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GUEST OBSERVER
“Our Future”, a year-long consultation process about a long-term vision for the City of Geelong, has begun. City of Greater Geelong CEO Kelvin Spiller engaged the first UNESCO chair of futures studies, Sohail Inayatullah, to kick-start the project in September.
Spiller, who has produced outcomes for city visioning initiatives on the Sunshine Coast, describes Our Future as a process of “presenting new perceptions, future directions, identifying used futures and new scenarios”. In a rapidly changing world, citizens use scenario thinking to gain insights into how cities can create alternative possibilities and solutions. 
How does industry see the future?
Inayatullah helped workshops of industry professionals develop various industry scenarios: 
Geelong’s emerging futures emphasise its great coastal beauty and its people’s strengths. The city remains small compared to the Gold Coast although, with 229,000 people, Greater Geelong is still among the largest of 561 local government areas in Australia. It is attractive, scenic and touristy. The city’s tranquil bay and marina, picturesque vineyards and proximity attract holidaymakers from Melbourne. 
Artificial intelligence (AI) futures open up a journey on the digital highway to build crowdsourced ideas, new funding models and business start-ups. Geelong’s traditional motor vehicle manufacturing culture combines with a spirit of innovation and global enterprise. The city promotes, evolves and services the introduction of driverless cars, the gaming industry, smart technologies and robotics.
Geelong’s population density, growing diversity, economic mix and proximity to Melbourne’s demographic richness support it as a social and education city. Geelong increases its transport and connectedness to its unique destinations to attract wide interests, new worker profiles and residents seeking a “sea change” from Melbourne’s inner suburbs. Residents network with local business owners and workers to generate services and programs for regional neighbours and Melbourne’s markets.
What does the community want?
Guided by Inayatullah, a community interactive session used metaphors to bring home a message of continual transition. He describes the use of metaphors as being a decisive factor in shifting narrative strategy:
If you don’t innovate and create agency to shift your own narrative, then culture eats strategy for breakfast. 
Geelong’s history of innovation includes the development of the world’s first ute and the first industrial refrigerator. This history suggests Geelong could provide services to global niche markets. 
The community also suggested transitions from costly and unnatural botanic gardens to green bionic gardens – sprawling rooftop gardens, indoor gardens and rainwater systems flowing into indigenous gardens. Gardens would beautify municipal roads and infrastructure. 
Another suggested transition was from being a “dormitory of Melbourne” to being a retreat for Melbourne holidaymakers and a “hive” location for its best thinkers to create their futures.
In the community session, I outlined Gold Coast’s Bold Future initiative. My presentation featured the city’s growth, including 100 new high-rises on the Surfers Paradise skyline in five decades. 
Navigating different growth scenarios
The challenge for Geelong is to navigate through growth scenarios such as:
Sustainable growth: five new high-rises emerge to support low-level tourism, conference accommodation and a burgeoning education and health precinct.
Overdevelopment: an oversupply of residential and holiday maker apartments become difficult to fill, halting investment. Population waves are required to sustain rates and market base.
Underdevelopment: Gold Coast’s rapid growth raises questions about Geelong’s slow growth and missed opportunities to develop high-rises alongside celebratory events packages. These packages rely on transport and tourism infrastructure and include the building of stadiums. The strength of underdevelopment, however, is that Geelong remains a clean, green and historically beautiful seaside city.
Negative growth: collapse results in generations of hardship. 
An outcome of Gold Coast’s 2037 vision is its Health and Knowledge Precinct. The 200-hectare site has generated more than A$5 billion in investment and is now linked by light rail to the city’s tourism centres.
Spiller noted that Geelong’s Our Future is continuing a 175-year process of reinvention. He hailed transformational metaphors that saw the city as more than a technology hub, potentially providing a deep commitment to networking to create a Silicon Valley. These have led to visions of transforming from a “resort city” to a “city of health and wellness”, from an “industrial, agricultural city” to a creative lifestyle, and from a “sleepy hollow” to an “emerging and sustainable city”. 
Time for feedback on Geelong’s future
Our Future extends over five stages, with the final three to begin in 2017. 
From January to March, the community can comment on ideas presented to date. Stages four and five will provide vision documents and conclude with an exhibition of the foresight journey the city has created.
Spiller and his team are developing a ten-to-30-year Our Future vision and strategies, for the city’s social, environmental and community infrastructure in particular. You can have your say about Geelong’s future via the Our Future survey.
Colin Russo is futurist, University of the Sunshine Coast and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/colin-russo-267108" target="_blank">here</a>.
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From the Gold Coast to Geelong: how cities are shaping visions of their futures

