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A new review into the Residential Tenancies Act 1997 has been announced to balance out the rights of landlords and tenants, according to Attorney-General Simon Corbell.
Corbell said the review would look for an “appropriate” balance of rights for tenants and landlords.
"It gives everyone an opportunity to have their say about whether the law is operating fairly and effectively,” he said.
In property circles it’s commonly believed that tenants are given more flexibility at tribunal.
It will also look at issues around share housing, rental home sustainability and rental accommodation standards.
The sustainability discussion looks at the effects of mandating or providing incentives to lessors or tenants retrofitting sustainability measures, as well as to whether there are any impediments at present.
Share home issues include whether the Act should be required to impose a legal framework.
Submissions are invited by 12 September, 2014 on the discussion papers, which are currently available on www.justice.act.gov.au and there is also an online survey.
The review is being conducted by the Justice and Community Safety Directorate.
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jduke-EHk3XBmHkn

ACT tenants and landlord rights to be re-balanced under Residential Tenancies Act review

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If you are buying a residential property, then you must understand the cooling off period – something that is usually included as a standard in the contract of sale.
In essence, this is a clause that allows you to rescind on the contract to an extent and not lose your deposit. You may, however, be required to foot 0.25% of the purchase price as a result (often taken from your deposit). You must provide the written notice before 5pm of the date the cooling off period ends.
To invoke your right to exercise this part of the contract, you must provide written confirmation that you are rescinding based on the cooling off period.
The cooling off period is the time in which you can rescind under this clause.  Usually, all purchasers are protected by this rule, and off the plan purchasers may be protected. It is worth double checking the contract through with your solicitor prior to signing.
The cooling off period is normally about five business days, however this can be extended or shortened when the contract is being written up. It can be altered later, by an addition to the contract, if done in writing. <a href="/expert-insights/investing/the-eight-steps-a-property-buyer-takes-after-an-offer-is-accepted">In each state and territory the rules are different</a>, so you must seek advice prior to this stage. For instance, Tasmania requires a two day cooling off period minimum, according to the Real Estate Institute of Tasmania.
In Queensland, <a href="/news">this is the form that must be filled out by the solicitor or lawyer</a> in order to alter the cooling off period.
When isn’t there a cooling off period?
Properties sold at a public auction do not have a cooling off period attached – therefore rescinding on a contract will see you losing your deposit.
Properties <a href="/expert-insights/investing/cooling-off-period-changes-in-victoria-could-lead-to-duplicitous-buyer-strategies">transacted close to an auction date may also not come with cooling off rights</a>. In Victoria, this is three days either side of an auction, in Tasmania it is two.
Similarly, you can waive your right to a cooling off period via a 66W certificate that can be written up by a solicitor on your behalf. You may wish to do this to help convince a seller into giving you preference – however, it does mean that there is little turning back. The cooling off period is a safety guard that you should think carefully about losing – particularly if what you are buying is done so hastily or with high pressure sales tactics.
James Buyer Advocates’ Mal James recommends against using the cooling off period as a bargaining chip, and respecting it for what it is.
“Personally we think you are unwise to use cooling-off as a strategy in negotiation. We as an organisation do not use it as a negotiating strategy. Our strong recommendation is that you do all your due diligence prior to signing,” he explains.
Large blocks of land that is not deemed residential property (over 2.5 hectares) does not have a cooling off period.
Cooling off periods are not limited to property, and are often also discussed in relation to other purchases and contractual agreements. For instance, the ACCC reminds you that if you buy something through telemarketing or door-to-door sales, a cooling off period applies.
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What is the “cooling off period"? Investment terms explained

