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Feeling a little fatigued in anticipation of another weekend spent eyeing off the competition at open home inspections? Perhaps – but even at a busy suburban inspection, you aren’t likely to encounter up to 10,000 other punters as you wander through another family’s home. That’s how many people are expected to turn up this weekend to view the apartments from The Block: Fans v Faves. Ahead of their open for inspection, Property Observer talked to hockingstuart’s David Wood, the agent selling Steve and Chantelle’s apartment.
According to Wood, an open for inspection is a vital opportunity to contextualise your prospective purchase.
“The inspection is the window for buyers to get a real features and benefits of the property,” Wood says.
“Buyers should look at the properties immediately surrounding the property they’re looking at. They should also have an understanding from the local city council about potential developments, and any restrictions they might have to making changes to the property.
Albert Park [where the apartments are located] is suburb that’s very tightly heritage controlled, for example. So people should see if there’s anything that’s going to immediately restrict their ability to renovate or rebuild."
Going to an open for inspection enables a buyer to engage all their senses in a space that may very well be their next home. Rather than just looking around, try listening as well.
“[Buyers] should check out noise levels at open for inspection, to see that the property’s not impacted by traffic or businesses and other homes,” says Wood.
But traffic conditions at 11am on a Sunday may not entirely prepare you for the hustle and bustle of peak hour. So Wood advises that prospective buyers visit a property multiple times to gain an understanding of the overall feeling of the neighbourhood.
“They should look at the home at different times. They should actually visit the street at night – so have a drive or have a walk down the street at 11pm and see what it feels like. You can then get a better idea of whether it’s an area for quiet families, or a more busy area with younger residents.
“If you’re getting mugged when you’re walking down the street at night,” jokes Wood, “that’s probably not an area you want to buy into.”
As for what buyers can expect when they head down to the open for inspections at The Block’s Albert Park apartments this weekend, Wood says that those who have been watching at home will be pleasantly surprised by just how big the properties are.
“The swimming pool is shared by only four occupants, unlike a hotel which has 100 or so. So it really will feel like your own pool. And remember, there are three levels – living spaces, the bedrooms and the rooftop terrace. I think people will be pleasantly surprised.”
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Wood says that <a href="https://www.hockingstuart.com.au/UNIT_1_47_O%27GRADY_STREET_ALBERT_PARK_VIC_3206" target="_blank">Chantelle and Steve</a>’s living spaces will set their property apart from the other teams’ apartments, as well as the couple’s master bedroom.
“If they’re comparing the four apartments, the buyers probably should look at the living space,” says Wood.
“The two apartments at the front [of the building] face out to the street, so they should have a look at the light, especially in Steve and Chantelle’s master bedroom, which has really good light, and is great for a luxurious weekend. And you can actually see the city from their master bedroom.”
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For those interested in viewing the four apartments of The Block: Fans v Faves, they are open for inspection from 10am to 2pm this Saturday March 22 and Sunday March 23.
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Open for inspection: The Block Fans v Faves doors open to public this weekend

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According to the latest data from SQM Research, Melbourne’s vacancy rate is at its lowest point since May 2011.
Melbourne’s vacancy rate fell 0.5 percentage points in February to 2.4%. Rates in Melbourne’s north, west, east and inner east regions generally trended downwards, as did the CBD.
Nationally, the number of residential vacancies dropped in February, with the national vacancy rate dropping 0.1 percentage points to 2.1%, with 60,330 vacancies. SQM Research’s results show that vacancies have risen year on year, up 0.3 percentage points.
<img src="/images/2014/03/19/graph%20sqm.png" width="460" height="107">
Source: SQM Research
SQM Research’s Asking Rates Index showed for that asking prices for rental properties were mixed, with capital cities recording a 0.7% decrease for houses and a 1.2% increase in the asking rents for units from the year to February.
Sydney had the greatest increase in asking rents over the year, with asking rents 2.3% up for houses and 3.6% up for units for the year. Canberra and Perth recorded significant declines for the same period, with asking rents down 7.6% for houses and 5.5% for units in Canberra. Asking rents decreased by 10.7% for houses and 5.5% for units in Perth.
