<html><body>
Returning Block couple Deanne and Darren have selected veteran auctioneer Damien Cooley to sell their apartment on this season of The Block.
Their decision is no surprise, given Cooley <a href="/news/the-strategy-that-won-simon-and-shannon-the-block-glasshouse">secured the winning sales price</a> for brothers Shannon and Simon last season. Their $1.9 million apartment delivered them a profit of $335,000, $325,000 higher than Deanne and Darren's.
The "Triple Threat" moniker for this series seems to extend to Cooley. He's a three time Block winning auctioneer (selling Shannon and Simon's, Andrew and Jamie and Phil and Amity's apartments), who also happens to be tossing up between <a href="https://www.propertyobserver.com.au/https://twitter.com/damiencooley/status/562854250464956417" target="_blank">running three marathons this year</a>:
<img src="/images/2015/02/18/Picture%2050.png" alt="">
In total, Cooley has appeared on The Block six times, making him the most popular auctioneer on the show. This time, he's teaming up with Andrew McCann and Carla Fetta from Jellis Craig.
Fetta and McKann, who worked with Cooley to sell Shannon and Simon's apartment on The Block Glasshouse, said: "The combination of Damien's auctioneering skills paired with Jellis Craig's marketing and a great local presence with the South Yarra Office definitely makes us a dominating team for this series."
Cooley points to the team's track record, saying: "Andrew McCann and Carla Fetta were instrumental in last years win and Darren and Deanne recognised us as a formidable force in this series."
After their disappointing result on The Block Glasshouse, Deanne and Darren say they "realised the importance of an auctioneer".
"We went into this series six days later and he was the first phone call that I made – we wanted to lock him in straight away. He is the best of the best."
They're hoping Damien can help them get "every last dollar".
Cooley debuted on The Block in season two, auctioning the winning apartment of Andrew and Jamie. The then couple earned $78,000 plus an additional $100,000 winner's prize.
He then returned for season three, auctioning Mark and Duncan's renovated apartment. The duo made the lowest profit of any of the teams that season, with a $47,000 profit.
But Cooley was vindicated with the sale of Phil and Amity's apartment in The Block All Stars. The winning couple made a $295,000 profit when Cooley secured a $1.67 million bid for the two bedroom Bondi apartment.
Cooley also auctioned Matt and Kim's apartment on The Block Sky High, delivering a $1,205,000 million price for the couple, who took home a $250,000 profit.
</body></html>

jrichardson-uRX5hFdKfN

Dea and Darren decide on Damien Cooley for The Block Triple Threat

<html><body>
NAME:  Rod Chadwick<img src="/images/2015/02/18/chadwick-feb-18-one.jpg" alt="" style="float: right;"> 
POSITION:  State general manager, Queensland
COMPANY:  AVJennings
OFFICE LOCATION: Milton, Brisbane
<ul>
<li>How long have you been in the industry?</li>
</ul>
15 years. I joined AVJennings in 2004 as NSW business development manager before relocating to Auckland, New Zealand in April 2008 to take up the role of project director with AVJennings’ Hobsonville Point Development. In July 2014, I relocated to Brisbane to join the Queensland team as AVJennings Queensland general manager.
<ul>
<li>What’s happening in the area you specialise in?</li>
</ul>
Affordability continues to be a significant factor that consumers consider when purchasing a new or existing property. Interest rates are at a record low and as such we are seeing increased activity in the first home buyer market across our Queensland portfolio.
To ensure our products represent good value, AVJennings is continuously looking to innovate, whether this is in the urban design of new communities, the architectural design of new homes or in the materials and construction techniques we use when building new homes.
Our ability to provide innovative and consumer focussed products ensure that our products appeal to a broad range of customers from first and second home buyers and young families through to empty nesters looking to settle into a low maintenance home in established communities.
<ul>
<li>Describe the most interesting property you have worked on? </li>
</ul>
Creekwood at Meridan Plains on the Sunshine Coast because of the diverse range of properties offered to the community. The entire Creekwood community spans 50 hectares and on completion will feature a total of 370 townhomes, terrace and loft homes and 470 homesites.
There is so much activity in the area, with the new Sunshine Coast Public University Hospital  at the Kawana Health Precinct set to employ 3,500 people - it's an exciting project in a beautiful part of Queensland.
<ul>
<li>What are the ingredients to being successful in your job? </li>
</ul>
Being consumer orientated is key.  Strong communication skills, unwavering commitment and patience are just as important as being inquisitive, numerate and strategic.
<ul>
<li>What aspects of your role do you enjoy the most? </li>
</ul>
Creating communities and homes that people love to live in. At AVJennings, we are committed to our philosophy of creating fresh residential addresses that meet the individual needs of local communities and modern lifestyles.
Choosing a place to live is part of the great Australian dream. Our investment in innovative design, excellent land management practices, delivering outstanding community facilities and great living environments are our way of staying true to our goal of creating high-quality communities. It is great to be part of a dedicated team with values that align with the AVJennings brand.
<ul>
<li>Where would you invest a spare $750,000?</li>
</ul>
AVJennings’ Elysium Noosa community at Noosa Heads, Queensland.  The Noosa Heads property market is in the recovery cycle with sales prices and volume increasing. There are opportunities to purchase land and new homes in the Noosa Market for a fraction of the prices of being paid prior to the GFC. This represents the opportunity for capital gain as the market continues to improve and more buyers return to enjoy the lifestyle benefits of the Noosa region.
Elysium Noosa is one of the limited addresses where you can buy new land and homes with a Noosa Heads address. Elysium appeals to owner occupiers and investors alike as residents have access to their very own Rec Club with pool, tennis courts and residents lounge, plus its only 10mins to the restaurants of Hastings Street and Noosaville.
<ul>
<li>Which football team do you support?</li>
</ul>
Wallabies.  Queensland Reds, Socceroos, Central Coast Mariners.
<ul>
<li>What’s your favourite app or techno gadget? </li>
</ul>
iPhone.  Now extension of the arm. Nearmap software allows me to access aerial images changing over time.
<ul>
<li>How do you use social media? </li>
</ul>
Limited to be honest. I am on LinkedIn but I rely on my social media savvy team in the social media arena.
</body></html>