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GUEST OBSERVER
Yep, it happened. And now that the dust is settling, the challenges for Asia are becoming more evident. In sum, 2017 looks like it’ll be the most difficult for the region since 2009. It’s not, of course, entirely the President-elect’s fault – his administration, after all, hasn’t even outlined a detailed policy agenda yet, let alone taken the reins of power. 
Plus, Asia’s travails are partly self-inflicted. Still, if the past few weeks are any indication, things are bound to get a lot tougher. Trade is one thing, with exports already struggling and little prospect for a policy-driven rebound. The bigger issue, though, is the dollar and rates. Financial conditions are tightening across the region, putting a squeeze on domestic demand. It’ll get bumpier, still. 
As impressive as the rebound from the Global Financial Crisis has been, Asia has over recent years merely limped along. The taper tantrum of 2013 was a wake-up call, but the region managed to hit the snooze button for a little while longer, avoiding outright financial stress. 
But growth continued to decelerate, with exports in particular struggling to make meaningful headways since late 2014 and debt saturation weighing on local demand. It’s tempting to think that the latest market gyrations will pass, too, without more substantial harm. But, with every iteration, prospects dim further. 
Start with exports. These, as noted, have struggled for some time now. A combination of factors is to blame, including weak capex the world over, the commodity investment slump, creeping protectionism (or at least the absence of major trade liberalization over the past decade), supply chain disintegration, and an expenditure shift towards services. 
The question for 2017 is whether exports will at last rebound. We have our doubts. An acceleration in US growth should help. Yet this may be offset by continued sluggish demand elsewhere in the world, not least in emerging markets. 
The Trump administration may also help spur a recovery in US private capex, via deregulation and other, purportedly more business friendly policies. Yet it will take time before the full impact is felt, leaving this to be, presumably, more of a story for 2018 and beyond. 
Key to watch will be a deal with Congress to repatriate offshore cash holding by US companies, but it’s not clear that this in itself will send capex soaring if record-low rates previously failed to do so. A promised 1 trillion US dollar infrastructure push could help as well, if this will ever be passed by Congress in its entirety. But again: this too, will stretch out over many years. 
At the same time, a Trump administration may adopt a more protectionist stance. True, details aren’t available yet, apart from some vague talk about punitive action and the promise to shelve the TPP. 
This, no doubt, will restrain exports, even if the impact will likely be more industry specific. But note that uncertainty over trade policy in itself will promptly weigh on growth in Asia by curtailing investment (why invest in further capacity if it remains unclear that the resulting goods can be sold?). In this sense, a pick-up in US capex would partly come at the expense of investment spending in Asia. 
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It’s hard to see, therefore, a meaningful revival in Asia trade for the foreseeable future. 
However, the bigger issues, at least in the near-term, are US rates and the dollar. The spike in US yields has certainly caught markets by surprise. And, if these revert in due course, the damage might prove limited. But accelerating US growth, fuelled by more generous fiscal spending, could make it easier for the Fed to hike rates. 
In fact, HSBC’s chief US economist Kevin Logan, now expects three Fed hikes over the coming year (up from two). 
This amounts to a stiff headwind for Asian economies that have come to rely on rapid credit growth to sustain demand in recent years. Even China, still partly protected by capital controls, is not immune to this: with the PBoC possibly needing to forego, at the very least, further aggressive easing in order to stabilize FX demand. Elsewhere, rate cuts are also becoming a more remote prospect, such as in Malaysia where policy room is shrinking even as growth sags. 
Currency moves are compounding the effect. While exchange rate depreciation should, in principle, provide a boost to Asian exporters, the resulting tightening in financial conditions (higher rates) could more than offset the loosening of monetary conditions (weaker exchange rates). 
First, growth is currently hugely credit intensive and debt levels high, amplifying the drag of higher rates. Second, for the reasons cited, US import demand, despite accelerating growth, will likely be insufficient to compensate for this. Third, contrary to previous episodes of exchange rate weakness, the current FX sell-off is broad-based and, notably, includes the renminbi, thus leaving few Asian exporters with a meaningful gain in competitiveness. 
Challenging stuff. But the effects are not necessarily uniform across Asia. Indonesia, the Philippines, and India are likely to be more shielded from the “Trump effect” given their low debt and low export exposures. 
By contrast, Malaysia, China, Korea, Taiwan, and Thailand should more affected. The winner, if one can call it that, is the Bank of Japan, with the weaker yen taking the pressure off. But that’s not much of a consolation: Japan, too, will in the end need exports to do a lot better to cure its growth malaise. 
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Frederic Neumann is co-head of Asian Economics Research, HSBC, and can be contacted <a href="https://www.hsbc.com.au" target="_blank">here</a>.
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Trump effect soon to be felt in Asia

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The Wategos Beach, Byron Bay holiday home of businessman Mark Rowsthorn, the chief of transport company McAleese, has finally sold at an undisclosed price.
The asking price had remained steadfast at $8.5 million, despite being on the market for nearly two years.
Rowsthorn saw the neighbouring Byron Bay house selling for $9.5 million last year and knocked back several bids.
He paid $6.2 million for the home in 2006 after it traded for $4.5 million the year earlier.
<img src="/images/2016/12/01/byron%20bay.jpg" alt="">
<a href="https://www.realestate.com.au/sold/property-house-nsw-byron+bay-123283794" target="_blank">Set on an elevated 664 square metres</a>, the California bungalow style home has two bedrooms and a two bedroom granny flat.
There have been seven house sales around Wategos this year ranging from $2.4 million to $6.2 million.
This article first appeared in The Daily Telegraph.
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Businessman Mark Rowsthorn sells at Wategos Beach