The research firm attributes the decline in rental prices for Canberra to government job cuts, which SQM Research says have seen residents departing the area, while in Perth the downturn in the mining sector is behind the fall in demand for rental dwellings.
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February plunge for Melbourne vacancy rates: SQM Research

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Borrowers in New South Wales accounted for 28% of the total 43,963 home loans financed in January, according to data from finder.com.au
Victoria followed closely behind with 27%. Meanwhile, Western Australian borrowers accounted for 16% of all home loans financed in January with 11% of the adult Australian population, giving the state the largest number of home loans financed per capita of any state or territory in the country.
New South Wales also had the largest average home loan size in January, with $357,600. The ACT followed with an average home loan size of $341,700, while WA had the third highest average home loan size at $320,000.
Of all the states, Tasmania had the smallest average loan size with $216,500. Tasmania’s average loan size is 33% smaller than the national average.
<img src="/images/2014/03/20/finder%20graph.PNG" alt="">
According to finder.com.au, borrowers from the ACT are the country’s highest users of the website’s home loan comparison service per capita.
The website has termed borrowers from the Northern Territory the country’s “most reckless” as they were least likely to use the website to research home loans, and had the least number of home loans financed per capita in January 2014.
The conclusions were based on finder.com.au home loan traffic compared against housing finance and population data from the Australian Bureau of Statistics.
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NSW accounts for 28% of January home loans: Finder.com.au

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At Property Observer, there are a number of questions from investors that we get time and time again. We've compiled a list of our eight most common queries.
Do I need a buyer’s agent?
A buyer's agent is a licensed professional who can cover the entirety or just a single stage of the buying process for you – from searching for properties, assessing its value and negotiating the purchase for you. A good buyer’s agent will ensure you don’t spend too much on a property, and can handle the hazards of auction bidding on your behalf.
The best buyer's agents can save you time and money, and will have specialised knowledge and resources (like databases and contacts) that you won’t have access to as a buyer.
There are many arguments for and against using a buyer's agent, but what it really comes down to, as with any part of investment, is cost versus benefit.
According to the <a href="https://rebaa.com.au/" target="_blank">Real Estate Buyers Agents Association of Australia</a>, a buyer's agent should cost you roughly 1.5-3% (plus GST) of the property in question’s purchase price (similar to what a seller's agent will charge). “Negotiation only” buyer's agent services are typically around 1% of purchase price plus GST, and for if you want to hire a buyer's agent just to represent you at an auction, you should be looking at a fee of $500-$1000 for each auction they attend, with a potential 0.25-0.5% of purchase price fee added on.
If you aren’t confident with negotiating auctions or aren’t as familiar with the buying process as you’d like to be, a buyer's agent can bring a lot of value to your transaction.
What proportion of my income should be taken up by mortgage repayments?
This is a question that comes up a lot and really depends on your individual budget constraints. For example, the more frugal among us may have the capacity to have a greater proportion of their income taken up by mortgage repayments, while still maintaining a decent amount of savings. Others may have ongoing costs like children, chronic illness or travel, which will reduce their ability to contribute so much to their property.
As a rough guide, housing affordability stress is generally defined as spending more than 30% of one’s income on housing payments, so you want to stay well under that threshold, especially if you are a low income earner. Most mortgage providers have calculators for potential mortgage payments – here’s one from <a href="https://www.commbank.com.au/personal/home-loans/loan-calculator" target="_blank">the Commonwealth Bank.</a>
A good budgeting exercise that will help you determine whether you can afford mortgage repayments is to have your expected mortgage repayments deducted into a savings account for a year. It will help you gauge what is manageable for you, and by the end of the year, you might have enough to put down on a deposit.
How do I pick the best capital growth areas?
This is a very contentious question, with no simple answer. Property Observer contributor <a href="https://www.propertyobserver.com.au/terry-ryder" target="_blank">Terry Ryder</a> specialises in identifying capital growth “hotspots” around the country, and many others have devoted their careers to doing the same. Decent transport amenities, sustainable economic development, and nearby employment hubs are all good signs.
