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Sydney based rug importer Cadrys paid $2.5 million for an industrial facility at Noble Park in Melbourne's south-eastern suburbs in a deal brokered by Savills Australia.
The 130 Browns Road property, comprises a 2,561 square metre building, including 610 square metres of office space and a 1,951 square metre warehouse.
It was a 4,296 square metre site with 56 metres frontage to Browns Road, and 39 car spaces.
It last sold at $885,000 in 1981.
According to Savills Keith Kooloos, the property offered the tenant room to accommodate its stock and provided ample office space with room for a showroom and plenty of staff and customer parking.
He said the significant Browns Road frontage offered the tenant the option to utilize part of the office component as a showroom space with exposure to a busy interconnector between the Princes Highway and Monash Freeway.
“This was a very good fit for Cadrys in a location which provides both excellent exposure and quick access to major transport routes across Melbourne's busy south-eastern corridor,” Mr Kooloos said.
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Cadrys buys Melbourne industrial space through Savills

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With $15 million plus hopes, Mirvac has begun marketing its 500-square-metre Grand Pavilion penthouse overlooking Melbourne's Fitzroy Gardens at East Melbourne.
Mirvac's The Eastbourne penthouse comes with a 300-square-metre balcony, 50 metres of park frontage with pool and a spa.
"We expect the penthouse will be bought by a Melbourne local, some one from Toorak who is downsizing from their mansion," Mirvac boss Susan Lloyd-Hurwitz said. 
Fairfax Media advised she is one of around 200 buyers who have snapped up $300 million worth of apartments in the off the plan sales in the development. The penthouse will be at the former Dallas Brooks Hall and Freemasons Masonic Lodge site at 280 Albert Street.
One buyer has spent almost $11 million to join three apartments into one 250 sqm apartment. 
The Grand Pavilion penthouse won't be the city's most expensive apartment.
Across the gardens, there was a higher price at Salta's apartment block, and the record is held by the $25 million sale of the 100th floor penthouse in Australia 108 to a Chinese buyer.
Eastbourne has been designed for Mirvac by Bates Smart, the architects behind their other prime block, The Melburnian on St Kilda Road.
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Mirvac's Eastbourne penthouse for sale

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The Pullenvale estate of the mining tycoon Nathan Tinkler has been sold by his receivers.
The former mining mogul's seven-bedroom Brisbane mansion fetched around $3 million, according to The Australian, down from its 2007 purchase price of $5.2 million.
The <a href="https://www.domain.com.au/421-grandview-road-pullenvale-qld-4069-2012994279" target="_blank">421 Grandview Road, Pullenvale</a>, estate had been on the market since mid-2013.
It failed to sell at recent auction, but is now under offer.
The coal baron Nathan Tinkler bought the property in 2007 for $5.2 million from Brad Sugars. 
It hit the market in May 2013.
The seven-bedroom, five-bathroom Pullenvale home is nestled in the hills 15 kilometres west of Brisbane.
It has a resort-style spa and pool with two waterslides and a poolside bar. 
There is a floodlit champion size tennis court and a private golf green at the front of the four hectare block.
There are also stables and paddocks for a number of horses.
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Nathan Tinkler Pullenvale estate finds buyer

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The former Sydney investment banker Alastair Walton is selling the Leichhardt warehouse conversion which was bought in June last year for his four children.
It goes to October 15 auction with $1.8 million hopes.
It was bought for $1.55 million which was $255,000 over its reserve.
The property at 26 Mackenzie Street was the site of a sign-writing business. After the premises were stripped bare, there's been little more than a splash of paint.
The upper mezzanine level has been configured to host two bedrooms separated by a bathroom.
Walton, who was a major fundraiser for the Liberal Party, was appointed our first Consul General to Houston by the Federal Government last October.
More than 50 Fortune 500 companies are headquartered in Texas and the state exports A$2.5 billion worth of goods to Australia. More than 100 Australian companies operate in Texas, including BHP Billiton, Woodside, Santos, WorleyParsons, Macquarie Group, Pryme Oil and Gas, Lend Lease and Brambles.
Walton had most recently been the chairman of BKK Partners, the minnow corporate advisory firm which had Peter Costello briefly as a director, and before that been co-chairman and managing director of Goldman Sachs Australia, taking over from then merchant banker Malcolm Turnbull.
This article was first published in the Sunday Telegraph.
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Leichhardt warehouse offering up for auction