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Helena Harris, the award winning co-creator of the Hi-5 children's television show, has listed her resort-style Church Point home. 
She and partner Martin Perrott have renovated the bushland home since they paid $1.85 million in 2009.
<a href="https://www.realestate.com.au/property-house-nsw-church+point-124092682" target="_blank">Offering 600 square metres of internal space</a>, the architect designed home sits on its 4046 square metre north-facing block with heated infinity pool and spa overlooking Pittwater. Initially known as Tumbarumba, it has been twice renovated since built in 1999.
The gourmet kitchen now comes with eight built-in Miele appliances including coffee machine, induction cooktop, dishwashers and warming drawer.
Iolanda Trovatello at Wiseberry Mona Vale has a price guide of high $2 million to low $3 million for the five bedroom home with three marble bathrooms. 
Sales at Church Point have ranged between $1.1 million and $4.6 million so far this year, with just the five homes currently on the market.
It is one of Sydney's slowest selling suburbs at around 120 days on market, compared with the 26 day Sydney average.
Harris' name is synonymous with successful children's television across the world, and not only for Hi-5.
She was also the originating producer of worldwide hit Bananas in Pyjamas in 1992 as a spin-off for the ABC's flagship children's show, Play School.
She even named two of the bananas' teddy bear friends after her own children.
Helena formed the children’s television production company Kids Like Us with the television executive Posie Graeme-Evans in the mid-1990s with Hi-5 soon pitched to Channel 9 as "The Big Gig meets Countdown on Play School".
Hi-5 enjoyed international success, being broadcasted in 118 countries around the world along with local versions produced in the United States. 
The show won multiple Logies - that sit prominantly on a mantlepiece at the McCarrs Creek Road home.
There were also Emmy nominations for Harris who said good-quality television activated children's imagination.
Harris also helped create the mascots for the Sydney 2000 Olympics - Ollie the kookaburra, Syd the platypus and Millie the echidna.
This article first appeared in The Sunday Telegraph.
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Bananas in Pyjamas and Hi-5 producer lists in Church Point

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The independent real estate portal Jagonal is for sale after the office leasing website was placed in administration.
Administrators from McGrath Nicol were appointed to Jagonal on November 7 after investors in the three-year-old start-up not to inject more cash for the struggling website.
Final bids for the business close today.
"We've spoken with the administrators and put our hands in the ring for some of the assets," Simon Rose, chief executive of CommercialPropertyGuide.com.au, told the Australian Financial Review.
Jagonal was set up by REA Group alumni Serge Kotlyarov, Andrew Brown and Max Sim in September 2013.
It was backed by a group of investors including founding shareholder Godfrey Franz, a director of Sydney-based Matrix Property Group.
The portal offers leased space across 4500 office buildings and includes a patented 3D office space search. 
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Jagonal for sale after office leasing website goes into administration

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A development-approved site in Sydney’s Miranda has been snapped up by Malaysian-based developer BRDB for $12.8 million.
Located at 1-3 University Road, 668A, 668 and 670 Kingsway, Miranda, the north-facing property has a gross floor area of 5,744 sqm.
It is DA-approved for 66 residential apartments.
Knight Frank managed the sale on behalf of a private family.
According to Knight Frank’s Director, Residential Site Sales, NSW Tim Holtsbaum the purchaser had a strong preference for the Sutherland Shire, given its strong fundamentals and location.
Knight Frank’s Head of Asian Markets, Dominic Ong, said Malaysian buyers have traditionally been very active in Melbourne – but this sale could indicate a shift 
"Sydney has mostly received interest from China and Singapore in terms of Asian investment.
"However, we anticipate this could change."
The north-facing site features 2,872 sqm and is DA-approved large town-home-style ground-floor apartments with garden terraces and upper floors enjoying view towards Cronulla and Sydney’s North.
The apartment mix is approved for 27 percent one-bedroom apartments, 71 percent of two-bedroom apartments and 2 percent three-bedroom apartments.  
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Malaysian developer BRDB buys Miranda apartment site

