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AMP Bank has introduced upfront property valuations for mortgage brokers and financial planners submitting loan applications on behalf of their customers in an attempt to accelerate the drawn-out home loan process.

Valuations are typically conducted after a loan application being submitted to AMP, but accredited parties will now be able to order a property valuation online before submitting a home loan application.

AMP head of sales and marketing Steve Craig says the new process willprovide the bank and customer with greater certainty.

"The benefits to distributors and borrowers are significant - quicker speed to formal approval, less reworking of applications, and more certainty around the outcome of the application."

The valuations will still be undertaken by AMP's property valuation providers.

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jchancellor-FAypfDUnLy

AMP introduces upfront property valuation

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
Buy someone else’s dream. That was the obvious maxim after the six well-renovated houses sold at mostly mediocre prices in televised finale of The Renovators, the Channel Ten renovation reality series.
Based on the costs of purchase and renovation just two of the six offerings – Blacktown and Glebe – did well. Another two – St Peters and Castle Hill – fell well short.
The Blacktown fibro possibly won because the backyard pool was thrown in.
The overall results weren’t pretty, with three selling at a loss after taking into consideration purchase price and stamp duty plus the declared renovation budget of an additional 20%.
It’s not to suggest the Century 21 selling agents didn’t market the offerings well, given it was quite unusual for the flipping of such overcapitalised properties to hit the soft market in such quick time. Recent Residex figures showed that Blacktown was among the worst-performing Sydney suburbs, with 312 of 3,050 properties sold at a loss over the past three years.
Blacktown’s auction had competitive bidding though it appeared to be limited to a few bidders in the big crowd after 1,000 had been through the open for inspections. The least enthusiastic offering, Marrickville, attracted just the one offer, which was accepted.
The six houses were bought by the series producers for a $3.6 million total between December 2010 and March this year. They recouped at auction $4.14 million, a 15% gain. They were honest, but perhaps not typical, when they added the $120,000 stamp duty cost. They also had a declared renovation budget totalling at least $740,000, all with seven-year home owners’ warranty insurance.
The cheapest of all six offerings was the winner – the fibro cottage at 85 Harold Street, Blacktown, which also had the largest extension, along with expansive outdoor living areas and pool. Its renovation budget was $62,000 in a building contract with builders, H&amp;N Khamis Pty Ltd, but that didn’t include the pool or the countless unpaid hours of work done by the contestant builders, Michael Lynch and team member, Jarrad O'Connell. "I worked it out that we spent $47,000 on materials,” Lynch says. “All the labour was done by Jarrad and myself.”
"I reckon I slept 18 to 20 hours in eight days. I had no choice, I had to stay awake and keep chipping away,” Lynch says.
The Blacktown property was bought in January this year for $299,500, with stamp duty of about $9,000 taking the costs up to about $309,000. It had previously traded at $270,000 in 2006 and had been listed with price hopes of $329,950 four months before its sale to the television series company. It sold through Penny Stylianou at Century 21 John Ross Combined Seven Hills for $440,000.
The next cheapest was Parramatta, where bidding began at $450,000 when the weatherboard, at 51 Franklin Street, Parramatta, sold at an auction with 100-plus attendees for $575,000, but only after the top bidder increased the offer by $5,000.
It had been last traded at $460,500, with stamp duty of $16,000 taking it to about $478,000.  It is now a modern family home with three bedrooms, two bathrooms with an entertaining space and backyard area. Its renovation budget was $95,000, making the breakeven point before its auction campaign conveyancing costs $573,8550. The extra bid took it 0.2% – or $1,145 – above its breakeven price. There were four obvious bidders. 
