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The Collins Street gallery of photographer Ken Duncan will close at the end of this month, a year and a half after <a href="/expert-insights/investing/photographer-ken-duncan-rents-gallery-space-on-melbournes-collins-street">the site was secured</a>.
The move marks the end of the gallery’s physical presence in Victoria, after 17 years and three different locations in the state. The nature photographer also previously had a gallery in Melbourne's Docklands. In a public release, Duncan wrote that waiting four years for the repair of the Southern Cross Observation Wheel “hit [the gallery] very hard.”
Known for his panoramic landscape photography, Ken and his wife, managing director Pam Duncan, will focus on consolidating their main gallery on the New South Wales Central Coast. Last year, the <a href="/news/landscape-photographer-ken-duncan-lists-matcham-house-and-former-gallery">Duncans sold their Matcham house and gallery</a> property (pictured below) for $1.23 million.
<img src="/images/stories/2013/09/27/matcham-sept-27-one.jpg" alt="matcham-sept-27-one">
The Ken Duncan gallery will be open on the ground floor of 500 Collins Street until the end of the month. Ken Duncan signed a five year lease with CBRE in October 2012, reportedly paying about $1000 per square metre. Savills is currently advertising a half-sized ground level gallery adjacent to the Ken Duncan gallery in 500 Collins Street for $1,400 per square metre. 
The mixed retail and office building was purchased by the Kador Group in 2002 and underwent significant upgrades to improve sustainability, becoming Australia’s first refurbishment project to receive a five star Green Star design rating. 
Office space in the building is currently available to rent at $390 to $440 per square metre. 
Ken Duncan received a Medal of the Order of Australia from the federal government for his services to landscape photography, publishing and the arts.
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jrichardson-uRX5hFdKfN

Ken Duncan to close Melbourne gallery at end of April

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With generally positive labour market figures for March 2014, AMP Capital has renewed its prediction of a rate hike in September or October, virtually ruling out the possibility of another rate cut this year.
According to the latest ABS Labour Force figures, March saw seasonally adjusted employment rise by 18,100 people, ahead of market expectations of a 2,500 person gain.
Following a 48,200 gain in February, employment is now up 1.1% from a year ago.
Unemployment fell in March, now at 5.8% from an upwardly revised figure of 6.1% in February. However, the decrease can largely be explained by a fall in the participation rate, which AMP Capital’s chief economist and head of investment strategy Shane Oliver also believed factored into an “odd slump” in Western Australia’s unemployment figure which fell from 5.9% to 4.9% for the month.
Full time jobs were down 22,000 for the month across Australia, after an 80,000 job gain in February.
According to Oliver, the “messy details” of the ABS’s latest report and the tendency for monthly volatility in labour data highlights the importance of trend data, which shows monthly jobs growth of about 14,000, with unemployment rising slowly.
Given the available data, AMP considers Australia’s job market better off than media reports suggest, though not as strong as implied in February and January’s data. Forward looking employment indicators such as job vacancies, job ads and hiring intentions as detailed in the NAB Business Survey (see below) suggest gradual improvements in the jobs market. 
<img src="/images/2014/04/15/chart%20april%2015%20one.png" alt="">
While AMP expects that the rising value of the Australian dollar is likely to become a cause for concern for the Reserve Bank, the investment house predicts that the RBA will “renew jawboning efforts” to suppress the dollar’s international value in the coming months, rather than adjusting interest rates. The Australian dollar sits at US$0.94 at the time of writing.
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Employment up for March with rate hike expected later this year: AMP

