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Commercial property investors will be offered the opportunity to invest in a new $129 million unlisted property trust comprising office and industrial buildings in Adelaide and Melbourne created by Queensland-based A-REIT Cromwell Property Group.
Cromwell will seek to raise $77 million from investors for Cromwell Property Trust 12, which is contracted to acquire three assets from EPC Pacific, a direct property, investment and development division of the Pacific Group of companies.
The assets comprise an existing $25.5 million office building in South Melbourne, a $70.3 million office building under construction in Dandenong, Victoria to be leased to the ATO and a $32.3 million industrial building under construction in Direk, South Australia.
All three buildings are 100% leased with weighted-average lease expiries (WALEs) ranging from six years to 20 years.
The combined value is approximately $129 million, with the majority of the purchase price for the under construction assets payable as each is completed.
The launch of the new unlisted trust follows the successful completion of the Cromwell Box Hill Trust which closed early and oversubscribed in April 2013.
Cromwell anticipates strong demand from direct retail investors and financial advisors for the new Trust.
"The quality of the asset portfolio, size, and acquisition structuremake them ideal assets for a new unlisted property trust which will build on the success of Cromwell’s previous unlisted trusts," says Cromwell CEO, Paul Weightman.
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lschlesinger-FZcF9M3vE6

Cromwell launches new $129 million unlisted property trust

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First-home buyers will not reap any benefits from record low interest rates if developers don’t bring new stock to market, according to Yellow Brick Road’s Mark Bouris.
Bouris told David Koch on Sunrise that he hoped that in the current circumstances property developers would supply more new property to the market.
“If they do more developments there is more choice for people,” says Bouris.
“But if that does not happen, all that will happen is the prices will rise and the saving that new buyers would ordinarily get from an interest rate cut will be cancelled out because prices will adjust for it,” he says.
Overall, he expects little impact on the economy from the rate cut, commenting that since the GFC people “don’t actually go and spend the extra money they have in their pocket” so “we are not getting the stimulus in the economy we would ordinarily get”.
According to Bouris, the rate cut could spark a price boom, but not necessarily a transaction boom.
His advice to borrowers is to ask their banks what is the biggest discount they can offer them against their advertised rate.
“The rule thumb should be at least a 50 basis point discount with some lenders offering up to a full 100 basis point discount.
“But if you don’t ask you won’t get it.”
For those considering a fixed-rate home loan, he suggests they wait until the big banks bring out their next fixed-rate offerings – not to take up what they currently offer.
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House prices will rise unless developers bring new stock to the market: Mark Bouris

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The decision by the RBA to cut the cash rate to a new record low of 2.5% will have many borrowers re-assessing their current mortgage and pondering whether now might be right time to fix their home loan rate.
Mortgage comparison website <a target="_blank" href="https://Mozo.com.au">Mozo.com.au</a> has compiled a list of some key insights that will help guide your thinking on this issue:
<img alt="numberonejuly11" height="44" width="35" src="/images/stories/2013/07/NUMBERS/numberonejuly11.jpg"> Assuming all lenders cut rates by 25 basis points, the average variable rate for a typical $300,000 home loan will drop to 5.28% in August.  <img alt="numbertwojuly11" height="41" width="35" src="/images/stories/2013/07/NUMBERS/numbertwojuly11.jpg"> Even though variable rates are set to hit new lows this month, the top variable rate on the market is still likely to be at least 50 basis points higher than the lowest current fixed rate (3.99% one-year fixed rate from The Greater Building Society). <img alt="numberthreejuly11" height="46" width="35" src="/images/stories/2013/07/NUMBERS/numberthreejuly11.jpg"> We’d have to see two more 25 basis point cuts by the Reserve Bank before variable rates come close to matching the lowest fixed rates on offer. <img alt="numberfourjuly11" height="45" width="35" src="/images/stories/2013/07/NUMBERS/numberfourjuly11.jpg"> Given the widening gap between variable and fixed rates, it’s a great time to consider fixing or splitting your loan to take advantage of some of the low fixed rates on offer right now. <img alt="numberfivejuly11" height="38" width="35" src="/images/stories/2013/07/NUMBERS/numberfivejuly11.jpg"> However, fixing 100% of your loan may not be the best option for every borrower as it leaves you with less flexibility over your repayment and switching options. The ability to make extra repayments on fixed home loans can be limited and penalties generally apply to early loan payout. <img alt="numbersixjuly11" height="41" width="35" src="/images/stories/2013/07/NUMBERS/numbersixjuly11.jpg"> Splitting your loan by fixing half and keeping the other half variable allows you to take advantage of the record low fixed rates on offer right now while maintaining flexibility over the variable portion and hedging your bets on any further rate cuts.</body></html>

