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Sydney prices skyrocketed last year, Harry Dent is <a target="_blank" href="https://www.propertyobserver.com.au/news/property-crash-is-like-popping-popcorn-especially-in-melbourne-harry-dent/2014020567560">diagnosing bubbles</a> all over the country and housing affordability is on everyone's mind. So Property Observer has turned to a range of industry experts for their thoughts on whether Australian property is overvalued.
Cameron Kusher – Senior research analyst, <a href="https://www.rpdata.com/">RPData<img style="float: right;" alt="cameron_kusher_new" src="/images/stories/2014/02/07/cameron_kusher_new.jpg" height="150" width="120"></a>
IF YOU'RE COMING TO AUSTRALIA FROM OVERSEAS, YOU MIGHT THINK OUR PROPERTY IS OVERVALUED – BUT THERE ARE GOOD REASONS FOR IT.
I don’t think you can say that the market is overvalued here in Australia. When you’re looking at examples of other countries, property here does look expensive. But there are good reasons why property prices are high in certain capital cities. Our population is so centralised, and job opportunities are centralised to a few capital city marketplaces – so there’s lots of competition for available stock. Plus there’s the fact that the supply of new housing and land for new housing is very restricted by our government, through their land releases.
So if you’re coming to Australia from overseas, you might think our property is overvalued – but there are good reasons for it.
Whether or not the price of Australian property is beneficial, and to whom, is another question for another day.
 
Catherine Cashmore – Market analyst<img style="float: right;" src="/images/stories/2013/12/12/CatherineCashmoreProfile.jpg" alt="CatherineCashmoreProfile" height="150" width="125">
YOU'D BE HARD PUSHED TO FIND ACCOMMODATION ON THE FRINGES OF OUR CAPITAL CITIES FOR LESS THAN SIX TIMES MEDIAN INCOME
It's important to draw a distinction between property and land.
The raw cost of 'building' a home has seen very little increase over the past decade or so - and therefore is not overvalued. However - due to housing policy that encourages speculation into the established sector, and fails to ensure fringe land identified for residential development, is sold close to its agricultural value - the cost of an average subdivided plot has increased more than tenfold.
Meanwhile, in the late 1990s a typical first homebuyer’s budget would have secured a modest family home, in a reasonably facilitated suburb, for three times median income. Today you’d be hard pushed to find accommodation on the fringes of our capital cities for less than six times median income, and in Sydney, it's closer to 10 times.
To some extent, lower mortgage serviceability rates buffer the effects for initial owners who generally work out how much they can borrow month to month, rather than concentrating on the total outstanding amount.
However, for prices to continue to increase, thereby inflating the 'entry cost' further, the system relies on debt being 'ever more affordable' to keep afloat, and the risk of still having outstanding mortgage debt to service upon retirement is significantly higher.
Today - due to the costs of an initial purchase, buyers enter the market later, have less time to pay off their mortgage, and often will end up reaching into their ‘super’ account upon retirement to clear the debt - after which, they obviously don't want to see the price of their biggest asset - which has been a chain around their neck in terms of monthly mortgage repayments - drop.
To some extent, it's a self perpetuating circle - voting for a politician who recognises an economy that relies on 'ever rising' house prices, is one that is ultimately set to fail, by way of an eventual sharp correction, is therefore not desirable for many owners.
But are prices overvalued?
<ol start="1">
<li>Land prices are inflated to multiples what they would be if used for other purposes - with sites often 'land banked' in lieu of any development </li>
<li>Yields are generally low - averaging around 4% for a unit and 3.5% for a house. </li>
<li>First homebuyers are having to find inventive ways to 'enter' the market if they want to gain a foothold onto the onerous housing ladder - borrowing a deposit, or being 'first time investors' and capitalising on family assistance to do so. </li>
<li>Mortgage/household debt has gone from 30% - or one third - of disposable income in the 70s, to almost one-and-a-half years disposable income today.</li>
</ol>
Therefore, ‘Yes!’ land is overvalued. But will people keep buying it?
Of course - land is a necessity to all business and commerce, as well as our personal needs - and whilst buyers are able to service the debt, there will always a market for it.
However, take careful note - as time progresses, and values increase, this significantly valuable resource will increasingly fall into the hands of  'those who can' and not necessarily 'those who need' – and the consequence of such, does not take much intelligence to guess.
Article continues on next page. Please click below.
 
