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Cronulla Sharks director Craig Airey and his wife Janelle exchanged on an off the plan three-bedroom apartment in Opera Residences last weekend.
It's west-facing, with views of the Sydney Harbour Bridge.
They paid $7.7 million for the apartment in the $500 million Macquarie Street sell-out.
The penthouses in the same block fetched $26 million and $27 million apiece.
The building is being developed by a joint venture of China-based developers Macrolink and Landream. 
Construction will start in April with completion due in December 2019.
It has been designed by Tzannes Architects in collaboration with Crone Partners.
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jchancellor-FAypfDUnLy

Cronulla Sharks director pays $7.7m for off the plan apartment

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While McGrath has improved its market share during FY16 in around two thirds of the localities it serves, the vendor hibernation had caught the listed estate agency by surprise.
That was the major takeout from the first annual general meeting held by the listed ASX company.
But the issuing stockbroker Bell Potter expressed disappointment at the paucity of guidance.
The share price hovers at near lows.
Bell Potter said no trading update or guidance was provided at the company’s first AGM as a listed company.
"We were hoping or expecting that at least one would be provided," Bell Potter analyst Chris Savage noted.
"It is therefore somewhat disappointing that neither has been provided and this obviously does not help with regard to short term earnings visibility."
Bell Potter also noted there was also "no mention of potential staff departures which has been mentioned in the press."
The issue however came up with shareholder questions.
When questioned on why two key executives, Matt Lahood and Steven Chen, had departed recently, the chief executive Cameron Judson said the two men "wanted a change after 20 years in the business".
The chairman Cass O'Connor advised the company had experienced unprecedented market conditions.
"Our first-half performance was on budget. Then, it was as though every vendor woke up in the New Year and made a resolution not to sell," she said.
"Listing volumes as a per cent of total property stock are currently at levels we have not seen since the data set began ... We share your disappointment."
She told investors at the McGrath shareholder meeting on Wednesday that rocketing real estate prices have created "an environment in which vendors are reticent to sell, fearing they will not get back into the market."
She cited data showing volumes as a percentage of total property stock are at levels not seen since the industry started collecting the data. 
In 2005 homeowners in Australia's capital cities would move every 6.7 years - today that is 10.7 years, said Ms O'Connor.
For apartments it was every 5.9 years, which was now nine years. 
Its founder and executive director John McGrath was confident property listings would pick up early in 2017, confident the listing drought would not be permanent.
Though he was of the view things would improve post the July federal election.
"I was of the view things would improve post election, but it didn't.
"We are seeing anecdotally it will improve early in the year," he said.
Mr McGrath also said state governments had a responsibility to fix the reluctance of homeowner to sell given stamp duty costs.
On its first day of trading, the $2.10 share price fell to $1.83. Then in April, due to falling listings and concern about a residential price bubble, the price lowered to 90¢.
It has since bounced around this level. 
Bell Potter noted its had recently downgraded its forecasts for McGrath "when it was clear that there was going to be no late surge in Sydney auction volumes this spring.
"With no trading update or guidance provided at the AGM there is no further change to these forecasts and we now wait to see if any 1HFY17 or FY17 guidance is provided between now and the 1HFY17 result in February."
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2017 will see end to vendor hibernation: John McGrath hopes

