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The discussion of foreign buyers in the light of a lack of data around their purchasing has seen Master Builders chief executive Wilhelm Harnisch warn that if the RBA moves it will be to the disadvantage of local buyers.
<a href="https://www.2gb.com/audioplayer/49806#.U6NgIUCg58F" target="_blank">Speaking to 2GB yesterday</a>, Harnisch said that it’s crucial to have the data specifically relating to foreign buyers, however the current information doesn’t seem to support the hypotheses that it’s a problem.
“Certainly when you look at some of the other price data, which is obviously also an indicator the RBA uses...Master Builders is not too unduly concerned about the impact of foreign investors at this point in time,” Harnisch told 2GB’s Ross Greenwood.
“We need to get some very reliable and robust data, so that’s point one. But secondly, in part there’s an unfortunate hype about foreign investors at this point in time," he said.
Pointing to the various house price indices, he said that any concerns about a house price blow out are starting to ameliorate, "and therefore the sorts of fears about a ‘foreign flood of investors pushing up house prices’ are certainly not represented in those sort of indices that are coming out of late".
He then warned that any response from the RBA that is on the back of market discussion as opposed to data, would be a worry.
“We’d be very concerned that the RBA, when it does act, doesn’t act particularly to any sort of populist reaction in terms of what the market maybe thinks is happening, and therefore raising interest rates would then severely disadvantage our local domestic buyers.”
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Indices don't suggest foreign investors pushing up house prices: Master Builders

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I’m seeking a real estate agent, and it’s tougher than it seems.
My partner and I are looking to sell a Western Sydney property and the process of finding an agent has been keeping us busy, particularly when interstate. Luckily, many friends of mine are real estate agents, or know real estate agents and there are also people I’ve interviewed that are on my shortlist for an appraisal.
But what if you’re heading in for the first time, not connected in the real estate world, and praying that the person whose listings you notice and who pops onto your radar through a letterbox drop or a signboard can net you the right price?
Implicitly, you’re going to need to trust your real estate agent. They’re being given much of the authority over what is likely your biggest asset, and often a property you’re incredibly fond of. You’re also likely handing them the keys, letting them show buyers around the home and letting them guide you in terms of the price to expect, what to pay for advertising and what to fix up. Emotions are going to be running high, especially if it’s your home. This property was our home, and that word, “home”, is deliberately loaded with all the emotions and memories it contains.
Looking at Roy Morgan’s latest Image of Professions Survey 2014, the picture is pretty bleak for property as a place for trusted professions. Real estate agents scrape in just two places off the bottom of the trustworthy list, above car salespeople and “advertising people”, and yet below both state and federal MPs. Yes, real estate agents are apparently less trusted than MPs that cause Australians to leave their seats and actually march in the thousands against injustices.
Journalists didn’t fare too much better, scraping in <a href="https://www.roymorgan.com.au/findings/5531-image-of-professions-2014-201404110537%20" target="_blank">at number 20 of the list of 30</a>, notably just better than business executives, insurance brokers and stock brokers. It doesn’t mention where property journalists fall, although I’m <a href="/news/letter-from-the-editor-property-reporting">sure we can all draw our own conclusions</a>.
These are not unusual results, and are from studies widely circulated by property trade magazines and elsewhere. Reader’s Digest recently recorded a similar trend. If you’re a real estate agent, you’re inherently seen as less trustworthy than bank managers, accountants, lawyers and even talk-back radio announcers, they tell us.
Last year’s LEDA Real Estate and ReachTEL Consumer Property Confidence Index, which queried over 1,500 people, had 53% say they did not trust what the real estate industry said about the property market. That’s the industry as a whole, and not just our real estate agents or developers.
It’s a pretty heart-wrenching number of the general public’s view of the quality of the property industry, if not entirely unexpected.
Do we really believe that there are huge numbers of crooked real estate agents and property industry members? There are some that should be outed and avoided at all costs, but it is certainly not the case that the majority of those working in our industry are con artists.
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The reason behind this lack of trust is simple.
Our track record, and the individuals that have let us down, have left their imprint – and we can do nothing to change that. The property marketing scams and schemes, the investment groups discovered to be reaping in huge commissions and ‘finding’ assets that they sell for inflated prices - this is the legacy of the Australian real estate industry.
This is what we are dealing with, and to suggest that our industry has anything near to a clean bill of health in protecting consumers is a dramatic falsehood. I've previously written about scam watching, and <a href="/news/letter-from-the-editor-scam-watching">my view has always been that being on your guard is a must</a>.
When property prices start to grow, and it becomes the exciting discussion point once again, sharks swoop. We saw it happen on the Gold Coast, we saw it happen with mining towns, and more recently we’ve seen it happen in the United States. I had a friend recount <a href="/news/letter-from-the-editor-a-festive-season-and-a-sobering-experience">his family's sobering property story to me at Christmas last year</a>. No doubt this is happening right now, and will become the next story we write and lament over.
When people look to make a quick buck in an asset that’s complex and not a “sure thing”, but is then advertised as such, that’s when trouble comes knocking. But it comes in other, subtler forms too.
I’ve been asked why, when it comes to real estate, I am more “unforgiving” than I would be for many other indiscretions. “It’s like you have some sort of agenda,” I’ve been told. Yes, I do have an agenda.
My agenda is this: Improving our industry for consumers. <a href="/news/qld/letter-from-the-editor-more-information-not-less-please-queensland">More transparency, not less</a>. More protection. More accountability. More education. More of the high standard and professionalism that we expect from the majority of other industries. More cracking down from the authorities on the rogues that cause us problems in the first place.
This should be everyone’s agenda. This is why I take it personally when someone rips off another human being over their home or investment - ripping someone off is not a mistake or an accident, it's a despicable and calculated action.
If you’re an industry professional who cares about the job you do, then you’re likely already practicing this agenda – being honest with your clients and buyers, and offering them a fantastic service. I’m proud of many individuals in real estate, and I’m also mightily ashamed by others - some of whom I've never even met.
There are a lot of small battles that need to be fought in real estate. We won't win all of them, and there are many who do not deem many of the issues significant, or worthy of wider regular coverage. Whether it’s underquoting, reserve price publishing, illegal commissions, disclosure, conditioning or just really asking whether an area is growing when someone suggests it is – it’s more important now, than ever before, to be chipping away and improving the quality of what is being provided.
One small change at a time and we’ll get to a point where we’ve improved to a standard above what is currently expected.
But we're not there yet.
If you’re a member of the public and you voted, or would vote, that you don’t “trust” the industry, then you have my approval. When I choose an agent, despite being familiar with many of them and knowing that most are likely trustworthy, I will be choosing very carefully indeed. 
You should also.
You should not implicitly trust anyone with your home. And for as long as this industry remains a minefield, sadly my advice will always be that you trust when you have reason to and not before.
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Letter from the editor: Consumers are right not to trust our industry

