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Guest observation
At 14.7%, the Brisbane CBD vacancy rate has never been this high.
It is the highest in Australia except for the Gold Coast at 15.0%.
<ul>
<li>A further 191,000 sqm is being built 2014-16</li>
<li>The largest project is 1 William Street</li>
</ul>
The math:
<ul>
<li>Now vacant: 321,000 sqm</li>
<li>Being added: 191,000 sqm</li>
<li>Total: 512,000 sqm</li>
<li>Average demand per annum: 40,000 sqm            = Supply for 12 years</li>
</ul>
Brisbane Office Market
Currently there are some 400 office suites available for lease in the Fringe area, compared with 320 in the CBD and almost 3,300 in greater Brisbane.
The office market has been hit by the worst demand shock in 30 years. It will take time to replace the lost demand from the public sector and coal and LNG industries.
Lower rents and population growth will eventually restore the market.
Brisbane Industrial Market
Last year was the strongest year for sales numbers in five years, with 377 sales in total.
The Gateway region north and south of Brisbane River account for almost a quarter of all sales and include most of the higher value properties.
Outside of Gateway, the South accounts for 36% of all sales by number.
Linda Phillips is the national research manager of Propell National Valuers.
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jrichardson-uRX5hFdKfN

Brisbane CBD vacancy rate hits new high

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Guest observation
In a recent article on Property Observer (<a href="/expert-insights/buying/lies-damned-lies-and-housing-statistics">Lies, damned lies and housing statistics</a>) commentator Arek Drozda discusses Australian property statistics. He tells the reader many commentators write stories around property numbers that can't be relied on.
Drozda claims that "data does not lie". However, data is just a collection of facts and statistics for reference or analysis and, as Janine Skorsky of House of Cards says, "There is no arrangement of facts that is purely objective."
Drozda provides his own narrative around the data he uses in the article, as I do in any article I write (including this one). We are all human, we all experience different events over our lives that shape how we see the world, how we interpret things and so when we go to present data or share an opinion, it is always loaded with that bias. 
To suggest that data can't be manipulated to fit various views is disingenuous. Data can be made to lie in various ways, for example in it's initial collection (biased sampling), through its visualization (how it's presented to the reader) or by using it selectively. 
Drozda uses his narrow selection of data to try and show that Sydney property is not suffering from rampant speculation as it's only "catching up" to the other capital cities:
<img src="/images/2014/10/10/relative_chane_in_median_prices.png" alt="">
Source: Arek Drozda using ABS statistics
But presenting data like this can be used to mislead as there is no supporting evidence provided to show that the cities were equally valued (relative to each other) at the point the data starts, despite his insistence that the capital city median prices "being in a tight range" during the mid 1980s suggests they were.
Drozda has used data to support his opinion that Sydney is not experiencing a high level of speculation or is overvalued, but it's the data he leaves out of his story that suggests it could be otherwise. For example rental yields are lowest in Sydney and Melbourne, substantially lower than in the rest of Australia.
<img src="/images/2014/10/14/Table-1-August-Statistics.jpg" alt="">
Source: Residex
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Other data that suggests Sydney (and Melbourne) are seeing a higher level of speculation and overvaluation relative to the rest of the capitals includes investor finance which has soared (via <a href="https://petewargent.blogspot.com.au/2014/09/housing-finance-challenging-received" target="_blank">Pete Wargent</a>).
<img src="/images/2014/10/14/investorloansbystate.jpg" alt="">
Source: Pete Wargent
<center></center>
The above chart is not indexed (and is state rather than capital), but it's clear that New South Wales and Victoria are experiencing a greater level of speculation with rolling investor loans far higher than their previous nominal peaks, whilst the other states barely tread water.
I could go on with other examples indicating a higher level of speculation in Sydney, but the above does well enough given the limited content of the article it was addressing. Of course the above is my view based on the data available. Have a look at Drozda's presentation of the data and mine, and make up your own mind.
This article continues on the next page. Please click below.
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When I queried (<a href="https://www.propertyobserver.com.au/https://twitter.com/BullionBaron/status/520472672375828480" target="_blank">on Twitter</a>) another of the charts Drozda had presented purporting to show Sydney (and Australia) having relatively "affordable" property (below), he pointed me toward an older post where he explained his position in more detail.
