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One of the newest employment and investment hubs in Melbourne, to be located at Werribee, has been given approval by premier Denis Napthine, minister for planning Matthew Guy and minister foir roads Terry Mulder.
Created in line with Plan Melbourne, the East Weeribee Precinct Structure Plan is set to bring in a project that creates more than 58,000 jobs and 7,000 properties.
“The East Werribee Employment Precinct is one of six suburban National  Employment Clusters outlined in Plan Melbourne. This long-term Plan  Melbourne strategy will provide a vision for the development of greater  Melbourne, with a key focus on these major job centres spread around the  city,” Napthine said.
“This precinct is the largest commercial precinct on government owned land  in Victoria's history, with the extra benefits of access to a major  freeway and proximity to ports and two airports. It will create jobs  across a range of industries and builds on the 2,000 existing jobs located  at the site."
The redevelopment of the hospital will be part of the overall transformation, with work already being undertaken on Weeribee Mercy Hospital. 
Currently, plans for the 60-hectare waterway and lakes network are underway.
“The precinct will also integrate mixed use employment clusters with  medium and high density housing," said Guy. 
Early works have also started around the transport infrastructure, with tenders to be advertised tomorrow around the construction of a full diamond freeway interchange at Sneydes Road.
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jduke-EHk3XBmHkn

Growth hub approved for Melbourne

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With $913 million in public and private investment in Fremantle, it’s undergoing the most significant changes for the area since the 1980s, according to the City of Fremantle statistics.
The investment in Fremantle is a direct result of amendments to the local town planning scheme, allowing for greater density within strategic areas, the council noted.
Fremantle mayor, Brad Pettitt, said that the last time this number of development applications lodged was during the America’s Cup in 1987.
Developments currently in the pipeline include 22,000 square metres of office space and 11,500 square metres of retail space, within the Kings Square Project. This will be within the next five years.
“It all revolves around bringing more people back into the heart of our city to live, work, shop and to be entertained,” Pettitt said.
The previous low levels of investor interest in Fremantle were addressed in an Economic Development Strategy in 2011. This outlined the targets for all potential development including new residential properties, new commercial office space and retail floor space within the CBD.
“There’s still a lot of work in front of us, but we now have the level of interest from investors that we require and plenty of projects under construction. I’m more confident than ever that Fremantle is on the cusp of a generational change which will produce the sort of high-quality sustainable infrastructure that our community needs and deserves.”  
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Fremantle development edging $1 billion

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In light of the recent allegations made by Today Tonight against Property Investment Professionals of Australia (PIPA) member Property Secrets, and its director, Paul Giezekamp, PIPA have said that they will take action.
Speaking to Property Observer, Margaret Lomas, former chair and current director of PIPA, said that they require that their members abide by a strict code of practice and that action would be taken against those who breach this code.
“This code includes a requirement to disclose all commissions to the client, to allow the client to make an informed decision about whether they wish to proceed with that member’s services,” Lomas said.
“In light of the recent allegations, PIPA will follow protocol, which is to suspend membership pending an investigation into the claims made.  Where evidence subsequently exists to uphold those claims, Property Secret’s membership will be terminated,” she said.
Pointing to the absence of regulation to protect consumers in the property industry, she said that part of the function of PIPA is to protect consumers in the property investment industry and to uphold standards and accreditation outlined by the organisation.
“We will continue to vigorously lobby the government, as we have done for many years, to more closely examine this industry so that consumers have recourse where they have been taken advantage of by this sort of practice,” she said.
The eight page <a target="_blank" href="https://www.pipa.asn.au/images/files/Code%20of%20Conduct.pdf">PIPA Code of Conduct can be found online</a>.
It states clearly the expectation of full disclosure of commissions.
Under the ‘Disclosure’ section in ‘Fees and Commissions’ on page two it notes:
Members will disclose to clients, in writing, all fees and commissions which are associated with the provision of our services so they may make proper assessment of the value of that service. This includes all commissions, payments, kickbacks and soft or hard dollar rewards which may be triggered by the utilisation of any of our services.
Earlier this year, PIPA embarked on an <a target="_blank" href="/news">“anti-spruiker” campaign</a>.
Currently, Property Secrets is listed on the PIPA website as a member.
<a target="_blank" href="https://www.propertyobserver.com.au/news/money-choice-puts-public-lock-on-twitter-account-as-pipa-suspends-corporate-membership-pending-an-investigation-moneychoice-mgmoneychoice-asicmedia-smsf/2013052061499">PIPA previously suspended Money Choice's membership </a>in May of this year, following ASIC's banning of company director, Matt George, from engaging in credit activities for eight years.
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PIPA to suspend Property Secrets’ membership

