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The Federal Government has let its housing affordability inquiry lapse.
News of the quashed inquiry emerged through Fairfax Media's commentator Peter Martin as Treasurer Scott Morrison delivered a speech in which he declared housing affordability to be an "important policy focus" of the Turnbull government in the new parliamentary term.
The inquiry was initiated by Morrison's predecessor, Joe Hockey early last year to be undertaken by the House of Representatives economics committee and chaired by Liberal backbencher John Alexander.
Alexander was replaced as chairman by Liberal MP Craig Laundy after hearings concluded in September last year.
Mr Laundy has told Fairfax Media he had worked on a draft report with the committee secretariat.
But he wasn't able to put it to the committee before he was promoted to the ministry and replaced with backbencher David Coleman shortly before the July election.
Under the rules governing committees, the inquiry lapsed with the election, meaning Mr Coleman is unable to conclude the report without a fresh referral from the Treasurer.
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jchancellor-FAypfDUnLy

Federal Government lets housing affordability inquiry lapse

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Confirmation came last week that Australia's richest female executive, Maxine Horne was the $9.3 million buyer of a Noosa beachfront.
<a href="https://www.realestate.com.au/sold/property-house-qld-sunshine+beach-118069215" target="_blank">Listed through Offermann Real Estate</a>, the five bedroom on 1460 sqm set a Noosa district record.  
Horne has been splashing in the property market having recently spent $10.5 million on a three-level riverfront home in New Farm.
She recently sold 28 percent of her stake in the Vita Group company that she co-founded over two decades ago, selling off $42 million worth of shares.
This article was first published in the Weekend Australian Mansion Australia property section.
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Maxine Horne emerges as Noosa $9.3 million record buyer

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A Vaucluse mansion has been sold at close to $47 million.
The <a href="https://www.realestate.com.au/property-house-nsw-vaucluse-120427321" target="_blank">Peter Stutchbury-designed Carrara Road</a> has been reportedly bought by Strathfield-based Sanity boss Ray Itaoui and his wife Rachel.
They bought from global financier Andrew Ipkendanz some three years after it was listed with hopes of breaking Australia’s housing price record.
The unconfirmed sale through Alison Coopes is the country’s biggest single dwelling sale so far this year.
<img src="/images/2016/10/26/Carrara2.jpg" alt="" width="470" height="245">
The Peter Stutchbury-designed residence was originally listed with hopes of $60 million but discounted to $53 million last year by Alison Coopes, of Agency by Alison Coopes, Fairfax Media reported.
Set over four levels with a lift, the 2000 sqm property comes with nine bedrooms, ten bathrooms, vast formal and informal living areas, games room and a 20-metre pool.
It's construction was reported to have exceeded $25 million.
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Vaucluse mansion sells for nearly $47 million, 2016's most expensive

