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The property market looks to be bottoming out, meaning things are about to begin to improve, according to <a target="_blank" title="Residex" href="https://www.residex.com.au/">Residex </a>forecaster John Edwards, who has pinpointed 29 areas where growth has been above 4% in the past three months.
Edwards suggests there had been strong growth in Fawkner, Carlton and Campbellfield in Melbourne, and Girraween, Canterbury, North Sydney and Artarmon in Sydney.
Many rural towns including Dubbo in NSW and Bendigo are in Edwards’s list.
He notes about 62% of the suburbs identified have a median value of less than $500,000 and about 30% have a median value of less than $350,000.
“Affordability is again playing its part in growth,” he says.
“It should be clear that no matter what the greater market is doing, there are always gems to be found.
“However, it is important to remember a current ‘gem’ is just that, current, and the opportunity to maximise returns has passed.
“We need to find the locations that are predicted to grow, just before they become ‘gems’ to make the most out of an investment,” Edwards says.
Edwards notes that across Australia growth, in real terms, is lower than normal, “so if history is any guide to the future, we can expect it to rebound”.
“Given long-term real rates and low inflation of about 2% to 3% , the longer-term nominal growth should be, on average, around 6% per annum,” he says.
Edwards suggests there are markets across Australia currently doing very well, although Australia’s median price eased 0.38% during May, and is down 0.29% in the past three months to sit at $441,500.
The biggest decline during May was Hobart, down 1.77% to a $374,000 median.
Perth had the best jump in May up 0.72% to a $485,000 median, according to Residex.
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jchancellor-FAypfDUnLy

Buy the gems before they go up: Residex

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Hollywood actor Julian McMahon and his two sisters now have the proceeds of the $9 million sale of their late mother’s Sydney residence.
The Australian actor and former fashion model grew up in the Bellevue Hill home, which was bought in 1968, the year of his birth, by his parents, Lady (Sonia) McMahon and former prime minister Sir William McMahon.  Julian has an older sister, Melinda, and a younger sister, Deborah.
The actor is best known for playing surgeon Christian Troy on the Emmy- and Golden Globe-winning TV show Nip/Tuck.
Their mother’s estate includes two further properties, a pricier one nearby, and another on the hill at Palm Beach in Sydney’s northern peninsula.
Amber Richmond and husband Jamie Schwartz, an executive at the Yellow Brick Road Group, bought the property.
The six-bedroom, 1920s Drumalbyn Road house on a 1,745-square-metre block was passed in at recent auction on a $9 million vendor bid through Victoria Morish from Di Jones Real Estate, in conjunction with Bill Carpenter of W.McI.Carpenter &amp; Associates.
The highest bid from the registered bidders was $8 million, given the necessity to spend up big on its renovation or replacement.
Sonia McMahon bought the house in 1968 for $123,000 from turf commission agent Harold Fay.
The Schwartz family currently has a Clovelly residence overlooking Gordons Bay. The modern house sits on a 702-square-metre block that backs directly on to an ocean-front nature reserve.
The 2006 house, with four bedrooms and study, comes with an internal lift to its foyer from the triple garage. The couple thought of selling last year, when they wanted more than $7 million.
Amber Richmond is the granddaughter of the late Peter and Ruth Simon, who established the electrical switch manufacturers HPM Industries.
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Nip/Tuck star Julian McMahon sells childhood home

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Actor Jack Thompson accepted that as investments go, his Hotel Gearin joint acquisition in in the Blue Mountains would cost him money, given the current state of the hotel market.
It was bought in 2006 for $4.1 million and sold today, June 23, 2011, for $1,925,000.
But Thompson said in the pre-auction marketing that the Gearin sale was far more an emotional than financial wrench for the actor, as its purchase was the realisation of a youthful dream.
His enduring acting career was among the reasons it was up for sale.
A syndicate led by Jack's son Patrick bought the historic Katoomba hotel in 2006.
There was a $1.9 million vendor bid at the auction through Jones Lang LaSalle Hotels agent Sam Handy. Bidding came from two interested parties.
The locals who know say the pub is turning over about $33,000 a week.
Located in the heart of the Blue Mountains, the hotel occupies a prominent corner site opposite Katoomba railway station and features a public bar, dining room, nine poker machines, 40 accommodation rooms and a 24-hour liquor licence.
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Jack Thompson calls last drinks at Katoomba