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A short drive out of the city are a number of apartment blocks, just a few years old, that Property Observer recently visited.
The apartment blocks are investor dominated, rumours say by mainly offshore buyers and were built to attract high-paying investor clients – some around the $800,000 to $1 million plus mark.
Despite these price tags, however, the buildings are crumbling.<a href="https://www.just-think.com.au/%20" target="_blank"> Just Think Real Estate</a>’s Edwin Almeida was shocked with the state the properties were in when he received a management from an offshore landlord.
Waterproofing issues, render coming away, broken lights and potentially compromised electrical work were just some of the issues he noticed in his first visit to the apartment block.
“Most of these property investors have never attended the property nor seen it, other than on glossy brochures and via the internet photos,” said Almeida.
“Sydney has made headlines as being the gateway into making the booming property market, a sure way to double your money and be in a safe political haven at that.”
When Property Observer visited, the issues were numerous and hugely visible. Readers are asked to remember that this apartment block is about four years old, and that achievable market rent on individual two-bedroom apartments was initially around $690 to $720 per week, despite some agencies asking for much less than this. Now, they're sitting around $620 plus per week.
Almeida explains that it was initially bought by an investor for $550,000 off the plan five years ago. Similar apartments in the area are now selling for $840,000 off the plan. Initially, the apartment was appraised at $720,000, however offers are not even being made at $680,000 due to the strata report detailing the issues in the apartment block. Almeida expects this will see the re-sale value drop to $650,000, which will affect comparables for new apartments in the area.
The one we visited originally cost $550,000 off the plan but this was five years ago. Like apartments are now selling for $840,000 off the plan.
In the bathroom of one apartment in the complex, the ceiling had previously collapsed (see photos below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2014/07/28/cracks-july-28-one.jpg" alt="">
It's worth noting that while the tenant complained about this, the previous property manager did not fix the problem until the tenant stopped paying rent and the management was passed on.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2014/07/28/cracks-july-28-two.jpg" alt="">
Now in the bathroom, with the ceiling fixed for sale, the floor is starting to show signs of damage (see below).
This is a sign of compromised waterproofing, where the water pushes through from the shower towards the door - and brings sediment along with it. The metal rim that has been moved here, when you try to move it yourself, is solid - and quite incredible that leaking could have caused it to move away from the tiles.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2014/07/28/cracks-july-28-three.jpg" alt="">
Internally, cracks can also be seen appearing.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2014/07/28/cracks-july-28-four.jpg" alt="">
Outside the building, the issues were also obvious. Cracks and marks in the render had begun to appear - signs of movement and water leakage from the walls inside - and in some cases the render was coming right off the wall.
Heading to the basement car park, somewhere investors are urged to look at whenever considering buying an apartment block, the dampness is overwhelming. There are puddles, and there hasn't been rain for a couple of days. In fact, it's clear that it has been wet for a long time - the cement is coming away to the touch (see below) and the dipping is causing signs of rust.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2014/07/28/cracks-july-28-nine.jpg" alt="">
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
Almeida said that there are hidden liaisons between the real estate agencies and the developers that are a recipe for these ‘million dollar ghettos’.
To explain this, he draws a diagram before taking Property Observer to the apartment block.
In the centre, he draws a circle, which he calls the “developer”. He then draws a line out from this circle to the selling agent, to whom a commission is paid. Another line is drawn to the property management team, who offer the development with a 12 to 18 month rental guarantee – often insuring the investor will stay with them. He then draws a third line out to the strata management team.
Then he circles these three. They’re all from the one real estate agency, and this, says Almeida, is the ‘dangerous liaison’ making it possible.
“All such parties more than likely are a part of the same office,” he explains.
“Coupled with this, is the office relationship with the developers themselves. These are relationships that have created an underlying weakness in what I believe to be the catalyst that will inevitably crack the dam, and usher in the property bubble burst,” he says.
The selling
In his opinion is that the resales and valuations when the property purchases are funded by the local banks will see those who bought the new properties outright lose huge amounts of money.
He warns that for investors who do not visit the property post-purchase, who, in fact, buy sight unseen, are at danger in these situations.
He also warns that Home Owners Warranty Insurance is not in place when the complex is four levels and higher, and that he has still heard selling agents incorrectly tell buyers that their apartment will have their insurance for seven years.
The property management
After purchase, he says that the same agency then rents the apartments out. He warns that in some situations the properties are overcrowded and the tenants are not correctly screened – something he seems regularly when he takes over the management.
“Periodic inspections are next to non-existent,” he explains, saying that tenants have confirmed to him that the property manager has not seen the apartment since they moved in.
Bad management, and a lack of notice of any defects in the units – which would normally be fixed by the developer within 30 days if the investor claims – affect the maintenance of the property. The investor, after this time, will then have to bear the cost.
The strata management
Often, again, the strata management team is also part of the same real estate agency.
Checks for defects in common areas within timeframes required are not undertaken so cannot be claimed to the developer. This is then a bill footed by the Owners Corporation, again the investors.
But why do some agencies allow this to happen? It comes back to the developer.
The developer
Almeida notes that the developer gives high sales commissions to real estate agents to sell at high prices. These commissions could be in the range of 8% to 10% when sold off the plan.
When rectification works notices are not provided to the developer by the aforementioned professionals on behalf of the investor in the timeframes required, then they can make a good case that the damage is wear and tear.
A developer may also be able to liquidate their Special Purpose Vehicle (SPV) company.
Where is this happening in Sydney?
The locations identified are largely where there is a high concentration of highrise development. From the balcony of the apartment visited by Property Observer, there were others being built visible through cranes on the skyline.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2014/07/28/cracks-july-28-twelve.jpg" alt="">
Areas identified by Almeida as having these sorts of properties include:
<ul>
<li>Mascot 
</li>
<li>Hurstville 
</li>
<li>Chatswood 
</li>
<li>Strathfield 
</li>
<li>Zetland 
</li>
<li>Homebush 
</li>
<li>Parramatta</li>
</ul>
Source: Just Think Real Estate
Not every development in these areas is going to fit the profile, and there may be good investment opportunities. However, Almeida specifically warns about apartment blocks where the vast majority are offshore investors.
How can you avoid buying into one of these apartment blocks?
Five top tips to help you avoid these situations:
<ol>
<li>Do a background search of development/building company before purchasing 
</li>
<li>Find out what Strata Management company takes care of the developments previously built by developer/builder 
</li>
<li>Walk through other developments that the developer/builder has constructed and check for wear and tear as well as construction integrity 
</li>
<li>Avoid buildings that are 4 stories and above as they do not have HOWI (in NSW) 
</li>
<li>Avoid where and when possible, developments that are primarily rendered; they may be colourful and look good at first, but maintenance is costly.</li>
</ol>
{qtube vid:=XXZBkThEdkQ}
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What are Sydney’s “million dollar ghettos” and where are they?