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After looking at what that sum will get you <a href="/expert-insights/investing/what-will-sydney-s-median-price-get-you-around-the-world">around the world</a>, Property Observer returns home to see what Sydney's median house price can purchase you elsewhere in Australia.
According to RP Data, the median sale price for a Sydney house was $713,000 in the last quarter.
Victoria: <a href="https://www.realestate.com.au/property-house-vic-preston-116686567" target="_blank">7 Brown Street, Preston</a>
<img src="/images/2014/04/14/preston%20april%2014.jpg" alt="">
<img src="/images/2014/04/14/preston%20april%2014%20four.jpg" alt="">
<img src="/images/2014/04/14/preston%20april%2014%20two.jpg" alt=""><img src="/images/2014/04/14/preston%20april%2014%20three.jpg" alt="">
This art deco era home is located in Preston, nine kilometres north of the Melbourne CBD. The three bedroom house has one central bathroom and another separate powder room in addition to a formal dining area, living room and timber cabinet kitchen.
This Preston home’s substantially sized backyard also includes a covered outdoor entertaining area and separate studio and workshop.
The median house price in <a href="/news">Preston</a> is $622,000, according to RP Data.
Vendors are expecting between $660,000 and $720,000.
<ul>
<li>Listing price: $660,000 to $720,000</li>
<li>Land size: 645 square metres</li>
<li>Bedrooms: Three</li>
<li>Minutes to drive to CBD: 20 (Melbourne)</li>
</ul>
<img src="/images/2014/04/14/preston%20april%2014%20floor%20plan.gif" alt="">
South Australia: <a href="https://www.realestate.com.au/property-house-sa-clovelly+park-116637595" target="_blank">37 Norrie Avenue, Clovelly Park</a>
<img src="/images/2014/04/14/clovelly%20park%20april%2014.jpg" alt="">
<img src="/images/2014/04/14/clovelly%20park%20april%2014%20two.jpg" alt="">
<img src="/images/2014/04/14/clovelly%20park%20april%2014%20three.jpg" alt="">
<img src="/images/2014/04/14/clovelly%20park%20april%2014%20four.jpg" alt="">
Substantially larger than the average Sydney home, this five bedroom one storey in the inner Adelaide suburb of <a href="/news">Clovelly Park</a> is three years old.
The Norrie Avenue home comes with two large bathrooms, formal and casual living rooms, a home theatre, a kitchen with walk in pantry and a three car garage. The 836 square metre land plot also houses a pool.
This home is expecting $695,000 to $725,000.
<ul>
<li>Listing price: $695,000 to $725,000</li>
<li>Land size: 800 square metres</li>
<li>Bedrooms: five</li>
<li>Minutes to drive to CBD: 14 (Adelaide)</li>
</ul>
<img src="/images/2014/04/14/clovelly%20park%20april%2014%20floor%20plan.jpg" alt="">
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ACT: <a href="https://www.realestate.com.au/property-house-act-conder-115638939" target="_blank">25 Montgomery Place, Conder</a>
<img src="/images/2014/04/14/conder%20april%2014.jpg" alt="">
<img src="/images/2014/04/14/conder%20april%2014%20two.jpg" alt="">
<img src="/images/2014/04/14/conder%20april%2014%20three.jpg" alt="">
<img src="/images/2014/04/14/conder%20april%2014%20four.jpg" alt="">
For Sydney’s median price of $713,000, a buyer could nab this five bedroom house in <a href="/news">Conder</a>, in Canberra’s Lanyon Valley.
With views to the Brindabella mountains, the home also has three separate living spaces and two bathrooms, one of which features a spa.
The single storey home is listed at $699,000 plus.
<ul>
<li>Listing price: $699,000+</li>
<li>Land size: 720 square metres</li>
<li>Bedrooms: five</li>
<li>Minutes to drive to CBD: 24 (Canberra)</li>
</ul>
<img src="/images/2014/04/14/conder%20april%2014%20floo%20plan.gif" alt="">
Northern Territory: <a href="https://www.realestate.com.au/property-house-nt-rapid+creek-114700763" target="_blank">Rapid Creek</a>
<img src="/images/2014/04/14/rapid%20creek%20april%2014.jpg" alt="">
<img src="/images/2014/04/14/rapid%20creek%20april%2014%20two.jpg" alt="">
<img src="/images/2014/04/14/rapid%20creek%20april%2014%20three.jpg" alt="">
This four bedroom, two bathroom home with a swimming pool is listed for $700,000.
The open plan house with air conditioning is located in Darwin’s <a href="/news">Rapid Creek</a>, where the median sale price for February was $732,000.  
<ul>
<li>Listing price: $700,000</li>
