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With another of Sydney's biggest auction weekends coming up, Will Hamspon, an auctioneer for My Auctioneer, warned vendors to be careful with their reserve prices.
Noting that the market is the hottest it has been seen in years, Hamspon said that vendors may miss the boat if they wait until January. They should also be careful not to over-expect.
“Weekly media reports of record prices can prompt some vendors to over value their property and in turn buyers can be spooked if reserve prices are too high," he said, noting that some vendors are rejecting good offers causing buyers to be hesitant.
Auctionner Kate Lumby also noted that vendors need to be realistic.
“The auction culture is growing in Sydney and buyers are doing their homework. They have access to the web, they follow real estate commentary and in most cases they know the value of a property,” Lumby said.
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jduke-EHk3XBmHkn

Media reports can prompt some to over value: Auctioneer

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Mortgage Choice Limited has paid $30,600 for three infringement notices issued by ASIC regarding false advertising.
The broker, with over 800 representatives and 160 franchises across the country, presented advertisements aired on television stations across the country, and on two websites between February 2012 and November 2012, that were the subject of the notices.
The advertisements claimed they saved customers '$10,000 over 5 years' on average by refinancing numerous home loans. The calculation behind this claim was based on projected savings on calculations from a sample study of 300 refinancing customers over a six-month period.
At the time of the advertisement, no customer had achieved this level of saving.
Each infringement notice had a penalty of $10,200. One was issued for the representations on the television, and two for the website advertising. One was on mortgagechoice.com.au, while the other was on maketherightmove.com.au. The infringement notices are <a target="_blank" href="https://www.asic.gov.au/asic/asic.nsf/byheadline/Credit-and-ASIC-Act-infringement-notices-register?openDocument">now available on the ASIC website</a>.
ASIC notes that the payment of an infringement notice is not an admission of a contravention of the Australian Securities and Investment Commission Act 2001 consumer protection provisions.
The infringments note that one of the consequences of not paying the fine, should they then be found in contravention of the Act, would be a maximum pecuniary penalty of $1,700,000.
Deputy chairman Peter Kell said that advertising plays a crucial role in the decisions consumers make, and any claims made about potential savings must be accurate and supported by evidence.
"ASIC will continue to act in instances where advertisements contain representations about a product that are false or misleading," said Kell.
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ASIC penalises Mortgage Choice for claims of saving customers $10k over five years

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We're coming to the end of November already, and almost the end of the year.
We look back at what was making the biggest headlines on Property Observer at this time in November 2012.
- Model <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/megan-gale-farewells-glamarama-as-tamarama-investment-property-sells-pre-auction/2012113058228">Megan Gale farewelled Tamarama</a>, aptly titled Glamarama, as she sold her investment property that she occasionally lived in for an undiclosed price believed to be around $3 million.
- Pets Paradise boss <a target="_blank" href="https://www.propertyobserver.com.au/queensland/pets-paradise-boss-gary-diamond-s-gold-coast-house-sold/2012112958194">Gary Diamond sold his Gold Coast house</a> at a mortgagee auction after the business went into receivership in July 2012.
- <a target="_blank" href="/news">NAB changed their interest rate cut prediction</a> to December 2012, with one more in 2013.
- Former Geelong AFL player, Ben Graham, took <a target="_blank" href="https://www.propertyobserver.com.au/victoria/former-cat-ben-graham-takes-another-punt-at-selling-his-canterbury-house/2012112958183">another shot at selling his Canterbury house</a>.
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What made headlines: This time last year

