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More home owners taking out risky interest-only loans: Moodys

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Nearly one fifth of Australians believe they will never be able to afford to buy their home, according to a new ME Bank survey.
The survey found that 18% of Australians now believe they will never be able to buy a home. The belief was most prominent among people aged below 30, with 26% saying they will never afford property.
Expectations of property price increases are also prominent – perhaps contributing to the sense of unaffordability.
The survey found that 51% of those with properties, or planning to buy, expect further increases in the next 12 to 24 months. Another 40% are expecting prices to remain steady, while 9% expect prices to drop.
The results show that first home buyer affordability is a growing challenge that is becoming an issue for all Australians, said ME Bank general manager asset products, Luke Easton.
“A large group of young people are delaying or ruling out home ownership altogether,” Easton said.
ME Bank surveyed 1,000 people online for the results.
{mijopolls 60}
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Nearly one in five believe they will never be able to buy a home: survey

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Foreign investment in Australian property is a divisive topic.
The Foreign Investment Review Board (FIRB) <a href="/news/tougher-firb-rules-delayed">is coming under close scrutiny</a>, with many believing the board is neglecting to police the current rules around offshore purchasers. Others suggest that the existing rules are too weak and are pushing for new legislation. 
But what actually are the current rules for foreign buyers looking to purchase Australian residential property? Here are some of the most pertinent rules:
<ol>
<li>An application must be made for each specific property that a foreign buyer intends to purchase. An application must be lodged for that home – it cannot be lodged for a general or in principle approval. This approval then stands for 12 months from the date on the letter. Separate applications can simultaneously be made and granted for multiple properties. 
</li>
<li>The approval letter (which comes as an email) only applies to the individual or group who applied. It is not transferrable, and if another party wants to buy they must re-apply. 
</li>
<li>Temporary residents, and 457 visa holders, are only able to buy one established dwelling, which is to be used as a primary place of residence. There are no restrictions on the number of vacant and new properties (or established properties for redevelopment) that approval can be received for. 
</li>
<li>Temporary residents cannot purchase established dwellings until they actually live in the country. 
</li>
<li>Temporary residents must sell the established property when they leave as it is no longer their PPOR. They cannot rent it out. It must be sold within three months of leaving the country. 
</li>
<li>Foreign non-residents can only purchase vacant land or new property upon application. Established properties for redevelopment can be purchased under certain circumstances. 
</li>
<li>Approval is not required to sell unless the conditions have not been met. For instance, if vacant land was not developed by the purchaser, then approval will be required. 
</li>
<li>Those who no longer wish to purchase the property need to withdraw their approval by notifying the FIRB. 
</li>
<li>If you become a permanent resident then all conditions cease to apply. 
</li>
<li>If the developer has been granted pre-approval to sell new dwellings to foreign buyers, the foreign buyer does not need to submit an approval application. 
</li>
<li>Approval is required for foreign non-residents regardless of the method in which they buy – e.g. through a trust or company structure. 
</li>
<li>Foreign non-residents cannot buy secondhand (established) property, or buy a stake in the property, unless they do so with a spouse. Approval is still required.</li>
</ol>
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What are Australia's foreign investment in real estate rules?

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The industrial leasing market in Melbourne is showing green shoots of a recovery, according to Savills Australia’s Melbourne Industrial Spotlight Quarter 3/2014.
An extra 150,000 square metres were reported as leased over the past 12 months compared to the previous corresponding period.
The report recorded 681,520 square metres of industrial space leased over the past 12 months, with a total of 90 deals, in the year to September 2014.
The 12 months previous came in at 524,606 square metres with 60 deals.
The decade average is 594,221 square metres per annum.
<img src="/images/2014/10/29/sav%20oct%2029%20one.jpg" alt="">
Savills’ Victorian head of research, and author of the report, Glenn Lampard, said that it is not a definitive recovery quite yet, but that they are indicators of a possible market upswing.
“One swallow does not a summer make and neither does two, but leasing and land sales are the best indicators we have of a recovery. These figures are not one month, or one quarter but 12 months and more. While it’s certainly not definitive the figures are nonetheless very encouraging and at the very least suggest a new confidence in the market,’’ Lampard said.
Melbourne’s north-west industrial precinct was the recipient of the majority of leasing activity, responsible for 64% of the result, while the south-east took 35% of the total.
City fringe areas were responsible for less than 1% of the result.
This has Savills Victorian industrial director Greg Jensz note that there has been an upswing of the last 12 months.
“In the previous 12 months (2012/2013) there had been fairly good enquiry but that had not resulted in more than a modest outcome. This year we are seeing those enquiries taken that step further and the results are there including a substantial rise in pre-commitment deals and that’s a very good indicator of confidence returning to the market,” he said.
“On the basis of current enquiry we expect to see the current leasing trend continue throughout the remainder of 2014 as firms gear up for the new year.”
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Melbourne’s industrial market showing green shoots, but yet to spring into recovery: Savills

