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Set to be part of a new mixed-use development to transform the heritage eastern Perth CBD precinct, Perth’s first five-star hotel to be built in almost 30 years is soon to be delivered, according to Australia’s largest privately-owned construction company.
BGC (Australia) Pty Ltd, who are in control of the entire development, noted that 480 Hay Street is going to be designed to be a 24/7 location, with a 22-storey office, with retail, food and beverage options. The office will have 34,500 square metres of lettable area, as well as conference facilities, and five-star Green Star Rating and five-star NABERS Energy Rating.
The Westin, Perth will also be built in conjunction with Starwood Hotels and Resorts. It will have 350 rooms, a rooftop swimming pool and bar and a grown floor retail plaza.
The entire development is earmarked for a 2017 completion date, and is located in the Perth Justice Precinct, with Hay and Murray Street frontages. It includes heritage-listed Hibernian Hall and former FESA headquarters.
BGC managing director, Julian Ambrose, said that the new precinct is set to redefine the East of Perth’s CBD.
“We are very excited to partner with the internationally-renowned Starwood brand and other project partners to develop a precinct that will revitalise and rejuvenate the eastern, and heritage side of the city,” Ambrose said.
“This project is the largest and one of the most significant ever undertaken by BGC. It’s also one of the most exciting because it represents an opportunity to help redefine a prime city location.”
With retail, commercial, entertainment and accommodation on the site, it will showcase the changing nature of the CBD.
Starwood director, acquisitions and development, Pacific Region, Andrew Taylor said that they share the vision for the Perth precinct.
The precinct is to be built on the first parcel of land that is being released under the State Government’s Hotel Development Incentive.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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jduke-EHk3XBmHkn

First five-star Perth CBD hotel for almost 30 years to be developed

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On Monday, we looked at <a target="_blank" href="https://www.propertyobserver.com.au/finance/your-weekly-how-to-calculating-rental-yield/2014010567064">how you can work out the rental yield for a property </a>and the calculations behind the rental yield. If you haven't tried varying the rent and the price to see how it might affect the yield, it's worthwhile having a quick play with the equation.
However, what is the use for this statistic?
Comparison between properties and their return
There are a huge number of properties across the country, and when you're looking at those transacting at any one time it can still be overwhelming. When looking to buy, investors are going to need to be able to discern between the property that performs well and is likely to stack up, compared to the property that is not as profitable. While the rental yield is just one of a number of statistics to look at, and in isolation its usefulness is questionable, it's worth using this as one point to begin comparing the property.
You can also use it to compare the property against those you already own - to see how the return may look if you sold one property and bought another, or to ensure yours is not underperforming, which may be a suggestion that there is something not-quite-right about your numbers, such as your rent being set below market value.
For "yield chasing" investors - those that look for as high rental yields as possible - comparing this statistic is part of their hunt for the best property. If looking for cash flow, it's just the tip of the iceberg, with the next step being to look at potential repairs, vacancies, levies, rates and other costs that will erode this income. 
Shortlisting and benchmarking 
Ensuring your property is performing, as mentioned above, is an important aspect to look at. One way to do this is to look at the average and median statistics available for suburbs, particularly those where the properties tend to be homogenous. While the use of median statistics is hotly debated, it's an extremely quick way to cross check a figure and to ask yourself important questions as to why your rental yield is or isn't as good. You can check these statistics via our free suburb data.
You might also have certain points in your mind about what it takes for a property to fit into your portfolio and the numbers you need to achieve. The rental yield can create a part of this picture. There are many investors who require a property to have a number of aspects for them to even consider (such as <a target="_blank" href="https://www.propertyobserver.com.au/residential/why-spring-might-not-necessarily-be-the-best-time-to-sell-property-jane-slack-smith/2012081955899">Jane Slack-Smith's Trident Strategy</a>), and it is one way that you can take on the mammoth task of deciding where to invest and which properties suit. 
As a market indicator and quick alert 
Not as commonly used, but still of great benefit, is the role of the rental yield as a market indicator. Keeping an eye on how the area's median fluctuates can quickly get you asking important questions that may allow you to deduce a little more about the suburb. For instance, if the yield is increasing it doesn't necessarily mean that rents are rising - perhaps property prices are dropping? Perhaps there has been a brand new development finalised and rented for the top dollar? 
Instead of having to look at a number of different indicators, the rental yield will quickly have you crossing off different reasons. It can also be worth using your understanding of the rental yield to question when someone tells you that an increasing yield in an area is a good thing. Are they using this to cover up a drop in prices? Or is a soaring rental yield suggestive that capital gains are to follow? Looking at historical information around this statistic can also give you a different insight into the area you are considering. 
As an identifier of risk
Mining towns and regional areas have higher-than-the-usual rental yields in common. <a target="_blank" href="/news">Moranbah</a>, for instance, saw yields of 20% at one point. Now our median statistics point us to a 7.4% and a -42.5% median price change over the last year. The <a target="_blank" href="https://www.propertyobserver.com.au/news/mining-s-clean-sweep-on-rp-data-s-10-top-rental-yield-locations/2013121867018">Top Ten rental locations from RP Data</a> were all within regional mining town precincts. Similarly, the US can also have very attractive rental yields due to their comparatively low prices - we've seen examples of around 16% rental yields.
High returns and high risk often go hand in hand, and an area or property boasting a very high rental yield should have you asking two things: 1) What is the catch? 2) If there isn't one, then why hasn't anyone else bought it yet?
If you can't satisfy these questions, then you'll want to keep on digging for answers.
jduke@propertyobserver.com.au
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How to: Use the rental yield statistic