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A home is more than just a place to sleep, and it's not unusual to be house proud or to enjoy looking at other peoples' beautiful properties. Around the country, there are gorgeous estates, both heritage houses and brand new apartments and everything in between, that conjure up some serious envy and awe.
It's not unusual for many of these to be on the market. Over the next few weeks, we'll show you five of Property Observer's favourite "on the market right now" listings that have our eyes wide. No doubt yours will be too. 
1) <a target="_blank" href="https://www.jelliscraig.com.au/property/TEMPLESTOWE-11a-Read-Street/6254435/#.UpZtTicUZ8E">11a Read Street</a>, Templestowe  
With four-bedrooms and six-bathrooms, it's being called the finest offering in Templestowe. With city views, and a french-chateau style, it's a very lavish.
For the type of buyer who has an au pair (and wants them to have their own quarters), and is desirous of a games room (with a bar and cellar), a fully fitted gym with sunken spa and sauna, and fountains, it's certainly not your everyday property.
On 4,005 square metres, and with a solar pool, it's absolutely gorgeous with a frontage that makes you stare. 
{yoogallery src=[images/stories/2013/11/28/tem]}
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2) <a target="_blank" href="https://www.kayburton.com.au/property/29-harcourt-street-hawthorn-east">29 Harcourt Street</a>, Hawthorn East
Five-bedroom, three-bathroom home 'Rotha' is circa 1887 and designed by architect John Beswicke.
With a tennis court, swimming pool, botanical garden, grand dining room, a subfloor cellar and a library, it's absolutely beautiful.
We particularly like the decorative stained-glass look that is heaving focused on in the photographs, as well as some of the more elaborate lighting. 
{yoogallery src=[images/stories/2013/11/28/haw]}
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3) <a target="_blank" href="https://redcourtestate.com.au/">506 Orrong Road</a>, Armadale
This property, called 'Redcourt', is a seven-bedroom, eight-bathroom home circa 1888. On 3,500 square metres, including a croquet lawn, organic vegetable gardens and 'secret' walks, the photos are heavily artistic - in partciular the all-white room.
With a kitchen designed by chef Shannon Bennett (of Vue De Monde fame), a bar room, a wine room, a cellar, a preserves room and a meat and cheese room, it's certainly a foodies dream. It also has  a flower and art room, a gym and a steam room.
A second residence, The Coach House, is included with potential guest house usage.
{yoogallery src=[images/stories/2013/11/28/arm]}
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4) <a target="_blank" href="https://www.lindsayhillrealestate.com.au/index.cfm?pagecall=property&amp;propertyID=2501021">239 Alton Road</a>, Mount Macedon
This heritage property, 'Alton', includes 24 National Trust recognised trees, a tennis court, kitchen gardens and a vine house, including garaging and two cottages on the grounds.
It has a very outdoors feel, while the wooden interior feels cosy. The gardens have been opened to the public previously, and have been called one of two of the area's most significant.
It has nine-bedrooms, four-bathrooms, a billiards room and even a scullery.
Constructed and designed between 1874 and 1896 by George Verdon as a summer retreat, it is built in traditional colonial 'hill station' style. "The use of hung wall tiling is a particularly early example in Victoria and Australia possibly the first of its kind," the Victorian Heritage Database notes.
{yoogallery src=[images/stories/2013/11/28/mac]}
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5) <a target="_blank" href="https://www.kayburton.com.au/property/3-towers-road-toorak">3 Towers Road</a>, Toorak
This six-bedroom, seven-bathroom beauty has a basement carpark, and is presented gorgeously. With a spiral staircase, cellar, gym, entertaining terrace it is surrounded by parklands.
The modern property is all about the lifestyle, and spanning three levels, it also has a pool, formal gardens and a cellar, and is very swish.
{yoogallery src=[images/stories/2013/11/28/too]}
 
{module Which is your favourite?}
Look out next week as we take a glance at our favourite five on the market in Sydney. If you know of any beauties that deserve a mention, let us know.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
 
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Five of the most beautiful homes currently on the market in Victoria

