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The Building Legislation Amendment Bill 2014 looks to improve standards, introduce a new dispute resolution procedure and create a Building Consumer Protection Fund to protect property buyers from insolvent or dodgy builders.
The Victorian Parliament has been urged to pass these new laws by Consumer Action chief executive Gerard Brody.
Currently, those who have an issue with a builder are covered under the home building warranty insurance scheme.  However, this scheme only covers them in the case of an incomplete or dodgy build if the builder is dies, disappears or becomes insolvent. It does not cover them for if they are deregistered, have their registrations suspended or when a rectification order is issued.
This new Bill aims to cover the shortfall, explained Brody, noting that the law has been in development since 2012.
“Home building warranty insurance has long been referred to as junk insurance because it’s so hard to claim. Not only do consumers have to spend thousands of dollars to be successful at VCAT, they then have to take action to wind up a builder before any claim can be made,” he said.
“The proposed new fund would ensure consumers have a remedy when there is uncompensated loss as a result of a building dispute.”
The success of the proposed law depends on the Victorian Building Authority’s (VBA) willingness to take enforcement action.
“The proposed law would mean independent inspectors from the VBA could make binding Rectification Orders to settle disputes. This should mean that consumers don’t have to go to VCAT, which has proven to be an expensive and inappropriate forum for many building disputes,” he said.
“The current system is broken—dodgy or insolvent builders can leave families with unsafe or unfinished homes and there is very little that can be done about it. Often they’re tens of thousands of dollars out of pocket and are left with an uninhabitable house.”
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jduke-EHk3XBmHkn

Victorian Parliament urged to pass domestic building consumer protections

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Intention is the magic ingredient that dictates how a gain from subdivision is taxed, explains Property Tax Specialists’ Shukri Barbara.
If your intention is to realize the capital gain in a property then you will be taxed differently to if your intention is to make a profit in some fashion.
Barbara provides an example of a situation where the property is used as a main residence only. In 2013, the value has increased to $490,000 – when it was purchased in 2005 it cost $250,000.
They subdivide the block, and then sell the vacant land.
Barbara explains that for this specific situation, the gain is capital – with a 50% discount available as it is a “mere realization” of capital. In this case, the cost base of the vacant block would be based on the valuation from a valuer, the Development Application (DA) costs and any improvement required by council.
He suggests to only subdivide when ready to sell, as it allows the owner to maintain the capital gain exempt status for longest, as subdividing demonstrates intention as it is solely to realize capital gains.
Subdividing early and “waiting” is an indication of intention to a profit making undertaking, he warns.
It’s also worth noting that knocking down the main residence before selling significant changes the character of the asset, and may see capital gain tax (CGT) payable. Similarly, registering for GST can also be an indication of an intention to make profit.
Here’s another example:
A couple acquire a house in 2012 and lodge a DA in 2013 to knock down the existing houe, subdivide land and construct two townhouses.
The intention – that key word again – is to occupy one as the main residence, and sell the other one to help fund the main residence.
The owners have no background in building or associated industries and no history of development.
Barbara explains that in this situation it is likely the new main residence is exempt from CGT if it is established as main residence on purchase and is occupied for a period of, say, three months.
It must also be re-occupied within four years and the dwelling must be used for at least three months after completion.
If it is not treated in this way, CGT will be apportioned over time owned.
On the second part of the property, it will be taxed as business income.
GST implications include registration, GST on a portion of the sale price, credits on materials and services on purchase.
Barbara explains that if you sell the vacant block without development it is likely to be a capital 50% discount.
However, constructing and renting out the second block shows intention of investment, which on a later sale may access 50% discount but includes issues such as cash flow.
In fact, planning is critical. In some situations, Barbara notes that the numbers may actually find the after tax position preferably with the sale of the second block vacant rather than developed.
Barbara also warns that subdivisions cannot take place in a self-managed super fund for a number of reasons, mainly because it is high risk.
He notes that the intention is not required to be formally recorded anywhere, and the tax office bases intention on the way that the actions are taken out.
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Why CGT and subdivision is all about intention: Property Tax Specialists

