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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.
</body></html>

Major banks intensify battle for borrowers with home loan rate cuts

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Larry Schlesinger

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