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The State Government is looking to take immediate action to alter the Land Tax Assessment Act 2002 after a recent State Administrative Tribunal decision called into attention a hole in the Act.
A recent decision was made regarding a retirement village where some of the land was used for an exempt purpose, while other parts were non-exempt. The tribunal determined that despite only a portion of the land content being used for the retirement village, the exemption covered the entire land parcel.
The is due to a drafting defect in the Act during its rewriting in 2002, that overturns a policy position that pre-dated the current Act.
Finance Minister Mike Nahan said that millions of dollars in revenue was at stake should the issue not be addressed.
“As a result, I will be seeking to amend the legislation retrospectively, effective from July 1, 2003, to ensure that where only part of land is used for an exempt purpose, only that portion receives the benefit of an exemption,” Nahan said.
Those who have already sought a land tax assessment review, and whose objections have not yet been determined, have been told they will not be disadvantaged by the amendments. It is also not anticipated that any past year assessments will be reassessed.
Assessments for the 2013/2014 financial year and other assessments in the future will reflect this policy position.
Details are expected about the measure early next year when the legislation is introduced
It is not anticipated there will be any reassessments of taxpayer’s past year assessments.
Of all land owners in WA, approximately 116,000 will be subject to land tax in 2013/2014, with expected revenue of $657 million to be raised.
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Minister looks to alter WA land tax retrospectively

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The five-bedroom, five-bathroom mansion <a href="https://www.realestate.com.au/property-house-nsw-mosman-115212507" target="_blank">'Glenmire', 17 Stanley Avenue Mosman</a>, was advertised to go to auction at 6.30pm tonight, however the agent said the intention was never to have an auction. It's now currently under negotiation. The circa 1889 Victorian Italianate sandstone villa was completely restored in 2008. The landmark property is said to have once been used as ships as a navigational point on entering Sydney Harbour and is believed to be one of the first two properties built in the area. It previously sold in 2007 for $10,500,000 prior to restoration, with current estimates of around the $15,000,000 mark. Century 21's Ivan Resnekov said that it's currently under negotiation with several interested parties and that the prices being discussed are "up there". He also noted that they never intended to actually put the property to auction, telling Property Observer that it was just to let the public know they were definitely keen on selling. He said that they were happy with the buyer interest, saying that the mansion had received some notoriety and that overseas buyers were also on the list of interest parties. The current negotiations started a "few days ago" and it seems unclear when they are to end. With original features listed including 12-foot ceilings, decorative cornices, cedar joinery and leadlight windows, as well as five marble fireplaces and mosaic tiles to the entry and mid-level balconies, the photographs set it off perfectly. With views of Balmoral and Sydney Heads, it also includes all the little extras a top end purchaser would presumanly hope for. This includes Aquatherm under floor heating in level one, heated towel rails in all the bathroom, a heated pool, fountains, ultra lift TV systems, a sound system and, of course, a decent security system.
It also has a four-car stacker lock up garage.
The mansion was previously known as 'Merriwa' and was noted to have been built by goldfields tycoon Edward Stanley. Property Observer awaits the final sales result.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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Multi-million dollar "crown jewel of Balmoral" never intended to go to auction