<img src="/images/2014/10/14/ev.owa.jpg" alt="">
Source: Arek Drozda
In <a href="/expert-insights/australian-property-prices-explained-independent-analyst">this article</a> Drozda dismisses "simple" ratios of prices-to-rents or prices to household disposable incomes and instead presents his own simple argument that when it comes to affordability price doesn't matter, only serviceability (and interest only at that).
He says that principal is omitted because it's savings:
"Paying off the loan principal is omitted in the analysis since it equates to savings and is therefore deemed irrelevant (i.e. every dollar that is paid off becomes owner’s equity that can be drawn upon in the future)."
The claim is preposterous, given that these "savings" have to be borrowed back (with interest payable) or only retrieved in full by selling the property.
Drozda writes about a metric referred to as the "cost of buying", which measures only the cost of interest on the loan and then uses that as his basis of "housing affordability". As I've only recently written on this topic, I'll quote from my previous piece (<a href="https://www.bullionbaron.com/2014/09/why-serviceability-affordability" target="_blank">Why Serviceability ≠ Affordability</a>):
"Even if interest rates had remained elevated the entire period of the loan, it still ends up more affordable over the long run to have double the interest rate, but lower price to income ratio. Not only that but it would be faster to save the deposit given that it's a lower amount (relative to income) and I haven't taken into account the higher interest rate on saving for the deposit which would have benefited the 1992 scenario. 
"Costs such as stamp duty which are tied to the price paid would be lower too. Finally, higher interest rates tend to come with a higher rate of inflation, so the real value of the debt would be reduced faster as wages increased, meaning the buyer in 1992 would have found it easier to ramp up the level of repayment.
"...When considering affordability, we need to take a holistic approach and not use a simple snapshot of a single repayment as the basis to make judgement calls on whether house prices or a mortgage used to purchase them is affordable. A mortgage is a long term commitment and shouldn't be treated so trivially by market commentators."
Drozda's argument in this article does show how buyers have been able to service mortgages at these higher prices (as he puts it, "rediscovered their true financial capacity"), mostly a result of "structurally" lower interest rates, but as I've shown that doesn't make them affordable unless you're of the opinion that serviceability is the same as affordability.
He finishes the article on this note:
"We can afford current prices – and we can afford them more than in 1986. The only hurdle is that it requires accepting a level of debt that many may not feel comfortable with."
It's clear that Drozda is devoted to the first rather than second definition of 'afford' below:
Afford: To have the financial means for; bear the cost of.
Afford: To manage or bear without disadvantage or risk to oneself.
The data he presents is shaped to support this angle.
Is it a lie? Well I guess that's subjective. I'll leave it for the reader to decide.
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Joseph (also known as Bullion Baron) is an independent Australian investor who <a href="https://www.BullionBaron.com">writes</a> and <a href="https://twitter.com/bullionbaron">tweets</a> on various topics including precious metals, finance, property &amp; the monetary system.
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Subjectivity, damned subjectivity and housing statistics

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Guest observation
Despite valiant efforts by commentators such as <a href="https://www.crikey.com.au/2014/03/10/chinese-real-estate-invasion-not-according-to-the-data-fellas/">Bernard Keane</a> and <a href="https://www.smh.com.au/business/comment-and-analysis/why-we-should-welcome-chinese-housing-investment-20140311-34j00">Michael Pascoe</a> to slay claims that Chinese buyers are making it harder for ordinary Australians to enter the housing market, the notion <a href="https://www.smh.com.au/comment/grey-money-from-china-helps-blow-our-property-bubble-20140928-10n7a8">refuses to die</a>. It is the <a href="https://www.propertyobserver.com.au/https://press.princeton.edu/titles/9702">“zombie idea”</a> afflicting the Australia-China economic relationship.
And there is a danger the zombies will multiply. Last week the <a href="https://www.afr.com/p/business/property/more_chinese_investment_likely_as_hgTpJvcLwJaFVV5MpsX5EL">Australian Financial Review</a> reported that China recently eased restrictions on outbound investment. The implication being “a fresh wave of capital [is] expected to make its way into the Australian property market”.
