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The McGrath Group has lost another senior estate agent with Steven Chen departing the listed estate agency.
The McGrath veteran Steven Chen's departure was announced internally on Monday.
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He has been the director of its besieged project marketing division. His most recent annual sales tally was $168 million, with a $1.2 million average sale price.
His career spanned over 19 years with the McGrath Group. He was a board member in 2011-12.
"I have to announce the resignation of Steven Chen as director of project marketing, from McGrath Limited," the newly installed McGrath Group chief, Cameron Judson advised staff Monday afternoon.
It followed the departure of the director of sales Matt Lahood.
"Both Matt and Steven have had a long and important history with McGrath. Since joining our business they have built and established lifelong friendships within the McGrath family and both will be greatly missed. Their commitment, contribution and dedication to the success of the McGrath brand, its people and business is immeasurable.They each continue to be shareholders in McGrath, with individual holdings in excess of 2% of the company," 
Chen boasted he had personally transacted in excess of $2.5 billion in projects and residential sales.
Establishing the McGrath Projects division, Steven lead a team of over 60 agents and support staff in Sydney, Brisbane &amp; Gold Coast.
He also directed a specialist team of 20 experienced Chinese agents catering for the local and international Asian market, selling Australian property in Hong Kong, Shanghai, Beijing, Xiamen, Guangzhou and Wuhan-China. 
His division attracted blame in April when the listed real estate group announced a profit downgrade, and lowered its dividend target following a revision to forecast volumes and sales.
Postponed project launches by the project division was one of the reason for the revenue decline.
Last week McGrath lost its Millers Point specialist, Richard Shalhoub, who was also involved in the sale of the former CEO John McGrath's personal portfolio of harbourfront apartments through the years.
In 2014-2015 he sold $92 million worth of property and in 2015-2016 he sold around $117 million, at a $2.5 million average.
Lahood, Chen and Shalhoub have worked a combined 50 plus years in real estate.
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Steven Chen follows Lahood and Shalhoub out the door at McGrath Group

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McGrath Limited has lost its head of sales, Matt Lahood, it announced to the stockmarket on Monday.
It announced the appointment of Kon Stathopoulos into the role.
The company shares slipped to $1.13 today, still well down on its $2.10 float price last December.
Lahood, who declined to respond to Property Observer's query last Thursday on the then rumoured departure, has been with the McGrath business since 1997. He was director of sales for 12 years.
The besieged group acknowledged he had been pivotal in driving the growth of company owned sales, and then leading the sales team through the turbulent period involving the recent listing on the ASX.
McGrath founder John McGrath said Matt has had a long and important history with the business.
Kon Stathopoulos has been with McGrath since the beginning of 2014, currently as McGrath’s general manager of sales, NSW.
Before joining McGrath he was with Neopost, the mailroom digital communications and logistics solutions company.
The new McGrath’s chief executive officer, Cameron Judson said he was looking forward to the "next exciting phase for McGrath.” 
Lahood's company profile advised he was a trusted mentor to a team of 300 inspired sales professionals, adding Matt Lahood had been "a driving force behind McGrath’s continued success in a competitive property industry."
"He is an esteemed real estate expert among colleagues and carries a multi-generational client base where he combines a wealth of experience acquired over 22 years in property sales with a clear passion for helping to generate a personal success for those whom he meets along the way."
Judson in the internal notification advised other staff that Lahood retained his shareholding.
Founded in 1988 by John McGrath, McGrath has been established as one of the leading residential real estate service providers in Australia with a strong market presence in NSW and the ACT, a growing presence in Queensland and entered the Victorian market at the end of 2015.
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McGrath Group loses head of sales Matt Lahood after two decades

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Langi Willi estate, the historic Victorian Western Districts pastoral property in Skipton, has been listed after 157 years of continous ownership. 
Architect Charles D'Ebro designed a mansion of grand proportions in 1893 for the Russell family after several decades of ownership.
