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An oversupply of apartments makes Melbourne vulnerable to a price correction, according to Wakelin Property Advisory director Paul Nugent.
"Those who are invested in high-rise apartments should definitely be concerned," Mr Nugent told the weekend Fairfax Media.
"The CBD already faces the greatest oversupply we've ever seen and that is saying something because we've followed the booms and busts of the high-rise sector for the last 20 years," he said.
He said CBD investors faced struggling to find and keep tenants, flatlining or falling rents, and negative capital growth.
Mastering the art of financing and the art of property selection at the same time is a complex process, according to <a href="https://wakelin.com.au" target="_blank">the Melbourne buyers agent</a>.
"Both processes are so complex that many prospective investors simply fail to launch because they are defeated by a process that asks them to master the art of financing and the art of property selection at the same time," said the negotiator with over 20 years experience.
"We found we could distil the process down to six major steps: financing and home equity; asset selection; negotiation; settlement; property management; and portfolio review. 
"Buyers need to pass safely through each stage, and, as importantly, to synchronise their actions for the best outcome.” 
"We found we could distil the process down to six major steps: financing and home equity; asset selection; negotiation; settlement; property management; and portfolio review. 
 
 
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jchancellor-FAypfDUnLy

Six steps to successful property investment as Wakelin put Melbourne CBD on crash alert

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The latest Commonwealth Bank-CoreLogic Home Buyers Index suggests housing market conditions remained relatively balanced between buyers and sellers.
It noted selling conditions in Sydney, Melbourne and Adelaide were stronger than elsewhere. 
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At a national level, the ratio of buyers to effective supply across the Australian real estate market has shifted slightly in favour of buyers over the past three months, resulting in a housing market which remains balanced between buyers and sellers, the report noted.
Total advertised stock levels are generally in line with the number of home loans funded, suggesting that current market conditions, at least at a national level, are balanced. 
As at April 2015 across each state and territory the results were quite different; in Queensland, Western Australia, Tasmania, and Northern Territory market conditions were skewed towards buyers. Every other state and territory was showing relatively balanced conditions. 
Conditions across the capital cities were typically more balanced or in favour of sellers, reflecting a different balance between advertised stock levels and demonstrated buyer demand in metropolitan versus regional housing markets.
The results also reflected the higher levels of buyer demand compared with stock levels which were occurring in the Sydney, Melbourne and Adelaide markets where overall conditions favour sellers rather than buyers. While Sydney and Melbourne have recorded significant value rises over the past year, Adelaide has recorded relatively soft capital growth conditions. 
<a href="https://www.commbank.com.au/content/dam/commbank/personal/docs/hbi-report-apr-2015.pdf" target="_blank">The Commonwealth Bank–CoreLogic Home Buyers Index</a> provides an indication of how well market conditions are suited to buyers or sellers, based on the ratio of properties advertised for sale compared with the number of housing loans which are being committed to by customers of Australia’s largest mortgage lender, Commonwealth Bank.
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Where the number of properties being advertised for sale outweighs the number of mortgage commitments (adjusted for market share), the market is considered to be in favour of buyers; effective supply is outweighing demand.
Where new home loans are outweighing the number of homes being advertised for sale, market conditions generally favour sellers.
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HBI by capital city – April 2015
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Buyers favoured over sellers in Queensland: Commonwealth Bank home buyers index

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Bhima at Scone has been sold. And Goanna Downs too.
<a href="https://www.domain.com.au/property/for-sale/rural/nsw/scone/?adid=2010096652&amp;sp=6" target="_blank">Bhima</a> has had a prominent history within the breeding and racing industry, and within the township itself. 
The baton has been handed on to Mike and Kate Fleming of Broadwater Thoroughbreds, Aberdeen. 
Bhima Stud, at Scone in the Upper Hunter Valley, was for sale at $5.8 million through Michael Burke of MacCallum Inglis - a prominent thoroughbred breeding farm, Bhima was developed into a renowned horse property after World War II by Vivian Bath. 
On the town’s outskirts, Bhima occupies 160 hectares.
Its showpiece is an<a href="/news/giddyup-thoroughbred-stud-farm-sales-and-listings-in-the-equine-world"> historic circa 1910 homestead</a> with 4.8 metre high pressed metal ceilings.
Meanwhile the Hutchins family, a well-known family within the racing industry from Queensland looking to set up a broodmare base in the Upper Hunter, has recently snapped up Goanna Downs from the Dillon family post auction.
The two property sales in as many months has reinforced the status of Scone, and the Upper Hunter Valley as the premier location in NSW for thoroughbred properties, according to MacCallum Inglis property agent Michael Burke.
Michael Burke handled the sale of Bhima and introduced the purchasers to the sale of Goanna Downs.
“The strength of the Scone broodmare property market is underpinned by the ever growing numbers of stallions standing in the Upper Hunter Valley.  
"Our proximity to the stallion stations is our competitive advantage - less transport risk, less cost and a central location to the selling centres. 
"In addition, the Upper Hunter Shire is coal mine free, with no operating mines in our district”.
 “Our agency has seen a rise in the enquiry, and activity rates of interstate, and international buyers looking at the Upper Hunter district and Scone particularly.
"The Australian thoroughbred industry is in such a position of strength and the majority of its’ best stallions stand in this district.
"The local stud property market is well and truly back on its feet post GFC, and these sales are testament of this." 
Michael Burke said an exciting new chapter will now open in the rich history of Bhima. 
"Steeped in success, the property has been under the stewardship of the White family over the last 21 years and boasts an extensive honours list that would make any breeder proud," he said.   
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Upper Hunter Valley's Bhima, Scone proves its thoroughbred property status

