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Designing a fashionable evening gown for Miranda Kerr or Megan Gale is one thing, developing apartments that appeal to off-the-plan investors is another as Alex Perry has found out.
Two years after launching Alex Perry Residential in Fortitude Valley complete with models, champagne and canapés, the 11 level apartment block planned for 959 Ann Street has yet to proceed to construction.
And ambitious plans for nine <a href="https://www.alexperryresidential.com/gallery/" target="_blank">Alex Perry-inspired apartments </a>to be rolled out across Australia by 2021 haven't eventuated.
When first launched in mid-2011 with the fanfare attached to the fashion designer, construction of Alex Perry Residential was pencilled for January 2012, but was then put back to the end of 2012 following a re-design.
The redesign pulled out the expensive three-bedroom apartments and replaced them with one-bedroom apartments as part of a proposal that would to turn 77 out of the 143 apartments into serviced apartments. The website now lists a 2014 estimated completion date.
Construction is now set to begin in the final quarter of 2013, but subject to enough sales being achieved to satisfy the financiers of the development.
A December 2012 report on the project said one-bedroom apartments started from $350,000 and two-bedroom apartments starting from $513,000, ranging in size from 47 square metres to 81 square metres with a guaranteed rental return of 7%.
Developer Chrome Property did not provide a sales update to Colliers International for its March quarter inner Brisbane apartment report.
Colliers records just 40 apartments have been sold off-the-plan out of 143 in the $75 million project.
The top Fortitude Valley seller over the quarter was David Devine’s Central Village with 67 off-the-plan sales over the March quarter for Cambridge Towers, the first stage of the $450 million development, currently under construction.
Rod Fiddler, managing director of Xede Property Development Services, the project director of Alex Perry Residential, told Property Observer, they are “not in the business of publicly declaring sales results as these are too often manipulated or misinterpreted”.
Fiddler says the project has received development approval with a builder appointed.
“Sales are continuing and we are progressing towards financiers’ pre-sales targets."
He says construction is targeted to commence “this side of Christmas with demolition as early as September 2013."
Alex Perry’s involvement in real estate development dates back to 2008 when he lent his design expertise to the interiors of the doomed nine-apartment project at 10 Wylde Street, Potts Point, developed by Ashington, which collapsed in 2010.
The project’s promotion was originally handled by public relations firm Baker Brand, which says it is no longer involved in the project.
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Apartment development still not all that fashionable for Alex Perry

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Expectations that the Melbourne property market will enter a period of sustained downturn after being one of the strongest performing capital city housing markets, post-GFC, have not come to fruition.
The most recent RP Data-Rismark report to the end of July has Melbourne dwelling values up 6.8% since the housing market bottomed out in May last year.
While concerns remain for certain sectors of the market, such as the oversupplied Docklands apartment market and house and land estates on the fringe, the overall trend appears upwards.
Housing trends:
Indeed the market is performing better than most predicted, though the extent of the improvement depends on where you source your data.
The most recent report released by Australian Property Monitors (APM) has the Melbourne median house price up 5% over the June quarter to $554,000 and 6.1% year-on-year.
Unit prices have grown more modestly, up 3.7% over the June quarter and 4.2% year-on-year to a median price of $412,000.
Putting this into context, both sectors of the residential market have already far exceeded APM’s own forecast of between zero and 3% for Melbourne over the entire calendar year.
The Real Estate Institute of Victoria recorded a 2.4% increase in Melbourne house prices over the June quarter to $562,000 – 8.4% up on the same quarter last year with unit prices up 2.8% and 5.7% respectively to $464,500.
July figures from RP Data- Rismark (one month ahead of the other providers) has Melbourne house values up 2.5% over the July quarter to $530,000, and up 4.4% over the previous 12 months with units up a more modest 1.2% for the quarter and 3.1% year-on-year with a median value of $435,000.
Removing the dissonance in the data due to different methodologies the clear trend is of an upward momentum in the Melbourne housing market.
Commenting on the APM figures, senior economist Andrew Wilson says of the Melbourne housing market that it “continues to benefit from low interest rates and restored confidence, with solid buyer activity continuing this year”.
“Sales activity continues to be generally spread between price sectors and regions, with investor activity also on the rise."
“An increase in first-home buyer activity was generated by the recent changes to the state government grant, which expired for the purchase of established properties at the end of June, bringing forward significant demand."
Other property data also points a strong market with the auction clearance rate in June at 69% compared with 55% a year ago, and the average discount to secure a sale falling from 7.7% to 6.6% over the past 12 months to June.
RP Data records that it takes 44 days for a Melbourne house to sell and 51 days for a unit to sell – a little bit longer than Sydney (33 days and 31 days respectively) but quicker than it takes to sell a house or unit Brisbane, Adelaide, Perth, Hobart or Darwin.
Other figures also suggest a modest upswing with 4% home loan growth over the first five months of the year to owner occupiers, above the national average of 2.5%, according to seasonally adjusted ABS data.
But putting this into context, NSW recorded a 13% rise in housing finance from January to May while Queensland managed 9.1%.
The most recent dwelling approvals data recorded a 24% fall over June, though this may be due in part to changes in first-home buyer grants favouring those buying new homes only from July 1 - though the overall longer term trend is a declining one for units with Melbourne coming off its peak apartment development phase in areas like Docklands, the city and Southbank.
Hotspotting.com.au’s Terry Ryder says the figures coming out of Melbourne are “no indication” of a real estate boom but that the market is rising at a steady and sustainable pace.
 