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<img src="https://counter.theconversation.edu.au/content/66394/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Last week Fairfax Media reported that the Parramatta Light Rail is set to cost the NSW government not A$1 billion (together with part of the proceeds of a levy on new residential developments), as budgeted, but a whopping A$3.5 billion.
People could be forgiven for thinking that the revelation of a A$3.5 billion price tag is surprising, and much higher than expected from what’s been budgeted. But as a new Grattan Institute report shows, cost overruns in public transport infrastructure are far too common.
The report is the first comprehensive Australian study of all 836 transport infrastructure projects valued at A$20 million or more and planned or built since 2001. It reveals that over the past 15 years, Australian governments have spent A$28 billion more on transport infrastructure than they told taxpayers they would spend. Much of this overspending should never have happened. 
The A$28 billion over the originally promised costs does not stem from the accumulation of small cost overruns on most projects. Rather, most projects come in reasonably close to their original announced cost, as the figure below shows. The problem is that when projects do run over, it can be spectacular: 90 percent of the cost overrun problem is explained by the 17 percent of projects that overran their cost promise by more than 50 percent.
<a href="/images/2016/10/26/image-20161023-15963-pm2um9.png" target="_blank">Click to enlarge</a>
<h4><img src="/images/2016/10/26/image-20161023-15963-pm2um9.png" alt=""></h4>
<div class="enlarge_hint"> </div>
The main culprit for this startling finding is premature announcements. Ministers and shadow ministers frequently promise to build a road, bridge or rail line for a particular cost, especially in the lead-up to an election. 
History shows that projects with costs announced before a formal budget commitment are at much more risk of a large cost overrun than those announced when they are better developed. Over the past 15 years, 74% of the total value of cost overruns is explained by the 32% of projects announced early.
The poor performance of projects with early announcements is not just a warning to mistrust politicians’ promises. Premature cost announcements continue to haunt projects throughout their lives, as the figure below shows.
<a href="/images/2016/10/26/image-20161023-15930-107f13l.png" target="_blank">Click to enlarge</a>
<h4>
<img src="/images/2016/10/26/image-20161023-15930-107f13l.png" alt=""> 
</h4>
It is not common practice to analyse projects from as far back as when they are first announced, but it should be. Once politicians have announced a project, they and the public treat that announcement as a commitment. They are right to do so: two-thirds of these projects end up being built. 
In fact, it is not common practice to analyse the cost outcomes of infrastructure projects in any systematic way. Analysts are hindered by the absence of meaningful reporting on the outcomes of these projects – by the lack of information on how well they performed against the costs and benefits, such as travel time savings, that were used to make the original investment decision.
Failing to collect and aggregate information about past projects also hampers those trying to estimate what today’s projects will cost. Without actual Australian data on past projects, cost estimators may be able to factor in the prices of equipment, material and the workforce, but they can’t factor in how to protect against unusual and unforeseeable events that can have a big impact – “unknown unknowns”.
Today’s projects suggest we are not learning from history. For every project, cost estimators forecast what they expect the project will probably cost (known as a “median” or “P50” cost estimate), and also what it could cost for the one in ten times that a project will probably go over budget – a “worst case” cost estimate (known as a “P90”). 
The experience of the past 15 years shows that the difference between the median cost estimate and the “worst case” cost estimate is 21% on average for transport infrastructure projects valued at A$20 million or more. 
But cost estimates for current projects do not reflect this experience. Instead, the difference between the median and “worst case” estimates is generally about a third to a half this size. Judging by recent history, this suggests that either the median cost estimate is too high or – more likely – the “worst case” cost estimate is too low. 
What’s wrong with this approach is that it probably won’t be one in ten projects that governments are expecting, but actually more likely one in three, that go over the “worst case” estimate. 
Our research also shows that, if history is any guide, these overruns will be bigger than expected. Some of today’s big-budget projects that have these surprisingly low “worst case” cost estimates are the Inland Rail between Brisbane and Melbourne, Sydney’s WestConnex and Melbourne’s Western Distributor.
This is not to slight the motives or the abilities of cost estimators, who deal with intrinsically uncertain costs. But without historical information to draw on, these estimates are inherently limited. The evidence is clear: over the past 15 years, cost estimators expected between 10% and 25% of projects to exceed their budget. In fact, 34% did so.
<h2>Policy changes required</h2>
The solutions are within reach. Governments should not commit to building transport infrastructure before tabling a proper evaluation and the underlying business case in parliament. And once a project is completed, governments should report to the public on how it performed against the costs and benefits behind the original decision to invest. 
Governments can also improve project assessment methodologies, collect and publish data that would enable cost estimators to learn from experience, and manage contingency funds with more discipline. 
We must start to learn from history. Our infrastructure systems should promise what is worth having, and then deliver what is promised.
Marion Terrill is transport program director, Grattan Institute and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/marion-terrill-169480" target="_blank">here</a>.
 