<li>Land size: 929 square metres</li>
<li>Bedrooms: four</li>
<li>Minutes to drive to CBD: 15 (Darwin)</li>
</ul>
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Queensland: <a href="https://www.realestate.com.au/property-house-qld-rockyview-116697403" target="_blank" style="line-height: 1.3em;">13 Del Close, Rockyview</a>
<img src="/images/2014/04/14/rockyview%20april%2014.jpg" alt="">
 <img src="/images/2014/04/14/rockyview%20april%2014%20two.jpg" alt="" style="line-height: 1.3em;">
<img src="/images/2014/04/14/rockyview%20april%2014%20three.jpg" alt="">
Listed at $710,000, this five bedroom three bathroom house is located in <a href="/news">Rockyview</a>, north of Rockhampton.
The one storey home sits on a one acre block with a pool. It was purchased by the current owners for $410,000 in 2004.
The median house sale price in Rockyview is $562,500.
<ul>
<li>Listing price: $710,000</li>
<li>Land size: 4,217 square metres</li>
<li>Bedrooms: five</li>
<li>Minutes to drive to CBD: 18 (Rockhampton)</li>
</ul>
Tasmania: <a href="https://www.realestate.com.au/property-house-tas-otago-112829231" target="_blank">27-29 Otago Bay Road, Otago</a>
<img src="/images/2014/04/14/otago%20april%2014.jpg" alt="">
<img src="/images/2014/04/14/otago%20april%2014%20two.jpg" alt="">
<img src="/images/2014/04/14/otago%20april%2014%20three.jpg" alt="">
<img src="/images/2014/04/14/otago%20april%2014%20four.jpg" alt="">
<img src="/images/2014/04/14/otago%20april%2014%20five.jpg" alt="">
Vendors are expecting a sale price in the early to mid $700,000s for this three bedroom waterfront home.
This Otago Bay house sits right on the River Derwent, offering buyers panoramic water views. With split level living spaces inside, there are also substantially sized outdoor entertaining areas, with a deck running the length of the house.
With private mooring, the property also comes with a separate private cottage with kitchenette at the water’s edge. February’s median house sale price for <a href="/news">Otago</a> was $435,000.
<ul>
<li>Listing price: Low to mid $700,000s</li>
<li>Land size: 2,466 square metres</li>
<li>Bedrooms: three</li>
<li>Minutes to drive to CBD: 15 (Hobart)</li>
</ul>
<img src="/images/2014/04/14/otago-april-14-floor-plan.jpg" alt="">
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Western Australia: <a href="https://www.realestate.com.au/property-house-wa-west+perth-116623959" target="_blank">396 Bulwer Street, West Perth</a>
<img src="/images/2014/04/14/west%20perth%20april%2014.jpg" alt="">
<img src="/images/2014/04/14/west%20perth%20april%2014%20three.jpg" alt="">
<img src="/images/2014/04/14/west%20perth%20april%2014%20four.jpg" alt="">
Another 1920s era home, this iron and brick workers’ cottage is set on 176 square metres of land in the inner city suburb of <a href="/news">West Perth</a>.
The two bedroom renovated period home still retains many of its original features, including ornate fireplaces and arched French windows.
Bordering on the Perth CBD, West Perth had a median house sale price of $1,348,229 in February, according to RP Data. This single fronted cottage on a subdivided plot is selling with expectations in the low $700,000s.
<ul>
<li>Listing price: Low $700,000s</li>
<li>Land size: 176 square metres</li>
<li>Bedrooms: 2</li>
<li>Minutes to drive to CBD: Six (Perth)</li>
</ul>
New South Wales: <a href="https://www.realestate.com.au/property-house-nsw-merrylands-116562439" target="_blank">1 Charlotte Street, Merrylands</a>
<img src="/images/2014/04/14/merrylands%20april%2014.jpg" alt="">
<img src="/images/2014/04/14/merrylands%20april%2014%20two.jpg" alt="">
<img src="/images/2014/04/14/merrylands%20april%2014%20three.jpg" alt="">
Vendors are accepting offers over $690,000 for this three bedroom, one bathroom home in the Western Sydney suburb of Merrylands.
Located about 25 kilometres west of the Sydney CBD, the median house sale price in <a href="/news">Merrylands</a> is $650,000.
This home, set on 847 square metres, was last sold for $500,000 in 2011. 
<ul>
<li>Listing price: $690,000+</li>
<li>Land size: 847 square metres</li>
<li>Bedrooms: three</li>
<li>Minutes to drive to CBD: 29 (Sydney)</li>
</ul>
<img src="/images/2014/04/14/merrylands%20april%2014%20floor%20plan.jpg" alt="">
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What can you buy for Sydney’s median price around Australia?