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Economic trends:
Broader factors – economic growth unemployment, population growth, retail spending - all impact on demand or appetite for residential property.
In this regard, Victoria is performing adequately on some measures while poorly on others.
Importantly, the state’s population – a key driver of housing demand - is expanding by 1.8% per annum in line with the national average.
Victoria’s unemployment rate increased from 5.4% in May to 5.8% in June, just above the national figure of 5.7% and above that of NSW (5.4%) and Western Australia (4.6%) but lower than Queensland (6.4%), South Australia (6%) and Tasmania (8.9).
Annual retail sales growth is weak, up 0.8% in Victoria compared with 2.9% nationally while the Victorian economy is only expanding at 0.9% per year compared with 3.7% national GDP growth.
Putting this all together suggests there are some factors positively impacting on demand for housing and others reducing demand – supporting a moderately improving scenario.
Hits and misses:
Property market analyst Catherine Cashmore calls Melbourne an “unbalanced market” noting that the biggest gains in price have been recorded in the inner and middle regions of the city – principally, the auction-dominated terrains – with the outer suburbs remaining stable.
“It’s not quite the rampant atmosphere experienced in 2007 during which the lending frenzy leading up to the GFC was pushing excessive amounts of easy credit into the market. Prices are still well below their peak and results patchy,” she says.
Cashmore believes a number of economic and social factors have combined to push it well and truly into a sellers' domain.
Figures compiled by APM show that growth in the Melbourne market has been far from uniform with growth ranging from just 1.9% in the far south east to 9.3% in the over the past financial year.
Other strongly performing regions of Melbourne were the inner city (7.3%), west (7.2%) and inner east (6%).
Weaker returns were in the inner south east (3.5%) and north (3.7%)
However, the idea pushed by many market commentators and estate agents that investing in the inner city offers the best prospects for growth is not true, according to Terry Ryder.
He points out that most of the top performing suburbs over the past 10 years are outer Melbourne suburbs led by <a target="_parent" href="/news">Waterways</a> (median house price of $695,000 up 11.8% per annum) and <a target="_blank" href="/news">Narre Warren North</a> (median price of $763,000 up 9.3%) while the weakest markets were <a target="_blank" href="/news">Docklands</a> (median of $618,000 up 2.3%), <a target="_blank" href="/news">Parkville</a> ($606,000, up 2.4%) and <a target="_parent" href="/news">East Melbourne</a> ($655,000, up 3.1%).
 
