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A sports medicine centre on Bay Street in Brighton sold to an investor for $3.37 million today.
A packed room at Burgess Rawson's investment portfolio auction at Crown Casino watched a handful of bidders take <a href="https://www.burgessrawson.com.au/3P0991#.VS3i0YWM54s" target="_blank">441 Bay Street, Brighton</a>'s price from $2.8 million to $3.37 million.
"Don't think of the yields, think of the position," auctioneer David Scholes urged a handful of potential buyers as bidding slowed to $5,000 increments.
The 1,030 square metre site has been leased to Brighton Spinal Group for more than 16 years. Currently, it attracts $143,402 net income per annum, with annual fixed increases of 3%.
The building comprises a Victorian at the front with a two level contemporary extension at the rear. It includes 11 consulting rooms and a large gym.
Scholes noted the large site's potential for further development, subject to council approval. The medical centre, marketed by Jamie Perlinger and Ben Appell of Burgess Rawson, sold at a 4.26% yield.
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jrichardson-uRX5hFdKfN

Brighton medical centre sells for $3.37 million on 4.3% yield

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For the potential buyers of The Block Triple Threat townhouses, the fully-furnished properties with new interiors offer a hidden benefit.
If their purchase is used for investment purposes, the buyer of one apartment could make almost $1.4 million worth of deductions within the course of their ownership.
BMT Tax Depreciation, which assembles the depreciation reports for The Block properties each season, has revealed that investors will be able to claim between $39,986 and $54,163 in depreciation benefits in their first year of ownership.
Tim and Anastasia's renovation at 2/27 Darling Street in South Yarra offers the greatest deductions, with between $44,316 and $54,163 claimable in the first year. In total, their apartment offers a maximum deduction of $1,389,708.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/04/14/graph%20april%2014%20one.jpg" alt="">
Source: BMT Tax Depreciation
Depreciation, the declining value of a property or its items, can be claimed as a loss in investment properties, and therefore offers a significant tax benefit for investors.
Of all the items in the Block townhouses, it's the pricey designer kitchen appliances that offer the greatest depreciation benefits.
In Tim and Anastasia's triple level unit, for example, there is a total deduction of $19,842 available over five years for their kitchen appliances. In just the first year, investors could make a deduction of $3,445 on kitchen items.
Air conditioning offers the next greatest deduction, with $12,300 available over five years. Televisions and audio-visual equipment, window coverings and gas heating all also provide thousands of dollars in deductions.
The tax deductions peak for each couple's projects in the second year of ownership, with almost $60,000 potentially deductible in Tim and Anastasia's project in the second year.
<ul>
<li>Tim and Anastasia's depreciation:</li>
</ul>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/04/14/depreciation-april-14-two.jpg" alt="">
<ul>
<li>Josh and Charlotte's depreciation:</li>
</ul>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/04/14/depreciation-april-14-one.jpg" alt="">
<ul>
<li>Ayden and Jess's depreciation:</li>
</ul>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/04/14/depreciation-april-14-three.jpg" alt="">
<ul>
<li>Darren and Dee's depreciation:</li>
</ul>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/04/14/depreciation-april-14-four.jpg" alt="">
Source: BMT Tax Depreciation
The Block Triple Threat townhouses go to auction on 28 April.
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The Block Triple Threat's depreciation tax treat for investors