The 1915 Marrickville shop conversion offering fetched $700,000 in a one-bid auction. After costing $572,000 in March, or $595,000 after stamp duty of $21,000, the shop, at 146 Addison Road, Marrickville was transformed into a three-bedroom, one-bathroom abode. Its renovation budget was $119,000, so required a sale price higher than $713,676 to make a profit. It had previously sold at $68,000 in 1985.
The inner-city terrace, at 12 Hegarty Street, Glebe, cost the most at $720,000. Set on the smallest block of all six offerings – just 89 square metres – it is now a renovated 1890s three-bedroom, two-bathroom property featuring open-plan living. It was bought just a week after coming onto the market through Belle agent Mark Tooth and James Cahill in late January this year. It was sold through Thomas Skelly at Century 21 Cordeau Marshall for $925,000, seemingly to the opening bidder. The renovation budget was $150,000, so its breakeven point was $899,268 after the $28,000 stamp duty. It was described as now being the best house on the street. “She’s definitely got a bargain,” the renovator Luke Pollack noted post-auction.
After costing $642,500, plus $25,900 stamp duty, the half-done house at 5 Frederick Street, St Peters has an Edwardian facade with modern home behind it. Its renovation budget was $134,000, thereby requiring an $802,000 sale price to break even. It fell well short at $770,000, with Century 21 agents far outnumbering the two or three participants. Charles Tarbey, the boss at Century 21, was there to ensure that the bidding exceeded the $750,000 vendor bid.
The renovated 1960s suburban at 15 Anthony Road, Castle Hill, cost $607,500. The four-bedroom house sits on the largest land holding in the series of 765 square metres. It had been previously marketed with the “Renovate or Detonate!” suggestion for possible duplex building. The single-storey house renovation over the past three months had a budget of $126,000, thereby requiring $757,000 to break even, after including stamp duty costs of about $23,000. It was sold for $730,000 through Martin Baldacchino at Century 21 Castle Hill. It’s been the most actively traded of the show’s six offerings and amply highlights the ups, down and plateaus of Sydney’s property market over the decades. It had previously sold at $460,000 in 2006, when the then vendors tried without luck to secure $549,000 having bought in boomtime 2003 at $520,000. In 1994 it fetched $213,500 and four years earlier in 1990 it was sold at $205,000.
Century 21 Australia general manager Paul Mylott says strong results were achieved during fairly turbulent market conditions.
“The renovations were nothing short of superb and homeowners would be wise to take note of how a solid renovation can change the way a property is viewed and valued,” he says.
The internet advertising campaign run by Century 21 resulted in 90,000 online views with over 2,000 people inspecting the properties with dozens of interested parties registering to bid.
Most commentators suggest the results provide a valuable property lessons just like The Block 2011 in Melbourne.
Just one of the four Block cottages sold under the hammer, and all in quick time afterwards, <a target="_blank" href="https://www.propertyobserver.com.au/landlords/block-richmond-properties-hit-the-rental-market-with-yields-of-up-to-6.3/2011092851717">and now they are possibly rented at terrific gross yields.</a>
The ratings of the finale topped 1.26 million across the five cities, its best result since its 1.25 August debut sandwiched between the two-part Masterchef finale.
Some 56% of the $725,000 average nightly audience over the past three months were women. 
For expert commentary and analysis on lessons to be learnt from property reality TV, <a target="_blank" href="https://register.propertyobserver.com.au/lights-camera-auction/">download our e-book Lights, Camera, Auction!</a>
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Buy someone else's sleepless overcapitalised dream: The Renovators' maxim