However, all the experts agree: keep your eyes on the data. Rental yield movement is important to keep an eye on, as is an area’s median sales price trend – but remember, context is everything. The metric should only be applied as a rough guide, and only if you’re looking at a “median” house in that area.
When should I sell?
Again, there is no simple answer to this question – though if there were one, it would be “before everyone else.” In the best case scenario, you want to take advantage of rising demand in your area before the other home owners get the same idea and start pushing up supply, which will bring prices back down.
Charles Tarbey, the owner and managing director of Century21 Australasia, says that sellers need to be keeping an eye out for the signs of buyer interest well before they are intending to sell to avoid competition.
“If you’re thinking of selling, there’s a time to launch. And that time to launch is not when you’re hearing the talk out there about the markets going well.
“If there are lots of “For Sale” signs up, you’ve got competition. When you open up the newspapers or go and see the same properties in there, week after week after week being advertised, it’s another indication that you’re going to have a lot of competition.
“So why would you then launch your property into a market place where when there’s all this competition out there? You’re going to have to negotiate downwards.”
What make better investment properties, units or houses?
Again, a contentious question. The answer will depend on whether you’re looking for cash flow in the form of rental yields, or capital growth. If you’re purchasing a unit, bear in mind body corporate fees, potential difficulties in renovating your property, and your state’s strata laws.
For those who are thinking of purchasing a house, you again will have to consider development restrictions such as heritage overlays. There may also be additional costs to tending to the home’s exterior and garden.
When considering the numbers before purchasing your property, make sure you’re looking at the relevant data – that means median house prices or yields if you’re looking at a house, or unit prices or yields if you’re considering a unit. Within a single suburb, these figures will vary greatly.
And remember – don’t confuse what you want and what makes a good investment. A dwelling type that you wouldn’t prefer to live in may make a great investment.
How much should I spend on renovations?
The cost of your renovations should be weighed up against how much profit you think your property will make at sale. Some commentators recommend spending 5-10% of your property’s current value on a renovation, but where you distribute this cost will make the real difference. In general, most agree that kitchens and bathroom renovations will contribute the most additional value when renovating your home.
Try talking to agents in your area to look at similar properties in your area which have modernised interiors or comparable renovations before you start any works – this will give you an idea of the value potential of your renovations.
Also, don’t forget that labour and materials aren’t your only costs. If you’re planning to undertake significant renovations, you may need to find temporary accommodation for you and your family – something that can cost a decent pile of cash.
Factor in all the costs and undertake a profitability study on your home before you even think about picking up your tools.
What sorts of properties make the best investments? 
For capital growth, Tarbey says that investors should look at the top of the first home buyers’ market, or the bottom of the second home buyers’ market.
“The most important thing about buying real estate is picking the mark that you want to go. And for me that mark has always been at the top end of the first home buyer's range or at the bottom end of the second home buyer’s range,” says Tarbey.
“In other words, you’re putting yourself at a category that is not actually at the bottom where it’s less than desirable to everybody, and it’s not at the top of the second where some people can’t afford.
“At the top of the second home buyer [market], you’ve obviously got better homes with better facilities. And obviously those facilities are not often good when you’re renting the properties out. For example, swimming pools et cetera become a burden to a landlord, rather than an advantage, because they have to be maintained. In normal tenancy terms, generally, those features won’t be maintained to the same level that an owner might.
“In the middle of that price range, you’ve got two levels of people that might be interested in buying the property should you wish to sell it. So you’ve not priced yourself in a category where you’ve probably got the highest amount of buyers that you’ll ever get.”
Should I sell at auction or private sale? 
According to investment writer <a href="/expert-insights/buying/choosing-a-method-of-sale-auction-vs-private-treaty">Karin Derkley</a>, there are a number of factors that should influence a vendor’s method of sale. These include:
The norm in your suburb: go for what is the most common method of sale for your area
Whether the property has unique or special qualities: an auction may be for you
Whether your area is booming: an auction may be the right setting to take advantage of buyer anxiety
How quickly you need to sell your property: If you want to get it off your hands quickly, an auction might be the best choice, but if you want to take the time to consider offers, a private sale may suit better.
