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There's something beautiful about a property with history behind it.
Here, we've compiled our top four heritage-listed properties we've covered recently in news stories for a range of reasons.
We ask - which of these do you like the most?
 
<a href="https://www.propertyobserver.com.au/victoria/fortuna-villa-heritage-trophy-estate-finally-sells/2013062662744" target="_blank">Fortuna Villa</a>
Our first is Bendigo's Fortuna Villa heritage trophy estate (pictured below). <a target="_blank" href="https://www.propertyobserver.com.au/victoria/fortuna-villa-heritage-trophy-estate-finally-sells/2013062662744">It finally sold in June</a>, for $2.21 million, and it has some of the most gorgrous stained glass windows as you can see in the images.
It was remodelled in the late 1880s, when it became lavishly furnished with pieces collected from around the globe - both inside and out, with imported plants, spacious gardens and lakes.
It is built in a number of architectural styles, including Victorian Italianate.
The villa comes on 7.57 hectares and has 32 outbuildings. 
{yoogallery src=[images/stories/2013/04/april12fortuna]}
 
<a href="https://www.propertyobserver.com.au/new-south-wales/sutherland-shire-tudor-heritage-mansion-coombe-grange-in-cronulla-listed/2012120358074" target="_blank">Coombe Grange</a>
Our next is a  Tudor Revival heritage-listed beauty in the Sutherland Shire of New South Wales. Cronulla's Coombe Grange (pictured below) <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/sutherland-shire-tudor-heritage-mansion-coombe-grange-in-cronulla-listed/2012120358074">was listed in December with $5.95 million hopes</a>.
The  2,637-square-metre Taloombi Street estate almost commands beachfront prices, albeit with freehold pathway access to Gunnamatta Bay.
The house was designed by architect Spencer Spasfield for Reginald and Florence Snelling who'd operated a Glebe printing business.Completed in stages, it comes with a ballroom that was added in 1925.
{yoogallery src=[images/stories/2012/12/dec4taloombi]}
 
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<a href="https://www.propertyobserver.com.au/news/hobart-heritage-charmer-listed-for-%24495000/2013012358951" target="_blank">Radnor House</a>
Heading down to Tasmania, this Hobart charmer (pictured below) was <a href="https://www.propertyobserver.com.au/news/hobart-heritage-charmer-listed-for-%24495000/2013012358951" target="_blank">listed earlier in the year</a> with $495,000 hopes. 
On York Street, Bellerive, the 1,246-square-metre heritage listed Radnor house comprises of original heritage features throughout... even including a servant's bell!
With 12-foot high ceilings, period features and a comparatively lower price point, it's on our favourite list.
{yoogallery src=[images/stories/2013/01/jan25hobart]}
 
<a href="https://www.propertyobserver.com.au/leisure/heritage-1870s-portland-victoria-annesley-house-hotel-listed/2012103056735" target="_blank">Annesley House</a>
Lastly, this beauty in Victoria, Annesley House (pictured below).
{yoogallery src=[images/stories/2012/09/oct2portland]}
<a target="_blank" href="https://www.propertyobserver.com.au/leisure/heritage-1870s-portland-victoria-annesley-house-hotel-listed/2012103056735">Listed late last year</a> with $1.29 million hopes in Portland, the 1878-built property is actually a hotel. 
Consisting of seven furnished apartments that had been run as self-contained holiday accommodation, heritage documents say it is an example of 19th Century townhouse design in Italianate style.
{yoogallery src=[images/stories/2012/09/oct2portland2]}
 
 
<img alt="poll-resulte-oct-1" height="246" width="470" src="/images/stories/2013/10/01/poll-resulte-oct-1.gif"> 
 