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Seven of the 13 Sydney residences in the luxury Abbotsford Marina waterfront complex have been sold.
The Walton Crescent sale prices have started from $1,825,000 for a 150-square-metre two-bedroom terrace-style residence with study.
The largest sale to date has been $3.4 million for a 280-square-metre apartment.
It’s a mix of eight apartments directly on the water, plus the five terrace-style units at street level.
Abbotsford sits on the peninsula between Abbotsford Bay and Hen and Chicken Bay on the Parramatta River.
The developers have lodged an application for seven marina berths, which will be for sale separately at $250,000 each.
Listing agent Peter Kerras at CBRE says he loves the aspect.
“As soon as you walk up the stairs, the view just opens up.
“I also love the high ceilings, which give a sense of scale beyond its size.”
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Sydney's Abbotsford Marina development half sold

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Apartment sales of $18 million have been achieved in the opening week of Fortitude Valley’s Brooklyn on Brookes development.
Buyers have secured 40 of the 191 apartments following the October 4 sales launch by Metro Property Development and Pearls Australasia.
David Devine, executive chairman of Metro Property Developments, says Brooklyn on Brookes’ success comes at a time where buyers taking advantage of the Queensland Government’s $10,000 Building Boost.
Apartments in Brooklyn on Brookes are priced from $305,000 to $750,000.
Brooklyn on Brookes is on the corner of Brookes and Ann streets, adjoining the Emporium complex featuring 35 retailers.
The 14-storey Brookes Street apartment tower is the third Brisbane joint venture of Metro with Pearls Australasia, following on the Chelsea and Madison Heights apartment projects. Pearls and Metro are also combining to deliver one land subdivision north of Melbourne.
According to Metro Property an extra 22,000 people are expected to move to Fortitude Valley by 2030.
Metro Property Development, created in early 2010, is owned by Devine Limited founder David Devine and business partners Ken Woodley and Luke Hartman.
Pearls Australasia, backed by India’s largest private landholder, is currently pursuing the refurbishment of the Sheraton Mirage Resort and Spa on the Gold Coast and the expansion of its world-first home building system technology, MiiHome.
Pearls Australasia chief executive Paul Brinsmead says the sales success demonstrated Metro’s understanding of the Brisbane marketplace.
“David Devine and Ken Woodley have been responsible for nine apartment projects in Brisbane’s inner city and historically have developed approximately 60% of all residential apartment projects in the Brisbane CBD,” Brinsmead says.
“The urban renewal precinct of New Farm, Newstead, Fortitude Valley and Bowen Hills has long been touted as a property hotspot since the early 1990s,” he adds.
For more on buying property off the plan, download our e-book.
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Buyers snap up 20% of Fortitude Valley's Brooklyn offerings

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Asking rents for units are approaching those for houses in most capital cities, according to Australian Property Monitors.
The rental market growth for units outperformed houses during the year to September, APM senior economist Dr Andrew Wilson says.
During the September quarter median asking rents for houses fell nationally by 0.2% while asking unit rental prices picked up by 1.1% in the quarter.
In Melbourne the current median asking rent for units is $350, compared with houses at $360.
In Sydney it is $460 for units and houses at $495.
In Brisbane unit median rent it $360 and house median rent is $370.
In Perth units are $370 and houses are $380.
In Canberra units are $430 and houses are $465.
Wilson suggests unit rental prices increasing at a greater rate in most capital cities compared with houses indicates increased competition from discontented first-home buyers entering the rental market, particularly in late 2010 and early 2011.
“As a consequence, the median weekly asking rentals for units is now fast approaching that of houses in many capital cities, as the overall demand for units for both lifestyle and affordability reasons continues to be greater than the demand for more expensive and generally outer-suburban houses,” says Wilson.
“With the prospect of continued stable interest rates, an expected increase in buyer activity will take the pressure off the rental market by decreasing competition for available rental properties and motivating investors to re-enter the market,” he says.
Wilson says first-home buyers are currently unable to access the market due to affordability and stock availability constraints and as a consequence choose to rent until affordability improves.
 
<img src="/images/stories/apmoct132.gif">
<img src="/images/stories/apmoct134.gif">
Source: APM
Canberra and Sydney led the way in annual growth of house rentals, increasing by 3.3% and 3.1% respectively over the year.
Brisbane and Darwin recorded the largest increase in median weekly asking rentals for units over the year to September, both increasing by 5.9%.
They were followed by Perth, where unit rentals rose by 5.7% over the year, then Canberra up 4.9%, Sydney up 4.5% and Adelaide up by 1.9%.
Melbourne unit rentals were unchanged for the year to September.
Hobart was the only capital to buck the trend, recording a 6% drop in annual median weekly asking rentals for units.
<img src="/images/stories/apmoct131.gif">
<img src="/images/stories/apmoct133.gif">
Source: APM
Wilson suggests the subdued growth in rental prices evident in the September quarter should continue into the December quarter as affordability constraints and cost-of-living pressures put a cap on the capacity of tenants to meet rental increases and concerns over the economy continues to foster a relatively conservative attitude by landlords.
The softening in property prices evident through 2011 has meant that gross rental yields increased marginally despite subdued capital city rental growth over the September quarter.
The gross rental house yields range from Melbourne’s 3.87% to Hobart at 5.01%. Units gross rental yields range from Melbourne’s 4.43% to Canberra at 5.49%.
House rental yields should strengthen marginally as continued weak buyer demand places downward pressure on property prices at a greater rate than rental growth.
“Similarly unit yields should increase as rental growth outpaces prices growth for the remainder of 2011,” Wilson says.
Investors who are drawn to the market by optimising rental growth should check out our<a target="_blank" href="https://www.propertyobserver.com.au/landlords/choose-the-right-person-to-manage-your-rental-property/2011101251903"> guide to choosing the right property manager for your investment.</a>
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Unit rents approach house rents in most capitals