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Should you avoid buying an inner city apartment?
Terry Ryder cautions against investing in an apartment in <a target="_blank" href="/news">Docklands</a>, <a target="_blank" href="/news">Southbank</a> or in the city due to an oversupply of new apartments, which he says is only going to get worse.
The vacancy rate in Docklands stands at 7.6%, it’s 8.9% in Southbank and 6.5% in the CBD compared with a Melbourne-wide vacancy rate of 2.9% according to SQM Research data.
Ryder says there are currently 300 apartment projects being marketed in these locations with 35,000 units planned.
“Developers are offering free marina berths, stamp duty rebates, furniture packages to entice buyers,” he says.
Similarly views are held by valuers at Herron Todd White, who in their latest monthly review write that “evidence continues to emerge of an over-supply of units in the development pipeline, particularly in the metro area.
“A large proportion of the demand is coming from overseas. Most foreign buyers are only able to buy off-the-plan, so when it comes to selling your market pool has shrunk considerably.”
So where are the hotspots in Melbourne?
Ryder suggests more affordable locations further out from the city with growing populations, good transport connections to the city and with good employment opportunities.
His recommendations include <a target="_blank" href="/news">Frankston</a>, an affordable Bayside suburb with a median house price of around $330,000 and units at $260,000. The suburb has rail links to the CBD as well a good motor link connections following the opening of the Peninsula Link. Property prices are rising by around 7% per annum.
He also picks the Epping precinct including <a target="_blank" href="/news">Lalor</a>, <a target="_blank" href="/news">South Morang</a>, <a target="_blank" href="/news">Thomastown</a> and <a target="_blank" href="/news">Craigieburn</a> due to their affordability, railway and motor links and job opportunities.
Another good option is <a target="_blank" href="/news">Berwick</a>, which has lower vacancy rates, average growth in house prices of 6.5% per annum and with Casey Hospital, Monash University and TAFE campus providing good employment prospects.
“Steer clear of the inner city apartment market and concentrate on affordable housing markets in the middle and outer ring suburbs,” says Ryder.
Picture of Melbourne courtesy of eGuide Travel.
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Melbourne in the housing spotlight: Are there any spring 2013 hotspots?

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<img src="/images/stories/2013/08/wbp-logo.jpg" width="317" height="87" alt="wbp-logo" style="display: block; margin-left: auto; margin-right: auto;">
Agent: Phillip Walters

<img src="/images/stories/2013/08/Phillip_Walters_-_Head_shot.jpg" width="200" height="200" alt="Phillip_Walters_-_Head_shot" style="float: right;">Position: Senior Property Manager
Company: WBP Property Group

Office location: Melbourne
How long have you been in the industry? <ol></ol>
I started in Real Estate over thirty years ago and have worked in various areas of property during my career. I had my own retail business for nine years but even during that time I worked as a consultant helping people with commercial property.  
What’s happening in the area you specialise in? <ol></ol>
Lately we seem to be helping people with relocations, expansions and generally helping people to adapt to the new economic environment. We have just completed a national rollout for one of our clients as their business expands.
We have a number of Retailers wanting to down-size as they alter their buying practises to compete with internet traders. We have negotiated a number of short term abatements and brought the retailers back to paying full rent thus helping the retailers’ cash flow and maintaining the capital value of the asset. Sometimes these are difficult decisions however our advice was not to go to market to secure a new tenant as the market was too soft. The Landlord was facing the inevitable of losing some money but our strategy protected the capital value. We didn’t give any advice until we had drilled down into the retailers business and financial situation.  
Describe the most interesting property you have managed <ol></ol>
There is no one property that is the most interesting.
Milleara Shopping Centre had four years worth of outgoings to reconcile, leases that needed clarifying in order to determine no recoverable outgoings and percentage rents. These issues went to the heart of the value of the centre. After determining the true income, I worked with Esanda, the selling agent, the buyer and the solicitors through the due diligence to settlement.  
Lansell Plaza in Bendigo had quite a few issues. On the whole the retailers were trading at one third the national average for retailers in similar centres. I worked on design issues, centre layout, leasing strategies, finishes and the centre’s amenities. We identified issues from our own observations as well as focus groups and detailed research. On completion of the redevelopment within twelve months the retailers traded in line with the national averages.  
Marysville business incubator was the most satisfying. Marysville had been completely devastated by a bush fire. Only a few buildings remained. I worked as a consultant with State Government, Treasury and Finance to alter an existing shed that had survived largely intact and turn it into a supermarket and business incubator. I set it up to function a bit like a shopping centre and established the building to government standards. I worked with the locals and trained a local real estate agent in the rudimentary skill of managing a centre. I am still in contact with these inspiring people.  
What are the ingredients to being successful in your job? <ol></ol>
Look at the facts, the legal frame work we work in and the potential for everyone to make money. Exit strategies are an important part of a leasing strategy and managing the whole process is a responsibility we have to our tenants and Landlords alike and key to maximising returns. Everyone is keen to focus on the leasing component but often not sure how to talk to sitting tenants about exiting or giving up space to create more opportunity. A lot of this comes from experience.  
What aspects of your role do you enjoy the most? <ol></ol>
Being an agent for change when the change makes everyone money.  
Where would you invest a spare $750,000? <ol></ol>
There are a number of standalone shop fronts and factories where the zoning is about to change and allow office uses. I would be targeting well positioned opportunities for potential development where you can get a good passing rent in the mean time.  
Which football team do you support? <ol></ol>
Next question! Richmond have been on the comeback trail since I was a teenager.  
What’s your favourite app or techno gadget? <ol></ol>
IPhone, a love hate relationship. I hate it when it goes off at inconvenient times then love it because I can resolve issues immediately. I can reply to emails, search the internet for quick answers and call anyone I need on my contact list. Then get back to my coffee within minutes of an issue blowing up.  
How do you use social media? <ol></ol>
Facebook and linkedin, truth be known, Facebook so I can keep an eye on what everyone else is up to and linkedin I am still fairly new to. Isn’t twitter what birds do? The new social media in real time that I am yet to embrace.
Twitter account: <a href="https://twitter.com/WBP_PropertyGrp">https://twitter.com/WBP_PropertyGrp</a>
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In profile: WBP Property Group's senior property manager Phillip Walters