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The queen of Australian fashion Collette Dinnigan has given Woollahra's burgeoning fashion precinct a fillip since the opening of her store on the Queen Street retail strip.
With her many dress lines and an ever-growing bridal business, Dinnigan took the retail space late last year – paying $195,000 a year in rent for the 130-square-metre  ground-floor premises.
The Sydney suburb of Woollahra’s prestige shopping precinct’s most recent sale was in this week, mid-June 2011, when the Howell and Howell antique premises fetched $4.25 million post auction through Richardson and Wrench agent Ben Vaughan in conjunction with Laing and Simmons agent John Knott.
<img src="/images/stories/howell.jpg">
The Howell shop has been bought by Alasdair MacLeod and his wife, Prudence, the eldest child of Rupert and Anna Murdoch, who beat off two other parties who had sought extended settlement terms.
Tenants are now being sought.
The Howells, Frank and Georgina, are off to the United States to be closer to family members.
It had last traded at $2,001,000 in 2000.  The 320-square- metre premises sits on a 203-square-metre block. Its estimated rental was given as between $200,000 and $240,000 a year.
Their departure heightens the strip’s shift away from antiques.
Once replete with regency furniture, Louis XV commodes and long-case clocks, Woollahra now has a who's-who of fashion within a two-kilometre radius: Sass &amp; Bide, Ksubi, Zimmermann, Camilla and Marc, Willow, Lisa Ho, Robby Ingham, Herringbone, Mother Baby Child, Saba, Quincy, John Cavill, Brunello Cucinelli, M.J. Bale, Scanlan &amp; Theodore, Ginger &amp; Smart and Kate Sylvester.
Few are like Akira Isogawa, who has been on Queen Street since 1994. It was 1986 when he arrived in Sydney from Japan, speaking no English, on a working holiday visa, and one of his first jobs was as a kitchen hand in a nearby Queen Street brasserie. He then studied at the Dress Design Studio of East Sydney Tech.
Dinnigan’s rental space became available following the departure to Redfern of Martyn Cook, the street's most ubiquitous antique dealer for the past 20 years. The premises sold at $4.6 million (exclusive of GST) to the discretionary investment trust Wyelba Pty Ltd, which is associated with the MacLeods, last year.
It was sold by the Roche family of Adelaide, who paid $1.02 million in 1990.
The nearby Queen Street shop of the late antiques dealer William Bradshaw was tenanted to Jacadi, the children's clothing store from Paris, following its $2.7 million sale.
Queen Street’s current listings include a retail showroom and private residence combined in a semi-attached mixed use through Ben Collier and James Dack at McGrath Estate Agents. Set to the north of Ocean Avenue, the property comes with approval for additional floor space and a double garage.
The street’s yields mostly range between 3% and 5%.
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Fashion royalty boosts Queen Street's leasing pedigree

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Glenfield, the Georgian colonial residence at Casula, NSW, deemed to be the most important house surviving from the Macquarie era, has been sold by the Historic Houses Trust for close to $2 million.
Dr Charles Throsby, the naval surgeon on the Coromandel, magistrate member of the Legislative Council and explorer, built the house in 1817, naming it after his birthplace near Leicester in England.
On his death in 1828, the convict-built residence was left to his nephew Charles Throsby, who built the 1834 Throsby Park residence in the Southern Highlands.
It remained in the family until the 1920s, when it was sold to the Leacock family.
The restored 14-room residence with lawn tennis court, orchard, privy, two-storey stables and a former dairy, is on 1.3 hectares on Leacock Lane.
It's something of a miracle that it has survived at all, let alone with most of its original features and outbuildings intact.
Before its acquisition by the HHT the vacant house was under threat from damage, vandalism, theft and termites.
It has been restored at a cost of about $1.8 million. It sits on a reduced holding since being bought in 2002 for $1.8 million from the Leacocks, when it was on 5.5 hectares.
It sold as a freehold holding through Garry Dunn at Dunn &amp; Horne Hammondville in conjunction with Darren Curtis and Ken Jacobs from Christie's International.
It was previously listed in 2008 on a variable long-term lease basis with a single up-front payment and a lease that can be assigned. There will be a requirement that the property be opened to the public on a number of days each year. The sale proceeds will be spent on saving other threatened buildings.
The restoration was undertaken by Clive Lucas, Stapleton &amp; Partners Pty Ltd.
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Heritage Georgian homestead finds 21st-century freeholder