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There are some predictions that rates are set to increase over 2014, so it's crucial to make the most of the record lows that we're in at the moment, according to RateCity.
With the official cash rate at a record low 2.5%, and borrowers 1.42% better off than January 2012, or typically $262 savings each month, it might be the time to get started on that New Year's resolution of hacking through the mortgage.
The Reserve Bank of Australia, in passing the August rate cut, gave borrowers an extra $540 a year (on a typical $300,000 mortgage).
With five cuts since January 2012, it's the time of year to put extra money back into your mortgage, notes Alex Parsons, CEO of RateCity.
“If you are paying an average rate of 6 percent interest on your mortgage over time and you’re an average tax payer, you would have to find a financial investment with a greater than 10 percent rate of return elsewhere to better off – that’s a tough gig in the current market,” said Parsons.
“If you leave the extra money on the mortgage, it comes straight off the principal and it pays off your mortgage faster," he said.
Top tips to get more from low rates:
- Pay more than your minimum repayments: This will cut the amount you owe, shortern your loan's life and save you interest. (On a $300,000 25-year loan term, paying the current average standard variable - 5.41% - with monthly repayments, it could cost $547,850 principal and interest, with steady rates. Putting the savings back in will take six years off the mortgage and save $63,545).
- Refinancing the same loan to a lower rate variable home loan, such as at 4.49%, could free up $160 per month ($1,920 per year). If put back into the loan, that's $33,000 over 25 years saved without any lifestyle impact.
- Paying down non-tax-deductible debt first, such as credit cards, is a good first approach, with average interest rates on credit cards at 17%.
Source: RateCity
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Make the most of low interest rates while they stay low

