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Today's rate cut won't be the only one for 2015, according to AMP Capital head of investment strategy and chief economist Shane Oliver.
<img src="/images/2015/02/03/Picture%2022.png" alt="">
The Reserve Bank today cut the official cash rate by 25 basis points, from <a href="/expert-insights/finance/rba-cuts-rates-to-record-2-25-low-at-february-2015-meeting">2.5% to 2.25%</a>.
Shane Oliver, predicting another rate cut to <a href="https://www.propertyobserver.com.au/https://twitter.com/ShaneOliverAMP/status/562475605979979777" target="_blank">2% around April</a>, says he believes the Australian dollar should sit at around US$0.75.
Shortly after the Reserve Bank's announcement, it was at US$0.77.
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jrichardson-uRX5hFdKfN

Tweet of the day: More rate cuts to come, predicts Shane Oliver

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The rental market in Queensland's Mackay continues to decline, with 10.3% of rental stock vacant, according to the Real Estate Institute of Queensland (REIQ).
The town has been fuelled in the past by its mining economy, thanks to its location near the Bowen Basin coal mining reserves. However, as coal mining work declines, in part due to falling commodity prices, so too has Mackay's popularity with workers.
There was a 3.1% vacancy rate two years ago.
The struggling rental market has seen some landlords offer rent-free periods to attract tenants.
One investor is advertising a two week free offer on a <a href="https://www.realestateview.com.au/rental-properties/10-19-23-stevenson-street-mackay/Property-Details-rent-residential-8281018" target="_blank">three bedroom townhouse style South Mackay property</a> that falls under the National Rental Affordability Scheme (NRAS).
It was available last February at $368 per week, and is now available at $300 a week, from 24 February.
The investor paid $370,000 in 2011. The median sale price of a Mackay unit or townhouse in the September 2014 quarter was $301,000, according to the REIQ. The median house price was $391,000.
It is not just NRAS investors who are seeking tenants. Another landlord is also offering a two week free rental period after lowering their asking rent from $300 per week in May 2013 to $250 per week. The <a href="https://www.realestate.com.au/property-unit-qld-mackay-404537165" target="_blank">two bedroom townhouse, pictured below,</a> is available now. 
<img src="/images/2015/02/03/2.jpg" alt="">
5/10 Romeo Street, Mackay
Domain Group senior economist Andrew Wilson says that three to four years ago, Mackay – which <a href="https://propertyobserver.com.au/finding/residential-investment/17995-thursday-observer-matusik" target="_blank">saw vacancy rates as low as 0.9%</a>, by some measures  – was a "classic overheated market".
"It became investor central, with a lot of speculation, and prices moved well beyond their fundamentals, and affordability killed demand" Wilson told Property Observer.
He notes that the mining economy peak saw a lot of housing supply brought to market, with the transient workforce unable to keep up.
"A lot of the mining workers are fly-in, fly-out, and a lot of them are actually drive-in and drive-out as well, so there was no real incentive to be a local resident. And it really was the decline of the mining sector that triggered the drop [in rental demand]."
Wilson says Mackay's market declines aren't over yet.
"There's a real oversupply in Mackay, and no bottom is falling in the market. As long as vacancy rates are that high, you're going to see investors competing for a relatively small pool of tenants.
"That puts more downward pressure on rents, and those with a short term investment view have moved on."
The competition to attract a dwindling supply of tenants has seen the investors who own <a href="https://www.realestate.com.au/property-unit-qld-mackay-412534091" target="_blank">5/9 Stevenson Street</a> in South Mackay advertise the property at $210 per week. In early 2012, they was asking for $490 per week. They paid $206,000 in April 2008.
<img src="/images/2015/02/03/1.jpg" alt="">
5/9 Stevenson Street, Mackay
The current state of Mackay's property market is perhaps not a surprise, given <a href="/news/qld/mackay-market-is-down-and-it-s-still-falling">warnings from experts</a> in the past year about oversupply.
Wilson says it will be a while before the town's market strengthens again.
"It's going to be a long journey back for a stable Mackay housing market," says Wilson.
"It was the curse of the hotspot." 
Property Observer notes the vacancy rate in Mackay was just 0.7% in December 2011.
Picture of Mackay marina courtesy of  Kris C. May/<a class="mw-mmv-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank" style="font-size: 12.1599998474121px; line-height: 1.3em;">CC BY-SA 3.0</a>.
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Mackay's property investor woes continue as vacancy rate hits 10% 