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<img src="https://counter.theconversation.edu.au/content/65251/count.gif" alt="The Conversation" width="1" height="1">GUEST OBSERVER
“That’s all very well put,” says Candide, in the final line of Voltaire’s novel of the same name, “but we must go and work our garden.”
I studied this text at high school before I became a gardener and professional horticulturist. We were taught that Candide’s gardening imperative was metaphorical not literal; a command for finding an authentic vocation, not a call to take up trowels and secateurs.
In fact, Voltaire himself really believed that active gardening was a great way to stay sane, healthy and free from stress. That was 300 years ago.
As it turns out, the science suggests he was right.
The science of therapeutic horticulture
Gardens and landscapes have long been designed as sanctuaries and retreats from the stresses of life – from great urban green spaces such as Central Park in New York to the humblest suburban backyard. But beyond the passive enjoyment of a garden or of being in nature more generally, researchers have also studied the role of actively caring for plants as a therapeutic and educational tool.
“Therapeutic horticulture” and “horticultural therapy” have become recognised treatments for stress and depression, which have served as a healing aid in settings ranging from prisons and mental health treatment facilities to schools and hospitals.
Gardening and school
Studies of school gardening programs – which usually centre on growing food – show that students who have worked on designing, creating and maintaining gardens develop more positive attitudes about health, nutrition and the consumption of vegetables.
They also score better on science achievement, have better attitudes about school, and improve their interpersonal skills and classroom behaviour.
Research on students confirms that gardening leads to higher levels of self-esteem and responsibility. Research suggests that incorporating gardening into a school setting can boost group cohesiveness.
Gardening and mental health
Tailored gardening programs have been shown to increase quality of life for people with chronic mental illnesses, including anxiety and depression.
Another study on the use of therapeutic horticulture for patients with clinical depression sought to understand why gardening programs were effective in lessening patient experience of depression. They found that structured gardening activities gave patients existential purpose. Put simply, it gave their lives meaning.
In jails and corrective programs, horticultural therapy programs have been used to give inmates positive, purposeful activities that lessen aggression and hostility during and after incarceration.
In one detailed study from a San Francisco program, involvement in therapeutic horticulture was particularly effective in improving psychosocial functioning across prison populations (although the benefits were not necessarily sustained after release.)
Gardening has been shown to help improve the lives of military veteransand homeless people. Various therapeutic horticulture programs have been used to help people with learning difficulties, asylum seekers, refugees and victims of torture.
Gardening and older people
As populations in the West age, hands-on gardening programs have been used for older people in nursing homes and related facilities.
A systematic review of 22 studies of gardening programs for older adults found that gardening was a powerful health-promoting activity across diverse populations.
One study sought to understand if patients recovering from heart attack might benefit from a horticultural therapy program. It concluded:
[Our] findings indicate that horticultural therapy improves mood state, suggesting that it may be a useful tool in reducing stress. Therefore, to the extent that stress contributes to coronary heart disease, these findings support the role of horticultural therapy as an effective component of cardiac rehabilitation.
While the literature on the positive effects of gardening, reflecting both qualitative and quantitative studies, is large, most of these studies are from overseas.
Investment in horticultural therapy programs in Australia is piecemeal. That said, there are some standout success stories such as the Stephanie Alexander Kitchen Garden Foundation and the work of nurse Steven Wells at the Royal Talbot Rehabilitation Centre and beyond.
Finally, without professionally trained horticulturists none of these programs – in Australia or internationally – can take place.
Chris Williams is lecturer in urban horticulture, University of Melbourne and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/chris-williams-300083" target="_blank">here</a>.
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Gardening is good for you; the science is in