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The reluctance of home owners to sell – and home buyers to purchase – has cut possibly 18% off estate agent incomes in the past financial year.
“It is no wonder that many property professionals are experiencing financial challenges,” RP Data research analyst Cameron Kusher says.
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Click to enlarge
His latest research shows the dollar value of residential property transactions across Australia over the 2010-11 financial year fell 18%.
Queensland, with a 27% drop, had the largest fall in the total value of sales, followed by Western Australia, with a 22% drop.
South Australia recorded the only increase – a very mild 1.3% gain.
The total dwelling sales over the 2010-11 financial year equated to $193 billion – the lowest since 2008-09 during the global financial crisis, when total values fell by about 14%.
Houses accounted for $142 billion and units for about $51 billion.
<img src="/images/stories/rpdataoct132.gif">
Kusher says that the annual change in annual dwelling sales value and the annual volume showed the two measures almost in perfect unison.
“For the 10-year analysis, the correlation between the two is 95% and shouldn’t come as a surprise, because sales volumes are currently sitting at a similar level to what was recorded during the depths of the financial crisis.”
<img src="/images/stories/rpdataoct133.gif">
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Agents' income down as dwelling transactions slip to GFC levels

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Outrigger Hotels and Resorts has purchased the management rights of the hotel property currently operating as the Holiday Inn Surfers Paradise.
The sale includes the real estate assets comprising reception, extensive conferencing areas, and restaurant and bar.
The 414-room property will be re-branded to Outrigger Surfers Paradise.
Outrigger Hotels &amp; Resorts is a 64-year-old privately-held US company whose association with the Gold Coast dates back to its decision to expand the brand from the US into Australia in 1998.
“The company’s decision to invest in Surfers Paradise’s tourism sector is also a major show of confidence it has for the Gold Coast and builds upon the presence of its Australian head office in Surfers Paradise,” Outrigger regional general manager Grant James says.
“The Gold Coast has fared much better than other regions in Queensland, which can be evidenced by our other Gold Coast resort at Coolangatta eclipsing revenue and occupancy forecasts for the 2011-12 period,” James says.
His belief had been shaped by data from Tourism Australia’s National Visitor Survey stating that domestic tourism was on the rise, with June recording a jump in domestic travellers by 8%.
The addition of Outrigger Surfers Paradise boosts the hotelier’s portfolio to four in Australia. The company owns about 1,000 rooms in Australia, and 11,200 rooms internationally.
Located on a prominent site on Gold Coast Highway and fronting View Avenue, the hotel is 100 metres from the beach and one block from Cavill Avenue.  Built in 1986, the 23-level hotel opened as Holiday Inn. In 1988 the hotel was purchased by All Nippon Airways and operated as ANA Hotel. The Raptis Group purchased the ANA Hotel in 2005.
In early 2009, Raptis Group’s subsidiary companies (Colryan Pty Ltd and Seasilver Hotels Pty Ltd), which owned the hotel management rights and its associated real estate assets, were placed into receivership with Ernst &amp; Young the receivers and managers.
The management rights sale was negotiated by Gold Coast based MR Sales.
Upon settlement, Outrigger Hotels and Resorts will own the management rights for approximately 10 years with a 10-year option.
In accordance with Outrigger’s corporate policy, the sale price remains confidential.
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US-based hotelier renews investment in Surfers Paradise

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One Campden Hill in Kensington, central London has been listed with a £75 million price tag. The real estate agents showing the property, Knight Frank and Savillis, are marketing it using computer-generated images giving an idea of what the house could look like once completed following an estimated £10 million makeover.
The 60-room former ambassadorial  residence on about 4,000 square metres has been empty since it was bought for about £17 million 10 years ago. The mansion was built in 1915, and in the early 1950s became home until 2001 to the Uruguayan ambassador.
Located between Kensington Palace and Holland Park, the house comes with reception hall; drawing room; dining room; library; study; kitchen; scullery; butlers' pantry; two kitchenettes; staff accommodation; 12 bedrooms; five bathrooms; linen room; plus separate three-bedroom cottage.
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A fixer-upper for £75 million