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Queensland is now home to four new councils in Noosa, Livingstone, Douglas and Mareeba, with Acting Local Government Minister Jarrod Bleijie announcing the changes to the 2008 amalgamations.
Bleijie noted that residents had been fighting for these changes for a number of years, with a 2013 petition seeing the majority of residents asking to de-amalgamate. As of January 1 their fight is won.
“It’s now up to the new Mayors and Councillors to work together with each other and their neighbouring councils to get the best results for their communities,” he said.
How this may affect and shape the areas is yet unclear, however the first order of business was noted to be the new councils’ consideration of the interim budgets.
“While there’s no doubt the new councils have some big decisions to make in the coming months, I’m confident we have the right mix of fresh ideas and experience to set the new councils on the right course,” he said.
In March 2013, 80% of Noosa's ratepayers reportedly voted for the de-amalgamation. Similar numbers were seen from the other areas.
Noosa was amalgamated previously into the Sunshine Coast Region. Livingstone had become part of the Rockhampton Region. Douglas had been part of Cairns Regional Council. Mareeba had been made part of the Tablelands Region. All four councils have now been re-established.
Councils can be contacted for specific information. Property owners who applied previously for building permits and are awaiting assessment will find that it is now covered by the new Council, however those previously granted will remain in effect.
Douglas Shire Council is geared up for a <a target="_blank" href="https://douglas.qld.gov.au/events/inaugural-council-meeting-2nd-january-2014/">meeting expected later today</a>, meanwhile Livingstone Shire Council is looking for <a target="_blank" href="https://www.livingstone.qld.gov.au/CivicAlerts.aspx?AID=30">residents to have a say tomorrow</a>.
For the full legislation of the de-amalgamation, see <a target="_blank" href="https://www.legislation.qld.gov.au/LEGISLTN/CURRENT/L/LocalGovDeamallmpR13.pdf">this online document</a>.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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New Queensland councils after residents’ requests to de-amalgamate

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Happy 2014! It's a new year, and nothing is quiet. While we're yet to see what this year has in store, it seems the property market is already on the move with contracts exchanging.
<blockquote class="twitter-tweet" lang="en">
<a target="_blank" href="https://twitter.com/titletattle">@titletattle</a> <a target="_blank" href="https://twitter.com/JennieDuke">@JennieDuke</a> <a target="_blank" href="https://twitter.com/Lucy_Macken">@Lucy_Macken</a> <a target="_blank" href="https://twitter.com/1stcityRE">@1stcityRE</a> <a target="_blank" href="https://twitter.com/PaulBiller">@PaulBiller</a> at 12.01am we exchanged contracts on first property deal of 2014. HAPPY NY!
— Brad Caldwell-Eyles (@bradceyles) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/bradceyles/statuses/418014357256019968">December 31, 2013</a>
</blockquote>
<blockquote class="twitter-tweet" lang="en">
<a target="_blank" href="https://twitter.com/JennieDuke">@JennieDuke</a> <a target="_blank" href="https://twitter.com/titletattle">@titletattle</a> <a target="_blank" href="https://twitter.com/Lucy_Macken">@Lucy_Macken</a> <a target="_blank" href="https://twitter.com/1stcityRE">@1stcityRE</a> <a target="_blank" href="https://twitter.com/PaulBiller">@PaulBiller</a> PB corrects me - he timed it for 12 midnight precisely. <a target="_blank" href="https://twitter.com/search?q=%23definitefirst&amp;src=hash">#definitefirst</a>.
— Brad Caldwell-Eyles (@bradceyles) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/bradceyles/statuses/418016024550576129">December 31, 2013</a>
</blockquote>
We'll be back officially from break on 6th January, so expect to see more newsletters over this time. Enjoy your break, and keep sending in your questions - we've been sent many over the holidays and we will get back to all of you.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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The first contracts of 2014 are exchanged

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This year was busy for property, and some great stories went up on Property Observer that readers loved. Here are the top ten stories of the year, by views, on the site, and we reveal our Top Story.
 