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Eight common investor questions answered

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The National Rental Affordability Scheme (NRAS) is again under fire. Does it deserve to be scrapped?
Earlier this month, The Australian published a <a href="/expert-insights/investing/nras-don-t-throw-out-the-baby-with-the-bathwater-says-tunsw">series of pieces</a> drawing attention to developments that are marketing properties as “NRAS supported” while suggesting that they can accommodate international students. The News Limited articles largely suggest that the scheme’s failures are largely the fault of the previous Labor government, highlighting one development that had received $80 million in subsidies which, as is mentioned in more than one article, is located “just two blocks” from the electoral office of former housing minister Tanya Plibersek, who oversaw the implementation of the scheme.          
However, the Tenants Union of New South Wales (TUNSW) responded in defence of the scheme with a post on their blog claiming that while the NRAS has provided affordable housing for tenants, some of whom had previously been homeless, the government’s “other tax settings do nothing but encourage speculation and make housing unaffordable.”
The scheme certainly seems to illicit passionate reactions from its defenders and detractors alike. Buyers’ agent Todd Hunter <a href="/news/i-d-rather-stick-a-fork-in-my-eye-than-buy-nras-todd-hunter">once wrote</a> “I’d rather stick a fork in my eye than buy an NRAS property”, prompting a number of responses <a href="/expert-insights/investing/readers-respond-in-defence-of-nras">in defence of the NRAS</a> from our readers. Many have raised questions over the scheme’s regulations (and loopholes) – some are calling for the NRAS to be scrapped, while <a href="/expert-insights/what-do-we-need-to-see-from-the-federal-budget-the-experts-have-their-say">bodies such as SQM Research</a> and the Urban Development Institute of Australia (UDIA) support the scheme but say it requires improvements.
Under the NRAS, developers and investors are provided a tax free financial incentive for renting out approved properties to eligible tenants at at least 20% below current market rates. Developers receive subsidies, while investors who purchase and lease out NRAS supported properties receive annual payments that are indexed to CPI. The scheme only covers new developments in areas in which the government has identified a need for affordable housing.
To weigh up the costs and benefits of the NRAS, first one must distinguish the interested parties: tenants, buyers and developers.
For tenants
To rent NRAS properties, the first adult of household must earn no more than $45,956, with each additional adult earning no more than $17,579. This threshold is higher for sole parents, who must earn no more than $48,336 a year to be eligible. However, concern is mounting that the rental affordability scheme is being utilised by students, rather than low income families or workers. While it’s true that students require affordable housing just like everyone else, some have claimed that a significant proportion of students who lease NRAS properties are international students. These students are often subsidised by their family members, and are not the intended recipients of reduced rents, so the argument goes. Queensland thus far is the only state to restrict access to NRAS properties to tenants who are permanent Australian residents.
Market analyst Catherine Cashmore says there are doubts over whether the scheme is achieving its intended outcomes.
“The NRAS policy was design to alleviate the shortage of rental accommodation for key workers in the community through large scale investment, and to a fairly limited degree, it has achieved its purpose,” says Cashmore.
“However, unsurprisingly, as Grace Mutual Limited outline in their senate submission, not only have ‘unduly complex’ regulations disadvantaged investors, but ‘large numbers of NRAS incentives (at least 4,000) were awarded for the construction of student housing,’ yet ‘there appears little evidence that this has any positive impact on the middle to low-income families that were the target of the original policy.’”
The TUNSW has come out swinging for the NRAS, as has the UDIA, who say that scheme, while requiring improvements, is “fundamentally sound”.
UDIA national president Cameron Shephard says the scheme is integral in improving the supply of affordable housing.