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Without giving the results away, the auction prices on the Channel Ten renovation series The Renovators were pretty ordinary, because the houses had been seriously overcapitalised within a short period of time.
Flipping property in quick time is a complicated task that tests even the experts.
So spending 20% of the purchase costs on renovation was always going to be a hard ask on resale.
The rule of thumb is to keep the reno spend to less than 10% of the value of a home.
The prices paid by the producers of the Channel Ten series were not excessive, but they went awry in their allowances.
They took the purchase price and then the stamp duty costs into their calculations before adding the 20% renovation outlay.
There were also extra prizes thrown into the mix, making the auction results that little bit more disappointing.
The respected renovation blogger Alex Brooks from RenovationPlanning.com.au says it's easy to spend more on the renovation than the increase it will deliver to the property.
Indeed she suggests that if the renovation will put your house near the top end of local market prices, you’d be better off selling and upgrading rather than paying more in building costs than you will gain in prices.
However, if the house was undercapitalised, it could be perfect for renovation. Brooks suggests undercapitalised houses are worth about 10% less than the area's median house price.
Obviously if the house only needs or gets cosmetic improvements without major structural changes, you are less likely to overcapitalise.
But of course the whole point of the television series was to stretch it out for the full three-month airing timetable duration.
Cutting corners and keeping it cheap wouldn’t have been the drawcard.
Selling Houses Australia, on The LifeStyle Channel presented by Andrew Winter, typically has three days to transform a home - on a budget of only 1% of the property's market price.
While the ratings for The Renovators was well short of expectations, that hasn’t stopped agents experiencing a dramatic increase in buy, renovate and sell project enquiries.
But buyers’ agent Patrick Bright suggests many are blissfully unaware of the true costs involved in renovating property.
“Whilst they are great entertainment, the biggest downfall from programs like The Renovators and The Block is that they don’t reveal to viewers the real cost of labour to make these improvements as well as the total costs associated with buying and selling real estate like stamp duty, legals, marketing and selling agents costs,” he says.
“The concept of buying, renovating and selling property as soon as the paint is dry can be profitable if executed correctly, however for most people is almost a guaranteed way to make a loss,” says Bright.
“Most would-be renovators who try to copy the formula seen on TV hoping to make a quick profit will end up bitterly disappointed and lose a lot of money.”
Following three months of hard work, August, Peter, Luke, Melissa, Natalia and Michael's houses will have their auctions broadcast tonight.

The winner will be the contestant with the property that has increased the most in value. They will take home the combined profit of each of the six houses after auction, which somehow just doesn’t seem fair.
For expert commentary and analysis on lessons to be learnt from property reality TV, <a target="_blank" href="https://register.propertyobserver.com.au/lights-camera-auction/">download our e-book Lights, Camera, Auction!</a>
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The Renovators broke the cardinal rule of overcapitalisation in pursuit of prolonging the reno drama

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{yoogallery src=[images/stories/october12fullerton]}
Stanley Park, a seven-bedroom 1897 landmark residence on 12 hectares in the greater Newcastle area near Port Stephens, has been listed for November auction.
It’s been offered to the market for the first time in over three decades. The waterfront property has views over Fullerton Cove from the house, which features wide wraparound verandas.
It’s set 20 minutes to Newcastle CBD.
“It’s unquestionably one of the area’s grandest waterfront estates,” its McGrath listing agent Simon Wall says.
More than $1.95 million is being sought at its November 12 auction.
It was owned by the beef-producing Smith family for many decades and more recently by the Laverick family. The Smiths also operated a dairy farm on the original 356 hectares.
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Historic Stanley Park near Port Stephens listed for November auction

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Joel Robinson

Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site

An 1880s timber cottage that has survived Kangaroo Point's transformation from riverside suburb to high-density apartment precinct is set to become the centrepiece of <a href="https://www.apartments.com.au/developers/zephyr">Zephyr Group</a>'s proposed Banksia development.

Rather than see the locally heritage-listed Alpha Cottage as an obstacle to navigate, plans integrate the landmark home into a new 18-storey residential tower, giving one of the suburb's oldest surviving residences a new role as the project's communal hub.