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A new development in Sydney’s Pyrmont, with views of the Anzac Bridge, is taking expressions of interest with a display suite opening soon.
The <a href="https://pier99.com.au" target="_blank">Pier 99</a> development includes studios and one, two and three bedroom. Views span over Blackwattle Bay and Anzac Bridge.
Studios start from $649,000. One bedroom apartments with one bathroom are priced from $740,000. Two bedroom, two bathroom apartments with a car parking space will set you back $985,000 plus.The three bedroom, two bathroom, one car park option are priced upwards of $1,500,000. Podium-level apartments include private gardens.
A collaboration partnership between Galazy Capital, SIV Fund/VIMG and China Venture, the development is designed by JPR Architects.
It is located one minute to the light rail and is walking distance to Darling Harbour. The lift lobby is in Wattle Crescent, while the apartments official address is 99 Pyrmont Bridge Road.
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New Pyrmont apartments with views of Anzac Bridge taking expressions of interest

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Atop the new Eliza apartment building on Sydney’s Elizabeth Street is a 499 square metre penthouse with views of Sydney Harbour.
Seventeen storeys up at 141-143 Elizabeth Street, the four bedroom, six bathroom penthouse also has a private lobby and an internal passenger lift.
With 3.8 metre high ceilings, the rooftop level is an entertainment option, with level 15 and 16 devoted to living and dining, as well as sleeping quarters.  Each floor is connected by a 10 metre high marble staircase.
All up, the penthouse will set back the buyer $15 million.
<img src="/images/2014/10/29/eliza-oct-29-one.jpg" alt="">
The rooftop includes a landscaped terrace, outdoor kitchen and transparent infinity-edge swimming pool.
The master bedroom, at 60 square metres, includes a private study and a walk-in dressing ‘chamber’.
The kitchen includes a walk-in pantry and separate prep area for catering. According to released marketing material, the fridge is worth $50,000. To put that into perspective, it’s more than many first timers put down as a deposit on their first home.
Basement storage and three car parking spots are also included, with a private driveway.
<img src="/images/2014/10/29/eliza-oct-29-two.jpg" alt="">
Industry figure John McGrath said that it is in a culturally significant precinct in Sydney.
“It makes use of the world’s finest materials and finishes in a technologically brilliant way, and everything is over-specified, including double glazing and acoustic innovations to ensure whisper-quiet interiors,” he said.
Built and developed by Ceerose, founded by Edward Doueihi, Eliza was designed by Tony Owen, the man behind the renowned <a href="/news/moebius-house-at-dover-heights-has-price-hopes-pared-back">Dover Heights property Moebius House</a>.
“We wanted to create a building with an architectural point of difference that did justice to our landmark site in arguably Sydney’s most beautiful street,” said Doueihi.
“It took us more than three years to build, but the effort has been worth it.”
All 18 apartments in the Eliza block have been sold, with the penthouse the last to go to market.
The penthouse is <a href="https://www.elizasydney.com" target="_blank">available to inspect by appointment</a> and is being marketed through Savills and McGrath Estate Agents.
It was <a href="/news/nsw/eliza-penthouse-finally-getting-off-the-ground-with-15-million-hopes-title-tattle">previously being marketed through CBRE</a>.
Furnished photographs will be made available next week.
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The $15 million Eliza penthouse has a $50,000 fridge

