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The Reserve Bank of Australia has left the official cash rate unchanged at 2.5%, in line with analysts’ predictions.
It is the fourth month in a row the Bank has left rates unchanged at a 53-year low.
The Bank has previously cut rates in August 2013, May 2013, December 2012, October 2012, June 2012, May 2012, November 2011 and December 2011.
Raine &amp; Horne CEO, Angus Raine, said that this is a sign of confidence in the Australian economy, and the role property is playing in the transition away from its mining sector dependence.
"News that some markets took a breather in November will be noted by the RBA, however it’s fair to attribute some of this trend to the disruptive impact of Festive Season celebrations, horse racing carnivals and the like on the business of real estate at this time of year," said Raine.
"The situation with price growth in November also underscores the message that Sydney real estate is a significant distance from a boom scenario. This year, we’ve had growth closer to 12 percent, which represents a moderate, expansion phase in the property cycle. Compare this to the boom year of 2002, when Sydney real estate prices grew by 22%," he said.
This comes as no surprise to a <a target="_blank" href="https://www.propertyobserver.com.au/news/no-rate-change-expected-for-this-afternoon-s-rba-announcement/2013120266721?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=tweetoftheday">number of different economists and sources who predicted the rate would remain stable</a>.
Finder.com.au's spokesperson Michelle Hutchison said that all nine economists who took part in their survey were correct, predicting rates to remain stable.
"They also told <a href="https://finder.com.au/" target="_blank">finder.com.au</a> that they think the next rate change will be an increase, with seven out of the eight experts betting on the next rate rise in 2015, while one said it could be in the second half of next year," she said.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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jduke-EHk3XBmHkn

RBA leaves rates at 2.5%

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Pool fences and safety barriers must be properly maintained to ensure safety for children over the summer months and Christmas, with a joint warning from the Consumer Protection and Building Commission issued.
This comes after a recent Coroner's Court hearing outlined a situation in which there were delays in repairing a self-closing pool security door at a rental property, that may have added to the factors surrounding the drowning of a child.
Commissioner for Consumer Protection Anne Driscoll is urging tenants to notify their landlord or property manager, preferably in writing, if they have any concerns and their pool safety barriers.
“If the safety concern is likely to expose a person to the risk of injury then an urgent repair is required,” Driscoll said.
“Under the Residential Tenancies Act, an urgent repair to avoid exposing a person to the risk of injury must be organised within 48 hours. If the tenant cannot contact the landlord or property manager or they fail to organise repairs within 48 hours, the tenant has the right to authorise urgent repairs and have the cost of any reasonable expenses reimbursed by the landlord."
Tenants' next step, if they experience delays from landlords or property managers to fix these issues, is to then contact their local governemnt authority who can order repairs to be underway.
Pool safety barriers including fencing, gates, windows or sliding doors are all listed as crucial aspects to check.
Building Commissioner Peter Gow said that the WA law puts the responsibility onto the owner and the occupier of the property to ensure the barriers are compliant.
“The law applies to new and existing swimming or spa pools, but not spa baths, and also to portable pools that have a capacity to contain water that is more than 300mm deep. Parents and carers, however, should be aware that portable wading pools containing less than 300mm of water are still a constant danger to young children," he said.
“A building permit is required for the installation of swimming or spa pools, including their associated safety barriers. A building permit may also be required to modify an existing safety barrier," said Gow.
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WA pool warning after child's death in rental

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Noting that residential building approvals eased over October 2013, the Housing Industry Association's chief economist Harley Dale said that it's actually a healthy result.
“After a modest decline of 1.8% in October, total residential building approvals are still at their second highest level since March 2010," said Dale.
However, New South Wales seasonally adjusted building approvals dropped by a significant 33.5%.
“There were wide variances in the October approvals results, including strong growth in Victoria and Queensland helping to offset a dip in New South Wales,” he said.
The fastest growth in approvals when looking beyond October is occurring for New South Wales, Victoria and Queensland. Growth in 'other dwelling' approvals, at 43%, is outpacing detached housing.
“The upward momentum to building approvals is impressive and augers well for new home building activity heading into a new year,” he said.
In October, growth in seasonally adjusted building approvals was noted to be strongest in Victoria, at 23.4%, followed by Tasmania at 19.7%. The Northern Territory saw approvals increased by 13.4%, while Queensland saw a 10.5% increase.
Modesr growth was seen in South Australia, recording 1.2%.
Western Australia recorded a 6% fall, while the ACT saw a 4.7% decline.
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Building approvals ease slightly over October but mixed picture: HIA