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A petition to stop the proposed changes to the NSW planning bill has hit the internet from the Better Planning Network, a volunteer-based, incorporated organisation, who say that it favours developers over residents.  
{qtube vid:=_cHUdBQpXNI}
“I think that’s a big mistake, I can’t see how the government can step back and not expect that developers will take advantage of that flexibility,”said Frances Bay of Lake Wollumboola Protection Association.  
Environmental, social and economic planning were said to be the issues left out, with just an interest in the bottom line; 80% of development applications won’t need community consultation, the video claims.  
“The Better Planning Network and our 427 affiliated organisations want a fair and responsible planning system for NSW.  A system that encourages growth in line with ecologically sustainable development principles; has at its heart community wellbeing; protects our environment and heritage; minimises risks of corruption and respects the rights of communities to shape local planning and development decisions,” the Better Planning Network notes.  
This comes as the proposed reforms received positive feedback from different sectors of the industry who <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/proposed-planning-reforms-would-boost-nsw-housing-approvals-urban-taskforce/2013100365467">believe they will boost housing supply</a>. 
There are currently 4,733 supporters listed on <a href="https://www.change.org">www.change.org</a> where the petition is being hosted. 
Here is a copy of the text of the current petition:
Withdraw the NSW Government’s Planning Bills!    
In a few weeks’ time, the O’Farrell Government will introduce new planning legislation to the NSW Parliament that will primarily benefit the big end of town. If adopted by Parliament, this legislation will result in the most significant reduction in community participation, environmental and heritage protection in over 30 years. In particular, the legislation will mean that:
- Economic growth will be the primary driver of all planning and development decisions in NSW;
- I will lose the right to comment on up to 80% of developments in my neighbourhood, including major developments such as blocks of residential flats and land subdivisions;
- The Minister will have increased powers to override local planning controls without any community consultation or rights to challenge decisions in court;
- Developers will have the right to appeal development decisions but in most cases, as a resident, I won’t;
- The potential for corruption will be even higher than what it is now.
I respectfully request that the NSW Government withdraw its Draft Exposure Planning Bill 2013 and Draft Exposure Planning Administration Bill 2013 (the Planning Bills) and work with all key stakeholders to prepare new planning legislation, using as a basis the 374 recommendations developed through the extensive stakeholder consultation conducted in 2011-2012 by Messrs Moore and Dyer in their Independent Review of the NSW Planning System.
In 2011, the O’Farrell Government was elected on a promise to ‘return planning powers to the local community’. The Government has broken its promise to the people of NSW.
The basis of the Government’s Planning Bills is fundamentally flawed and despite amendments to these Bills, they cannot be repaired.
I do not support the Government’s Planning Bills because they give overwhelming weight to economic growth and the commercial interests of developers, to the detriment of community wellbeing, our environment and our heritage.
I do not support the Government’s Planning Bills because they remove the rights of ordinary residents to comment on up to 80% of developments, including major developments such as blocks of residential flats and land subdivisions.
I do not support the Government’s Planning Bills because they remove the internationally recognised principles of Ecologically Sustainable Development from our planning legislation.
I do not support the Government’s Planning Bills because they provide the Minister and Director General of Planning with unfettered powers to make decisions without consideration of potential impacts, community consultation or rights of judicial review or merit appeals.
I do not support the Government’s Planning Bills because, as submitted by the Independent Commission Against Corruption (ICAC), they will create a significant risk for corruption associated with planning and development decisions in the State of NSW.
The Government’s Planning Bills represent the most significant reduction in community participation and environmental and heritage protection in over 30 years. These Bills should not be tabled in the NSW Parliament and should never become law.
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NSW planning bill slammed as favouring developers

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A return to growth in the house building and apartment building sub-sectors have boosted national construction to the point where it’s recording its strongest reading in three and a half years in September, according to the Australian Performance of Construction Index.
While this positive result was seen, with a 3.9 point lift, the index record stayed just under the 50 “break even” point at 47.6.
Growth in new orders was listed as the reason for expansion in activity for the first time since April 2010.
Australian Industry Group chief economist, Julie Toth, said that the construction sector is now closer to stabilisation more so than at any time up until 2010.
“The housing and apartment sectors are driving the industry’s improved performance on the back of lower interest rates and a lift in buyer sentiment. Meanwhile, declines in both commercial and engineering construction moderated in the month,” said Toth.
“Despite these encouraging trends, it is clear that the industry continues to face a tough operating environment with impediments such as tight credit conditions and a lack of public sector building activity continuing to weigh on overall activity. Nevertheless, with new orders increasing for the first time since May 2010, there are grounds for cautious optimism that the current improving trend can be sustained in coming months,” she said.
Propell National Valuers economist, Linda Phillips, said that it's worthwhile remembering that there's still strictly a decline - it's just a slower decline than has been seen in recent times.
"What is actually happening is that the construction sector continued to decline in September, but is declining at its slowest pace in 3 1/2 years and is expected to level off in the coming months, pointing to a possible expansion in the new year," said Phillips.
"A reading of 50 is a breakeven point, indicating that activity is neither increasing nor declining. The index has climbed to 47.6 in September, which means that construction activity is still declining, but by not as much as previously. However, with improvements in housing construction demand, it is likely that the index will move towards breakeven in coming months," she said.
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Construction at strongest in years, but still declining