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The majority of one bedroom apartment and penthouse stock at the 37 storey Opus Tower has been sold or is under reservation, presumably going to offshore buyers prior to the tower's Australian launch on May 29. Only 31 two bedroom apartments and 40 premium residences remain, with prices starting at $665,000.
The property, which was heavily marketed in Hong Kong and mainland China, comprises 246 residences, including one and two bedroom apartments and penthouses. Marketing efforts include a cross promotional deal with Qantas, where registrants were entered into a draw to win 1 million Qantas Points, and the opportunity to earn 1 point per $1 spent on property purchases in the tower. Opus Tower is not the first off-the-plan property to be promoted through Qantas points by LK Properties, who <a href="/news/melbourne-off-the-plan-units-sell-with-bonus-qantas-frequent-flyer-points">launched the Qantas deal mid last year</a>.
Construction has been approved after four years of delays. 
Plans for the residential tower first emerged in 2010 after Tapil Pty Ltd obtained a planning permit for redevelopment at 57-61 City Road, Southbank for 246 apartments, two retail premises, three offices and parking for associated cars (see below).
<img src="/images/2014/04/11/planning%20details.png" width="460" height="264">
Planning details from the City of Melbourne, 2010
However, after submitting plans for the building, Tapil ran into a series of roadblocks over minimum boundary setbacks on the building's east and west borders. Amended plans were submitted to the City of Melbourne, who were ordered to approve the amended plans by the Victorian Civil and Administrative Council in April 2011.
Tapil then listed the 912 square metre site with planning permits through Lemon Baxter in May 2011.
<img src="/images/2014/04/11/jr-arpil-11-tear-out.jpg" alt="">
57-61 City Road's listing through Lemon Baxter. Source: The Age
It was then listed again in <a href="https://www.colliers.com.au/News/News-details.aspx?NewsId=%7b030DCF51-D335-40A5-BDC7-ED719E20B588%7d" target="_blank">September 2011</a> through Colliers International. Reportedly, the site sold for $11.9 million last year with final plans greenlit in late February 2014.
Opus Tower will be located at 57-61 City Road, Southbank, near the Eureka Tower, fronting onto Fawkner Street and City Road. Designed by Artisan Architects, the tower will have a white, black and gold façade with textured concrete and metal components. There will be a ground floor retail precinct, and internal features will include curved, gold chained walls in the building’s lobby.
Larry Kestelman’s LK Property Group is currently accepting registrations from Australian for pre-release access to the project’s two bedroom residences. The apartments, marketed by Amity Real Estate, will offer floor to ceiling windows, timber flooring and Essastone benchtops in the kitchens. In May developers will launch the remaining stock to local buyers, including a premium selection of 40 residences in the tower. 
<img src="/images/2014/04/11/600_floorplanT06.png" alt="">
Floor plan for penthouse option A at Opus Tower, Melbourne.
<img src="/images/2014/04/11/2.jpg" alt="">
Floor plan for two bedroom apartment Opus Tower, Melbourne.
 