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It won't come as much of a surprise that the Reserve Bank is unexpected to move this afternoon.
Yesterday's ANZ Monday Morning Note said the following:
"On Tuesday, we expect retail sales to have strengthened further in October while the RBA is also widely expected to leave the cash rate unchanged at 2.50%." Commonwealth Bank of Australia's Craig James had this in his Monday note:
"The Reserve Bank would be justifiably content with the latest batch of economic data. There is nothing to suggest that official interest rates need to budge from current levels. And the tame reading on home prices will defuse some of the worries about a potential ‘bubble” developing."
The Twittersphere has also been fairly unanimous in expecting nothing to occur. 
<blockquote class="twitter-tweet" lang="en">
Reserve Bank of Australia (RBA) meeting Tuesday - no change expected <a target="_blank" href="https://t.co/cKC8Wt4dXv">https://t.co/cKC8Wt4dXv</a>
— ForexLive (@ForexLive) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/ForexLive/statuses/407343275730030592">December 2, 2013</a>
</blockquote>
<blockquote class="twitter-tweet" lang="en">
14 economists agree RBA will not cut the cash rate at its next board meeting; Rural Bank Weekly Economic Commentary - <a target="_blank" href="https://t.co/2aYQl1gqW8">https://t.co/2aYQl1gqW8</a>
— Rural Bank TASMANIA (@RuralBankTAS) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/RuralBankTAS/statuses/407373851991871488">December 2, 2013</a>
</blockquote>
<blockquote class="twitter-tweet" lang="en">
Will the RBA move the cash rate tomorrow? The <a target="_blank" href="https://twitter.com/search?q=%23ASXRBARateIndicator&amp;src=hash">#ASXRBARateIndicator</a> shows the market's expectation for change: <a target="_blank" href="https://t.co/w8vwaM77Kd">https://t.co/w8vwaM77Kd</a>
— ASX (@ASX) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/ASX/statuses/407282026232832000">December 1, 2013</a>
</blockquote>
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No rate change expected for this afternoon's RBA announcement