“Australia has for many years suffered from a severe shortage of affordable housing, particularly at the lower end of the market,” said Shephard in a statement from the UDIA. “This is contributing to homelessness, and putting an increasing number of lower and moderate income households under undue financial strain. “It’s absolutely essential for the Federal government take action to improve the supply of affordable housing, and the National Rental Affordability scheme provides a cost effective way to achieve that. “In its 2011 State of Supply report, the National Housing Supply Council estimated that there was a national shortage of almost half a million dwellings affordable to low income households, and warned that the situation would worsen with inaction. “Since its establishment in 2008, NRAS has delivered 14,575 new homes for low and moderate income households, and is currently on track to provide 23,884 more,” Shephard noted. “It would be extremely disappointing to see the scheme end, considering how successful it has been to date, and also given the growing housing affordability problems facing Australian cities. “UDIA acknowledges that there is room for improvement in the administration of the scheme, however the program has been successful in delivering thousands of affordable new homes, and the government’s focus should be on ensuring that what is already a good scheme becomes even better.”
For buyers and developers
Given the substantial subsidies developers can receive for NRAS eligible projects, developers in general are likely to benefit from the NRAS scheme, so long as market conditions and financial incentives are strong enough to support demand from investors. The response to NRAS properties from investors and buyers agents thus far has been mixed.
As Cashmore notes, some buyers of NRAS properties have been “duped” into bad investments.
“Like every other scheme that's introduced to encourage investment into housing, it has been monopolised by a proportion of 'advisors' in sales industry who have built a model of business around encouraging small 'mum and dad' investors into poor acquisitions which hold little scope of the 'promise' they were sold with – significantly, the ability to achieve strong capital growth,” says Cashmore.
“In my own experience, buyers who were duped into the scheme paid too much for pre-assigned dwellings, which are now valued below the nominal amount, and are locked into a scheme where they are unable to sell prior to the ten year nominated period - or if they do, they must find a 'greater fool' willing to take on what was, in most cases, a poor investment in the first place.”
As with any property purchase, buyers of NRAS properties must go into their deals with clear eyes – many experts have noted that NRAS supported properties <a href="/news/nras-properties-overpriced-buyers-agent-patrick-bright">may be overvalued</a>, given high kickbacks for spruikers. Others argue that NRAS properties make sense for investors after good cash flow, not for capital gain potential.
However, whether the NRAS is continued or scrapped should ultimately come down to whether the scheme achieves its intended outcome – providing affordable housing at a reasonable public cost. As <a href="/expert-insights/investing/the-nras-nightmare-its-a-housing-scheme-not-one-for-investors">Mark Armstrong and Xavier Perronnet</a> have argued, the scheme is intended to address housing affordability, not benefit investors.
For Cashmore, on this account, the NRAS does not go far enough.
“As all who read my columns are aware, I am one of the strongest advocates for policy reform to enable Australia to move away from its hamstrung dependence on ever increasing house prices as the prime driver of economic growth.  
"But the NRAS scheme is simply tinkering at the edges of what needs to be wide spread and radical policy reform, on both the tax and supply side - as I and others, such as Prosper Australia, have addressed in our submissions to the Senate housing affordability enquiry. 
"Until this is achieved, the NRAS will make little impact for future generations of disillusioned Australians wanting affordable housing and good options without becoming a 30 year slave to servicing a dual income mortgage.”
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Scrapping NRAS: Should the affordability scheme continue?

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When looking for your next property acquisition, it can be easy to get swept away in the romance of it all – even the most savvy investor has been known to crumble at a walk in robe with ensuite or herringbone parquetry floors.
But as every expert will tell you, when it comes to purchasing for investment, it’s all about the numbers.
Wilson Property Agent’s principal and director Adrian Wilson advocates considering a property’s per square metre value as a way of looking past the fancy trimmings and getting to the property’s true investment potential.
“While location and magnificent views are an important factor to consider when purchasing a
 property, there is also the consideration of dollars per square metre when searching for the right place,” said Wilson.
“One of the best acquisitions we have available for a discerning opportunist is a penthouse property located in <a href="https://www.realestate.com.au/property-apartment-nsw-sydney-116199963" target="_blank">‘The Bond’ on Hickson Road</a>, occupying some 539 square metres and listed for auction in the mid 3 millions.”
<img src="/images/image2.jpg" width="460" height="345">
“The value for money on this property is exceptional when you conduct a property comparison and calculate the dollars per square metre,” Wilson said. At a listing price of $3-3.5 million, the Hickson Road apartment’s value equates to around $7000 square metre.