The 35 room historic homestead sits on 66 hectares which has been listed through Kay &amp; Burton agent Ross Savas who expects more than $5.5 million.
The current vendor family, the Mackinnon's, who arrived from Scotland in 1839, married into the Russell family in 1933.
This article was first published in the Weekend Australian Mansion Australia property section.
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Langi Willi, Skipton farm listed for sale

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<img src="https://counter.theconversation.edu.au/content/65712/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Saving energy is a win-win. You reduce greenhouse emissions and you reduce your energy bills. However, improving energy efficiency is not an option for a significant number of people in Australia – renters. 
This is important not only because rental properties account for 29.6 percent of Australian houses, or 2.3 million homes, but because the high proportion of low-income households in rental properties are particularly vulnerable to rising energy prices.
<h2>Those who can, and those who need to but can’t</h2>
In Victoria, only 58 percent of private and 55 percent of public rented homes have some insulation. In contrast, 95 percent of owner-occupied homes have insulation. 
In 2009 the Victorian government found the use of electric heaters is much higher in rental properties, and that half of all rental households report difficulty heating their homes.
The relationship between low incomes and higher rates of renting is a long-term trend in Australia. More than 20 percent of long-term renters regularly pay more than half of their income on rent, and 17 percent of all private renters are on government pensions or allowances. The proportion of people with a disability, a group with higher-than-average energy needs, is also much higher in rental properties.
As energy prices continue to rise, the gap between those who can afford to improve the energy efficiency of their property and those who cannot is growing. Those who are most vulnerable to energy price increases are the people with the least capacity to improve the energy efficiency of their home.
<h2>What is getting in the way?</h2>
Internationally, split incentives (when two parties engaged in a contract have different goals and levels of information) are recognised as a key barrier to improving energy efficiency in rental properties. 
The International Energy Agency estimates that, globally each year, over 3,800 petajoules of energy (roughly 65 percent of Australia’s total energy use in 2013-14) is not saved due to split incentives.
In Australia, several additional legislative barriers prevent improvements to rental properties. 
For example, landlords can offset the entire cost of any repairs made to rental properties against their income in the same financial year. But any repair has to be like-for-like.
So if a gas hot-water system broke down in a rental property and the landlord decided to replace it with a solar hot-water heater it would be classed as an improvement, not repair. The entire cost of improvements cannot be offset in the same financial year, which deters landlords from replacing broken appliances with more efficient versions.
Many state tenancy laws require tenants to return the properties to the same condition as when they rented the property. This means even willing renters are discouraged from improving properties themselves, or engaging in energy efficiency programs offered by external parties.
The majority of leases in Australia are for six to 12 months. In Victoria you cannot get a lease longer than five years. 
Therefore, tenants who do have the income and permission to improve the energy efficiency of their properties cannot be sure they will live in the property long enough to pay off the initial investment through energy savings.
<h2>Hope for change</h2>
In our 2015 study we aimed to identify solutions for the barriers to energy efficiency in rentals. We surveyed 230 tenants and landlords and interviewed five real estate agents.
We found two possible solutions that received a high degree of support from all stakeholders. 
The first solution, which received over 90 percent support from both landlords and tenants, is to change the classification of energy efficiency improvements to repairs under tax law. This would allow landlords to offset the entire cost of the improvement in the same financial year. Real estate agents were also convinced this solution would work, with no repercussions for tenants.
The second solution that all stakeholders supported was mandatory minimum efficiency standards for rental properties. Over 90 percent of tenants and 70 percent of landlords supported this solution. 
However, fewer landlords strongly disagreed with a mandatory standard if it was combined with tax offsets for energy efficiency improvements. Real estate agents agreed that the combined solution could be effective. 
Interestingly, if the mandatory minimum energy efficiency standard were enacted, it could allow landlords to claim tax offsets for energy efficiency improvements in the same financial year. This is because spending required to make a property satisfy regulatory requirements falls into the repairs classification.
The results of this study show that despite the different goals of landlords and tenants there are combinations of solutions that could overcome the barriers to improving the energy efficiency of rental properties. 