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Just 2.4% of Sydney resales in the December quarter made a loss, according to CoreLogic RP Data.
The effects of Sydney's boom seemed to fade at the edges of the city. Central Coast regions Wyong (6.8%) and Gosford (6.0%) recorded the highest proportions of loss-making resales of any Sydney region (CoreLogic RP Data includes Central Coast suburbs in its Sydney analyses). Pittwater also recorded a 6% loss rate.
Just two council areas had a 100% success rate over the quarter: Hunters Hill and Botany Bay.
In the latest Pain and Gain report, CoreLogic RP Data noted that the chance of making a gross profit increased with a home's holding time. Profit-making properties were held by the vendors by an average of 10.2 years, and homes that sold for over double their purchase price were held of an average of 16.8 years.
In Hunters Hill, the average hold period for homes sold in the December quarter was 10.5 years. The median profit made on resales was $680,000.
Similarly, the average hold period for a Botany Bay house sold in the final 2014 quarter was 11.3 years. The median profit there was more modest, at $299,500.
Botany Bay
The Botany Bay council region includes Botany, Botany Bay, Banksmeadow, Daceyville, Eastgardens, Eastlakes, Hillsdale, Mascot, Matraville, Pagewood and Rosebery.
The median price of a <a href="/news">Botany</a> house was $971,500 in January 2015, according to CoreLogic RP Data, while the median unit price was $700,000.
The vendors of <a href="https://www.realestate.com.au/property-house-nsw-botany-118577511" target="_blank">29 Brighton Street in Botany</a> (pictured above) sold it for $865,000 in December last year. They paid $525,000 for the three bedroom house in September 2007, with last year's sale resulting in a gross profit of $340,000.
<a href="https://www.realestate.com.au/property-house-nsw-botany-118926799" target="_blank">6 Livingstone Avenue in Botany</a> was another property that sold for a gross profit recently.<img src="/images/2015/04/10/Picture%2046.png" alt="" style="font-size: 12.1599998474121px; line-height: 1.3em;">
Source: CoreLogic RP Data
In February, the property sold for $1,175,000 after being held for 36 years by the vendors, who purchased the home for just $42,500 in 1979.
Hunters Hill
The Hunters Hill local government area includes Henley, Hunters Hill, Huntleys Cove, Huntleys Point and Woolwich.
Houses in the suburb of <a href="/news">Hunters Hill</a> sold for a media price of $1,909,000 in January 2015, while units sold for a median price of $1,085,000.
<a href="https://www.realestate.com.au/property-house-nsw-hunters+hill-118110583" target="_blank">62 Park Road in Hunters Hill</a> sold for $1,890,000 in November. The vendors paid $410,000 for the character home on a 803 square metre block in 1992. Over their 22 years of ownership, the home's value increased by 361%.
The vendors of <a href="https://www.realestate.com.au/property-house-nsw-hunters+hill-118164419" target="_blank">42 Bonnefin Road in Hunters Hill</a> held their home for a much shorter time, selling it in November 2014 after five years of ownership.
The two storey home sold for $1.89 million late last year. The vendors paid $1,585,000 in December 2009, with last year's sale resulting in a gross profit of $305,000.
Almost a third of Sydney homes sold in the December quarter sold at least double their purchase price.
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Hunters Hill and Botany Bay sales have 100% success rate in December quarter: CoreLogic RP Data

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A house in Connells Point designed by architect Erik Rudolfosson has sold for $3.1 million.
The five bedroom, two bathroom contemporary home at <a href="https://www.realestate.com.au/property-house-nsw-connells+point-119302039" target="_blank">5 Loch Maree Crescent in Connells Point</a> sits on a 973 square metre plot. It includes two master bedrooms, both with en suites, and a three car garage.
Sitedesign Studios designed the gardens. The home overlooks the waterfront reserve at Donnelly Park, which has a boatramp, jetty and slipway.
Sasha Tasic and Greg Tsaprazis of Lang+Simmons St George secured the sale. The vendors paid $430,000 for the site in February 1996.
{qtube vid:=MqSTQ1xg2NQ}
The $3.1 million sale put the property in equal second place on CoreLogic RP Data's top 10 sales of the week.
The 10 most expensive sales of the week ending 12 April, according to CoreLogic RP Data:
<ol>
<li>
31 Ocean View Road, Freshwater, NSW 3 bed, 2 bath, 2 car house $3,150,000 Clarke &amp; Humel Property, Manly 
</li>
<li>
3 Edwin Road, Templestowe, Vic 5 bed, 3 bath, 3 car house $3,100,000 Jellis Craig Real Estate &amp; Vendor Advocacy Australia 
</li>
<li>
5 Loch Maree Crescent, Connells Point, NSW 5 bed, 3 bath, 3 car house $3,100,000 Laing + Simmons St George 
</li>
<li>
5a Fortescue Street, Chiswick, NSW 4 bed, 3 bath, 2 car house $3,050,000 Mac Lee Realty 
</li>
<li>
76 Pellisier Road, Putney, NSW 2 bed, 1 bath, 1 car house $2,825,000 Ray White Gladesville/Ryde 
</li>
<li>
2505/26 Southgate Avenue, Southbank, VIc 3 bed, 2 bath, 2 car unit $2,800,000 Lucas Real Estate Docklands 
</li>
<li>
32 Spencer Road, Mosman, NSW 4 bed, 2 bath, 2 car house $2,600,000 Prestige Home Sales Crows Nest 
</li>
<li>
16 Dangar Street, Randwick, NSW 4 bed, 2 bath, 2 car house $2,600,000 Phillps Pantzer Donnelley Real Estate 
</li>
<li>
1/39 Mona Road, Darling Point, NSW 3 bed, 2 bath, 2 car unit $2,500,000 Di Jones Real Estate Woollahra 
</li>
<li>
3/45 Wharf Road, Birchgrove, NSW 3 bed, 2 bath, 1 car unit $2,310,000 Cobden &amp; Hayson Balmain</li>
</ol>
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Erik Rudolfosson-designed Connells Point home sells for $3.1 million