In profile: AVJennings' state general manager, Queensland, Rod Chadwick

<html><body>
The Year of the Horse is drawing to a close. Tomorrow, we move into the Year of the Goat ­– prosperity, apparently, is coming.
Of course, Australia has been receiving the benefits of Chinese foreign investment for years now (or bearing the costs, depending on who you speak to).
With the dollar down (US$0.78 or ¥4.89), commodity prices falling, interest rates at record low, governments flagging rule changes and an unprecedented level of Chinese buyer-fuelled inner city developments underway, what can we expect from foreign buyers in the year to come?
Andrew Taylor, chief executive of international property portal Juwai.com, says the falling dollar has increased interest in Australian real estate from offshore buyers, particularly those considering a Significant Investment Visa (SIV).
The SIV scheme requires successful applicants to invest $5 million in complying investments for a minimum of four years before being eligible to apply for a permanent visa.
"It's very safe to say there's definitely been an increase in interest in Australia and the Significant Investor Visa," says Taylor.
"These guys have a lot of wealth anyhow, so it really means they can invest more. They'll probably keep the same RMB [Renminbi] budget, but invest more."
The falling dollar means that the minimum investment requirement of A$5 million is much lower than it was a year ago.
Eugene Chen, special counsel and head of China practice at Hall and Wilcox, agrees that the exchange rate will impact both individual migrants and Chinese developers.
"It's likely to draw in more foreign investment because of the massive differential from 12 months ago. Property will become more affordable," says Chen.
"If our properties become cheaper, it may result in more Chinese investors wanting to buy off the plan townhouses and apartments, which will in turn drive Chinese developers."
The impacts, Chen says, are likely to stretch beyond this year.
"The cycle is usually quite long. And certainly from a land banking perspective, [the falling dollar] is likely to have some sort of impact."
However, increasing property prices, particularly in areas popular with offshore buyers, may negate any "discount" enjoyed as a result of the falling dollar.
"On the other hand," Chen explains, "I think there's also a high level of saturation in the Melbourne and Sydney property markets, in terms of new developments and permits – and at somewhat overvalued prices."
That "over-saturation" is leading developers and buyers to consider the Brisbane and Gold Coast markets. In Sydney and Melbourne, developers are increasingly interested in suburbs outside the Melbourne and Sydney CBDs, with Chen noting a focus on "high quality suburban areas" like Box Hill, Glen Waverley and Caufield.
While the chief exchange rate may increase the attractiveness of Australian real estate, the emergence of new developments and the rising cost of property in the Melbourne and Sydney markets may also impact demand over the coming year.
Those rising home prices – 13.0% in Sydney and 7.0% in Melbourne in 2014 after a year of double digit growth in both cities, according to CoreLogic RP Data – have often been blamed on the influx of Chinese buyers. For some, it may have felt like the Year of the Scapegoat came early (and stretched extra long), with foreign buyers deemed responsible for pricing first home buyers (of non-Chinese origin, presumably) out of the market.
It certainly seems to be a theory Prime Minister Tony Abbott believes, saying earlier this month that<a href="/expert-insights/buying/tony-abbott-suggests-foreigners-pricing-out-young-home-buyers"> he wanted to enforce Foreign Investment Review Board</a> (FIRB) rules "because, obviously, the last thing we want to be doing is pricing young home buyers out of the market".