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Melbourne's top weekend auction offering was passed in at $6 million in Armadale at Marshall White auction.
The home on the Munro Estate is around two years old, a collaboration between architect Drew Cole, the late designer Stuart Rattle and landscape designer Paul Bangay.
Defined by contemporary European elegance, the four bedroom house sits on 580 square metres at 27 Munro Street.
<img src="https://images.listonce.com.au/listings/27-munro-street-armadale-vic-3143/732/00243732_img_09_x480.jpg?1" alt="27 Munro Street Armadale - Photo 1" width="719" style="line-height: 1.3em;">
The lower level accommodates a large cinema or store room, wine storage and five-car garage.
It last traded late last year a $6.08 million.
It was marketed by <a href="https://www.27munrost-armadale.com" target="_blank">Mark Harris at Marshall White</a> for weekend auction with $5.7 million plus expectations.
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Drew Cole, Stuart Rattle, Paul Bangay Armadale collaboration passed in

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Werrington, some 48 kilometres west of the Sydney central business district, is the suburb where the grant recipient first time buyers are most active.
Buyers received a $7.48 million benefit - from grants and stamp duty exemptions - in their purchases over the past year.
Benefits totalling $235 million have been paid by the state government across NSW, according to figures over the past year obtained by Property Observer.
Werrington's median house price sits at <a href="/news">a record $462,500 median</a>, according to CoreLogic RP Data. 
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Werrington - where the Sydney first time buyers are most active