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If Sydney’s growth continued at the high levels being seen before, then it could have been the beginning of bubble conditions and price drops, according to Residex’s John Edwards.
Discussing new research from Onthehouse that noted residential capital growth rates for May were at lower levels that expected, Edwards expressed his relief.
“With any luck, the statistics will continue on this new trend of lower rates of growth over the next few months. Housing markets, particularly Sydney, were moving to a “boom” like performance,” said Edwards.
“This was dangerous and could have led to a “bubble” and a severe correction if it continued. The slowing of the market at this point in time suggests that we are going to avoid this outcome. Having said this, the Sydney market is still overvalued and in reality too expensive,” he said.
In many areas across Australia, <a href="/news/brisbane-catching-up-but-overvalued-sydney-still-strongest-of-the-capital-cities-onthehouses-john-edwards">houses and units experienced negative growth rates for the month</a> – although overall national house growth was recorded at 0.36% in May. This compares to 1.71% in the last quarter. Units dropped nationally by 0.23%, compared to 1.17% growth over the quarter.
In Sydney, house growth was subdued at 0.24%, but remains 17.42% up over the last 12 months. House values in Melbourne dropped 0.03%, although still clocked in 9.45% growth over 12 months.
In fact, over the month, Country Western Australia recorded the highest house price growth rate with a 2.38% result. Perth, however, had the biggest house price decline, with a 1.9% fall.
In the Northern Territory, units grew the most by 1.53%, with unit values falling the most in Country Tasmania, by 2.73%.
These figures have Edwards a little more comfortable that growth rates will be subdued in the future.
“The data from May is not sufficient on its own to confirm that this lower rate of growth is about to be a new feature, but my best guess is that this will in fact be the case,” he said.
He also notes the Sydney unit market is likely passed its peak, with 2.81% growth for the quarter ending May.
House and land may not be quite at this point.
However, it is not as clear that the house and land market has arrived at the same position. 
“The Sydney house and land assets are more often traded via the auction market and hence clearance rates are potentially a lead indicator for this sector. In recent weeks, auction clearance rates in Sydney have been softer – our calculations indicate that the Sydney clearance rate was 68% for the week ending 14 June. This figure suggests a market that is now slowing.”
Turn the page for the full details of house and unit price movements across Australia.
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<img src="/images/2014/06/19/residex-june-19-one.jpg" alt="">
Source: Onthehouse.com.au
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Sydney market overvalued, with “bubble” potential: John Edwards