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GUEST OBSERVER
The government is proposing changes to the foreign investment framework that will allow a foreign real estate investor to purchase an off the plan dwelling when another foreign investor has failed to reach settlement.
In announcing the changes, Treasurer Scott Morrison deployed a familiar narrative about foreign investment increasing housing supply and making “housing more affordable for more Australians”.
This idea is in keeping with property development lobbyists, who are focused on getting government to release more land to solve the complex long-term housing affordability problem in cities. 
However, researchers have debunked this idea before (see here and here). Their conclusion is that government cannot supply its way out of the housing affordability problem in major Australian cities.
The government’s focus on the concerns of the property industry renders invisible a broader set of interested parties and a much more nuanced suite of contributing factors and solutions.
The current foreign investment rules are a blunt set of regulatory tools, held captive to the housing supply and global competitiveness debates. 
<h2>Not all foreign real estate investors are the same</h2>
There are important differences between individual foreign real estate investors, which are regularly conflated in foreign investment policy and the public debate.
In broad terms, there are four investor groups. A class-based distinction defines people from the expanding middle class in countries like China. They are called the new middle class.
A disposable asset distinction, which excludes primary residences, separates the three remaining groups. High net worth individuals have disposable assets that exceed US$1 million. Ultra high net worth individuals have asset holdings in excess of US$30 million. Ultra, ultra high net worth individuals have a minimum of US$50 million in disposable assets in a wealth management fund.
In the absence of fine-grained data about which groups are investing and their differential impacts on cities and housing, the treasurer has opted to protect the development industry rather than the people and places within cities. 
A regulatory environment that is sensitive to various investor groups is important in Australia because different investors impact their host cities in diverse ways. 
<h2>Regulating foreign investors, sales or capital</h2>
How foreign capital intersects with local real estate markets depends onon who is investing capital, the properties in which the capital is being invested and the investment vehicles through which the capital is being transferred.
The arrival of foreign capital is not always accompanied by the arrival of new permanent residents for the city. Therefore, the investors interact with local infrastructure and shape housing supply in diverse ways.
There is a big difference between the impacts of new middle class and high net worth investors in cities compared to ultra and ultra, ultra high net worth investment.
Ultra, ultra high net worth individuals can be “free-floating” investors who travel around the world, purchasing real estate in various global cities. Rowland Atkinson argues this group has little allegiance to the host neighbourhoods. 
Ultra high net worth investors might move between multiple residences and have attachments to the neighbourhoods their properties are in. The new middle class and high net worth investors might live in, or send their spouse and/or children to live in, the house they have purchased. They often have an allegiance to the cities or neighbourhoods their properties are in.
The personal motivations of foreign investors are important too. They can extend far beyond financial considerations.
Foreign investors are motivated by the opportunities that exist in Australia and how these relate to their own migration plans, their children’s education and the financial security that Australian real estate supposedly guarantees. 
Therefore, who is investing and their residency status will shape the neighbourhood, city and perhaps even the country into the future. 
Neighbourhoods with high concentrations of ultra high net worth investors in London appear to be (or may be) devoid of people. Local businesses in these suburbs have become untenable as local patronage declines. 
New middle class and high net worth investors might change the social fabric, educational institutions or employment landscape of a neighbourhood or city through habitation, for good or ill. 
International evidence shows that some investors will occupy their property, others place it on the rental market, some buy multi-million-dollar trophy homes, while others increase the housing supply in a neighbourhood of absentee owners and fading businesses. 
Therefore, the impact of foreign investors on housing supply is related to the investment practises of each investor, the amount of capital they bring into Australia and how they invest it. 
<h2>More dynamic foreign investment rules needed</h2>
Housing supply and global competitiveness arguments have captured the foreign real estate investment debate. Both are too simplistic and need to be augmented with additional voices, policies and data. 
Governments justify their pro-foreign investment and business immigration policies through “financial benefits” arguments in times of prosperity and “economic necessity” arguments in times of hardship. 
These top-down narratives position foreign real estate investment as good for the local economy, with secondary benefits such as increasing housing supply and jobs growth through targeted skill migration and business development. 
The government needs to understand how foreign investment is shaping cities from the ground up. This includes: how foreign investment impacts people in the local neighbourhoods where these properties are located; how developers change the dwellings they build to suit foreign investors; how changing educational institutions are shaping foreign student investment; and the experience of first homebuyers who are looking for a home in the same property markets.
Dallas Rogers is urban studies researcher: Institute for Culture and Society &amp; Urban Research Program, Western Sydney University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/dallas-rogers-5269" target="_blank">here</a>.
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Changes for off the plan foreign buyers rely on a broken supply argument