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Tasmania's Gagebrook, in Brighton local government area, takes out top prize as the cheapest city suburb for houses, with RP Data recently citing the median house price as $135,184 in their Spring Buyers Guide report. It's now <a href="/news">listed even lower</a> at $112,500.
With a gross indicative rental yield of 10.2%, due to a $215 cited median rent, it is an area that is surprisingly slow moving, taking 175 days on market on average for a home to exchange hands, and seeing a 9.2% vendor discount rate.
We have to take these statistics with a little bit of wariness when trying to judge the entire area - we saw just 13 properties transact in the last 12 months. Tim Lawless <a href="https://www.propertyobserver.com.au/trophy-homes/the-154-capital-city-suburbs-with-a-median-house-value-under-%24300000-and-gagebrook-tasmania-tops-the-list/2012020653265" target="_blank">previously noted</a> that these areas are often cheap for a reason.
Bound by Briggs Road and the Jordan River, its boundaries surround Herdsmans Cove and it neighbours Bridgewater. It is 20 to 25 kilometres from Hobart.
As one of the northern-most suburbs of Hobart, it previously was seen as a social housing area and certainly does appear to have a lower socio-economic demographic. Looking over to the 2011 census data we see that there are 1,567 people, with a median age of 24, and a median weekly income of $622, residents are mainly Australian or English with 45.2% working full time. The most common occupations included labourer (27.5%), community and personal service workers (16.7%) and technicians and trades (14.4%) closely followed by sales (14.1%).
The suburb was originally created as a broadacre public housing estate in the 1970s when concentrating public housing into one area was common and the social issues not yet readily identified. It has been noted as the most socio-economically disadvantaged area in Tasmania by the Australian Bureau of Statistics.
The vast majority of dwellings, at 95%, are separate houses (with 77.2% being three-bedders) and the majority are rented, at 71.2%. This paints a sharp comparison to the stroll we took <a href="https://www.propertyobserver.com.au/western-australia/a-stroll-through-australia-s-most-expensive-suburb-peppermint-grove/2013112566596?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">through Peppermint Grove</a>, Australia's most expensive suburb, yesterday. When looking through twitter, the type of common tweets include the following:
<blockquote class="twitter-tweet" lang="en">
Suspicious house fires Gagebrook: In the early hours of Thursday 22 August 2013 three separate house fires o... <a href="https://t.co/xedcX3pAtR" target="_blank">https://t.co/xedcX3pAtR</a>
— Police News Tasmania (@PoliceNewsTas) <a href="https://www.propertyobserver.com.au/https://twitter.com/PoliceNewsTas/statuses/370416523149471744" target="_blank">August 22, 2013</a>
</blockquote>
<blockquote class="twitter-tweet" lang="en">
.<a href="https://twitter.com/TasmaniaPolice" target="_blank">@TasmaniaPolice</a> have seized 4 shotguns and 2 rifles from property in Gagebrook. 20y/o male in custody. <a href="https://twitter.com/search?q=%23sxnews&amp;src=hash" target="_blank">#sxnews</a> <a href="https://t.co/Ve41G9tzba" target="_blank">pic.twitter.com/Ve41G9tzba</a>
— Southern Cross News (@SXNewsTas) <a href="https://www.propertyobserver.com.au/https://twitter.com/SXNewsTas/statuses/357745221741723648" target="_blank">July 18, 2013</a>
</blockquote>
<blockquote class="twitter-tweet" lang="en">
Fire crews were called to this Gagebrook house at 6:08 this evening. Damage visible inside <a href="https://twitter.com/search?q=%23sxnews&amp;src=hash" target="_blank">#sxnews</a> <a href="https://t.co/SMAyLxcLf8" target="_blank">pic.twitter.com/SMAyLxcLf8</a>
— Adam Reibel (@AdamReibel) <a href="https://www.propertyobserver.com.au/https://twitter.com/AdamReibel/statuses/353807488237305856" target="_blank">July 7, 2013</a>
</blockquote>
 Council <a href="https://www.brighton.tas.gov.au/images/stories/PDFs/Agendas_and_Minutes/Minutes/Ordinary_Council_Meeting/2013/OCM_Minutes_10-13_website.pdf" target="_blank">meeting minutes in October</a> refer to a resident asking to waive his fees for the planning and building of a shed on his property due to financial hardship, and the council decide to waive certain fees but not others for fear of setting a precedent. A 'Tip Shop' is discussed, where items that come from the tip that are saleable are then sold on to provide the council with more funds. Playgrounds are also a major source of discussion.
The <a href="https://griffithreview.com/edition-15-divided-nation/on-the-ground" target="_blank">Griffith Review</a>, discussing our divided nation, say that some of the issue is to do with the property boom that surged the prices up to their current state.
"The "new have nots" are already feeing the pinch, not least of windfall envy. This boom has placed home ownership out of the reach of many Tasmanians, including the majority of Bridgewater and Gagebrook locals who missed out when prices were lower," the article notes, pointing out that while house prices of around $150,000 may seem like peanuts to those on the mainland, those in the suburb might not quite see it that way with household income lows, unemployment highs and educational attainment below the Tasmanian average.
What is currently on the market in Gagebrook speaks volumes.
<a href="https://www.realestate.com.au/property-house-tas-gagebrook-115406807" target="_blank">34 Sattler Street</a> (pictured below)
{yoogallery src=[images/stories/2013/11/27/gag1]}
"Offered to our target group of Streets Ahead and Home Share," the agent advertises. The $120,000, three-bedroom, one-bathroom home appears to have undergone a recent cosmetical renovation.
Then there's <a href="https://www.realestate.com.au/property-house-tas-gagebrook-115198255" target="_blank">20 Tottenham Road</a> (pictured below) which also notes "Streets Ahead &amp; Home Share please apply 1st 30 days." This three-bedroom, one-bathroom house is advertised at $115,000.
{yoogallery src=[images/stories/2013/11/27/gag2]}
And <a href="https://www.realestate.com.au/property-house-tas-gagebrook-113565283" target="_blank">28 Plymouth Road</a> (pictured below), advertised to investors and first home buyers, for $140,000 has four bedrooms and one bathroom.
{yoogallery src=[images/stories/2013/11/27/gag3]}
Streets Ahead and Home Share are Tasmania's assistance to those trying to get onto the property ladder. Often, they are provided for sales of Housing Tasmania properties, which can be offered to Streets Ahead and Home Share eligible buyers first as seen in these advertisements.
It has been talked about on investment forums for the last few years, not always favourably, and it has cropped up in a <a href="https://www.commbank.com.au/personal/apply-online/download-printed-forms/Austrailas_best_investment_suburbs_report.pdf" target="_blank">Commonwealth Bank report</a> (in conjunction with RP Data) as having potential cash flow positive opportunities.
In the 2008 Tasmanian state budget, there was an announced urban renewal project, and there has been steady interest in this since 1996 with the Bridgewater/Gagebrook Urban Renewal Program (affectionately referred to as BURP). However, it's this gentrification question, and how quickly this may occur, that seems to be the 'wait and see' factor for many potential buyers.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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A stroll through Australia's cheapest city suburb: Gagebrook, Tasmania