“I have been unable to locate any comparable sales data that supports a dollar per square metre rate at less than $10,000 to $12,000 per square metre for this property, putting its worth at upward of $5.5 million – a rare opportunity for a high end purchase.”
The Hickson Road penthouse is opposite the <a href="/expert-insights/buying/barangaroos-first-publicly-advertised-property-sells-for-2-2-million-as-market-heats-up">Barangaroo development</a>, with views north of the headland park and out towards Goat Island on Sydney Harbour. At over $6 billion, Wilson says that Barangaroo is likely to be the largest infrastructure project Sydney will ever see.
According to Tolga Ozer, sales director at Wilson Property Agents, a recent sale he conducted in the Barangaroo development highlights the value of considering a property’s dollar per square metre value. Ozer sold and exchanged a two bedroom apartment in Barangaroo’s Alexander building for $2.2 million, directly across the road from the Hickson Street penthouse.
“This two bedroom apartment in the Alexander building is circa 113 square metres on level six, plus one car space and is due for completion in 2015,” said Ozer. He compares his recent sale with the penthouse on Hickson Street.
“When you compare a mid-level two-bedroom property, which achieved $19,469 per square metre against a luxury 539 square metre, four bedroom penthouse on Hickson Road, with three car spaces, going for around the $7000 per square metre mark, the opportunity and rarity of this investment is really put into perspective.”
Next time you’re attempting to compare your potential investment to similar sales, consider the dollar value per square metre metric. It can also be used to calculate a ceiling on what you’re willing to pay for your investment.
Other top tips for recognising a property’s true value, from the experts:
 
<ol>
<li>
<a href="/expert-insights/buying/a-quality-property-investment-is-not-dictated-by-prestige-or-price-but-by-growth-and-returns">Don't confuse "expensive" with "high quality"</a>. Capital growth potential is what counts.</li>
<li>
<a href="/news/vic/process-beats-intuition-when-buying-property-in-wake-of-autumn-auction-anxiety-mal-james">Follow a process, not your intuition</a>. For Mal James, the process is this: Clarity, assess-value, negotiate.</li>
<li>
<a href="/expert-insights/investing/a-couple-of-classic-first-time-investor-mistakes">Living in an area doesn't mean you know it's investment potential</a>. Familiarise yourself with the figures.</li>
</ol>
 
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How to look beyond the surface to recognise a good investment opportunity

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Mirvac’s Tennyson Reach riverside community development is close to sold out.
After selling 26 apartments since January 2013, with a total of about $22 million sales, a handful of apartments remain.
According to Mirvac’s national chief executive of residential development, John Carfi, there is strong interest in the final apartments.
<img src="/images/2014/03/17/tennyson-reach-march-17-one.jpg" alt="">
"We've had an overwhelming response to Tennyson Reach over the past year and we're expecting this interest to continue," he said.
"The remaining apartments all boast Brisbane River views, with the majority located on the upper levels, so while we are down to the final properties in the development, they are in prime locations.
Each remaining apartment has three bedrooms.
<img src="/images/2014/03/17/tennyson-reach-march-17-two.jpg" alt="">
Tennyson Reach is an apartment community development comprising six apartment complexes: Softstone, Lushington, Farringford, Aldworth, Parsons and Somersby. The site is eight kilometres from the Brisbane CBD and located opposite the State Tennis Centre. Tennyson also includes 2.98 hectares of parkland, with access to cycling routes and a canoe trail.
"The opportunity to live in close proximity to these amenities, including the 2.9 hectare Ken Fletcher community park, has been a significant part of the appeal for purchasers," said Carfi.
"The majority of buyers have already been living in the surrounding area and are looking to downsize to an apartment lifestyle that comes with having these facilities in easy reach.
"They also want an apartment that doesn't compromise on space, while allowing them to enjoy low maintenance living."
<img src="/images/2014/03/17/tennyson-reach-march-17-three.jpg" alt="">
Carfi note the increasing demand for premium apartments in Brisbane.