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The debate over Sydney’s property price bubble (Yes there is! No there isn’t!) sits smack bang in the middle of one of the most fascinating economic questions of our time: how risky is sudden asset price inflation?
And if the risk is judged to be high what, if anything, are policymakers to do about it?
In the 24/7 world of US and European bond markets, traders’ Bloomberg screens have bleated dire warnings since bond yields went negative last year for the first time in modern economic history. In China, speculators watch equity markets in Shanghai and Shenzhen that have risen more than 150% in the past 12 months. And in Australia, Australian_property_bubble is its own Wikipedia page.
As my former boss Saul Eslake pointed out last week in the Sydney Morning Herald, to use the term bubble in relation to asset prices is “emotionally laden”. It has no definition in the academic literature, other than a generalised notion of a sudden and upward acceleration in asset price movements that poses the risk of a violent crash.
Alan Greenspan’s famous term “irrational exuberance,” was another expression of emotion. Bubbles – the endgame of a bull market – are not as well defined as a bear market, which generally refers to a 20% or more fall in equity prices, or an economic recession, which is two consecutive quarters of negative GDP growth.
What is a bubble and other tricky definitions
One of the big challenges in defining a bubble is in establishing its start. Sydney property prices are a case in point. In 2014, the ABS residential property price index for Sydney indicated a 14.7% rise for the year. That’s strong growth, and was at least double the rate of growth seen in other capital cities. But extend the starting point back five years, and Sydney’s property prices have increased by 39%, roughly on par with Canberra (36%) and Melbourne (35%). Go back 10 years, and Sydney’s property price growth of 57% is significantly less than the national weighted average of (85%) and less than half that of Darwin (168%) and Perth (133%), or even Melbourne (113%).
So are Sydney property prices in bubble territory, or are they just catching up after a period of flat-to-negative growth in the early 2000s? What of other factors such as the underlying dynamics of supply and demand, housing density, urban planning and land value?
When policymakers are staring in the face a potential bubble, their real concern is the underlying drivers of that sudden, rapid surge. Is the bubble a symptom of systemic risk?
Growth in credit and foreign investors
In Sydney’s case, two potential systemic risks merit scrutiny. The first is the very rapid growth in credit being used for property investment; that is, the expansion of leverage. The second is increasing foreign investment that is reportedly flowing into the Sydney property market, purportedly from China.
These are, however, two very different risk stories. Of the two, leverage is far more pernicious. Excessive household leverage in particular walks down a well-worn path toward financial instability - as the global financial crisis amply reminded us - where it can take years for families to repair their balance sheets after a hit. “Buyer beware” is a theoretically correct construct, but not a particularly practical one should a government have to face down armies of homeowners sinking under negative equity.
Rising capital inflows hold much less risk, particularly in an Australian context. A sufficient magnitude of outflows would dampen market prices, potentially cause the Australian dollar to weaken somewhat and ultimately require some current account adjustment. One could argue that this outcome may be an upside risk for growth, not a downside one.
Reserve Bank of Australia governor Glenn Stevens’ comments last week in Brisbane make it clear that his focus is square on the risk of leverage. He notes pointedly that Australian households already have a high debt burden taken on in the years leading up to the 2008 financial crisis; the point of the speech was a plea was for government to shoulder the burden by getting on with a boost in useful (non-mining) infrastructure investment while cheap finance is so plentiful.
Macroprudential actions
Should Stevens’ concerns on household indebtedness move from words to action, the policy response would be to temper leverage. The most targeted and effective approach is to make borrowing more expensive through more stringent customer debt-to-income tests.
The RBA and Australian Prudential Regulation Authority (APRA) could also reduce the allowable maximum loan-to-valuation ratios (LVRs) thereby requiring higher deposits – following the example of the Reserve Bank of New Zealand – or, in a nod to recommendations in the Financial Services Inquiry, increase the Big Four banks’ risk weights on capital held against mortgage loans.
These types of measures are often called “macroprudential”– that is, regulations applied to maintain financial system stability by directly addressing perceived underlying risks. Macroprudential regulation is a term that has come back into vogue in the post-GFC world. In reality, the concepts are not new.
As Luci Ellis and Paul Woolley pointed out in an RBA paper back in 2012, a macroprudential policy stance is more a state of mind around monitoring and acting on systemic risks rather than a specific set of policy measures or tools.
Lower stamp duties, increase capital gains tax?
A second course of action would be for the federal or state government to shift market dynamics through tax incentives. Lowering stamp duties would reduce transactions costs, potentially freeing up more supply in the existing housing stock. So could shifting the pension asset test to increase the incentive to downsize from the family home once it is no longer needed. Introducing greater capital gains tax on properties sold within a short period or reducing the benefits of negative gearing would go a long way toward discouraging investor-driven acquisitions, while imposing new levies on purchases by non-residents could dampen capital inflows.
The problem with changing property-related tax policies for residents is twofold; not everyone will be happy, and the need for gradual introduction to allow for adjustment means impacts may be slow. An additional issue with trying to limit property purchases by non-residents through tax is that its target is a great unknown.
Hong Kong’s failure to deflate
As will be discussed in depth in a paper released by the Australian Centre for Financial Studies and Finsia this week, there continues to be a remarkable lack of comprehensive and reliable data on both the source and ultimate destination of foreign investment into Australia, and particularly into the residential and commercial property market. With such thin evidence as to both the total size and the source of these anecdotal flows, policymakers are shooting in the dark.
Beyond this, it cannot be guaranteed that raising borrowing costs and shifting tax incentives would deflate a perceived property bubble. Hong Kong and Singapore have both tried it, and arguably failed. In 2010, Hong Kong moved to simultaneously require a significant increase in deposits for investment properties while also adopting additional stamp duties on investment properties, with higher penalties for non-resident investors. Singapore followed suit in 2013.
The impact on Hong Kong has been negligible. Despite concerns of market disruption in 2010, property prices continued to climb and hit an all-time high last year. Singapore did see its property prices flatten in 2013, then fall by 4% in 2014.
However, there has also been a significant decline in the volume of both existing and new home sales according to the Urban Redevelopment Authority, suggesting that these measures may not have had the desired impact of increasing housing affordability or supply. And although prices have not increased, they remain high relative to Singapore household income.
Crazy indeed.
Amy Auster is Deputy Director at the Australian Centre for Financial Studies. She can be contacted <a href="https://www.australiancentre.com.au/AboutUs/Staff/AmyAuster" target="_blank">here</a>.
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Blowing bubbles: the tricky task of tackling Sydney's property market 