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Measuring socioeconomic status of individuals, families, households, and geographic areas, is not straightforward.
Given socioeconomic status is generally unobserved, proxy measurements are therefore required.
The Australian Bureau of Statistics has recently sought to provide an insight into the perhaps old-fashioned measurement that defines relative socioeconomic advantage and disadvantage.
Income, consumption, wealth, education and employment are among the common concepts considered.
However, their relative importance can change substantially through time and across populations.
Whether a house has or doesn’t have broadband internet connection could now be used as a measure of socioeconomic advantage/disadvantage, albeit a relatively recent phenomenon.
On the other hand, colour televisions have become so ubiquitous that not having one is now more likely to be a choice made by households, as opposed to measuring material wealth.
The lack of access to a car may be highly relevant to socioeconomic status in much of Australia, but in the places where public transport is widely available and many amenities are close by, it is of less relevance.
Ultimately income, consumption, wealth, education and employment are the concluded key concepts used to measure socioeconomic status, according to the ABS.
One concept that predates socioeconomic status is poverty. Those in absolute poverty are generally considered unable to afford basic needs like food, clothing and shelter, whereas those in relative poverty tend not to have access to the minimum economic resources that one would expect in the particular society or economy. The ABS suggests poverty is a slightly different concept than socioeconomic status, as those in poverty are likely to have low socioeconomic status.
However, there are also likely to be a number of people who would be accorded low socioeconomic status based on other indicators, but who would not be considered as being in poverty using a more restricted set of indicators.
Wellbeing, on the other hand, sits as a broader concept than both poverty and socioeconomic status. According to the ABS, wellbeing is “a state of health or sufficiency in all aspects of life”. So, while a person’s socioeconomic status would tend to be a component of his or her wellbeing, a person’s interaction with the natural, built and social environments, as well as physical, mental and emotional health, are also vital components.
A third related concept is that of social exclusion, whose definition is often highly contested and may be interpreted very differently in different contexts.
However, a useful definition of social exclusion is “an individual is socially excluded if he or she does not participate in key activities of the society in which he or she lives”.
Social exclusion, therefore, focuses on a person’s activities or actions, whereas socioeconomic status refers to a person’s access to social and economic resources.
A fourth alternative concept, human development, focuses on ensuring that people have the capabilities to lead lives that they value. Without basic capabilities, such as health care and education, many opportunities in life are inaccessible.
"This is also known as capability deprivation, which is a concept initiated by Amartya Sen as an alternative measure of poverty. Capabilities are influenced by an individual’s characteristics such as age, sex, disability status and educational attainment. Some characteristics, such as having a disability or illness, being on older person or having low educational attainment, can then lead to particular population groups earning lower incomes, which, in turn, lead to being deprived of some basic capabilities and, therefore, potentially to a lower quality of life," the ABS report says.
When it comes to the wealth of housing, the ABS notes it is one of the most commonly used wealth measures.
It points out while not owning one’s own home is a reasonable indication, on average, of low household wealth, the indicator for home ownership misses a large amount of the variation in wealth across Australian households.
It misses remaining assets including superannuation, savings held in a bank and financial equities.
Secondly, it does not take into account the actual value of the home, nor the amount that is still owed on the home.
As this information is not available from most data sources, the ABS acknowledges the limitations of commonly used variables for wealth should be kept in mind when calculating the socioeconomic status of particular households.
It concludes it is often the case that administrative data records include limited person-level information. While some datasets capture age, sex and occupation, they may not have details on income, family composition or educational attainment. Often administrative data sets contain limited demographic information. Without this demographic detail, it becomes difficult to use the administrative datasets for socioeconomic analysis.
For the above reasons, among others, the ABS also undertakes a range of sample surveys. The aim of these surveys is to obtain information from a nationally representative sample on a single topic or range of topics.
There will be perhaps a clearer indication from the Survey of Income and Housing, which will be issued in August.
The SIH is a household survey that collects the amount of income receivable through each source of income, wealth information, housing characteristics and demographic and person-level information for household members. Income data are collected on both a current basis and for the previous financial year. The primary purpose of the survey is to inform on the social and economic welfare of Australians, including the distribution of household income and wealth.
In addition, the data collected contribute to the compilation of key performance indicators for housing affordability that have been agreed by the Council of Australian Governments.
Collecting demographic indicator data and details about the dwelling and the residents in the household is important.
But it is equally important to detect trends such as the fact that over recent decades, households have tended to become smaller as the number of families with relatively large numbers of children has fallen and the number of elderly couples and number of elderly people who live alone have both increased, according to the ABS.
These household compositional changes have generated far greater demand for housing than might be expected from population growth if average household sizes had remained the same. They have also given rise to demand for different housing options.
Details, such as main source of household income, number of employed persons in the household, value of dwelling and household type, provide contextual information required to help plan our collective housing future.
The ABS review involved input from Dr Nicholas Biddle, Research Fellow in the Centre for Aboriginal Economic Policy Research (CAEPR) at the Australian National University.
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There's more to socioeconomic status than housing