 
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Terry Ryder – <a target="_blank" href="https://hotspotting.com.au/">hotspotting.com.au<img style="float: right;" src="/images/stories/2013/10/25/Terry-Ryder-for-profile.jpg" alt="Terry-Ryder-for-profile"></a>
THE ONLY CLAIMS THAT AUSTRALIAN HOMES ARE "OVER-VALUED" COMES FROM INDIVIDUALS OR ORGANISATIONS WITH ULTERIOR MOTIVES
Australian property values are pretty much where they should be, relative to the strength of the economy, the wealth levels of the nation, the low rate of unemployment, the absence of over-supply (except in specific sub-markets) and the low level of interest rates.
Both regular affordability indexes (HIA-CommBank and REIA-AdelBank) says that affordability levels are the best they have been in 10 years. An ABS report found that, relative to incomes, our house prices are at the same levels as in 1995 and the Reserve Bank has stated on a number of occasions that Australian house prices are unremarkable by world standards.
The only claims that Australian homes are "over-valued" come from individuals or organisations with ulterior motives, mostly from the US, including the Demographia report which is published by a developer lobby group campaigning for a major relaxation of regulations "retracting" developer activity and the very strange Harry Dent who makes his living by making doomsday predictions, not one of which have ever come to pass.
 
Louis Christopher – Managing director, <a target="_blank" href="https://sqmresearch.com.au/">SQM Research<img style="float: right;" alt="Louis-Christopher-profile" src="/images/stories/2013/12/12/Louis-Christopher-profile.jpg" height="150" width="125"></a>
THERE HAVE BEEN TIMES WHERE THE MARKET HAS BEEN MUCH MORE OVERVALUED THAN IT IS NOW
The overall market is, in our opinion, only modestly overvalued. But it’s a difficult question to answer, for many reasons.
For example, if credit is turned off tomorrow, we’d have a crash in this country. And on that basis, you could say “the market is overvalued.” But assuming we continue to have low interest rates, the data suggests to me that we’re only modestly overvalued.
Looking at house price changes in comparison to total income changes – that metric suggests that property is slightly overvalued – and that’s one of the reasons that we’ve been relatively bullish on the market.
Of course if we had a cash rate at 6%, I’d say the market is overvalued, and we’d be due for a correction. One of my concerns is that the market is sensitive to interest rate changes, particularly with the number of investors in the market at the moment. When we get an interest rate rise, I believe it will negatively influence the market in a fairly significant way. Markets would be fairly susceptible to a 50 basis point increase.
But if interest rates stay the same, we only have a little bit of overvaluing. Sydney’s starting to look that way, but in the scheme of things I’ve seen worse, particularly back in 2003. I’d say it’s only moderately to modestly overvalued.
Hobart’s looking undervalued at this point in time, and Brisbane’s looking neutral – neither undervalued nor overvalued. The Gold Coast is starting to look quite undervalued now, and we’re expecting a pickup in their market.
In Adelaide, we don’t think the market’s going to do much. It’s at fair value, considering issues to do with the economy. Perth is looking a little overvalued, given that we know what’s happening with the downturn. Darwin is also looking overvalued, to an extent. And Melbourne’s only modestly overvalued.
But we don’t believe that the market in general is excessively overvalued, assuming the global economy remains in the current status quo.
You could argue that property expensive, but if I looked at the data from the last 20 years, there have been times where it’s been much more overvalued than it is now – particularly in 2003.
jrichardson@propertyobserver.com.au
 
 
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jrichardson-uRX5hFdKfN

Is Australian property overvalued? The experts have their say

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The western suburb of Sunshine is Victoria's cheapest for units, according to newly released data from the <a href="https://www.reiv.com.au/~/link.aspx?_id=4FF20028A7DB491F9728F6DB37B82EFD&amp;_z=z" target="_blank">Real Estate Institute of Victoria</a> (REIV). With a median unit sales price of $229,000 for the December 2013 quarter, Sunshine tops REIV's list of most affordable suburbs for units. The suburb has seen a 32.15% drop in median unit prices in the year to December 2013.
The second cheapest Victorian suburb for units is Frankston, with a median unit sale price of $275,000 for the quarter - a 6.8% drop from the median price recorded in the September 2013 quarter. Seaford, Dandenong and Noble Park were also in the top five most affordable suburbs for units.
This one bedroom Sunshine unit at <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/4-117-anderson-road-sunshine/Property-Details-buy-residential-6625149">4/117 Anderson Road</a>  is currently selling with expectations at $160-$175,000. 
{yoogallery src=[images/stories/2014/02/06/sun1]}
 
Another apartment, with two bedrooms, is asking for $210-$230,000. The <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/12-4-forrest-street-albion-sunshine/Property-Details-buy-residential-6581029">12/4 Forrest Street</a> unit is currently leasing for $954 per calender month.
{yoogallery src=[images/stories/2014/02/06/sun2]}
 