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Monocle’s 2015 Quality of Life Survey has put Melbourne in fourth place among international cities, just ahead of Sydney in fifth spot.
Sydney's reputation is on the rise, climbing from 11th a year ago, while Melbourne slipped from third. Brisbane dropped off the list being in 25th place last year.
Last year’s third-time winner Copenhagen fell to 10th place while Tokyo took top spot, having been second in the 2014 list.
Monocle, a British lifestyle magazine, advised this year’s survey - its ninth - had 22 new criteria, including the price of a three-bedroom house, the cost of a cup of coffee, glass of wine and decent lunch, and access to the outdoors. Cities are evaluated based on a combination of culture, tolerance, green space, connectivity and safety.
Monocle’s 2015 Quality of Life survey ranked Tokyo in the coveted top spot due to its "defining paradox" of heart-stopping size and concurrent feeling of peace and quiet.  
Tokyo's around-the-clock metabolism helped vault it to the top with Vienna in second place.
Monocle editor-in-chief Tyler Brûlé recently told a Sydney conference that the country was in danger of becoming the world’s dumbest nation because all the government’s nannying threatens to kill off common sense. 
“Wear a helmet” when riding a bike. “Don’t you dare go anywhere near the public pavement with a glass of wine in your hand” if you happen to be enjoying a shop-opening in Sydney. “Put two fences around your pool”, otherwise you’ll be liable if someone climbs over the first one (but not the second) and drowns.
"Melbourne despite the rules, gets a lot right; Sydney ditto," he wrote in his latest Fast Lane Financial Times column.
In 2014, Brûlé sold a minority stake in the UK-based Monocle magazine to Japanese newspaper publisher Nikkei Inc.
Top 25 cities:
1 Tokyo
2 Vienna
3 Berlin
4 Melbourne
5 Sydney
6 Stockholm
7 Vancouver
8 Helsinki
9 Munich
10 Zurich/Copenhagen
12 Fukuoka
13 Singapore
14 Kyoto
15 Paris
16 Madrid
17 Auckland
18. Lisbon
19 Hong Kong
20 Amsterdam
21 Hamburg
22. Geneva
23 Oslo
24 Barcelona
25 Portland
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Tyler Brûlé's Monocle ranks Melbourne just ahead of Sydney

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From social housing to speculators. 
The first government-sold heritage terrace at Millers Point that fetched $1,911,000 just 10 months ago is back for sale.
The 1880s terrace was the first of scheduled 293 public housing properties to be sold off by Government Property NSW in August last year.
<a href="/expert-insights/buying/vacated-millers-point-four-level-terrace-fetches-1-911-000-at-private-state-government-auction">The then rundown four-bedroom heritage-listed</a> home had been vacant since early 2011 with the last public housing tenant paying $77.20 a week rent at the property which has water views over Walsh Bay.
The relisted <a href="https://sydneysothebysrealty.com/5095303/119-Kent-Street-Millers-Point" target="_blank">119 Kent Street, Millers Point </a><a href="https://sydneysothebysrealty.com/5095303/119-Kent-Street-Millers-Point" target="_blank">home</a> sits on a 109 sq m block with no parking.
The house has original fireplaces and floorboards, 3.25m high ceilings and a sandstone-walled sunlit courtyard.
It is marketed by Harriett France a Sotheby's as "recently refreshed with new kitchens and bathrooms - scope for further improvement."
Around $2.5 million is expected by the Sfeir family.
The controversial sell off, which has resulted in the relocation of public housing tenants, is tipped to set off a major gentrification in the historic suburb.
The state government <a href="https://rediscovermillerspoint.com.au" target="_blank">has created a website </a>to sell the virtues.
 
 
 
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Quick flip profits sought for 119 Kent Street, Millers Point former state government offering 

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There were 14 Sydney suburbs scoring a perfect 100 per cent auction clearance rate during the autumn selling season.
Thornleigh on the upper north shore headlined the remarkable feat with 23 sales over the three months to May 31.
In second place with 22 sales was Naremburn on the lower north shore.
Sydney's clearance rate for the autumn quarter sat at 83.3 per cent with 161 suburbs scoring auction success results above the Sydney-wide clearance rate. 
With winter auctions now underway, Thornleigh won't be on the next 100 percent list given a three bedroom weekend offering (below) was withdrawn, now for sale with offers sought above $1 million.
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<div id="Content_Content_propertyPhotos_MainImage_MainImagePlaceholder" class="img-wrapper"><a id="Content_Content_propertyPhotos_MainImage_MainPhotoLink" class="feature" href="https://www.domain.com.au/ore/Public/Gallery/Photo.aspx?adid=2011994087&amp;pic=1&amp;mode=Buy&amp;AgencyID=17346" target="ImageWindow"><img class="js-first-image" src="https://b.domainstatic.com.au/w800-h600-w1600-h1200-2011994087_1_pi_150608_045111" alt="71 beresford road thornleigh NSW 2120"></a></div>
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<div class="img-wrapper">Backing onto natural bushland with a north east to rear aspect, the elevated home was marketed as providing "an exceptional investment opportunity" with future potential for the 765sqm site. The estimated return was $600 per week according to the McGrath marketing. It was bought by a super fund at $535,000 in 2009. </div>
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<div class="img-wrapper">Nearby Cherrybrook in the Hills district was among other strong 100% performers during Autumn, according to Australian Property Monitors.</div>
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Ditto Killarney Heights on the northern beaches, North Willoughby on the lower north shore, Manly Vale on the northern beaches, Westmead and North Strathfield in the inner west and the southern suburbs' Mordale, Birrong, Kareela and Gymea South.
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There was Lalor Park in Blacktown, Wentworthville in the west.
APM Domain Group senior economist Dr Andrew Wilson most of the 14 suburbs tended to be next to much better known suburbs, but they had recently come into their own as a more affordable alternative.
The Sydney suburb with the lowest clearance rate was Middleton Grange in Sydney's west, where 46 per cent of homes sold under the autumn auction hammer.
On Saturday Sydney secured an auction clearance rate of 83.3 per cent.
 