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A new report from OnTheHouse has released new predictions data presenting the top 10 suburbs nationwide with opportunities for residential buyers.
Unsurprisingly, New South Wales dominated the top 10 list, while Victoria didn't scrape in a single mention.
Based on rental and capital returns, outer city regions were found to provide the best investment opportunities, explained OnTheHouse consulting analyst John Edwards.
“Buying in a regional area might not be for everyone but with strong predicted growth and high rental yields, it’s certainly an option to consider. With more expensive areas, such as Sydney, outer city regions can be much more affordable – pair that with strong growth and it could be a good fit for investors wanting to get good rental returns and capital growth over time," he said.
To come up with the list they looked at five year capital growth predictions, industry surroundings, confidence ratings and employment opportunities.
“Investors should be looking for locations that have good employment opportunities, education options, are well connected to transport and have planned developments in the area that will attract the population. The latest Best Rent Report highlights 58 areas around Australia that meet this criteria, each offering returns of better than 10% per annum," he said.
He also urged investors to look at data in conjunction with local knowledge.
“Our research draws on industry and environmental surroundings and employment opportunities, which will influence property prices. These areas are the suburbs we think will perform well. However, it’s crucial that buyers do their own personal research and build on this statistical information.”
Turn over page for the top 10 list.
<hr class="system-pagebreak">
<a href="/images/2014/07/28/suburbs-chart-july-28-one.gif" target="_blank"><img src="/images/2014/07/28/suburbs-chart-july-28-one.gif" alt=""></a>
Source: Onthehouse.com.au. Click to open in new window.
In total, 58 suburbs made the <a href="https://www.residex.com.au/best-rent-report" target="_blank">Best Rent Report</a>.
Queensland’s Wynnum was one of those which also made the list as one that was flying under the radar but with growth fundamentals.
Wynnum was named one of Australia’s best more quiet achievers, with capital growth in the past 12 months of 3.13%, and forecasts that over the next five years this will look more like 7.56% per annum.
Harcourts Green Living in Wynnum principal David Green said that demand has been coming in from interstate investors and families who want to rent.
“Wynnum is a strong growth market for investors looking to expand their property portfolio, located just 16 kilometres to the Brisbane CBD, 20 minutes to the domestic and international airport and less than an hour to the surf beaches of the Gold Coast,” he said.
“Our property managers who have worked in the Bayside for decades are experiencing a high demand for rental properties from young families moving to the area, as well as investors from Sydney and Melbourne.”
The area is well-serviced by a train line running through its centre, including Wynnum Station, Wynnum North Station and Wynnum Central Station.
Within the boundaries on the area include parks, a police station, a school, a golf club, shops and the area’s own RSL club.
It appears property pundits and individual investors have been discussing the area for years – with forums including threads about buying in the suburb for many years. Peter Koulizos has previously suggested Wynnum for growth, and Australian Property Investor magazine tipped the area last year.
According to SQM Research, the vacancy rate for the area is 1.8%.
Wynnum West previously had a mention in RP Data's Buy vs Rent report in December 2012 as <a href="/expert-insights/investing/brisbane-cbd-among-494-suburbs-where-you-could-be-better-off-buying-then-renting-but-very-few-inner-city-options-rp-data">one of the few places in Brisbane where it was, in fact, better to buy</a> when looking at overall financial outcomes.
{module Would you invest in Wynnum?}
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Are these really Australia’s 10 best rental suburbs?

