spotlight-not-all-gloom-and-doom-for-geelong/2013102966017">Armstrong Creek area and surrounds in Geelong were seeing growth</a>, despite the volume not necessarily being what developers were expecting.
2) Belmont,  Grovedale,  Highton, Marshall,  Warn Ponds (25 applications)
3) Alfredton, Ballarat, Canadian, Invermay Park, Mt Clear, Mt Helen (24 applications)
4) Delacombe, Sebastopol (20 applications)
5) Mildura (20 applications) 
6) Arnold, Ascot, Axe Creek, Bagshot, Cornella, Epsom, Huntly, Kimbolton (19 applications)
7) Blackwarry, Callignee, Carrajung, Flynn, Koornalla, Loy Yang, Traralgon (17 applications)
8) Dennington, Warrnambool (14 applications)
9) Clifton Springs, Curlewis, Drysdale, Mannerim, Marcus Hill, Wellington (13 applications)  
10) Branditt, Caniambo, Colliver, Dunkirk, Shepparton (11 applications)
Metropolitan:
1) <a href="/news">Cranbourne</a>, <a href="/news">Botanic Ridge</a>, <a href="/news">Cannons Creek</a>, <a href="/news">Devon Meadows</a>, <a href="/news">Skye </a>(163 applications)
2) Hoppers Crossing, Tarneit, Truganina (146 applications)
3) Craigieburn, Donnybrook, Kalkallo, Mickleham, Roxburgh Park (109 applications)    
4) Doreen, Mernda (108 applications)  
5) Cocoroc, Derrimut, Point Cook, Quandong, Werribee (91 applications)
6) Cardinia, Clyde (70 applications)
7) South Melbourne (67 applications)
8) Wollert (59 applications)
9) Melbourne (55 applications)
10) Docklands (38 applications)
For a point of comparison, the overall statistics of both Metropolitan and Regional for September 2013 (1 July 2013 to 30 September 2013) looked like the following for the top suburbs:
1) Hoppers Crossing, Tarneit (265 applications)
2) Cranbourne, Devon Meadows, Skye (221 applications)
3) Craigieburn, Donnybrook, Roxburgh Park, Mickleham (210 applications)
4) Point Cook, Werribee, Derrimut (184 applications)
5) Doreen, Mernda (117 applications)
6) Pakenham, Rythdale (96 applications)
7) Burnside, Cairnlea, Caroline Springs, Deer Park, Ravenhall (80 applications)
 8) Belmont, Grovedale, Highton, Marshall, Waurn Ponds (78  applications)
 9) Croydon, Croydon Hills, Croydon North, Croydon South (77 applications)
10) Bangholme, Dandenong, Dunearn (69 applications)
 
It appears that a number of suburbs have remained popular over the past six months, largely in areas where the median price is sub-$400,000 and house and land offerings have been created. Do you know of a first home buyer who has purchased into one of these areas? Email: <a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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Where are Victorian first home buyers purchasing?

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House hunting is greeted with enthusiasm across the property world, and this remains just as true on Twitter, where prospective buyers regale us with tales of their home searching woes and wonderments.
<blockquote class="twitter-tweet" lang="en">
Open inspection time in <a target="_blank" href="https://twitter.com/search?q=%23Melbourne&amp;src=hash">#Melbourne</a> this coming week. Happy house hunting! <a target="_blank" href="https://t.co/8bNdbvt9np">https://t.co/8bNdbvt9np</a> <a target="_blank" href="https://twitter.com/search?q=%23homeloans&amp;src=hash">#homeloans</a>
— Michael Sudarski (@MichaelSudarski) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/MichaelSudarski/statuses/423620708024213504">January 16, 2014</a>
</blockquote>
<blockquote class="twitter-tweet" lang="en">
I'm house hunting atm &amp; the little boy in me says BUY THIS <a target="_blank" href="https://t.co/FVrGjwvTRL">https://t.co/FVrGjwvTRL</a>
— Alexander Scott (@Alexvanwrinkled) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/Alexvanwrinkled/statuses/422748320587472896">January 13, 2014</a>
</blockquote>
<blockquote class="twitter-tweet" lang="en">
House Hunting all weekend and I've found nothing affordable that I like. Lottery win would come in handy about now!!
— Hannah carroll (@Carrollh85) <a href="https://www.propertyobserver.com.au/https://twitter.com/Carrollh85/statuses/425016740914147328">January 19, 2014</a>
</blockquote>
Share you house hunting stories with us via @propertyobs or #propertyobserving.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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House hunters out in force