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Spectacular cost blowouts show need to keep governments honest on transport

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GUEST OBSERVER
The latest available China housing data reports that the pick up in house price momentum in August was sustained in September, across both new and existing markets.
For new housing, 63 cities reported price gains in the month, broadly in line with August’s 64 and the recent peak of 65 in April 2016. Emphasising the breadth of the improvement in 2016, a year ago only 37 cities reported price gains.
The secondary market improved further in September with 60 cities reporting price gains in the month. That contrasts to 57 in August 2016; 54 in March 2016; and 40 a year ago. Only 7 cities are currently experiencing price declines – the best result for this metric since end-2013.
<a href="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.24.07%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.24.07%20PM.png" alt="">
Investigating annual price growth by tier, 2016’s key themes endured in September. Price growth of near 30 percent/yr continues to be seen on average in tier- 1 cities, across both new (29.4 percent/yr) and existing (33.0 percent/yr) markets.
Also, the tier-2 averages gained further momentum, from 9.1 percent/yr to 11.1 percent/yr for new and 7.6 percent/yr to 9.0 percent/yr for existing. Meanwhile, tier-3 price growth remains fickle, new and existing house prices up 6.6 percent/yr and 4.4 percent/yr respectively.
<a href="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.17.44%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.17.44%20PM.png" alt="">
As we have previously highlighted, the most interesting aspect of the price data is not the tier averages, but rather the city-by-city detail.
Herein we continue to see strong evidence of speculative demand, with a wide spectrum of price activity by city.
In tier-1, against the 29 percent/yr average result for new housing: Shenzhen price growth has slowed from near 63%yr in April to 34 percent/yr currently; over the same period, price growth has accelerated from around 17 percent/yr to 27 percent/yr and 23 percent/yr respectively in Beijing and Guangzhou. Shanghai has been stable near 30 percent/yr.
In tier-2, against the 11 percent/yr average: Hefei and Nanjing are currently seeing price growth of 46 percent/yr and 40 percent/yr, while many other cities such as Dalian are broadly flat year on year.
Similarly in tier-3, against its 6.6 percent/yr average for new housing, annual price growth varies between 47 percent/yr in Xiamen to –4.5 percent/yr in Jinzhou.
Clearly, cities with close ties to tier-1 and/or new industry are attracting investors (and owner occupiers); but elsewhere, demand is lacking.
<a href="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.19.11%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.19.11%20PM.png" alt="">
Given the disparate conditions across the nation, the divergence between sales and starts is likely to persist as significant inventory of unsold new homes lingers in many jurisdictions.
Indeed, even in areas where price growth has been strong, developers have cause to manage new supply carefully so as to see prices sustained at high levels. This is particularly true if authorities impose further restrictions in ‘overheated’ markets.
<a href="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.20.27%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.20.27%20PM.png" alt="">
As a consequence, while it has improved through 2016, growth in real estate investment is likely to remain soft relative to history, providing only modest support to manufacturing and commodity prices.
<a href="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.21.44%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.21.44%20PM.png" alt="">
As a final point, note that the strong price gains witnessed over the past year pose a risk to services activity into 2017. Chinese households remain willing to invest in property despite the higher cost, but doing so could crimp their ability and willingness to spend elsewhere. This is particularly true if job creation in the construction sector and related areas disappoints. 
<a href="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.22.47%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Screen%20Shot%202016-10-24%20at%2012.22.47%20PM.png" alt="">
 
Elliot Clarke is senior economist, Westpac and can be contacted <a href="https://www.westpac.com.au/" target="_blank">here</a>.
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Pick up in China housing data sustained: Westpac's Elliot Clarke

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GUEST OBSERVER
The NSW government is facing a budget shortfall with land related transactions and total stamp duty collected below current budget forecasts for the first three months of the 2016- 2017 financial year, according to the Real Estate Institute of New South Wales. 
Data from the NSW Office State Review shows that for July, August and September 2016 both the number of land related transactions and the total stamp duty collected from those transactions is less than for that period last financial year. 
The NSW Government’s failure to address stamp duty bracket creep is beginning to hit them in the hip pocket. It's time to review and amend the out-dated stamp duty brackets that are inhibiting people from buying and selling property in NSW. 
There were 60,034 land related transactions in the first three months of the 2015-2016 financial year and this financial year there have been only 54,582. Last month, there were 17,988 transactions compared to 20,447 in 2015, some 12 per cent less. 
Approximately $2.157 billion in transfer duty was collected from land transfer transactions in the first 3 months of 2015. This financial year some $2.019 billion or $138 million less has been collected. The total Budget for 2016-17 for “All” transfer duty is $8.777 billion and at the current rate the NSW is facing a budget shortfall.
If not for the continued value growth the loss of budgeted revenue could be far greater. It's on a slippery slope unless government can find ways to generate more activity.
It is a disgrace that stamp duty bracket creep has not been reviewed for the past 30 years and Government's failure to address this issue is unconscionable and the market is now punishing them for it.
John Cunningham is president, REINSW, and can be contacted <a href="https://www.reinsw.com.au/imis15_Prod/web" target="_blank">here</a>.
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NSW land, property transactions fall: REINSW