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It’s getting colder as we enter into the heart of winter and it’s unsurprising that most of us are pumping up the heating and bringing out the mittens.
While Property Observer can’t change the weather, as much as some of us would like to bring summer earlier, we can certainly celebrate the properties that it inspires. To bring a little bit of cheer, we’re sharing six gorgeous ski lodges that are on the market promising something of a personal winter wonderland.
The first is<a href="https://www.realestate.com.au/property-house-tas-ben+lomond-106392876" target="_blank"> O Zermatt Lodge in the Ben Lomond national park</a>.
<img src="/images/2014/06/19/Ben%20Lomond%20june%2019%20one.jpg" alt="">
Seeking offers over $150,000, this is our only Tasmanian offering on the list and is a “cedar clad” ski lodge and is a leasehold offering. It’s in the highest residential location in the state, and notes that it has views of a third of Tasmania.
It comes with a generator, full insulation, a new roof, a bunk room that sleeps six on lounge fold out beds, a fireplace, and cooking facilities, this one-bedroom, one-bathroom property is a cute getaway for those looking to don their skis.
<img src="/images/2014/06/19/Ben%20Lomond%20june%2019%20two.jpg" alt="">
It is the first time is has been offered for public sale and is wonderfully secluded.
We particularly love the completely iced-over main image, with just the suggestion of a chimney peeking out.
<img src="/images/2014/06/19/Ben%20Lomond%20june%2019%20three.jpg" alt="">
<img src="/images/2014/06/19/Ben%20Lomond%20june%2019%20four.jpg" alt="">
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This next lodge, in Victoria, is named <a href="https://www.realestate.com.au/property-apartment-vic-mount+hotham-107269241" target="_blank">“Igloo” at “Absollut”</a> and is at 9 Hot Plate Drive, Mount Hotham.
<img src="/images/2014/06/19/hotham%20june%2019%20one.jpg" alt="">
Looking for a $298,000 buyer, the two-bedroom one-bathroom ground floor lodge apartment is a contemporary style, with a building façade that our eyes are frosted over by.
It’s right near the ski runs, and the building is apparently renowned for its quality build and low maintenance requirements. The foyer includes ski storage.
<img src="/images/2014/06/19/hotham%20june%2019%20two.jpg" alt="">
The bathroom has a spa bath, which we think would be very welcome after a day of skiing, and it includes pay TV access, dishwasher, intercom and built-in wardrobes, with broadband internet available.
There’s no balcony alike the upstairs apartments, however it retains the hotel-feel of the lodge. It’s aptly up for sale with agents Paul Englisch and Jo Winter (a fabulous surname for an agent with Alpine Property agency).
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Another Victorian opportunity is this commercial or private ski lodge offering in Mt Baw Baw Ski Resort Village.
10 Site at <a href="https://www.realestate.com.au/property-alpine-vic-mt+baw+baw-107399829" target="_blank">10 Mt Baw Baw Alpine Resort</a>, it has been fully renovated in “recent years,” notes the listing, and is a two storey lodge offering four bedrooms that could sleep 12 comfortably and two bathrooms.
<img src="/images/2014/06/19/baw%20baw%20june%2019%20one.jpg" alt="">
Near to village entertainment and dining, with easy access to ski lifts and trails, it may be a redevelopment opportunity depending on council approval.
They’re hoping for $325,000 to $350,000 for the 963 square metre site that’s beautifully nestled away in the trees, and looks very welcoming with the warm amber lights on.
<img src="/images/2014/06/19/baw%20baw%20june%2019%20two.jpg" alt="">
<img src="/images/2014/06/19/baw%20baw%20june%2019%20three.jpg" alt="">
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At <a href="https://www.realestate.com.au/property-alpine-nsw-thredbo+village-114643759" target="_blank">3/8 Summit Way in New South Wales’ Thredbo Village</a> is a freestanding ski lodge that has been owned by the same family for “many years”.
<img src="/images/2014/06/19/thredbo%20juine%2019%20one.jpg" alt="">
It’s in the Woodridge estate, which is right in the middle of Thredbo, and the home is known as Milkwood. With two-bedrooms, it’s tri-level and includes a main bedroom with built-ins, a loft space, two living areas, two-bathrooms, a drying room, two open car spaces and a fireplace.
<img src="/images/2014/06/19/thredbo%20juine%2019%20two.jpg" alt="">
They’re seeking $895,000, noting it’s one of very few freestanding properties in the area.
It has something of a tree-house feel, and we love the circular window in the loft room.
<img src="/images/2014/06/19/thredbo%20juine%2019%20three.jpg" alt="">
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If you’re looking for something cheaper to get in on the winter action, then you can purchase a Queen Suite room for $50,000 at <a href="https://www.realestate.com.au/property-alpine-vic-falls+creek-115846275" target="_blank">Victoria’s Summit Ridge Alpine Lodge</a>. The rooms, 12, 13, 14 and 15 at 8 Schuss Street, Falls Creek, would be able to be used for two weeks a season by the purchaser.
<img src="/images/2014/06/19/falls%20creek%20june%2019%20one.jpg" alt="">
The lodge is on the highest street in Falls Creek, with ski-in, ski-out access and seclusion.
Each room comes with a queen-sized bed, full bathroom and bathtub and a living area, and the communal area includes a lovely fireplace.
It has views of the Bogong Valley and snow-capped mountains.
<img src="/images/2014/06/19/falls%20creek%20june%2019%20two.jpg" alt="">
<img src="/images/2014/06/19/falls%20creek%20june%2019%20three.jpg" alt="">
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In Victoria’s Mount Buller,<a href="https://www.realestate.com.au/property-alpine-vic-mount+buller-113045787" target="_blank"> Snowdown Lodge, or 140 Delatite Lane</a>, is up for sale. Seeking $740,000, the 24 bed commercial lodge is on 982 square metres and has large picture windows.
<img src="/images/2014/06/19/buller%20june%2019%20one.jpg" alt="">
The tri-level property positions the kitchen on the upper level, with a living and dining area, and double bedroom with ensuite.
The middle level includes laundry facilities, a storage area, a drying room and five bunk rooms, two bathrooms and a separate toilet.
<img src="/images/2014/06/19/buller%20june%2019%20two.jpg" alt="">
The lower level includes the owner’s accommodation, with two bedrooms, living area, kitchenette and bathroom.
A village shuttle visits every 30 minutes to the bus stop that is metres from the front door in winter season. It’s furnished, and close to amenities.
The chosen pictures of the area are Property Observer’s perfect idea of a winter wonderland, and the bunk rooms appear cosy and ready for visitors.
<img src="/images/2014/06/19/buller%20june%2019%20three.jpg" alt="">
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Six ski lodges for sale to help you brave the cold