If landlords and tenants can find some common ground, surely politicians across multiple levels of government can work together to find solutions for some of the most vulnerable people in our community.
Robert Crawford is senior lecturer in Construction and Environmental Assessment, University of Melbourne and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/robert-crawford-14921" target="_blank">here</a>.
Koel Wrigley is community engagement consultant, Capire Consulting Group, University of Melbourne and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/koel-wrigley-301797" target="_blank">here</a>.
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Renters are being left out in the cold on energy savings: here’s a solution

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Dea and Darren Jolly, stars of past series of Channel 9 show, The Block sold their Melbourne home at weekend auction.
 They pocketed a nice gain from the sale of their Kew East-rebuild with a <a href="https://www.realestate.com.au/property-house-vic-kew+east-123577366" target="_blank">$2.908 million auction result, at $60,000 above reserve.</a> 
They'd spent a year and about $1 million rebuilding the 1920s California bungalow after purchasing it in a rundown state for $1.395 million in June last year. 
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Dea and Darren Jolly sell well in Kew East

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<img src="https://counter.theconversation.edu.au/content/66750/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Gina Rinehart has partnered with a Chinese company to buy the giant Kidman pastoral empire, after two previous bids by Chinese buyers were rejected by the federal government.
Under the proposed sale Hancock Prospecting and Shanghai CRED are forming a joint venture company, Australian Outback Beef (AOB), owned 67 percent by Hancock and 33 percent by Shanghai CRED.
The sale is worth a net $365 million after the carve out of Anna Creek station in South Australia, valued at about $14-$18 million.
Of three bids for the Kidman land, this is the first with majority Australian interests. The privately owned Shanghai CRED was involved in the earlier bids, both of which were knocked out by Treasurer Scott Morrison. It has recently bought land in Western Australia.
But the offer must run the gauntlet of the federal government’s foreign investment regime which means being examined by the Foreign Investment Review Board, with approval or rejection then up to Morrison. It is also subject to various Chinese government approvals.
It is thought this bid, with its majority local ownership, is likely to be better placed than the earlier ones to navigate the hurdles.
Its 33% foreign ownership is marginally below the 33.9% present foreign ownership – mostly British - of Kidman.
Gina Rinehart is also very close to Deputy Prime Minister Barnaby Joyce, who has been a critic of the Chinese push for Australian land.
The offer is conditional on the sell off of Anna Creek and the Peake, an associated property, to other Australian grazing interests.
Anna Creek overlaps the Woomera test area and security considerations were key to the rejection of the first of the two previous bids, although the total amount of land involved was also a major factor.
The rejection of the second bid came shortly before the federal election, when Chinese investment was seen as an issue.
The Kidman empire has 19 individual properties operated as 12 enterprises, including 10 cattle stations, a bull breeding stud and a feedlot.
It has pastoral leases covering 101,000 square kilometres across South Australia, Western Australia, the Northern Territory and Queensland, and an average herd carrying capacity of 185,000 cattle.
Rinehart, chairman of the Hancock group, said: “Kidman is an iconic cattle business established more than a century ago by Sir Sidney Kidman. It is an operation founded on hard work and perseverance by an outstanding Australian, and it is an important part of Australia’s pioneering and entrepreneurial history.”
The CEO of Hancock, Garry Korte, said the quality of the Kidman herd and channel company properties would complement Hancock’s existing northern cattle properties, and align well with Rinehart’s plans to build a diversified cattle holding in Australia. The Hancock family started their first cattle station in north west Australia.
Principal of Shanghai CRED, Gui Guojie, said partnering with leading local business Hancock had already proved a productive approach and he looked forward to having the opportunity to work with Hancock through the Kidman investment.
The Kidman business went on the market nearly 18 months ago and more than 600 interested parties have held discussions with the sales manager Ernst and Young.
Michelle Grattan is professorial fellow, University of Canberra, and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/michelle-grattan-20316" target="_blank">here</a>.