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jduke-EHk3XBmHkn

Top four heritage properties

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A 3.5 hectare development site in Kingscliff is being brought to market by Colliers International, with expectations that buyer interest will be high.
Located at 16-20 Kingscliff Street and 90-92 Pearl Street, it consists of six separate titles and has a number of workable development opportunities, according to Darrell Irwin and Geoff Lamb from Colliers International.
Being marketed using an expressions of interest campaign, Irwin said the site already has approval for one type of development.
“Combined, the site has approval for a seniors living development, so there is an opportunity for a retirement village developer or operator or a residential aged care provider to buy the property,” he said.
“However, there certainly is scope for an alternative residential development on the site – while there currently isn’t approval for this, our preliminary enquiries with council indicate an application would likely receive favourable consideration."
His assumption is that the highest and best use for the site could be a small lot subdivision or townhouse development.Meanwhile, Lamb said Kingscliff is ideal for residential development in terms of location.
“It is just a block from the beach and is within walking distance of the Kingscliff Beach Bowls Club, the Kingscliff Shopping Village, Kingscliff Hotel and retail shops, which have numerous cafes and restaurants,” he said.
“Kingscliff is situated on the New South Wales’ north coast, just to the south of Coolangatta and Tweed Heads and is a very sought after area that has been growing in popularity amongst residential property buyers in recent years."
The Kingscliff listing of six titles currently has four of them home to houses, one home to a childcare centre and the last, of 3.018 hectares and the majority of the site, being vacant.
The campaign closes on October 23.
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New development site near NSW beach generates attention

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With 2,000 homes currently in Diggers Rest, Investa's general manager Victoria, Paul O'Brien, gave Property Observer a look into how they intend to develop the community and bring an injection of properties onto the market.
The new house and land estate, <a target="_blank" href="https://www.bloomdale.com.au/about-bloomdale">Bloomdale</a> (pictured below), has 3,500 lots proposed to be built with an approved precinct structure plan in place.
{yoogallery src=[images/stories/2013/09/30/dig]}
"We've got 1,400 lots in that precinct structure plan and we're first off. We're running the start and most of the frontage is with us. The first stage we've done is the Eastern side," said O'Brien. 
Currently, the township needs to be larger.
"The township's not big enough, you need a population of around 10,000 to make it a decent township where you get the police and all the services you want to get. It has a fire brigade there, and good football ovals and a school, but you need the larger cachment to make it a community," he said.
Gesturing to the masterplan (see the images below) he explained that there are six lots left available from stages one and three, and that latest achievements include a deal with Woolworths who will set up on the site. Stage four is completely sold.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/09/30/diggers-rest-sept-30-masterplan-big.jpg" title="Click to enlarge"><img src="/images/stories/2013/09/30/diggers-rest-sept-30-masterplan-small.jpg"></a>
There is also a potential deal for a carpark in place.
"Basic land is $163,000 for traditional house block and you can have a townhouse in there for $130,000. You can produce a turnkey townhouse for $300,000," he said.
He runs the numbers quickly. Building cost will come in around $125,000, with an assumed $15,000 margin on the build either way. This, with the land cost of $130,000 for a townhouse, equates to $270,000. Add in an agent's commission fee of $5,000 and the builders are left with a $25,000 profit.While it's tight, he explains that the economy of scale helps keep the cost down for the consumer and the builder.
The reason for the location is that travel is based around the currently underutilised Calder Freeway. While there are bank-ups and congestions on other freeways, this one remains relatively easy to drive.
"You drive casually out, you drive through country, which is why we called it country connected," he said.
Current buyers are largely second and third home buyers, with some first time buyers and a handful of investors. Development around the area will be restricted for some time, he said."It's isolated as far as the growth of the cachment, Melton don't want to connect with Diggers Rest," said O'Brien.
This will assist in maintaining the lifestyle requirement.
"Often if you go to an estate you have to wait until the developer builds the [community infrastructure] and they're not going to do it until they can afford it. Here, it's mostly there, you're coming into an established community. They don't need to hope and pray the road is connected, because it already is."
In February next year, through to October, a display village will be in place. Some housing may be complete between March and July, with residents then starting to move in. When looking at the overall picture, it will take sometime for the area to be developed completely.
"It's about the rate of sale. With 1,400 lots, we'd like to do 14 per month. In theory, we could be out in ten years, but it's probably a 15 year project."
Their historic average, however, is eight sales a month. So it could take up to 17 years.
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Big plans for Diggers Rest

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More than 75% of studios, one-, two- and three-bedroom apartments sold in the second release of Winten Lyon's Southbank development over the weekend, with developers fast-tracking projects to meet buyer demand.
Sydney's inner southern waterside suburb of Wolli Creek saw $38 million of sales on its weekend launch, with first home buyers, upgraders and investors well-represented.
With prices ranging from $395,000 to just over $1 million, the Saturday opening saw projects purchased leaving just 20 apartments now for sale.Colliers project marketing director Curtis Field said that the interest in the project isn't new.
“We’ve had very strong interest from the project launch and that’s continued through to the latest release," said Field."Buyers across the board are seeing the value of Wolli Creek as a long-term real investment."
The first release, in July, is 85% sold of the 89 studios, one- and two-bedroom apartments.
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75% sell within weekend launch