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<img src="https://counter.theconversation.edu.au/content/68068/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Company directors who don’t properly consider climate related risks could be liable for breaching their duty of due care and diligence, a new legal opinion has found. 
Although the alarm for business leaders has been sounding for some time, the release of the opinion by senior barristers and leading solicitors confirms the potential liability for Australian company directors.
Australian companies are particularly exposed to the physical, transition and liability risks posed by climate change. The Paris Climate Agreement, which comes into force today, brings the transition risks (and opportunities) forward, given the policy and business changes necessitated by the agreement’s commitment to a sustainable economy.
Directors’ liability hinges on the foreseeability of risks or opportunities material to the best interests of the company. Courts have long experience of finding fault for inadequate responses to foreseeable risks, even where there is supposed uncertainty. Examples of this are when health risks associated with HIV and asbestos were improperly understood or managed. A defendant can be liable even though they are ignorant, if a reasonable person would have known about them. 
Some corporate leaders might want to hit the snooze button again, but today’s challenges to business as usual are acute. The long foreseen economic and environmental impacts of a changing climate are intensifying. Legally, any excuse that prior uncertainty about the science or impacts of climate change may have previously afforded directors has expired. 
Corporate leadership ignoring interdependent economic, social and environmental risks and drivers of value has never been a sustainable long term strategy. Here are four reasons why there is only upside for business leaders to change course:
1. Markets are supporting the transition
Investors are demanding better information about companies’ carbon emissions and risk management strategies so they can properly understand the near and long term prospects of the companies they are investing in. Increasingly, they are getting it. Large institutional investors like BlackRock have led the charge on board-level management of climate and other sustainability risks.
Underpinned by better information, new opportunities are being supported by financial instruments such as green bonds or government backed financing for clean technology or renewable energy projects. Such instruments help capital flow towards investments that are consistent with decarbonisation of the economy in the longer term. 
These initiatives are being reinforced by economy-wide measures like carbon pricing schemes to ensure that market prices reflect true costs of emissions-intensive activities. The latest example is Canada’s decision to impose a benchmark price on carbon pollution. 
Under this plan, Canadian provinces can decide how the revenue raised is spent, but are required to have an effective price of C$10 per tonne of carbon pollution in 2018, rising by C$10 each year to C$50 per tonne in 2022. 
2. Risk disclosure will improve and converge
Michael Bloomberg’s Taskforce on Climate-related Financial Disclosureswill update its (voluntary, business-led) framework for climate risk disclosure in December 2016. This is the next step in accelerated global efforts to increase transparency of physical, liability and transition risks. 
In Australia, enhanced ASX guidelines, which commenced in July 2014, require listed entities to disclose any exposure to economic, environmental and social sustainability risks, and how such risks will be managed. 
Calls to renew the lapsed Senate Economics Committee inquiry into carbon risk disclosure have been answered; the committee will report in early 2017.
However, significant issues remain around consistency and comparability of disclosures. The level of variation of disclosure of carbon-related and other sustainability risks by entities in the same sector, including Australia’s banks, is concerning. 
3. Regulators are focusing more on climate risk
Global regulators are stepping up supervision of firms exposed to disruptive climate related changes in asset prices, technology, and policy. Bank of England Governor Mark Carney, said that regulators and investors expect much more than “static” disclosure of risks.
Australian regulators are sending similar signals that more sophisticated stress testing and scenario-based analysis of climate related risks will be par for the course.
4. Better political dynamics
With the Paris targets locked in, more ambitious national policy settings needed to deliver them will not be far away. Years of policy reversals and missteps domestically and globally have been replaced by the policy certainty business craves. 
Pressure from Australian businesses for the government to take ambitious commitments to Paris in 2015, including through the Australian Climate Roundtable, is a sign the game has shifted, albeit after years of diversion and delay for which business leaders share some responsibility. 
This trend was reinforced when NSW became the latest state governmentto commit to a net zero emissions target by 2050. Policy changes inevitably create transition risks. But by supporting the implementation of effective, proactive policy, business can reduce the risks of sharper and unpredictable responses later.
Corporate governance will be tested against this backdrop. The implications are clear: at a minimum, where they are not already, climate and other sustainability issues must be elevated to the board level. Boards must establish the information channels, governance processes and technical capabilities. They must also be able to cultivate shareholder support for effective long-term strategies, rather than short-term sugar hits.
The coming into force of the Paris Climate Agreement promises to be a historic global tipping point in accelerating the transition to a net zero carbon economy. The release of this legal research on directors’ duties is a timely and powerful reminder of the risks, opportunities – and responsibilities – which Australian company directors face in addressing this challenge.
Travers McLeod is honorary fellow in the School of Social and Political Sciences, University of Melbourne and can be contacted <a href="https://theconversation.com/profiles/travers-mcleod-44584" target="_blank">here</a>.
John Wiseman is professorial fellow, University of Melbourne and can be contacted <a href="https://theconversation.com/profiles/john-wiseman-252" target="_blank">here</a>.
Both are authors for The Conversation.
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Property 101: Company directors can be held legally liable for ignoring the risks from climate change