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Colliers International is now taking VIP appointment bookings for Ryde’s Crowle Estate, located in Ryde’s Meadowbank at 74-78 Belmore Street.
In total, 416 apartments will be offered in <a href="https://campaigns.colliers.com.au/s/513b152f14843816c33cebd8b684542b3f877e56/h=ff005bfa6b7332ff86f20fe7084d9f6700403a1b" target="_blank">Crowle Estate</a> with a selection of one bedroom apartments from $555,000 and two bedroom apartments from “high $600,000”. They will span five buildings of seven storeys with an additional two levels of underground basement car parking. This will include 450 car spaces.
Developed by DEIcorp, the designs are by Nordan Jago. Currently, DEIcorp are also working on a number of projects including The Charles Apartments in Canterbury, Moss Wood Apartments in Kogarah, Urba Apartments in Sydney CBD, Alpha Apartments in Lewisham and Bankstown’s Little Saigon Plaza.
Many of the apartments in this project will include balconies with views of Parramatta River.
Meadowbank's <a href="/news">median unit price currently sits at $495,000</a>, according to RP Data.
 
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Ryde one bedders from $550k: Crowle Estate taking VIP bookings

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Westpac Banking Corporation has offered to make payments to another seven investors in a failed scheme operated by Capital Growth International Club Pty Ltd, now in liquidation, according to the Australian Securities and Investments Commission (ASIC).
This is as a result of the investors’ contact with former Westpac home finance manager David St Pierre who, in March, was banned permanently from credit activities and financial services.
From Mount Nathan, Queensland, St Pierre’s ban came after an ASIC investigation that found he had submitted loan applications to Westpac for approval knowing they contained false information supported by false documentation.
He had also failed to perform an authority accurately identifying the payee of the cheque, resulting in a customer’s cheque going into a personal account of a non-office holder of Capital Growth International Club. He also encouraged and enabled customers to borrow funds from Westpac and earned cash bonuses from doing so.
This was while he knew that they were elderly, a pensioner, a carer or suffering from the disability and, if the scheme failed, they would be unable to repay.
St Pierre operated as a home finance manager for Westpac between September 2000 and April 2011. He was also involved in providing loans to All About Property Developments Pty Ltd, now in liquidation. It was the real estate arm of the Capital Growth International Club.
Of the 18 customers with home loan related applications, some were elderly or vulnerable and yet encouraged to borrow against their houses. Some had not debt on their homes prior to this. They had been promised 15% to 25% returns per annum.
Westpac has already compensated some customers who borrowed through St Pierre.
The seven new investors did not borrow funds from Westpac, but claim contact with St Pierre before making an investment into Capital Growth International Club.
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Westpac to make payments to seven more investors in failed Capital Growth International Club scheme 

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Almost 50% of first home buyers from Generation Y want early access to their superannuation or for their employer to salary sacrifice, to fund a deposit, according to <a href="https://www.mozo.com.au">Mozo.com.au</a>’s research.
In a survey undertaken to launch Mozo’s new First Home Buyers Hub, first home buyers were asked how they would prefer to fund their home purchase if given the option.
The majority, at 49%, were prepared to save diligently. If you’re one of these first home buyers, you can see some savings tips over the page.
However, 22% were keen to borrow the full purchase price without a deposit.
Here are the results from Mozo:
<img src="data:image/png;base64,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" alt="">
Mozo director Kirsty Lamont said that it’s interesting to see which option first home buyers would choose when facing increasing property prices.
“It’s clear Gen Y feel it’s unattainable to enter the property market by saving alone, and want the Government to seriously consider superannuation as the solution,” said Lamont.
“Using superannuation to fund property sounds good in theory but it’s not the silver bullet for first homebuyers,” she said.
She noted that first home buyers have to consider stamp duty, mortgage interest, maintenance costs and the lost returns the super could have earned.
“With this seemingly quick fix what’s also lost is the important discipline of regular savings, which can become a harsh reality when the mortgage repayments start,” she warned.
For those interested in Mozo’s savings tips, turn the page.
<hr class="system-pagebreak">
 With almost 50% keen to go the traditional route and save the funds for a deposit, Lamond suggests living off one salary if buying as a couple, or selling off unnecessary assets such as a second car.
Moving in with the parents may also be an option, she says, noting these are temporary choices.
They also suggest:
<ol>
<li>High interest savings accounts 
</li>
<li>Setting a budget 
</li>
<li>Getting a second job 
</li>
<li>Ditching credit cards 
</li>
<li>Selling old items online</li>
</ol>
You can <a href="https://mozo.com.au/first-home-buyers/rip-first-home-saver-accounts-what-now-for-deposit-savers" target="_blank">see more of their tips here</a>.
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Almost a quarter of Gen Y first timers want no deposit home loan