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Most of the 30 experts surveyed by comparison website Finder predict that the official cash rate will remain at its record low of 2.5% for February.
However, Bill Evans of Westpac and Nathan McMullan of RAMS believe there will be some move from the Reserve Bank at today's meeting.
According to Finder, this is the first time since August 2013 that any respondents for their Reserve Bank Survey have predicted a rate change.
Of the 30 experts, 18 expect a cash rate change in 2015, with nine anticipating a change in the first quarter of the year. It seems the last month has given the experts much to think about, with only three survey respondents predicting a first quarter change when surveyed last month.
There is no consensus on whether the next cash rate movement will be upwards or downwards. A slight majority – 16 of the 30 respondents – predict the next change will be an increase, while the remainder believe the Reserve Bank will lower rates first.
Falling oil prices, low consumer confidence, labour force uncertainty and the Australian dollar were all raised by the expert panel.
Shane Oliver, head of Investment Strategy and chief economist of AMP Capital, said: "The RBA at its last meeting in December reiterated that a period of stability in interest rates remained prudent and since then strong data for jobs and building approvals has offset softness in economic growth and inflation indicators."
Meanwhile, NAB's Alan Oster said it was "too early to cut" rates.
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Majority of experts still expect no February rate change from RBA: Finder

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The director of comparison site Mozo.com.au predicts that variable home loan rates could dip below 4% this year as the Reserve Bank cuts the official cash rate.
<a href="https://mozo.com.au/home-loans" target="_blank">Mozo</a> director Kirsty Lamont said: "If lenders choose to pass on these cuts to customers, and I'm betting they will, Australians could see variable home loan rates start with the number three."
According to Lamont, competition among lenders has escalated in the past six months, with the popularity of non-bank lenders intensifying the fight for market share.
"It's an odds on bet that any cuts to the official cash rate will be passed on to home loan customers in 2015, as lenders fight it out over customers," she said.
Lamont is tipping two 25 basis point cuts from the Reserve Bank this year. According to <a href="https://mozo.com.au/home-loans" target="_blank">Mozo.com.au</a>, the current lowest variable home loan rate is 4.48%, offered from loans.com.au. If the lender passed on the full 50 basis point rate cut predicted, their variable rate would decrease to 3.98%, the lowest on record.
By Mozo's calculations, if a full 50 basis point cut was passed along, the annual saving on the average outstanding home loan balance of $239,000 would equal $840. If repayments were kept constant, a borrower could pay their loan off two years and two months earlier, with Mozo calculating a total saving of $16,957 in interest.
Other lenders which are currently offering variable home loans rates below 4.6% per annum include the NAB-backed UBank. Its UHomeLoan standard variable rate home loan is currently on offer at a 4.54% rate, with a 0.33% per annum offer cutting the product's usual 4.87% per annum rate.
The Queenslanders Credit Unit is offering a special on its Ultimate Home Loan, with the variable rate at 4.59% per annum. Bankwest are offering the same rate on their Super Start Home Loan, but the rate is variable for three years before climbing to 5.77% per annum.
However, Lamont and Mozo don't think rate cuts are coming quite yet, predicting the official cash rate will stay at its record low of 2.5% for February due to "improving housing data, a cooling housing market and lower oil prices".
 
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Mozo tips no cut for February, but 50 basis points to drop in 2015