The <a href="https://www.smh.com.au/business/chinese-investors-are-pushing-into-melbourne-and-sydney-20141010-113q7x">Sydney Morning Herald</a> continued with the same theme listing several recent examples of Chinese-funded projects with values reaching into the billions.
But all these reports lack one critical factor: context.
Even if Chinese investment is rising, it is still a small proportion of the market
All foreign investment in Australian real estate requires approval from the Foreign Investment Review Board (FIRB).
According to <a href="https://www.firb.gov.au/content/publications.asp">FIRB</a>, over the period 2009-10 to 2012-13, approvals for Chinese investment in Australian real estate totalled $16.6 billion.
At first blush this seems an impressively large figure. But it is actually less than 10% of the total value of foreign investment approvals in the sector.
Approvals to Chinese investors have lagged behind those from the United States. They have also not been much more than those from the United Kingdom, which has an economy around one quarter the size of China’s and less than 5% of the population.
The scale of Chinese investment seems again smaller when viewed against the size of the market. In a report earlier this year, the <a href="https://www.rba.gov.au/publications/bulletin/2014/jun/bu-0614-2a">Reserve Bank of Australia</a> (RBA) observed that total foreign investment approvals in residential real estate have historically only been around 5-10% of the value of home sales. Chinese approvals are just a proportion of this percentage.
It is also important to keep in mind we are talking about approvals here, not purchases. This means FIRB data overstate the true value of foreign investment.
For example, a property developer in Australia can apply to the FIRB for approval to sell all new dwellings in a large scale real estate project to foreign buyers. In their <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/House_of_Representatives_Committees?url=economics/foreigninvestment/index.htm">submission</a> to the Inquiry into Foreign Investment in Residential Real Estate, the Commonwealth Treasury noted that based on past experience only around 35%, on average, of such dwellings end up in the hands of foreigners.
Also don’t forget that FIRB data is gross, not net. In any given year some foreign investors will seek FIRB approval for new purchases. Meanwhile others will sell down their existing portfolios. As a result, simply adding the value of FIRB approvals from year to year exaggerates the size of the stock of Australian real estate assets held by foreigners.
What all this means is that Chinese investment can grow strongly and still not come close to flooding the market. Citing preliminary FIRB data from the first three quarters of 2013-2014, the Commonwealth Treasury noted a sharp jump in foreign investment approvals over the previous year, particularly from China. But as the RBA shows, this still only takes the value of total foreign investment approvals to around 12-13% of total sales.
This article continues on the next page. Please click below.
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Chinese investment actually increases housing supply
Issues of scale aside, Chinese investment has the effect of increasing housing supply. This acts to restrain price growth.
Regulations also limit Chinese investors to buying new properties. Exceptions are few. For example, a Chinese student may purchase an established property to live in while studying in Australia. But it must be sold once they return home. Building new housing requires a lot of capital. A report earlier this year by the <a href="https://www.ahuri.edu.au/publications/projects/p81009">Australian Housing and Urban Research Institute</a> found a leading cause of the undersupply of housing in Australia is the availability of finance. Banks are the first port of call for most developers. Yet banks generally demand pre-sales, or sales of dwellings before their construction even begins, of between 50-100% of the value of the loan being sort.
<a href="https://www.smh.com.au/business/comment-and-analysis/why-we-should-welcome-chinese-housing-investment-20140311-34j00">Michael Pascoe</a> put it like this, “Without the stimulus of investors to get the country building now, we’ll face demand-induced price pressure all of our own soon enough”.
With a small population and a limited domestic savings pool, Australia has a long tradition of accepting and benefiting from foreign investment in capital-intensive sectors of the economy. The real estate sector is no different: a dollar of Australian savings tied up in housing is a dollar that cannot be productively invested elsewhere.
Other benefits of Chinese investment include the very real jobs created in Australia’s construction industry and associated sectors such as housing appliances.
Are foreign investors breaking the rules?
Recent allegations that some foreign investors have skirted FIRB rules to purchase established housing have attracted much <a href="https://www.smh.com.au/business/punish-foreign-property-cheats-says-coalition-mp-kelly-odwyer-20140916-10hp2r">media attention</a>. This claim does nothing to undercut the benefits brought by foreign investment. Rather, it is a complaint about existing rules not being enforced.