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Less than one bedroom of purpose built student accommodation is available per 10 students, according to JLL’s Australian Student Accommodation Market Update for 2014, and there's $1 billion of equity waiting to find an opportunity in this market.
<img src="/images/2014/06/18/chart%20of%20the%20week%20june%2018.png" alt="">
Source: Universities websites, JLL Student Accommodation Database 2014, ABS Census 2011, Department of Industry 2012, UCube, HESA 2011/2012
The graph above shows where students are currently living, with the majority opting to live with parents, rent or live elsewhere – such as in serviced apartments – as opposed to in university or commercial provisions. With student numbers increasing, this could be of further detriment to supply and perhaps open an opportunity for a student accommodation provider.
By 2020, growth is expected to result in a total of 760,000 international student enrolments in Australia, which is double 2012 figures.
Chinese students in 2013 made up a 29% share of international students, with 8.8% from India and 4.9% from Korea.
<img src="/images/2014/06/18/student%20number%20june%2018%20one.png" alt="">
JLL director of student accommodation services, Conal Newland, said that purpose built housing by private sector operators is “primarily occupied by international students, at approximately 75%”.
“We anticipate the demand for purpose built student accommodation will increase as international student numbers continue to grow,” said Newland.
“International students bring differing requirements for the design and operation of student housing based on their experience of residential accommodation from their countries of origin and also by the way in which they socialise.”
He noted that this provides an opportunity for the provision of purpose built accommodation, and for domestic and international investors who attempting to enter the Australian market.
“We estimate there is currently over $1 billion of equity looking to invest in the Australian student accommodation market.  These investors are seeking both opportunities to invest on and off campus, existing assets and development opportunities,” he said.
With a lack of assets currently available, transactions have also been limited – bringing just three large transactions, totalling $250 million, in the past 12 months.
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Over $1 billion of equity looking to invest in student accommodation market: JLL report