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Sydney and Melbourne's performance continued to propel the national housing market in January, according to the latest CoreLogic RP Data.
Hobart, however, had a surprising start, recording the second strongest monthly result of any capital city.
It was the the strongest monthly result for six months.
Capital city dwelling values increased by 1.3% last month, but CoreLogic RP Data noted in its January Hedonic Home Value Results that the results were varied across the country.
<img src="/images/2015/02/02/core-feb-2-one.jpg" alt="">
Source: CoreLogic RP Data
Melbourne outperformed all other Australian capital cities in January, recording a 2.7% increase in dwelling values over the month. While Hobart's growth was second highest, at 1.6%, Sydney's 1.4% price growth made a significant impact on the national result due to the city's high number of homes.
CoreLogic RP Data Head of Research Tim Lawless described Hobart's results as a unique occurrence.
“Generally, Hobart has recorded the lowest rate of capital gain since the onset of the GFC, however housing market conditions  have  been  improving.    Local  economic  conditions  have  been  improving  and  Hobart  homes  are  the  most  affordable  of  any  capital  city," said Lawless.
"Additionally,  the  market  is  benefitting  from  the  return  of  ‘lifestyle  buyers’.  After  Darwin,  the  southernmost capital is also showing the second highest gross rental yields of  any other capital city.”
Hobart's median house price was $364,000 for the quarter to January, while the median unit price was $265,000.
Although Sydney's price growth slipped below both Melbourne's and Hobart's last month, its homes are still the most expensive in the country, with a median price of $850,000 for houses and $605,000 for units.
Lawless noted that Sydney's housing market has stood apart since 2009, with a 57% increase in home values from January 2009 to January 2015.
"The second highest growth rate over the same period has been in Melbourne where values are 50% higher. There is a significant gap between the next best performers over the same six year period. Darwin has seen less than half the level of growth at 24% followed by Canberra at 18% and Perth at 17% total growth," said Lawless.
Melbourne's house market was stronger than its units. House values were up 2.8% to a median of $613,000, while units were up 1.7% with a median price of $480,000. On a long term basis, price growth for detached houses has been stronger than unit price growth across the country.
Despite the strong January results, Lawless said the housing market is slowing.
"In a sign that housing market conditions are gradually cooling, the rolling annual rate of capital gain has been trending lower," he noted.
"At the end of January the annual rate of dwelling value growth across the combined capitals index had slowed to 8.0%, down from the early 2014 peak of 11.5%," Lawless said. 
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Hobart shines in 2015's strong start, but house price growth set to slow: CoreLogic RP Data's January results

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<a href="https://www.forbes.com/profile/harry-triguboff/" target="_blank">Forbes</a> has estimated property developer Harry Triguboff's net worth at US$5.6 billion (A$7.1 billion).
The result puts the Meriton founder second on Forbes' list, but he remains a fair way behind mining magnate Gina Rinehart, whose wealth is valued at US$11.7 billion (A$15 billion).
This year, Triguboff had the greatest gain of anyone on Forbes' 50 Richest Australians list, with their estimate jumping US$1.3 billion (A$1.67 billion) over twelve months. The rise is attributed in part to the interest in new Australian property from Chinese buyers, but the end figure itself was most likely taken from speculation around the sale of Meriton, which <a href="/news/harry-triguboffs-hopes-hit-15-billion-for-meriton">Triguboff recently priced at A$15 billion</a> (US$11.65 billion).
Long time BRW Rich Lister Maurice Alter, of Pacific Shopping Centres, was named a billionaire by Forbes for the first time, with an estimated net worth of US$1.3 billion (A$1.67 billion). Another shopping centre mogul, John Gandel is valued by Forbes at U$3.6 billion (A$4.6 billion).
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Highrise Harry Triguboff rises to heights of Forbes Australia rich list