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<img src="https://counter.theconversation.edu.au/content/69207/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The release this week by the Greater Sydney Commission of city-wide draft plans mandating some measure of affordable housing in new developments is a step in the right direction. However, the target of 5-10 percent on rezoned land is too low to make a serious impact on the city’s affordable housing shortage. It must be more ambitious.
Research highlights the central importance of affordable, stable housing to economic and social wellbeing. Yet, in Sydney, the lack of affordable housing has reached crisis point. Everyone from community housing providers to Commonwealth Treasury secretary John Fraser is pointing out that rising house prices are creating massive social and economic problems.
Housing researchers and academic housing economists across Australia agree that an essential part of the policy mix is to mandate a significant percentage of affordable homes in all new housing developments. This is known as “inclusionary zoning”.
Other global cities such as New York and London have recognised the important role of housing in their economies and have inclusionary zoning policies. Other states in Australia have also set affordable housing targets. These have not had harmful impacts on housing investment.
<h2>Fighting to keep windfall profits</h2>
Predictably, parts of the property industry are already resisting any level of inclusionary zoning. Some developers claim that affordable housing targets will increase housing costs for the majority. They argue that profits lost on affordable housing will have to be recouped elsewhere. 
While we can expect this line of argument from those who profit from the status quo, it is fundamentally wrong for a simple reason. Housing developers will not bear the burden of these targets. Rather, it will be borne by land holders who currently make large windfall gains from selling land for development.
When land has been zoned to enable higher-density development, landholders reap these windfall profits without actually delivering any new housing or infrastructure.
For example, the site of a recently completed development in Sydney’s inner west was first purchased by a property company as industrial land for around A$8.5 million. Following a rezoning to higher-density residential, the site was sold again for A$48.5 million. In this case, the first buyer made a 471% windfall profit without building anything on the site.
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The seller of the rezoned site of the Lewisham Estates development made a 471% windfall profit without building a thing. Inner West Council
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If a fixed percentage of affordable housing becomes a condition of rezoning such sites, this will only affect the size of the landholder’s windfall gain. Developers will offer lower prices for the land, based on the mandated requirements for affordable housing. 
Remember that the uplift in land value results from public policy changes that allow for housing development or higher-density housing. It is not unreasonable, then, that landowner windfalls should be limited to achieve the important public policy outcome of housing affordability.
This is why some property developers do not object to inclusionary zoning. Indeed, some have been part of the push for inclusionary zoning, through their membership of the Committee for Sydney. They recognise that so long as the “playing field” is level for all, mandatory targets for affordable housing can be achieved without making development unprofitable or housing more expensive.
<h2>Government is conflicted</h2>
The New South Wales government has been reluctant to set significant inclusionary zoning requirements for new developments in several important parts of the city. One possible reason is that the government itself stands to reap revenue from rezoning and/or redevelopment of government-owned land.
It is especially inappropriate that government-owned land should be exploited in this way. In big development schemes where government is the major landowner, such as Central-Eveleigh, the Bays Precinct and Olympic Park, public good should trump Treasury “profits” on land release. Government should not be in the business of extracting its own windfall at the cost of housing affordability.
Inclusionary zoning targets should therefore be much higher for housing developments on government-owned land, especially in major renewal precincts. Not only would developments on such sites still yield a “profit” for the taxpayer, they would deliver a social benefit to the wider community at no real cost and without impacting feasibility.
<h2>What targets should be set?</h2>
We join those in the housing sector who believe that at least 15% of housing in new private developments should be affordable. On publicly owned land, at least 30 percent of new housing developments should be affordable.
Of course, the details of land zoning matter. If targets are set, we must ensure the definition of “affordable” actually achieves the goal of reducing housing stress for people on low and moderate incomes while maintaining housing quality.
Substantial inclusionary zoning requirements will not make development more expensive. They will make it harder for land speculators to make large profits while making no contribution to the social and economic future of New South Wales.
It is high time the foxes in the henhouse were called to account.
 