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The Gold Coast is set to host the 2018 Commonwealth Games, which will see a surge in infrastructure and investment spend. Such is the spend that it <a href="/news/qld/gold-coast-property-recovery-tipped-from-2015-as-house-prices-bounce-back-but-unit-prices-slip-to-lowest-in-a-decade-prodap-report">has had reports predicting a house price bounce since 2013</a>.
The spend, however, also includes a $55 million outlay on a velodrome.
This one is to be designed by Brisbane-based Cox Rayner architect, a project that Deputy Premier and Minister for State Development, Infrastructure and Planning Jeff Seeney announced would keep dollars in the local economy.
“The design and construction of these facilities will provide a lasting legacy for Queenslanders to enjoy long after the Games is over, proving that we have a strong plan for a brighter future for the State,” said Seeney.
“The Games will inject an estimated $2 billion into our economy and create up to 30,000 full time equivalent jobs.”
It is to be built at the Sleeman Sports Complex near the SuperX BMX track, with the aims of making the area a “cycling mecca”.
<img src="/images/2014/06/18/gold-coast-june-18-two.jpg" alt="">
Cox Rayner Architects submitted plans and scored highly due to capability, experience, comparative cost and knowledge of the sports complex.
“The firm’s winning design capitalises on south-east Queensland’s sub-tropical climate and conservation surrounds,” he said.
“Its streamlined roof design will overcome the weather limitations of the existing outdoor velodrome, which was built for the 1982 Brisbane Commonwealth Games.”
A timber track will also be built, where the previous velodrome’s was concrete.
<img src="/images/2014/06/18/gold-coast-june-18-three.jpg" alt="">
In total 17 new and refurbished venues are expected for the games, with the Velodrome to be one of two in Brisbane. Belmont Shooting Range will also be in Brisbane.
The velodrome will include a café and improved green spaces.
The <a href="/expert-insights/buying/gold-coast-commonwealth-games-village-urban-renewal-project-underway">Gold Coast's Games Village urban renewal project is already underway</a>.
It remains to be seen <a href="/expert-insights/investing/gold-coast-to-ride-wave-of-commonwealth-games-momentum">whether the Gold Coast will ride the wave of the games' momentum</a>.
Images supplied.
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Gold Coast aiming to become new "cycling mecca" with $55 million velodrome development

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Prelease opportunities for Sydney’s industrial market are at such a low that infill sites are seeing increased demand, according to CBRE national director, industrial brokerage Jason Edge.
Edge said that englobo sites are highly sought after, but developers and investors are seeking out other opportunities due to supply issues in the market.
“A shortage of new supply entering the market has seen a shift in interest towards infill sites to satisfy the lack of new opportunities,” Edge said. This is despite a recent $55 million purchase by Mirvac in Eastern Creek.
“Furthermore, businesses relying on metropolitan distribution rather than warehouse distribution, as well as a work force reliant on office accommodation, have prompted more and more developers to look at these locations rather than the greenfield sites located at Erskine Park,” he said.
Two properties were recently purchased by Commercial and Industrial Property for $25.9 million – a 5.3 hectare Smithfield site for $14.6 million and a 4.1 hectare Chullora site for $11.3 million.
“Chullora continues to be a location in high demand. Occupiers not only benefit from the surrounding road network, but the Enfield Intermodal Terminal will see this area continue to transform,” said Edge.
Investors are still active in the inner and outer areas of Sydney’s industrial market, explains CBRE Research, with institutional investors and property trusts looking for passive plays. This is often traditional assets with long term leases around the main ring roads of the M4, M5 and M7, explains CBRE senior director of industrial investments Angus Klem.
“There continues to be a strong investment focus on assets within Sydney’s infrastructure-laden areas.”
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Sydney's lack of pre-lease industrial opportunities sees infill demand uptick