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Scott Morrison to rule on Hancock-Chinese bid for Kidman cattle empire

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The Bundaberg macadamia industry is now the largest producer in Australia producing approximately 40 percent of the national crop.
Bundaberg has taken over from the Northern Rivers area of New South Wales, which produces just under 40 percent of the national crop, HTW Rural's latest report noted.
"The main advantage Bundaberg has is scale of operation with approximately 60 growers whereas the Northern Rivers has approximately 450 growers," it said.
Macadamia nut prices have been increasing for a number of years and were $5.09 per kilogram nut in shell last year and are expected to be $5.20 per kilogram nut in shell this year.
HTW last reported sale of a macadamia nut orchard in Bundaberg was for around $7 million.
Sales generally reflect a market value range of $35,000 to $40,000 per irrigated treed hectare. 
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Bundaberg region takes mantle as biggest macadamia producer

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The Earl of Stradbroke's rural property, Mt Fyans in the Western District of Victoria is set to be sold for about $34 million.
The mooted buyer is Harmony Beef and Cattle, a company ultimately owned by the major Chinese group He Sheng.
<a href="https://www.realcommercial.com.au/property-commercial+farming-vic-dundonnell-501469923" target="_blank">The Mt Fyans aggregation</a> covers 5900 hectares amassed over 25 years by the Earl, Keith Rous. 
It carries a Black Angus herd of some 2800 breeders and 2000 sheep for prime lamb production.
Its eight bedroom historic homestead was built in the mid-1880s on the back of success of the Geelong brewery.
In 1883 William Cumming commissioned Warrnambool architect Andrew Kerr to design the elaborate homestead, which was completed the following year. An earlier homestead, and woodshed, had featured in a <a href="https://shop.nga.gov.au/cards/greeting-cards/mt-fyans-homestead" target="_blank">Louis Buvelot</a> painting held by the National Gallery of Australia.
One of the largest farms in the Western district of Victoria, Mt Fyans at Dundonnell was offered last year on a walk in walk out basis.
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Earl of Stradbroke set to sell Mt Fyans to Chinese buyers

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Four capitals secured 80 percent plus weekend auction clearance rates. 
The strengthening markets of Canberra, Melbourne and Adelaide have joined Sydney, which is now being challenged as the nation's strongest auction market. 
There were around 2,246 held across all the capital cities with a preliminary national clearance rate of 79 percent. 
At the same time last year, CoreLogic had the results as substantially lower, with 69 percent of auctions sold, with considerably higher volume, some 3,016 capital city auctions.
Canberra had the top clearance rate at 86 percent across 68 auctions.
"This is the highest clearance rate Canberra has recorded this year, while one year ago the clearance rate was lower at 62 percent," Kevin Brogan at CoreLogic advised. 
Canberra prices ranged in a tight range between $285,000 at Gungahlin for a one bedroom townhouse and <a href="https://www.realestate.com.au/sold/property-house-act-yarralumla-123595690" target="_blank">$1.37 million in Yarralumba</a> (below).
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Sydney hosted 774 auctions this week with an 81.5 percent clearance. Last year 1,197 auctions were held and the clearance rate was 69 percent. 
Melbourne, with 1,110 scheduled auctions, had an 81.2 percent success rate.
"One year ago, in Melbourne, the clearance rate was 73.4 percent," Brogan noted with 1,400 offerings on the same Saturday last year. 
Almost 4,000 Melbourne auctions are expected in October with three Super Saturdays scheduled, the REIV chief, Geoff White said.
Melbourne had the highest sale when $4.35 million was paid in Canterbury, well above the $3.5 million plus price guidance for the<a href="https://www.realestate.com.au/sold/property-house-vic-canterbury-123581542" target="_blank"> four bedroom Monomeath Place offering (below).</a>
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Next most expensive was a vast 1920s apartment on the Beaconsfield Parade, Middle Park promenade which sold for $3.07 million having had a <a href="https://www.realestate.com.au/sold/property-apartment-vic-middle+park-123587986" target="_blank">$2.7 million plus price guidance</a> (below).