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Some 83% of consumers expect rates to rise over the next year, but that’s down on the 91% recorded in February, according to the latest Westpac Melbourne Institute index of Consumer Sentiment.
Notably, just 26% in June (versus 38% in February) expect rates to rise by more than 1%, according to the Westpac Red Book, edited by Westpac senior economist Matthew Hassan.
Just over 12% of consumers now expect rates to stay unchanged over the next year (versus 7% in February), and 4% expect rate cuts, against 2% in February.
Average mortgage rates were unchanged between the two surveys.
The detail shows a broad softening in rate rise expectations but a particularly big mark-down in Queensland, which went from having the most hawkish consumers in February to the most dovish in June.
Younger age groups also cut rate expectations more aggressively and are notably less hawkish.
Consumers appear more hawkish on rates than markets and most economic forecasters. The spread of responses in June points to an average expected rise of 58 base points by June next year, well down on the 77 base points expected in February. That implies a standard variable mortgage rate of 8.4% by June 2012.
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/wesstpacjune22big.jpg"><img src="/images/stories/wesstpacjune22.jpg"></a>
Source: Westpac Red Book
The overall Westpac–Melbourne Institute Index of Consumer Sentiment slipped 2.6% in June, from 103.9 in May to 101.2. Although the move was small and the index is still in optimistic territory, the index is now at its lowest level since June 2009, when Australian households were realising the local economy had ducked the worst of the “great recession” that had engulfed the major developed economies but were still fearful of the near-term outlook, according to Hassan.
Consumer views on whether now is a “good time to buy a dwelling” are less upbeat than responses to the other “time to buy” questions but still showing notable resilience. At 115.4, the index tracking responses is about seven points below its long-run average but a touch above the average since 2001, comfortably in optimistic territory (i.e. above 100), and well above the lows seen in previous market “corrections”.
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/westpac2big.jpg"><img src="/images/stories/westpac2.jpg"></a>
Source: Westpac Red Book
However, Hassan notes market conditions are soft. Prices are slipping lower in most markets at about a 2% annual pace over the last six months. Auction clearance rates are also down sharply and near previous lows in Sydney and Melbourne.
"Conditions are notably weaker in Queensland, where Brisbane house prices are falling faster (at a 6% annualised pace) and have experienced a bigger correction to date (-6.9% versus -5.4% in 2008-09). The floods in early 2011 hit building activity, although they also reduced dwelling stock. The Queensland “time to buy a dwelling” index jumped sharply in June but has been very erratic this year. The Queensland Government’s latest decision to remove some stamp duty concessions will be a hit in the near term," the Red Book says. 
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Home buyers and investors more hawkish than economists