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Thornleigh's 100% autumn auction success rate - and the 13 other stellar Sydney hotspots

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A clearance rate of 80 per cent was recorded across Melbourne today, continuing on its merry way despite recent commentary.
Last weekend a clearance rate of 72 per cent was recorded over the subdued Queen's Birthday weekend, compared to 80 per cent on May's last weekend.
There were 766 auctions reported to the REIV today. 
Armadale secured the highest residential house price when 39 Lambeth Avenue, Armadale fetched $4,660,000.
The renovated Victorian trophy home had five bidders.
Next priciest was <a href="https://www.realestateview.com.au/Real-Estate/27-summerhill-road-brighton-east/Property-Details-buy-residential-8909566" target="_blank">27 Summerhill Road, Brighton East</a> at (below) $3,980,000 through Marshall White, then 29 Regent Street, Mount Waverley $3,300,000 and 32 Barrington Avenue, Kew $3,150,000.
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The REIV was expecting about 920 auctions in 251 suburbs on the weekend. On the same winter weekend last year there was a 72% success rate from 919 auctions. 
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TOP 5 BARGAIN HOUSES 
1. 115 Glynns Road, North Warrandyte $85,000 2. 42 Mt Eagle Way, Wyndham Vale $265,000 3. 1/4 Dawn Avenue, Dandenong South $275,000 4. 3/70-71 Nepean Highway, Seaford $285,000 5. 11 Donald Street, Dallas $295,000
TOP 5 APARTMENTS 
1. 7 Lawson Street, Hampton $1,770,000 2. 3A Abergeldie Avenue, Mckinnon $1,387,500 3. 6/7 Warwick Court, Surrey Hills $1,380,000 4. 61 Michael Street, Fitzroy North $1,250,000 5. 1/56 Union Road, Surrey Hills $1,229,888 
TOP 5 BARGAIN APARTMENTS 
1. 4/232 Nicholson Street, Footscray $207,000 2. 3/483 Princes Highway, Noble Park $278,000 3. 7/37 Osborne Avenue, Glen Iris $280,000 4. 5/7 Waltham Street, Flemington $285,000 5. 12/63 Ulupna Road, Ormond $296,000
Source <a href="https://www.reiv.com.au/Property-Research" target="_blank">REIV</a>
The top auction locations were South Yarra (20 auctions) followed by Glen Waverley and Glen Iris with 14 auctions each. 
There was a development site at 50 Montclair Avenue Glen Waverley that fetched $5,505,000 at auction yesterday.
<div>Melbourne’s west is the most popular region for auctions this weekend with around 130 listed.  </div>
Melbourne’s east continues to see a high buyer demand, with 10 suburbs recording clearance rates of between 95 per cent and 100 per cent in the month of May.
There were 275 auctions reported to the REIV over the long weekend.
The REIV reported the 2015 auction market hit a peak in May, with 5,000 auctions held – more than any other month this year. The May clearance rate, at 79 per cent, was also well ahead of May 2014 , when it was 71 per cent.
APM reported Melbourne’s outer east recorded 88.5 percent closely followed by the inner east with 88.0 percent, the north 84.7 percent,  the north east 84.2 percent, the inner south 83.5 percent, the west 79.6 percent, the south east 76.3 percent and the inner city with 72.3 percent.
APM reported Melbourne recorded a clearance rate of 79.2 percent over May which which was the highest monthly success rate since April 2010. 
The May clearance rate was the third highest ever recorded for that month – behind only the price boom years of 2007 and 2001.
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APM senior economist Dr Andrew Wilson noted Melbourne recorded its highest ever month for auction sales over May at 3670 at a record total value of $3.58 billion. 
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<div>"The median price of homes sold at auction in Melbourne over May also climbed to a new monthly record of $820,000 – an increase of 11.2 percent over the month and 13.9 percent higher than May last year," he said. </div>
 
 
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Melbourne auctions maintain Autumn glow into winter

Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/central-element">Central Element</a>&nbsp;is doubling down in Drummoyne, lodging plans for a boutique apartment development on St Georges Crescent, only one-kilometre down the road from its first Drummoyne development, Bianca.