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A new Housing Industry Association report looking into the economics and property prices in Sydney, outlined that their observations around current growth are that the city is actually playing 'catchup'.
The report notes that in the past Sydney has been an under-performing market when compared to other Australian cities, growing at a much slower pace than other capitals.
When looked at in this light, the report continues, the "recent acceleration of price growth in Sydney represents some rederess given the 'lost' growth of the past ten years."
Over the past decade, it notes that dwelling prices in Sydney have risen 31%. When compared to 143% growth in Perth, 80% growth in Melbourne and 79% growth in Brisbane, it is clearly the underachiever.
In the past 12 months, residential prices have risen by 13.1% (in the year to September 2013 when looking at units and houses), compared to an average annual growth rate of 3.4%, and a 20 year annual average growth rate of 6.7%.
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Sydney playing catchup: HIA

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Letter 1
From: The Ponz
Def bubble. Oz has had one for a while. The only reason we still have one is because of too many vested interests. All those who are in a position to make any changes have their nose in the trough.
Letter 2
I am continually hearing about the housing bubble about to burst, prices being driven up, first home buyers driven out of the market by investors. I find these comments generally unfounded and almost laughable.
I have a house for sale in Mount Tamborine, Queensland and it is valued less than what I paid six years ago. I also have one for sale in Westlake, Queensland and it is valued at $150 less than what it was five years go.
Where are these stories of high prices coming from, certainly not Queensland?
In further correspondence
The houses in question are:An investment house I bought on Mount Tamborine, Queensland some six years ago for $485,000. 
I am now wanting to sell and it has been valued to list at $450,000 to $470,000. 
The other is my family home in Westlake, Queensland. Since the passing of my wife it is time to move on, I find that in the four years since the price of my house has dropped from an $850,000 value to a max of perhaps $700,000. 
I'm not saying that this price drop is catastrophic as I have had he house for much longer than the four years and there is no loss to me in that valuation. 
These are everyday values of houses of two different parts of Queensland, one an executive area and one a semi-rural area, and I would say a reasonable cross section. 
I've seen many real estate stats including RP Data Stats for both areas and they certainly don't show an increase in price, indeed they show a decrease in the areas.
Letter 3
We have several investment properties in Cairns and one in Mackay. I know it’s hard to predict hotspots but I enjoy the banter about what determines a hotspot. I believe that you do know your own market better because you live and breathe it everyday.
Times have been quite bad for Cairns but it is gradually turning with rental vacancy around 1% at present and the Aquis hotel casino in the mix the next few years should be interesting.  
Mackay on the otherhand has gone off the boil, where big returns have calmed and rental vacancy at 8%.  Just goes to show how relatively quickly things change!
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LETTERS TO THE EDITOR: Property bubble; Regional Markets

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A husband and wife team have lost their appeals in the Sydney District Court against the length of their custodial sentences this week.
The previous real estate agents, Roger and Gordana Ocvirk,  were director and company secretaries respectively of Bayelm Pty Ltd, and trading as Dougmal Harcourts Warilla Sales and Strata Decisions Wollongong.
On <a target="_blank" href="https://www.google.com/url?q=https://www.propertyobserver.com.au/news/wollongong-estate-agents-to-appeal-jail-sentence-over-%2414-million-misappropriation-of-client-funds/2013052561645&amp;sa=U&amp;ei=FgJOUuHmGsy6lQXNgoH4BA&amp;ved=0CAcQFjAA&amp;client=internal-uds-cse&amp;usg=AFQjCNFbT5zUO8erkKqeU4dZIiGkqEJvUg">23 May the couple were each sentenced to 18 months imprisonment</a>, 12 months non-parole, in Wollongong Local Court.
They had been involved in a $1.4 million real estate fraud.
After hearing the appeal on 1 October, the couple withdrew their appeals in Sydney District Court on 2 October. They had been told by Judge King that if they did not, their sentences may both be increased.
The appeals were then dismissed after withdrawal.
Roger Ocvirk's additional appeal against the Wollongong magistrate's decision not to deal with his offences under the Mental Health Act 2007 was dismissed. He had claimed mental impairment during the time the offences had been committed.
The case was described as tragic, by NSW Fair Trading commission, Rod Stowe. However, he said that it required the full force of the law.
“Fraud of any sort in the real estate industry will not be tolerated and Fair Trading willcontinue its program of spot inspections to ensure all agents are operating within the law when it comes to trust account fund management,” he said.
Earlier in 2013, Gordana Ocvirk had plead guilty for the fraudulent ommission of $1,235,402.67 held in trust by Bayelm Pty Ltd trading as Strata Decisions Wollongong.
She also had a guilty plea for the fraudulent omission of a further $198,708.76, held in trust by Bayelm Pty Ltd, trading as Dougmal Harcourts Warilla Sales.
Roger Ocivirk was charged with the same offences. 
On January 2012, Gordana Ocvirk handed herself in to Lake Illawara Police Station after notifying Fair Trading of trust account anomalies. Lawyers, acting on her behalf, sent a full and frank admission of the couples' conduct to Fair Trading.
Four days after this event, licensee of Dougmal Harcourts, Tom Imre, filed a written complaint with Fair Trading. He advised that the sales trust account was overdrawn as a result of unauthorised withdrawals.
On 9 May 2013, Imre plead guilty in Wollongong Local Court due to breaches of the Property, Stock and Business Agents Act 2002 by failing to properly supervise a business.
He was fined $2,000. Court and professional costs totalling $83 and $250 respectively were also paid. His licence was cancelled for two years.
Strata Decisions and Dougmal Harcourts had been running at a loss, with the trust fund being accessed to pay debts.
Roger Ocvirk went missing from his home in Blackbutt on 10 January 2012, and was located seven days later by police. He was found in the Grafton area. 
Gordana Ocvirk's lawyers told the court she believed her husband's suspected mental breakdown was triggered by the guilt and stress over the events.
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Harcourts' $1.4 million fraudster agents have prison sentences upheld

