Residential property prices rose 6.7 per cent in the June quarter 2021, the strongest quarterly growth since the index series began in 2003, according to figures released today by the Australian Bureau of Statistics (ABS).

All capital cities recorded a rise in residential property prices in the June quarter 2021.&nbsp;

The combined capital cities saw house prices rise 7.7 per cent, while attached dwelling prices rose 4.3 per cent, following a rise of 2.7% in the March quarter 2021.&nbsp;

This is the largest quarterly rise in attached dwelling prices since the December quarter 2009, and up 9.3% over the last twelve months.

The term &#39;attached dwellings&#39; includes flats, units and apartments plus semi-detached, row and terrace houses.

Canberra was the only capital city to experience record quarterly growth in both the House Price Index (+8.9 per cent) and the Attached Dwelling Price Index (+6.0 per cent) in the June quarter 2021.

Sydney attached dwellings prices rose 5.1% this quarter, following a rise of 2.6% in the March quarter 2021, up 9.6% over the last twelve months.

Sydney price rises were observed across all segments of the market, with strength especially evident in the upper ($980,000 and above) market segments.&nbsp;

Melbourne attached dwellings prices rose 2.9% this quarter, following a rise of 2.5% in the March quarter 2021, up 7.9% over the last twelve months.

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Melbourne price rises remain most evident in the upper ($610,000 and above) segments of the market.

Brisbane attached dwellings prices rose 3.1% this quarter.&nbsp;

It was the largest quarterly rise in the index for Brisbane since the September quarter 2009,up 8.1% over the last twelve months.

Brisbane price rises were observed across all segments of the market, with price growth this quarter most evident in the upper ($380,000 and above) market segments.

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Canberra attached dwellings price rose 6% this quarter, the largest quarterly rise in the index for Canberra since the commencement of the series, in the September quarter 2003.

Canberra apartment prices rose 13.5% over the last twelve months.

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Adelaide attached dwellings prices rose 2.5% this quarter, up 9.2% over the last twelve months.

Perth attached dwellings prices rose 4.2% this quarter, up 12.1% over the last twelve months.

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Hobart attached dwellings prices rose 6.4% this quarter, up16.% over the last twelve months.

It was Hobart&#39;s largest quarterly rise since the December quarter 2003.

Perth&#39;s attached dwellings prices rose 5.2% this quarter, up 10% over the last twelve months.

Annually capital city residential prices rose in Sydney (+19.3%), Canberra (+19.1%), Hobart (+17.7%), Melbourne (+15.0%), Perth (+15.0%), Brisbane (+14.6%), Adelaide (+14.2%), and Darwin (+12.8%), over the last twelve months.&nbsp;

&quot;Persistently low levels of stock on the market were being met with strong demand and properties transacting at an increasingly rapid rate,&quot; ABS Head of Prices Statistics Michelle Marquardt said:.

&quot;The continued growth in property prices was occurring at a time of record low interest rates..&nbsp;

&quot;With the exception of Hobart and Darwin, capital cities continued to see house price rises outpace those of attached dwellings such as apartments and units, with price growth for both property types being driven by the upper segments of the market&quot;, Ms Marquardt said.

The total value of Australia&rsquo;s 10.7 million residential dwellings rose by $596.4 billion to $8,924.6 billion in the June quarter 2021, the largest quarterly rise on record.&nbsp;

The mean price of residential dwellings in Australia rose by $52,600 to $835,700.&nbsp;

The mean price of residential dwellings in NSW ($1,093,100) remained the highest in the country, with the ACT ($891,700) now the second highest, marginally ahead of Victoria ($891,500).&nbsp;

The most recent COVID-19 related shutdown in Sydney began on 26 June 2021 and therefore did not have a noticeable impact on residential property price statistics in the June quarter 2021.&nbsp;

The combined capital cities saw house prices rise 7.7 per cent, while attached dwelling prices rose 4.3 per cent. 

jchancellor-FAypfDUnLy

Apartment prices rise 4.3 percent in June quarter; highest rate since 2009: ABS

A South Brisbane development opportunity has been listed for sale.

There is potential to develop up to 10-storeys on the site according to CBRE.

The 12 Merivale Street is a 921sqm offering, currently a two-storey 785sqm vacant office/warehouse unit.

The marketing suggests the site is located on "one of Brisbane’s most vibrant streets which is on the cusp of a transformation."

The property will be offered for auction on October 7.

CoreLogic advise the owner is the Queensland Performing Arts Trust.

The fflexible zoning (PC1) permits various development outcomes including residential apartments, build-to-rent, commercial office, hotel, medical and vertical retirement/aged care (STCA).