The development application covers a 1,177 sqm amalgamated site at 127-133 Lambert Street and 30 Shafston Avenue, where Zephyr Group plans to deliver 64 apartments above three basement levels. Designed by <a href="https://www.apartments.com.au/architects/joe-adsett-architects">Joe Adsett Architects</a>, the proposal carefully weaves the retained heritage cottage into a contemporary residential scheme, with the tower elevated above the historic building to preserve its presence within the Lambert Street streetscape.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="f9dc5bdb-d691-4c60-bf2b-c3ed405a3e75" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Banksia.png?VersionId=Jh4bjlewU.o8HXWt0V4KaFA_lPcF7KWM" />

Named after the native Australian Banksia flower, the project draws inspiration from its distinctive form through curved balconies, sculpted planter boxes and cascading subtropical landscaping that soften the building's profile.

As the design report explains: "The tower's identity is defined by its feature facade, drawing direct inspiration from the Banksia wildflower. The building departs from traditional rigidity through the use of elegant, GRC-moulded planter boxes that appear as if shaped by the breeze."

Plans propose 64 apartments, comprising 32 two-bedroom and 32 three-bedroom residences, across an 18-storey tower. Residents would have access to rooftop amenities including a swimming pool, spa, gym, sauna, private cinema, dining spaces and landscaped recreation areas, while more than half the site is dedicated to planting and open space.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="16041b5f-033e-47fa-8fbe-9886e072c1f2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pool.png?VersionId=kpx5w4EbLx0_TdWfDoD1vrSs0_cZ5Ao1" />

The heritage component is the defining feature of the proposal. Constructed in the early 1880s and occupied from at least 1883, Alpha Cottage is recognised by Brisbane City Council as an important surviving example of Kangaroo Point's nineteenth-century residential development and as a representative transverse-gable timber cottage. Despite extensive redevelopment across the peninsula, the building has retained a high degree of its original form and internal fabric.

As part of the redevelopment, the cottage will be carefully relocated a short distance within its original allotment to facilitate construction before being returned to a prominent position along Lambert Street. Original verandah elements will be dismantled, catalogued and reinstated, while significant internal features, including timber flooring, wall linings, joinery, doors, windows and hardware, will be retained. Later additions, including the enclosed rear verandah, will be removed to better reveal the building's original form.

Once restored, Alpha Cottage will accommodate the building manager's office, mail room and parcel facilities, providing an active everyday use that supports its long-term conservation rather than preserving it as a static display. The heritage strategy also maintains landscaped space around the building, allowing it to remain visually distinct beneath the new tower.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="43b027e1-576e-4624-a66c-7cc54ea8b7be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/banksia%20tower.png?VersionId=2W6E2yfkj2AQlWlLeV986grA5zB9f817" />

The Heritage Impact Assessment concludes that "the proposal secures the ongoing occupation, maintenance and conservation of Alpha Cottage," finding the development would result in "no more than a minor impact on the cultural heritage significance" of the building while ensuring its long-term future.

Joe Adsett Architects have designed the tower to sit above the heritage building rather than overwhelm it, creating a clear visual separation between old and new. The development's flowing balconies, integrated planting and organic façade respond to Brisbane's subtropical climate while complementing the restored cottage below.

Banksia occupies a prominent corner in Kangaroo Point within walking distance of the Kangaroo Point Bridge, Brisbane River, ferry services, QUT, the CBD and the Woolloongabba precinct. The site also benefits from direct access to active transport infrastructure and sits within an area earmarked for continued higher-density residential growth.

Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage

Buying into a masterplanned community often means committing to a vision still years from taking shape. At <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>, that vision is already visible.

Residents have moved into the completed first stage, landscaped spaces are established, and the next chapter is now underway. Stage 1 has been completed and settled, with Stage 2 now selling off-the-plan.

Designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> combines attainable apartment living with sustainability initiatives rarely seen at this price point, including rooftop solar, battery storage and a resident EV-sharing program.

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Located on Schofi​elds Road, just moments from Tal​lawong Metro Station and Schof​ields Train Station, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been designed to appeal to a broad mix of buyers, from first-home purchasers looking for a foothold in Sy​dney's property market to downsizers seeking a connected, low-maintenance lifestyle.

<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been conceived as a thoughtfully planned masterplanned community that will evolve over multiple stages, with buyers now able to secure one, two and three-bedroom apartments within a neighbourhood that is already beginning to establish its identity.

One of the project's defining features is its focus on sustainability. Solar energy systems, battery storage and future EV charging infrastructure have been incorporated throughout the development, reflecting a long-term approach to both environmental performance and everyday convenience.

Sustainability sits at the centre of the development's vision, with solar energy systems, battery storage and future EV charging infrastructure integrated throughout the community.

