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ASX-listed property developer Peet Limited has been focusing attention on Melbourne’s north and has officially launched its fourth residential community in the area.
This week, with the City of Hume and Melbourne Water, Peet officially launched the Roxburgh Park Arena. The development will be supported by major road works, recreation facilities and open space.
Within the development, $14 million has been allocated to construction a section of Aitken Boulevard, including a direct connection between Somerton Road to James Mirams Drive in <a href="/news">Roxburgh Park</a>.
A total $6.5 million is set for parts one and two of the 10-hectare district sports precinct in the Peet Arena community, while the City of Hume is pouring in $2.5 million for the facility.
Part one works begin next month, and will be completed in mid-2015.
Peet Limited managing director and CEO, Brendan Gore, said the company has committed to Melbourne’s northern corridor. Over the past six years, they have brought almost 1,000 home sites to the area in its Aston Craigieburn and Greenvale Lakes developments.
“Peet has more than 3,000 lots in the pipeline on a total of 200 hectares, across its active communities of Aston in Craigieburn, Aspect in Greenvale and Arena in Roxburgh Park,” said Gore.
“Across our portfolio in the City of Hume, Peet will account for an investment of more than $110 million in community infrastructure including 23 hectares of parks and playgrounds; and two neighbourhood activity centres.”
In the Roxburgh Park Arena, Woolworths has already been named the anchor tenant and the supermarket’s planning is underway.
In total, they expect this new community to include 500 new properties. They will then have three sites in the area – Aston Craigieburn, focusing on first home buyers, Arena Roxburgh Park, focusing on families and upgraders, and Aspect Greenvale, focusing on maturing families, upgraders and empty nesters.
“Providing the infrastructure to support and create robust communities is an important part of Peet’s expansion plans in Melbourne’s north,” he said.
“We have been working closely with government, and particularly the City of Hume, Melbourne Water and Parks Victoria, to ensure we meet the community’s needs and complement the strategic vision for the region.”
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Peet Limited’s Roxburgh Park Arena in Melbourne’s north launched

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It’s commonly said that property buyers, particularly those in Gen Y, are not keen to compromise on their lifestyle.
However, if you wanted to get your foot into the property market what would you be willing to sacrifice?
The recently released realestate.com.au Housing Affordability Sentiment Index (HASI) conducted by independent research company Research Ink, asked broadly what home buyers would be willing to sacrifice in order to afford a property.
They found that 65% would be willing to sacrifice a pool, consistent with previous years.
Meanwhile, 44% would not be willing to buy/build further than 10 kilometres from their selected ideal locality. Fascinatingly, investors were more likely to consider purchasing 50 kilometres or farther from their ideal investment location.
One in two of Gen Y respondents were willing to increase their debt level to achieve their desired standard of living.
Over a quarter of current/previous property owners surveyed received financial assistance for their first property, with the majority of the help coming from their parents.
{module What features of your ideal home would you be willing to sacrifice?}
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What would you be willing to sacrifice to afford your next home?

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The Housing Industry Association has said that it’s time to allow young buyers access to their superannuation savings to assist with a deposit in getting into a new home, saying that it would also assist them in retirement.
HIA executive director, industry policy and media, Graham Wolfe, said that superannuation contributions are a form of forced savings to assist in retirement.
“Owning a home delivers the same result, but with the added benefits arising from home ownership throughout their working lives,” said Wolfe.
“Many young people are busy working, renting, repaying their education costs and in many instances, raising a family,” he said.
“Saving for a deposit at the same time is a significant challenge.”
He noted that enabling access to a portion of their superannuation will allow many first home buyers to accumulate a deposit, redirect their rental payments to their own financial security and allow home ownership sooner.
“Accessing superannuation for a home deposit would provide temporary access to their personal savings. Provided it was repaid to their superannuation accounts over a period of time, similar to university HECS repayments, their retirement savings would be assured,” he said.
“HIA urges all stakeholders to support measures aimed at improving access to home ownership for first home buyers, including assistance in breaching the deposit gap.”
Allowing first home buyers access to their superannuation is something that has been previously encouraged by the Real Estate Institute of Australia for some years, including <a href="/news/reia-urges-government-to-allow-fhbs-to-dip-into-superannuation-for-a-home">in their submission to the last government budget</a>.
It would follow <a href="/news/act/australia-could-learn-from-new-zealands-first-home-buyers-super-scheme-reia">New Zealand</a> and <a href="/expert-insights/investing/reia-lobbies-for-canadian-style-first-home-buyer-scheme">Canada</a>, who currently allow this.
However, last time Property Observer<a href="/news/exclusive-should-australia-follow-canadas-home-buyer-plan-the-experts-have-their-say"> surveyed our panel of experts about whether following Canada’s first home buyer schemes would work</a> for Australian first time buyers, most said that there are other fundamental issues that should be addressed before allowing them to tap into their superannuation.
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Time to allow first home buyers access to superannuation: HIA