Following a parliamentary enquiry last year, which found that certain FIRB rules were rarely enforced, Abbott announced that the government would set up a foreign ownership register for agricultural land, while the threshold for screening agricultural purchases would be dropped from $252 million to $15 million.
The House of Representatives Standing Committee on Economics also recommended a $1,500 application fee for foreign buyers, ostensibly to fund the FIRB.
The fee, Taylor and Chen agree, isn't likely to have a big impact on Chinese buyers.
"It's highly unlikely to impact foreign investment. In the grand scheme of things, $1,500 isn't going to be significant," says Chen.
Taylor says the fees are "one function of what the government is trying to do, which is identify foreign investments".
"How do we track them, how do we identify them, and how do we make them comply with the rules?"
However, he suspects the move is more a political show than any real effort to make a change.
One reform that may have a real impact on foreign investment are potential changes to the SIV scheme, says Chen. The proposed changes, which <a href="https://www.theaustralian.com.au/national-affairs/immigration/rich-migrants-told-to-put-funds-to-work/story-fn9hm1gu-1227216555811" target="_blank">The Australian reports</a> have been drafted "at the insistence" of Trade and Investment Minister Andrew Robb, would require SIV migrants to invest at least 50% of their $5 million funds into venture capital and small-cap investments.
"The SIV program has so far seen $2.5 billion of in-bound investment, and much of that is into real estate development," explains Chen.
"And it's a strong wealth of funding, not only for Chinese developers, but prominent Australian developers.
"The proposal is that they'll be turning the tap off on 1 July. And we think that will have a significant impact on the economy."
If the proposed changes to the SIV are brought about, Chen believes that the current flow of foreign investment into Australia will not be maintained, and development projects in the pipeline will be impacted.
"On the other hand, we have an even bigger problem with the demand of funds.
"Our Australian developer clients and our Chinese developer clients have projected their future developer funding on the basis of gaining that cash. It will be a double whammy to our industry."
All this speculation, says Taylor, displays a lack of clarity in vision from the Australian government.
"Australia needs to be part of Asia. We use the phrase 'Australasia' – those economies are looking to invest into Australia.
"If I was a government I'd be looking at how to use that growth."
</body></html>

What property investors should expect in the Year of the Goat

<html><body>
Property companies are pouring dollars into this week's Chinese New Year celebrations, particularly in Melbourne.
There, Lend Lease is contributing to Year of the Goat celebrations through Destinations Docklands. Lend Lease puts aside a segment of its budget every year for Destination Docklands, which is tasked to activate the area with community events.
At tomorrow's Victoria Harbour celebrations, there will also be entertainment events including a lion dances, fire crackers, street theatre and a dragon boat exhibition.
Lend Lease is responsible for the development of Docklands' Victoria Harbour precinct.
Central Equity is also sponsoring Chinese New Year festivities. Chinese buyers reportedly make up a large portion of the company's revenue stream. The property developer, which has a range of projects across the Melbourne CBD and inner city – including MelbourneOne and Australis – also has an international real estate agency arm, called MICM.
Central Equity is the principal partner for Destination Melbourne's CBD Chinese New Year celebrations.
No property companies are official sponsors of Sydney's celebrations, though some are hoping to cash in on the festivities. Real estate agency Savills is launching its Sydney Chinatown branch in Haymarket on 20 February, with the invitations (below) displaying a rather regal looking golden goat.
<img src="/images/2015/02/18/invite-feb-18-two.jpg" alt="">
</body></html>