The intensity of enforcement is entirely at the discretion of Australian authorities. The FIRB reviews around <a href="https://www.afr.com/p/national/firb_we_don_have_staff_to_veto_foreign_u7VxVO2Hr9zdQsjkc8NwyK">2.5% of housing transactions</a> to verify compliance. Simple economics says that scrutinising every one of the 600,000 housing transactions each year would not be an efficient use of resources. The FIRB employs the same risk management approach that Australian Customs uses when screening imports for contraband and counterfeit products.
Another factor that troubles commentators about Chinese investment is that some of this money finds its way to Australia via the <a href="https://www.smh.com.au/comment/grey-money-from-china-helps-blow-our-property-bubble-20140928-10n7a8">“grey economy”</a> or the <a href="https://www.theaustralian.com.au/business/banks-admit-to-limited-control-over-foreign-funds-for-housing/story-e6frg8zx-1227021005452">“shadow banking system”</a>.
But there is nothing sinister about it. China has a prominent informal financial system because its formal banking sector functions so poorly. It regularly offers savers negative real returns and supplies a dearth of credit to dynamic private sector firms.
Without an informal financial system to overcome these deficiencies, China’s growth would have been much slower than it has been and Australia would be worse off as a result. Similarly, the flow of Chinese capital to Australia would have been reduced and so too would the benefits received – there would be less housing supply and fewer construction jobs.
Knee-jerk arguments blaming Chinese investors for high Aussie house prices may be refuted with hard evidence. Unfortunately zombie ideas in economics have a habit of rising again.
<img src="https://counter.theconversation.edu.au/content/32455/count.gif" alt="The Conversation" width="1" height="1">James Laurenceson is the deputy director and professor at the Australia-China Relations Institute (ACRI) at the University of Technology, Sydney. He does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and has no relevant affiliations.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/zombie-economics-the-notion-china-is-to-blame-for-australias-property-bubble-refuses-to-die-32455">original article</a>.
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Zombie economics: the notion China is to blame for Australia's property bubble refuses to die

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The buyer who snapped up Simon and Shannon's apartment on The Block Glasshouse is an investor who missed out on apartments in The Block Fans v Faves.
Buyer's agent Frank Valentic of Advantage Property Consulting told Property Observer the investor was very keen on Simon and Shannon's apartment, and had previously bid on three of the apartments on offer in the show's last season.
After being priced out of the Albert Park apartments, the investor returned for The Block Glasshouse. According to Valentic, the buyer intends to rent out the apartment after settlement.
"Most of the agents were pitching furnished rentals at $1,500 to $1,750 per week," says Valentic, who notes apartments from The Block Fans v Faves were asking for around $2,100 in rent per week.
If rented out at $1,500 per week, the buyer of Simon and Shannon's apartment will be earning a 4.1% yield on their purchase. Should they find a tenant willing to pay $1,750 per week, the apartment will rent with a 4.7% yield.
According to SQM research, the implied gross rental yield for units in Prahran sits just north of 5.5%.
All three of the buyers Valentic represented at the weekend's televised auctions were investors. The other two did not secure apartments.
Valentic notes that while he predicted Darren and Dee's apartment and Michael and Carlene's would have the lowest selling prices, the $1.71 million price for Maxine and Karstan's apartment was a surprise.
"I didn't expect the third result," he says, explaining that it was "probably the biggest shock" of the auction.
The buyer's agent took around 25 buyers through the five apartments, with his clients rating Simon and Shannon's the best, followed by Maxine and Karstan's, and then Chris and Jenna's apartment.
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The buyer behind the winning Block Glasshouse auction

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With Simon and Shannon's profits clearing some of the competition by $325,000, plenty of punters are wondering what exactly the boys did right.
The brothers didn't win the most challenges on The Block Glasshouse, but they and the runners up, Chris and Jenna, were the only two of the five teams to secure six figure profits.
According to Simon and Shannon's auctioneer Damien Cooley, a large portion of their win can be attributed to the auction order. The boys chose to go second, while Chris and Jenna were stuck with the first auction.
"The biggest component for the auctions was the lack in depth of quality buyers," says Cooley.