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A real estate agency has decided to offer a property for sale by online auction, a first for their agency, with bidding running over two days in October.
Cooltah (pictured below), a property in the Macquarie River Basin, will go to online auction on 29 October, with bids closing at 3.30pm on 31 October, through rural property specialist agency Meares &amp; Associates, Sydney.
{yoogallery src=[images/stories/2013/09/30/dub]}
With a five to six kilometre frontage to the Macquarie River and a large proportion of arable land, current anticipations are that the property will sell for between $4 and $4.5 million.
Chief executive of the agency, Chris Meares, said that they had been watching the technology emerge for some time and with the resurgence in the market lately they were confident it was time to introduce the online auctions to their agency. 
"Bidders will be able to inspect the property, carry out their due diligence, and then bid for the property over 48 hours from wherever they wish,” said Meares.
Cooltah was developed by David and Marsha Shibble in year 2000. 
Sales and marketing for Meares &amp; Associates, Sam Triggs, said that investors looking for low-risk and maximum productivity will be interested in this purchase.
"With 37% of the property already set up for both centre pivot and K-Line irrigation and a further approximately 40% already farmed it is understandable that Cooltah can be utilized for a maximum range of enterprise options – cash or fodder cropping, cotton, pasture or pasture seed production, or breeding and fattening of sheep (prime lambs) and cattle, or just a livestock trading operation," said Triggs.
“Rated by the owners to carry approximately 15 DSE per hectare there is no doubt that Cooltah is an extremely productive farm with excellent improvements. The Cooltah homestead, built in the 1950s and extensively renovated and extended in 2011, is an attractive five bedroom, two bathroom homestead set in established gardens with an all-weather tennis court and inground swimming pool. The manager’s house is a new five bedroom home built in 2011, with a third two bedroom guest house. The farm improvements are more than adequate for the dairy, and farming operation.”
It is located 15 kilometres east of Narromine and 30 kilometres west of Dubbo.
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Agency gears up for their first online auction