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Here are eight recent quotes from the Reserve Bank of Australia (RBA) made in reference to the Australian property market:
<ol>
<li>"Prices have risen faster than consumer prices, but they have not risen materially faster than household incomes… This is not a country where we haven't experienced house price falls; we have experienced house price falls. There is risk in the system that people have already experienced. It's simply incorrect to treat the Australian history as if there had never been any kind of downturn." October, RBA head of financial stability, Luci Ellis, at the AHURI panel roundtable 
</li>
<li>"Australia is not one of the boomier places over the last 10 years. Prices have risen faster than consumer prices, but they have not risen materially faster than household incomes in Australia… Mortgage repayments are lower than the average of the past 10 or 15 years, so again thinking about what it means to have affordability and unaffordability – the affordability of a current mortgage is not unusually high at present." October, RBA head of financial stability, Luci Ellis, at the AHURI panel roundtable 
</li>
<li>"Apartment construction in the inner city [in particular Melbourne, Sydney] has been at high levels for some time and, given the time lags in completing higher density constructions, is expected to remain elevated for the next few years. That said, liaison suggests that construction in Melbourne continues to be driven by strong demand, including from foreign investors, with pre-sale levels remaining high." September, RBA Financial Stability Review 
</li>
<li>"A related risk, which is likely to be currently most pronounced in Melbourne, is that some new developments may appeal to a relatively narrow segment of tenant or owner demand. For example, some new developments involve smaller-sized apartments that are targeted at international students, which could be harder to sell in the secondary market than more traditional-sized apartments. This could place downward pressure on apartment prices if student demand weakens or if there are other shocks that reduce foreign investors’ appetite for these apartments." September, RBA Financial Stability Review 
</li>
<li>"Dwelling investment had increased by more than 8% over the year to the June quarter, and continued strength in building approvals and other indicators pointed to further growth in coming quarters. House price growth had been a little slower, on average, over 2014 than in late 2013, but remained consistent with strong conditions in the established housing market." October RBA board minutes 
</li>
<li>"What matters is how much speculation there is in the market and what that might mean for a subsequent price cycle, and at the moment there is more speculative activity than we are comfortable with." October, RBA head of financial stability, Luci Ellis, Senate Inquiry into housing affordability 
</li>
<li>"Some of this [growth seen in the property markets, such as Sydney] perhaps represented an element of catch up after some earlier weakness. Nonetheless, prices have continued to rise significantly faster than incomes, and this has been associated with strong growth in investor activity." October, RBA assistant governor Malcolm Edey, Senate Inquiry into housing affordability 
</li>
<li>"The general point I would make is that we can't improve housing affordability simply by adding to demand. Targeted assistance can certainly help particular groups such as first home buyers, but without a supply-side response, any generalised increase in demand will just be capitalised into prices." October, RBA assistant governor Malcolm Edey, Senate Inquiry into housing affordability
</li>
</ol>
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Eight quotes from the RBA about Australia’s property market

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The final decision on the Western Sydney light rail network route must be looked at in the context of housing supply, says Urban Taskforce’s CEO Chris Johnson.
The NSW government has <a href="/news/parramatta-light-rail-options-down-to-four-routes">narrowed down the options for Western Sydney’s light rail route to four</a> and Johnson says whichever area receives the new infrastructure will see an uptick in supply.
Currently, the four routes under consideration include:
<ol>
<li>
Macquarie Park (via Carlingford) This particular line has the advantage of having land available at present, Johnson said. 
</li>
<li>
Castle Hill (via Old Northern Road) This line, along with the Bankstown line below, would assist rebalancing the current east-west transport focus. 
</li>
<li>
Bankstown 
</li>
<li>
Sydney Olympic Park (with the potential of reaching Strathfield/Burwood) Johnson said that Olympic Park is “crying out” for better public transport connections to Parramatta. This option would traverse through redundant industrial land, and “stimulate new development”.</li>
</ol>
The lines discussed in December 2013 included the following specifics:
Castle Hill Line: Connects Castle Hill, Baulkham Hills town centre, Parramatta CBD, Rydalmere and an interchange to the North West Rail link.
Macquarie Park Line: Connects Westmead health precinct, Parramatta CBD, University of Western Sydney at Rydalmere, Eastwood town centre and Macquarie Park.
“Each of the four options has its own logic and could be great additions to the cities transport network,” said Johnson.
“With metropolitan Sydney needing to double the existing 1.66 million homes over the next 50 years we must find the best locations for these new homes. The city cannot keep spreading outwards and most communities won’t want every suburban street to be doubled in density.
“The best solution to manage this growth will be through apartment living in taller towers at major centres and in mid-rise apartments along light rail routes,” he said.
“Just as the centres along the North West rail will have significant increases in density so too should the centres along Western Sydney’s light rail be places for growth.”
Johnson expects the development of 4,000 or more homes along the route.
The state government hopes that the light rail network will cement Parramatta as Sydney's second CBD and improve connectivity throughout the region.
{mijopolls 59}
Picture of Parramatta skyline courtesy of Gareth Edwards/ <a class="mw-mmv-license cc-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank">CC BY-SA 3.0</a>.
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How the four potential light rail routes may affect Western Sydney: Urban Taskforce