The new project at 15A-21 St Georges Crescent,&nbsp;a&nbsp;1,701sqm north-facing site overlooking Iron Cove, will have 45 apartmnts across 10 levels. Eight of the units will be dedicated to affordable housing.

The site sits within walking distance of Drummoyne Village, Birkenhead Point, ferry services and the Bay Run, and offers harbour views towards the Sydney Harbour Bridge and CBD skyline.

Designed by MHN Design Union, the development will deliver a mix of one, two and three-bedroom apartments, alongside resident amenity including a gym, landscaped communal open space and three levels of basement parking.

The project has been lodged under the NSW Government's Low and Mid-Rise Housing reforms, with Drummoyne Village identified as a town centre capable of accommodating additional housing supply.

Central Element acquired the site earlier this year as part of its continued expansion across Sydney's eastern suburbs, lower north shore and inner west.

The developer's current pipeline includes luxury apartment projects Pearl Bondi and a separate development on Lamrock Avenue in Bondi, a residential project in Barry Street, Neutral Bay, and a mixed-use seniors living community in Greenwich.

Central Element Managing Director Nathan Chivas said the project would address a shortage of new owner-occupier housing opportunities in Drummoyne.

"While we're seeing a significant shift across Canada Bay as major infrastructure investment, population growth and planning reform drive a new chapter for the region, in suburbs like Drummoyne there remains a genuine shortage of new boutique luxury housing opportunities for owner occupiers," Chivas said.

"Sites of this nature are increasingly difficult to secure, particularly those that combine a north-facing aspect with direct water outlook. Our St Georges Crescent project responds directly to the market demand, offering a level of exclusivity, outlook and lifestyle in the highly sought after suburb."

The development application has been lodged with the City of Canada Bay Council, with the project expected to launch to market in early 2027.

&nbsp;

Joel Robinson

Central Element seeks second Drummoyne apartment development

The NSW Government has unveiled plans that could deliver around 1,300 new homes across Nowra and Kiama, continuing its push to unlock housing in well-located regional centres along the South Coast.

The proposals, now on public exhibition, would pave the way for around 830 homes in Nowra and a further 450 homes in Kiama, while also introducing affordable housing requirements and increased building heights in key locations.

The larger of the two proposals is centred on Nowra, where the NSW Government is seeking to rezone land within the Mandalay and Riverfront precincts.

The Mandalay sub-precinct, located close to Shoalhaven Memorial Hospital, Nowra Library and the city's aquatic centre, could accommodate around 530 new homes. Around 30 per cent of housing delivered on Homes NSW-owned land would be dedicated to social and affordable housing, equating to roughly 100 homes. Building heights would increase from the current two-storey limit to between three and six storeys.

A separate rezoning proposal for the Nowra Riverfront Precinct would unlock a further 377 homes while creating stronger connections between the Shoalhaven River and the CBD. The plans include building heights ranging from five to 12 storeys, floor space ratios of up to 2:1 and a requirement for two per cent affordable housing.

Together, the two proposals would deliver more than 900 homes across the broader Nowra area, reinforcing the city's role as one of regional NSW's key growth centres.

The housing push builds on previous infrastructure commitments in the Shoalhaven, including government funding aimed at supporting thousands of future homes in West Nowra through upgrades to water and wastewater infrastructure.

Further north, the NSW Government is also progressing plans for the former Kiama Depot site, a two-hectare parcel near Kiama's town centre.

The rezoning proposal would transform the former industrial site into a residential community capable of delivering up to 450 homes. Buildings would range between six and eight storeys, with at least 10 per cent of homes allocated as affordable housing. The proposal also includes approximately 600 parking spaces and improved walking and cycling connections.

Planning Minister Paul Scully said the proposals are designed to increase housing supply in locations close to jobs, transport and services.

"For too long, families have struggled to find somewhere to live, and activating underutilised sites allows us to deliver the new homes these families need," Scully said.

"The Minns Labor Government is getting on with the job of unlocking well-located sites close to transport, jobs, and town centres and building the homes our communities need.

"These rezonings are about removing barriers to housing delivery and making sure land is put to better use so more people can find a place to call home within the communities they choose."

The latest rezonings form part of the Minns Government's broader strategy to accelerate housing delivery across NSW, particularly in established centres where existing infrastructure can support additional population growth.