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Coal mining executive Peter Bond from Linc Energy has spent $2,125,000 to buy the landmark 125-year-old former Redfern post office, now an office building, as an investment. It was sold recently by Max Markson, the publicist who had used the Redfern Street heritage property as the base for publicity business Markson Sparks for five years. The building, which has a clock tower and bell, sold through McGrath agents Paul Ephron and Ben Forsyth. Markson had bought it from Sorin Dascalu &amp; Associates in 2006 for $1.9 million.
“This commercial opening comes at a time of exciting regeneration and rapid development to the vibrant city fringe location,” Ephron says.
The former Redfern Post Office, in Redfern, NSW, was built in 1882. It has a two-storey Victorian Italianate building plus a dominant four-and-half-storey corner clock tower. The post office included a telegraph office, parlour, drawing room, three bedrooms, kitchen, a servant’s room, bathroom, scullery, washhouse, fuel shed and two stall stables. In 1880, £3000 was provided for the erection of the Redfern post office, and then the Public Works added a clock tower for an estimated extra £700.
The building has 480 square metres of internal space on its 330-square-metre Redfern Street block. Markson is looking for bigger space, and the upstairs tenant, Andrew Forrest’s Generation One Aboriginal employment initiative, retains occupancy of the upstairs space.
Redfern’s recent sales include Fiona Lochtenberg, the wife of Cockatoo Coal director Mark Lochtenberg, spending $2,215,000 through Cushman &amp; Wakefield agent<a title="Cushman &amp; Wakefield - Sydney" href="https://www.realcommercial.com.au/sold-leased/by-abcsyi/list-1"> </a>Lindsay Sturrock for a two-storey premises with 702 square metres of space on its 493-square-metre holding.
The Turner Street premises are opening as upmarket cabintery premises, Studio Becker, after a refurbishment overseen by Dale Jones-Evans Architects.
Bond has been an active player in the coal and gold mining industries in Australia for about two decades and overseas after building on his early engineering background. He gained a unique knowledge and understanding of the coal mining industry over the course of a diversified career spanning more than 20 years. Linc Energy is a Brisbane-based energy company specializing in coal and synthetic fuel production.
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Redfern proving magnetic for coal executives

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Melbourne audiences didn’t tune in en masse to the second night of The Block, with the realty series recording a 26% decline in home town viewers.
The national audience slipped from 1.34 million to 1.11 million, a 17% drop.
But the 384,000 viewers in Melbourne ensured in remained in the top 10 most watched programs of the night, albeit well behind Australia’s Got Talent and Masterchef.
Its Sydney numbers fell 10% to 326,000 viewers.
The Block isn’t quite the fallen giant, as it remains very popular with highly prized 18- to 49-year-olds, who had the show sitting as their fourth most watched program.
In the over-55 category the show was the 20th most-watched show on the night.
The production company behind The Block paid $3.6 million for a row of four rundown single storey houses in Richmond.
It is likely that the show’s ratings will pick up once the elimination rounds are over and the couples are assigned their houses.
One of the Victorian and Edwardian terraces is double fronted, and the three other narrower terraces have planning permission to build a second floor.
Records are sketchy, but it’s believed these houses were built some time between Federation (1901) and the start of The Great War (1914). Prior to acquisition for The Block they had been sorely neglected.
“They were tenanted by squatters, vagrants and rats in no particular order,” consulting architect Julian Brenchley notes.
“These were perhaps the worst houses in the best suburb. It’s intended that the buildings will now have a dual character. Keep what’s funky about the old houses as they present to the street and add new ‘mad’, north-facing modern additions to the rear. The yin and yang thing, old and new.”
The Block executive producer Julian Cress hopes the finishes, the fixtures and the fittings will make them the best product is available at the time in Richmond “by a long way."
The most striking aspect of The Block continues to be the prominent product placement, with everything from regular trips to major sponsor Mitre 10 hardware stores to Bisley Workwear and Blundestone Boots.
During The Block 2011 Designer Series cladding, a new exterior cladding product from CSR Cemintel, will be used for the first time in Australia.
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Melbourne viewers wait for The Block's real renovation