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The New South Wales central coast suburb of Budgewoi has consistently been one of Australia's worst performing suburbs for value of mortgage delinquencies, according to Fitch Ratings.
In September last year, Kingston took over Budgewoi's title as the suburb with the highest value of mortgage delinquencies. Fitch Ratings noted at the time that Budgewoi had been one of its worst performing suburbs in the past five years.
The reasons behind the high rates of mortgage delinquency are unclear. Budgewoi, and the accompanying <a href="/news">Blue Haven</a>, <a href="/news">Buff Point</a> and <a href="/news">Halekulani </a>have a reputation as being popular with retirees.
The median age of the region is, at 43.9, higher than the Australian median of 37.3, according to the Australian Bureau of Statistics (ABS). As of 2012, 35.9% of the region's population were aged 55 and over, compared with the 21% in the same age bracket in an inner-city environment like Melbourne's Northcote. The listing of <a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118205535" target="_blank">117b/2 Macleay Drive</a> in Budgewoi, currently on the market, describes "over 55's living", urging buyers to "retire in style".
While the ABS doesn't record the rate of government pensions and allowances, the average wage and salary income per year in 2011, which was <a href="/expert-insights/finance/nelson-bay-and-budgewoi-on-nsw-coast-still-most-delinquent-postcodes-in-australia-fitch">a high period for mortgage delinquencies</a>, was $57,995, while the average monthly mortgage payment was $2,257.
The most common definition of "mortgage stress" is spending more than 30% of your pre-tax income on loan repayments. Taking the ABS figures as a loose guide, the average Budgewoi wage earner, assuming they have a mortgage, spends roughly 47% of their income on their home loan.
Unemployment in the Budgewoi area was recorded at 7.7% in 2011. In 2013 the ABS, Labour Force, had the unemployment rate for the Wyong LGA consistently higher than the unemployment rates for the Gosford LGA and New South Wales. The unemployment rate for the Wyong LGA in September 2013 was 7.6%, considerably higher compared with the Gosford LGA (4.9%) and state (5.6%).
<img src="/images/2015/01/30/wyong-jan-30-one.jpg" alt="">
According to CoreLogic RP Data, <a href="/news">Budgewoi</a>'s median house price in December 2014 was $482,600. The median unit price in December was $405,000 – but given most of the year saw median unit prices between $215,000 and $290,000, this is likely to be a one-off fluctuation. There have been no obvious price dives, nor jumps, in the past three years, with prices modestly trending upwards with some fluctuation.
However, when Property Observer looked through properties currently on the market in the area, more than usual had a feature in common: they had been sold less than two years ago.
There is no suggestion these are forced sales, but typical vendors must face the unhelpful headwinds associated from those that are.
<a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118910579" target="_blank">52 Sunrise Avenue in Budgewoi</a>, pictured below, is on the market with an auction price guide of $430,000 plus. The owners have held it for less than six months, having paid $385,000 in August 2014. They purchased the property from someone who paid the same amount in October 2013.
<img src="/images/2015/01/30/1.jpg" alt=""> 52 Sunrise Avenue, Budgewoi
<a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118759103" target="_blank">1/66 Tenth Avenue</a> is currently listed at $245,000 (pictured below). <img src="/images/2015/01/30/2.jpg" alt="">
1-66 Tenth Avenue, Budgewoi
But the vendors only purchased the home in May 2014, paying $215,000. The property has been a loss-maker for owners in the past, selling for $190,000 in 2004 and then $165,000 in 2009. While the listing calls for investors, there is no known rental history at the property.
The vendors of <a href="https://www.realestate.com.au/property-house-nsw-budgewoi-118158451" target="_blank">31 Diamond Head Drive</a> (pictured below) are trying to sell it for $589,000, after purchasing it in February last year.
 <img src="/images/2015/01/30/3.jpg" alt="">
31 Diamond Head Drive, Budgewoi
They paid $353,000 for the property in February 2014.
Andrew Sorensen is principal of Raine &amp; Horne Charmhaven, which has been operating in the region since 2000. According to Sorensen, who is also marketing 31 Diamond Head Drive and 52 Sunrise Avenue, the area's mortgage delinquency issues peaked a few years ago, but have steadily been improving since then. There are currently no properties listed on realestate.com.au in the 2262 postcode which are advertised as mortgagee sales.
In 2013, there were two marked as mortgagee sales: <a href="https://www.realestate.com.au/property-house-nsw-buff+point-114906655" target="_blank">5 Regent Street, Buff Point (pictured below)</a> and <a href="https://www.realestate.com.au/property-house-nsw-blue+haven-114429847" target="_blank">26 Timbara Crescent, Blue Haven</a>.
<img src="/images/2015/01/30/4.jpg" alt="">
5 Regent Street, Buffs Point.
5 Regent Street sold for $325,000 in October, according to CoreLogic RP Data. The vendors paid $460,000 in 2004.
26 Timbara Crescent sold for higher than its purchase price, with buyers paying $262,000 in 2013, while the vendors paid $135,000 in 2005.
Sorensen noted that the amount of mortgagee in possession sales coming to the market "now is almost zero", compared with two a week coming up in the suburb a few years ago. He attributes the area's improving market to buyers priced out of Sydney's market, who are keen on the lifestyle that the central coast offers.
In the six months between March and September 2014, delinquencies in Budgewoi had improved, from 3.7% to 2.7%. Will the improvement continue?
Note: This article has been amended. It initially incorrectly stated that 31 Diamond Head Drive had also traded in November 2014.
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Are Budgewoi's mortgage delinquencies still high?