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Brisbane property development icon David Devine continues to have the Midas touch in Brisbane’s Fortitude Valley.
Devine’s Metro Property Development group recorded 67 off-the-plan sales over the March quarter for Cambridge Towers, the first stage of its $450 million Central Village development in Fortitude Valley making it the top seller by some margin, according to the latest inner Brisbane apartment update from Colliers International.
Now under construction, Metro had sold 92 out of 165 units in the development as of the end of the March quarter.
In a release earlier this month, Metro said it had sold 80% of the 160 apartments in Oxford Towers, stage two of the project, with one and two bedroom apartments ranging from $275,000 to $575,000.
On completion Central Village will comprise five towers and approximately 970 apartments. The project is expected to take approximately five years to complete.
Metro Property Development general marketing manager Peter Hobbs attributed the success of Central Village to its high level of amenity, combined with its affordability and expects sales volumes to remain strong through the year.
“The market is definitely on the rise and buyers are looking to strike while the iron is hot,” he said.
“Interest rates are at a 53 year low in Australia and Fortitude Valley is one of only three Brisbane inner city suburbs offering rental yields in excess of 6%. This growth in rental returns is mainly due the fact that vacancy rates in Fortitude Valley currently sit at under 1%.”
<img src="/images/stories/2013/08/fortitude-valley.jpg" width="470" height="627" alt="fortitude-valley">
 
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Devine has been hugely successful with another Fortitude Valley project Brooklyn on Brooks, 88% sold and under construction and Madison Heights in nearby Bowen Hills 93% sold and also under construction.
David Devine told Property Observer in November last year that Metro’s ability to offer apartments to investors that qualify for the federal government’s <a target="_blank" href="https://www.propertyobserver.com.au/queensland/nras-and-smsf-investors-helping-keep-inner-brisbane-off-the-plan-market-afloat-david-devine/2012112858155">national rental affordability scheme (NRAS) </a>and that appeal to investors acquiring property through their self-managed super funds are key reasons for his success to date. The other top selling projects over the March quarter were Lend Lease’s Showground Hill project on the site of the RNA Showgrounds in Bowen Hills with 19 sales recorded and 197 out of 288 apartments sold. The apartments are part of a major redevelopment of the showgrounds, which include a business park, retail precinct, fresh food market and convention centre.
Belise being developed by Reed Property Group managed 13 sales over the first three months of the year with 100 out of its 228 one, two and three bedroom apartments now sold.
However, the much touted Alex Perry Residential development, which hit the market more than two years ago complete with supermodels and paparazzi, continues to struggle with developer Chrome Property providing no update on off-the-plan sales to Colliers International.
Colliers International records 40 apartments sold to date out of 143 for a project which was first marketed in May 2011 and is now being managed by property development services group Xede, after being re-jigged with three-bedroom apartments replaced with one bedroom apartments and more than half of the 143 apartments to be sold to investors as serviced apartments.
Xede managing director Rod Fiddler told Property Observer the project had received development approval with a builder appointed.