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The third priciest home sold in Melbourne was by Dea and Darren Jolly, stars of past series of Channel 9 show, The Block.
They pocketed a nice gain from the sale of their Kew East-rebuild with a $2.908 million auction result (below). 
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They'd spent a year and about $1 million rebuilding the <a href="https://www.realestate.com.au/property-house-vic-kew+east-123577366" target="_blank">1920s California bungalow</a> after purchasing it in a rundown state for $1.395 million in June last year. 
Melbourne also had the nation's cheapest result which was $259,000 for a three bedroom brick house in Melton.
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In Adelaide auction activity, the 80 percent success rate was the highest reported for the year from around 100 listings.
Over the same week last year it was 64 percent of the 127 offerings. Adelaide prices ranged between $280,000 at Oaklands Park and $1.3 million for a four bedroom 1930s Tudor style home at <a href="https://www.realestate.com.au/property-house-sa-linden+park-123514022" target="_blank">Linden Park which was sold pre-auction</a> (below).
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Preliminary results show that Brisbane’s clearance rate sat at 55 percent, comparable to the 54 percent last year. Brisbane prices ranged between $530,000 at Calamvale and <a href="https://www.realestate.com.au/property/11-glasnevin-st-indooroopilly-qld-4068" target="_blank">$3 million pre-auction at Indooroopilly on the river</a> (below).
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Sydney's top sale which was $4.12 million in Vaucluse (below), the onetime home of then barrister, Neville Wran, who became the state's 35th premier in 1976.
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The <a href="https://www.realestate.com.au/property-house-nsw-vaucluse-123565550" target="_blank">10 Princes Avenue home</a> was where Wran lived in the 1960s with his first wife Marcia and their two children, Glenn and Kim.
Daniel Baran, of The Agency, said the $4.12 million sale was above reserve by more than $600,000.
The 1920s home on its 650 sq m block was purchased by Wran for £13,000 in 1961 and sold five years later for $40,000.
The property last traded in 1993 for $890,000.
It was the city and east with the highest regional clearance rate at the weekend with 98 per cent success, according to CoreLogic.
The next highest was the lower north with 92 percent.
The Sydney south west had the lowest clearance rate of 52 per cent.
Melbourne's sub-region top performer was the North East region at 87 percent from 114 auction results which included an <a href="https://www.realestate.com.au/property-house-vic-heathmont-123557894" target="_blank">$858,000 three bedroom home at Heathmont</a> (below).
<img src="/images/2016/10/10/500_melbourne.jpg" alt="">
It's sale price was close to the $878,000 median house price paid at weekend auctions across Melbourne, according to Domain calculations.
CoreLogic's Kevin Brogan said auction volumes had rebounded following the Labour Day long weekend which coincided with the AFL and NRL grand finals.
<a href="/images/2016/10/10/Screen%20Shot%202016-10-10%20at%2010.48.11%20AM.png" target="_blank">Click to enlarge</a>
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Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market

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<img src="https://counter.theconversation.edu.au/content/65566/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Enthusiasm for urban greening is at a high point, and rightly so.
Ecological studies highlight the contribution urban nature makes to the conservation of biodiversity. For example, research shows cities support a greater proportion of threatened species than non-urban areas. 
Green space is increasingly recognised as useful for moderating the heat island effect. Hence, this helps cities adapt to, and reduce the consequences of, climate change. 
Reducing urban heat stress is the main objective behind the federal government’s plan to set tree canopy targets for Australian cities. Trees are cooler than concrete. Trees take the sting out of heatwaves and reduce heat-related deaths.
The “healthy parks healthy people” agenda emphasises the health benefits of trees, parks and gardens. Urban greenery provides a pleasant place for recreation. By enhancing liveability, green spaces make cities more desirable places to live and work.
The increased interest in urban greening presents exciting opportunities for urban communities long starved of green space.
