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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>
{yoogallery src=[images/stories/2014/02/05/rel]} 
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

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Jessie Richardson

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