"It was pretty obvious to us leading in to the auctions that we felt that there were three or four quality buyers, and that was the reason we wanted to go earlier in the order of sale rather than later."
Cooley says many of the teams who tried to get one of the final auction spots were hoping to replicate the success of The Block Fans v Faves, when each subsequent auction resulted in a higher sale price.
But some of the contestants didn't seem to factor in the weaker buyer interest for this season's properties.
"This year was a bit different in the sense that the buyer pool was not as strong as in the previous season," Cooley, pictured below, says.
<img src="/images/2014/10/14/cooley-2.jpg" alt="">
Cooley auctioning Simon and Shannon's apartment on The Block.
An under bidder for Chris and Jenna's auction, represented by buyer's agent Frank Valentic of Advantage Property Consulting, ended up securing Simon and Shannon's apartment. The buyers of Max and Karstan's apartment, the third to be auctioned, was an under bidder on the first and second apartments.
"Once those buyers had all bought, there wasn't a lot of strength in the other buyers," Cooley notes.
"There were a lot of other prospective purchasers, but they weren't at the same level the others were at."
Cooley also believes there was another "game changer" at play: taking $50,000 bids.
"It's really important that you understand where your buyers are, where you think they might be at on price, and judge their strategy when they're bidding," he says.
"There's a lot of psychology involved and you don't have long to make decisions. I quickly decided to go in $50,000 increments."
He worked with Jellis Craig agents to secure the sale of Simon and Shannon's apartment, with the boys reporting that Cooley had recommended the agents to them.
The auction coincided tidily with Jellis Craig's brand relaunch, complete with new logo.
While the contestants for the next season of The Block haven't yet been locked in, a few prospective reality television renovators have already approached the Block regular to auction their forthcoming apartments.
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The strategy that won Simon and Shannon The Block Glasshouse

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Tasmanian brothers Simon and Shannon Vos took out the $100,000 prize at the auctions of The Block Glasshouse.
With a $1.9 million sale, the duo earned $335,000 over their adjusted reserve of $1.565 million.
All five of the apartments at The Block sold at auction, though they didn't approach the bullish results at the Albert Park warehouse in The Block Fans v Faves earlier this year.
Rookies Chris and Jenna, who had the largest floor space of any of the six apartments, came in second place with a $1.81 million price.
The full results:
<ol>
<li>Simon and Shannon, 2/125 High Street: $1.9 million ($335,000 over reserve)</li>
<li>Chris and Jenna, 2/121-127 High Street: $1.81 million ($310,000 over reserve)</li>
<li>Maxine and Karstan, 3/121-127 High Street: $1.71 million ($40,000 over reserve)</li>
<li>Michael and Carlene, 1/125 High Street: $1.39 million ($10,000 over reserve)</li>
<li>Deanne and Darren, 6/121 High Street: $1.38 million ($10,000 over reserve)</li>
</ol>
Yet again, it seemed that the auction order played a role in the final results. This time, the highest priced apartment went under the hammer second, Chris and Jenna's was auctioned first, and sales price dwindled from there.
Michael and Carlene chose to go last. Deanne and Darren, who had second choice, did went as late as they could, choosing to go to auction fourth.
Simon and Shannon nominated to go second, while Max and Karstan decided to go third. Chris and Jenna were stuck with first place after the other couples determined their order.
The contestants had no doubt hoped to repeat the formula established on The Block Fans v Faves, where the hammer prices escalated with each auction as buyer desperation took hold.
But in a lesser location, with lesser properties and fewer interested buyers, they instead saw the buyer pool dilute as each apartment sold.
The discounts received by the contestants after completing the sixth "secret" apartment did indeed impact the final result.
Maxine and Karstan had the biggest reserve price due to the size and aspect of their apartment, had an initial reserve of $1.7 million. Their winnings earned them a $1.67 million adjusted reserve.
After Deanne and Darren's final apartment winnings, their $1.6 million reserve was cut to $1,370,000.
Michael and Carlene's reserve was discounted by $20,000, giving them a final reserve of $1.38 million.
Simon and Shannon received a $10,000 discount on their $1,575,000 reserve, with a final reserve price of $1,565,000.