Property developers back Chinese New Year celebrations

<html><body>
The Toorak penthouse that cast a spell on Harry Potter star Daniel Radcliffe is now for sale.
The <a href="https://www.realestateview.com.au/Real-Estate/2-98b-st-georges-road-toorak/Property-Details-buy-residential-8337624" target="_blank">penthouse on the prestigious St Georges Road</a> was purchased for Radcliffe by his parents in 2004 for $1.9 million, when he was 16 years old.
It now has price expectations around $2.5 million, selling through Marcus Chiminello and Nicole French of Marshall White.
The three bedroom apartment is one of two in its development, occupying the complex's entire upper level. The apartment is accessible by lift and has views of the city over the river.
The kitchen comes with a butler's pantry and the penthouse has two bathrooms.
Radcliffe's parents reportedly spotted the apartment while looking at Australian property on the internet in London. The home was transferred to Radcliffe when he was 18, in 2007.
It has not been rented out during the family's ownership.
Radcliffe rose to prominence starring as the title character in Harry Potter and the Philosopher's Stone  in 2001 when he was 12 years old. He appeared in a further seven Harry Potter films based upon the book series by J.K. Rowling. After purchasing the Toorak apartment, Radcliffe shot the Rod Hardy-directed December Boys in Australia.
He has acted in various film and stage roles since, including a stint at age 17 in Peter Schaffer's Equus. In 2013, he appeared as poet Allen Ginsberg in Kill Your Darlings.
The expressions of interest campaign for the apartment at 98B St Georges Road closes on 10 March.
</body></html>

Daniel Radcliffe selling Toorak penthouse

<html><body>
The upcoming Commonwealth Games is set to boost the Gold Coast property market, according to real estate franchise PRDnationwide.
New infrastructure projects worth $950 million are expected to cope with the 2018 Commonwealth Games, including the Athlete's Village in Southport and sporting centres in Carrara, Coomera and Broadbeach.
The recent price growth for houses in the local market, with 11.0% median price growth in Southport and 10.2% in Ashmore, along with the new infrastructure and stock on the market that will be introduced around the Commonwealth Games, has given PRDnationwide reason to expect strong growth in the region.
PRDnationwide national research manager Diaswati Mardiasmo says both the 2000 Sydney Games and the 2006 Melbourne Commonwealth Games provided boosts for local property markets.
"By looking at case studies of similar sporting event-related development in the greater Sydney and Melbourne regions surrounding past games, respectively, we were able to forecast how the Gold Coast property market will be impacted not only prior to and during the year of the Games, but also in the years following the Games," said Mardiasmo.
According to PRDnationwide, the total cost of the Sydney Olympic Games has been estimated at $6.6 billion, with some of that money allocated to the Athletes Village. After the games, the site was transformed into 900 townhouses and 700 apartments, which were offered to first home buyers. PRDnationwide notes the development's popularity with first home buyers, which it credits with a surge of development and sales activity area, citing 58% growth in sales in Newington and surrounding suburbs from 2000 to 2001.
Click charts to open in new windows:
<a href="/images/2015/02/16/parkville-feb-17-two.jpg" target="_blank"><img src="/images/2015/02/16/parkville-feb-17-two.jpg" alt=""></a>
Unlike developments around the Sydney Olympic Games, where developments primarily took place in a concentrated area, new sporting infrastructure will be spread throughout the Gold Coast. Melbourne's Commonwealth Games saw a similar pattern of development.
There, the Athletes Village was built in the inner-northern suburb of Parkville, where sales increased by 33% between 2006 and 2007.
<a href="/images/2015/02/16/parkville-feb-17-one.jpg" target="_blank"><img src="/images/2015/02/16/parkville-feb-17-one.jpg" alt=""></a>
PRDNationwide expects that the increased development around the Gold Coast will not lead to oversupply but will accommodate the population growth projected for the area.
<a href="/images/2015/02/16/parkville-feb-17-three.jpg" target="_blank"><img src="/images/2015/02/16/parkville-feb-17-three.jpg" alt=""></a>
Source: PRDnationwide
</body></html>