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Sydney's higher house prices over the past four years has seen many households take on larger mortgages while remaining in their own home.
And it has been high-debt households that have increased their debt by more than low-debt households. 
Research by the Australian Housing and Urban Research Institute (AHURI) has suggested the responsive of households to house price growth has been greatest among households with already higher levels of indebtedness.
"These households are the most vulnerable to income shocks, such as unemployment," the report warned.
They found that a $1,000 increase in house values prompted a $240 increase in household debt for home owners. A one percent increase in local house price growth was accompanied by a 0.3 percent decrease on household non-mortgage debt. 
They warned the take-up of further mortgage debt exposed them to the risk of significant loss if house prices fall or if interest rates rise.
"This, in turn, may pose a systemic risk for the macroeconomy.
"An economic shock, emanating in either financial, labour or housing markets, may lead to widespread defaults that would cause the shock to spread across markets and threaten the performance of the economy," it said.
Their report noted a general belief in Australia that debt is held by those most able to service it, namely, higher-income and higher-wealth households. 
Ofcourse the Organisation for Economic Cooperation and Development has long observed that Australia’s household debt ratios (debt divided by disposable income) are high by international standards.
In the mid-1990s, household debt was around 50 per cent of household disposable income.
This ratio rose to over 150 percent of income by 2007, with housing debt alone accounting for almost 90 percent of this, and has since remained constant.
In Australia we have not seen households reducing their debt burden as witnessed in other countries more severely affected by the GFC.
Instead when these households experienced increases in the value of their housing wealth, they have been quite likely to refinance from their relatively more expensive unsecured non-mortgage debt, by moving debt from credit card to home loan.
The debt escalation is possibly already adding to housing stress and resulting in less money being available for discretionary spending.
We know around 30 percent of home owners have no debt, but evidence on the relationship between house prices and debt is scarce.
There are always links between household debt and work life-cycle. 
Any price movements in housing markets has the potential to either promote or dampen labour supply, according to the AHURI research paper, House prices, household debt and labour supply in Australia authored by Kadir Atalay, Garry Barrett and Rebecca Edwards. 
Higher housing debt-to-income levels are associated with longer working hours especially for middle aged and older men along with for younger and older women.
But throw in the positive wealth effect of good house price growth and it leads to a reduction in labour supply for older women via early retirement and for young partnered men and women who move to carer activities.
Households typically smooth any fluctuations in current income by accumulating wealth. They achieve this by saving when income is relatively high and by drawing on that wealth when income is relatively low. Anticipated changes in wealth are built into consumption plans, but unemployment shocks aren't.
It was interesting to see more borrowers are falling behind on repayments, according to credit ratings agency Fitch this week.
Despite low interest rates, the appreciating housing market and falling unemployment, Fitch believes the worsening arrears may be due to the emerging trend of higher underemployment.
This article was first published in the Saturday Daily Telegraph.
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Underemployment could be weak link in growing household debt