<a href="https://theconversation.com/profiles/laurence-troy-2403" target="_blank">Laurence Troy</a> is research associate - City Futures Research Centre, UNSW Australia
<a href="https://theconversation.com/profiles/dallas-rogers-5269" target="_blank">Dallas Rogers</a> is urban studies researcher: Institute for Culture and Society &amp; Urban Research Program, Western Sydney University
<a href="https://theconversation.com/profiles/emma-power-250930" target="_blank">Emma Power</a> is senior research fellow, Geography and Urban Studies, Western Sydney University
<a href="https://theconversation.com/profiles/hal-pawson-147969" target="_blank">Hal Pawson</a> is associate director - City Futures - Urban Policy and Strategy, City Futures Research Centre, Housing Policy and Practice, UNSW Australia
<a href="https://theconversation.com/profiles/kurt-iveson-1223" target="_blank">Kurt Iveson</a> is associate professor of Urban Geography, University of Sydney
<a href="https://theconversation.com/profiles/louise-crabtree-128457" target="_blank">Louise Crabtree</a> is senior research fellow, Institute for Culture and Society, Western Sydney University
<a href="https://theconversation.com/profiles/michael-darcy-119569" target="_blank">Michael Darcy</a> is professor, Urban Research Program, Western Sydney University
<a href="https://theconversation.com/profiles/peter-phibbs-27130" target="_blank">Peter Phibbs </a>is chair of Urban Planning and Policy, University of Sydney.
All are authors for The Conversation.
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Sydney needs higher affordable housing targets

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Chinese mega developer Poly has bought a development site on Richmond Hill in Melbourne's inner east.
It will develop a luxury townhouse project after the $16 million acquisition.
Poly Real Estate, a Shanghai-listed subsidiary of the $120 billion China Poly Group, is one of China's biggest developers and conglomerates.
The 2047-square metre site is at 150-152 Bridge Road and 1-3 Allowah Terrace.
It was marketed with a townhouse scheme of 41 dwellings.
The Richmond Hill site sold in September last year for $11 million then back on the market prior to settlement.
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Poly buys Richmond Hill townhouse development site

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The Dalga Station in central Queensland has been sold for around $6 million through Elders.
Boyne Valley property Dalga has sold after auction for an undisclosed figure to Bill and Sue Rossey from Gaeta, north west of Gin Gin.
Dalga is estimated to run 1500-1700 breeders.
It was passed in at $5.87 million with four of the five registered bidders active at the auction.
<a href="https://www.eldersrealestate.com.au/rural/buy/property-qld-dalga-665759" target="_blank">Located 100Km South of Gladstone,</a> 130Km North West of Bundaberg, it has a total freehold of 7,674 hectare plus leasehold land and grazing permits.
Several paddocks border the Kolan River. 
Included in the sale are 1,000 Grey Brahman breeders with the property well positioned to take advantage of the strong cattle markets within the Boyne Valley, Callide and Fitzroy regions and is also strategically located to make full use of the strong southern feedlot markets.
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Central Queensland's Dalga Station sold