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In February last year, NAB released a list of suburbs tipped to enjoy above average capital growth over the next year.
The list was compiled from responses from a panel of respondents involved in the real estate industry, including agents, developers, fund managers and investors.
This year, 28 <a href="/expert-insights/investing/the-28-suburbs-tipped-to-enjoy-above-average-2015-price-growth-nab-economics-survey">outperforming picks</a> have been chosen including Sydney's Penrith, Melbourne's Essendon and Perth's Kelmscott.
But how did last year's picks fare?
Property Observer has cast an eye over the 27 suburbs picked out by NAB's respondents at the beginning of 2014, excluding the city centres – Darwin, Brisbane, Melbourne, Sydney and Perth – due to lack of specificity.
The suburb where NAB's respondents seem to have gotten it the most wrong is Perth's Subiaco.
Rather than enjoying "above average capital growth", Subiaco saw, according to Corelogic RP Data, that unit prices decline over 2014 by 6%. There was 1.8% median house price growth over 2014.
CoreLogic RP Data's December figures report that Perth wide, house prices were up 2.1% for the year, while units were up 1.9%.
This Subiaco house, at <a href="https://www.realestate.com.au/property-house-wa-subiaco-118078359" target="_blank">72 Townshend Road</a>, sold for $810,000 in October last year (pictured below). The price was just 1.8% up from the $795,000 vendors paid for it in 2009.
<img src="/images/2015/01/28/subiaco%20house.jpg" alt="">
Buyers paid $340,000 for <a href="https://www.realestate.com.au/property-apartment-wa-subiaco-117587127" target="_blank">10/36 Bagot Road in Subiaco (pictured below)</a> in August last year, only $5,000 than vendors paid in 2009 – a difference of just 1.4% over five years, or average annual growth of 0.03%.
<img src="/images/2015/01/28/subiaco%20unit.jpg" alt="">
However, NAB's respondents certainly did get it right with their pick of Liverpool, in Sydney.
According to CoreLogic RP Data, Liverpool houses recorded 24% median price growth over 2014, well above the city's already impressive average of 13.4%.
The south-western suburb had a median price of $629,000 in December.
After just six months of ownership, the owners of <a href="https://www.realestate.com.au/property-house-nsw-liverpool-118478895" target="_blank">the Liverpool home</a> pictured below flipped it for $625,000, $89,000 higher than their purchase price of $536,000.
<img src="/images/2015/01/28/liverpool%20house.jpg" alt="">
Over 2014, Liverpool's median unit price increased by 12.2%, while Sydney's median unit price was up 8.3% for the same period.
In November last year, the unit at <a href="https://www.realestate.com.au/property-apartment-nsw-liverpool-118305579" target="_blank">10/5 Charles Street in Liverpool</a> sold for $115,000 more than its October 2013 purchase price.
<img src="/images/2015/01/28/liverpool%20unit.jpg" alt="">
The vendors paid $230,000 for the home in 2013, before trading it for $345,000 in November – a 50% increase in just 13 months.
Here are NAB's Residential Property Survey 2014 picks for above average growth, and their actual 2014 median price capital growth, according to CoreLogic RP Data.
South Australia:
<ul>
<li>St Peters Houses: 5.6% Units: 0%</li>
</ul>
Western Australia:
<ul>
<li>
<a href="/news">Mandurah</a> Houses: 5.6% Units: 9.8%</li>
</ul>
<ul>
<li>Maylands Houses: -2.6% Units: 0.0%</li>
</ul>
<ul>
<li>South Lake Houses: 4.8% Unit: 9.9%</li>
</ul>
<ul>
<li>Subiaco Houses: 1.8% Units: -6%</li>
</ul>
Queensland:
<ul>
<li>Bulimba Houses: 16.1% Unit: 3.9%</li>
</ul>
<ul>
<li>Caboolture Houses: 3.5% Unit: -8%</li>
</ul>
<ul>
<li>New Farm Houses: 9.2% Unit: 4.2%</li>
</ul>
<ul>
<li>Toowoomba (City) Houses: 4.7% Units: -22%</li>
</ul>
<ul>
<li>West End Houses: 6.6% Units: 0.4%</li>
</ul>
New South Wales:
<ul>
<li>Blacktown Houses: 18.7% Units: 14.9%</li>
</ul>
<ul>
<li>Darlinghurst Houses: 26.1% Units: -4.8%</li>
</ul>
<ul>
<li>Dulwich Hill Houses: 8.1% Units: 21%</li>
</ul>
<ul>
<li>Liverpool Houses: 24% Units: 12.2%</li>
</ul>
<ul>
<li>Marrickville Houses 11.1% Units: 13.1%</li>
</ul>
<ul>
<li>Penrith Houses: 20.9% Units: 15.1%</li>
</ul>
<ul>
<li>Potts Point Houses: 0.0% Units: 3.7%</li>
</ul>
<ul>
<li>Rosebery Houses: 5.6% Units: 16.3%</li>
</ul>
<ul>
<li>Surry Hills Houses: 16.5% Units: 17.6%</li>
</ul>
Victoria: 
<ul>
<li>Cheltenham Houses: 10.6% Units: 7.8%</li>
</ul>
<ul>
<li>Frankston Houses: 6.3% Units: 4.1%</li>
</ul>
<ul>
<li>Glen Iris Houses: 9.5% Units: 3.5%</li>
</ul>
<ul>
<li>Hastings Houses: 0.9% Units: 8.6%</li>
</ul>
<ul>
<li>Highett Houses: 13.9% Units: 3.1%</li>
</ul>
<ul>
<li>Point Cook Houses: 3.4% Units: -13.5%</li>
</ul>
<ul>
<li>Richmond Houses: 10.3% Units: -0.2%</li>
</ul>
<ul>
<li>Toorak Houses: 7.8% Units: 4.9%</li>
</ul>
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Liverpool took off, but Subiaco was a dud: winners and losers in NAB's 27 survey predictions for 2014