That emphasis on future-ready living extends beyond the technology. Landscaped communal gardens, outdoor gathering spaces and plans for a future retail precinct aim to create a neighbourhood where residents can access daily conveniences without travelling far from home.

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The apartments themselves have been designed with liveability front of mind. Rather than chasing maximum density, the focus has been placed on creating practical homes with generous natural light, usable layouts and strong connections to outdoor space.

Importantly, these design principles have been applied consistently across the one, two and three-bedroom apartment offerings.

The appeal of <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> is also closely linked to its location within Syd​ney's rapidly evolving north-west growth corridor. Over the past decade, major infrastructure investment has transformed the area, with new transport links, business precincts and community facilities reshaping suburbs like Talla​wong and Schofiel​ds.

The agent says buyers are increasingly recognising the area's long-term potential.

"Typical buyers that we're finding across <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> especially are your first-home buyers, your investors, your upsizers as well as your downsizers," Hawes says.

Connectivity remains one of the project's strongest drawcards. Residents have access to both Tallaw​ong Metro Station and Schofi​elds Train Station, providing links to the Sydn​ey CBD, Norw​est Business Park, Macquari​e Park and other major employment hubs. Retail centres including Rous​e Hill Town Centre and Sch​ofields Village are also nearby, alongside schools, parks and future healthcare infrastructure.

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For Stage 1 resident Roji, it is the balance between convenience and comfort that has defined the experience of living at Kew.

"For me, it's a balance of quality and convenience," she says. "Everything I need is right here."

"If I wanted to catch the train, Scho​fields Station is just around the corner. Tallaw​ong Metro connects me to the city."

More importantly, she says, the development has delivered something that cannot be measured in floorplans or specifications.

"<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> feels like home."

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As Stage 2 enters the market, that lived experience may be one of the project's strongest selling points. Buyers are not purchasing into an untested concept or a future promise. They are joining a community that is already taking shape.

Ongoing investment in transport, retail, healthcare and public open space continues to strengthen the appeal of Syd​ney's north-west growth corridor, while <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>'s established first stage provides buyers with a tangible sense of the community's future direction.

For a limited time, buyer can secure a new home at <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> with just a $10,000.

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Kew Tallawong: A growing community taking shape in Sydney's north-west

<a href="https://www.apartments.com.au/developers/freecity">Freecity</a> has received development approval for its 51-storey mixed-use tower at 153-157 Walker Street, North Sydney, set to be one of the tallest mixed-use residential-led buildings in one of Sydney’s most sought-after commercial and residential addresses.

Lodged as a State Significant Development Application (SSDA) through the Housing Delivery Authority (HDA) pathway and approved by the NSW Department of Planning, Housing and Infrastructure following a comprehensive public exhibition and submissions process, <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">the project</a> will deliver 296 apartments, alongside a 170-room, luxury hotel, activated retail and significant public domain improvements.

Situated just 200 metres from Victoria Cross Metro Station, on one of the largest developable sites in North Sydney, the development will rise to 234 metres, making it one of the tallest buildings in the suburb. With an end value of approximately $1.5 billion, the project responds directly to the NSW Government’s mandate to accelerate housing delivery in well-located, transit-connected areas.

<img alt="Freecity gets green light for mixed-use residential and hotel tower in North Sydney" data-entity-type="file" data-entity-uuid="192ec455-94bf-4e01-83ef-922b1b269d67" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20-%20Walker%20Street%20North%20Sydney%201%20RESIZED%20.jpg?VersionId=Bzqp0SBHCDvLAHjA4QXkjuGoOEIh73Jl" />

The apartment mix will cater to a broad range of buyers, with 65 studio and one-bedroom apartments, 139 two-bedroom residences, 35 three-bedroom apartments, 48 four-bedroom homes, and nine penthouses. Residents will have access to a dedicated amenity level on Level 33, featuring a swimming pool with views towards the Harbour Bridge, Sydney Opera House and North Sydney CBD, as well as a gym, library, shared kitchen, lounge and outdoor entertaining areas.

The hotel will occupy the lower six levels of the building and include meeting and function spaces, a wellness centre with gym, yoga studio, swimming pool and sauna, further strengthening North Sydney's growing hospitality offering.