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A top floor Hawthorn East penthouse  in the Aerial development is on the market, seeking a $3.8 million buyer.
The 901/480 Riversdale Road, Hawthorn East, <a href="https://www.aerial.com.au%20" target="_blank">Aerial Apartments</a> penthouse is being sold through Melbournia Group and is 260 square metres internally plus a 128 square metre wrap-around balcony.
Covering the entire top floor of the Aerial Apartments development, it includes four bedrooms, four bathrooms and four underground car parks, with a northerly aspect.
The Aerial development included 144 one-, two- and three- bedroom apartments, as well as a number of sub-penthouses. It is two towers, up to 14 levels in the tallest. At street level, the towers include retail tenants.
The development went off to a rocky start, being <a href="/expert-insights/buying/completion-of-fkp-s-apartment-project-aerial-in-camberwell-junction-delayed">delayed in 2012 due to weather and union issues</a>.
It was <a href="/news/vic/fkp-completes-construction-of-delayed-aerial-apartment-project-in-camberwell">finally complete in November 2012</a>.
With city skyline views, the penthouse comes furnished and is complete – offered in the final collection launch for the development.
Luxury features include ceilings up to 3.8 metres high, a stand-alone bathtub, a private lobby entrance and an integrated sound system.
The building was designed by Wood Marsh, and developed by AVEO Group, and offers a communal dining room, 24 hour concierge, a 12-seat cinema and a roof top pool and sun deck.
Melbournia Group’s Zoe Zhu said that it has had no expense spared and includes a kitchen that’s over double the size of a standard offering.
“The purchasers of this top level penthouse will be just moments from the region’s top private schools, prestigious shopping strips, incredible cafés and restaurants, the iconic Camberwell market and more,” noted Zhu.
“This penthouse represents the jewel in the crown of Aerial apartments and as such it had been held back from the market until recently after the building reached completion as we knew this apartment had to be seen to be believed.”
The penthouse is open for inspection by appointment.
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Top floor Hawthorn East penthouse seeks $3.8 million buyer

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Western Australia’s two apartment sites at Claremont on the Park have seen Mirvac named as the chosen developer, looking to bring a minimum of 178 apartments to the area.
Lands Minister Terry Redman said that Mirvac had been chosen after a rigorous selection process.
The entire <a href="https://www.landcorp.com.au/Residential/Claremont-on-the-Park/%20" target="_blank">Claremont on the Park</a> development is a 9.4 hectare site north of the rail line, which will include residential, commercial and recreation space.
Mirvac had been shortlisted after a “really strong response” to the expressions of interest campaign, noted LandCorp general manager metropolitan Luke Willcock in February.
Now they have been announced as the chosen developer, above Pindan and Victorian-based developer Caydon Property Group, for the project.
The two apartment sites sit on lots 504 and 505, and look to provide housing for more than 350 people, with the entire development to house 1,000 people in 700 homes.
The site is walking distance to Claremont’s shopping precinct and the railway station, and is noted to have views of Claremont Oval at the centre of the project.
“LandCorp undertook a lengthy assessment process to ensure the developer of the two sites would deliver the best standard of medium density urban design as well as quality facilities and accommodation for future residents,” Redman said.
“Mirvac’s proposal delivered on the objectives for achieving a high quality architectural design and sustainable living which contribute to the Oval and streetscape activation.”
The plan for the area was decided in Western Australia’s Directions 2031 and Beyond, to assist in rejuvenating underutilised areas in already-established suburbs.
Civil works to service the sites had been expected to conclude in mid-2014. In December 2013, Stage 2 of site works commenced.
In July 2013 Georgiou Living were selected to develop the first apartment complex at Lot 503. They created <a href="https://thepocketclaremont.com.au/%20" target="_blank">‘The Pocket’ Claremont</a>, which commences construction in July and includes one-, two- and three-bedroom apartments from $485,000, and advertises the development by noting that “Claremont's median price increasing at an average annual rate of 8.1 per cent.”
At present, the median unit price in <a href="/news">Claremont is recorded at $660,000</a>, according to RP Data, achieving a median weekly advertised rent of $490.
Claremont Football Club have their ground and facility at the project.
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Mirvac to build Claremont on the Park’s 178 plus apartments