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Open homes can be exciting times for all property investors and home buyers, and it's no wonder that after a busy day many of you will come back scratching your head wondering whether there was carpet in the bedrooms of the first or second property you saw and remembering very little.
So how can you make the most of the time you spend in each property, and get the information you need?
1) Prepare
If you're serious about buying, where possible don't go to an open home unprepared. You'll want to have clearly read the listing and have driven past the property already so that its location isn't a surprise.
Get the following documents together:
- A copy of the listing
- A suburb report where necessary (have a look at our data pages for some quick information)
- A room by room 'fill out' sheet, either a printed version or a version on your phone/tablet with details of importance to you (for instance, you may need the bathroom to have a double vanity, or for the main thoroughfare areas to be tiled). We recommend <a href="https://advice.realestateview.com.au/buying-investing/ultimate-first-home-buyers-guide/12/" target="_blank">this checklist from realestateVIEW</a> that is an easy way to tick everything off of the list.
- Bring the floorplan if possible
And ensure you have these with you:
- Something to record notes on (either your smartphone, or a traditional notebook and pen)
- Camera (again a smartphone or tablet can do the job for you)
- ID (as many open homes will require this)
- Tape measure (particularly if you have not been provided with a floorplan)
Ensure you are dressed appropriately (smart casual seems to be the most appropriate attire), and that you wear shoes that are easily taken off and that, if you leave them on, will not do damage to someone's flooring (stilleto heels are not a good option!)- some real estate agents will ask you not to wear shoes around the home.
2) Be early, not just on time
This may not be applicable for all open homes, particularly if you have a busy day ahead of you (such as <a href="https://www.propertyobserver.com.au/victoria/one-street-one-day-10-open-homes-flinders-st-melbourne/2013111966464" target="_blank">this example where there were 10 open homes on one day in one street</a>). However, if possible, head to each property at least 15 minutes early and take a quick look around the street. Also have a look at the facade, and note any improvements you will have to make as well as good and bad points. Take note of the location and any noise you can hear. If the neighbours are out and seem friendly, you might just want to say hello.
If it's going to be a home for you and you usually drive or take public transport, ensure you do the same to come to the property. This will quickly alert you of any access difficulties to the area.
Take a photo of the outside of the property. If you're using a standard camera, this will later identify you that the set you are looking at is of this particular property (try to get the street number in the frame, or take a photo of the listing first).
Ensure you note down the time of the open home - you will want to visit the property at other times of the day further down the track to check for noise and busy traffic, where applicable.
3) Speak to the real estate agent
When you enter the open home, ensure you greet and have a quick chat with the real estate agent. If you're not already on their radar as a potential buyer then ensure you get onto the list now.
Make sure to collect any details available as print outs for your collection, and to photograph anything that is just there for buyers to look at.
4) The first walk through
Now you want to make a start on viewing the property. Do an initial walk through to take the property in and focus on it. Do not take any photos or notes at this point, and get a feel for the layout and sizes based on your first impressions. At the end of this, write down your thoughts about the property. You may decide at this point that the property is not worth pursuing and save yourself time taking it further.
5) Do a second walk through
This time, try to document the property. Take photographs and notes of each room, and look from floor to ceiling for signs of wear and tear (take close ups if necessary). Ensure you note how things feel as you walk around - are the floorboards spongey? Is there a damp feeling in a room? Is one side of the house particularly light? Note skylights where you see them. Be as thorough as possible, and do not fail to check outside either.
In each room check and note down for the following:
- Noise levels
- Temperature
- Lightness
- Damage or wear and tear
- Type of flooring, walls (wallpaper, paint, etc) and windows
- Unusual or defining features
For room-by-room information of what to look for, here are <a href="https://www.propertyobserver.com.au/residential/nine-areas-to-check-at-open-for-inspections-karin-derkley/2012031553709" target="_blank">Karin Derkley, author of Buying property for Dummies' tips</a>.
6) Compare the property to the listing
Is there anything mentioned on the listing that didn't match up to what you just saw? Ensure any discrepancies are either checked or raised with the agent.
7) Extra details to obtain
If you didn't receive a floorplan, then there are applications that can measure the rooms for you. MagicPlan, for instance, has this function. You may also want to check for phone signal in the house, as this can be a source of frustration for many property owners. And then there's the benefit of having other people through the open home - have a listen out for what they are saying about the property, and note down their thoughts too. Be aware that many buyers will talk down a home they are interested in, and gauge the interest in the property compared to others - if it's packed, it may give some indication that the property is likely to see stiff competition to buy.
8) Thank the agent
When you leave, thank the agent and ensure you have his card. If you liked the property, express an interest to visit again if you think this is necessary.
Finally, remember that this is the first inspection. If you're serious about buying the home then there will likely be other opportunities to visit and fill in the blanks you missed.
9) Collate your notes
When you get home, don't leave all your notes aside. While they're fresh in your mind, bring them together in either one file (print your photos) or into one computerised document. This will quickly let you know if you have forgotten any details, and you can write down any thoughts you didn't have time to note. It's worth giving it some sort of an 'interest level' as well, to ensure that those you preferred are kept more prominent in your mind.
Quick hints:
Staged properties
If one of the first things you think of when you enter a property is "Oh, this furniture is beautiful" then it's likely the home has been staged. Remember that when you buy it, all the furniture disappears. Look to the walls, ignore the items that will be removed, and focus on the bones of the home. This also applies to properties where little effort has been put into the presentation - you're not buying their furniture or mess.
Consider the owner's approach
Be aware of<a href="https://www.propertyobserver.com.au/news/get-your-property-open-home-ready-in-one-morning/2014010967133" target="_blank"> the preparations that the vendor has taken</a> for the open home. Closely looking for last minute touch ups, such as paint, may alert you to potential issues that could be identified on a Building and Pest Inspection later. While not every rug hides a stain, so to speak, it's worth considering that some of them may.
On Friday, we'll look at the niggly details to check at your second and final inspection.
How do you prepare and organise yourself for an open home inspection?
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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How to: Assess a property at an open home