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GUEST OBSERVER
The suburban street setback is enshrined in most residential planning policies, including Western Australia’s Residential Design Codes.
These dictate that all dwellings are constructed at a uniform distance from the kerb. 
In low-rise suburban areas, the street setback is occupied by arid grass, wheelie bins, concrete driveways and buried conduits. Often as wide as a tennis court, it’s usually a lifeless expanse. At the property owner’s discretion, the semi-private space of the setback may be enclosed by a hedge, low brick wall or paling fence, or left to bleed out into the adjacent public “nature strip”.
Why does this space exist? What practical function or cultural role does it serve? 
In his 1983 novel Mr Palomar, Italo Calvino explains that, while the suburban lawn itself is an “artificial object”, the “lawn’s purpose is to represent nature”. 
However, according to Thomas Schumacher’s essay, Buildings and Streets: Notes on Configurations and Use (from the 1986 book On Streets), the primary purpose is not symbolic, but defensive. Schumacher writes:
"The lawn does not function to enclose or define street space but only to isolate the street from the house. It is a no-man’s land, a miniature moat and city wall preventing access or use except at intervals."
Peter G. Rowe provides a third explanation in Modernity and Housing(1993). While the front lawn of the suburban house belongs to the owner, explains Rowe, utility companies and municipal authorities usually hold easements over multiple adjoining lawns in a complex interweaving of individual and collective ownership.
The origins of the street setback are virtually inseparable from those of suburbia itself. In 1775, influential English landscape architect Lancelot “Capability” Brown was hired to work alongside his adversary, the architect William Chambers, on rebuilding Dorset’s Milton Abbey estate. Their client, Joseph Damer, had purchased the estate and adjacent 600-person town, and asked Brown and Chambers to relocate the town further away from his new home.
The new village was arrayed along a single six-metre-wide road. Broad grassy verges either side of the road created a separation of 24 metres between house facades. 
The product of a compromise between proximity and privacy, between efficient planning and the picturesque, Milton Abbas established suburban parameters that have varied little in the 240 years since.
<h2>Rethinking the ‘nature strip’</h2>
Enter Fremantle architectural practice Officer Woods and its project, Civic Suburb. 
The 2011 Think Brick Australia About Face competition invited six architectural practices to demonstrate how brick could be creatively deployed in imagining “the future of the Australian suburb”. In response, Officer Woods decided to confront the underutilised space of the street setback. 
Where others saw only a barren verge, the Fremantle architects envisioned a staging ground for suburban transformation. 
Nominally located in the Perth suburb of Melville but widely applicable, Civic Suburb proposes to insert roofed vehicular “forecourts” into the nature strip, alternating with walled communal gardens. When the cars are away, these forecourts act as flexible enclosures for impromptu neighbourhood gatherings. 
By placing the cars on the street edge, Officer Woods shows how the concrete driveways of Melville’s battle-axe blocks could be reclaimed as linear green space. Empty garages could be converted into multipurpose “front rooms” housing shopfronts, living spaces, offices or granny flats. The separation of house and car also shrewdly anticipates the eventual obsolescence of the private automobile. 
Finally, capitalising on the increased activity of commerce and street life, second-storey “suburban apartments” could be built on top of predominantly single-level homes. This would add capacity without diminishing valuable open space.
<h2>Making suburban density desirable</h2>
In line with the competition brief, the forecourts, walled gardens and front rooms of Civic Suburb are imagined in solid brickwork. These brick elements are depicted in a beguiling array of forms, patterns and hues. 
While it’s hard to imagine typical suburban denizens erecting such artful and elaborate structures, it’s important that we not miss the wall for the bricks. The significance of this project lies not in its aesthetic qualities, but rather its spatial and strategic dimensions. 
The escalating pressure of increasing populations, changing demographics and property speculation on the scale and character of Australia’s suburbs is matched only by the intensity of resident opposition. Sunlight and privacy are key concerns. 
Anticipating this “not in my backyard” backlash, Civic Suburb doesn’t challenge the suburban backyard at all: it takes on the front yard instead. Most architect-designed suburban projects are clandestine additions at the rear, hidden from the street. Civic Suburb puts the area’s gradual transformation front and centre.
The value of such an overt strategy becomes clear in light of Perth’s current predicament. According to various metrics, Perth is Australia’s least dense city. If not for a handful of low-rise North American centres, Perth might be the least dense city in the world. 
With this in mind, you might imagine how an expected doubling of Perth’s population by 2050 could transform the sprawling city into a model of dense urbanism. Instead, according to the Perth and Peel@3.5 million report, 53% of the 800,000 new homes to be built by 2050 have been allocated fringe greenfield sites. 
The future Perth will look a lot like the present one, only larger and more spread out. Evidence of both political ploys and careless inaction, Perth’s increasing expansion demands alternative visions.
It’s important to understand why greenfield subdivision is such an expedient option. Most suburban redevelopment relies on acquisition and consolidation of multiple residential lots, or rezoning of commercial land. The replacement of individual properties and local businesses with collective housing complexes can lead to a loss of communal diversity and streetscape variation. 
Furthermore, to justify the huge expense of creating larger sites out of separate titles, private developers build as big and as cheaply as possible, forever impacting neighbourhood character.
<h2>DIY urbanism</h2>
Civic Suburb is a compelling proposition. It shows how underutilised suburban land could be intensified as an alternative to greenfield expansion and how this could occur without developers and consolidated lots.
An exercise in “do-it-yourself urbanism”, the project imagines an iterative increase in suburban density at the scale of the suburban plot – individual homeowners carry out the changes. It intensifies the use of existing spaces rather than relying on the acquisition of new land. 
While Officer Woods did not specify how shared ownership of communal carports and street gardens would be negotiated (it was only a competition entry, after all), such mechanisms exist. 
So-called “cluster planning” initiatives allow for the transfer of conventionally subdivided or publicly owned land into common property, owned and maintained by a collective body corporate. 
The transfer of ownership from local government to private citizenry is no simple matter. And the atomised nature of suburbia itself embodies a general aversion to sharing, which will have to be overcome.
In the 1950s, when suburbs like Melville last underwent rapid expansion, an average household numbered five occupants. Today, that average has nearly halved. The result is a disconnect between outward appearance and inner reality. Walking down a typical suburban street, we encounter large, multi-roomed dwellings whose many windows do not reflect the number of occupants. 
In this context, greater density might not mean an increase in built area. Instead, it could involve compartmentalisation into spaces better suited to smaller households and changing living conditions. A brave incursion into the no-man’s land of the street setback, Civic Suburb offers a compelling vision for incremental suburban transformation at the scale of the individual plot.
Grace Mortlock is research assistant and tutor, School of Architecture, University of Technology Sydney and can be contacted <a href="https://theconversation.com/profiles/grace-mortlock-305149" target="_blank">here</a>.
David Neustein is associate, School of Architecture, University of Technology Sydney and can be contacted <a href="https://theconversation.com/profiles/david-neustein-305151" target="_blank">here</a>.
Both are authors for The Conversation.
 
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Reinventing density: overcoming the suburban setback

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The Kornhauser family has sold a South Yarra office building.
A Chinese developer paid $5.5 million for 72 River Street.
CBRE had five bidders who started at $3.5 million and went up in $500,000 increments.
There were three Chinese bidders.
It sold at $500,000 over reserve.
It was sold by Machpaela Pty Ltd, a company controlled by the Kornhauser family.
It paid $3.77 million in 2007 for the 400-square-metre site that came with a permit for 22 apartments.
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Kornhauser apartment site in South Yarra sold to Chinese developer