A <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/sunshine/Property-Details-buy-residential-6359013">ground floor apartment</a> in Sunshine with a rental income of $240 per week is on the market for $240,000.
{yoogallery src=[images/stories/2014/02/06/sun3]}
 
<div>
<table cellspacing="0" cellpadding="0" border="0" style="width: 470px;"><tbody>
<tr height="52">
<td width="109" height="52" style="text-align: left;">
Most Affordable
</td>
<td width="190" style="text-align: left;">
Suburb
</td>
<td width="82" style="text-align: left;">
Dec-13 Median
</td>
<td width="98" style="text-align: left;">
Quarterly Change
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
1
</td>
<td style="text-align: left;">
SUNSHINE
</td>
<td align="right" style="text-align: left;">
$229,000
</td>
<td style="text-align: left;">
NA
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
2
</td>
<td style="text-align: left;">
FRANKSTON
</td>
<td align="right" style="text-align: left;">
$275,000
</td>
<td style="text-align: left;">
-6.8%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
3
</td>
<td style="text-align: left;">
SEAFORD
</td>
<td align="right" style="text-align: left;">
$330,000
</td>
<td style="text-align: left;">
-16.9%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
4
</td>
<td style="text-align: left;">
DANDENONG
</td>
<td align="right" style="text-align: left;">
$335,000
</td>
<td style="text-align: left;">
17.5%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
5
</td>
<td style="text-align: left;">
NOBLE PARK
</td>
<td align="right" style="text-align: left;">
$340,000
</td>
<td style="text-align: left;">
9.9%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
6
</td>
<td style="text-align: left;">
BORONIA
</td>
<td align="right" style="text-align: left;">
$367,000
</td>
<td style="text-align: left;">
-3.4%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
7
</td>
<td style="text-align: left;">
RESERVOIR
</td>
<td align="right" style="text-align: left;">
$382,500
</td>
<td style="text-align: left;">
1.2%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
8
</td>
<td style="text-align: left;">
FOOTSCRAY
</td>
<td align="right" style="text-align: left;">
$385,000
</td>
<td style="text-align: left;">
0.2%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">9</td>
<td style="text-align: left;">CARLTON</td>
<td align="right" style="text-align: left;">$395,000</td>
<td style="text-align: left;">1.3%</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
10
</td>
<td style="text-align: left;">
CHELSEA
</td>
<td align="right" style="text-align: left;">
$395,000
</td>
<td style="text-align: left;">
-0.4%
</td>
</tr>
<tr height="20">
<td height="20">Source: REIV</td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody></table>
</div>
<div></div>
<div><a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a></div>
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With a $229,000 median, Sunshine is Victoria's most affordable suburb for units: REIV

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The four couples competing in the first episodes of The Block: Fans v Faves received a great design brief – set up a downtown Manhattan style loft.
With increasing demand for housing and the departure of manufacturers from Australia’s capital cities, <a href="https://www.propertyobserver.com.au/news/top-five-melbourne-warehouse-conversions-on-the-market/2013092565273" target="_blank">warehouse conversions</a> and multi-use spaces are more popular than they’ve ever been. As more residents move into former industrial spaces, we can look to New York’s lofts – and our Blockheads – for inspiration.
Lesson one: Make use of the building’s natural features.
When renovating a former industrial or storage space, capitalise on the features that make them unique.
Both winning Fan couples – Chantelle and Steven, and Kyal and Kara - made use of the graffiti that covered one of their walls. Kyal and Kara built a framing wall around the centre of the art work, while the Chantelle and Steven lit the wall to make it a feature of the room.
Take a look at this loft-style <a href="https://www.realestate.com.au/property-apartment-vic-clifton+hill-412222127" target="_blank">multi-level apartment</a> currently available to rent in Clifton Hill.
{yoogallery src=[images/stories/2014/02/06/cli]}
There’s a strong contrast between the wooden and iron cross beams, a healthy dose of exposed brick, and the solid industrial sliding door to the laundry has been painted an eye popping green – transforming it from an anomaly to a feature.
Use the industrial characteristics of the space to your advantage, but don’t try to force it. The judges appreciated Jesse and Kenny’s haphazard wood panelling behind their mounted television, but to us at Property Observer it seemed redundant and gauche. Attempting to shoehorn in “industrial” detailing where it doesn’t belong can seem as unappealing as, say, three burnt orange walls.
 