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The photographer Mark Morffew has listed his ultra bright designer pad overlooking Bondi Beach.
Accessed through an expensive private front courtyard, <a href="https://www.realestate.com.au/property-apartment-nsw-bondi+beach-123870394" target="_blank">the two bedroom, two bathroom apartment</a> comes with interiors by Lawless &amp; Meyerson.
The walls are lined with photographic works.
The living and dining areas flow onto an ocean-facing terrace.
The master bedroom offers terrace access and the second bedroom opens to a rear entertaining courtyard.
Belle Property Double Bay agent Albert Sassoon has a November 16 auction date.
One of the blocks most recent sales came in May when other two bedroom apartments sold for $3.8 million and at $4.2 million. 
He paid $2.9 million for the 94 sqm Notts Avenue apartment.
The Pacific Terraces development was undertake by Bill Shipton in 1983 with financing from the late Kerry Packer.
This article was first published in the Sunday Telegraph.
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Mark Morffew lists at Bondi Beach through Belle Property

You don’t address housing affordability by crashing the housing market: Scott Morrison

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Renowned winemaker Grant Burge has bought Lorndan Vineyard in the Adelaide Hills from the Pinchbeck family.
The 25-hectare boutique property at Gumeracha includes 20 hectares of vines planted in 1995 and supplies fruit to Penfolds Yattarna, Bin A and Cellar Reserve wines with a contract continuing until 2019.
About 15 hectares is planted to Chardonnay, with yields averaging between 10-12 tonnes per hectare.
The vineyard is 37km from the Adelaide CBD and close to the Barossa Valley, where the Burge family operates the Illaparra Winery and cellar door at Tanunda and whose involvement in the wine industry dates back to 1855. 
Mr Burge and his wife Helen sold the Grant Burge wine business along with the historic Krondorf Winery, to Accolade Wines, in December 2014 with speculation the price paid was about $50 million.
The couple founded Grant Burge Wines in 1988. At the time of its sale to Accolade Wines it sold around 450,000 cases of wine in the domestic market each year, and 150,000 cases overseas.
The Australian Financial Review subsequently revealed that Grant Burge Wines tumbled to a loss of $9.4 million after generating sales of $40.4 million in its last 12 months as an independent company. It had been seeking an equity investor as nervous bankers worried about its future, before Accolade stepped in with a full buyout offer in late 2014. 
"The Lorndan Vineyard is a standout Adelaide Hills vineyard providing a unique combination of healthy yields and very good grape prices, particularly for Chardonnay," said selling agent Toby Langley, managing director of winebrokers Gaetjens Langley.
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Grant Burge buys in the Adelaide Hills

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The $70 million irrigated farming property that producers of the famous Menindee Seedless grapes has been listed for sale.
Evergreen Farms in Central Queensland is one of Australia's largest horticultural operations.
Evergreen is the major supplier of Menindee Seedless, Flame Seedless and Crimson Seedless grapes that make their way into IGA, Coles, Woolworths and ALDI. 
CBRE Agribusiness have been appointed to sell the 5077-hectare farm at Emerald.
About 403 hectares are planted to table grapes, 29 hectares planted to lychees and 353 ha developed and ready for planting. 
The vendors Pacific Century Group invested more than $100 million to transform what was once a cattle grazing block, now positioned to benefit from growth in exporting.
The property also has a flood margin licence to occupy 1230 hectares adjacent to Fairbairn Dam.
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$70 million Menindee Seedless grapes holding for sale in Central Queensland

<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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