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The low official cash rate and an increasingly competitive home loan market has prompted ME Bank to cut its three year fixed rate product by 29 basis points.
Its three year standard home loan is now offered with a 3.99% per annum interest rate. Its one year fixed loan rate was cut by 40 basis points to 4.29%, and its five year loan is now down 20 basis points to 4.39% per annum.
Although the Reserve Bank did not cut the official cash rate in April, ME Bank head of home loans Patrick Nolan says money markets have begun pricing in two more rate cuts.
He also attributes the bank's rate cut to increased competition in the market.
"With competition hotting up, many Banks will pass these fixed rate savings directly on to customers," says Nolan.
"Banks are fighting over a smaller slice of the lending pie which is helping to push fixed rates to never before seen lows."
The bank also now allows new borrowers to pay an extra $30,000 over the fixed term of their loan.
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ME Bank drops three year fixed rate below 4%

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First home buyers' share of new loans increased from 13.6% in January to 13.7% in February, according to new data from the Australian Bureau of Statistics (ABS).
The latest Housing Finance figures from the ABS show that the average loan size for first home buyers fell by $1,900, to $331,200, between January and February.
In February last year, ABS figures show first home buyer loans making up a 15.2% segment of all new housing commitments.
While the number of loans for owner-occupied dwellings increased in February, by 1.2% in seasonally adjusted terms, the average loan size fell for all owner occupier loans in the same was down $11,100 from $337,200.
The impact of the Reserve Bank's 25 basis point rate cut in the same month is unclear. However, their concerns over the level of investor borrowing in the housing market may be somewhat lessened by the ABS' February data.
The value of investor loans was down 3.4% in seasonally adjusted terms between January and February, to $12,054,000.
On a trend basis, however, investor activity still continues to dominate, as noted by ANZ.
<img src="/images/2015/04/10/Picture%2045.png" alt="">
The bank also observed that owner-occupier refinance levels accounted for about a third of all monthly finance commitments, with competition among lenders driving refinancing activity to its highest recorded share.
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First home buyers slightly up for February