The property will be offered for auction on October 7

South Brisbane apartment development site listed for auction

A South Yarra Domain precinct apartment block consisting of six, two bedroom units over three levels has been listed for sale.

The property at 94 Millswyn Street property offers a current income of $75,600 per annum with a potential fully-leased income of $115,200 per annum. 

Zoned General Residential – Schedule 5, the 417 square metre site has frontages to St Martins Lane of 32 metres and nearly 13 metres to both Millswyn Street and St Martins Place. 

A planning overlay (DDO15-A1) allows for a maximum building height of 12 metres (3-4 levels approx.).

The property is located just 200 metres from the Domain Road cafes.

Offers, that close October 6, are expected to be circa $6 million.

According to Teska Carson’s Luke Bisset and Matthew Feld, the property is being offered for the first time in more than 50 years.

The marketed advised it was "ideally suited to either a luxury apartment redevelopment or blue chip investment." 

The 94 Millswyn Street property is being offered for the first time in more than 50 years

South Yarra apartment block with development potential listed

A commercial building with development approval in Sydney’s inner west has sold for $850,000 over the reserve at auction.

The vacated three-level mixed-use Marrickville property was sold for $9.35 million to an interstate investor during an online auction that attracted nine registered bidders.

The buyer has future plans to convert the building to residential apartments, with retail on the ground floor.

It was sold by the Tsimnadis family who have owned the property since 1975 and constructed the existing building.

The auction campaign for the property was run by Anthony Pirrottina and Demi Carigliano of Knight Frank and Christian Frangelli of Bawdens.

The Marrickville building currently has an internal area of 1,800sq m, with an existing basement car park for 20 vehicles.

It sits on a high-profile 875sq m site with three street frontages – to Marrickville Road and Tuohy Lane.

It has development approval for 20 residential apartments and 1,177sq m of commercial building area at 310-312 Marrickville Road.

Carigliano said it was located just a short walk from the Marrickville and Sydenham train stations, both of which are being upgraded to form part of the new Sydney Metro network, and there are bus stops at the property’s doorstep on Marrickville Road.

“There is also strong surrounding amenity within walking distance, which includes the forthcoming Danias Family/Toga development which will add to the already an impressive array of cafes, restaurants, gyms, bars and speciality retailers.

“The development potential was also attractive, particularly the fact that you can convert the building, which already has basement car parking, so it’s much cheaper and easier to build,' he said. 

The Marrickville property was sold for $9.35 million to an interstate investor during an online auction that attracted nine registered bidders



Marrickville apartment site sells for $9.35 million to interstate buyer

The Fender Katsalidis approved design for a new build-to-rent development in South Yarra has been revealed.

It is the largest build-to-rent development to receive a permit in Australia, allowing for the construction of 625 units, the developer Greystar advised.

The proposal includes two towers over a combined basement, with ground level retail offerings that will activate a pedestrian through-link and contribute to the precinct and neighbourhood amenity. 

The first 30-storey Yarra Street tower will include 382 build-to-rent apartments and 2,000 square metres of commercial office space. 

The second 21-storey Claremont Street tower will provide 243 fully furnished, flexible living apartments. 

There will be 2,400 square metres of retail / commercial office space. 

The development will deliver a new pedestrian laneway leading to South Yarra train station.  
 
“Our design centres on integrating build-to-rent and flex housing into the character of South Yarra’s Forrest Hill precinct through the incorporation of amenity and a focus on the site’s context,” said James Pearce, Director at Fender Katsalidis.  
 
“The towers will be distinct but achieve cohesion using colours and materiality, with the architecture providing the foundations to allow Greystar to operate numerous services and provide a high-quality living experience for its residents,” said Mr Pearce. 
 
The podium design focuses on enhancing the pedestrian journey for the community while the two towers above are a composition of interlocking, elegant slender forms that maximise views for residents.  

Greystar acquired the two adjoining properties on Yarra and Claremont Streets in February 2020, with this development capitalising on two of the last remaining development sites of scale in the sought-after Forrest Hill Precinct. 
 
“This build-to-rent project is an important step in Greystar’s strategic vision of unlocking complex development sites to bring high-quality housing options to a broader spectrum of the rental population,” noted Chris Key, managing director for Greystar in Australia. 
 
The development will create 970 jobs during the construction phase, and a 150 further jobs through the office, retail and on-site management components post-completion.  

Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated US$220 billion of real estate in more than 210 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. 