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While some commentators have been discussing a slowdown in the significant rate of property price growth in some Australian cities, HSBC Global Research has suggested that this is not the case.
In fact, they’re expecting double digit growth to be realised by year end with the risk of a bubble increasing in cities such as Sydney.
“We expect housing prices to rise by around 10% this year, supported by low mortgage rates,” their research summary explains.
However, they went on to say that they remain of the view that Australia does not have a housing bubble “but the risk that a bubble forms is rising, particularly in the Sydney market”.
“Signs of exuberance are most acute in Sydney, where housing prices are already rising at twice the pace of elsewhere and the investor share of market has reached record new highs in recent months,” their research explains.
Prudent action on behalf of the Reserve Bank was also said to be becoming more critical with the risk of leaving interest rates too low for too long having the potential to drive excessive risk taking in the housing market.
With this in mind, they also suggested that further rate cuts would not be materialising – with hikes to contain growth the more likely scenario.
They noted that in May, there were indeed signs that activity in the housing market is slowing down. However, subsequent activity in June and July have proven this to be a temporary lull with auction clearance rates and prices bouncing back over this month and seasonality perhaps being part of the reason for the slowing.
Despite their overall view that it’s not crisis mode yet, and no bubble has yet been inflated, they did call Sydney’s market “worrisome”.
“The current pace of housing price growth in Sydney seems likely to be unsustainable. Over the past year, Sydney’s housing rices have risen by 15 year on year, while the weighted average of the other capital cities has increased byonly 7% year on year,” they noted.
The pick up in Sydney was attributed to some fundamental factors, including slower supply response and restrictions on land release, but also noted that there are more worrying signs as well.
“In this regard, Sydney’s housing market is starting to show signs that the merely the expectation of rising housing prices may be starting to drive housing price gains, which is worrisome,” they explained.
“One such sign is the investor share of new housing loan approvals, which has reached a new record high in recent months, exceeding the levels reached during Sydney’s 2002-03 housing boom.”
They also pointed to the proliferation of property buying seminars, particularly those aimed at SMSF property purchasing, as a worrying sign.
In 2002/2003, the boom saw Sydney race past Australia’s national growth averages, and after this a significant increase in mortgage defaults was seen.
“It is fair to say that if any part of the national market had the characteristics of a bubble in 2002-03, it was the Sydney market,” they noted.
However, they said there are clear differences this time round. For instance, in 2002/2003, exuberance had spread from housing to the broader economy, housing credit growth was running at over 20% annually and equity withdrawal was a significant driver of household consumption.
At present, signs this exuberance is spreading beyond the housing market are limited.
YOU MIGHT ALSO WANT TO READ
<a href="/expert-insights/buying/how-can-investors-cope-with-a-property-bubble-q-a-with-philip-soos">How can investors cope with a property bubble? </a>Q&amp;A with Philip Soos
Pessimism threatening further price growth: July state of the market analysis
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Sydney bubble risk increases as house prices expected to boom by 10%: HSBC

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A former real estate agent, Afif Shaba, has been banned from holding a real estate licence for eight years due to his part in a $50,000 trust account fraud.
Shaba authorised his business, Northern Real Estate Pty Ltd, to fraudulently use $50,000 of trust account money that had been received between January and November 2012 for their own purposes, found the Victorian Civil and Administrative Tribunal.
VCAT found Shaba guilty of conduct that made him unfit to hold a licence.
Shaba was the sole director and officer in effective control. The funds used was tenants’ rent that was owing to the investors, and it was found he breached the Estate Agents Act 1980 by knowingly authorising the business not to retain the funds.
He had withdrawn the trust money to pay business expenses in March 2012. This was due to a downturn leaving him in financial difficulty, and saw Shaba admit this to Consumer Affairs Victoria inspectors.
At one point it was noted that there was a $50,000 deficiency in the trust fund, reduced to $15,000 when he was inspected in November 2012.
Shaba looked to pay back the missing funds, have his accounts audited, sell the business and stop operating as a real estate agent. His agency’s licence was cancelled in March 2013.
He will be eligible for a licence after 9 July 2022.
Edit: The above story has been amended. Details provided by Consumer Affairs Victoria included inaccurate references to agency details.
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Victorian agent banned for eight years after $50,000 trust account fraud