Community consultation on the proposals is now underway, with feedback set to inform the final planning controls before the rezonings are determined.

Around 1,300 new homes earmarked for Nowra and Kiama as NSW Government pushes housing supply

<a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> has commenced construction on its latest Gold Coast apartment development, Maris, on the site of the former Sundale Motel in Southport.

The start of construction by <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a> follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since launch. Every purchaser has been local, an&nbsp;indicator of confidence in both the development and Southport's evolution into a thriving CBD.

<a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> will deliver 192 residences across 20 levels. The project forms part of MRCB's Australian and New Zealand development pipeline now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

[smartcode_project:default project_id=134403 project_image_fid=350663]

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70 per cent of residences sold.

Maris has been designed to meet evolving buyer demand, offering architecturally designed layouts suited to long-term liveability. The approach reflects a growing preference for quality and adaptability among Gold Coast buyers.

Positioned next to the Broadwater in the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD, Maris sits directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

[smartcode_project:default project_id=134403 project_image_fid=372756]

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Binah, a New South Wales headquartered company co-founded by Amen Zoabi and Khalil Hafza in 2008, has expressed its excitement at establishing its first partnership with MRCB.

Binah's Managing Director Khalil Hafza said partnering with MRCB on Maris is a significant moment for Binah.

"MRCB's financial strength and a track record that speaks for itself give this project a solid foundation, and this marks the beginning of what will be a long and successful relationship.

"With the right people, systems and partnerships behind it, Maris is set to become a significant addition to the Gold Coast's premium residential market."

[smartcode_project:default project_id=134403 project_image_fid=350664]

MRCB International CEO Ravi Krishnan said the project's progression to construction reflects both sustained demand and tightening conditions across the apartment sector, as well as MRCB's continued confidence in the Gold Coast market.

"Commencing construction at Maris is a significant step and reflects the depth of demand for quality apartments in well-connected urban locations," said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

[smartcode_project:default project_id=134403 project_image_fid=372761]

Krishnan said Southport's ongoing transformation, supported by infrastructure investment and long-term planning, was underpinning renewed buyer confidence.

"We're seeing a clear shift back towards well-located urban centres where infrastructure, connectivity and amenity are already established," said Mr Krishnan. "Southport is evolving into a more mature CBD environment, and that is being reflected in buyer behaviour."

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

Construction commences on MRCB’s $200m Maris Residences in Southport

Moonee Valley Park’s latest residential release <a href="https://www.apartments.com.au/new-apartments/the-eveline-at-moonee-valley-park-moonee-ponds-100-thomas-street-moonee-ponds-vic-3039">The Eveline</a>, has achieved a new benchmark for off-the-plan apartment sales in the suburb, with the sale of The Alexandra penthouse selling for $5,435,000.

Positioned on the top floor of a 16-level residential building, the three-bedroom, three and-a-half-bathroom penthouse features uninterrupted city skyline views across the future Valley racetrack.&nbsp;

The landmark sale comes as momentum at the precinct continues to build, with the Moonee Valley Racing Club progressing works on its new racetrack ahead of the 2027 Cox Plate. The transformative development will see MVRC reimagine the beloved Valley as a vibrant year-round entertainment and lifestyle destination.

Alongside a world-class racing experience, the historic precinct will be activated with events, hospitality and public green spaces designed to attract broader audiences, while breathing new life into one of Melbourne’s most iconic destinations.&nbsp;

[smartcode_project:default project_id=142519 project_image_fid=372786]

Development partners <a href="https://www.apartments.com.au/developers/hamton">Hamton Property Group</a> and Hostplus have delivered five residential stages over the past four years, the most recent in November 2025 with Trackside House and Stonepine House. The flourishing community is now home to almost 500 families.&nbsp;

The latest residential release, The Eveline, has recorded strong demand since launching publicly last July, securing more than $200 million in sales to date, satisfying its pre sales hurdle for construction to commence.&nbsp;

Hamton Founder and Executive Chairman, Paul Hameister OAM said, the sales&nbsp;team have been overwhelmed by demand for these unique homes in this unique project.

"Buyers continue to be predominantly hyperlocal and attracted by the 40 hectare botanic masterplan in Melbourne’s inner north west," Hameister said.

[smartcode_project:default project_id=142519 project_image_fid=372788]

Hamton’s Sales and Marketing Director Fergus Humphries said the team has achieved more than 70 sales over the past eight weeks, including the penthouse purchase by a local buyer.

"These results reinforce that, even in a challenging market, purchasers continue to be drawn to quality projects that offer more than just a home, they offer a lifestyle.”