Chris and Jenna did not get placed in the top three at either stage of the challenge, and so missed out on a discount, and had a $1.5 million reserve.
The proceedings began with Chris and Jenna's auction overseen by Anton Wongtrakun of Dingle Partners, which saw three bidders initially compete for the windowless unit. After bidding seemed to snag at the $1.5 million reserve mark, a fourth bidder entered the race, restarting the momentum.
Two bidders battled it out from $1.5 million upwards: what appeared to be a young couple and the other a rather emotive buyer's agent, pushed the price to up to $1.81 million, with the apartment going to the client of the agent.
When Simon and Shannon's apartment went on the block, host Scott Cam announced that Block regular  Damien Cooley was a "very good auctioneer, this bloke". After just two bids, from Frank Valentic and another buyer's agent who bid at The Block Fans v Faves auctions, the home was up for $1.7 million.
The young couple who bid on Chris and Jenna's apartment popped up again, pushing the price up further, before a profusely sweating Valentic placed a $1.9 million bid, securing the apartment.
The subsequent auctions proceeded at a markedly slower pace.
Karl Gillon of Buxton kicked proceedings for Max and Karstan's apartment began proceedings with a number of vendor bids, pushing the price up to $1.68 million. The young couple appeared yet again, putting in a $1.69 million bid. Gillon worked overtime placing vendor bids, acting as the only competitor to the young couple. The apartment sold for $1.71 million to the young couple, resulting in a $40,000 profit for Max and Karstan.
Not quite the wedding gift the disappointed Max and Karstan were expecting. Nor were many other punters, with judge Shaynna Blaze predicting their apartment would <a href="/expert-insights/building/shaynna-blaze-picks-max-and-karstans-apartment-as-the-top-seller-in-the-block-glasshouse">sell for the highest price</a>.
A deflated Deanne and Darren were up next, with their apartment going under the hammer with Russell Cambridge of Biggin &amp; Scott. It seemed that Dee's provincial luxury stylings, which were feared would alienate some buyers, at least brought in some interest from bidders who had not appeared at the previous auctions.
However, things stagnated just after they passed their reserve, with a number of $10,000 bids put the price of their apartment at $1.38 million. The couple ended up with just a $10,000 profit after three months of work. Had they not received their reserve discount prizes, their apartment would have been passed in below reserve.
Michael and Carlene's apartment was auctioned last. The auction, said to have stretched out for an excruciating 45 minutes, saw Matt White of Ray White try to squeeze interest out of the rather small buyer base. Bidding opened at $1.2 million.
A few bidders who had not yet appeared at the previous apartments popped up, but it wasn't much use to Michael and Carlene. Things stalled below reserve at $1.36 million for some time.
Some whispers were exchanged among potential buyers at the $1.36 million mark while White and his fellow agents consulted with Michael and Carlene.
They agreed that the apartment should be passed in should it just reach reserve, as a reserve price sale would result in zero profits for Michael and Carlene.
White returned to let the couple know that a bidder was willing to put in a $1.39 million bid, which White would be forced to accept in accordance with Victorian laws. And so the bidder purchased at $1.39 million.
All in all, the disappointing Block Glasshouse results reflected the market's interest in a bizarre office conversion located on an inner city main street.
 
 
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Smashing win for Simon and Shannon in The Block Glasshouse auctions results

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Property investment show Look at Property aired the first episode of its eighth season last night.
The show, which informs viewers on the property market and offers tips for property investors, features segments such as Open for Inspection and Property of the Week.
Host and producer Julie McBeth says experts on the show cover topics including finance, design, buying, selling and renovation.
"The spring selling season is traditionally the peak time for the market and we are getting lots of interest from people wanting to know what's happening with interest rates, hot spots, property investment and how to get the best price for their homes when they are selling," says McBeth.
"Fletchers, Empower Wealth, Stewart Title Insurance and a range of financial providers and property groups will be sharing their expert advice each week."
The show is also hosted by Des Dowling, pictured above interviewing Michael Bonadio from Adio Properties. Experts who have appeared on the show include Ben Kingsley and regular Property Observer contributor Catherine Cashmore.
Look at Property airs at 8:30pm on Thursday nights on 4ME (channel 74 metro and channel 64 regional). Full episodes are also available on the show's website.