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Located at 100 Mountain Station Road in Merriwa, <a href="https://www.uniqueestates.com.au/Homes/Detail.aspx?id=ue316&amp;wlid=e062a731-9530-456b-9d04-29afb0122324" target="_blank">Brindley Park is up for sale for $15 million</a>, and it comes with not only a helipad, 598 acres of land, a pool, tennis courts, a summer house and fountains, but a rich history as well.
The entire property boasts eight bedrooms and 10 bathrooms, along with a "charming" heritage six-bedroom guest lodge (pictured below).
{yoogallery src=[images/stories/2013/12/02/mer2]}
Originally, the landholding was granted to William Wentworth and John Blaxland in the early 1800s and is said to be one of Australia's oldest farming properties.
Wentworth and Blaxland are most renowned for leading a 1813 expedition, along with fellow explorer William Lawson, to discover a route throught the Blue Mountains. Their successful crossing was a  key moment in early colonial history which openened up large swathes of arable farming land to the west of the Blue Mountains.
References to the land in Trove's digitised newspaper collection, including in <a href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/ndp/del/article/19028653?searchTerm=Brindley%20Park&amp;searchLimits=" target="_blank">The Maitland Mercury and Hunter River General Advertiser</a> where it mentions the land as being used for sheep shearing in 1893.
There are three historical images of the property archived, which provide a stark contrast between the modest farming property on fertile land of the past, to the mansion we're seeing currently.
For instance,<a href="https://www.flickr.com/photos/uon/6753091451/" target="_blank"> this image of the dining room</a> at Brindley Park circa 1890, and this one of the <a href="https://www.flickr.com/photos/uon/8111510277/" target="_blank">initial sandstone house circa 1895</a>. There is also an image of the <a href="https://www.flickr.com/photos/uon/6753089221/" target="_blank">woolteams leaving Brindley Park in 1914</a>.
The <a href="https://adb.anu.edu.au/biography/bettington-james-brindley-2989" target="_blank">Australian Dictionary of Biography notes</a> that James Brindley Bettington was of significant importance to the property also.
"The Rooty Hill lease was given up in 1834, the Bathurst grant transferred to Icely, and with his brothers Bettington first leased, then bought Piercefield, Martindale and Brindley Park on the Hunter and Goulburn Rivers. After the dissolution in 1835 of the family partnership, John Henshall retained Martindale, Joseph Horton held Piercefield briefly, while James continued at Brindley Park the sound management which had earlier marked him as 'one of the principal landed Proprietors in the colony', and with his fellow magistrates on the Merton bench earned a well-merited reputation for the kindly treatment of assigned servants," it says.
It further explains that after his father's death he built the homestead, where he continued to product fine quality wool. He was a resident magistrate at Merriwa, active in Hunter Valley agriculutral associations and supported the church and School of Arts.
His eldest son, James Brindley, died at Brindley Park in 1893 aged 28, while the second son William John Henshall established Terragong, part of the Wentworth grant, while another son, Albermarle Brindley, managed the estate until it sold in 1926.
According to RP Data, the property last transacted in 1998 for $510,000. It has been listed by Libby and Greg Moore who set up Pont Securities.
It has many different sections to the property, and has <a href="https://www.brindleypark.com/" target="_blank">its own website to describe them</a>.
The neo-Palladian main residence with sandstone columns and facade, tessellated granite flooring, five-metre ceilings, slate roof, Teak panelled entry and hand-carved marble fireplaces, is an imposing building that speaks of grandeur.
The property also comes with a private library, butlers pantry, a summer house with five metre wide screened verandas and games rooms, a pool, bocci pit, chip-and-putt golf lawn and an English style half acre moated garden.
Truly something outstanding to behold.
If that's not enough, there's then also the working farm with fertile soil, 2,204 megalitres of secure irrigation licenses through four deep bores, 4.8 kilometre double frontage to Merriwa River, 414 hectares of underground mains piped irrigation country and six machinery and hay sheds.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank"> </a>
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Historic Brindley Park on the market with $15 million price expectations