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GUEST OBSERVER
There is significant local debate about how much the Australian housing market is cooling.
Various indicators are showing different trends. A prominent hedonic house price measure is showing stronger growth than the broad collection of housing price indicators. Auction clearance rates have also been high, suggesting price strength. 
At the same time, new housing loan approvals are below their 2015 peaks, housing credit growth has slowed and housing turnover has fallen. We see the collection of evidence supporting the idea that the housing market has cooled (and so does the RBA). This is welcome, after an extended period of strong housing price growth in Sydney and Melbourne.
Our central view has the RBA on hold from here. If the housing market proves to be more resilient than we expect, this would further bolster that view.
<a href="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.54.17%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.54.17%20AM.png" alt="">
Australia has a collection of housing price indicators. These indices take different approaches to dealing with the key measurement challenge, which is that there is significant variation in the sorts of houses that are sold month to month. For example, if a lot of large, well-located and expensive houses are sold in one month and smaller, less well-located, cheap houses are sold another, this can have a big effect on the raw median price measures.
In this case, housing price growth would appear to slow, but this would not be a true picture of the change in price of the overall housing stock. Instead, it would be a reflection of the compositional changes in what was being sold month to month.
The four main measures tracked in Australia that seek to control for these compositional effects are a hedonic measure (Corelogic), a stratified median measure (APM), a repeat-sales measure (Residex) and the official ABS measure, which also uses a stratification approach.
Hedonic measures control for compositional shifts in turnover by accounting for things like number of bedrooms, block size and location, amongst other characteristics. The stratified approach groups houses into ten different price level boxes and then averages the medians from each box to produce an overall measure. The repeat-sales method controls for quality by tracking the same houses through time.
<a href="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.56.58%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.56.58%20AM.png" alt="">
At the moment, the various measures are showing y-o-y growth in national housing prices of between 7 percent (Corelogic) and 3 percent (APM) (Charts 1 and 2). On a q-o-q basis, the gap is even larger, with the hedonic measures showing more strength recently. Keep in mind that the main debate is really only about whether the Sydney and Melbourne markets are cooling, as there has been little housing price growth in other cities in recent years (Chart 3).
The gap between the measures has led to some debate about which measure is closest to the truth. A challenge has been that the Corelogic measure, which is showing the strongest growth and has typically been the one most relied upon by the RBA in recent years, has recently had some methodological changes. As a result, the RBA has become less confident about the veracity of this measure, stating in its August official statement that 'strong increases reported by CoreLogic were overstated as a result of methodological changes'. 
<a href="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.57.58%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/27/Screen%20Shot%202016-09-27%20at%207.57.58%20AM.png" alt="">
Digging a little deeper into the issue (to the extent that we can without the unit records), we find it interesting that the CoreLogic raw median, which does not adjust for compositional changes, has also shown much slower housing price growth in Sydney than the adjusted measure (Chart 4). The gap between the hedonic measure and the raw median is the largest it has ever been. The clear implication is that compositional shifts in turnover have been quite large recently.
One plausible explanation is that a greater amount of lower-priced housing has been turned over recently. This fits with the fact that a lot of newly built apartments have been coming to market and apartments tend to be lower-priced than detached houses. Apartment prices have also grown more slowly than detached dwelling prices more recently. Lower-priced detached houses are also the ones that are likely to see the biggest spill-over effect from the apartment supply boost, as they are typically a closer substitute to most apartments than higher-priced houses.
Another timely measure of housing market activity, auction clearance rates, has also been high in recent months (Chart 5). This may also be consistent with the gap in the housing price measures. Auctions are more prevalent for higher-priced homes and account for only 30% of housing sales in Melbourne, 20% in Sydney and far lower rates in the other capitals. Auction volumes have recently been lower than in recent years, suggesting fewer high-priced dwellings are being sold.
More sales of lower-priced dwellings would also be consistent with the fall in housing loan approvals and slowdown in housing credit growth, as access to credit is typically a more important factor for lower- priced housing (Chart 6). The tightening of lending standards since late 2014 has also applied most aggressively to loans to investors, which are more prevalent in the apartment market.
The bottom line is that the weight of evidence suggests that there has been some cooling in the housing market (for more details on why the market it is likely to have cooled, see: 'Downunder Digest: Australian housing is still set to cool', 21 June 2016). Compositional shifts in housing turnover are making it difficult to get a clear read on housing price growth, but, importantly, housing loan approvals and credit growth have slowed. For monetary policy, the slowdown in housing credit growth is particularly important. Housing price gains are far more worrisome when they are fuelled by credit. It is the leverage that matters most.
Our central case is that the RBA is unlikely to cut further, with this call grounded in our view that domestic inflation and wages growth is set to stabilise as the rebalancing act comes to its end (see 'Australia's low inflation: It's part of the rebalancing act', 13 July 2016). If housing price growth proves to be stronger than most of the measures show, or there is a re-acceleration of housing prices, loan approvals or credit growth, we see this as likely to bolster, rather than challenge, our case that the RBA is unlikely to cut further. 
<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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How much is the housing market cooling? HSBC's Paul Bloxham

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GUEST OBSERVER
ABS data showed a further moderation in home price growth over the year to the June quarter to 4.1 percent, but June quarter growth was 2 percent plus (or 8 percent plus on annualised basis) in Sydney and Melbourne which indicates these cities remain too hot. 
A surge in auction clearance rates suggests they may have become even hotter lately. 
There is not much the RBA can do, but it is an issue for APRA to keep an eye on.
<a href="/images/2016/09/27/auctions_normal.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/09/27/auctions_normal.png" alt="">
Meanwhile, Australia’s population popped 24 million in the March quarter. While population growth has slowed to 1.4 percent year-on-year from a peak of 2.1 percent in 2008, it appears to have stabilised, remains strong compared to most other advanced countries, will help drive reasonable potential economic growth and continues to underpin long term housing demand. 
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank">SHANE OLIVER</a> is head of investment strategy and economics and chief economist at <a href="https://www.ampcapital.com.au/home" target="_blank">AMP Capital</a> and is responsible for AMP Capital's diversified investment funds.
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Further moderation in home price growth: Shane Oliver

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The 7-Eleven Australia director, Dharma Chandran, failed to secure a sale when his Paddington terrace went to weekend auction.
The price guidance had been $4.25 million on the four bedroom home with a nine metre frontage to Cascade Street.
After bidding got to $4.375 million, the BresicWhitney auctioneer placed a $4.5 million vendor bid, which brought an abrupt halt to proceedings. The asking price later was revealed as $4.75 million.
Chandran had been at the home since paying $3 million in 2012. He became a non-executive director at 7-Eleven Australia following the recent investigation into the scandal-plagued convenience store chain, which found franchisees were exploiting workers.
The HR executive has worked across Asia, Oceania, Europe, North America, The Middle-East and Africa with experience in the construction, mining, engineering services, property, oil &amp; gas, telecommunications, shipping and retail industries.
He began working for Just Jeans as a part-time sales assistant in the mid-1980s as a university student after he'd migrated to Australia from Malaysia as a teenager.
This article was first published by The Sunday Telegraph.
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7-Eleven director Dharma Chandran fails to secure Paddington sale 