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Majority of stock sold prior to local launch of Southbank's Opus Tower development

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Now that the dust has settled, Property Observer takes a look at what we learned over the course of The Block: Fans v Faves.
<ol>
<li>
Fitout may fade, but aspect is forever. While Steve and Chantelle’s renovating skills may have left a lot to be desired at times, their street-fronting apartment had that all-important north facing aspect. With windows all along their western wall and huge arched windows at the north, their apartment was flooded with light. Should they wish to, changing the apartment’s furnishings will cost the buyers relatively little. 
</li>
<li>
Use the building’s natural features. Contestants this season were lucky enough to makeover one of the most interesting buildings in Albert Park, the former Dux Picture Theatre. With townhouses and apartments in the suburb already in high demand, the rarity of The Block’s warehouse conversions were a huge pull for buyers and audiences. All four teams took advantage of this fact, playing up the industrial elements of their properties with complimentary timber work and exposed red brick. 
</li>
<li>
Location matters, even in TV land. The Block’s producers have an impressive track record now of picking buildings in blue chip inner city suburbs, where demand runs hot and residences are hard to come by. As buyers’ advocate Frank Valentic noted, the couple who purchased the winning apartment this series had been seeking a home in Melbourne’s inner south for some time. With another series of The Block planned for Prahran, the trend is set to continue.  </li>
<li>
Treat your tradies well. Trouble with tradies was a running theme on The Block: Fans v Faves. Poor planning meant that teams at times had to re-do their work with different tradespeople, while disputes lead Alisa and Lysandra to ditch one of their employees. When Property Observer spoke to contestant and professional carpenter Kyal Demmrich, he said that communication was key.  “If you’re going to employ a tradesperson, you’ve got to be upfront and clear about your expectations,” said Kyal. “And if you’re not, you’ve got to voice it early on.” Winning couple Steve and Chantelle have the right idea – they’ve been quoted saying that the first item on their spending agenda is a big party for all their tradies. 
</li>
<li>
Reno smart, sell smarter. With the least experience and the least money, Steve and Chantelle relied on strategy, channelling their energies into the kitchen and living spaces and their master bedroom, two of the most valuable areas for buyers. But it was their clever choice to go last in the auction proceedings that was the couple’s best play, with high demand and low supply the perfect ingredients for a winning price.
</li>
</ol>
For our full coverage of The Block: Fans v Faves, click below
<a href="/expert-insights/buying/the-buyers-behind-the-block-fans-v-faves">The buyers behind The Block: Fans v Faves</a>
<a href="/expert-insights/buying/steve-and-chantelles-auctioneer-david-wood-on-the-blocks-record-breaking-win">Steve and Chantelle's auctioneer David Wood on The Block's record breaking win</a>
<a href="/news/substance-over-style-as-chantelle-and-steve-win-the-block-2014-fans-v-faves">Substance over style as Chantelle and Steve win The Block 2014 Fans V Faves</a>
<a href="/expert-insights/building/on-the-auction-block-our-faves-for-the-finale">On the auction Block: Our faves for the finale</a>
<a href="/expert-insights/buying/kyal-demmrich-on-the-trials-and-triumphs-of-the-block">Kyal Demmrich on the trials and triumphs of The Block</a>
<a href="/expert-insights/the-block-on-show-at-this-weekends-open-for-inspection">The Block on show at this weekend's open for inspection </a>
Open for inspection: The Block Fans v Faves doors open to the public this weekend
<a href="/news/raw-timber-and-red-brick-industrial-design-on-the-block">Raw timber and red brick: Industrial design on The Block</a>
<a href="/news/art-styles-for-apartment-d-cor-lessons-from-the-block">Art styles for apartment décor: Lessons from The Block</a>
<a href="/news/creating-the-perfect-new-york-style-loft-lessons-from-the-block">Creating the perfect New York style loft: Lessons from The Block</a>
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Five lessons from The Block: Fans v Faves

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Quest Abbotsford serviced apartments is set to open this month, one of eight new Quest properties to launch this year.
Part of Salta Properties’ $1.5 billion Victoria Gardens Precinct, Quest Abbotsford is a joint venture between Quest Serviced Apartments and the privately owned Salta Properties.
Situated next to the Terminus Hotel at 611 Victoria Street, Quest Abbotsford will comprise 93 new studio, one, two and three bedroom serviced apartments. Prices begin at $169 per night for a studio apartment.
According to Quest chairman Paul Constantinou, the upcoming opening of Quest Abbotsford marks the beginning of a growth period for the company.
<blockquote>
The upcoming opening of Quest Abbotsford apparently marks the beginning of a growth period for the company
</blockquote>
“Demand for extended stay accommodation is exceeding supply in Australia, which is why we are opening seven new properties across a range of CBD, suburban and regional locations in 2014. Quest Abbotsford will kick off this period of major growth for Quest as we continue to respond to the needs of business travellers,” said Constantinou.
The franchise has been accepting bookings and is set to open on April 28. Quest Abbotsford is one of eight new Quest properties set to open this year, along with projects at King William South in Adelaide’s CBD, Berrimah in the Northern Territory, Woolloongabba in Queensland, Wellington and Whangarei in New Zealand, Newcastle West in New South Wales and Melbourne Airport.
Despite the suggestion that it marks the beginning of a period of growth, it appears this may have already started.
Quest looked to <a href="/expert-insights/investing/quest-lists-sydney-olympic-park-serviced-apartments-as-appetite-for-australian-hotels-rises">sell their Sydney Olympic Park offering, after listing it in May last year</a>, seeking $39 million, to beef up funds for more than a dozen new projects. In June last year they <a href="/expert-insights/investing/surging-quest-leads-strongly-growing-australian-serviced-apartment-market">recorded 28% growth over two years</a>, leading the strongly growing serviced apartment market.
In September, they also opened a <a href="/news/quest-opens-second-serviced-apartment-hotel-in-mackay-following-positive-business-conditions">serviced apartment offering in Mackay</a>, their second in the area. There have also been <a href="/expert-insights/investing/quest-to-build-tullamarine-melbourne-airport-serviced-apartments">reports of plans to build in Melbourne's Tullamarine</a>.
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Quest Abbottsford serviced apartments to open this month