Lesson two: Art is everything
The couples competing in the season’s first episode, Kyal and Kara and Jesse and Kenny, both used the vintage posters gifted to them by Scott to great effect. Pascale and Chris, who were eliminated in the second episode, were the only couple to not use the designer piece provided to them. Instead, their standout feature was a lacklustre bedspread.
New York lofts were originally favoured by the city’s artists – with lots of room, few amenities to pay for and low rents, they were the perfect live-in studios before gentrification hit. Part of the enduring appeal of lofts is their association with major New York art movements – use that to your advantage.
While we might not all have a beautiful pre-existing piece of street art in our homes, it’s worth splashing out on a combination of art pieces that you love. The vintage posters used in the first Fan v Faves episode can be found at The Block’s <a href="https://www.theblockshop.com.au/store/single/bally-man" target="_blank">store</a>, while <a href="https://www.thirddrawerdown.com/" target="_blank">Third Drawer Down</a> has plenty of great design pieces.
 
Lesson three: More is more
Pascale and Chris, who pushed the “young professional” décor line when decking out their loft, ended up with a space that was more budget Scandinavian minimalism than Manhattan bohemian. Think of all the best lofts of cinema – Julianne Moore’s in <a href="https://loftlifemag.com/blogimages/lebow1.jpg" target="_blank">The Big Lebowski</a>, or Tom Hanks’s in <a href="https://basementrejects.com/wp-content/uploads/2012/06/big-loft.jpg" target="_blank">Big</a> – they’re all unapologetically filled with stuff.
Books, art, or furniture – don’t be afraid to put your favourite items on show. Stay away from sterility (Pascale and Chris’s bar spot lights) and steer towards warmth (Kyal and Kara’s amber pendant lights).
Article continues on next page. Please click below.
 
<hr class="system-pagebreak">
Lesson four: Play with scale
As Belle magazine editor in chief and The Block judge Neale Whitaker pointed out in both Fan elimination episodes – a loft is all about scale. When faced with a big blank space, be bold – upscale your rugs, your mirrors or your art; playing with proportion will inject liveliness into an open area.
Pascale and Chris’s cowhide rug was good – but wouldn’t it have been better if it were the giant rug rolled out in Billy Crystal’s New York loft in <a href="https://1.bp.blogspot.com/_LtJDkdVfToA/S_HZCmYDFeI/AAAAAAAAAzI/5oK1BT1Q51c/s1600/meg-ryan-movies-07.jpg" target="_blank">When Harry Met Sally</a>? (Perhaps our preoccupation with décor on film is showing).
 
Lesson five: Divide the space
With open plan spaces, zoning will make all the difference. Kyal’s “speed wall” allowed the winning couple to break their room into bedroom, dining and living spaces. When there’s little privacy to be had, quick solutions like modesty screens or a row of indoor plants to divide the space can make all the difference.
Without the aid of any dividing walls, Chantelle and Steve also managed to designate zones within their space. A simple designer chair in one corner and their ingenious suspended copper pipe clothes rack communicated that there were three spaces in one – a sleeping area, a living area, and storage.
When space is at a premium, the under-the-bed manoeuvre is always a solution - but why not make your clothes a feature? Kyal and Kara did the same thing with their “<a href="https://www.theblockshop.com.au/store/single/zuster-wall-hooks" target="_blank">random knobs</a>” (clothes hooks) that they scattered over the speed wall. While the winning couples transformed their rooms into multi-use areas – the essence of loft living – both losing couples reduced their “lofts” to single rooms.
 
The New York loft style provides a lot of opportunities to put your personality into your space. Proceed with abandon.
<a target="_parent" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
 
 
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Creating the perfect New York style loft: Lessons from The Block

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Residential property listings in Sydney have reached their lowest point since mid-2008, according to new data from SQM Research.
January saw 20,080 residential listings in the city, a decrease of 3.4% from December. The previous low in listings for Sydney was recorded by SQM in January 2010, when 20,687 properties were listed.
<img alt="sqm-feb-6" height="137" width="470" src="/images/stories/2014/02/06/sqm-feb-6.gif">
Source: SQM Research
The only other capital city to record a drop in listings for January 2014 was Melbourne, where listings fell 1.9% to 39,740. Property markets in Melbourne and Sydney have both tightened over the last year, with a decrease in listings of 5.4% and 17% respectively from January 2013 to January 2014.
Accordingly, prices have increased in both cities over the past year. SQM Research managing director Louis Christopher believes that the stock on market data could point to continued growth in Sydney’s property market, estimating that dwelling prices will increase by 15-20% during 2014.
“Over the course of early 2009 through to early 2010, Sydney house prices rose by 19.6%,” said Christopher.
“Sydney real estate listings were higher at that time than what it is now. This is one of the primary pieces of evidence as to why we have been so bullish on the Sydney market for this year.”
SQM Research’s Asking Price Index also shows that Sydney vendors have increased their asking prices by an average of 11% for houses since January 2013. Asking prices for units in Sydney have risen by 4.6% over the same period.
Nationally, 342,157 residential properties were listed on the market during January. Stock on market rose 1.3% from the previous month, reflecting the traditionally slow December holiday period.
Darwin recorded a large increase in January residential listings, with 1,373 properties on the market – a yearly increase of 23.1%, potentially pointing to a market slow-down in the city. However, Darwin, as Australia’s smallest capital city, consistently has the lowest number of residences on the market, magnifying any proportional changes recorded.
SQM Research began recording market on stock in April 2008.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
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Sydney property listings reach post-GFC low: SQM Research