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Look at Property's eighth season debut

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The Block Glasshouse judge Shaynna Blaze predicts Maxine and Karstan's apartment will attract lots of bidders, perhaps putting it ahead of the competition at tomorrow's auction.
Blaze, or "Shaynna from Wantirna" to some, told TV Week that the aspect and size of the apartment apartment at <a href="https://www.realestate.com.au/property-apartment-vic-prahran-117846863" target="_blank">3/121-127 High Street Prahran </a>will appeal to buyers.
"I think there are going to be more people bidding for Max and Karstan's apartment due to the size of it, and it's north facing," she said.
Max and Karstan's apartment has 237 square metres of space. In The Block Glasshouse, first time renovators Chantelle and Steve took out the competition with their <a href="/news/substance-over-style-as-chantelle-and-steve-win-the-block-2014-fans-v-faves">north facing apartment</a>.
While Blaze thinks Max and Karstan's apartment will draw in buyers, she admitted that Carlene and Michael's styling made their apartment her favourite.
"I absolutely love it," she told TV Week.
“Just to walk in to it as a family home – I think that’s what they’ve done beautifully."
Do you agree with Shaynna that Michael and Carlene's is the apartment with the best renovation?
{mijopolls 52}
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Shaynna Blaze picks Max and Karstan's apartment as the top seller in The Block Glasshouse

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Guest observation
Most people seeking to sell their house want to do so quickly and for the highest possible price.
But not everyone takes the steps required to make this a possibility. While buying a house is a major, long-term commitment for most, it is still a decision that is often ruled by the heart. By making a few additions, repairs and alterations to your home, you can make your property attractive to the widest range of prospective buyers possible.
Make first impressions count
It's unlikely that a prospective buyer is going to decide they want to buy based on the outside of the house, but they may make the decision not to after looking over the exterior.
Good impressions should start from the minute people pull up outside, yet too many sellers forget about ensuring the façade of their homes are presentable.
This means everything from the driveway to the garden to the front door should be ready to impress.
<ul>
<li>Keep your lawn mowed at all times</li>
<li>Schedule a regime of weed and leaf clearing</li>
<li>Plant some flowers or shrubs to complement the season</li>
<li>Remove any unnecessary items from your garden and pathways</li>
<li>Make sure your windows are clean and in a good state of repair</li>
<li>Check for missing roof tiles and slates</li>
<li>Walk up to your door and imagine yourself as the buyer. What's your first impression? Would you want to take a look inside?</li>
</ul>
Attend to repairs  
The last thing people, especially first home buyers, want to be worrying about is costly repairs right after moving in.
Unless you're targeting property developers, you'll need to make sure that the obvious, niggling repair jobs that you've been putting off are all attended to in a professional manner. They may seem like quick fix jobs, but a broken doorbell or loose floorboard just gives buyers another excuse to walk away.
If they're easy enough for a new buyer to fix, they should be easy enough for you to fix first.
<ul>
<li>Make sure all your internal doors close properly, and that all the door handles in your home work as they should.</li>
<li>Attend to cracks in the walls and ceilings before painting or papering over them. But be sure to seek professional help from a builder or a structural engineer if the cracks appear serious.</li>
<li>Fix dripping taps and leaks.</li>
<li>Replace broken fly-screens.</li>
<li>Check that all your light fittings are working and that they are fixed with the appropriate light bulb.</li>
</ul>
Modernise and minimise
Keep things simple. While you may have loved the bright colours and quirky items of furniture in your home, the truth is that buyers often respond more favourably to neutral tones and colour schemes.
Buyers need to be given the freedom to imagine their lives in your home, and that can be difficult if it's adorned with patterned wall-coverings, too many personal photos and trinkets and ornaments from your last holiday.
<ul>
<li>Redecorate with neutral tones - magnolia, and shades of white are ideal.</li>
<li>Remove overly personal and niche item</li>
<li>Remove excess furniture and clutter, including newspapers, magazines, and children's toys</li>
<li>Avoid stuffing cupboards and drawers with clutter, as buyers may want to take a close look at the storage space available</li>
<li>If necessary, hire some storage space for items that aren't necessary to daily life. This will allow you to create the image of space, and allow your home to be the star of the show.</li>
</ul>
Get cleaning  
A quick flick of a vacuum cleaner and some light dusting won't cut it when you're showing your home to potential buyers. It's important to remember that your home is probably one of dozens in the area for sale, and even the slightest issue with cleanliness can be enough to scupper your chances of securing a quick scale.