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The proportion of home sales which resulted in a loss continued to trend lower in the March quarter, according to CoreLogic RP Data's March Pain and Gain report.
At 8.6%, the proportion of loss-making resales was lower than it had been since the June quarter of 2011.
Over the three months to March, home resales generated of $17.1 billion in profit, with the average resale making a gross profit of $251,696. Homes that sold for more than double their purchase price accounted for 32.3% of sales in the March quarter.
While losses are declining across Australia, some capital cities have fared better than others. Losses continued to trend downward in Melbourne, Sydney, Adelaide and Brisbane, but rose in Perth, Canberra, Hobart and Darwin.
The proportion of loss-making resales was substantially higher in regional areas than in the capital cities, with 14.8% of regional resales making a loss, compared to just 5.7% of capital city resales.
<img src="/images/2015/04/10/Picture%2043.png" alt="">
The regions with the largest proportion of loss making resales:
<ol>
<li>Mackay (Qld) (34.7%)</li>
<li>Fitzroy (Qld) (29.6%)</li>
<li>Townsville (Qld) (29.1%)</li>
<li>Wide Bay (Qld) (28.2%)</li>
<li>Cairns (Qld) (23.6%)</li>
<li>Outback (Qld) (22.9%)</li>
<li>South East (TAS) (22.7%)</li>
<li>Gold Coast (Qld) (21.4%)</li>
<li>Wheat Belt (Qld) (21.4%)</li>
<li>Outback (WA) (21.3%)</li>
</ol>
Source: CoreLogic RP Data
Queensland's regional property markets had the worst resale performance for the quarter, with 21.5% of regional Queensland homes reselling at a loss. More than a third of homes in Mackay sold for less than the vendors paid for them.
The town's property market downturn has been <a href="/expert-insights/buying/mackays-property-investor-woes-continue-as-vacancy-rate-hits-10">well documented</a>, as mining workers depart and vacancy rates climb.
Earlier this month, <a href="https://www.realestate.com.au/property-house-qld-bucasia-119280123" target="_blank">12 Hangan Street</a> in the Mackay suburb of Bucasia sold for $335,000 – $55,000 less than the vendors paid in January 2011 (pictured below).
<img src="/images/2015/04/10/bucasia%20april%2010.jpg" alt="">
The three bedroom house had been on the market for 706 days before it finally sold on 8 April.
Fitzroy, which includes Rockhampton and Gladstone, recorded the second worst result, with 29.6% of properties reselling at a loss.
Vendors paid $465,000 for <a href="https://www.realestate.com.au/property-house-qld-telina-119240027" target="_blank">9 Sutherland Court</a> in Gladstone's Telina in October 2009. They sold the four bedroom house for $440,000 earlier this month (pictured below).
<img src="/images/2015/04/10/telina%20april%2010.jpg" alt="">
The town has also been feeling the impact of the mining boom's decline across both <a href="/expert-insights/buying/tough-times-for-gladstone-commercial-property-as-town-adjusts-to-end-of-mining-boom">residential and commercial markets</a>.
Regional Queensland's performance highlights the varied market conditions across the country.
The regions with the lowest proportion of loss-making resales:
<ol>
<li>Sydney (NSW) (2.4%)</li>
<li>Illawarra (NSW) (2.5%)</li>
<li>Toowoomba (Qld) (2.7%)</li>
<li>Newcastle and Lake Macquarie (NSW) (3.4%)</li>
<li>Perth (WA) (5.5%)</li>
<li>Geelong (VIC) (5.6%)</li>
<li>Melbourne (VIC) (5.6%)</li>
<li>Ballarat (VIC) (6.5%)</li>
<li>Far West and Orana (NSW) (6.9%)</li>
<li>New England and North West (NSW) (7.4%)</li>
</ol>
 Source: CoreLogic RP Data
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One third of homes selling over double purchase price: CoreLogic RP Data

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Smart Property Investment magazine teamed up with three experts in June 2012 to pick 20 "inner city steals": suburbs where one in four units were selling for $300,000 or less.
CoreLogic RP Data's Cameron Kusher, Domain Group senior economist Andrew Wilson and SQM Research founder Louis Christopher ranked 20 suburbs within three kilometres of capital city CBDs based on their capital growth potential over a five year period.
At the halfway point of their time horizon, we've taken a <a href="/expert-insights/investing/looking-back-on-2012s-inner-city-steals">look back at the 20 suburbs</a> to see how they're faring.
We've picked the list's winners – the five suburbs which have displayed the biggest median unit price growth between June 2012 and the end of 2014. We've also identified the five biggest losing suburbs, where the median unit price was lower at the end of last year than it was in mid-2012. Note that any price growth or decline may not have been consistent over the 18 month period, and the percentage differences may display season variations.
<h3>The Winners:</h3>
<ul>
<li>Wayville, South Australia:</li>
</ul>
Median unit price in June 2012: $312,000 Median unit price at the end of 2014: $608,500 Price change: 95%
<ul>
<li>North Melbourne, Victoria:</li>
</ul>
Median unit price in June 2012: $390,000 Median unit price at the end of 2014: $495,000 Price change: 26.9%
<ul>
<li>North Hobart, Tasmania:</li>
</ul>
Median unit price in June 2012: $312,000 Median unit price at the end of 2014: $375,000 Price change: 20.2%
<ul>
<li>Kent Town, South Australia:</li>
</ul>
Median unit price in June 2012: $505,000 Median unit price at the end of 2014: $600,000 Price change: 18.8%
<ul>
<li>North Perth, Western Australia:</li>
</ul>
Median unit price in June 2012: $385,000 Median unit price at the end of 2014: $452,500 Price change: 17.5%
<h3>The losers</h3>
<ul>
<li>West Leederville, Western Australia:</li>
</ul>
Median unit price in June 2012: $385,000 Median unit price at the end of 2014: $452,500 Price change: -23.5%
<ul>
<li>Keswick, South Australia:</li>
</ul>
Median unit price in June 2012: $240,000 Last recorded median unit price: $202,500 Price change:-15.6%
<ul>
<li>New Town, Tasmania:</li>
</ul>
Median unit price in June 2012: $270,000 Median unit price at the end of 2014: $240,000 Price change: -11.1%
<ul>
<li>West Hobart, Tasmania:</li>
</ul>
Median unit price in June 2012: $330,000 Median unit price at the end of 2014: $317,000 Price change: -3.9%
<ul>
<li>Carlton, Victoria:</li>
</ul>
Median unit price in June 2012: $297,500 Median unit price at the end of 2014: $290,000 Price change: -2.5%
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The 2012 so-called inner city "steals" winners and losers 