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Not for profit vegetarian eatery Lentil as Anything have expanded to a new Sydney address – 391 King Street, Newtown.
The unusual paying method sees patrons give what they think the food is worth, or what they can afford, as a donation – rather than having set costs – known as the “honesty policy”.
“We would like to let you all know that Lentils Sydney is moving to our own premises this coming Monday, July 28th,” the company recently announced. “Very excited to have a place to call our own, and still right in the heart of the inner west.”
The restaurant seems to be doing well despite facing hefty competition on the other end of vegetarian-friendly King Street, with popular Green Gourmet, Basils Pizza and Green Palace up the road.
After opening their first Sydney store further up the road at 531 King Street in April this year, the switch in venue brings them closer to highly trafficked Newtown Station.
Their tagline is ‘Food, Culture, Community’ and they have been operating for approximately 13 years.
Originally established in St Kilda in 2000, the chain offers hospitality experience to people in need. It was founded by former Sri Lankan refugee Shanaka Fernando.
They are currently fitting out the store and shared the news with their <a href="https://www.facebook.com/lentilasanything" target="_parent">Facebook fans</a> using the picture below.
<img src="/images/2014/07/29/newtown%20july%2029%20one.jpg" alt="">
Image courtesy of Facebook. 
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Newtown's Lentil as Anything upsizes to new address

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The Real Estate Institute of Western Australia has released new statistics on Perth’s property market, with some interesting conclusions.
REIWA’s president David Airey said that the preliminary market information available looked as though the median house price was down by 1%, bringing the March quarter median to $545,000 from $550,000.
A surge in apartment pre-sales was noted and Landgate’s early data is showing stability in the multi-residential median price at $449,500.
“However, in the REIWA analysis we include off the plan pre-sales that take some time to settle, so our figures indicate the median sale price for units and apartments lifting by 5% in the quarter to around $470,000,” Airey said.
Here’s their round up of what is happening in Perth.
First home buyers
<ul>
<li>Rebound in activity 
</li>
<li>Transfer duty changes on 1 July may have had an effect 
</li>
<li>Strong sales activity in $400,000 to $500,000 range</li>
</ul>
Turnover and stock
<ul>
<li>Sales for Western Australia down 6% over the quarter 
</li>
<li>Landgate estimated 11,900 dwellings transacted 
</li>
<li>Downward trend continuing since March quarter 2013 
</li>
<li>June quarter results will but sales 5% below 15 year average in Perth 
</li>
<li>June quarter results will but sales up to 22% below 15 year average in regional Western Australia 
</li>
<li>Stock on market lifts to 8% to 10,872 properties 
</li>
<li>Land listing jumps 12% to 1,449 lots 
</li>
<li>Increase in listings now up almost 25% since last year</li>
</ul>
“REIWA data show that reported sales dropped across most of Perth, with the central area within 10 kilometres’s of the CBD experiencing the biggest drop of 6%. This contributed to the fall in the overall median due to the softening of sales in the $500,000 to $900,000 range,” said Airey.
“However, the western suburbs saw an increase in activity among homes selling for between $1 million and $1.5 million, while the most notable drop in sales was seen through South Perth and Victoria Park with a slump of 31% in the quarter.”
In the outer regions of Perth the picture was a little more mixed, with an increase in sales seen in the north coastal part of the City of Wanneroo.
Overall, most house price changes remained muted at 1 or 2%. In the City of Canning, 4% growth was seen, while the northern part of Joondalup and southern part of Wanneroo saw 4% falls.
Days on market has remained fairly stable, up just one day to 57 days.
DAYS ON MARKET AND DISCOUNTING
“As a consequence, the number of sellers reducing their asking price grew further to almost half, although the variance between asking prices and selling prices tightened a little to just over 5% in favour of the buyer,” Airey said.
And yet it’s the rental accommodation market that has seen the most changes and is worthy of a closer look.
Rental market
<ul>
<li>The vacancy rate has increased to 4.2% 
</li>
<li>Median rent drops $10 to $450 per week 
</li>
<li>Number of rental listings grew by 858 properties over the quarter to 5,824 total</li>
</ul>
“This is a significant increase of 43% on the same time last year, while more current REIWA data shows this has since grown further to more than 6,000 properties by the middle of July,” said Airey.
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Perth update: Prices, first time buyers and rental market