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One investor's Western Australia Kalgoorlie property quickly saw nightmare conditions, after fire damage, graffiti and squatters taking over who created more damage.
The end result was a landlord insurance $257,000 pay out over the course of two years.
<img alt="rate-nov-26-one" src="/images/stories/2013/11/26/rate-nov-26-one.jpg" height="313" width="470">
<img alt="rate-nov-26-two" src="/images/stories/2013/11/26/rate-nov-26-two.jpg" height="313" width="470">
The damage, visible in the pictures above, was started by an unfortunate chain of events. The owner's property was damaged by fire from a neighbouring home, prompting the first claim to RentCover. Then, as they awaited building commencement, intruders spraypainted the undamaged areas of the property. Squatters then arrived and further damaged wall panels.
Three separate claims ensued to achieve the pay out.
EBM Insurance Brokers RentCover general manager, Sharon Fox-Slater, said that the total amount also included funds for lost rent and for a security firm to protect against further squatters.
“Landlord insurance premiums are mostly in the hundreds of dollars but offer huge relief by covering costs in the hundreds of thousands of dollars, and even the millions, for liability. A major incident could be enough to force many uninsured property investors to sell, while a lawsuit could wipe them out financially,” said Fox-Slater.
One in five landlords currently do not have landlord insurance.
Fox-Slater notes that claims have ranged over the past year from accidental damage, to large-scale illegal drug laboratories requiring forensic clean-ups, and costing in excess of $40,000.
The largest claim was for a total rebuild at a cost of $500,000 as a result of a fire.
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$257,000 paid to landlord after property damage