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The recent leaks of the draft apartment design standards paper that looked to impose new minimum standards on apartments in Melbourne and across Australia, prompted some warnings that affordability would be impacted.
The changes, which<a href="/expert-insights/buying/no-more-shoebox-apartments-37-square-metre-minimum-size-under-victorian-government-consideration"> included new minimum apartment sizes of 37 square metres</a>, has seen Australian Institute of Architects national president David Karotkin say that minimums will protect consumers.
Karotkin said that the argument from developers is that design standards should be dictated by market forces, however pointed out that news articles are scarily showing that sub-standard dwellings are being rented – for instance Korean students paying $160 per week to live in Sydney shipping containers.
“In reality, developers are motivated by profit not affordability,” he said.
“They seek to build as cheaply as possible and to sell for as much as possible. Fair enough.”
For this reason, explained Karotkin, regulated minimum standards are necessary to protect the interests of occupants “long after the developers have taken their profits and moved on”.
“The current high demand for dwellings skews market forces in favour of developers seeking quick profits, so controls are required now more than ever to ensure we do not end up with a poor housing legacy,” he said.
However, he did note that he the Institute had not yet seen the new draft standards, but was aware that they are based on the NSW Residential Flat Code, which they support.
It would include the requirement to used registered architects to design multi-storey apartment buildings, a design review panel, and ongoing checks that the approved design is being maintained.
“The Institute supports the implementation of design guidelines that will result in improved living standards.
“Housing affordability can be achieved through innovative design by skilled architects,” he said.
He noted that affordability includes a number of things, including ongoing energy consumption and building maintenance, which are not costs that the developer pays.
Property professionals are invited to sign up for the <a href="/news">upcoming Property Observer webinar on Off the Plan Marketing and Sales Masterclass</a>.
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Market skewed in favour of developers chasing quick profits: Australian Institute of Architects

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Investa Land has exchanged contracts for their Central Coast Kooindah Waters Residential Golf and Spa Resort to ensure the company's focus remains on residential and industrial property.
Harman Global Holdings are the buyers of the 18 hole golf course, 108 room Mercure resort and remaining residential lots, in an off market transaction.
<img src="/images/2014/07/28/kooindah-july-28-breakout.jpg" alt="">
Investa Land chief executive officer Cameron Holt said that this is a strategic sale for the business.
“Investa Land acquired Kooindah Waters as part of a broader portfolio. The golf course and resort elements of this project are not core assets and are not consistent with our business model,” said Holt. They had bought the 95 hectare site in Wyong as part of its acquisition of Clarendon Property Group in 2005.
It includes a purpose built day spa, six conference rooms, restaurant, bar, 25 metre indoor lap pool, outdoor pool, tennis courts, gym and spa.
“The divestment will enable the company to focus on the delivery of sustainable residential and industrial development projects,” he said.
He noted that they were not intending to sell the residential component of the resort, however Harman wanted the remaining land in addition to the assets they were selling.
Investa Land will continue to be involved in the operations of the resort until an expected November 2014 settlement, and Harman has noted that Accor and Troon Golf will continue to manage the property after this time.
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Investa Land sells golf and spa resort to focus on residential and industrial

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In just 10 days, a six storey $22 million apartment building has been built in Perth, bringing cost savings of up to 12% and 50% less building waste through Perth’s first modular housing project.
Bringing 77 homes to the market, Housing Minister Bill Marmion said that it was also 30% more energy efficient, and expressed the potential for it to reduce the cost of housing.
“The one-and two-bedroom apartments - each weighing 22 tonnes and measuring 16 metres by 4.5 metres - are factory fabricated, meaning the apartment complex can go up in just 10 days,” Marmion said.
“The whole project will take 12 months to complete, from sod-turning to market.  Already there has been keen buyer interest in these apartments and I firmly believe this project gives us a glimpse into the future of quality, affordable housing.”
Per day, 15 apartments can be constructed. These apartments are from 50 to 77 square metres, with purchase prices from $335,000.
This is now the Stella Village project near Cockburn Central station as part of the Affordable Housing Strategy 2010-2020: Opening Doors to Affordable Housing project.
It appears this may be rolled out for higher density and urban infill projects.
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10 days, six storeys, 77 homes: Perth’s first modular housing project