When people are looking for a new home they want a fresh start -- so make sure the property reflects that.
<ul>
<li> Clear every room of furniture and perform a detailed clean on areas that would otherwise escape your attention.</li>
<li>Pay particular attention to the kitchen and bathroom where dirt and grime show up easily</li>
<li>Think about hiring a professional cleaning service just before you start inviting buyers into your home.</li>
<li>Remember that your home should be ready for those last-minute inspections that are an inevitable part of the selling process.</li>
</ul>
Consider hiring a 'home staging' service
 Sometimes, particularly for premium properties, even the most subtle of details can be enough to strike a chord with a prospective buyer. It might be an inviting smell, the way the light flows into a particular room, or the flow of your home's main reception room.
Although hiring an expert to 'stage' your property for viewing comes at a price, the premium it can deliver in the form of a higher sale price could be worth it.
There may be a lot of competition for the attention of buyers in your area. But with some careful planning, maintenance and staging, you can make sure it's your home that stands out on the market.
Zoe Pointon is the co-founder of real estate startup <a href="https://www.openagent.com.au/?tid=1003" target="_blank">OpenAgent</a>.
 
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Getting your property ready to go to the market

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Guest observation
Apart from loose monetary policies that lead to toxic lending, such as negative gearing, real estate investments by self-managed super funds (SMSF) and foreign investment, there is another factor behind rapid house price inflation.
Excessive increases in house prices are also caused by unreliable estimates of fair market value price.
To explain in more detail, real estate sales data has its flaws, due to settlement prices not being triggered from actual pre-sale valuations – which remain unchecked throughout the sale process.
What is a pre-sale valuation?   A pre-sale valuation is a comprehensive report put together by a registered valuer. It represents the market value of a property for sale (the price one is expected to get for their property and is subject to any supply and demand curve shifts during the validity period).
During this process, the valuer will look at the land value/ location/aspect, building structure/improvements and condition, building/structural faults, features of the home and recent sales in the area.   For land valuation only, valuers analyse sales of both vacant land and improved properties, making adjustments for the added value of improvements.
When there are unsuitable sales, a valuer will factor in other matters, such as most valuable use of the land, holding costs, taxation, constraints on use such as zoning and heritage restrictions, land size, shape and land features, such as slope and soil type, nearby development and infrastructure and views.
Ignoring the pre-sale valuation
Some results can be triggered from listing prices that may be inflated by matters irrelevant to the value of the property, such as marketing fees, commissions and profits. And yet, banks continue to lend to borrowers and produce flawed valuations to protect their financial position.
The system is obviously skewed towards market manipulation – which in turn has caused rapid increases in house prices and driven the house price values to levels that are economically unsustainable.   The flawed price model system is favoured heavily on the supply and demand side and through rampant speculation – instead of the property's true valuation price. This could easily be addressed by both investors and home buyers gaining access to a pre-sale valuation report (paid for by the seller and part of the contract) as a hedging instrument to minimise the impact of paying too much over the true value price.
This would mean sales data that is relevant and dependable, while dramatically improving bank lending performance.
However, an adjustment valuation for high risk loan to value ratio (LVR) lending, may still be required when the purchase price exceeds the initial valuation price. This would be a shorter version of the report in the sale contract to reflect the purchase price (the new market value price) and to verify that the purchase price was achieved through market demand, than from errors or omissions in the initial report.   As monetary policy makers look for ways to keep the housing market from overheating, it's critically important that the Reserve Bank and Australian Prudential Regulator Authority address the other systemic issues of price inflation.
One is the methodology used to estimate the selling price and the other concerns the reliability of sale price data, but chances of it happening are only likely if house prices come crashing down.
George Rousos is the founder and director of <a href="https://www.itc.nsw.edu.au/index" target="_blank">Industry Training Consultants.</a>  
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The other factor behind our skyrocketing prices

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Jessie Richardson

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