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Units in Melbourne's prestigious bayside suburbs are the state's most expensive, according to new data from the Real Estate Insitute of Victoria.
Brighton East tops the <a href="https://www.reiv.com.au/~/link.aspx?_id=4FF20028A7DB491F9728F6DB37B82EFD&amp;_z=z" target="_blank">REIV</a>'s top 20 most expensive suburbs for units list with a median unit sales price of $862,500 for the December 2013 quarter.
Surrounding suburbs saw high unit prices, with Brighton, Bentleigh East, Bentleigh and Hampton all in the list's top six. Predictably, unit prices in Toorak were also relatively expensive, with a median unit price of $760,000.
Brighton East has seen a number of new unit developments in recent years. This three bedroom, two bathroom apartment at the <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/1-10-200-dendy-street-brighton-east/Property-Details-buy-residential-5886497">200 Dendy Street</a> development is selling with a minimum asking price of $850,000.
{yoogallery src=[images/stories/2014/02/06/bri]}
 
A two bedroom apartment at <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/3-133-thomas-street-brighton-east/Property-Details-buy-residential-6616371">3/133 Thomas Street</a> is selling well below the suburb's median, with vendors seeking $500-550,000.
{yoogallery src=[images/stories/2014/02/06/bri2]}
 
In the neighbouring Brighton, number two on REIV's list with a median unit price of $835,000, this first floor penthouse at <a href="https://www.realestateview.com.au/Real-Estate/101-380-bay-street-brighton/Property-Details-buy-residential-6628709" target="_blank">101/380 Bay Street</a> is expecting $825-875,000 at auction.
{yoogallery src=[images/stories/2014/02/06/bri3]}
 
The 10 most expensive suburbs for units, according to the REIV
<table border="0" cellpadding="0" cellspacing="0" style="width: 470px;">
<colgroup>
<col width="109">
<col width="190">
<col width="82">
<col width="98">
<col width="139">
<col width="161">
<col width="78">
</colgroup>
<tbody>
<tr height="20">
<td height="20" colspan="4" width="618">Note: Only suburbs where a minimum of 25 sales recorded in the quarter are included.</td>
</tr>
<tr height="41">
<td height="41" width="109">
<h3>Most Expensive</h3>
</td>
<td width="190">Suburb</td>
<td width="82">Dec-13 Median</td>
<td width="98">Quarterly Change</td>
</tr>
<tr height="20">
<td height="20" align="right">1</td>
<td>BRIGHTON EAST</td>
<td>$862,500</td>
<td>-0.3%</td>
</tr>
<tr height="20">
<td height="20" align="right">2</td>
<td>BRIGHTON</td>
<td>$835,000</td>
<td>0.6%</td>
</tr>
<tr height="20">
<td height="20" align="right">3</td>
<td>BENTLEIGH EAST</td>
<td>$765,000</td>
<td>8.7%</td>
</tr>
<tr height="20">
<td height="20" align="right">4</td>
<td>TOORAK</td>
<td>$760,000</td>
<td>2.0%</td>
</tr>
<tr height="20">
<td height="20" align="right">5</td>
<td>BENTLEIGH</td>
<td>$755,000</td>
<td>9.4%</td>
</tr>
<tr height="20">
<td height="20" align="right">6</td>
<td>HAMPTON</td>
<td>$737,250</td>
<td>-0.4%</td>
</tr>
<tr height="20">
<td height="20" align="right">7</td>
<td>PORT MELBOURNE</td>
<td>$727,750</td>
<td>2.7%</td>
</tr>
<tr height="20">
<td height="20" align="right">8</td>
<td>DONCASTER EAST</td>
<td>$720,000</td>
<td>9.7%</td>
</tr>
<tr height="20">
<td height="20" align="right">9</td>
<td>MALVERN EAST</td>
<td>$707,500</td>
<td>14.1%</td>
</tr>
<tr height="20">
<td height="20" align="right">10</td>
<td>CAULFIELD NORTH</td>
<td>$676,000</td>
<td>13.1%</td>
</tr>
<tr height="52">
<td height="52" width="109">Source: REIV</td>
<td width="190"> </td>
<td width="82"> </td>
<td width="98"> </td>
</tr>
</tbody>
</table>
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
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Brighton East most expensive Victorian suburb for units: REIV