At ground level, the development has been designed to improve pedestrian connections through the precinct. More than 700 sqm of retail space will activate the street frontage, while a landscaped through-site link connecting Walker Street, Little Walker Street and Doris Fitton Park will provide new public open space with seating, paving and extensive native landscaping.

Freecity Group Co-Founder and Joint CEO Tony Sun said the project represents one of the most significant development opportunities currently available in North Sydney.

"This is one of the most significant development sites in North Sydney and it comes at a pivotal moment for the precinct," Sun said.

"North Sydney is undergoing a genuine transformation, and this project will contribute housing the city urgently needs while creating a landmark destination."

Executive Director of Development Michael Romano said demand for both residential and hotel accommodation would continue to strengthen as the Metro precinct matures.

"The structural demand for high-quality housing and hotel accommodation in North Sydney is compelling, and will only grow as the precinct continues to evolve around the new Metro station," Romano said.

Architectus has designed the tower, orientating the apartments to maximise views towards Sydney Harbour while introducing a sculpted façade intended to respond to light, wind and the surrounding skyline.

Architectus Principal Marko Damic said the design sought to create a tower that contributes to the public realm as much as the skyline.

"We wanted to design a tower that doesn't just sit in the skyline but actively participates and contributes to city life," Damic said.

First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and <a href="https://www.apartments.com.au/developers/perifa">PERIFA</a> have celebrated the topping out of <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf,</a> marking a significant milestone in the delivery of one of Syd​ney's most anticipated waterfront communities.

Located on Sydney's harbourfront at <a href="https://www.apartments.com.au/developments/putney-nsw-2112">Putney</a>, the project has now reached its highest structural point, with construction progressing strongly towards completion in 2027. 
&nbsp; 
The milestone was celebrated on-site with project partners Phoenix Property Investors, Mitsubishi Estate Asia, Versatile Construction, <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, consultants and stakeholders, to recognise the collective effort behind the transformation of the historic waterfront site into a vibrant new residential, marina and lifestyle destination.

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<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will deliver a mix of waterfront residences and terraces, complemented by a private 36-berth marina, waterfront dining opportunities and a revitalised foreshore designed to reconnect the community with the river's edge. 
&nbsp; 
Abadeen Executive Chairman and Founder Justin Brown said the project represented a rare opportunity to create the next chapter in Sydn​ey's long history of successful waterfront precincts. 
&nbsp; 
"Throughout Sydney, some of the city's most sought-after addresses have emerged from carefully considered waterfront precincts such as Woolloom​ooloo Wharf, Walsh Bay and Breakfast Point," Brown said.

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"What makes these places so successful is that they become much more than residential developments," Brown said.

"They bring together homes, hospitality, marina facilities, public spaces and a strong sense of community in locations where future supply is incredibly limited."

Brown has long described absolute waterfront land in Sy​dney as "finite."

"Once these opportunities are developed, they are rarely replicated. That's why Syd​ney's waterfront precincts have consistently demonstrated strong demand and long-term value growth over many decades. 
&nbsp; 
"<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is one of the few remaining opportunities to secure a residence within a masterplanned waterfront community that combines direct water access, marina ownership opportunities and a genuine village lifestyle just moments from the Sy​dney CBD."

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&nbsp; 
PERIFA Founder and Managing Director Fabrizio Perilli said the project reflected a shared commitment to delivering exceptional places that create long-term value for residents and the broader community. 
&nbsp; 
"The topping out milestone is a significant achievement for the Versatile Group and a testament to the collaboration between all project partners, consultants and contractors involved," Perilli said. 
&nbsp; 
"Beyond the residences themselves, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will establish a new waterfront destination that celebrates the history, character and lifestyle of this unique location while creating a lasting legacy for future generations."

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Construction is being delivered by <a href="https://www.apartments.com.au/builders/versatile">Versatile Construction</a>, with structural works now substantially complete across the precinct. Attention will progressively shift to the construction of the waterview terraces, apartment façades, services and interior fit-out works over the coming months. 
&nbsp; 
With limited residences and marina berths remaining, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> continues to attract strong interest from owner occupiers and downsizers seeking a premium waterfront lifestyle within close proximity to Putne​y Village, Rh​odes, Top Ry​de and the Syd​ney CBD. 
&nbsp; 
As one of the last opportunities to secure a residence within a new masterplanned waterfront community on Sy​dney Harbour, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is expected to remain a highly sought-after address for years to come.

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Jonathan Chancellor

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