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A triple level set of South Yarra townhouses is the set for the latest series of The Block.
Last night's premiere introduced audiences to the show's six new couples, who will be whittled down in elimination rounds to finally compete against one of three returning couples.
From Busselton in Western Australia come Luke and Ebony, pictured below. Ebony is a 23 year old interior designer, while Luke is a carpenter. Host Scott Cam reminds us that they are something the Block has never had before – a brother and sister team.
<img src="/images/2015/01/28/luke%20and%20ebony.jpg" alt="">
Victorian cousins Brooke and Aimee have the least renovation experience, with one a 000 call operator, and the other a full time mother (pictured below).
<img src="/images/2015/01/28/brooke%20and%20aimee.jpg" alt="">
Given The Block's punishing three weeks of elimination rounds before the game begins proper, they may be the sacrificial lambs of the series. Cam again notes that they are a Block first, as cousins (lest you think they and their fellow contestants seem exactly the same as every other person who has ever graced the set of The Block).
Tim and Anastasia, pictured below, are from South Australia.
<img src="/images/2015/01/28/tim%20and%20anastasia.jpg" alt="">
Tim describes Anastasia "in one word" as "hard working", noting that she "can probably put most blokes to shame with the effort she puts in". In the world of The Block, this is very impressive (just ask "hardest working woman in Block history" Jenna, from The Block Glasshouse).
Ayden and Jessica, pictured below, hail from Queensland.
<img src="/images/2015/01/28/ayden%20and%20jess.jpg" alt="">
Ayden is a self employed cabinet maker, while Jessica is a sales manager. Having previously renovated a house, they now own a block of land which they plan to build a home on.
From Manly are JJ and Mark, a structural landscaper and a property developer, pictured below.
<img src="/images/2015/01/28/mark%20and%20jj.jpg" alt="">
They have renovated external areas of their Queenscliff apartment.
Charlotte and Josh, below, are also from Manly. Charlotte is a food stylist and caterer while Josh is a carpenter. The couple look like they could be the Kyal and Kara, or Maxine and Karstan, or Jessica and Mark, of The Block Triple Threat.
<img src="/images/2015/01/28/josh%20and%20charlotte.jpg" alt="">
The teams' first challenge is to design and renovate a bedroom in 24 hours. Three of the six teams introduced will be eliminated at the end of the week, after renovating three rooms: a bedroom, a living and dining room and a bathroom.
They are given $10,000 to produce their first bedroom. What ensues is a lot of driving around, gasping at the modest brick townhouses, questionable decisions regarding suspended chairs, pendant light shopping (a Block staple).
The results of their labour, of course, were not revealed in the premiere episode, with producers saving that for tonight. With all this drawn out drama, The Block's triple threat may be the three long weeks of elimination rounds – which might just test the patience of viewers.
{mijopolls 83}
All pictures courtesy of Channel 9.
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The Block returns with the premiere of Triple Threat