“Sales are continuing and we are progressing towards financiers’ pre-sales targets.

“We are not in the business of publically declaring sales results as these are too often manipulated or misinterpreted," he said.
“Construction is targeted to commence this side of Christmas with demolition as early as September 2013,” he said.
Colliers International says there are 30 apartment developments under way in inner north precinct, which incorporates Fortitude Valley, Bowen Hills, Albion, Hamilton, Kelvin Grove, New Farm, Newstead and Tenerife just north of the Brisbane River and makes up more than half of the inner Brisbane market.
It says demand for new apartments across the inner north was moderate over the first quarter of 2013 following a period of robust sales rates during the preceding year.
Construction image of Central Village (14/8/13):
<img src="/images/stories/2013/08/live-construction.jpg" width="470" height="313" alt="live-construction">
 
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There were approximately 880 unconditional sales reported during 2012, representing a 2% increase in the previous highest volume from 2010.
<img height="207" width="470" src="/images/stories/2013/larry_uploads/brisbane_new_apartments.jpg" alt="brisbane_new_apartments">
Annual sales over the 12 months to March 2013 were around 840, comprising around 52% of the inner Brisbane market.
“Owing to a large proportion of one bedroom investment stock sold, the weighted average sale price remains the lowest amongst all precincts in inner Brisbane at $495,000. This was punctuated by the number of unconditional sales under $450,000, accounting for 52% of the total,” says Alex Beer, researcher and analyst at Colliers International.
Colliers counts 1,263 apartments for sale in the inner north another 1,028 apartments that could potentially be released for sale in the coming year.
“This level of new supply is not expected to have an adverse effect of demand as results from preceding quarters show that new releases onto the market often see sales increase,” says Beer.
As an example, over the fourth quarter of 2011, there were 445 new apartments released to the market, yet it still recorded the highest number of unconditional sales in the precinct over the last five years.
Overall, the outlook for the inner Brisbane apartment market has firmed with more than 540 off-the-plan sales recorded in the March quarter – the first time quarterly sales have exceeded 500 in almost a decade.
The total future development pipeline as it currently stands is estimated at between 4,500 and 5,000 apartments.
However, in the short term, Colliers International forecasts indicate there could be as many as 810 apartments released in the next year.
“The market has been receptive of newly released projects over the past 12 months with an average absorption rate of 113 unconditional sales per quarter across the seven projects that were released in the year to the March quarter of 2013,” says Beer.
 
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David Devine remains apartment king of Fortitude Valley 

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Chiropractor Luke Smith has taken up the last available retail space in Colonial First State's 367 Collins Street office tower in the Melbourne CBD, known as the Optus Centre.
Smith, part of the Queen Street Chiropractic practice, has leased a 119 square metre shop paying gross annual face rent of $336 per square metre ($40,000 per annum).
The space has been sub-leased from the Commonwealth Bank for three years commencing from June 15.
The lease was negotiated by Ben Tremellen, manager of retail leasing at Colliers International.
Tremellen notes that this is the last remaining retail tenancy within the lobby of the Optus Centre. 
"The building is well serviced by numerous public transport options including trams traversing Collins Street and Elizabeth Street and trains from Spencer Street and Flinders Street Railway Stations. 
"In addition to the substantial amounts of building pedestrian traffic, Collins Street itself benefits from enormous amounts of daily pedestrian traffic – approximately 10,000 people," he says.
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Chiropractor takes up last retail space at the Optus Centre on 367 Collins Street office