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GUEST OBSERVER
The Retail Leases Amendment (Review) Bill 2016 was introduced into NSW Parliament on 8 November 2016 and when enacted, this legislation may make substantial amendments to many of the provisions of the current legislation, the Retail Leases Act 1994 (NSW) (RLA), governing most retail shop leases in New South Wales.
Some of the changes proposed by the Bill have been outlined below but first we must mention that some of the Bill is intended to have retrospective application:
Retrospective operation of amendments
Clause 38 of the Bill gives retrospective operation to the provisions of the Bill and extends the operation of the Bill to any leases and disclosure statements given, before the commencement of the amendments except as otherwise provided by the Bill.
Major Reform - Repealing the minimum five year term
The Bill removes the current minimum five year term for retail shop leases; the original intent of the introduction of a minimum five year term was to afford greater protection to the goodwill built up by a tenant and to protect the investment a tenant has made in fit out.
The result of getting rid of the five year minimum lease may be that more leases are being structured with shorter terms. Before the RLA, many retail leases were only 3 years but the new norm is now 5 years. The proposal gives greater flexibility to tenants to ask for longer or shorter terms however the potential for shorter terms may result in a greater turnover of tenancies. This may in turn have a detrimental impact on other tenants who are left behind when a key tenant does not elect for a longer term.
However the removal of this provision may save time and costs for both parties. The minimum five year term was not a benefit to tenants who sought a lease for less than five years as they would need to pay legal fees to obtain a s16(3) certificate from a lawyer to do so.
Exclusion of non-retail uses from RLA’s operation
The Bill excludes premises used wholly for certain non-retail purposes from the operation of the RLA. The excluded purposes are outlined in a new Schedule 1A and include the following (among other things):
<ul>
<li>ATMs;</li>
<li>Car parking;</li>
<li>Vending machines;</li>
<li>Public telephones;</li>
<li>Children’s ride machines;</li>
<li>Signage displays;</li>
<li>Internet booths;</li>
<li>Private post boxes;</li>
<li>Certain storage uses.</li>
</ul>
The Bill also removes an exclusion from the RLA for any premises in an office tower that forms part of a retail shopping centre. This means that the removal of the provision is not to include office towers; the reasoning is because the original exception was unnecessary as an office tower does not form part of a retail shopping centre simply because it is part of the same building. However the removal of this exception retrospectively may create practical issues where premises that have initially been deemed to be excluded under this provision now may no longer be excluded based on their factual circumstance. By functioning retrospectively the amendments would greatly burden those parties.
Additionally, the Bill asserts that the provisions will not apply to a retail shop that is a stall in a market unless the market is a permanent retail market.
Better Tenant Protection
Other changes proposed by the Bill include:
Disclosure Statements
<ul>
<li>
Landlords will be liable to pay compensation to tenants who terminate a lease in the first six months because they were not provided with a disclosure statement, or the disclosure statement was incomplete or false or misleading.
<ul>
<li>The compensation payable is the costs reasonably incurred by the tenant in entering into the lease, including expenditure in connection with the fit-out of the premises.</li>
</ul>
</li>
<li>A tenant is not required to pay outgoings unless that liability was disclosed in the landlord’s disclosure statement.</li>
</ul>
Disclosure of tenant’s financial obligation
<ul>
<li>If the landlord’s disclosure statement provides an estimate for an outgoing and the actual amount of the outgoing is more than the estimate, then if there was no reasonable basis for the estimate when the disclosure statement was provided, the tenant’s liability will be limited to the estimated amount, and all subsequent increases in outgoing will be limited by reference to the estimated amount.</li>
</ul>
Bank guarantees
<ul>
<li>
The landlord is required to return a bank guarantee to the tenant within 2 months after the tenant completes performance of obligations under the lease that are secured by the bank guarantee.
<ul>
<li>This allows the tenant to have certainty about the return of the bank guarantee, but also affords the landlord sufficient time to confirm compliance by a tenant with post-termination obligations.</li>
</ul>
</li>
</ul>
Online Transactions
<ul>
<li>Turnover rent must exclude revenue accrued from online transactions, except where goods or services are delivered or provided from the retail shop or where the transaction takes place while the customer is at the retail shop.</li>
<li>The tenant is not required to provide the lessor with information about online transactions except for transactions where goods or services are delivered or provided from the retail shop or where the transaction takes place while the customer is at the retail shop.</li>
</ul>
Mortgagee consent expenses
<ul>
<li>The tenant is no longer required to pay lease preparation expenses (including expenses incurred in obtaining mortgage consent to a lease) in connection with the granting, renewal or extension of a lease.</li>
</ul>
Employment Restrictions
<ul>
<li>The employment restrictions the landlord has over the lease is extended to impose on a tenant requirements for police and security checks for tenant’s employees or contractors carrying out works in the premises. However, this is only if the Registrar of Retail Tenancy Disputes has approved of their inclusion in the particular case.</li>
</ul>
Amendments that may benefit Landlords
Disclosure statement
<ul>
<li>The revised definition of outgoings extends the definition to fees charged by a landlord for services provided by the landlord ‘in connection with the management, operation, maintenance or repair of the retail shop building or land’.</li>
<li>A landlord’s disclosure statement may be amended if both parties agree in writing.</li>
</ul>
Other general amendments
Demolition
<ul>
<li>The protections afforded to a tenant when the lease is terminated on the grounds of a proposal to demolish the building are extended to termination on the grounds of proposed demolition of any part of the building. Proposed changes also clarify that termination on the proposed demolition is only permissible if the proposed demolition cannot be carried out practicably without vacant possession of the shop.</li>
</ul>
Assignment of lease
<ul>
<li>There is clarification on the procedure for obtaining the landlord’s consent to the assignment of a retail shop lease, however the provision still includes a deemed consent by the landlord if the landlord has not responded within 28 days from when the request for consent was made by the tenant or from when the tenant has complied with the requirements under the RLA.</li>
<li>Where a retail shop lease has been awarded by public tender, the landlord can refuse consent to assignment of the lease if the proposed assignee fails to meet any criteria of the tender.</li>
</ul>
Jurisdiction of the Tribunal
<ul>
<li>There is an expansion of existing power of the jurisdiction of the Civil and Administrative Tribunal and an increase to the monetary limit for claims arising under the RLA from $400,000 to $750,000.</li>
</ul>
Lease execution and registration 
<ul>
<li>The time period for which the landlord is required to provide the tenant with a signed copy of the lease has increased from 1 month to 3 months.</li>
<li>Leases for a term of more than 3 years will be required to be registered, and must be lodged for registration within 3 months after the executed lease is returned to the landlord.</li>
</ul>
Conclusion
Currently there is no guarantee that this Bill will be passed, and the Bill will likely undergo further discussion and amendments before it is enacted. Parties involved in retail leases as tenants or landlords however should be aware of the potential changes to the Bill as they will be expected to comply with the new requirements when the Bill is passed as the legislation will not only apply to future retail leases but also leases entered into before the enactment of the legislation.
Gary Newton is partner TressCox Lawyers and Henry Yuan is paralegal. Both can be contacted <a href="https://www.tresscox.com.au/page/our-expertise/property/" target="_blank">here</a>.
</body></html>