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Home loan borrowers are increasingly heading to smaller banks, moving market share away from the major banks over the 12 months to May 2014, according to RateCity data.
They have recorded a 0.37% market share drop for ANZ, Commonwealth Bank, NAB and Westpac collectively, based on APRA data.
With <a href="/expert-insights/finance/nab-and-westpac-meet-cbas-rate-cut">CBA, NAB and Westpac announcing cuts to some of their fixed rates</a>, CEO of RateCity, Alex Parsons, says that they’re competing aggressively to bring back new borrowers.
“The latest salvo in the competition war, this is the first time we’ve seen the big banks move rates under the 5% mark for five-year fixed term home loans,” said Parsons.
“While there has been plenty of action as low as 3.99% on one- and two-year terms, the five year category has not historically seen this level of competition.”
Of course, the major banks are still the dominant players in the home loans market – making up an incredible 84.6%.
Parsons says that despite this, consumers’ brand loyalty is reducing and they’re more keen to shop around. 
“People are getting smarter with their money and, as cost of living pressures bite, realising that paying a higher rate is a waste of money,” he said.
“This latest round of rate cutting is evidence that the majors are starting to feel the pinch of the shift in the market and are having to meet the market. The real winners from this competition will be consumers who will be able to materially reduce their costs of borrowing if they understand and compare the different offerings in the market.”
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Big four banks’ collective market share drops in year to May: RateCity

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Discussion around Australia’s overvalued housing market, as a result of the propping up from negative gearing statistics from Moody’s, suggesting that nationally 9% is added to property prices, or some $44,000, from these tax breaks.
This isn’t something that has recently dawned on Moody’s, and in their Stress-Testing Australia’s Housing Market report from earlier this year Glenn Levine and Fred Gibson from Moody’s used the study to explore the possible impacts for each state and territory’s housing market should potential significant, plus plausible, national and international “shocks” occur.
<blockquote>
“Investors should beware of the state’s vulnerability to international shocks, especially a scenario that results in lower commodity prices such as downturn in the Chinese economy.”
</blockquote>
They note that each state performs differently in their modelling when looking at the vulnerabilities of the markets to the different possibilities.
They also note that Australia’s favourable tax regime for property investors – and in particular negative gearing – as well as stringent bankruptcy laws, lack of available development land, together lending and prudential requirement all help keep risk levels relatively low.
They used international scenarios of a global slowdown, and a global recession similar to the GFC, as well as domestic shocks such as interest rates and supply changes, to identify the sensitivities of the markets.
YOU MIGHT ALSO WANT TO READ:
<a href="/expert-insights/buying/moody-s-says-property-market-may-be-overheating-and-could-face-a-correction">Moody’s says property market may be overheating and "could face a correction"</a> <a href="/expert-insights/investing/house-prices-arguably-at-unsustainable-levels-moodys">House prices “arguably at unsustainable levels”: Moody's</a>
Here are the key takeaways from the experiment:
<ul>
<li>National rental increase average: 89% 
</li>
<li>National income increase average: 61%</li>
</ul>
KEY CHARTS
<img src="/images/2014/07/25/moodys-july-25-one.gif" alt="">
 
<img src="/images/2014/07/25/moodys-july-25-two.gif" alt="">
Victoria
<ul>
<li>“House prices are overvalued relative to Victoria’s long-run drivers and fall by more than the national average under four of the five shocks, suggesting that the market is vulnerable.” 
</li>
<li>Negative gearing offset well below national average. 
</li>
<li>Highly sensitive to rising unemployment. 
</li>
<li>Exposed to export-facing manufacturing industry. 
</li>
<li>Least supply-constrained of all the states. 
</li>
<li>Low rental return, high sensitivity to adverse demand shock. 
</li>
<li>“Victoria stands out as one of the most vulnerable of all the states.”</li>
</ul>
 
Tasmania
<ul>
<li>“Tasmania’s housing market went from highly overvalued in 2005 to close to fairly valued today, according to our long-term measure, as incomes have continued to rise and prices have flatlined.” 
</li>
<li>Moderately responsive to supply. 
</li>
<li>Data generally less robust than other states.</li>
</ul>
 