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With low rents and spectacular scenery, there’s a lot to like about renting a home in Tasmania. While <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/the-5-most-beautiful-vacant-rentals-in-new-south-wales/2014011467194">New South Wales</a> and <a target="_blank" href="https://www.propertyobserver.com.au/news/jan-10-flicker-2-galleries-needed-the-5-most-beautiful-vacant-rentals-in-victoria/2014010967132">Victoria</a> were all about luxury, and the <a target="_blank" href="https://www.propertyobserver.com.au/northern-territory/the-five-most-beautiful-vacant-rentals-in-the-northern-territory/2014012267306">Northern Territory</a>’s best properties took advantage of the warm climate, Tasmania stood out for its beautiful heritage homes and country estates.
1. <a target="_blank" href="https://www.realestate.com.au/property-house-tas-battery+point-404943213">72 Hampden Road, Battery Point</a>
{yoogallery src=[images/stories/2014/02/05/bat]} 
This four bedroom, six bathroom home in Battery Point is a great example of the many well-preserved heritage houses available in Hobart. The main house’s three bedrooms all have en suites, with another en suite attached to the office space on the lower level.
The two-storey house has Baltic pine floors and new pure wool carpeting, and is fully furnished, with chesterfield lounges in the downstairs living area. The upstairs bedrooms are tucked high in the building, ensuring high ceilings for the lower level, while the upper rooms incorporate the building’s peaked roofing.
French doors open the kitchen up to the rear courtyard, where a renter can find the spa and sauna – and another house. The ‘coach house’ has a downstairs living area and bathroom, with a loft bedroom upstairs.
The circa 1850 building was purchased by its current owners for $850,000 in 2010 and is available at $950 a week.
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2. <a target="_blank" href="https://www.realestate.com.au/property-house-tas-longford-407907261">448 Pateena Road, Longford</a>
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This three bedroom cabin-style home is situated on an 11 acre property that the agents, Harcourts, advertise as providing “room for your horses.” While at Property Observer we’re a little wary of properties that are too <a target="_blank" href="https://www.propertyobserver.com.au/residential/five-of-the-most-bizarre-property-listings-from-looney-listing/2014012867391">horse friendly</a>, this modest home located south of Launceston has us charmed.
The house’s wood-panelled and exposed brick walls close in the spaces a little, but also exude warmth and lend an intimacy to the living areas. A sunroom and covered deck provide all the room you need to soak up the country atmosphere and reflect.
The property also includes a kitchen with a walk in pantry, and a fully self-contained one bedroom granny flat. The property has been retained by its owners for more than 20 years, after it was purchased for $128,000 in 1993. The owners tried to sell in 2012, with no luck. It’s currently available to rent for $400 per week.
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3. <a target="_blank" href="https://www.realestate.com.au/property-house-tas-rowella-411998887">25 West Bay Road, Rowella</a>
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Next on our list is a five bedroom country estate. The home is surrounded by manicured lawns, and is set far back enough from the road to ensure total privacy.
Situated north of Launceston, the property sits between local vineyards and the Tamar River. Renters might only be able to catch “glimpses” of water from the property, but there are plenty of sights to enjoy without the waterfront. The estate has extensive gardens with a tennis court, while a gardener is included in the cost of rent.
The country style home also has a private library in addition to its living room and formal dining room.
This Rowella property was purchased for a mere $85,000 in 1988. It’s now rented at $670 a week, less than most inner-city university students would pay for a beat up terrace in Melbourne or Sydney.
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4. <a target="_blank" href="https://www.realestate.com.au/property-house-tas-relbia-412349863">75 Caledonia Drive, Relbia</a>
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Although the next home on our list appears at first to be classic Georgian homestead, it’s actually a recreation, constructed within the last 10 years. For any renters that might be heritage enthusiasts, the builders had authenticity in mind, using period era fixtures and fittings.
The property is pet friendly (<a target="_blank" href="https://www.propertyobserver.com.au/news/letter-from-the-editor-the-drought-of-pet-friendly-rentals/2014013067134">a rarity,  as renters will know</a>), and has around seven acres of rural land, including two dams and several sheep to graze the land, along with some egg-laying chickens. There’s also room to grow your own vegetables, and landscaped gardens immediately surrounding the home. Again, a gardener is included in the $600 per week rental.
Inside, the four bedroom home has an open plan kitchen and living area which opens onto a large terrace for outdoor entertaining. The kitchen itself includes a walk-in scullery, with a hatch to take you down to the basement cellar.
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5. <a target="_blank" href="https://www.realestate.com.au/property-apartment-tas-hobart-405271117">13/84 Upper Fitzroy Crescent, Hobart</a>
{yoogallery src=[images/stories/2014/02/03/hob]} 
Located on the third floor of a restored mansion, this unique apartment is so good we've <a target="_blank" href="https://www.propertyobserver.com.au/tasmania/an-amazing-rental-in-hobart/2014020367492?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">featured it before</a>.
The one bedroom, one bathroom loft makes the peaked ceilings of its building the apartment's main feature. The sloped white ceiling contrasts with the timber beams, which almost reaching the floor in places.
With polished floor boards, exposed brick and a red feature wall, the apartment plays up characteristics a lesser property would attempt to hide, without straying into kitsch. 
This rental also includes a balcony and a skylight over the bed. It's available to rent for $525 per week.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
 