<html><body>
Across Queensland, a total of 56 suburbs record a rental yield higher than 6%. Of these, 22 record a rental yield above 6.5%, according to RP Data’s latest statistics.
Here are those top yielding suburbs, and their median prices, in alphabetical order.
<a href="/news">Aldershot</a>
6.5%
$189,000
<a href="/news">Clermont</a>
7.4%
$248,000
<a href="/news">Depot Hill</a>
7.1%
$160,000
<a href="/news">Gayndah</a>
7.5%
$224,000
<a href="/news">Granville</a>
6.6%
$207,000
<a href="/news">Healy</a>
7.5%
$420,000
<a href="/news">Helidon</a>
6.9%
$231,000
<a href="/news">Home Hill</a>
6.6%
$170,000
<a href="/news">Kingston</a>
6.8%
$253,000
<a href="/news">Logan Central</a>
6.7%
$257,000
<a href="/news">Manoora</a>
6.5%
$259,000
See over page for Maryborough to Woodridge.
<hr class="system-pagebreak">
<a href="/news">Maryborough</a>
6.6%
$200,000
<a href="/news">Mount Morgan</a>
7.8%
$131,000
<a href="/news">Pioneer</a>
7.0%
$368,000
<a href="/news">Queenton</a>
6.7%
$178,000
<a href="/news">Richmond Hill</a>
6.5%
$205,000
<a href="/news">Rockhampton City</a>
7.1%
$205,000
<a href="/news">Slacks Creek</a>
6.5%
$280,000
<a href="/news">Soldiers Hill</a>
6.8%
$350,000
<a href="/news">Sunset</a>
7.2%
$350,000
<a href="/news">Townview</a>
6.8%
$378,000
<a href="/news">Winston</a>
6.9%
$370,000
<a href="/news">Woodridge</a>
6.6%
$245,000
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Queensland’s 22 highest yielding suburbs: 6.5% plus

<html><body>
The Block Glasshouse auctions are coming up this weekend, and already everyone is tweeting their excitement.
It’s also providing a small reveal as to which Melbourne buyer’s agents we might expect in on the action.
Serial bidder Frank Valentic is <a href="https://www.propertyobserver.com.au/https://twitter.com/FrankValentic/status/520295150249967616" target="_blank">planning to attend</a>:
<img src="/images/2014/10/10/Picture%2035.png" alt="">
If you’re attending the auctions this weekend with an eye to purchasing, you can <a href="/expert-insights/buying/bidding-and-winning-at-the-block-sky-high-auction-day">read his experiences of The Block Sky High here</a>.
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Frank Valentic expected at The Block Glasshouse auctions: Tweet of the day