Proposed amendments to the NSW Retail Leases Act may affect retail landlords, tenants 

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Joel Robinson

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

Investors may soon find themselves with fewer reasons to buy established property and more incentives to look towards the new apartment market.

Proposed changes to negative gearing and capital gains tax concessions would see new and off-the-plan apartments retain access to the tax benefits, while established properties would miss out, creating a clear advantage for buyers purchasing newly built housing.

The policy direction aligns with what many developers have been saying for several years. Australia needs more housing supply, and governments are increasingly looking for ways to encourage investment into new stock rather than existing homes.

The challenge for investors is that suitable product is becoming harder to find.

For much of the last decade, one-bedroom apartments were the cornerstone of investor demand. They offered a lower entry price, strong rental appeal, and were a common feature across most apartment developments.

Today, the development pipeline looks very different.

Across both New South Wales and South East Queensland, developers are increasingly targeting owner-occupiers and downsizers, delivering larger two, three and four-bedroom apartments in response to changing buyer preferences. While one-bedroom apartments still exist, they now form a much smaller portion of many new projects.

That shift has created a shortage of investor-friendly stock, particularly in well-located projects close to transport, employment hubs and lifestyle amenity.

At the same time, rising apartment prices have pushed many new developments beyond the reach of traditional investors. On the Gold Coast and across South East Queensland, it's becoming increasingly difficult to find new apartments priced around the $1 million mark, particularly those offering strong rental fundamentals and long-term growth prospects.

We've rounded up four new apartment developments where investors can still secure a foothold in the market for around $1 million or less.

<h2 data-end="1140" data-start="844">Flourish Soleira</h2>

<h2>Priced from: $1.07 million</h2>

Popular Palm Beach developer Sherpa is soon to officially launch its newest local apartment development, Flourish Soleira.

The one-bedroom apartments in the building were only offered to first home buyers rather than investors, and all of those have been snapped up. The two-bedroom apartments will start from $1.07 million, and the three-bedrooms, still a good investment given the popularity of Palm Beach for owner-occupiers, starting at $2,045,000.

&nbsp;

[smartcode_project:default project_id=150017 project_image_fid=370964]

Flourish Soliera will comprise 153 apartments across two buildings, connected by a skybridge, the first ever delivered in the suburb.

True to Sherpa's booming Flourish brand of apartment projects, Flourish Soleira will have extensive rooftop amenity across both buildings including a&nbsp;wellness centre with gym, work from home, yoga, pilates, a&nbsp;heated pool, private dining rooms, pizza oven and barbecues, basketball court, and golf simulator.

<h2>Corallo, Palm Beach</h2>

Priced from: $841,500

Nearby Flourish Soleira is Changfa Group's beachfront-inspired Corallo development. They still have some one-bedroom apartments remaining, priced from $841,500.

The 105-apartment project on Palm Beach Avenue is otherwise dominated by larger two and three-bedroom residences, many of which are aimed at owner-occupiers and downsizers.

[smartcode_project:default project_id=112194 project_image_fid=808]

For investors, the appeal lies in Palm Beach's continued transformation from a laid-back beachside suburb into one of the Gold Coast's most sought-after residential markets. Residents at Corallo will be within walking distance of Palm Beach's surf beaches, the recreational amenity of Tallebudgera Creek, and the increasingly popular collection of cafes, restaurants and boutique retailers along the suburb's central dining precinct.

<h2>Corner House, Stones Corner</h2>

<h2>Priced from: $880,000</h2>

One of only two Brisbane apartment developments to make the list with prices under $1 million is DeMartini Fletcher's Corner House development in Stones Corner.

One-bedroom apartments start from $880,000 within the 88-apartment development, providing investors with exposure to one of Brisbane's most established inner-south locations.

[smartcode_project:default project_id=149098 project_image_fid=330594]

Stones Corner has long been supported by strong tenant demand due to its proximity to major employment and education destinations. The suburb sits less than five kilometres from Brisbane's CBD and is within easy reach of the Princess Alexandra Hospital, Greenslopes Private Hospital, Queensland Children's Hospital and several university campuses.

The project's location within a walkable urban village environment, surrounded by retail, dining and public transport infrastructure, continues to attract both professionals and healthcare workers seeking accommodation close to work.

Parkdrive Apartments, Chermside

Priced from: $749,000

The most affordable apartments across Brisbane's new and off the plan market are in Chermside where developer AusDev is selling one-bedroom apartments from $749,000, and two-beds from $929,000, at its recently launched Parkdrive development.

The development is strategically positioned in one of Brisbane's largest employment and retail precincts, placing residents within easy walking distance of Westfield Chermside, The Prince Charles Hospital, St Vincent's Private Hospital Northside and the suburb's major bus interchange.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Already under construction and scheduled for completion in early 2028, Parkdrive benefits from Chermside's ongoing evolution into Brisbane's northern metropolitan centre. The suburb continues to attract significant public and private investment, supporting population growth and underpinning long-term rental demand.