 
 
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The five most beautiful vacant rentals in Tasmania

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The Portside Wharf development in Hamilton has released 14 two storey terraces, with construction to begin later this year.
The two bedroom, two bathroom terraces will each have river frontage, while some will have private entrances with direct access from the wharf. They will occupy the bottom two levels of the 16 storey Pinnacle apartment complex. Residents in the terraces will have access to the building’s rooftop terrace, which features a pool, barbecue, entertainment area and gymnasium.
Only 12 of the 14 terraces released remain available to purchase. Prices begin from $795,000, ranging in size from 92 square metres to 183 square metres.
Portside Wharf includes four completed residential buildings in addition to Pinnacle and another development, Link, which are awaiting construction. The total Portside Wharf development also includes retailers and dining spaces.
It is the first stage of the Northside Hamilton urban renewal project, which when completed is intended to house around 10,000 residents.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
For the latest development listings, brought to you by Property Observer and partners, see our <a rel="nofollow" href="https://showcase.propertyobserver.com.au/">Investor Showcase</a>.
Images are artist impressions.
 
 
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New residential release from Portside Wharf development in Hamilton

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According to the Real Estate Institute of Tasmania’s (REIT) latest report, December saw a 10.7% increase in house sales from the previous month in Tasmania.
In its December Quarter Property Report, released today, the REIT said that Tasmania experienced a 21.1% increase in properties sold over 2013 from the year prior.
REIT President Adrian Kelly said that house sales in <a href="/news">Hobart</a>, <a href="/news">Launceston</a> and the north-western centres increased over the entire year.
“Hobart house sales increased by 15.2% for the quarter, but of particular interest was Inner Hobart, which recorded a staggering 46.2% increase in house sales,” said Kelly.
“Launceston house sales also showed positive growth, up 23.2% after a 7.3% decline in the September quarter, recording an overall increase of 17.1% in house sales from the same time last year.”
Tasmania’s median house price increased slightly over the December quarter, up 3.4% from the September quarter. The REIT’s report noted that Tasmania had a strong June quarter in 2013, with a slightly softer September quarter.
“Fourteen municipalities saw an increase in both their median house price and sales for the [December] quarter,” said Kelly.
<a href="/news">Sandy Bay</a>, <a href="/news">Acton Park</a> and Glebe were the most expensive Tasmanian suburbs in December. The cheapest were <a href="/news">Ravenswood</a>, <a href="/news">Beaconsfield</a> and <a href="/news">George Town</a>.
First home buyers accounted for 18% of house sales in Tasmania for the quarter, with a median price of $265,000, an increase from the previous quarter. The Tasmanian government <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/tasmania/%2430000-leg-up-in-tas-offered-to-first-time-buyers/2013111166281" target="_blank">recently increased</a> its first home buyers grant to $30,000. 
Although the proportion of house purchases made by first home buyers was up for December, second home buyers still comprise 51% of all buyers, according to the REIT report. The median house price for second home buyers was $334,000.
<a href="https://www.propertyobserver.com.au/jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
 
 
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Strong end to 2013 for Tasmania: REIT