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Bendigo Bank will cut its residential variable home loan interest rate by 25 basis points. to 6.01% per annum from August 26.
Bendigo and Adelaide Bank managing director Mike Hirst said the adjustment aims to find a fair balance for all of the bank’s key stakeholders.
Customers with an average variable home loan of $250,000 will see their repayments decrease by $40 a month (principal and interest home loan over 30 years).
Outside of the big four banks, Bank of Queensland and Suncorp have both announced they will cut their home lending variable rates by 25 basis points since the RBA cut the cash rate to 2.5% on Tuesday.
Suncorp Bank’s standard variable rate will drop to 5.99% p.a on August 26.
Bank of Queensland’s standard variable rate will drop to 6.01% p.a on August 27.
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Bendigo passes on full rate with 6.01 standard variable rate from August

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The housing market is one of the bright spots in an economy that continues to perform "below trend" the RBA has said in its monthly monetary policy statement.
The economy is now expected to grow by 2.25% this year down 0.5 percentage points on an earlier May forecast. Growth is expected to pick up to 2.5% for the 2013/14 financial year.
The RBA reports a "slightly weaker" global economic outlook than a few months ago "reflecting, among other things, the assessment that growth in China is now unlikely to pick up much, if at all, in coming quarters" and that the Australian economy has performed "below trend over the first half of this year".
In addition, the RBA notes "softer conditions in the labour market", "softer growth in incomes" and "weak growth of consumption over recent months" as the Australian economy transitions away from mining investment to non-mining sectors.
But "in contrast", the RBA said that "conditions in the housing market continue to improve".
"Dwelling prices increased further in recent months and auction clearance rates remain high.
"This has been accompanied by an increase in housing loan approvals in response to low interest rates.
"These factors, along with strong population growth and the relatively low level of dwelling investment for some years now, point to a continued rise in dwelling investment in the period ahead.
"Indeed, residential building approvals, especially for detached housing, increased in the June quarter and it seems likely that this will continue," says the RBA.
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Housing market conditions improving: RBA

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ANZ has announced it will pass on the full RBA 25 basis point cash rate cut to its variable rate borrowers following its monthly independent interest rate review.
Effective August 16, ANZ’s standard variable rate will reduce to 5.88% per annum (5.98% comparison rate).
The decrease will save customers about $58 per month or $700 per year for the average home loan of $280,000, says ANZ.
It means all the major banks have now passed on the rate cut in full, with Westpac passing on 28 basis points to bring it nearer in line with its rivals.
<table style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px; border: 1px solid #666666; margin: 0px; border-collapse: collapse; color: #000000;" border="1" cellspacing="0" cellpadding="0"><tbody>
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Lender
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<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">
New standard variable rate
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<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">
Effective date
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<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">
NAB
</td>
<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">
5.88%
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<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">
August 12
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</tr>
<tr>
<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">ANZ</td>
<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">5.88%</td>
<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">August 16</td>
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Commonwealth Bank
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<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">
5.90%
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<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">
August 14
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</tr>
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Westpac
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<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">
5.98%
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<td style="padding: 0px 5px; border-width: 0px;" valign="top" width="205">
August 19
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ANZ passes on RBA rate cut in full with 5.88% standard variable rate from August

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While it could hardly be called “fast-tracked” the pace of signficant investor visas issued by the Department of Immigration appears to have picked up of late.
The department has now issued 10 so-called “golden ticket” visas which are available to wealthy offshore investors who are able to invest $5 million in compliant schemes including commonwealth and state bonds and managed investment schemes.
A spokesperson could not say where they have been issued but are likely to be in Victoria and NSW given the pattern of visa applications to date.
This is up from just two issued between the November 24 start of the SIV scheme and July this year – one to a Chinese toy manufacturer investing in Victorian state bonds and another to an Asian investor making compliant investments in Queensland.
Despite the issue of eight visas over the last month, the Department of Immigrations has more than 300 applications to assess and it could be months or even years before some are approved.
Between November 24 and June 30, the Department of Immigration has received 544 expressions of interest from offshore investors and has invited 409 investors to submit applications.
Of those invited to apply for the visa, 305 have lodged applications with NSW (138) and Victoria (129) getting the vast bulk of these followed by Queensland (24), WA (16) and three in South Australia.
In June, the Department of Immigration told Property Observer it would take between six to nine months to process applications under a "business as usual" scenario.
Direct property investment is not among the qualifying investments under the program, but indirect property investment is possible with the likes of property fund manager Centuria offering investment in its unlisted property trusts that are now compliant.
In addition, the wealthy individuals who qualify for visas are in the market for expensive prestige real estate in Sydney, Melbourne and Brisbane with reports that some are looking for waterfront homes in the $30 million plus price bracket.
In June Macquarie Bank launched a new investment fund specifically targeted at providing SIV-qualifying investment options.
Others to offer complying investments include financial services group IOOF.
Last month, the Financial Standard reported that fund manager Legg Mason was packaging its four Significant Investment Visa (SIV) complying funds as a ready-made solution for private wealth advice firms.
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Significant investor visa numbers finally hit double figures as fund managers ramp up compliant offerings