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Experts are <a target="_blank" href="https://www.propertyobserver.com.au/finance/which-capital-city-will-do-best-this-year-an-exclusive/2014011667218">increasingly saying that Brisbane is the city to watch this year</a>, and so it's not surprising that the predictions are coming rolling in as to the specific suburbs to buy into. Where <a target="_blank" href="/news">Logan</a> was the investor favourite last year, Lachlan Walker, Place Advisory Director, said that his suburb picks are actually those in the inner city.
He tipped the following for growth:
1)<a target="_blank" href="/news">Woolloongabba</a>
2) <a target="_blank" href="/news">Newstead</a>
3) <a target="_blank" href="/news">Spring Hill</a>
4) <a target="_blank" href="/news">Kelvin Grove </a>
5) <a target="_blank" href="/news">West End</a>
Walker said that these are about good old fashioned common sense, with an investor just needing to think about what they would want in an area themselves to quickly find out what would be desirable for a prospective tenant.
“The suburbs we’ve picked are likely to meet the key investment criteria over the coming years, which is proximity to the following things – the CBD; public transport; retail and entertainment options; parks, walkways and bike paths; and educational facilities," he said.
“These areas will artfully balance gentrification with green space, lifestyle options with employment opportunities and walkable amenity with an abundance of transport options.”
While each of the locations he has tipped have different aspects, he noted that the key criteria will consistently perform as they remain attractive to future buyers.
“Put simply, people are always attracted to blue and green; parks and rivers,” he said.
“Whether for aesthetics or practicality, these natural components will always be more appealing than built up industrial areas."
With traffic worsening in Brisbane, this is also fast becoming a consideration with the river providing another alternative away from the roads.
“A good location is the bread and butter when it comes to securing a profitable investment,” he said.
“The first step every investor needs to take when determining whether a precinct will be the home of a successful investment is to ask the question: what makes people choose one area over another?”
Which areas in Brisbane are you expecting growth from?
jduke@propertyobserver.com.au
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Five inner city Brisbane suburbs tipped: Place Estate Agents