"With limited new development taking place in the city over the past few years, those wanting to step straight into a brand new property are realising they need to act quickly," he said.
"As development across Brisbane has largely been centred on more entry level properties, the opportunity to secure a spacious apartment in an absolute riverfront location like this is scarce.
"Those who are interested in making Tennyson Reach their home should act quickly."
The remaining three bedroom apartments are priced from $995,000.
<img src="/images/2014/03/17/tennyson-reach-march-17-four.jpg" alt="">
 For the latest development listings, brought to you by Property Observer and partners, see our <a href="https://showcase.propertyobserver.com.au/" rel="nofollow">INVESTOR SHOWCASE</a>.
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Tennyson Reach residential development nearing sell-out

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Oscar-nominated actor Leonardo DiCaprio is set to join the gangs of Palm Springs after purchasing the former home of the late Hollywood star Dinah Shore.
<img src="/images/2014/03/17/5.PNG" width="460" height="267">
The one storey house has been an icon in desert residential design since its inception in 1964, when it was built for Shore by Palm Springs architect Donald Wexler. A terrific example of 60s modernist desert architecture, the home opens with a large entrance foyer, complete with a front door big enough for two people floating in the North Atlantic Ocean.
<img src="/images/2014/03/17/2.PNG" width="460" height="267">
The residence underwent significant interior renovations by the previous owners and features stone fireplaces, floor to ceiling windows and wooden ceilings throughout. Should Leo ever decide to remain indoors for the better part of three months, he would be well served by his new holiday home; six bedrooms, seven bathrooms, four nominations, and zero Oscars.
<img src="/images/2014/03/17/7.PNG" width="460" height="267">
The estate’s 650 square metre main house is set on a half hectare enclosed gated estate, which will provide the celebrity with security befitting J Edgar himself. The grounds also house a tennis court with glass pavilion and a pool, which one would hope DiCaprio will enjoy a good deal more than a certain Mr Gatsby enjoyed his.
<img src="/images/2014/03/17/10.PNG" width="460" height="267">
The purchase is the most recent entry in DiCaprio’s property diaries, following the sale of another holiday home last year. DiCaprio departed the beach on Boxing Day, trading in his Malibu waterfront colonial for US$17.35 million (A$19.21 million).
With the Palm Springs home the fifth of DiCaprio’s properties, our bet is that the star has his own private aviator to fly him between his newest purchase, his main Los Angeles home and his New York residences.
DiCaprio has ensured there will be no plague on at least one of his houses – his Greenwich Village apartment, purchased in 2013, is part of the Stay Well project by developers Delos, and designed with the health of its inhabitants in mind. The apartment comes with "wellness building amenities" including vitamin C infused showers, posture supportive flooring, air and water purifiers and a “circadian lighting system”: it is neither lark nor nightingale that wakes DiCaprio, instead, a customised system which comes with "optimal lighting to match your natural circadian rhythm throughout the day." DiCaprio is on the advisory board of Delos, as is Deepak Chopra.
<img src="/images/2014/03/17/6.PNG" width="460" height="267">
The Palm Springs home was purchased by a limited liability company, which shares an address with DiCaprio’s production company, for US$5.23 million (A$5.8 million).
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The Wolf of Hermosa Place: Leonardo DiCaprio picks up Palm Springs holiday home

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Many tenants and landlords choose to maintain a degree of respectful distance. Not Michael Bloxsom, who agreed to help out his landlord – who just happened to be a street level drug dealer.
The 36 year old Bloxsom, from Rockhampton, was arrested when his landlord, Stephen Dobbs, was targeted by the police for drug trafficking.
<a href="https://www.themorningbulletin.com.au/news/cannabis-by-phone-landlord-district-court-/2193320/" target="_blank">The Mornington Bulletin</a> reports that Dobbs was sentenced to four years and 10 months jail on drug trafficking charges on December 18 last year, to be suspended after eight months.
Bloxsom pleaded guilty to one count of trafficking cannabis in the Rockhampton District Court. The court heard that Bloxsom was involved in about 18 supplies of values between $360 and $1,800 as part of Dobbs’s seven month long business. According to Crown prosecutor Susan Hedge, Bloxsom’s transactions accounted for less than 1.6% of total turnover.