5) NSW first home buyer grant to stay at $15,000 until 2016: NSW State Budget The NSW Treasurer Mike Baird has announced the $15,000 grant for new homes buyers will be extended until January 2016 in the upcoming state budget. The first home owner grant was due to be reduced to $10,000 in six months time on 1 January, 2014. It now has another two years at $15,000 during which developers and home builders will pursue the recently hesitant first home buyer constituency. "We're saying to every first home owner across the state, if you are thinking of buying - think new," Mr Baird said.
<a href="https://www.propertyobserver.com.au/first-home-buyers/nsw-first-home-buyer-grant-to-stay-at-%2415000-until-2016-nsw-state-budget" target="_blank">Read more here.</a> 
Turn over page for the more most-read stories of 2013
 
 
 
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4) Victorian first home buyers grant jumps from $7000 to $10,000 but only for new houses and apartments Following the decision among other east coast states, the Victorian first-home owner grant will increase from $7000 to $10,000 for newly constructed homes. It takes effect from July 1, which will lead to a probable pause in the purchase of new houses and apartment over the next two months.
But there will be a rush - possibly even an unhealthy frenzy - from those first timers desirous of buying established homes as they will no longer receive the existing $7000 first home grant from July.
<a href="https://www.propertyobserver.com.au/first-home-buyers/victorian-first-home-buyers-grant-jumps-from-%247000-to-%2410000-but-only-for-new-houses-and-apartments" target="_blank">Read more here.</a>
Turn over page for the more most-read stories of 2013
 
 
 
 
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3) Just $4000 hammer price difference, with entertainment the winner of the Block Sky High auction results It was the narrowest of victories for the Adelaide sister contestants Alisa and Lysandra who now are thinking of becoming professional interior designers after winning the most profit in the 2013 Block Sky High apartment auctions.
Their win came after a $4000 difference between the top sale under the hammer and the second highest sale - apartment 5's Trixie and Johnno securing a $1.605 million sale and apartment 4's Madi and Jarrod who secured $1.601 million.
<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/residential/just-%244000-hammer-price-difference-with-entertainment-the-winner-of-the-block-sky-high-auction-results/2013072763601" target="_blank">Read more here.</a>
Turn over page for the more most-read stories of 2013
 
 
 
 
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2) Australian housing is in 'largest bubble on record' and will crash: Philip Soos Academic Philip Soos has acknowledged that mainstream opinion is opposed to the idea that a housing bubble exists in Australia, as governments, the FIRE sector (finance, insurance and real estate) and many of his colleagues in academia all claim that prices are linked to fundamentals or intrinsic value. But noting entrenched views exist on both sides, Soos has repeated his strong belief that evidence suggests the residential property market was currently experiencing a bubble, with prices detached from fundamental valuations.
<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/residential/australian-housing-is-in-largest-bubble-on-record-and-will-crash-philip-soos/2013011658802" target="_blank"> </a><a target="_blank" href="">Read more here.</a> 
Turn over page for the more most-read stories of 2013
 
 
 
 
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1) Camelot at Camden is captivating as A Place to Call Home location on Channel 7's new 1950s drama series Camelot, the grandest house near Camden on Sydney's outskirts, was the location for filming of the latest Channel 7 drama series, A Place to Call Home. Set among rolling green pastures with well-established cottage-style gardens, and a winding, tree-lined drive from gates originally from Yaralla, Concord, the historic Narellan mansion was built in 1888 for the White pastoralist family.
<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/residential/australian-housing-is-in-largest-bubble-on-record-and-will-crash-philip-soos/2013011658802" target="_blank"> </a><a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/trophy-homes/camelot-at-camden-is-captivating-as-a-place-to-call-home-location-on-channel-7-s-new-1950s-drama-series/2013042860795" target="_blank">Read more here.</a>
 
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
 
 
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The most-read stories of 2013