<h2>Unpacking the green city agenda</h2>
This enthusiasm for “green cities” stands in stark contrast to traditional views about nature as the antithesis of culture, and so having no place in the city. The traditional view was that the only ecosystems worthy of protection were to be found beyond the city, in national parks and wilderness areas.
We embrace the new agenda wholeheartedly, but also believe it’s important not to focus solely on instrumental measures like canopy cover targets to reduce heat stress. We should not forget about experiential encounters.
The risk with instrumental (and arguably exclusionary) approaches is these fail to challenge the divide between people and nature. This limits people’s connection to the places in which they live and to broader ecological processes that are essential for life. 
Instrumental targets in isolation also risk presenting urban greening as an “apolitical” endeavour. But we know this is not the case, as we see with the rise of green gentrification associated with iconic greening projects like New York’s High Line. Wealthy suburbs consistently have the most green space in cities.
Bringing nature into the city is one thing. Bringing it into our culture and everyday lives is another.
<h2>Understanding ecology in a lived sense</h2>
Urban greening provides an opportunity to recast the relationship between people and environment – one of the critical challenges associated with the Anthropocene.
To break down nature-culture divides in our cities, and in ourselves, we argue for the importance of embracing experiential engagements that develop a more deeply felt connection with the city places in which we live, work and play. 
We are advocating a focus that does more than just encourage people to interact tangibly in and with urban nature, by drawing attention to the way humans and non-humans (including plants) are active co-habitants of cities.
Such an approach works by recognising that human understanding of the environment is intricately wrapped up in our experiences of that environment. 
Put simply, green cities can’t just be about area, tree cover and proximity (though they are important). We need to foster intimate, active and ongoing encounters that position people “in” ecologies. And we need to understand that those ecologies exist beyond the hard boundaries of urban green space. 
Without fostering a more holistic relationship with non-humans in cities, we risk an urban greening agenda that misses the chance to unravel some of the nature-culture separation that contributes to our long-term sustainability challenges as a society.
Active interactions with nature in the spaces of everyday life are vital for advancing a form of environmental stewardship that will persist beyond individual (and sometimes short-lived) policy settings. 
<h2>No getting away from the politics</h2>
It is important to consider the policy and governance dimensions of urban greening. 
If the instrumental orientation prevails, our cities might be “more liveable” (at least for some, at particular locations and points in time), but our societies may not be more socially and environmentally just, or more sustainable.
We therefore emphasise the need to understand and critique the dimensions of the renewed interest in urban ecology. We have to consider whether this interest is associated with existing political economies, which embrace technocratic expertise to the exclusion of other voices, or whether urban greening can foster the emergence of a more transformative form of decision-making. 
We also ask how we can enhance the prospects for more deliberative and place-based responses. An experiential turn for urban greening may be one way to make green space planning and practice more democratic. 
By questioning who we might be greening for and how, we can open the way for the much-needed acknowledgment of Indigenous histories and participation in the making of urban space.
Giving urban greening an experiential focus might also help open our eyes to the needs of the more-than-human. Rather than simply cultivating green spaces for a narrow set of anthropocentric benefits, we pose the question: who are the participants in urban greening? It’s a way of acknowledging that we inhabit cities with plants and other non-human lifeforms. 
An interesting area of policy development that may be productive for urban greening is the idea of the playful commons. This is an example of a governance approach that is more open to affective and experiential interaction – the community participates in negotiating, licensing and designing the use of public space. 
Applying this approach to urban greening might encourage more deliberative forms of governance that can deliver more environmentally just and sustainable cities for the long term, for both humans and non-humans.
Benjamin Cooke is lecturer, School of Global, Urban and Social Studies, RMIT University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/benjamin-cooke-300187" target="_blank">here</a>.
Brian Coffey is lecturer, School of Global, Urban and Social Studies, RMIT University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/brian-coffey-162907" target="_blank">here</a>.
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Why ‘green cities’ need to become a deeply lived experience

<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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