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The Real Estate Institute of Queensland believe that Brisbane is preparing for its first consecutive sales increase in more than two decades for the June quarter.
Unusually robust winter sales are a sign the market is gathering momentum, explained REIQ acting CEO Antonia Mercorella.
<img src="/images/2014/07/28/graph%20july%2028%20one.jpg" alt="">
“Brisbane is set to record its first consecutive increase in June quarter sales since 1991-92,” said Mercorella.
“Traditionally this is one of Brisbane’s quieter selling periods but there has been a reversal of that trend over the last two years, as buyers grow more confident.”
She said that in fact demand is so strong that a shortage of stock is being reported across Brisbane. Sales growth of almost 10% was recorded  in the June 2013 quarter.
“Sales statistics haven’t been finalised for the current June quarter, but they are looking very encouraging,” she said.
Price growth is also being seen in Brisbane, with RP Data recording them as up 6.8% on 2013.
“Despite this growth, Brisbane still has a very significant affordability edge over Sydney, Melbourne and Perth where median prices remain much higher,” she said.
“With interest rates still at record lows, the outlook for Brisbane real estate is very positive and buyers can expect the market to continue performing strongly.”
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Brisbane on track to record consecutive quarter sales increase for first time in over 20 years

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When getting a home loan, particularly with the current tempting low fixed term interest rates on offer, the Consumer Action Law Centre has advised borrowers to consider their opt out fees upfront, as well as the long-term outlook.
Penelope Hill, manager of Consumer Action’s MoneyHelp service, has said that the banks are clearly looking for business, but warned that mortgages are long-term financial products.
While low fixed rates might seem good, if the market changes over the next five years they could face much higher rates at the end of the period that they are not prepared for. Similarly, redundancy, injury, illness and relationship breakdown should also be taken into account.
“Some people like knowing what they’ll be paying a few years in advance – it provides certainty and helps them plan ahead. But as part of that planning they should look at how they would cope with a change in the market or with a drop in income,” said Hill.
Similarly, she warned that sometimes banks fail to explain to new borrowers on fixed-terms that early repayment fees can be charged if they end their loan prior to the expiry of the fixed rate period.
“Unexpected charges can have a significant impact. Consumers should look beyond the headline interest rate and consider the terms and conditions of contract. Do they suit your needs? Are they flexible enough? What would it cost to break the agreement?
“Optimism is a great character trait, but when you’re shopping for a mortgage it pays to temper that optimism and think about a contingency plan,” she said.
She also warned banks and lenders of their obligation to lend responsibly, saying that they must ensure they meet borrowers’ needs and do not cause undue hardship. This includes factoring in the prospect of rate changes.
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Consider opt out costs when getting a loan: Consumer Action Law Centre

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Next year, thousands of lawyers and conveyancers will have access to electronic property transactions in a landmark agreement between Property Exchange Australia Limited (PEXA) and GlobalX Legal Solutions.
GlobalX is the first to sign on as a PEXA sponsor, and will bring the technology to 8,000 practitioners who currently use their search, conveyancing and practice management software solutions, as well as a further 8,000 through partnerships with LexisNexis, Law Master and CATS.
“Today is a landmark step towards delivering the property conveyancing process into the digital age for thousands of conveyancers and law firms across Australia,” said GlobalX chief operating officer Peter Maloney.
“As Australia’s largest property settlement provider to the practitioner market, we have been preparing and investing significantly in our technology, people and industry partnerships to ensure we have a competitive advantage in delivering PEXA to all our clients and solutions partners.”
He said that the future is a hybrid of manual and electronic services.
PEXA CEO Marcus Price said that it will be a great benefit as it means there is just one port of call.
“PEXA removes the often stressful closure of the conveyancing process by ensuring fast, effective and error free electronic lodgement and settlement and it makes sense for PEXA to become part of the existing market offerings provided by our Sponsors,” Price said.
PEXA allows an online workspace where Land Registry documents and settlement schedule can be created and shared with all parties. It also automatically lodges documents with the Land Registry, exchanges loan funds, pays stamp duty and other third party beneficiaries, removes the need for bank cheques and removes the need to physical be at settlement.
The system is currently live in Victoria, New South Wales, Queensland and Western Australia in Release 1 format. Release 2 was launched in a limited capacity to Victoria in June, with full functionality from 2014 quarter four for Victoria and New South Wales. The rest of the states will have access in 2015.
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Landmark agreement will broaden access to electronic property transactions

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

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

Joel Robinson

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

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

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Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Jennifer Duke

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