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Many numbers have been thrown around since the announcement of the budget, including <a href="/expert-insights/building/nsw-first-home-buyers-can-buy-up-to-750-000-under-extended-fhog">changes to first home buyer grants</a> and <a href="/expert-insights/investing/foreign-buyers-to-be-denied-nsw-new-home-owners-grant">who can access the new build grant across the state.</a>
However, there were also many decisions made that affect the physical future of Sydney and its surrounds. We've picked out some of the spending and locations that investors in Sydney will want to know about.
WESTERN SYDNEY
$83 million
Committed funds from the Department of Planning &amp; Environment to support new homes in Western Sydney. Expected to be the region accounting for almost half of Sydney’s growth in the next two decades.
$60 million
Provided to Western Sydney councils to deliver the infrastructure to support the new housing development. Committed under the Local Infrastructure Growth Scheme.
$13 million Provided for infrastructure in Western Sydney Growth Centres under the Special Infrastructure Contributions.
$166 million
Key infrastructure upgrades to support Western Sydney and other areas (part of the $483 million Housing Acceleration Fund).
KEY QUOTES:
“The $60 million being provided this year through the Local Infrastructure Growth Scheme will help new homeowners in Western Sydney by funding the cost gap between contributions from developers and actual costs for council-delivered infrastructure for new housing development." (Minister for Planning Pru Goward)
“This allows councils to deliver local infrastructure at the same time as new homes are built, keeping home prices down and helping boost supply by easing the pinch points which can slow new housing development." (Minister for Planning Pru Goward)
NORTH WEST SYDNEY
$40 million
For the next two stages of the Schofields Road upgrade. Will support approximately 10,450 new homes in the North West Growth Centre. (Included in the $166 million allocation)
$30 million
For the next two stages of Richmond Road. Will support approximately 16,200 new homes in the North West Growth Centre. (Included in the $166 million allocation)
SYDNEY CITY
$43 million
Provided through the Sydney Harbour Foreshore Authority to develop the Sydney International Convention, Exhibition and Entertainment Precinct.
$25 million
Provided through the Sydney Harbour Foreshore Authority for a number of cultural heritage improvements, including public domain in The Rocks and Darling Harbour, constructing pedestrian and cycle network opening up Railway Square to Darling Harbour (to be known as The Goods Line).
GENERAL ALLOCATIONS
$12 million
In grants to local authorities to upgrade local infrastructure and create urban environments within specific Urban Activation Precincts. To be followed up with $24 million in 2015/2016 for phase one, and $50 million over 2015/2016 and 2016/2017.
$22 million
To make planning simpler, these funds have been committed to roll out ePlanning ($8.5 million was invested in 2013/2014 for this). It will allow you to lodge DAs online and view information in a map-based format.
KEY QUOTES:
“Just as smart phones and apps have completely changed the way we live and work, so too ePlanning will transform the way families and businesses will interact with the planning system in NSW.
“Components will be brought online in stages over the coming year, and when fully functional in 2015 users will be able to see the full suite of planning policies and regulations that apply to individual lots.
“The impact this will have on those considering a property purchase, a renovation or build will be enormous, reducing hours of paper-based work to literally minutes spent online." (Minister for Planning Pru Goward)
The Urban Taskforce has noted confidence in the anticipated infrastructure, noting some of their highlights include these two:
$400 million towards the Parramatta light rail.
$265 million of CBD and South East light rail funding. “There is no funding allocated for the recently announced Greater Sydney Commission although the $11 million allocated to planning reform could help set this up. Funding continues for the Planning Assessment Commission and the Joint Regional Planning Panels at $8.5 million so they presumably continue within the framework of the proposed Commission," said Urban Tasforce CEO Chris Johnson. 
Picture courtesy of Janet Ramsden/Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
</body></html>

Shaping Sydney: The NSW state budget spending numbers to know

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;

[smartcode_project_cta:default project_id=135546]

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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