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With the Brisbane market being a clear investor favourite in 2013, and heading out with a bang, Place Estate Agents note that the strong surge will continue on this year.
CEO of Place, Damian Hackett, said that there has been strength in the Brisbane market for the past few months with the sub $1 million market leading, and a top-end recovery emerging.
“From a volumes perspective the top end is performing better than expected as we near the end of the year, and evidence of that is the sale of four properties for more than $4 million each – including one for $7.5 million - changing hands in just one week in December,” said Hackett.   While the market’s strength and sales activity has been encouraging, he noted that the market may be more tempered in 2024.  
“The current level of activity is so strong that it may not be sustainable in the long term,” he said.  
“But that’s not to say the Brisbane market won’t perform well in 2014 – it is certainly in the upturn phase at the moment and while activity may not be quite as strong, the momentum will continue into next year, and along with that will come price growth.” 
He said that the first green shoots could be seen in 2011/2012 when the market was unstable.  
“Undoubtedly, those who took the plunge and invested through 2011 and 2012 will have already created equity in their portfolios,” he said, explaining that while there have been a number of years where buyers had the upperhand, this momentum has shifted.  
“Buyers are feeling an urgency to get into the market before they essentially ‘miss out’, so there are plenty of them around, and vendors are primed to take advantage of this,” he said.  
“In addition to strength in buyer numbers, in some cases homes have sold for prices above vendor expectations, particularly in the lower end of the market.”  
"The big question now is whether we’ll see an increase in activity amongst these buyers in the top end of Brisbane’s market, as has been the case in Sydney and Melbourne,” he said.  
Lachlan Walker, Place Advisory Director, predicted that while residential price growth in Brisbane had lagged behind some of the other capitals in 2013, it would begin a recovery in the city in 2014, establishing equity in property assets.  
“Certainly 2013 has excelled all expectations and prior forecasts for the Brisbane residential market,” he said.      
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Brisbane market’s strength to muscle up further in 2014: Place Estate Agents

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Now we’re in 2014, it seems everyone is reflecting back on the year in property that was 2013. TopTenRealEstateDeals has had a look at the American market, and the <a href="https://www.toptenrealestatedeals.com/homes/weekly-ten-best-home-deals/2013/12-24-2013/" target="_blank">top 10 celebrity homes that went up for sale</a>.
Noting that prices increased almost 10% over 2013 with a patchwork market, they note that many celebrities decided to put their home up for sale over the year.
The celebrity’s whose homes made their Top Ten:<a href="https://www.toptenrealestatedeals.com/homes/weekly-ten-best-home-deals/2013/12-24-2013/"></a>
Matt Damon
Sheryl Crow
Kid Rock
Bob Hope
Carrie Underwood
Steve Martin
Suzanne Somers
Bob Newhart
Reese Witherspoon
Howie Mandel
Note: Prices are reflective of US$
 
Matt Damon
<img alt="1MATTDAMON" src="/images/stories/2014/01/06/1MATTDAMON.png" height="314" width="470"> 
Located: La Gorce Island (one of the most exclusive and secure beaches in North Miami)
Design: Classic Old Florida/Meditteranean, from 1935
Purchased for: $14.5 million in 2005
Asking price: $18.999 million
Size: 12,705 foot home, seven-bedrooms, 10-bathrooms on an acre of waterfront land.
Damon and his wife bought the double lot in 2005, with the home featuring a home theatre and custom office. It includes a pool house with roof terrace and a two-bedroom guest house.
It has 170 feet of water frontage on Biscayne Bay and views of downtown Miam.
Continue article over page
 
 
 
 
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Sheryl Crow
 
<img alt="1SHERYL" src="/images/stories/2014/01/06/1SHERYL.png" height="312" width="470"> 
 
Located: Tennessee 
Design: Farm/country style 
Asking price: $5.8 million 
Size: 152 acres of land
Crow’s Cross Creek Farm includes a western-style saloon, barn, outdoor riding arenas, farm equipment building, storage building, guest-staff houses and a pool (with waterfall and spa).
Includes a solar system, which was created to reduce electricity costs by 42%.
She previously listed the farm for $7.5 million in the early months of 2010.
Continue article over page
 
 
 