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Clifton, a historic estate in Tasmania's Ranelegh, is on SQM Research's top 10 most discounted properties list, with its asking price halved.
The circa 1850 property, with a main house that dates back to 1865, has been on the market for more than two years. The Huon Valley home remained in the same family until it was first sold in 2000, and has since been used as both a family home and as a bed and breakfast.
The property includes a 25 bedroom house and gardens, which are listed by the National Trust. There are also two separate guest cottages, parklands and paddocks. Clifton was first listed for $2 million 743 days ago, and is now listed with an asking price of $995,000.
<h3>SQM Research's top 10 most discounted properties:</h3>
<ol>
<li>
1/35 Empire Drive, Kincumber, NSW   Initial listing price: $889,000  Now asking: $400,000  Reduction: 55%  Days on market: 380 
</li>
<li>
2 Louisa Street, Ranelagh, Tas   Initial listing price: $2 million  Now asking: $995,000  Reduction: 50%  Days on market: 743 
</li>
<li>
118 Queen Street, Oberon, NSW   Initial listing price: $299,000  Now asking: $149,000 Reduction: 50%  Days on market: 813 
</li>
<li>
 Gymea Bay, NSW   This property's details have now been corrected, and it is no longer included on SQM Research's Top 10 list. It has been removed from the article at SQM Research's request. 
</li>
<li>
6 Gatumba Street, Myora, Dunwich, QLD   Initial listing price: $1.5 million  Now asking: $825,000  Reduction: 45%  Days on market: 260 
</li>
<li>
8/109 Mitchell Street, Brunswick, Vic   Initial listing price: $670,000  Now asking: $390,000  Reduction: 42%  Days on market: 168 
</li>
<li>
948 Priestdale Street, Rochedale, QLD Initial listing price: $2.8 million  Now asking: $1.65 million  Reduction: 41%  Days on market: 540 
</li>
<li>
78 Walters Road, Wattle Grove, Tas Initial listing price: $1.15 million  Now asking: $675,000  Reduction: 40%  Days on market: 414 
</li>
<li>
10 Jenkins Court, Upper Coomera, QLD Initial listing price: $1.15 million  Now asking: $700,000  Reduction: 39%  Days on market: 434 
</li>
<li>
114 Attfield Street, Maddington, WA   Initial listing price: $629,950  Now asking: $385,000  Reduction: 39% Days on market: 512</li>
</ol>
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Historic Tasmanian estate on SQM's most discounted list