Greystar is the largest operator of apartments in the United States, managing more than 748,000 units/beds, and has a robust institutional investment management platform with approximately US$45.1 billion of assets under management, including over US$21.3 billion of assets under development. 

Greystar was founded by Bob Faith in 1993. 
 

Greystar Real Estate Partners is a global leader in the investment, development and management of high-quality rental housing properties

South Yarra build to rent reveal by Greystar

Woolworths has proposed a $200 million mixed-use apartment and retail project at Waterloo.

It marks a move into owning mixed-use development sites. It plans similar project in Elsternwick and Glen Iris in Melbourne and at Scarborough in Perth.

The group is also looking at a mixed-use development proposal for Neutral Bay on Sydney’s lower north shore. Woolworths’s head of mixed-use development, Pierre Abrahamse, told Nine Entertainment that the group’s vision was to create vibrant, well-connected and contemporary developments.

The Waterloo project, to be known as Bourke &amp; Young will be a mixed-use development at 923-935 Bourke Street. Sydney architects Bates Smart have been commissioned to prepare concept plans.

The project will also have some apartments dedicated to affordable housing for key workers. Woolworths will lodge a planning proposal with the City of Sydney in late 2021.

Woolworths will lodge a planning proposal with the City of Sydney in late 2021 

Woolworths venture into apartment projects starting in Sydney's Waterloo

The Urban Taskforce questions the purpose and design of a new survey which purports to inform the final design a new “Design and Place” State Environmental Planning Policy (SEPP).
 
The early work on this new SEPP completely failed to consider the additional costs associated with its new guidelines.  This drew unanimous condemnation from all peak industry groups.
 
As a result of the universal industry condemnation of the first “exposure draft” of the new SEPP, the Minister instructed the Department of Planning to undertake a feasibility analysis (regulatory impact statement including an analysis of the costs associated with the new rules).  Deloitte has been appointed to undertake this work. Urban Taskforce has participated in working groups which are only now examining the cost and yield impact of the changes.
 
Urban Taskforce is disappointed that the new survey is utopian in its aspiration.  The survey seeks the views of recipients on the design of their home, the attributes of their home and the character of their neighbourhood.  But all of this is done without any real focus on the cost of change, the price of the improvements.
 
Urban Taskforce calls on the Government to ensure that those who are currently frozen out of the housing market are included in this survey and that affordability is prominent in that discussion.  Urban Taskforce called for the survey to include explicit questions of affordability and housing.
 
When choosing a home to live in, the reality is that the vast majority of new home buyers start from the position of “what can I afford”.  Choices of location, housing type, design, size, amenity (local parks, public transport, access to schools and health care, views, access to neighbourhood centres, green space etc) all have an impact on price. The best and brightest of our young are being pushed out of the housing market of Greater Sydney.
 
The survey as it stands is virtually a push-poll.  If you ask people if they would prefer a Toyota Yaris or a BMW M3, without any reference to price, the answer will not be surprising.
 
Decisions on the size of a new apartment will be weighed up against the price and the location. 
 
If price is not at the front of mind, it is easy to develop a SEPP which ignores the impact on affordability.  This is what happened with the first round of the SEPP which so roundly condemned.
 
Before you ask about people’s preference for design, tell them the price change that will result.
 
There is a housing supply and affordability crisis in NSW.  Surely any new SEPP must consider the impact on price as a core part of the process?
 
Tom Forrest is the CEO of the Urban Taskforce, a property development industry group, representing Australia’s most prominent property developers and equity financiers.

 

The Urban Taskforce says the survey overlooks the impact on price when it comes to urban design

 

NSW Housing Design Survey misses the key point: Urban Taskforce's  Tom Forrest

Apartment re-sales in the recently completed Opera Residences have shown price increases of between 20% to 30% since the project launched, according to CBRE.&nbsp;

All 104 Opera Residences sold off the plan within two hours of their 2016 launch, with $600m in sales recorded in a single day.&nbsp;

The level 19 penthouse sold for $26 million (or $96,000psm), and the buyer also purchased two three-bedroom apartments below, spending a total of $57 million.

&quot;The feedback I&rsquo;m getting is Opera Residences&rsquo; finish is beyond expectation,&quot; leading re-sale agent of Opera residences, Auschain&#39;s Sean Huang said.

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&quot;The CBD market has been impacted the most from covid and border closures, but this building has proven to be bullet proof.

&quot;Original purchasers re-selling are making exceptional profits and I don&rsquo;t see this slowing down.&rdquo;&nbsp;

Experts say Australia&rsquo;s growing ultra-high-net-worth population is driving the luxury end of the property market. The latest property forecasts show that luxury sales are 17% higher this quarter than the fourth quarter of 2020, compared to average national luxury home prices rising 2.9% in previous years.