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Land devoted to farming continues to decline, with 52% of Australia's total land area now devoted to agriculture, a 4% decrease in the two years since 2007-08, according to the Australian Bureau of Statistics.
Tasmania has the lowest proportion, with just 24% of state set aside for agricultural business.
The highest usage was Queensland, with 75% of the state set aside for farming.
The largest change in land managed by agricultural businesses was in the Northern Territory, where such land has decreased by 13% since 2007-08.
The ABS says Australia has 134,553 agricultural businesses over a total 398,580,000 hectares.
The land is overseen by farmers who are typically aged 55 and have owned and managed the business for 23 years, according to Land Management and Farming in Australia, 2009-10. According to the Australian Bureau of Statistics, the median age of farmers in farm families was 52 in 2006, highlighting the issue of succession plans for Australian farmers.
Grazing property dominates, with some 78% of agricultural businesses devoted to grazing activities, an 8% increase since 2007-08.
Grazing was the most common activity in all states, except South Australia, where cropping activity was most common at 72%.
Nationally, 88% of agricultural land was used for grazing, and of this, 15% was on improved pasture and 73% on other agricultural land.
Nationally, almost half (48%) of all agricultural businesses in Australia were also engaged in cropping activities.
Some 17% of agriculture businesses were engaged in horticulture.
The data are estimates from the 2009-10 Agricultural Resource Management Survey, which got a response rate of 87% from about 38,000 agricultural businesses.
In 2007-08, approximately 54% of Australia's total land area was managed by agricultural businesses. The state with the lowest proportion of land managed by agricultural businesses was Tasmania (23% of state area), and the highest was Queensland (82% of state area) in 2007-2008.
Grazing land accounted for 87% of land managed by agricultural businesses in the previous survey, which included both grazing on improved pasture (16% of agricultural land use) and other grazing land (71% of agricultural land use). Other agricultural land use included 8% for cropping in 2007-2008.
The latest survey found in 2009-10, about 60,000 agricultural businesses prepared land for crops or horticulture, covering 25.1 million hectares. The majority (54%) of these businesses reported that they did not undertake cultivation. Almost half (29,000) of businesses undertook two cultivation passes or fewer with only 19% (11,000 businesses) reporting three or more cultivations.
Nationally 19 million hectares was prepared using zero-till, compared with 5 million hectares prepared using one or two cultivation passes. Western Australia performed zero-till on the largest area of land prepared for crops and pastures (7 million hectares) and the Northern Territory the smallest area (1,000 hectares).
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Farmers getting older as their acreages decline

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

Joel Robinson

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

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[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

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[smartcode_project_cta:default project_id=140818]

Lowe Living set new Melbourne off the plan apartment record

For more than three decades, Hyecorp has been delivering residential projects across Sydney's Lower North Shore, building a portfolio centred on design-led apartment living in some of the city's most established neighbourhoods.

Hyecorp recently launched the latest in its long line of apartment developments, Celine, a 29-storey tower on Archer Street in Chatswood. Like the majority of the developer's projects, Celine caters to a broad buyer demographic, offering a mix of one, two, three and four-bedroom apartments, all designed with owner-occupiers in mind.

Functionality and flexibility are often buzzwords in the new apartment market, but they sit at the core of Hyecorp's design philosophy.

Hyecorp Joint Managing Director Stephen Abolakian says the developer understands it isn't designing apartments for today's needs alone, but for how buyers will live several years into the future.

"When we launch our projects we need to be aware that these developments aren't finished for several years," Abolakian says.

"That home office in the here and now might be a nursery by the time the project completes for a prospective buyer, so we need to think about how the apartment spaces function for future uses so there's longevity in the ownership."

Celine's architects, Fuse, followed the same philosophy, saying the design extends well beyond aesthetics.

"Celine focuses on timeless architectural form and functionality, with a strong emphasis on light, proportion and materiality. The design responds to the urban context of Chatswood while delivering calm, highly liveable interiors that feel both contemporary and enduring. The floorplans have been carefully resolved to maximise usability and outperform typical market offerings in terms of efficiency and liveability."

Most apartments incorporate multipurpose rooms designed for flexibility. Each includes an integrated desk and a standard Murphy pull-down single bed, allowing the space to transition from a home office or study to guest accommodation as needs change. The layouts have also been designed to maximise natural light, storage and overall functionality.

One and two-bedroom apartments feature Miele appliances, while three and four-bedroom residences are appointed with integrated Gaggenau appliances and Taj Mahal stone benchtops.

Buyers who purchase early in the construction process can also take advantage of Hyecorp's "Live Your Way" interior design service, allowing them to personalise finishes and tailor elements of their home to suit their own lifestyle. It's a feature designed to appeal to owner-occupiers who want their apartment to feel uniquely theirs from the day they move in.

[smartcode_project:default project_id=149594 project_image_fid=362614]

While flexible floorplans have become a hallmark of Hyecorp's apartment design, the developer has also continued to place significant emphasis on resident amenity.

As buyers increasingly expect more from apartment living, shared spaces have evolved beyond a gym and barbecue area. They are now an extension of the home, providing spaces to relax, exercise, entertain and connect with neighbours.