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 Kid Rock
<img alt="1KIDROCK" src="/images/stories/2014/01/06/1KIDROCK.png" height="314" width="470"> 
Located: Malibu
Design: Balinese-style
Asking price: $13.45 million
Size: 8,305 square feet
With dark hand-carved wooden columns and white walls, open large glass frontages to lanai, balconies and a tropical landscape, it also includes a pool and guest house.
His property has five-bedrooms, five-bathrooms, a chef’s kitchen, gym and formal living room/media screening room
Continue article over page
 
 
 
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 Bob Hope
<img alt="1BOBHOPE" src="/images/stories/2014/01/06/1BOBHOPE.png" height="313" width="470"> 
Design: Futuristic/modern
Asking price: $50 million
Size: 23,000 square foot home
Bob and Delores Hope’s home, with high ceilings and openings to allow the sky to shine through, has six-bedrooms, 13-bathrooms and a spa, an indoor and an outdoor pool, a pond, a putting green and a tennis court.
Continue article over page
 
 
 
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 Carrie Underwood
<img alt="1CARRIEUNDERWOOD" src="/images/stories/2014/01/06/1CARRIEUNDERWOOD.png" height="313" width="470"> 
Located: Carp, Ontario 
Asking price: $2.2 million 
Size: 6,000 square foot home on 11 acres
Underwood and NHL hockey player husband, Mike Fisher, recently put their Canada home on the market after Fisher traded from the Ottawa Senators to the Nashville Predators.
It has five-bedrooms, five-bathrooms, a mud room, an eat-in chef’s kitchen, great room, formal dining and an enclosed sunroom with fireplace, deck and hot tub.
It also has a home theatre, gym, wine cellar, family and game room, bar and kitchenette.
Continue article over page 
 
 
 
 
<hr class="system-pagebreak">
 Steve Martin
 
<img alt="1STEVEMARTIN" src="/images/stories/2014/01/06/1STEVEMARTIN.png" height="315" width="470"> 
 
Located: Lurin, St. Barthelemy 
Design: Tropical colonial-style 
Asking price: $10,814,000 
Size: 28,191 square foot
This half acre offering’s home has four bedrooms, each with ensuites, baths and outdoor showers. The master has a hot tub as well.
The island-style home has beamed ceilings and walls opening to ocean views, as well as a two-tiered infinity pool.
Continue article over page
 
 
 
 
<hr class="system-pagebreak">
 Suzanne Somers
 
<img alt="1SUZANNE" src="/images/stories/2014/01/06/1SUZANNE.png" height="312" width="470"> 
 
Located: Palm Springs
Design: Modeled after L’oustau De Baumaniere in Provence, France
Asking price: $14.5 million
Size: 10,000 square feet on 73 acres (five buildings)
Suzanne Somers and husband, TV host Alan Hamel, have put their home back on the market after being first listed in 2008 for $35 million.
It has five buildings, including a property with a master suite, two room kitchen, wine cellar and a 1920s stone guest house.
The property is accessed via a private furnicular, golf cart or stone steps.
With an outdoor amphitheater seating 50, and dance floor, carved into the mountain, a pool, spa, hiking trails and natural waterfall, it’s an impressive offering.
Continue article over page
 
 
 
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Bob Newhart
<img alt="1NEWHART" src="/images/stories/2014/01/06/1NEWHART.png" height="274" width="470"> 
Located: Bel Air 
Purchased: In 1990 for $4.2 million
Design: Wallace Neff designed, Mediterranean-style, built in 1941 
Asking price: $15.5 million 
Size: 9,169 square feet on 1.37 acres
Reduced in asking price from $18.9 million, the estate has a lagoon pool, five-bedrooms, eight-bathrooms and two servants quarters.
It also has a separate building including offices, a garage, a guest apartment and a pool house.
Continue article over page
 
 
 