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In June 2012, Smart Property Investment published a list of 20 inner-city suburbs where apartments were available for a "steal".
Each of the 20 suburbs were located within five kilometres of a capital CBD. One in four units in each suburb had to sell for $300,000 or less.
The magazine teamed up with an expert panel: Domain Group senior economist Andrew Wilson, SQM Research managing director Louis Christopher and RP Data senior research analyst Cameron Kusher. Together, they selected the suburbs, grouped them by states and ranked them on their potential for capital growth over five years.
A lot has happened since June 2012. Melbourne's apartment boom has continued to dizzying heights, Hobart had a surprisingly strong start to 2015, and Perth's price recovery in the wake of the mining boom has been more modest than some had hoped.
We're now halfway through the five year time horizon set out by the experts in June 2012, so Property Observer takes a look at how the inner city steals are performing. The updated median price and gross yield figures are taken from CoreLogic RP Data, as of the end of 2014. The vacancy rate figures are taken from SQM Research.
<h3>Hobart</h3>
Hobart's unit prices haven't fared so well in the last year – in fact, they've gone down in value, with Corelogic RP Data recording a 5.7% decrease in prices in the year to March. Of all the expert's Tasmanian picks, North Hobart has performed the best, with a median unit price of $375,000 at the end of 2014 compared to $312,000 in June 2012.
#20: <a href="/news">South Hobart, Tasmania</a>
Then:
<ul>
<li>Median price: $290,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 4.4%</li>
</ul>
Now:
<ul>
<li>Median price: $297,500</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 2%</li>
</ul>
#19 <a href="/news">Sandy Bay, Tasmania</a>
Then:
<ul>
<li>Median price: $377,500</li>
<li>Gross rental yield: 4%</li>
<li>Vacancy rate: 5.1%</li>
</ul>
Now:
<ul>
<li>Median price: $378,500</li>
<li>Gross rental yield: 4%</li>
<li>Vacancy rate: 2.2%</li>
</ul>
#18 <a href="/news">West Hobart, Tasmania</a>
Then:
<ul>
<li>Median price: $330,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 3.9%</li>
</ul>
Now:
<ul>
<li>Median price: $317,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 2.1%</li>
</ul>
#17 <a href="/news">North Hobart, Tasmania</a>
Then:
<ul>
<li>Median price: $312,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 3.9%</li>
</ul>
Now:
<ul>
<li>Median price: $375,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 2.1%</li>
</ul>
#16 <a href="/news">New Town, Tasmania</a>
Then:
<ul>
<li>Median price: $270,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 2.4%</li>
</ul>
Now:
<ul>
<li>Median price: $240,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 1.2%</li>
</ul>
<h3>Melbourne</h3>
Melbourne's inner city units have received a lot of press in the last two years, due to a particularly pronounced spike in approvals, and construction. The new crop of apartment towers has lead many to ask if the city has an <a href="/news/vic/exclusive-does-melbourne-have-an-oversupply-problem">oversupply problem</a>, and may soon see a <a href="/expert-insights/buying/price-correction-looming-in-wake-of-melbourne-apartment-boom-bis-shrapnel">price correction</a>.
As the suburbs of choice for many student renters, the inner city steals spotlighted all displayed seasonal spikes in vacancy rates around the summer holiday period.
#15 <a href="/news">Melbourne, Victoria</a>
Then:
<ul>
<li>Median price: $379,500</li>
<li>Gross rental yield: 6%</li>
<li>Vacancy rate: 4.6%</li>
</ul>
Now:
<ul>
<li>Median price: $445,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 3.5%</li>
</ul>
#14 <a href="/news">Carlton, Victoria</a>
Then:
<ul>
<li>Median price: $297,500</li>
<li>Gross rental yield: 7%</li>
<li>Vacancy rate: 0.9%</li>
</ul>
Now:
<ul>
<li>Median price: $290,000</li>
<li>Gross rental yield: 7%</li>
<li>Vacancy rate: 2.9%</li>
</ul>
#13 <a href="/news">North Melbourne, Victoria</a>
Then:
<ul>
<li>Median price: $390,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 1.9%</li>
</ul>
Now:
<ul>
<li>Median price: $495,000</li>
<li>Gross rental yield: 4%</li>
<li>Vacancy rate: 1.6%</li>
</ul>
<h3>Adelaide</h3>