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As the pace of mortgage lending picks up amid the cash rate at a new record low, competition among the major banks for borrowers is intensifying.
The most recent June ABS housing finance data reported a larger than expected 2.7% rise in owner occupier home loan commitments over the month and a 12.7% rise of the past financial year.
This desire to grow mortgage lending was apparent in the swiftness with which three of the four major banks announced their interest rate decisions after the RBA cut the cash rate to 2.5% on Tuesday.
NAB’s announcement to pass on the full rate cut came just a few minutes after the 2.30pm RBA announcement with Commonwealth Bank and Westpac both revealing their decisions before 4pm.
In previous RBA announcements, the major banks have taken days to pass on rate cuts in some instances, while also not passing on the rate cut in full.
Only ANZ, hamstrung by its independent interest rate decision on the second Friday of every month, could not make an immediate announcement, though it did announce its decision to pass on the full rate cut earlier than usual today (the bank also passed on 27 basis points in May, the only major bank to offer more than the RBA's 25 basis point cut).
The eagerness of the major banks to announce their rate decisions was matched by their willingness to pass on the rate cut in full, or in the case of Westpac to pass on more than the 25 basis points with a 28 basis point reduction.
Westpac also announced that it had cut its one-year fixed rates by 0.45 percentage points to 4.99% and its two-year fixed loans by ­0.10 percentage points to 5.09%.
The Commonwealth Bank announced yesterday that it was also cutting the interest rate on its three-year fixed rate home loans by 10 basis points to an enticing 4.89% per annum.
Australia’s biggest mortgage lender also pledged to beat the advertised rates on one-to-five year fixed rate home loans from its major bank rivals and Westpac subsidiary banks St George, Bank of Melbourne, and Bank SA for the next seven weeks.
The pledge ends on September 30 – just one day before the RBA meets to decide on interest rates on October 1.
While economists expect the RBA to hold fire on September 3 just four days before the federal election, a rate cut on October 1 is an outside possibility.
The timing of announcements and the more generous fixed and variable offers of Westpac and Commonwealth Bank suggest funding costs have eased and competition is set to heat up.
NAB’s head of personal banking, Gavin Slater, said the bank was committed to “being competitive and providing certainty for customers in the current economic environment”.
His counterpart at Westpac Jason Yetton said the bank was “delighted” to offer the 28 basis point rate cut also pointing out that Westpac’s home loan rates are now at their lowest level since October 2009.
He added that the bank had seen increasing signs of buyers returning to the housing market and that "the latest interest rate reduction would help support both new purchasers and existing homeowners".
The Commonwealth Bank’s acting head of retail banking, Clive van Horen said customers also were “increasingly looking to lock in a competitive rate” adding that some of the bank’s fixed home loan rates are now at 20 year lows.
ANZ has also been keen to stress the growth of its home loan business, taking exception to an article which appeared in AFR Boss magazine criticising its super regional growth strategy at the expense of its Australian business
The bank’s spokesperson Paul Edwards issued a statement highlighting that APRA banking data shows that ANZ has grown its share of the Australian mortgage market for 13 consecutive quarters rising from 14.1% to 14.8% since December 2007.
However the size of the major bank's mortgage books and their reliance on home loans has been criticised by Don Argus, the former boss of NAB, who warned that the major banks were starting to resemble building societies and were putting the economy at risk in comments reports by the Australian Financial Review.
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Major banks intensify battle for borrowers with home loan rate cuts

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Joel Robinson

Elevated amenity anchors daily life at Aeris, Melrose Park

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

Larry Schlesinger

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