Re-sales&nbsp;have increased by 20-30%&nbsp;since the project launched,&nbsp;CBRE&rsquo;s Tim Rees says, adding that they expect that trend to continue.

&ldquo;That&rsquo;s well above the percentage increases reported in the latest prime forecast report,&quot; Rees suggested.

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Rees attributes&nbsp;Opera&nbsp;Residence&rsquo;s success to its exceptional location opposite the Sydney Harbour Bridge and next to the&nbsp;Opera&nbsp;House, as well as its stunning architecture, interiors and panoramic vistas.

&ldquo;The project represented a limited opportunity to buy into the Circular Quay precinct with a dress-circle view of the world&rsquo;s most beautiful harbour and a highly sought-after, iconic building that&rsquo;s tightly held by locals. That makes it a magnificent proposition, and it&rsquo;s likely to be tightly held and passed down to future generations as one of the world&rsquo;s most extraordinary addresses,&rdquo; Rees says.&nbsp; 
 
Macrolink Landream Australia recently revealed four new tenants confirmed for the retail precinct, including Japanese teppanyaki fine dining restaurant and bar OBOROZUKI, a trendy ground floor caf&eacute;, award-winning international restaurant chain, IPPUDO Ramen and upmarket Opera Ice Creamery. 
&nbsp; 
Landream have a diverse portfolio of projects across New South Wales and Victoria, with two high-end residential developments currently under construction in Victoria - The International, Brighton and Hurstmon, Malvern East. 
&nbsp; 
Opportunities remain to secure two and three bedroom residences across these two developments in premium Melbourne locations.

For more information about Opera Residences, <a href="https://operaresidences.com.au/">click here</a>.

Opera Residences was a Macrolink Landream project at 71 Macquarie Street

Residents set to move into Macrolink Landream's Opera Residences

The Australian Prudential Regulation Authority chairman Wayne Byres has expressed concern at the increase in high debt-to-income lending.

“Credit growth is picking up," he told a parliamentary committee on economics on Friday.

“We are weighing up a raft of different considerations. 

"There are risk metrics that tell us different things. 

"The issue of concern at present is that there is an increase in high debt-to-income lending, but it’s offset against a number of other metrics which are going in a more positive direction from a prudential perspective,” he said.

"In the most recent quarter the risk metrics that we look at are sort of a mixed picture, interest-only loans have come down as a share of new lending, high LVR (loan-to-value ratio) loans have come down … offset balances are high and banks are not overriding policies to any serious degree.”

Byres said banks’ balance sheets remained strong and their lending showed no obvious “poor quality” lending, albeit the situation was complicated by lockdowns across several states and negligible population growth.

"There is potential for household debt levels to run well ahead of income growth levels for an extended period,” he noted.

Australian Prudential Regulation Authority chairman Wayne Byres said they were weighing up a raft of different considerations

APRA concern at increase in high debt-to-income lending

A $5.025m New Farm apartment sale topped weekend apartment results.

It was a dress circle Moray St, New Farm apartment.&nbsp;

The 339sqm four bedroom, two bathroom apartment at 4/29 Moray Street, New Farm sold through Ray White New Farm agents Matt Lancashire and Patrick Goldsworthy.&nbsp;

Its view spans the length of the Story Bridge, from Kangaroo Point to Fortitude Valley.&nbsp;

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It was one of five tightly held whole floor apartments in the 2004 L&#39;stage complex which won the HIA&#39;s apartment complex of the year.

The agency also put another New Farm, Brisbane apartment but failed to find a buyer.

The bidding stopped at just over $7m when auctioned through Ray White on Friday.&nbsp;

The two-storey Brisbane penthouse at 11/170 Bowen Tce was passed in at $7.25m, well below advised expectations of a $10m sale.&nbsp;

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It cost $3.6m off-the-plan in 2013.&nbsp;

CoreLogic calculated there were 359 apartment and townhouse auction listings over the weekend.

There was a national 61 percent auction clearance rate from the 279 results.

Just on 100 had been sold before auction given lockdown circumstances in the major capitals.

Sydney was the strongest market with 83 percent success rate with Brisbane at 43 percent and Melbourne on 30 percent.

Ray White’s auction secured a $5.025m for a Moray St, New Farm apartment

$5 million New Farm, Brisbane apartment sale tops weekend auction results

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

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<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

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The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

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Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

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Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

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The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

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The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

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It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

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Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

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Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

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La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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Jonathan Chancellor

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