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It has been a really long year, and a thrilling one for property, so Merry Christmas and Happy 2014!
The Property Observer team has been busying away, and after moving to Melbourne from Sydney and joining the team in September it has been a quick and steep learning curve. We saw Jonathan Chancellor move into the strategic editor at large position, and his commentary on the market and of some of the rich and famous' properties and buying habits has never been more insightful.
It can be a hard task putting the newsletter together, not to mention staying on top of all the different goings on in the industry across the country. However, it isn't my task alone - it's the strength of the entire team here that has it hitting everyone's inboxes daily like clockwork. We'll never tire of looking at the beautiful and not-so beautiful properties, reading the hilarious listings, or bringing you news of the scandals affecting the industry. A big thanks for me goes to the editorial team here, as well as the other departments at the Private Media offices.
I've been gratified to receive mail from so many of you, and to hear what you want to read more about, and we've tried our hardest to respond to all of the emails received. I started writing these regular 'letters from the editor' to discuss some of the more pressing issues for Property Observer, property reporting and to share the experiences of our journalists. It has been great to see you responding so well to this. I'll continue to write these over 2014, as we want to share with you how things operate and give you the chance to have your say - after all we write this for you. Whatever it is, send me a line.
We've noticed increasingly that readers are accessing the site by their mobile phones and tablets, and so there are a number of changes currently underway. The design, the way our newsletters function, and our mobile offerings for the site will all be updated and you may have noticed a few smaller changes already. All your constructive feedback, negative or positive, is welcome and will be taken into account. You may also notice some new names writing for us as we strengthen our team and panel of experts.
While the majority of the editorial department here is heading off on holidays after next week, Property Observer will still have fresh content over the break, including some Christmas- and New Year-themed property posts and a number of other surprises. We hope this light-hearted approach over the festive season will be a welcome relief from some of the harder news stories of the year, however we'll have some important updates throughout. You'll also see some of our 'year in review' stories, where we look back at our Top Ten headlines and trophy homes from the year gone by. It's always interesting to see what was being talked about at this time last year, and how the market has changed.
Some of the bigger events of our last few months:
September Jonathan and Margie Blok begin He Said/She Said regular columns
November We started <a target="_blank" href="/?option=com_googlesearch_cse&amp;q=suburb%20spotlight">spotlighting different suburbs</a> requested by readers
December The iconic <a target="_blank" href="https://www.propertyobserver.com.au/news/nelson-mandela-s-home-has-crowds-gather-for-farewell/2013120566819">Nelson Mandela passed away</a>, leaving people gathering outside his home to lay tributes.
Thank you for an amazing 2013. Spend Christmas with your loved ones, whether you are renting, paying off a mortgage, owning outright or somewhere else. Not everyone is as privileged, and it's always good to step back and be thankful. So thank you to you all, the readers.
As always, you can email me: jduke@propertyobserver.com.au I'll keep an eye on it over the break and will get back to you.
Send us your Christmas property decoration photos, and let us know your plans for the New Year. Also let us know if there's anything you want to read, see more of or get access to.
Onwards and upwards.
MY 2013 PROPERTY OBSERVER HIGHLIGHTS: Valuers speak out: <a target="_blank" href="https://www.propertyobserver.com.au/finance/valuers-speak-out-what-s-happening-from-their-perspective/2013092765328">What's happening from their perspective</a> Letter from the editor: <a target="_blank" href="https://www.propertyobserver.com.au/news/letter-from-the-editor-misunderstandings-lead-to-bad-decisions/2013111466369">Misunderstandings lead to bad decisions</a> <a target="_blank" href="https://www.propertyobserver.com.au/economy/is-there-a-property-bubble-the-experts-have-their-say/2013100365490">Is there a property bubble?</a> The experts have their say
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Letter from the editor: A Christmas and another year ahead

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Christmas is just around this corner with the first working week in 2013's December now upon us. Twitter is ablaze with home decorations, people putting up new trees and moving into their new properties. Here are some of the festive season highlights from across Twitter, and across the globe.
<blockquote class="twitter-tweet" lang="en">
Yaaay first Christmas tree in my new home! Omg it was such a nice day. I love my family to bits! <a target="_blank" href="https://t.co/GIJfGIVnsH">pic.twitter.com/GIJfGIVnsH</a>
— Shivon Husky (@ShivonHusky) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/ShivonHusky/statuses/407275208354299905">December 1, 2013</a>
</blockquote>
 This buyer has moved into their new apartment and has decorated it with style.
<blockquote class="twitter-tweet" lang="en">
Cant wait for my first christmas in my new home!<a target="_blank" href="https://twitter.com/search?q=%23excited&amp;src=hash">#excited</a> # christmasiscoming <a target="_blank" href="https://t.co/gvEPEwqC4H">pic.twitter.com/gvEPEwqC4H</a>
— Alana Carlin (@AlanaLoughran) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/AlanaLoughran/statuses/407219980384882688">December 1, 2013</a>
</blockquote>
Meanwhile, there are others yet to get to decorating that have moved in just in time for the end of the year.
<blockquote class="twitter-tweet" lang="en">
I thought about buying my first Christmas tree for my first apartment. But then realized I'd need first lights and first ornaments... <a target="_blank" href="https://twitter.com/search?q=%23poor&amp;src=hash">#poor</a>
— AntiCommitment (@AntiCommitment) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/AntiCommitment/statuses/404645291388710912">November 24, 2013</a>
</blockquote>
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Christmas is approaching and first timers move in