The experts picked seven Adelaide suburbs for their list in 2012. They aren't the only ones that believe in the South Australian capital's potential: in July last year, observer Terry Ryder wrote that Adelaide was a "standout market". The city's unit prices increased by 2.6% in the year to March, according to CoreLogic RP Data.
#12 <a href="/news">Rose Park, South Australia</a>
Then:
<ul>
<li>Median price: $460,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 1.1%</li>
</ul>
Now:
<ul>
<li>Median price: $447,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 1.7%</li>
</ul>
#11 <a href="/news">Keswick, South Australia</a>
Then:
<ul>
<li>Median price: $240,000</li>
<li>Gross rental yield: 6%</li>
<li>Vacancy rate: 1.0%</li>
</ul>
Now:
<ul>
<li>Median price: $202,500 (last recorded)</li>
<li>Gross rental yield: 7%</li>
<li>Vacancy rate: 1.8%</li>
</ul>
#10 <a href="/news">Ashford, South Australia</a>
Then:
<ul>
<li>Median price: $291,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 7.0%</li>
</ul>
Now:
<ul>
<li>Median price: $294,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 1.8%</li>
</ul>
#9 <a href="/news">Kent Town, South Australia</a>
Then:
<ul>
<li>Median price: $505,000</li>
<li>Gross rental yield: 3%</li>
<li>Vacancy rate: 1.1%</li>
</ul>
Now:
<ul>
<li>Median price: $600,000</li>
<li>Gross rental yield: 3%</li>
<li>Vacancy rate: 1.7%</li>
</ul>
#8 <a href="/news">Wayville, South Australia</a>
Then:
<ul>
<li>Median price: $312,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 0.8%</li>
</ul>
Now:
<ul>
<li>Median price: $608,500</li>
<li>Gross rental yield: 3%</li>
<li>Vacancy rate: 1.9%</li>
</ul>
#7 <a href="/news">Goodwood, South Australia</a>
Then:
<ul>
<li>Median price: $337,500</li>
<li>Gross rental yield: 4%</li>
<li>Vacancy rate: 0.9%</li>
</ul>
Now:
<ul>
<li>Median price: $388,000</li>
<li>Gross rental yield: 4%</li>
<li>Vacancy rate: 1.9%</li>
</ul>
#6 <a href="/news">Mile End, South Australia</a>
Then:
<ul>
<li>Median price: $390,000</li>
<li>Gross rental yield: 4%</li>
<li>Vacancy rate: 0.8%</li>
</ul>
Now:
<ul>
<li>Median price: $395,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 0.9%</li>
</ul>
<h3>Sydney</h3>
Only one Sydney suburb made the inner city steals list, which makes sense given Sydney prices stand head and shoulders above the other capital cities. Just like the rest of Sydney, Ultimo has recorded strong growth in recent years – the median price of units at the end of 2014 is $63,500, or 15%, higher than it was in June 2012.
#5 <a href="/news">Ultimo, New South Wales</a>
Then:
<ul>
<li>Median price: $414,500</li>
<li>Gross rental yield: 6%</li>
<li>Vacancy rate: 1.3%</li>
</ul>
Now:
<ul>
<li>Median price: $478,000</li>
<li>Gross rental yield: 6%</li>
<li>Vacancy rate: 1.4%</li>
</ul>
<h3>Perth</h3>
Perth's inner city suburbs topped the list, with four picks. While the Kusher, Christopher and Wilson unanimously agreed that Perth's suburbs should rank highest, the results so far are mixed. Trendy Mount Lawley's end of 2014 median unit price is 16% higher than the June 2012's (with a similar result in North Perth). But in West Leederville, the median unit price is down, from $482,500 to $369,000, with the vacancy rate up from 0.9% to 2.4%.
#4 <a href="/news">West Leederville, Western Australia</a>
Then:
<ul>
<li>Median price: $482,500</li>
<li>Gross rental yield: 3%</li>
<li>Vacancy rate: 0.9%</li>
</ul>
Now:
<ul>
<li>Median price: $369,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 2.4%</li>
</ul>
#3 <a href="/news">North Perth, Western Australia</a>
Then:
<ul>
<li>Median price: $385,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 0.6%</li>
</ul>
Now:
<ul>
<li>Median price: $452,500</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 2%</li>
</ul>
#2 <a href="/news">Mount Lawley, Western Australia</a>
Then:
<ul>
<li>Median price: $382,500</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 0.4%</li>
</ul>
Now:
<ul>
<li>Median price: $445,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 4.5%</li>
</ul>
#1 <a href="/news">Highgate, Western Australia</a>
Then:
<ul>
<li>Median price: $365,000</li>
<li>Gross rental yield: 5%</li>
<li>Vacancy rate: 0.3%</li>
</ul>
Now:
<ul>
<li>Median price: $412,500</li>
<li>Gross rental yield: 6%</li>
<li>Vacancy rate: 3.2%</li>
</ul>
</body></html>

Looking back on 2012's "inner city steals"

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

Jessie Richardson

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