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Heather Filippini from the Gold Coast has been fined $9,000 by the Southport Magistrates Court this month after being found guilty of conducting negotiations around buying and selling properties at Paradise Point acting as a real estate salesperson without a current certificate.
Filippini was fined $9,000 and was ordered to pay costs of $1,500, with a recorded conviction.
The Office of Fairtrading initially brought the charges against Filippini, and she had already been disqualified from holding a real estate license in 2010 after an investigation found her working unlicensed at an agency run by her daughter, Sarah Filippini.
In 2006, Heather Filippini had been disqualified for four years and fined $11,250 after obtaining a beneficial interest in property and selling without being property appointed.
In 2007, the ban was overturned. In 2008, the <a target="_blank" href="https://www.propertyobserver.com.au/https://statements.qld.gov.au/Statement/Id/57736">Court of Appeal upheld</a> the original disqualification.
In 2009, she was given a 'life ban' by the Commercial and Consumer Tribunal (CCT).
In October 2009, Minister for Fair Trading Peter Lawlor said that Filippini is a serial offender who blatantly flaunted the law by operating unlicensed.
"Ms Filippini had previously been disqualified from holding a licence for four years after the tribunal found her guilty in 2006 on two disciplinary charges relating to beneficial interest provisions," he said.
At the time, disciplinary action was also initiated against Sarah Filippini as she employed an unlicensed person. Sarah Filippini was reprimanded and ordered to pay a $6,000 fine.
Filippini had previously been the topic of a Today Tonight investigation as well as a Courier Mail story five years before her ban.
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Previously disqualified "agent" found working without license