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With some of our most talked about stories of last week revolving around experiences with valuations, it was no surprise that Property Observer's editorial inbox was seeing responses from both sides of the fence.
If you weren't around last week, fill yourself in with these articles: - <a target="_blank" href="https://www.propertyobserver.com.au/finance/off-the-plan-values-coming-back-at-15-below-purchase-price/2013092365217">Off-the-plan values come back 15% below purchase price </a>- <a target="_blank" href="https://www.propertyobserver.com.au/finance/calls-for-an-overhaul-of-the-valuation-industry/2013092565271">Calls for an overhaul to the valuation industry</a><a target="_blank" href="https://www.propertyobserver.com.au/finance/off-the-plan-values-coming-back-at-15-below-purchase-price/2013092365217"> </a>- Patrick Bright asks <a target="_blank" href="https://www.propertyobserver.com.au/news/why-do-some-valuers-get-it-so-wrong-patrick-bright/2013092565285">'Why do some valuers get it so wrong?'</a> - <a target="_blank" href="https://www.propertyobserver.com.au/finance/valuers-speak-out-what-s-happening-from-their-perspective/2013092765328">Valuers speak out: What's happening from their perspective </a>
Here are a couple of the highlights.
From: Gavin Hegney, Founding Director, LMW Hegney
We do over 50,000 valuations per year in Perth, and have valued half of the city over the last 23 years.
Valuers are asked for the most recent relevant and settled sales available as evidence to the valuation. The only problem is that by definition this makes any property only worth as much as the last sale, which is just not the case in a moving market, whether it be up or down.
In a boom market we are often too low, and conversely, in a falling market too high.
Low fees and high volumes place a lot of pressure on the valuer today, along with ever increasing litigation and liability, and like any profession there are both good and not so good operators.
The talked about cases are often the minority, not majority.
Of course we all have an emotional attachment to our homes and hence I have found nine out of 10 have an overinflated view of their value. I put myself in that group too.
The worst thing we can do is to be over geared to an overinflated view of our property. That helps nobody and if it goes wrong will end up in pain. I have seen this too many times.
Sometimes new projects have over inflated prices that people get caught up in paying. This too usually ends up in pain unless the market drastically increases in value soon after the purchase.
Often a good valuer will spot these issues, and alert the person and lenders to the issue so appropriate risk and pricing can occur. The developer is usually not that happy though.
So I view a good valuer as someone who is there to assist you to build wealth and financial security safely.
People with excessive problems just haven't found a good valuer, yet. From: Nathan Wagner, Managing Director, Me &amp; Nathan
I am an avid reader and the articles on valuations have caught my interest.
With respect to full disclosure, I run an ethical property marketing company that provides outstanding packages with great inclusions for well below market price, I do not put high comms on the projects, my negotiating and volume pricing has me make a suitable income and ensures my win/win focus never changes and other than one instance I have never had a valuation issue, anyway, I thought I’d send this to you to give you some actual facts.
In December 2012 I sold a house and land package to a client in Doreen.
The package was $387,800 (Land was $170,000 including a rebate I negotiated for the client of $30,000, the construction was $217,800).
Block size 400 square located in Delfin’s Laurimar Estate in Doreen.
The house was a 24.3 turnkey with an extremely impressive inclusions list such as stone bench tops, feature wall, 9ft ceilings, 2,340 x 1,020 stained entrance door and evap cooling.
When I put this package together the market had similar (some smaller, all with much less inclusions) packages recently sold and for sale ranging from $399,000 to $430,000.
The valuation came back with a horrifying low ball of $360,000. The strange part here is on the valuation the valuer approved the price of the build and the price of the land but decided to drop it by nearly $30,000 as he simply thought bigger blocks were better, and whilst I agree bigger blocks are attractive, they are not always feasible or necessary and the land developer has the control over this.
In disputing the valuation I was told by the mortgage broker that the valuer is well known for being jaded and that he is very out spoken about how bad the market is. The valuer used comparable sales of three-bedroom houses with studies and during the dispute advised the studies could easily be [counted] as a fourth bedroom. Below is information obtained from the mortgage broker.
“I have had several long phone conversations with the valuer on this; he said the biggest bearing here is land size in comparables used. I asked him why the comparables are three bedroom and not four bedrooms and again he pointed this back to land size. He stated in his opinion most three bedrooms will also have a study and second living area too, so land and total construction size become the reason for the valuation pricing again in his opinion.”
Obviously the valuer had no clue and was jaded, the three bedroom houses he was comparing to were roughly 20sq, they barely had enough room for three bedrooms and two living areas. Even after I provided comparable sales reflecting four bedrooms on 400sq in the same estate he still refused to budge and simply used the worst possible houses in different sub par estates with poor finishes.
Add to all this that I have sold several properties in the area for over $410,000 including a couple I bought myself however as these projects were house and land they did not appear on any comparable sales reports.
This email is not about me, but I have a principal in my business which means I only sell what I would personally buy, and that’s exactly what I did, I bought a 400sq block one street over and built the same house, last month I decided to refinance it and the valuation came it at $450,000. Doreen and in particular Laurimar has had continual growth even during the last few years, but I don’t believe it has gone up by some 25%
Fortunately the client gave little weight to the valuation, he did his own homework and realised it was a bargain, equally fortunate is that the client had enough cash to cover the difference.
That’s a horrifying $90,000 difference that could have easily scared a client off not just me but off investing for ever.
I completely respect valuations are required and I feel proud of what I do when I hear about other companies that heavily load properties getting adverse valuations but the above example is as true as it is ludicrous and my main concern here is that it could have easily jaded my client which possibly means when we wind the clock forward twenty years he ends up retiring broke simply due to one idiot’s reckless and unaccountable actions
If you would like to comment on the debate, contact: <a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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LETTERS TO THE EDITOR: Valuation experiences

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The SMSF Professionals' Association of Australia (SPAA) has come out against claims that property purchases in SMSFs are playing part in the surge of property prices, saying it is negatively geared independent investors who are the bigger influence.
Director technical and professional standards of SPAA, Graeme Colley, said that despite talks of SMSFs flooding residential property, it's actually still a significantly small part of the market.
Of the $500 billion worth of assets under management, it's a small percentage that make up residential property purchases, Colley said.
“At June 30, property in SMSFs consisted mainly of non-residential property such as commercial property ($58 billion) compared with residential property ($17 billion) out of total of $495 billion. At $17 billion, that’s 3.4% of all SMSF assets," he said.
“In addition, gearing is not the issue its critics allege.  According to ATO statistics, geared property in SMSFs makes up less than one half of one per cent (0.4848%) of their total investments."
Compared to individual investors using negative gearing, it would take a "huge shift" in investments to influence the market.
“Property is not an inappropriate investment per se, but it must be appropriate to the fund and consider the member’s circumstances, just like all investments whether they are via an SMSF or personal investment decisions outside superannuation," he said.
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SMSF purchases not inflating property market