Gold Coast to get a boost from the Commonwealth Games: PRDnationwide

<html><body>
When the apartment Charlotte and Josh made over on this season of The Block was passed in at auction this weekend, many wondered if it was another case of The Block curse.
It seems, however, that it was merely a case of market forces at play.
The apartment, passed in at $390,000, <a href="/expert-insights/buying/curse-of-the-block-how-the-other-caroline-street-apartments-have-performed">was sold after auction for $445,000</a>, some $92,222 higher than the average apartment price Frank Valentic's syndicate of investors paid when they purchased the 18-apartment block.
Jarrod McCabe, buyers agent associate director of Wakelin Property Advisory, says the location of the one bedroom apartment "ticks many but not all the boxes".
"South Yarra is a wonderful suburb," says McCabe.
"Caroline Street is great as well in places, given its proximity The Domain and so on. However, the property is directly opposite a major school (Melbourne's Girls' Grammar) and there is likely to be a significant traffic issues at peak times."
McCabe explains that Wakelin Property Advisory chooses properties according to their location first, then the property type and its presentation.
The apartment's position within the block itself could also impact its potential for capital growth.
"The property itself sits within a catwalk, three storey block, in a top corner.
"Often, catwalk properties aren't a great investment as there can be a lot of pedestrian traffic past occupants' windows which can be a privacy and security issue, deterring buyers. However, in this instance, the property is at the top of the building and is not a through route to other apartments," says McCabe. The apartment block has been recently renovated, with new paint, and offers dedicated off-street parking, an inclusion McCabe says "is a mandatory requirement in our opinion for apartment investments".
McCabe also notes that Charlotte and Josh's renovation of the 47 square metre, one bedroom apartment meets a "reasonably high standard", and is "contemporary without being too avant garde". However, the apartment has not been fully renovated, with the front door and laundry both "needing attention".
While McCabe thinks the 85 Caroline Street block is one of the better investments that has appeared on The Block in Melbourne, it doesn't quite meet the investment advisory group's standard, with Wakelin seeking the "best 5% of properties in the market from the investment perspective".
</body></html>

Charlotte and Josh's apartment on The Block "doesn't tick all the boxes"

<html><body>
 A four bedroom, three bathroom Mosman house was the most expensive home to sell last week, according to CoreLogic RP Data.
The dual-pavillion home at <a href="https://www.realestate.com.au/property-house-nsw-mosman-118329207" target="_blank">1 Lavoni Street</a> (pictured above) was sold for $4,375,000 through Simeon Manners Property Mosman.
Each of the pavillions connect via enclosed glass walkways overlooking courtyards. The house has timber floors, with custom made cabinetry and a gas fireplace. The master bedroom includes a built in robe, an en suite and a Juliette balcony.
The vendors had attempted to sell the home twice before securing $4,375,000 last week, including a 548 day campaign that stretched from November 2011 to May 2013. They paid $3.8 million for the house in April 2005.
Nine of the top 10 sales of the week came from Sydney, with a <a href="/expert-insights/buying/moonee-ponds-tops-melbournes-valentines-day-auctions">$2.44 million Moonee Ponds house</a> sold at auction the exception.
CoreLogic RP Data's 10 most expensive sales for the week ending 15 February:
<ol>
<li>
1 Lavoni Street, Mosman, NSW 4 bed, 3 bath, 2 car house $4,375,000 Sold through Simeon Manners Property Mosman 
</li>
<li>
17 Cairo Street, South Coogee, NSW 3 bed, 2 bath, 1 car house $3,650,000 Sold through NG Farah Real Estate Kingsford 
</li>
<li>
7A Duke Place, Balmain East, NSW 4 bed, 3 bath, 2 car house $3,400,000 Sold through McGrath Estate Agents 
</li>
<li>
3/46 Cliffbrook Parade, Clovelly, NSW 3 bed, 2 bath, 2 car unit $3,305,000 Sold through Raine &amp; Horne Double Bay 
</li>
<li>
20 Rockwall Crescent,Potts Point, NSW 5 bed, 3 bath, 2 car house $3,250,000 Sold through Richardson &amp; Wrench Elizabeth Bay/Potts Point 
</li>
<li>
9 Hillside Crescent, Epping, NSW 5 bed, 4 bath, 2 car house $2,530,000 Sold through Belle Property Beecroft 
</li>
<li>
26 Ardmillan Road, Moonee Ponds, Vic 5 bed, 3 bath, 2 car house $2,440,000 Sold through Nelson Alexander Essendon 
</li>
<li>
12 Day Avenue, Kensington, NSW 5 bed, 3 bath, 2 car house $2,350,000 Sold through Ray White Kingsford 
</li>
<li>
29 Darnley Street, Gordon, NSW 5 bed, 4 bath, 2 car house $2,312,000 Sold through Ray White Turramurra 
</li>
<li>
13 Mooney Street, Lane Cove North, NSW 4 bed, 3 bath, 1 car house $2,220,000 Sold through L J Hooker Lane Cove</li>
</ol>
</body></html>