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The weekend is a great time to get things sorted for your investment properties; however you don’t want to burden yourself with too much to do. Here are three things that you can do to get yourself organised, without taking up hours of your time and without even leaving your house.
1) Get your receipts and expenses in order
Terrifyingly, a lot of investors still use a shoebox system to organise their receipts and expenses. If you are one of these, all hope is not lost. You will need these items at tax time to ensure you claim every legal deduction and make the most out of owning property. If you haven’t got a good system, it’s time to get one.
Whether it’s a ring binder folder per property, or a digitalised version on the computer (and backed up), get your paperwork in order. You might find some more extensive problems when you do this and get things in order – such as a missing depreciation schedule.
You may want to have a look at this list of <a target="_blank" href="https://www.propertyobserver.com.au/what-can-landlords-claim-on-tax/2011062050547">what landlords can claim</a>.
And these <a target="_blank" href="https://www.propertyobserver.com.au/tax/seven-rental-property-deductions-property-investors-are-allowed-to-claim-to-reduce-their-tax-bill/2013061762279">seven tips on deductions</a> will help out those who want to boost their return even further and ensure they don’t throw out anything important.
2) Run a some specific searches
Do some savvy web searching to find out if there are any changes coming up in your properties’ areas. For instance, have there been council proposals for transport links, or have the neighbours asked for extensive renovations and put this on display at the council office? Google your suburb, and check for latest updates. Be sure to jump onto your local newspapers’ website for announcements, and consider setting yourself up some Google alerts for your area while you’re at it. You want to ensure you have the opportunity to be aware ahead of time if your views might get built out or if your tenant will be put out by next doors’ renovation work’s noise.
You will also find that if you look up your suburb on our data page, the most relevant news gets pulled in for you.
3) Set up calendar alerts
If you don’t have a property investment calendar, you might want to start. Add in alerts to an online or print diary calendar about when leases come to an end, when rent is expected from different properties and when you’re due to check in with your broker, accountant or property manager. This will save you plenty of hassles in the long run, and ensure that all bills get paid on time. We also recommend putting key events into your calendar, <a target="_blank" href="https://www.propertyobserver.com.au/finance/the-property-changes-you-need-to-be-noting-on-your-2014-calendar/2014010967131">such as those featured here</a>.
Want more things to do this weekend? Here are <a target="_blank" href="https://www.propertyobserver.com.au/news/weekend-challenge-6-easy-ways-to-get-ahead-in-two-days/2014010967127">six ways you can get ahead.</a>
jduke@propertyobserver.com.au
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Your weekend “must do” items: Three things to put on the list