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<img src="https://counter.theconversation.edu.au/content/69146/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Our food systems are under increasing pressure from growing populations, diminishing resources and climate change.
But, in a new report, we argue that city foodbowls – the agricultural land surrounding our cities – could supply more secure and sustainable food. 
The final report of our Foodprint Melbourne project outlines a vision for “resilient city foodbowls” that can harness city waste to produce food, reduce dependence on distant sources of food and act as a buffer against increasing volatility in global food supplies. 
But to do so we need to start planning now. Food is a basic human need – along with water, housing and transport – but it hasn’t been high on the planning agenda for Australia’s cities.
<h2>Growing food, and jobs</h2>
Australia’s city foodbowls are an important part of the nation’s food supply, particularly for fresh vegetables. 
Melbourne’s foodbowl produces almost half of the vegetables grown in Victoria, and has the capacity to meet around 82 percent of the city’s vegetable needs. 
Nationally, around 47 percent of highly perishable vegetables (such as lettuce, tomatoes and mushrooms) are produced in the foodbowls of the major state capitals, as well as eggs, chicken and perishable fruits such as berries. 
New analysis by Deloitte Access Economics has shown that Melbourne’s foodbowl contributes A$2.45 billion each year to the regional economy and around 21,000 fulltime-equivalent jobs. The largest contributors (to the economy and to jobs) in Melbourne’s foodbowl are the fruit and vegetable industries. 
Other research estimates that agriculture in Sydney’s foodbowl contributes around A$1 billion to the regional economy. The flow-on effects through the regional economy are estimated to be considerably higher. 
<h2>City foodbowls at risk</h2>
City foodbowls are increasingly at risk. Our project has previously highlighted risks from urban sprawl, climate change, water scarcity and high levels of food waste. 
Melbourne’s foodbowl currently supplies 41% of the city’s total food needs. But growing population and less land means this could fall to 18% by 2050. 
Australia’s other city foodbowls face similar pressures. For example, between 2000 and 2005, Brisbane’s land available for vegetable crops reduced by 28%, and Sydney may lose 90% of its vegetable-growing landby 2031 if its current growth rate continues.
These losses can be minimised by setting strong limits on urban sprawl, using existing residential areas (infill) and encouraging higher-density living. 
However, accommodating a future Melbourne population of 7 million (even at much higher density) will still likely mean we lose some farmland. The Deloitte modelling estimated this will lead to a loss of agricultural output from Melbourne’s foodbowl of between A$32 million and A$111 million each year. 
<h2>Protecting our food supply</h2>
Australia’s city foodbowls could play a vital role in a more sustainable and resilient food supply. If we look after our foodbowls, these areas will strengthen cities against the disruptions in food supplies that are likely to become more common thanks to climate change. 
The New Urban Agenda adopted in October 2016 at the United Nations Conference on Housing and Sustainable Urban Development, or Habitat III, emphasises the need for cities to “strengthen food system planning”. It recognises that dependence on distant sources of food and other resources can create sustainability challenges and vulnerabilities to supply disruptions.
Resilient city food systems will need to draw on food from multiple sources – global, national and local – to be able to withstand and recover from supply disruptions due to chronic stresses, such as drought, and acute shocks, such as storms and floods. 
Our final report presents a vision of a resilient city foodbowl for Melbourne. 
In this future vision, highly perishable foods continue to grow close to the city. City waste streams are harnessed to counter decreasing supplies of water and conventional fertilisers, and increased investment in delivery of recycled water creates “drought-proof” areas of food production close to city water treatment plants. 
<a href="/images/2016/11/24/image-20161122-14968-19xg9lo.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/24/image-20161122-14968-19xg9lo.jpg" alt="">
<h4>Eco-Innovation Lab, Author provided</h4>
If Australia’s cities are to retain their foodbowls as they grow, food will need to become a central focus of city planning. This is likely to require new policy approaches focused on “food system planning” that addresses land use and other issues, such as water availability.
We also need to strengthen local and regional food systems by finding innovative ways to link city fringe farmers and urban consumers – such as food hubs. This will create more diverse and resilient supply chains.
Rachel Carey is research fellow, University of Melbourne and can be contacted <a href="https://theconversation.com/profiles/rachel-carey-94761" target="_blank">here</a>.
Jennifer Sheridan is researcher in sustainable food systems, University of Melbourne and can be contacted <a href="https://theconversation.com/profiles/jennifer-sheridan-179405" target="_blank">here</a>.
Kirsten Larsen is manager, Food Systems Research and Partnerships, University of Melbourne and can be contacted <a href="https://theconversation.com/profiles/kirsten-larsen-104756" target="_blank">here</a>.
All are authors for The Conversation.
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The key to future food supply is sitting on our cities’ doorsteps