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A vacant plot in Noosa sold for $1.8 million last week.
The result places it second in the week’s top 10 most expensive sales, according to CoreLogic RP Data.
<a href="https://www.realestate.com.au/property-residential+land-qld-noosa+heads-201053443" target="_blank">3 Natasha Avenue, Noosa Heads site</a> sold as a deceased estate at auction after 23 years of ownership.
The week’s prestige property sales were yet again relatively subdued, presumably due to low sales volumes. The most expensive property selling for $2.32 million and the top 10 bottoming out at $1.51 million.
CoreLogic’s top 10 sales of the week ending 26 January:
<a href="https://www.realestate.com.au/property-house-nsw-marsfield-118192399" target="_blank"><img src="/images/2014/07/04/yellow-one.jpg" alt="">24 Dora Street, Marsfield, NSW</a>
<img src="/images/2015/01/27/1.jpg" alt="">
This five bedroom, three bathroom house sold for $2.32 million through NNW Property last week. In its listing, the house is described as having “luxurious European styling”, which in this case refers to its marble flooring throughout the lower level, chandeliers and European kitchen appliances. The 431 square metre home sits on a 600.7 square metre block.
In 2011, the vendors paid $800,800 for the property in 2011, which they knocked down and rebuilt after using it as an investment property. The former home on the site was advertised to rent at $670 per week, representing a yield of 4.3%.
<a href="https://www.realestate.com.au/property-house-qld-noosa+heads-118687963" target="_blank"><img src="/images/2014/07/04/yellow-two.jpg" alt=""></a><a href="https://www.realestate.com.au/property-residential+land-qld-noosa+heads-201053443" target="_blank">3 Natasha Avenue, Noosa Heads</a>
<img src="/images/2015/01/27/noosa.jpg" alt="">
The vacant plot in Noosa sold for $1.8 million through Laguna Real Estate.
The elevated 932 square metre triangular site has a northerly aspect and overlooks Laguna Bay and Noosa River.
<a href="https://www.realestate.com.au/property-house-nsw-alexandria-118205343"><img src="/images/2014/07/04/yellow-three.jpg" alt="">1B Power Avenue, Alexandria, NSW</a>
<img src="/images/2015/01/27/3.jpg" alt="">
Buyers paid $1.76 for this three bedroom unit, sold at auction through BresicWhitney Real Estate Agents Glebe. The contemporary terrace has two courtyards, with a dual aspect and double height glass capturing daylight.
The vendors used 1B Power Avenue as an investment property, last advertising it to rent in March last year at $1,290 per week. At its sale price, that represents a yield of 3.8%.
<a href="https://www.realestateview.com.au/Real-Estate/8-eden-close-dudley/Property-Details-buy-residential-7909218" target="_blank"><img src="/images/2014/07/04/yellow-four.jpg" alt="">8 Eden Close, Dudley, NSW</a>
<img src="/images/2015/01/27/4.jpg" alt="">
A four-bedroom modernist house sold for $1.7 million through PRD Nationwide Newcastle, after 53 years of ownership. The house, offered for the first time since 1962, has an elevated position which offers views of the Newcastle coastline.
It includes a saltwater pool and many features of organic modernist architecture, including exposed timber and numerous full height windows to capture the surrounding environment.
<a href="https://www.realestate.com.au/property-house-nsw-glebe-117952627" target="_blank"><img src="/images/2014/07/04/yellow-five.jpg" alt="">35 Talfourd Street, Glebe, NSW</a>
<img src="/images/2015/01/27/5.jpg" alt=""> 
This four bedroom house sold through McGrath Estate Agents for $1.7 million. Set across three levels on a corner position, the home features polished concrete floors and plantation blinds, with bi-fold doors opening to a courtyard.
The vendors paid $1.15 million for the home in 2011, before undertaking significant renovations.
 