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With the properties on The Block going for record prices, everybody is wondering who paid $2.47 million for Steve and Chantelle’s apartment at 1/47 O’Grady Street.
According to Advantage Property Consulting managing director Frank Valentic, who represented the winning apartment’s buyers at Tuesday’s auction, 1/47 went to a young professional couple who had been seeking a home in Melbourne’s blue chip inner south.
The surgeon and marketer from Southbank were keen on an Albert Park residence after missing out on a property in St Kilda earlier this year. Valentic, who bid on all four apartments, said of his three interested clients, the couple that secured 1/47 were the most emotionally motivated.
“They’re in their thirties, looking to start a family and Albert Park is a great location for it,” he said.
The other two buyers Valentic represented on the night were businessmen looking to purchase apartments at O’Grady Street as investments, who both missed out.
“The investors were very disappointed, but they were unemotional buyers. When we reached our limit, we pulled out.”
The $2.47 million sum was approaching the owner occupier’s maximum price threshold, said Valentic.
“That last bid – we were right on the edge there,” he said. “We got in by the skin of our teeth on the last one.”
Independent valuer and WBP Property chief executive Greville Pabst agreed that emotions were a significant factor in the record-breaking prices seen last night.
“This was never going to be about price or valuation or property fundamentals,” said Pabst.
“There were other drivers – the amount of promotion and marketing by Channel 9, euphoria, the celebrity factor – that really drove the price. It was more about the experience rather than the property.”
“Buyers are thinking, ‘I can afford to buy that property, I want almost to brag to my friends that I bought The Block.’ So price was a secondary factor.”
Pabst pointed to another big celebrity sale which had similar results.
“Another example of that was the former Prime Minister Julia Gillard’s house in Altona. We were expecting high $600,000s to early $700,000s, and it ended up at $950,000 plus.”
On Channel 9’s A Current Affair, Pabst gave Brad and Dale’s apartment the highest value at $2.25 million, followed by Kyal and Kara’s, Alisa and Lysandra’s and finally Steve and Chantelle’s – the exact reverse of the outcomes on auction day. (For what it’s worth, Property Observer predicted that Brad and Dale’s apartment would win, with Steve and Chantelle’s coming in second)
The final results: 
<ol>
<li>Steve and Chantelle, 1/47 O’Grady: $2.47 million ($636,000 above the adjusted reserve)</li>
<li>Alisa and Lysandra, 3/47 O’Grady: $2.375 million ($616,000 above the adjusted reserve)</li>
<li>Kyal and Kara, 2/47 O’Grady: $2.44 million ($567,250 above the adjusted reserve)</li>
<li>Brad and Dale, 4/47 O’Grady: $2.31 million ($507,250 above the adjusted reserve)</li>
</ol>
According to Pabst, the sales order played into the final result. Brad and Dale's property was auctioned first, then Kyal and Kara's, the twins', and Steve and Chantelle's.
“The order of proceedings was definitely a factor. It does come down to supply and demand. If there are seven or eight buyers and three have sold, then you have three or four people competing for the final apartment. But it’s an emotion driven purchase, rather than a purchase based on fundamental value,” he said.
“Apartment 1 was the most inferior but got the highest result.
“The quality of the cabinetry was inferior. The position of the staircase (it was a spiral metal staircase), the general layout of the apartment and the quality of the fixtures and finishes - when you’re spending $2 million plus, these details count.”
While he believes the final sales prices were 10-15% above the properties’ true values, he said the rarity and location of the properties would also have driven up prices.
Valentic, who had also picked Brad and Dale’s apartment as the winner, thought that if the order of sales was shaken up, the final results may have been different.
“The order will always have an influence,” he said. “So if the order was reversed and Brad and Dale weren’t first – if they were close to last, they would have had a better chance.”
While the young couple who bought Steve and Chantelle’s renovation preferred that apartment, they would have bid on the other properties if they had missed out on 1/47 early on.
“We were going for the two north facing ones for the home buyers, and the preference was for Chantelle and Steve’s apartment. But if those two north facing ones had gone earlier, they would have had a go at the other ones. They just wanted to be in the area,” said Valentic.
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The buyers behind The Block: Fans v Faves