Western Australia
<ul>
<li>“Western Australia’s housing market was highly overvalued in 2005, but surging incomes linked to the mining boom, rising rents, the country’s highest negative gearing offset, and falling interest rates have pushed it into undervalued territory.” 
</li>
<li>House prices have risen 206% since 2001, and rents have increased 191%. 
</li>
<li>Under a global recession scenario, prices would be expected to fall 30%. 
</li>
<li>Sensitive to changes in global GDP and commodity prices. 
</li>
<li>“Investors should beware of the state’s vulnerability to international shocks, especially a scenario that results in lower commodity prices such as downturn in the Chinese economy.” 
</li>
<li>Sensitive to interest rate changes and the unemployment rate. 
</li>
<li>Not overly sensitive to supply changes.</li>
</ul>
Please turn over page for the other states and territories
<hr class="system-pagebreak">
Northern Territory
<ul>
<li>“House prices in the Northern Territory are close to fair value and the least vulnerable to shocks.” 
</li>
<li>Prices sensitive to commodity prices, but are otherwise uncorrelated with the global economy. 
</li>
<li>Data generally less robust than other states.</li>
</ul>
 
Australian Capital Territory
<ul>
<li>“[It] remains close to fair value and relatively insulated from international shocks.” 
</li>
<li>Little reaction to changes in commodity prices or global GDP. 
</li>
<li>Unemployment rate is less responsive.</li>
</ul>
 
South Australia
<ul>
<li>“Houses in South Australia are the most undervalued of any state relative to long-term drivers and under normalized interest rates, and are the cheapest of any state after Tasmania.” 
</li>
<li>Baseline outlook has been for modest growth. 
</li>
<li>Prices are sensitive to global GDP but less so to commodities markets, despite their growing mining sector. 
</li>
<li>Only moderately vulnerable to shocks.</li>
</ul>
 
New South Wales
<ul>
<li>“The effective tax rate in New South Wales is among the highest in the country, providing greater benefits through negative gearing, which lifts the equilibrium house price.” 
</li>
<li>Large and diversified economy. 
</li>
<li>House prices in this state are among the most sensitive to interest rates and the unemployment rate. 
</li>
<li>Also among the most sensitive to changes in housing supply, with a current chronic shortage.</li>
</ul>
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Australia’s housing market vulnerabilities: State by state lessons from Moody’s

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Charter Hall launched the start of construction for their 333 George Street office building project last night, with the support of Lord Mayor Clover Moore.
The new office building at <a href="https://333george.com.au/" target="_blank">333 George Street</a> will include 12,500 square metres of open, flexible office space on 15 levels, aiming to be part of the wave of flexible working, or hot-desking, that has been an increasingly popular trend. It has been designed by Grimshaw and Crone Partners, with construction partners Watpac.
It also includes 2,100 square metres of retail at street level. The entire development is valued at $250 million.
Typical office spaces will be 970 square metres in adaptable configurations, and the entire building is targeting a 5 star NABERS rating.
Moore explained to Property Observer that the revitalization of George Street is one of the city's larger current ongoing projects, and will take some years to complete. While surrounding laneways such as Angel Place will be the focus of revitalisation efforts, Moore pointed to Town hall as a potential next project.
<img src="/images/2014/07/24/ignite-july-24-three.jpg" alt="">
Speaking at the construction launch, held at 1 Martin Place, Moore said developments like the 333 George Street project are Sydney needs to stay abreast of its international competitors.
However, the journey has not been straightforward for the site. This was Charter Hall's third acquisition, and among all of their $7 billion worth of office buildings, managing director David Harrison said it was one of their most exciting. They have 100% ownership as the developer, through Core Plus Office Fund.
Despite being an early acquisition, it took some time for the project to be completed. Harrison said that the GFC did delay the project, but that it was always a “crappy building in a magnificent location… Martin Place is the business core of Sydney CBD”. The existing building, that's currently in demolition phase, is a 1970s construction.
The building is neighboured by retail outlets including Louis Vuitton, Burberry and an Apple store.
Tenant pre-commitments for the development are being sought, with completion expected for mid-2016.
Charter Hall is well known for their Melbourne work on 171 Collins Street.
It seems the City of Sydney and Charter Hall are focused on one word: "vision".
The concept of a vision for the site was mentioned by many at the launch event, and is the focus of their marketing material for the development.
<img src="/images/2014/07/24/ignite-july-24-one.jpg" alt="">
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The vision for Sydney's George Street

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

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

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

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