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Home buyers looking for affordable options on the Gold Coast may not be thrilled to know that the average price for a new apartment in the area is sitting at $812,045, according to Urbis Research’s Gold Coast Apartment Report.
However, there are two new development projects offering apartments for under $400,000.
These projects are:
<ul>
<li>
<a href="https://www.sage-apartments.com.au" target="_blank">Sage</a> in Merrimac (from Minamarc Pty Ltd), pictured above: Two bedroom, two bathroom apartments in stage one from $345,000 to $369,000, averaging more than 90 square metres. 
</li>
<li>
<a href="https://azzuragreens.com.au/" target="_blank">Azzura Greens</a> in Hope Island: A resort complex that offered 159 one and two bedroom apartments, from approximately $330,000 upwards.</li>
</ul>
Sage Apartments sale manager, Elena Marchetti, said that the level of sales and enquiry in recent months have been strong, reflecting upwards growth figures in the median price – with Merrimac’s median lifting to $380,000 (a 25% uptick, potentially due to the new developments in the area), a vacancy rate of 1.03% and an estimated yield at the 6.1% mark.
Sage represents one of the few entry level projects on the Gold Coast and has also seen a high level of investor enquiry.
"The majority of the apartments we have sold to date have been taken up by interstate investors and local first home buyers who wanted an affordable property with potential for growth, in a central location," she said.
"While Sage is considered entry level stock, purchasers are also saying that they are extremely impressed by the high quality of fittings and finishes in the apartments.”
Their display apartment is open next month, with their first building of 24 apartments completed in early-2015. Body corporate fees are $47 per week for some apartments.
Sage Apartments were recently labeled a “Matusik Property Pick” for these seven reasons:
<ol>
<li>Quality stock, well-priced, well-designed. 
</li>
<li>Population growth area, with growth stronger than projected. 
</li>
<li>Undersupply is evident with greatest rental demand for affordable attached dwellings. 
</li>
<li>Strong demand from young rental and first home buyer market, plus locals downsizing. 
</li>
<li>Tight local vacancy rate. 
</li>
<li>Over 67,500 people work in the local area with a strong employment backbone. 
</li>
<li>The Gold Coast market generally is in a recovery upswing.</li>
</ol>
Meanwhile, Hope Island’s Azzura Greens is a resort complex for holiday purchasers, rather than for standard residential buyers.
A few properties are available, such as a two bedroom, two ensuite offering for $357,000 on the top floor. It also includes a car park.
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Two new Gold Coast developments offering sub-$400,000 options

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The recent ANZ Australian Housing Market Update has pointed to a broadly positive outlook for sales and price growth in the coming months.
The depth of home buyer demand in Melbourne was tested over the recent record breaking auction weekend, said ANZ Research’s David Cannington.
“Melbourne’s clearance rate held up well (70.6%), reflecting solid home buyer sentiment,” Cannington explained using RP Data's statistics.
Meanwhile, Cannington noted that Sydney’s clearance rate of 78% was also indicative of buoyant home buyer sentiment.
Analysis of Sydney's weekend auction results differed, <a href="/expert-insights/buying/sydney-october-auction-strength-easing-says-apm-but-rp-data-proffers-otherwise">with APM and RP Data at odds with each other over the market’s movements</a>.
Cannington said that auction clearance rates have eased since their early-2014 peaks, pointing to further moderation in house price growth “in coming months”. However, ANZ remain “cautiously optimistic” in their outlook.
In recent weeks, Sydney, Melbourne and Perth have recorded the strongest growth in home prices, with Adelaide posting lower results. 
“Nonetheless, looking through the weekly volatility, home prices are increasing in trend terms across all capital cities, reflecting a broadly positive outlook for housing sales and price growth in the coming months,” Cannington said.
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Broadly positive house price outlook for rest of 2014: ANZ

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Jennifer Duke

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