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A site of 2.1 hectares in Queensland's Woolloongabba has been acquired, with plans to develop a $550 million masterplanned residential, retail and commercial village.
Development and construction companies, Pellicano and Perri Projects, acquired the land after having fuelled other development in the area, now to be brought to a total over $700 million.
This total includes a $43 million Eastwood Apartment development that has recently been completed, a $38 million Quest serviced apartment project under constriction and an $80 million 20-storey mixed-use development on Stanley Street. 
Joint managing director for Pellicano, Nando Pellicano, said that Wolloongabba is becoming one of Brisbane's most dynamic hubs.
"The decision to expand in Woolloongabba has been strategic," he said."We pinpointed a significant undersupply of new apartments in the area, which is one of the most affordable and fastest growing suburbs in inner Brisbane."
Perri Projects director David Scalzo said that the site is in a position earmarked for growth, with good fundamentals.
“We are seeing a trend towards people looking to shift outside of the city centre to become part of growing communities like this, located in close proximity to major employment and entertainment hubs like Mater and Princess Alexandra Hospitals, Southbank and The Gabba, without the noise and congestion of the CBD."
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$550 million community to be developed

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The Brunswick Street, New Farm, property received more than 180 enquires as 28 offers during an expressions of interest campaign.
At 587 square metres in total, the property consists of 227 square metres of retail space on the ground level, with two upper levels of residential units, and basement parking.
Ray White New Farm's Matt Lancashire bought the property for more than $3 million.Hunter Higgins, from Colliers International, negotiated the sale on behalf of Receivers and Managers Grant Thornton. Buyer interest was attributed to the type, but also largely to the location.
“New Farm is a very sought after suburb, for all types of property,” Higgins said.
“It is located less than two kilometres from the CBD, and has a plethora of services and amenities, including a well-integrated public transport system with regular bus services and City Cat stops and a wide variety of bars, restaurants providing an array of dining and entertainment options."
The buyer mix was a range of investors and owner-occupiers.
“The building was for offered for sale in one line, or in individual components, and we had a variety of buyers looking at it, with a mixture of owner-occupiers and investors, with different ideas as to their plans for it,” he said.
“First of all, the residential market is well on the way to recovery, and with New Farm being such a sought after suburb, residential units in this suburb are always going to be a good investment,” he said.
“Secondly, in the current market many buyers are looking for properties with a ‘twist’ – that is, those that have some sort of upside, such as development potential, or the opportunity to increase the income stream for the investment."
Lancashire, who bought the property, intends to relocate his Ray White office to the ground floor retail space, and will rent out the six apartments on the floors above as investments.
The property also has the opportunity for further development, with scope for additional parking. Currently there are 13 car parks.
“We had a number of owner-occupiers including doctors, dentists and real estate agents looking at the property, and they particularly liked its exposure to Brunswick Street, as well as the car parking,” said Higgins.
“Yields are starting to sharpen for quality stock, but at the moment investors can still get in at an elevated rate, with current prime yields on average in the 8.5 to nine per cent range,” he said of commercial assets in the area.
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Mixed-use $3 million property snapped up by Ray White agent

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."

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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."

[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>.

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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.

[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.

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Jennifer Duke

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