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Renovation first timers Steve and Chantelle surprised Australia when they were <a href="/expert-insights/buying/steve-and-chantelles-auctioneer-david-wood-on-the-blocks-record-breaking-win">revealed last night</a> as the winners of The Block: Fans v Faves. Property Observer spoke to auctioneer David Wood, who secured a $2.47 million sale price for the couple.
The Geelong chimney sweep and milliner attracted the highest ever price above reserve on the series. They are also the first Victorian team to ever with The Block, a factor Wood said is not lost on the Victoria-based hockingstuart team.
“We’ve helped them sell a property before, some years ago,” said Wood. “So to be involved with them now, and to be able to create this result with them, is a great outcome.”
The first item of the Tuesday afternoon auction was to decide on the order of sale, a decision Wood believes played into the final result.
<blockquote>
“We’re thrilled with the win, and to set a record price for The Block.”
</blockquote>
“It was determined that we were going to go last,” said Wood, director of hockingstuart Albert Park. “We had substantial interest in the home, so we weren’t afraid to go last.  There were two buyers in particular who had come through before the auction and were very interested in the apartment.
“I think its value was probably underpinned by the previous sales. It was quick to start, and to start at a level that was already pre-determined by the other sales, rather than having to go through a slower start.”
As for hockingstuart’s strategy for the sale, Wood said that the team applied the same fundamentals to selling the underdogs’ apartment as they would for any other property.
“A well conducted auction can play a huge role in maximising price gains,” said Wood. “It’s all about timing – if you go too slow or too fast for someone, you can throw them off the scent.
“As for the marketing, we applied the same approach marketing their property as we would with any other property.
“I think it’s fair to say we came from behind; we were coming last at the turn. We really had to rally the troops and do everything we could to ensure that every potential buyer was covered.
“We took it offshore with a couple of Chinese websites that generated a lot of interest, in addition to going to local markets.”
In the end, the property went to a young local couple. The family had been seeking a property in the area for some time, in what Wood said has been a strong year for the local market, with the last sale of a comparable residence in the village attracting $2.6 million.
As for the chances of a repeat performance, Wood said that he would go back to The Block again if the opportunity arose.
“We’d be delighted to,” said Wood. “We’re thrilled with the win, and to set a record price for The Block.”
 
For our full coverage of The Block: Fans v Faves, click below
<a href="/news/substance-over-style-as-chantelle-and-steve-win-the-block-2014-fans-v-faves">Substance over style as Chantelle and Steve win The Block 2014 Fans V Faves</a>
<a href="/expert-insights/building/on-the-auction-block-our-faves-for-the-finale">On the auction Block: Our faves for the finale</a>
<a href="/expert-insights/buying/kyal-demmrich-on-the-trials-and-triumphs-of-the-block">Kyal Demmrich on the trials and triumphs of The Block</a>
<a href="/expert-insights/the-block-on-show-at-this-weekends-open-for-inspection">The Block on show at this weekend's open for inspection </a>
Open for inspection: The Block Fans v Faves doors open to the public this weekend
<a href="/news/raw-timber-and-red-brick-industrial-design-on-the-block">Raw timber and red brick: Industrial design on The Block</a>
<a href="/news/art-styles-for-apartment-d-cor-lessons-from-the-block">Art styles for apartment décor: Lessons from The Block</a>
<a href="/news/creating-the-perfect-new-york-style-loft-lessons-from-the-block">Creating the perfect New York style loft: Lessons from The Block</a>
 