Designed by Cera Stribley, the penthouse has been created with entertaining in mind, spanning close to 400 sqm of indoor and outdoor living space, including multiple terraces designed to capture sweeping views across Melbourne’s skyline, the new Valley racecourse and sunset views over Moonee Ponds.

Moonee Valley Park is one of Melbourne’s largest urban renewal projects, transforming the iconic racecourse site into a vibrant mixed-use neighbourhood integrating homes, parklands, retail, racing and community amenities.

[smartcode_project_cta:default project_id=142519]

Moonee Valley Park penthouse sets suburb record as sales surge clears construction benchmark

A company linked to one of Australia's largest privately owned cattle businesses has lodged plans for a new residential tower in <a href="https://www.apartments.com.au/developments/newstead-qld-4006">Newstead</a>, continuing the rapid transformation of one of Brisbane's most sought-after, inner-city precincts.

Bottletree Holdings, an entity associated with Stanbroke Managing Director Brendan Menegazzo, has submitted a development application for a 28-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/9-longland-street-newstead-qld-4006">9 Longland Street</a>, a site that made headlines last year when it changed hands in an off-market transaction that reportedly set a benchmark land rate for the suburb.

The proposal would replace an existing two-storey commercial building on the 1,510 sqm corner site with a Bureau Proberts-designed tower comprising 76 apartments, ground-floor retail, office space and a suite of resident wellness amenities.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="c710a836-568e-4382-bc91-3c34b8e80a8b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.41.45%E2%80%AFAM.png?VersionId=Vy.mQWBc7GA_a.vIBdxKqRC9XGjWalo2" />

According to planning documents lodged with Brisbane City Council, the development would comprise a mix of 36 two-bedroom apartments, 24 three-bedroom apartments and 16 four-bedroom residences, positioning the project firmly at the premium end of the market. The apartments would sit above a podium containing retail and commercial space, with three levels of communal recreation facilities spread throughout the tower. The proposal also includes 198 car spaces and 95 bicycle spaces.

Bureau Proberts has drawn heavily on Newstead's industrial heritage in developing the architectural response.

"Occupying a prominent corner in the heart of Newstead, the proposal draws from the area's industrial lineage of robust brick warehouses to deliver a distinctly contemporary response," the architects said in the design statement.

"It is conceived as a subtropical sanctuary and elevated private retreat embedded within one of Brisbane's most vibrant lifestyle precincts."

The design seeks to reinterpret the traditional Queensland vernacular through wraparound verandahs, deep shading elements and permeable facades that respond to Brisbane's subtropical climate.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="25524f59-395c-4825-8fad-9b639822fa8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.09%E2%80%AFAM.png?VersionId=dlWlbpCc_g3Y6yTLGqRVKvGJvO2ubMJ3" />

Planning documents describe the building as embodying the principles of "buildings that breathe", a design approach increasingly favoured in Brisbane's apartment market as developers focus on natural ventilation and outdoor living spaces.

The tower itself would rise above a heavily landscaped podium designed to reference the woolstore architecture that helped define Newstead and neighbouring Teneriffe for generations. At ground level, fine-grain retail tenancies would activate Longland Street, Wyandra Street and the existing Wyatt Street laneway, further extending the pedestrian network that has become a hallmark of the Gasworks precinct.

The application notes that more than 54 per cent of the site would be dedicated to landscaping and deep planting, while approximately 1,750 sqm of communal recreation space would be delivered across multiple levels.

<img alt="Planning" data-entity-type="file" data-entity-uuid="fed3b189-1054-4b68-af5f-b0befc4a66e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.19%E2%80%AFAM.png?VersionId=gqeE3cjsbnLAfeTUKA1HtPZfqDs6S4Xa" />

Bottletree paid $22 million for the 1,510 sqm development site, equating to more than $14,500 per sqm, a reflection of the strong demand for development opportunities in Newstead. The suburb continues to attract both developers and buyers, underpinned by the ongoing evolution of the Gasworks and Teneriffe precincts into some of Brisbane's most sought-after lifestyle destinations.

Brisbane City Council's Sustainable Growth Strategy and Inner City Strategy both identify Newstead as a priority growth precinct capable of accommodating additional housing density due to its proximity to employment hubs, public transport and lifestyle infrastructure.

The proposed tower joins a growing pipeline of high-end apartment developments in the suburb. Fortis recently launched <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a>, a 65-apartment owner-occupier-focused development on Kyabra Street, while Consolidated Properties Group is preparing to launch <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a 227-apartment waterfront project on Skyring Terrace.

Meanwhile, builder-developer BPG is planning its own Newstead project on Maud Street, comprising just over 100 apartments and more than 1,380 sqm of dedicated wellness and resident amenity spaces, further highlighting the shift towards lifestyle-driven apartment developments in Brisbane's inner-city market.

Jonathan Chancellor

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