At Celine, the resident amenity has been designed with a focus on wellness, centred on the level six podium. An infinity-edge swimming pool, spa, sauna and fully equipped gym are complemented by barbecue facilities and a residents' lounge, creating a range of spaces for relaxation, recreation and social connection above the streets of Chatswood.

Practical conveniences have also been integrated throughout the building, including EV charging provisions, smart parcel lockers, bicycle storage, a pet wash station and dedicated car wash bays, reflecting the project's focus on making everyday living as seamless as possible.

[smartcode_project:default project_id=149594 project_image_fid=362633]

"Celine has been designed to deliver a refined residential experience that reflects the evolution of Chatswood into a premium urban centre,"&nbsp;Abolakian says.

"With over 30 years of experience delivering projects across Sydney's Lower North Shore, Hyecorp brings a deep understanding of what local buyers value. Every detail has been considered to balance luxury, functionality and long-term liveability. This is not just about apartments, but about creating a lasting residential address for discerning buyers."

Hyecorp, vertically-integrated builder-developer, is anticipating construction commencement later this year.

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Hyecorp brings 30 years of Lower North Shore experience to Celine in Chatswood

Burgeoning South East Queensland developer <a href="https://www.apartments.com.au/developers/frank-developments">Frank Developments</a> is continuing to pad out its capital city development pipeline.

The developer, led by Frank Licastro, has its sights set on Kingsford Smith Drive in Hamilton, where it is planning <a href="https://www.apartments.com.au/new-apartments/avela-60-kingsford-smith-drive-albion-qld-4010">AVELA</a>, a 166-apartment development across three towers that tier down from 28 storeys to 19 and 17.

The towers will rise above the iconic Breakfast Creek Hotel.

Frank has brought on Melbourne architecture practice <a href="https://www.apartments.com.au/architects/rob-kennon-architects">Kennon</a> to design the building, conceived as a “defining architectural marker where the airport corridor meets the inner city.”

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="e787c64e-f0a4-4725-891e-e86b40ee5c5c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA.png?VersionId=1ulwuZ9w2vQ2td7v.J2zUI7Ih_DT4Kwz" />

Kennon describes the project as a once-in-a-generation opportunity.

"Positioned at the northern gateway of Brisbane's primary CBD corridor, this project represents a singular moment in the city's urban evolution, one that will not come again," the architecture practice said in the documents submitted to the Brisbane City Council.

"Where the airport and world beyond meets the city, the building will rise as a sculptural landmark, a defining piece of architecture that signals arrival into Brisbane and anchors the connection between the city and the communities to its north."

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="d572bf62-a98d-4847-95d0-889e3d3283e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium.png?VersionId=6.Ax4jBzTbY5ahm55iaMWNR03ODhDQSm" />

The development is centred around owner-occupier apartments, with a mix of two, three and four-bedroom residences designed to capitalise on city and river views.

Four basement levels accommodate resident parking, allowing the podium to prioritise pedestrian activity and public-facing uses like ground-floor retail, a cafe, a&nbsp;neighbourhood grocer, and a public accessible indoor pickleball court and event space.&nbsp;

There will be nearly 2,000 sqm of communal wellness and recreation facilities across three levels.

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="c5ac3cbf-3c11-4219-89f3-e12d9e0f9ffd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium%20A.png?VersionId=_.4zd1HLCKa1s6I_oxkY4NNqX6o3Yevn" />

&nbsp;

Frank Developments has increasingly focused on design-led residential projects across South East Queensland.

AVELA is Licastro's second on Kingsford Smith Drive following <a href="https://www.apartments.com.au/new-apartments/alba-92-kingsford-smith-drive-hamilton-qld-4007">Alba</a>, 85 apartments just down the road. The developer has <a href="https://www.apartments.com.au/new-apartments/mira-61-garfield-terrace-surfers-paradise-qld-4217">MIRA</a> and <a href="https://www.apartments.com.au/new-apartments/myst-burleigh-heads-270-the-esplanade-miami-qld-4220">MYST</a> on the Gold Coast, as well as <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano</a> coming up in Teneriffe and <a href="https://www.apartments.com.au/new-apartments/bel-air-33-oxlade-drive-new-farm-qld-4005">Bel Air in New Farm</a>.

Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Jonathan Chancellor

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