<html><body>
If you’re buying a property or renovating this spring season, it’s worth considering how depreciation plays into the equation. Even a couple of small decisions can have a significant pay off.
Tyron Hyde, chief executive of quantity surveying firm Washington Brown explains that there are some items that can be depreciated at 100%. Essentially, this allows you to maximise your return from the start.
“Depreciation is really about claiming the wear and tear on your property, from carpets and blinds to ovens and dishwashers,” Hyde says.
“It’s a way to reduce your taxable income and it’s perfectly legal,” he says.
He suggests new buyers remember that new properties have a higher rate of depreciation, and that higher developments can have more claimed on them due to lifts and structural requirements.
Developments with pools and gyms can also often see more claimed, due to a higher ratio of plant and equipment to the purchase price, and he notes that lower priced properties have a higher depreciation ration.
Here are his four tips to remember:
<ol>
<li>
Individual items under $300 can be claimed immediately. If you’re buying a microwave, buy one that’s $299 instead of $319. This is better than depreciating it at the prime cost rate of 10% per annum (or $30 in the first year). That’s a 1000% increase. 
</li>
<li>
Big ticket items can be claimed too. If your portion of an expensive item is under $300, you can claim it. For example, a garage door costs $2,500 in a building of 10 units therefore your cost is $250. This amount can be depreciated immediately. 
</li>
<li>
Items valued between $300 and $1,000 can be depreciated at a higher rate. Through the low value pool method, you can claim these at a rate of 37.5%. So if you bought an oven for $950 you can claim $356. 
</li>
<li>
Split your report to get more. If you have bought a property as a group, say with family or friends, as your Quantity Surveyor to split the depreciation report between the investors to get more bang for your buck.</li>
</ol>
“Depreciation is the only non-cash deduction available to property investors,” says Hyde.
</body></html>

Four little-known tips about depreciation: Tyron Hyde

<html><body>
A recent High Court decision has interesting implications for strata property owners, particularly in reference to commercial buildings and defects discovered down the track.
Grace Lawyers represented an owners corporation in a case where the investors sued the builders for negligence in defective building work. The noted that the ruling found that the owners corporation was not ‘vulnerable’ when the commercial building was built. This means the rights that existed were between the developer and the builder, and later the developer and the first unit owners to purchase.
Grace Lawyers’ Colin Grace says this has implications for all commercial, retail and industrial complex owners corporations.
The finding noted that those who purchased first, usually off the plan, could bargain for anything they wanted, including warranties over defective works. If they did not do this, then complaining later through the owners corporation isn’t necessarily an option, explained Grace.
Grace said it affects the fundamental rights of the land owners to take action.
“What it means is that anyone who wants to buy into these strata schemes needs to contract with the original developer to obtain any rights over defects (which may manifest itself years into the future – as in this case). If they don’t, then too bad,” said Grace.
He said the owners are mum and dad investors without the sophistication level of the builders and developers. Having bought a purpose built building, they face costs to rectify defects years later.
According to Grace, “urgent retrospective legislative intervention to protect the rights of owners” is needed.
</body></html>

Building defects fall squarely on “investors who do not have the same sophistication”: Grace Lawyers

<html><body>
Overseas scam artists who are targeting tenants under the guise of being international brands are increasingly catching renters in scams, says Certified Practising Real Estate Agents (CPREA) chairman Geoff Baldwin.
In the past week CPREA has received two reports of tenants who were asked to transfer money offshore into accounts they thought belonged to real estate agents.
The accounts were in fact owned by fraudsters looking to get their hands on the tenants’ funds.
The tenants had been responding to online advertisements, which had promoted a Perth property for rent. The owner had no knowledge of the advertisements.
“The fraudster simply chooses a property, usually an apartment in a larger complex and then promotes it at a drastically lower rent than others in that complex so as to attract maximum inquiry,” Baldwin warns.
“In both cases the respondents have been people who are doing it tough and who had found it hard to secure a rental property elsewhere hence are attracted by the lower rent.”
The modus operandi of the scammers is to request a wire transfer to an overseas account. After this point, communication ends, explains Baldwin.
“Sadly, in one of these incidences the tenants, a single mum with a four year old, transferred all of the money they had been saving for months to pay what they thought was the bond on a rental apartment,” he said.
Baldwin provides these tips for avoiding the scams:
<ol>
<li>Be wary of requests to transfer funds offshore 
</li>
<li>Poorly worded emails and misspellings are another bad sign 
</li>
<li>If you think it’s a reputable brand – check if they have an office 
</li>
<li>Email the office directly</li>
</ol>
</body></html>

Offshore scam artists pretending to be international brands targeting tenants

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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