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<img src="https://counter.theconversation.edu.au/content/68483/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
On January 1, 2017 the age pension will undergo significant changes.
Changes to the assets test, which determine who can receive a pension and how much, could see 166,000 pensioners receive an increase in their entitlements. But many people will also have their pensions reduced and others will become ineligible entirely. 
These headline numbers are just the start, however. Changes to the pension will affect the way people plan and behave – incentivising certain types of homeownership and debt, potentially impacting younger generations.
<h2>What are the asset test changes?</h2>
The government decides who is eligible to receive the aged pension, and how much they are entitled to, by looking at their assets and income. From January 1, the maximum assets you can own to receive a full pension is being increased, for homeowners and non-homeowners, singles and couples. This will allow a larger group of people to claim a full pension. 
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For those who don’t qualify for the full pension, there are even more changes. For every A$1000 of assets owned above the threshold the entitlement will reduce by A$3 per fortnight, up from A$1.50 under the current system. As a result, the threshold to qualify even for the partial pension is being reduced as well.
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The increase in the rate that the pension is reduced, as well as the reduction in this top pension threshold, could result in some 88,000 missing out on the pension entirely, and some 225,000 seeing their pensions reduced. 
The reason given for these changes is that the federal government wants to make the age pension system more equitable. But, even though some will qualify for slightly more age pension, the overall effect will be to cut down on pension spending. 
We saw this in an earlier change made in January this year when defined benefit pensioners found their income test concession was slashed to 10%, reducing their pension entitlements. Now, this change will reduce the entitlements of “asset rich” pensioners. 
<h2>Why this could affect behaviour</h2>
For people approaching pension age, the latest changes to the asset test has changed their incentives. It is possible that those in pre-retirement phase may now decide to tailor their investments and lifestyle so that they will qualify for some age pension. 
Consider this matter in light of what behavioural experts call prospect theory, which suggests that people place a higher value on what they might lose than what they might gain. In this context, people might be so worried about losing a part of their age pension that they may make decisions that reduce their total income. 
This behaviour has already been observed, anecdotally, by many financial advisers, when clients tell them that they want to qualify for age pension regardless of how small the amount might be.
<h2>Think of the assets</h2>
Overall, if prospect theory holds, the short term incentives of the assets test will see pensioners “use up” their assets to fund their lifestyle choices and gain eligibility for the pension.
This could take the form of any combination of spending more on lifestyle, buying a more expensive home (homes are not included in the asset test), or even giving away assets (assets given away five years or more before pension age are not counted in the asset test). These are all ways of reducing the amount of assessable assets, thereby qualifying for the aged pension. 
This incentive will be especially strong for those in the middle or near the upper asset threshold, as they will gain $3 in pension per fortnight (or $78 pa) for every $1,000 of assets they “use up”. Or, in other words, they will achieve a 7.8% pa gain for “using up” $1000 in assets. This is an almost unheard of return in an age of low rates.
<h2>The secondary impact</h2>
The impact of these changes wouldn’t stop at running down assets, however. Many pensioners will want to remain at their standard of living and so will likely turn to debt. Some will use the equity in their homes to secure a reverse mortgage. Or, if they do qualify for age pension, they may take a loan from Centrelink. Both of these could result in debt left to an estate, reducing inter-generational transfers.
In addition, it is likely that instead of downsizing to a smaller and more appropriate housing, and thereby releasing surplus funds which then become assessable under the assets test, pensioners are likely to remain longer in their larger homes. This will restrict the supply of established homes for younger people to buy. Hence, demand and supply forces may result in prices for established houses to continue to increase.
Warren McKeown is teaching fellow, University of Melbourne and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/warren-mckeown-7085" target="_blank">here</a>.
 
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Changes to the pension asset test will ripple through the economy