For investors focused on yield and tenant depth, the combination of healthcare, retail and transport infrastructure within close proximity provides a strong foundation for occupancy and rental performance.

Investors to turn to new apartments after Federal Government changes spark hunt for Queensland's best $1 million apartments

A mix of Gold Coast locals, fly-in, fly-out purchasers from Sydney and Melbourne, and Brisbane-based families has driven early sales success at Broadbeach's newest apartment tower, Lumara.

The 26-level project, a joint venture between builder-developer 5Point Projects and Bourke Projects, comprises just 37 luxury residences and is attracting a buyer profile that is looking for exclusivity, above the most amenity-rich suburb on the Gold Coast.

[smartcode_project:default project_id=150454 project_image_fid=364156]

Jamie Bourke, Director of Bourke Projects, says every buyer secured so far intends to use Lumara as a lock-up-and-leave residence, combining holiday use with the ability to work remotely when required.

“The size of the apartments, both half- and full-floor options, and the different zones within the floorplans, lends itself perfectly to dedicated home office setups and multi-generational family holidays,” Bourke says.

That flexibility has become a key drawcard for affluent buyers seeking a second residence on the Gold Coast without sacrificing the ability to conduct business away from their primary home base.

The absence of holiday letting within the building has also resonated strongly with purchasers.

“This type of buyer doesn't need to generate holiday rental income,” Bourke says. “They're paying for exclusivity, privacy and certainty around who their neighbours are.”

[smartcode_project:default project_id=150454 project_image_fid=366491]

The strong demand comes amid broader shifts in the high-end apartment market following the Federal Budget announcements in May.

“We were already seeing strong enquiry from high-net-worth buyers, but that has only accelerated since the policy changes,” Bourke says.

“A lot of those buyers are looking to place more capital into premium lifestyle assets rather than investment-grade stock that has been targeted by the Federal Government.”

[smartcode_project:default project_id=150454 project_image_fid=366486]

Designed by Cottee Parker, Lumara adopts a slender, sculpted form with an emphasis on natural materials suited to its beachfront setting. The architectural approach draws on coastal influences, with a palette of stone, timber and concrete selected for durability and the ability to weather over time.

Apartments are limited to three and four-bedroom configurations, with a maximum of two residences per floor through the mid-levels and a selection of full-floor and dual-level homes in the upper levels. All apartments are oriented to the north to maximise natural light, cross-ventilation and views across the ocean, city skyline and hinterland.

A two-level amenity offering is positioned high within the building on levels 20 and 21, conceived as a sky wellness retreat. Facilities include a magnesium pool, spa, sauna and steam rooms, alongside more social spaces such as a private dining room, resident lounge, workspaces and outdoor barbecue areas integrated with landscaped greenery.

The uppermost levels are reserved for larger-format residences, including several full-floor homes and a dual-level penthouse with its own private wellness features and recreational spaces.

&nbsp;

To give buyers confidence, 5Point and Bourke commenced construction ahead of the apartments launching to the market, a sure-fire way to prove they mean business, and the building will be delivered. They are targeting a 2028 completion date.

[smartcode_project_cta:default project_id=150454]

Locals, interstate holiday makers, drive early sales at Lumara, Broadbeach's newest luxury apartment tower

Often when it comes to purchasing property, the biggest barrier to entry is the deposit. Buyers of established homes typically aim for a 20 per cent deposit to avoid the added cost of Lenders Mortgage Insurance, while most property transactions require around a 10 per cent deposit when contracts are exchanged.

The off-the-plan market works differently, with buyers typically paying a deposit during construction and settling the balance upon completion. As completion approaches at <a href="https://www.apartments.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy-vic-3065">Fabbrica Fitzroy</a>, developer <a href="https://www.apartments.com.au/developers/pace-development-group">Pace</a> is making it easier for buyers to secure a residence through a deposit-matching incentive. Purchasers need only contribute a five per cent deposit*, with Pace matching the remaining five per cent.

The offer comes as Pace unveils a completed display apartment and townhouse, now available for inspection by appointment ahead of the project's Spring completion.

[smartcode_project:default project_id=139552 project_image_fid=371009]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> and landscaping by <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, Fabbrica draws on Fitzroy’s industrial and manufacturing history, incorporating references to the former Argyle Shirt Factory and Life Savers Confectionery Company that once occupied the site.

The development comprises 85 residences, spanning low-maintenance apartments through to larger-format townhouses with private street access and double lock-up garages, a relatively uncommon offering in Fitzroy’s higher-density apartment market.

Pace says the project has been designed to appeal to buyers seeking inner-city convenience without sacrificing space, flexibility, or amenity.

[smartcode_project:default project_id=139552 project_image_fid=371016]

Inside the residences, Winwood Mckenzie has focused on adaptable layouts and integrated detailing, with features including custom joinery, and concealed storage solutions. The material palette leans into warm, tactile finishes intended to complement the building’s industrial architectural language.

Fabbrica’s rooftop amenity is a key part of the project offering. Spanning around 800 sqm, the communal rooftop includes a private dining room, communal kitchen, lounge spaces, work-from-home zones, and outdoor dining areas overlooking the Melbourne CBD skyline.

[smartcode_project:default project_id=139552 project_image_fid=371017]

Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

[smartcode_project_cta:default project_id=139552]

Pace offers five per cent deposit match at Fabbrica Fitzroy ahead of Spring completion

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Jonathan Chancellor

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