Bloxsom didn’t get paid for his work, but did receive some cannabis in exchange for his assistance.
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Tenant joins landlord’s $100,000 drug enterprise

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Eric Cohen of Eric Cohen Real Estate McKinnon has been fined $5,000 after making disparaging comments about a property at an auction held by a rival firm in August 2012.
Following a Victorian Civil and Administrative Tribunal (VCAT) hearing in 2012, tribunal member Dr Rebecca French last month decided that Cohen would be fined the maximum penalty of $5,000 and be ordered to attend ethics classes for comments that he made regarding the condition of a McKinnon home at its auction.
Prior to the sale Cohen had appraised the property, advising the property’s elderly owner, Edith Cooper, that her home was likely to fetch $1.1 million, with a likely rental rate of $600 to $700. After the appraisal the property’s elderly owner, Edith Cooper, and her son David Cooper advised Cohen that they might rent out the McKinnon home rather than selling. According evidence given by David Cooper at the 2012 hearing, Cohen “appeared dejected” at this news.
David Cooper called Cohen a few days later advising him that the property would be rented out, rather than sold. Cohen expressed an interest in being the property manager for the Coopers, but David Cooper told the tribunal that he gave no guarantee that this would eventuate.
In the following weeks, the tribunal heard, both David and Edith Cooper rang Cohen’s office multiple times and visited the office in person to try to engage Cohen as a property manager, but Cohen never returned their calls. As a result, Edith Cooper engaged Claude Mery of Buxton Bentleigh.
Mery also advised Cooper that the property would attract a price of $1.1 million, quoting $550-$600 as a realistic rental rate. After some consultation with her accountants and legal advisors Cooper decided to sell engage Mery to sell her property.
According to David Cooper, he received a call from Cohen,  where the agent “expressed his disappointment in not getting the job and suggested that he would have got the best possible price and that by going with another real estate agent, my mother and I were making a big mistake. Mr Cooper also asked what he had done wrong, however, I just said my mother preferred Buxton Bentleigh.”
Cooper told the tribunal that Cohen concluded the call with “words to the effect of ‘Good luck trying to sell it,’” in a tone which he described as sarcastic and "not friendly", leaving him feeling "uneasy".
At the 2012 hearing, Cohen disputed David Cooper’s version of the events, telling the tribunal that he did return calls from the Coopers. While he acknowledged that the final call between himself and David Cooper described by Cooper did take place, he said that his intention was to solicit  feedback from Cooper, and that he informed him of market conditions and wished him well on the property’s sale.
David Cooper’s wife, Lucia Cooper, told the tribunal in 2012 that at the property’s auction, Cohen approached her as she was standing outside with potential bidders and onlookers. According to Lucia Cooper, Cohen claimed the property was poorly designed and asked if she knew that there was water leaking into the home’s garage. Lucia Cooper told the tribunal that she observed Cohen approaching various other people at the auction, and that his appearance and attire may have lead attendees to believe he was a selling agent for the property, although he did not introduce himself as a real estate agent, or wear a badge. Another witness, Edith Cooper’s neighour, testified to the tribunal that he saw Cohen approaching various attendees, and that after Cohen’s conversation with Lucia Cooper, she stormed off angrily.
However, Cohen claimed that Cooper had struck up a conversation with him, and while he had mentioned structural issues with the home, he did so as an explanation for his comment to her that the property would probably sell to developers. He also said that he had only spoken to other families at the auction that he was already acquainted with.
According to Lucia Cooper, she and Cohen got into an argument at the auction over his alleged disparaging comments, and at one point Cohen asked her neighbour, who had confronted him over his behaviour, if he “wanted to fight”.
Tribunal member Dr Rebecca French found at the 2012 hearing that none of the attending witnesses were truly independent. However, she found that Cohen’s conduct when approaching Lucia Cooper at the auction would “reasonably be regarded as disgraceful or dishonourable by his professional brethren of good repute and competency.”
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Victorian agent fined $5,000 after disparaging property at rival agent's auction

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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