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GUEST OBSERVER
The multi-unit apartment and townhouse construction industry has reached record highs over the past five years. However, volatile conditions have led to mixed results for many construction firms.
Construction features prominently in IBISWorld’s Top 500 Private Companies list for 2016.
The list features 57 construction companies, including three companies in the top 20: BGC, Meriton Apartments and Hutchinson Builders.
Year-on-year revenue growth for the 57 listed construction companies varied widely, from growth of 327.5 percent to a decline of 49.1 percent, reflecting a tumultuous year in construction.
The top five private construction companies for growth in this year’s list include Central Equity, Lipman, Mainbrace Constructions, Pellicano Builders and Burbank Australia, which have displayed revenue growth of between 327.5 percent and 51.8 percent over the past year. 
While construction companies generally performed well in this year’s Top 500 Private Companies list, four appeared in the top 10 private companies with the biggest revenue declines, including Murphy Pipe and Civil Group, S J Higgins Group, Vaughan Constructions and Grocon Group.
Multi-unit residential construction
The multi-unit apartment and townhouse construction industry has grown strongly over the past five years, boosted by foreign investment and Australians becoming increasingly comfortable with inner-city living.
Underlying demand for new housing is underpinned by Australia’s migrant intake, population growth, foreign investment in the property market, historically low mortgage interest rates, and an increasing desire to live in inner-city multi-unit apartments and townhouses.
IBISWorld expects the multi-unit apartment and townhouse construction industry to post annualised growth of 3.8 percent over the five years through 2016-17, to reach $17.4 billion. Revenue is projected to strengthen further over the five years through 2021-22, increasing at an annualised 5.0 percent to reach $22.1 billion.
Sharp correction
Despite the industry’s bright outlook, revenue is expected to slump by 17.3 percent over the current year as investors hold off on new developments to allow recently added stock to be absorbed.
Recent additions of new apartment stock have exceeded immediate housing requirements, and vacancy rates have climbed in several major markets, particularly in Melbourne and Brisbane. The decline in activity also reflects the anticipated completion of several major projects during 2016-17.
Industry revenue is expected to decline sharply over the current year, before stabilising in 2018-19. Industry revenue is forecast to recover strongly following these corrections, reaching new record highs over the next five years as demand for new housing and rental accommodation underpins a return to accelerated growth.
Around the nation
Apartments have captured an increasing share of total residential building commencements over the past five years, particularly for inner-city multistorey apartment complexes. These projects are expected to make up 39.7 percent, or $6.9 billion, of the industry’s total revenue of $17.4 billion in 2016-17.
Over the past five years, much of the industry’s focus has been on well-publicised multistorey apartment towers in capital cities.
South Australia, Tasmania and the Australian Capital Territory have experienced declines in the value of multi-unit and townhouse residential property construction activity over the past five years. Other states, particularly New South Wales and Queensland, have seen strong growth from the same market.
Foreign investment
Multi-unit residential commencements are forecast to surge from 2019-20 onwards as more projects are brought to the start-up phase. Foreign investment in apartment developments, particularly from investors in China, Singapore and Hong Kong, is likely to support this growth. 
The Australian market is expected to remain attractive for foreign investors, especially as the value of the Australian dollar is anticipated to remain low.
Anthony Kelly is senior industry analyst, IBISWorld and can be contacted <a href="https://www.ibisworld.com.au" target="_blank">here</a>.
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Surging apartment construction driving growth across multiple states: Anthony Kelly

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

Joel Robinson

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

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Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

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The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

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Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

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Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<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."

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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.

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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."

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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.

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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.

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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 <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa</a> is soon to officially launch its newest local apartment development, <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>.

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.

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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 <a href="https://www.apartments.com.au/new-apartments/corallo-palm-beach-5-palm-beach-avenue-palm-beach-qld-4221">Corallo</a> 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.

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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 <a href="https://www.apartments.com.au/new-apartments/corner-house-stones-corner-18-stoneham-street-stones-corner-qld-4120">Corner House development</a> 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.

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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 <a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">recently launched Parkdrive development</a>.

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.

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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.

Jonathan Chancellor

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