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With cans of paint, pesticides, oil spills and a big, heavy, automated door, your garage is one of the most dangerous areas in your home. Given that we use garages to store our most hazardous household items, it makes sense to take steps to protect our families and pets from some of the more risky parts of a suburban garage. With that in mind, garage door manufacturer Merlin has come up with eight top tips for a safer garage.
Never allow children to play with the garage door
The garage door and opener are not toys and can be dangerous if misused. Children should never be allowed to play with the garage door, its automatic opener system or remote control. Children should never play under or near the garage door and should keep fingers and hands away from the door and opener to prevent any crushing or pinching of fingers and hands.
Keep tools out of reach of children and toxic items locked away
 Garages are home to a number of sharp, heavy and hazardous tools, so to ensure children can’t get their hands on these items, keep them on high shelves or up on pegboards, out of their reach. Highly toxic items such as chemical cleaners, pesticides and garden chemicals should be tightly sealed and stored in a locked cupboard at all times.
Always clean up sawdust and oil spills after working in the garage
As many garages are also used as workshops, ensure that all sawdust, woodchips and oil spills are immediately cleaned up after the work is complete, as these are not only a slipping hazard, but are also combustibles that can fuel a fire.
Ensure your automatic garage door opener has a safety reverse function
Garage doors – whether automatic or manually operated – are heavy and large objects that can potentially cause serious injury or even death. To reduce the likelihood of injury, ensure your garage door is installed with an automatic garage door opener equipped with an automatic safety reverse. 
Protect your child from vehicles
When reversing out of your garage, always conduct a thorough check of your surroundings and regularly scan the area for small children and pets. Avoid leaving your keys inside your vehicle to prevent children from accidently starting the vehicle in a closed garage. Ensure motorcycles and bicycles are secure to prevent them from falling on children.
Store flammable items in the correct location
Many house fires start in the garage due to the presence of the flammable items generally stored there. Fire requires three things: fuel, oxygen and heat, so if you keep incendiary items away from heat sources such as water heaters, fridges and battery chargers, you are taking the first preventative step in avoiding a garage fire.
Keep a fire extinguisher close by
A fire extinguisher is an essential item to have in a garage and should be kept close to an entry point to the garage. A CLASS 10B:E extinguisher is the most suitable for garages and uses a nontoxic dry powder extinguisher to combat fires involving oil, flammable liquids and electrical equipment.
Install a heat detector inside the garage
Due to the nature of garages (often filled with smoke fumes from the car or from the workshop) smoke detectors often give false alarms and a heat detector is a more suitable option for the garage space. A heat detector will detect rapid rises in temperature and alert you of a fire in your garage.
Source: <a target="_blank" href="https://www.gomerlin.com.au/">Merlin</a> 
<a href="https://mce_host/jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au </a>
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Top tips for a safer garage: Merlin

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For the first time in 20 years, the historic Block Arcade on Collins Street in Melbourne’s CBD is being listed for sale.
The arcade was constructed in 1892 after a fire destroyed the site’s original building. Designed to replicate Milan’s Galleria Vittoria, the L-shaped arcade features mosaic-tile flooring, glass skylights, wrought iron features and a large dome. It has an entrance to Collins Street and another to Elizabeth Street, with a third entrance on Block Place.
Selling through Colliers International and Allard Shelton, the Block Arcade houses a number of boutique retailers (including the Hopetoun Tea Rooms, which has remained a tenant since the arcade’s opening in 1892) on the ground floor, with commercial tenants on the upper levels. There are currently 27 tenants in the arcade. Anchor tenants currently include Telstra, Haigh’s Chocolates and Crabtree &amp; Evelyn. The property has a net lettable area of 8,124 square metres.
Colliers International managing director of capital markets and investment services John Marasco expects interest from local and international buyers from Asia, Europe and the US.
“The Block Arcade is a blue chip Melbourne CBD investment,” Marasco said. “It also offers a number of exciting value-add opportunities including repositioning the asset to attract luxury retail brands to the precinct.”
Patrick Barnes, director of Allard Shelton, has managed the property for 20 years. He noted the historic significance of the Block Arcade, which is part of Melbourne’s “Golden Mile” heritage walk.
“The Block Arcade has an unprecedented 120-year successful retail trading history and there is a waiting list of tenants trying to secure space in the centre. It is much-loved by Melbournians and has a loyal following of local shoppers,” said Barnes.
“It is also a popular tourist destination for interstate and international tourists, attracting more than 3.5 million visitors during 2013.”
The Block Arcade is expected to achieve a sales price of about $100 million. Offers of interest are being accepted until 4pm on April 3.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
 
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Melbourne's Block Arcade on the market with $100 million price expectations

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

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Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

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The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

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Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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[smartcode_project_cta:default project_id=152737]

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Jessie Richardson

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