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If you're wondering where you can find the most expensive houses, then look no further than <a href="/news">Western Australia's Peppermint Grove</a>. The A-grade suburb has an eye-watering median house price of $3,537,500 with median asking rent of $1,600, according to RP Data.
The latest census data paints an interesting picture of the residents. An average family with 2.2 children, the median age is 40, with more females than males. The majority are married, English or Australian, and full-time workers in professional or management roles. There are 1,529 people living in the suburb.
The median weekly household income is $2,682 and it tops the list (with Cottesloe) as <a href="https://www.propertyobserver.com.au/western-australia/at-%24120000-plus-peppermint-grove-and-cottosloe-top-highest-earning-wa-postcodes/2013050160925" target="_blank">the top highest earning WA area</a>. The breakdown shows that 35.5% noted more than $3,000 gross weekly income.
A brief read through the Peppermint Grove Shire Council (the smallest council in Australia) minutes for the last few months speaks of additions, second storey alterations and pool houses being built. The council website also includes instructions for those wanting to put in tennis courts, or tennis court lighting.
The residents are also "fiercely independent", particularly against efforts to merge them into surrounding councils, <a href="https://www.postnewspapers.com.au/editions/20130615/pdf/paper.pdf" target="_blank">notes the Cambridge Post back in June</a> around the calling for a halt by the Minister for Local Government of calls to merge Cotteslow, Peppermint Grove and Mosman Park.
"Under the present 'Dadour' law, Peppermint Grove’s fiercely independent residents could thwart the absorption of their council by voting no in a referendum, provided more than 50% voted," they reported.
"Surveys conducted by the council show that 80% of residents want their shire to go it alone."
Bound by the edge of the Swan River and the Stirling Highway, nearby Cottesloe Station, think of any symbol of luxury and it's likely you'll find it. A yacht club, a tennis club, and decent public transport, with a golf club in the suburb opposite and easy access to shops, schools and other facilities - it's not surprising that it sits on the love list of some of Australia's richest.
It's truly a priviledged suburb, and the type of area where it's not completely unheard of to have more bathrooms than bedrooms, and more bedrooms than people in the home. Within the area, 79.8% are houses, with 22.2% rented.
The two neighbouring properties are worth a look. 136 and 137 Forrest Street, both listed currently open to offers.
This <a href="https://www.realestate.com.au/property-house-wa-peppermint+grove-115046367" target="_blank">six-bedroom, three-bathroom property at 136</a> asked for offers over $7 million back in May 2013 before being re-listed in October.
{yoogallery src=[images/stories/2013/11/26/pep1]}
Meanwhile, the <a href="https://www.realestate.com.au/property-house-wa-peppermint+grove-114087883" target="_blank">six-bedroom, five-bathroom home at 137</a> sold for $2,100,000 back in 2004 and is back on the market open to offers.
{yoogallery src=[images/stories/2013/11/26/pep2]}
However, how about something that sits at $25 million? <a href="https://www.propertyobserver.com.au/western-australia/peppermint-grove-home-set-to-shatter-price-record/2013031059772" target="_blank">Chiritta, a late 1800s built seven-bedroom house on 4,080 square metres</a> (pictured below) was listed by the founders of Channel 9 Perth earlier this year.
It ended up <a href="https://www.propertyobserver.com.au/news/whispers-nigel-satterley-paying-%24175-million-for-peppermint-grove-mansion-chiritta/2013081064067" target="_blank">selling at $17.5 million price in August</a>, still smashing the previous $16 million record set in 2010 by four-bedroom, four-bathroom 43 View Street.
{yoogallery src=[images/stories/2013/03/march11chiritta]}
The suburb has homed the Bond family who have owned and transacted a number of properties over the years, including connections to both View Street and Leake Street.
Other prestigious residents have also included members of the Packer family, members of the Bunning family and actor Heath Ledger, whose family owned a riverfront property on The Esplanade.
<blockquote lang="en" class="twitter-tweet">
Expat Michael Hintze wealthiest but Mosman and Peppermint Grove residents within 2013 Sunday Times 1000 rich list: <a href="https://t.co/k1Ww7cwnEC" target="_blank">https://t.co/k1Ww7cwnEC</a>
— Jonathan Chancellor (@titletattle) <a href="https://www.propertyobserver.com.au/https://twitter.com/titletattle/statuses/326267887864127488" target="_blank">April 22, 2013</a>
</blockquote>
And it's regularly a source of fascination for those nearby, with many taking the chance to stroll (or drive) through and look at the homes of Australia's rich and famous.
<blockquote lang="en" class="twitter-tweet">
Great arvo cruising around perths richest sub <a href="https://twitter.com/search?q=%23peppermintgrove&amp;src=hash" target="_blank">#peppermintgrove</a> <a href="https://twitter.com/search?q=%23mosmanpark&amp;src=hash" target="_blank">#mosmanpark</a> <a href="https://twitter.com/search?q=%23bicton&amp;src=hash" target="_blank">#bicton</a> <a href="https://twitter.com/search?q=%23home&amp;src=hash" target="_blank">#home</a>
— Kevin (@mcrfr) <a href="https://www.propertyobserver.com.au/https://twitter.com/mcrfr/statuses/404154683104563200" target="_blank">November 23, 2013</a>
</blockquote>
<blockquote lang="en" class="twitter-tweet">
A Peppermint Grove Sunrise <a href="https://twitter.com/search?q=%23perth&amp;src=hash" target="_blank">#perth</a> in far better weather conditions. <a href="https://twitter.com/tweetperth" target="_blank">@tweetperth</a> <a href="https://t.co/406yiMS2" target="_blank">pic.twitter.com/406yiMS2</a>
— Simon Burrows Photos (@simmoperth) <a href="https://www.propertyobserver.com.au/https://twitter.com/simmoperth/statuses/273920730524176384" target="_blank">November 28, 2012</a>
</blockquote>
 
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<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a> 
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A stroll through Australia's most expensive suburb, Peppermint Grove

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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