Mosman $4.38 million home tops week's sales: CoreLogic RP Data

<html><body>
CUA lent its customers $1.8 billion in the last six months of 2014, up $800 million from the same period the year before.
According to general manager of products and marketing Jason Murray, the result, a record breaker for CUA, was largely a result of the final three months of the year.
"In December alone, we issued $373 million in new loans, with more than 95% of that being for housing. That is highest value for new lending in one month that CUA has ever achieved in our 70-year history," said Murray.
"The record breaking run started in October when we issued a massive $350 million in new loans. In November, we broke that record with $357 million of new loans. And we topped it yet again in December."
CUA claims the October to December results "helped CUA grow at more than three times the average rate of the industry for that period".
Murray noted the growing influence of mortgage brokers.
"Mortgage brokers are also contributing to our lending growth, generating close to half of our new loans, which reflects a trend across the industry. Consumers are increasingly using comparison services and brokers for everything from hotel bookings to insurance, and banking is no different."
As of 24 February, CUA will offer a variable rate home loan for 4.43% per annum to customers with at least 20% equity in their property or a 20% deposit.
Their standard variable home loan interest rate will be 5.15%.
</body></html>

CUA's new loans up 75% over the year

<html><body>
Apartment number 18 at 85 Caroline Street in South Yarra - better known to the public as the apartment Josh and Charlotte renovated on The Block - was passed in at auction on the weekend.
<a href="https://www.domain.com.au/property/sold/apartment-unit-flat/vic/south-yarra/?adid=2011650147" target="_blank">The apartment</a>, owned by buyer advocate and upcoming Block judge Frank Valentic through his company Advantage Property Consulting on behalf of investor clients, was passed in at $390,000 and sold after auction for $445,000, according to Fairfax reports.
Valentic's company bought entire block of 18 one bedroom apartments at 85 Caroline Street – unrenovated – for $6.35 million in June last year, meaning that each apartment on average cost Valentic and his clients $352,778.
While apartment 18 is the first to sell after The Block renovations, it isn't the first to be offered to residents to live in.
Since the complex was purchased by Advantage Property Consulting (in December 2013, presumably settling in June 2014) half of the apartments have been listed to rent – some of which came with The Block makeovers, prior to the series even coming to air.
Here's how the apartments at 85 Caroline Street have paid off for investors:
<ul>
<li>2/85 Caroline Street:</li>
</ul>
The apartment renovated by Tim and Anastasia on The Block was advertised to rent on 4 December for $410 per week. It no longer appears on online rental listings, so has presumably been secured by a tenant. Taking an average price of $352,778, the apartment would yield 6.0% at $410 per week.
<ul>
<li>4/85 Caroline Street:</li>
</ul>
Advertised to rent at $380 per week in November 2014. Potential rental yield: 5.6%
<ul>
<li>6/85 Caroline Street:</li>
</ul>
Advertised to rent at $300 per week in November 2014. Potential rental yield: 5.6%
<ul>
<li>8/85 Caroline Street:</li>
</ul>
Advertised to rent at $350 per week in mid-July 2014. By the end of July, the asking rent had been adjusted to $290 per week. Potential rental yield: 4.2%
<ul>
<li>9/85 Caroline Street:</li>
</ul>
Advertised to rent at $390 per week in early December 2014. By 24 December, the asking rent had been lowered to $365 per week. Potential rental yield: 5.7%
<ul>
<li>11/85 Caroline Street:</li>
</ul>
Advertised to rent at $330 per week in November last year. Potential rental yield: 4.9%
<ul>
<li>13/85 Caroline Street:</li>
</ul>
Advertised to rent at $370 per week in October 2014. Potential rental yield: 5.4%
<ul>
<li>14/85 Caroline Street:</li>
</ul>
Advertised to rent at $360 per week in December 2014. Potential rental yield: 5.3%
<ul>
<li>17/85 Caroline Street:</li>
</ul>
The apartment made over by eliminated contestants Luke and Ebony is currently advertised to rent at <a href="https://www.domain.com.au/property/for-rent/apartment-unit-flat/vic/south-yarra/?adid=9563511" target="_blank">$400 per week on Domain</a>, though listed at<a href="https://www.realestate.com.au/property-apartment-vic-south+yarra-415048003" target="_blank"> $395 per week on realestate.com.au</a>. At $395 per week, it would yield 5.8%.
<ul>
<li>18/85 Caroline Street:</li>
</ul>
The apartment renovated by remaining contestants Josh and Charlotte. Passed in at auction and sold after auction for $445,000 - a gain of $92,222 or 26%, before taking into account renovation costs.
</body></html>

Curse of The Block? How the other Caroline Street apartments have performed

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Jessie Richardson

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News