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The Victoria-located <a target="_blank" href="https://www.realestate.com.au/property-lifestyle-vic-barrabool-7587211">214 Andersons Road, Barrabool</a> is a six-bedroom, two-bathroom, four garage space offering that has a history behind it.
{yoogallery src=[images/stories/2014/01/17/HOMESTEAD]}
With five acres, it includes an original homestead, circa 1860, and has many period style elements that any heritage enthusiast will enjoy that have been contemporised. The front of the home retains the style of the 1800s. It is fondly called Strathlachlan.
The homestead once housed Scottish pioneer James Anderson who emigrated to Australia in 1848, where he bought 13 acres of land at Ceres. He then bought this property. It was retained in the family for many years, despite some subdivision of the estate, and is referenced in a <a target="_blank" href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/ndp/del/article/64993769">1920s Camperdown Chronicle obituary</a>. 
With a glass atrium, 12 foot ceilings, Baltic pine and hardwood floors, fireplaces in all rooms and timber clad ceilings, it has beautiful photographs that speak of updated history.
There is a mezzanine study above the kitchen, and each part of the home appears to have a quirk or a story, such as the vanity - created from an antique Chinese cabinet - and the property's rear - being created from the Highton Dance Hall.
The property also has a solar heated pool, and has been rewired and restumped.
However, it also has another significant benefit. With a mixed fruit orchard and Pinot Fris vines, that produce 200 bottles per season, a kitchen garden, chicken coop, shed and three acre fenced paddock, there's an outdoor opportunity.
Asking for offers over $2 million, it's worth a visit.
Property Observer notes that the property was purchased by the current vendor with the intent to renovate and bring it up to its current condition.
<a href="https://mce_host/jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au </a>
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An open home worth attending this weekend: Victoria

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When first home buyers are saving, it's often all about the deposit. When they've saved 5% or 10% of the purchase price, they're likely to then find that a number of other costs delay their home ownership dream for even longer.
What are these costs, and how much do you need to be prepared to save?
Let's assume you're buying your first home for $300,000 in Victoria and you have a 5% deposit ($15,000). It's an established property, and not that far from where you currently rent. Grants currently exist for those buying new in Victoria, however are not applicable in this instance.
CURRENT TOTAL: $15,000
The loan process will cost you something like the following:
This means you'll be taking out a $285,000 loan and that you'll need Lenders Mortgage Insurance. This varies from lender to lender. At Westpac, it's estimated at $7,397, however a quick search online shows fees from the $7,000 to $8,000 mark generally.
Some lenders do allow you to capitalise, that is, add this to the top of the loan amount. However, for the sake of this exercise, we'll assume you will pay the fee upfront to avoid paying further interest down the track.
CURRENT TOTAL: $22,500
You then have stamp duty on the loan amount, which amounts to around $1,000. There is also around $7,000 in stamp duty (this varies by state. The relevant Office of State Revenue can assist in working out this fee. This amount is a reduction on the usual fee due to the first home buyer status of our purchaser).
CURRENT TOTAL: $30,500
You will need to register your mortgage - usually a flat rate of about $100. And then you can throw in the establishment of loan fee and legal costs which, together, usually amount to around $1,000.
CURRENT TOTAL: $31,600
Looking at the buying process and ignoring 'hard to calculate' costs such as your own time, travel expenses and similar as you search (as well as any paid-for online searches that some will undertake), you can easily estimate up to another $1,500 in checks (such as building and pest inspections, which can typically be around $500) and legal expenses in the buying process as well.
CURRENT TOTAL: $33,100
After all is said and done, you then need to pay for your moving costs from where you currently live into your new home. Assuming that our buyer in this situation is a renter in a smallish apartment let's assume that cleaning costs may amount to $100 (for carpet steam cleaning) and then some moving costs. Service Central estimates up to $500 for a couple living in an apartment. If you're moving interstate or from long distances away, this could easily span into the thousands of dollars.
CURRENT TOTAL: $33,700
OTHER POTENTIAL COSTS: Buyer's agent fee Connection fee for services (not common) The "unknown" factor. Perhaps you will have minor renovations or home improvements, such as painting, to make your place feel like home. You may even need to purchase new furniture or similar.
How much did it cost you to buy and move into your latest property? What other hidden costs are there?
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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How to: Work out how much buying a home costs

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

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

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

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

Jennifer Duke

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