<hr class="system-pagebreak">
 
 Reese Witherspoon
<img alt="1WITHERSPOON" src="/images/stories/2014/01/06/1WITHERSPOON.png" height="315" width="470"> 
Located: Ojai, California
Asking price: $5.9 million
Size: 5,481 square feet
The Libbey Ranch, originally built in 1923 for Edward Libbey (Toledo glassware) was also used in 1937 by Frank Capra as the setting for Shangri-La in film Lost Horizon.
It has three guest cottages, nine-bedrooms and nine-bathrooms in total, a carriage house, swimming pool, spa, horse stables, barn, blacksmith’s shop and acres of pasture and organice gardens.
The current asking price is reduced from a previous $10 million.
Continue article over page
 
 
 
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Howie Mandel
<img alt="1HOWIE" src="/images/stories/2014/01/06/1HOWIE.png" height="314" width="470"> 
Located: Malibu 
Design: Beach home 
SOLD in 2013 for: $7 million
On and off the market since 2011, with a previous $7.25 million asking price, it is located in the Point Dume neighbourhood.
It is on just over an acre of land with panoramic Pacific views, and the home includes five-bedrooms and 5.5 bathrooms, as well as a theatre, gym, office and great room.
It also includes a pool-guest house, rolling lawns and landscaping.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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The top 10 celebrity homes up for sale in 2013: TopTenRealEstateDeals

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It’s almost time for your New Year’s Eve celebrations and you’ve kindly allowed friends and relatives to come and visit. Unfortunately, parking is set to become a problem – particularly in busy Sydney and other bustling cities.
For unit and townhouse owners and residents, understanding the by-laws in the complex is crucial before you start handing out permission to park.
Frustration around car spaces is common in holiday season as more people come to visit, explained Archers Body Corporate Management’s senior body corporate manager, Grant Mifsud.
“There are no specific laws regarding the duration of a stay in visitor parking areas, so it’s your responsibility to check with your Body Corporate whether or not there are agreed rules for your complex,” Mifsud said.
IF: Your strata scheme has visitor parking/shared spaces for residents and guests
- Take note of time limits
- Ensure you aware of any other restrictions (times of day or night for guests)
IF: There are restrictions on the length of time for guests to park
- Obey the rules or
- Ask in advance for special permission from Body Corporate to extend the stay of an authorised vehicle
IF: There are no guidelines
- If your guest intends to use the space for more than a couple of days, send a letter around to the neighbours (with the registration number and your contact details)
- Leave a note on the windshield of the car explaining the situation
FOR ALL SITUATIONS:
- Ensure you only park in dedicated spaces
- If someone else is breaking the rules, leave them a note letting them know
- Do not use another residents’ car spot without asking for permission
- Let residents know when you’ll be away so they can use your space
Source: Archers Body Corporate Management
 
<a href="mailto:Jduke@propertyobserver.com.au">Jduke@propertyobserver.com.au</a>
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Understand parking by-laws before inviting your guests: Archers

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With more than 9,000 regulatory requirements removed in Queensland over 15 months, according to a new report, there should be subsequent decreases in costs to homeowners.
The recently released Annual Report of Reducing the Burden of Regulation in Queensland catalogued the regulatory changes, with Treasurer Tim Nicholls noting that it outlined a significant milestone.
“Our reforms to streamline the development application and assessment process for construction projects will save industry $135 million over 10 years,” said Nicholls.
“Cutting red tape for plumbers doing ordinary household kitchen and bathroom work is set to save business up to $18 million a year that can be passed on in reduced prices for householders,” he said.
This could spell out a good future for those whose properties need work or who are concerned about their maintenance bills.
Assistant Minister for Finance, Administration and Regulatory Reform Deb Frecklington said that 9,400 regularly requirements had been removed, totalling 3.55% of the regulatory burden.
“These reforms are not just happening in one area but right across all government departments, delivering tangible benefits and savings to business and the community,” she said.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Home owners’ tradie bills expected to decrease in Qld

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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