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Proposed changes to the NSW planning reforms must not stop the diversity of housing types required, according to the Urban Taskforce.
With a growing number of people wanting to live in more urban areas, often in apartments, it is crucial that the low density suburban models for Sydney are encouraged in the right locations, said Urban Taskforce's CEO Chris Johnson.
"What is needed to contribute to community discussions on future growth are a number of models for varying levels of density," Johnson said, pointing to a new system of grading density based on building heights that they havd designed.
They range from 100 to 1,000 people per hectare, with the extent of amenities increasing with higher density levels.
{qtube vid:=QH-9V5kbiT8&amp;feature=youtu.be}
“We need a robust planning system that supports the development of new housing. This may mean having many Urban Activation Precincts at town centres and transport nodes where the code assessable system can get communities involved in setting the rules for development options and then projects get faster approvals when they comply with the rules," Johnson said.
“Sydney needs to engage in discussion about the need for a range of density types so that we can accommodate the 1.5 million extra people needing housing in the city over the next 20 years." 
In recent years, Sydney has produced 15,000 new houses per year, with a recent boost to 21,000.
Johnson said that at least 32,000 new houses or apartments will be required per annum over the next 20 years.
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Diverse dwelling densities needed: Urban Taskforce

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Yesterday's monthly auctions on the Gold Coast from Ray White Surfer's Paradise (RWSP) saw an increase in buyers looking for 'A-grade' stock.
Almost $9 million of property was sold on the day, with a clearance rate of 65% and more than 50% selling well above reserve prices, RWSP group CEO, Andrew Bell, said. 
With 20 of 31 properties sold on the day, and a further three going to contract immediately after auction, the highest sale price was a property overlooking Currumbin Beach which sold for a cool $2.125 million to a local resident.
Bell said that the result was "outstanding" with strong demand in this higher quality category.
“There was a lot of investor activity as well as a strong showing from owner-occupiers and first home buyers," he said.
“People are seeing steady improvement in the local market and a lot of activity in the southern capitals which has cemented their confidence in Gold Coast property."
A Woodgee Street property (pictured below) saw spirited bidding, with bids rising in increments of $50,000 and $100,000.
<img alt="gold-coast-sept-27-one" height="260" width="470" src="/images/stories/2013/09/23/gold-coast-sept-27-one.jpg">
“Similarly, the passing of the Federal Election and the record low interest rate environment has stimulated people’s interest in real estate and this was reflected in the clearance rate and sale prices achieved on the day," he said, noting the contrast to the nervousness seen two years ago.
Overall, 178 registered bidders and a crowd of more than 300 arrived on the day.
Other notable sales included a penthouse in the Surfers Mayfair building (pictured below), selling for $1,050,000 to a Brisbane buyer for use as a holiday home. 
<img alt="gold-coast-sept-27-two" height="265" width="470" src="/images/stories/2013/09/27/gold-coast-sept-27-two.jpg">
A four-bedroom family home on one acre in Mudgeeraba for $663,000 and a two-bedroom apartment in the Liberty Panorama building at Main Beach for $700,000, also sold on the day.
Three properties sold prior to auction.
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Gold Coast's 'A-grade' property attracting attention

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A new report has placed the New South Wales regional city of Dubbo in a growth phase that will see price growth over the next few years.
PRDnationwide's research department's Property Watch report has revealed figures showing sturdy increases in the town over the last three years, of 4.4% per annum, that doesn't yet show signs of letting up.
Investors would have seen median rents soar by 17.1% for a standard two bedroom unit over the last 12 months, while three bedroom houses saw a 7.1% increase.
"These rental gains can be attributed to the very tight market, with hot competition for rental accommodation from those working in the region as part of the mining and mining-ancillary industries," PRDnationwide research analyst Oded Reuveni-Etzioni said.
With demand for existing and new product remaining strong, a combination of limited stock on the market with this demand is producing a competitive environment that will keep prices rising, said Reuveni-Etzioni.
"The level of stock available for purchase in Dubbo is quite restrictive, with just 162 properties on the market in September - that equates to about three months' worth of stock," he said.
He noted that it's not just limited to cheaper stock, with activity at both ends of the market.
"Transactions over the $400,000 price point increased by 30%, which is indicative of the willingness of owner-occupiers and investors to take on higher levels of debt in the current economic climate," he said.
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Median rent soars 17% in regional town's units

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.

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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.

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The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

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According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

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

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

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

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

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[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.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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Jennifer Duke

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