<hr class="system-pagebreak">
<a href="https://www.realestate.com.au/property-house-nsw-leichhardt-118680123" target="_blank"><img src="/images/2014/07/04/yellow-six.jpg" alt="">34 South Avenue, Leichhardt, NSW</a>
<img src="/images/2015/01/27/6.jpg" alt="">
Buyers paid $1.66 million for this double fronted Leichhardt home, sold through Harris Partners Balmain. The freestanding house has five bedrooms and two bathrooms, sitting on a 482 square metre plot.
<a href="https://www.realestate.com.au/property-house-nsw-belrose-118545235"><img src="/images/2014/07/04/yellow-seven.jpg" alt="">11 St Andrews Close, Belrose, NSW</a>
<img src="/images/2015/01/27/7.jpg" alt="">
A five-bedroom house sold through McGrath Estate Agents for $1.6 million last week. The family home, located at the end of a cul-de-sac, has a pool, with a covered deck and gardens.
Vendors paid $440,000 for the property in May 2002.
<a href="https://www.raywhite.com/qld/broadbeach/1241099/" target="_blank"><img src="/images/2014/07/04/yellow-eight.jpg" alt="">42/173 Old Burleigh Road, Broadbeach, QLD</a>
<img src="/images/2015/01/27/8.jpg" alt="">
The only apartment to make this week’s top 10 list was a Broadbeach two bedder, sold for $1,575,000 through Ray White Mermaid Beach.
Vendors made a loss on the sale, having purchased it for $1.95 million in 2008.
The apartment, which shares the 17th floor of the Verve complex with just one other, has 184 square metres of floorspace. Nearly every room offers ocean views, with a full length balcony.
<a href="https://www.realestate.com.au/property-house-nsw-beacon+hill-118222007" target="_blank"><img src="/images/2014/07/04/yellow-nine.jpg" alt="">11 Lady Penrhyn Drive, Beacon Hill, NSW</a>
<img src="/images/2015/01/27/9.jpg" alt="">
Ray White Forest Group secured the sale of this house for $1.55 million. The five-bedroom home with an elevated position is set over three levels. The ground floor has a self-contained guest suite with an en-suite, walk in robe and kitchenette.
The middle level has the master suite, another bedroom and the kitchen and dining areas, while the third level contains a further two bedrooms, a bathroom and living areas.
The vendors paid $1.03 million for the home in 2010.
<a href="https://www.realestate.com.au/property-house-wa-wembley-118802543" target="_blank"><img src="/images/2014/07/04/yellow-ten.jpg" alt="">61 Essex Street, Wembley, WA</a>
<img src="/images/2015/01/27/10.jpg" alt="">
Western Australia’s only offering to make the top 10 list this week was a $1.51 million home sold through Bexleys Real Estate. The renovated four bedroom house in Wembley has a formal living room and separate dining, with another family living area and decking outdoors for entertaining.
The property had been held for 24 years by the vendor before last week’s sale. They paid $168,000 for the home in 1990.
Amendment: This article initially misidentified the $1.8 million Noosa property as one that had been wrongly listed. The specific property has now been corrected.
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Noosa vacant plot makes top 10 sales of the week: CoreLogic RP Data

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 52-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 52-storey tower, which has just shy of 250 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

Joel Robinson

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

Sherpa Group has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at Flourish Soleira in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with Flourish Amargo, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Elevated amenity anchors daily life at Aeris, Melrose Park

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]

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]

Jessie Richardson

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