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<div class="column">GUEST OBSERVER</div>
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 The latest construction data was certainly disappointing. Not only is construction work down over 11 percent on a year ago, but the falls were across an array of sectors.</div>
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<div class="column">Engineering and commercials continued to record the brunt of the weakness, while residential construction also fell from record highs. In addition the major states all recorded a fall in construction activity, with gains only in ACT, Tasmania and the Northern Territory.</div>
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The ‘baton pass’ from engineering to residential building was clearly the driver of activity over the last couple of years. In fact engineering work is down by 23.2 percent on a year ago – just shy of the biggest annual fall on record, as opposed to residential construction, which eased from record highs. The results are even more staggering when you consider that just over two years ago engineering work surpassed total building (residential and commercial) by more than $9 billion.
And while policymakers would not be overly concerned at present, a substantial pullback in residential activity would create a void that could cause concern. Essentially the hope would be that commercial and non-mining related business investment will lift over the coming year and provide the economy with a lift in momentum.
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<div class="column">Inflation in the building sector is healthy without being excessive. Not only was inflation flat in the September quarter but the annual rate of construction inflation eased back to 2 per cent. Interestingly recent construction industry reports forecast a rise in hourly rates over the medium term at unionised building sites due to new enterprise bargaining agreements and labour shortages.</div>
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<div class="column">In addition recently signed agreements suggest a 20 percent lift in wages over the next 4 years on some sites. Overall a lift in inflation in the building sector would not concern the Reserve Bank at present given the lack of inflation across the rest of the economy.  </div>
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<div class="column">Today’s data is unlikely to alter the Reserve Banks thinking when it comes to rates. Focus now turns to the June quarter business investment data released on December 1. And while the Reserve Bank will be particularly interested in estimates of completed non-mining investment, there will be a much greater focus on future spending plans - especially in light of the fact that private sector construction activity continues to disappoint.</div>
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<div class="column">What do the figures show?</div>
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<div class="column">Construction Work</div>
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 Construction work done fell by 4.9 percent in real (inflation-adjusted) terms in the September quarter after sliding by 3.1 percent in the June quarter. Work done is down by 11.1 percent on a year ago. Public sector construction work fell by 0.2 percent in the quarter while private sector activity fell by 6.0 percent.</div>
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 Construction work fell in five of the states and territories in the September quarter. Leading the falls was Western Australia (down 13.6 percent), followed by Victoria (down 6.9 percent), South Australia (down 1.3 percent), NSW (down 2.1 percent) and Queensland (down 0.2 percent). Construction rose in the ACT (up 7.1 percent), Tasmania (up 4.7 percent), and the Northern Territory (up 0.6 percent).</div>
<div class="column">
 Engineering work fell by 3.8 percent in the September quarter. Engineering construction is down by 23.2 percent on a year ago – just shy of the biggest annual fall on record.</div>
<div class="column">
 Commercial (non-residential) building fell by 10.9 per cent in the September quarter to be down 7.6 percent over the year. </div>
<div class="column"> </div>
<div class="column">Residential building fell by 3.1 per cent in the September quarter and was up by 6.3 percent over the year. Alterations &amp; additions fell by 0.6 percent in the quarter while new residential work fell by 3.4 percent. The measure of inflation in the construction sector (deflator) was flat in the September quarter. The annual rate of construction inflation fell from 2.6 percent to 2.0 percent. Engineering prices fell by 0.7 percent in the quarter (up 1.7 percent over the year) while building prices rose by 0.6 percent in the quarter (1.9 percent over the year).
<a href="/images/2016/11/24/Screen%20Shot%202016-11-24%20at%208.52.56%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/24/Screen%20Shot%202016-11-24%20at%208.52.56%20AM.png" alt="">
What is the importance of the economic data?
 The Bureau of Statistics releases quarterly estimates of Construction work done. The estimates are based on a survey and cover around 85 per cent of the construction work done in the period. Revised estimates will be released in coming months. The data is useful largely for historical purposes but the work yet to be done estimates provide an early warning signal of future activity. The residential work figures give a good early guide to the strength of residential investment in the national accounts.
What are the implications for interest rates and investors?
There is still plenty of work in the construction sector. But there are winners and losers across states and industry sectors. The Reserve Bank will not be overly concerned with the current trends in construction. Overall activity is correcting as expected and adjusting to the new realities.</div>
<div class="column">
 CommSec expects the cash rate to remain on hold over the foreseeable future. </div>
<div class="column"> </div>
<div class="column">Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a></div>
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Construction activity falls, tame building costs: Savanth Sebastian

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GUEST OBSERVER
With Christmas fast approaching, more property sellers are opting for three-week auction campaigns.
This weekend’s Super Saturday auction extravaganza features a large number of properties, which are using three-week marketing campaigns, rather than the traditional four-week approach.
This is a sensible strategy given Sydney’s high clearance rates and stock levels that are lower than in previous years. These factors are encouraging more owners to act quickly before buyers lose interest, or more stock comes onto the market.
The hottest auction clearance rates were achieved in Sydney’s Inner West last weekend, with 91 percent of properties selling under the hammer.
The next best was the Northern Beaches with a clearance rate of 90.5 percent, followed by the city and the Eastern Suburbs with 90.2 percent, and the Lower North Shore with 84.4 percent.
A clearance rate above 90 percent means vendors have very a solid chance of selling in this market, and it’s this realisation, and the proximity to Christmas, which is encouraging more owners to choose a shorter, marketing campaign.
Savvy sellers also realise that some committed buyers may be willing to accept a three-week settlement, as they wish to move into their next property before the end of the year. However, once we reach the second week of December this possibility fizzles out.
Also by the middle of next month, the mindset of many buyers will start to drift away from real estate, to preparing for a Christmas visit from the in-laws, buying presents for the children and planning for the holiday season.
The higher than usual number of three week auction campaigns indicated more real estate agents are adapting to prevailing market conditions.
James Pratt is director of auctions, Raine &amp; Horne, and can be contacted <a href="https://www.raineandhorne.com.au" target="_blank">here</a>.
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Shorter auction campaigns are tempting buyers seeking a pre-Christmas property purchase

<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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