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Steve and Chantelle's auctioneer David Wood on The Block's record breaking win

<html><body>
The rookie renovators took out the $100,000 prize on top of a $636,000 profit on the series finale of The Block: Fans v Faves.
Despite copping the lion’s share of the criticism this season, Geelong couple Steve O’Donnell and Chantelle Ford attracted the highest price for their warehouse conversion which sold for $2.47 million.
All four apartments on The Block sold within a relatively small price margin, with Brad and Dale bringing up the rear with $2.31 million.
The results were as follows:
<ol>
<li>Steve and Chantelle, 1/47 O’Grady: $2.47 million ($636,000 above the adjusted reserve)</li>
<li>Alisa and Lysandra, 3/47 O’Grady: $2.375 million ($616,000 above the adjusted reserve)</li>
<li>Kyal and Kara, 2/47 O’Grady: $2.44 million ($567,250 above the adjusted reserve)</li>
<li>Brad and Dale, 4/47 O’Grady: $2.31 million ($507,250 above the adjusted reserve)</li>
</ol>
The top two teams would hardly have minded losing the final challenge to Kyal, Kara, Brad and Dale, who got $27,250 lopped off their reserve price against the twins’ and Steve and Chantelle’s $16,000 reserve cut.
Steve and Chantelle originally preferred apartment 2 for its city views, but after losing a coin toss to Kyal and Kara, chose apartment 1. While Kyal and Kara’s apartment at 2/47 offers both a sunny northerly aspect and city views, 1/47 also sits at the northern street side of the warehouse, with the advantage of windows all along the building’s western side.
Despite the team’s inexperience and the criticisms levelled against their styling credentials, the apartment’s stellar location had them take out the major prize. As one property expert commented, “You can change the furnishings, but you can’t change the aspect.”
But it seemed that perhaps one of the greatest factors at play was the order in which the auctions took place, with prices ascending with each successive auction. Each team nominated their position in the proceedings, with Brad and Dale choosing to go first, followed by Kyal and Kara, then Alisa and Lysandra before Steve and Chantelle.
By volunteering for final position, the winning couple were able to take advantage of buyer desperation with all other apartments already sold.
Proceedings opened with Brad and Dale’s apartment, auctioned by Karl Gillon of Buxton Albert Park. A vendor bid was placed at $1.75 million, finishing at $2.31 million. Kyal and Kara’s apartment was auctioned by Warwick Gardiner of Greg Hocking Holdsworth, who brought in $2.44 million for the married couple. Next was Alisa and Lysandra’s tri-level, auctioned by Anton Wongtraken of Dingle Partners, who handled the sale of their winning apartment on The Block: Sky High. 
Steve and Chantelle’s auction by David Wood of Hocking Stuart saw two buyers’ agents locked in a bidding war, with Block mainstay Frank Valentic of Advantage Property Consulting securing the final apartment for a young couple at $2.47 million. The result makes Steve and Chantelle's profit margin the highest ever seen in The Block's 11 year history.
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Substance over style as Chantelle and Steve win The Block 2014 Fans V Faves

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The development set to be Sydney’s tallest residential tower is set to release its second stage of stock this month.
Stage two of the $680 million Greenland Centre development will see 200 one, two and three bedroom apartments hit the market, accompanied by the release of several luxury penthouses. All 300 apartments offered in the first sales release have been sold.
Designed by BVN Donavan Hill and Nik Karalis with Domenic Alvaro of Australian architectural firm Woods Bagot, Greenland Centre will be 66 storeys high upon completion.
Different apartments in the complex will offer ocean and mountain views, along with views across the Sydney Harbour and Hyde Park. Buyers of apartments on the upper levels of the 235 metre high building will enjoy uninterrupted panoramic views.
The tower comes from Greenland Holding Group Co, a Chinese state-owned developer. There are also plans for commercial and retail spaces on the site, including a boutique hotel. The hotel will include a swimming pool, a roof terrace and concierge services. 
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Greenland Centre launches second sales stage

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

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>

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]

Jessie Richardson

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