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Perth’s median house price has now hit an all time record according to Real Estate Institute of Western Australia (REIWA) statistics.  
With the November quarter’s median price sitting at $530,000 to $535,000, up from previously recorded $525,000 for the June quarter, it has hit a new high for the city.  
REIWA president, David Airey, said that the reason for the big rise was the slump in turnover from the September quarter and the return to more normal conditions.  
“The quarterly median for the three months to November was up by almost 4% and due mainly to the composition of sales during this period after strong first home buyer activity pulled the median house price down to $510,000 in the September quarter,” said Airey.  
“While first home buyer activity is still very evident, there was a solid increase in sales within a 10km radius of the CBD and a softening of activity in outer areas, particularly along the coastal sub-regions north and south of the city.” 
This caused an alteration in the composition of sales towards the more expensive properties, bringing the median up in further evidence first home buyers are steering clear of certain parts of the market.  
Weakening sales activity in Wanneroo, Joonadlup and Rockingham was noticed through November month, however it was a modest retraction of up to 3% on October.  
“It is more likely that first home activity in areas away from the coastal strip has been the focus of buyers in more recent times,” Airey said.  
The rental market, however continues to turn in favour of tenants with rental numbers increasing and median rents dropping again.  
“The median rent in the metropolitan area has dropped by just over 2% over the last three months to $460 across the board. This now breaks down to typical rents for houses coming in at around $470 per week and for units and apartments at around $450 per week,” he said.  
The vacancy rate sits at around 3.2%.
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Perth median house price at all time high: REIWA

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New research has found that sellers are increasingly willing to pay more to secure the property they have their sights set on, with those willing to offer or bid about the reserve price of a property ticking upwards.
A realestate.com.au 2013 Consumer Insights Report on Buyers and Sellers has found that 41% of buyers who placed an offer on the property did so at more than the asking price, up from 23% in 2012.
Meanwhile, 52% of buyers who bid at auction bid more than the reserve, compared to 36% in 2012.
There has also been a shift in buyer profile to the higher end of the property market, with an uptick from 30% to 39% of those looking in the $500,000 to $1.5 million bracket, and the number of those buying under $400,000 decreasing over the last 12 months from 49% 10 38%. This is typically the first home buyer bracket.
Nearly a quarter of vendors would only accept or consider offers above their asking price.
Realestate.com.au general manager of sales and operations, Arthur Charlaftis, said that the research indicates investors are surging in the market.
“With low interest rates and a limited number of properties available, 49% of buyers believe that property prices will continue to increase in the next six months, so if you’re considering selling, it’s a great time to take action. This is a significant increase in market confidence from 2012 when only 16% of Australians believed property values would continue to rise," he said.
Of sellers, 31% believed property values will increase between 5% and 10% over the next six months.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Buyers bidding over asking price increasing, FHBs holding back

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The development of Macquarie Point is one of Hobart's most long-term developments and it has recently received 1,200 comments from the community consultation process, according to Minister for Infrastructure David O'Byrne.
Noting that the area is a once-in-a-lifetime opportunity for the community to shape Hobart's economic, social and cultural growth, he said that it's worth looking to Docklands and Barangaroo for an idea of the way Macquarie Point will shape the area.
Large scale multi-use development on the waterfront has been shaping both Sydney and Melbourne for some time.
"Melbourne's Docklands and Sydney's Barangaroo are two obvious examples. Hobart now has a once-in-a-generation opportunity to do the same, as a result of the previous Federal Government’s commitment of $50 million to remediate the site," said O'Byrne.
“On top of the recent announcement of a new 500 person Vodafone facility to be constructed in Hobart, the $100 million parliament Square redevelopment well underway and the $30,000 First Home Builders Boost starting to kick in, the future development of Macquarie Point signals an exciting time for the city,” he said.
The site's connectivity to surrounding areas, economic value, respect for heritage and culture, sustainability, liveability, tourism opportunities, design quality and opportunities to strengthen martitime, port and Antarctic interests were all listed as important to the community.
The Macquarie Point Shared Vision paper is expected for completion early next year and will inform the development framework for the area.
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Hobart waterfront hopes to follow in Barangaroo's and Docklands' footsteps

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

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

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

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

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

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

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