Six key insights for borrowers thinking of fixing their rate

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There is a likelihood that the Reserve Bank will cut the cash rate again this year – though not in September – and scope also remains for a further rate cut in February, according to Westpac economist Bill Evans.
Evans was the first economist to correctly tip the current easing cycle to begin in November 2011 and was also one of the first to forecast that the cash rate would fall below 2.75%, which it now has.
He is one of just two economists – the other being Richard Gibbs, head of economics at Macquarie Research – who see a terminal cash rate of 2% - 100 basis points below the emergency setting during the GFC.
In a note following yesterday’s rate cut and accompanying statement, Evans highlighted that the government had raised its unemployment forecast for 2013-14 from 5.75% to 6.25% and expects unemployment to remain at this level over the course of next year.
“We expect that the Reserve Bank feels the same way [about unemployment], although Friday's statement on monetary policy will only include growth and inflation forecasts.
“We expect the Bank would therefore have no hesitation in cutting rates again once more information is available on inflation which will print in late October and the response of business/consumers to the election result has been clearly signalled.
“We also believe that these dampening forces will be sustained through into early 2014 providing scope for another cut in February,” he says.
All 28 economists surveyed by Bloomberg following yesterday’s rate cut were in agreement that there won’t be a rate cut on September 3 – just four days before federal election.
However nine out 28 forecast one rate cut in the final quarter of the year including Bill Evans and NAB’s Alan Oster.
Macquarie Research's Richard Gibbs believes there will be two rate cuts before the end of the year.
ANZ economist Ivan Colhoun says the risks for interest rates remain for downward movement with the potential for two more rate cuts “from here, and again, little indication of any upward pressure on rates in the near term”.
Downside risks reflects ANZ’s “strongly-held view that mining investment will weaken significantly over the next 18-24 months and our less strongly held view that other parts of the economy will pick up sufficiently strongly so as to offset this effect”.
“The trend for the unemployment rate, job advertising and capacity utilisation confirm that at this stage, the improvement in the interest-sensitive sectors is not sufficiently strong.
“Based on the trend for these series, the pressure on Australia’s cash rates remains downward and there remains very little prospect of any rise in cash rates before 2015,” he says.
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Westpac’s Bill Evans sees two more rate cuts but all economists agree on no RBA move in September

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Australia Post may yet have to pay more than a peppercorn for its 999 lease over its historic North Melbourne premises. 
The "ridiculous" lease - as dubbed by city councillor Stephen Mayne - was revealed when the City Melbourne included a list of its current commercial leases in its draft 2013-14 budget.
Signed in 1882, Australia Post has paid no rent on the premises in more than 131 years, being only required to pay ‘one peppercorn if demanded’ as the original Victorian-era contract prescribes. 
The <a href="/news">1882 contract has no provision for a review of the rent</a>, which only expires in 2881. 
However, a spokesperson for the Melbourne City Council says that as part of the master planning for the future of the North Melbourne Town Hall Arts House, it intends to “commence discussions with Australia Post in the near future”. 
The original lease was signed following a grant of 2500 pounds paid “from the consolidated revenue of the colony to the mayor and councillors of the Town of Hotham in North Melbourne in order to erect a Town Hall, Court House, and Post and Telegraph office”. 
"The yearly rental was ‘one peppercorn if demanded’. There was no provision to review," reads the original agreement. 
The term “peppercorn rent” derives from such Victorian-era rental agreements, referring to a nominal payment necessary for the creation of a legally-binding contract. 
“The original lease covered additional areas, which are now shops leased by the City of Melbourne to tenants and Arts House spaces at the rear of the building," said a spokesperson for the City of Melbourne.
"These were surrendered when the Court House and lock-up on the site ceased being used for those purposes – per the condition of the original lease. 
"The Post Office does not have a right to sublet the shop for another purpose and should they vacate they would have to surrender the premises to the City of Melbourne." 
Councillor Stephen Mayne, who chairs the City of Melbourne’s finance and governance portfolio, says while the council is “not in the business of breaking commercial leases” the agreement is “absolutely ridiculous”. 
He said it would be good if Australia Post voluntarily agreed to look at options. 
“If an alternative venue for a post office could be found on Errol Street, it would certainly free up the old North Melbourne Town hall for greater community use.
“I did raise the issue socially with the new chairman of Australia Post, John Stanhope, at a recent Jazz Festival function and joked that we’d give him a 500 year extension for $100,000. 
“The renegotiation issue has not been formally raised with Australia Post but it is good to have these sorts of deals out in the open for public discussion,” he added.
 
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Australia Post's 999 year “peppercorn” lease in North Melbourne may yet be reviewed

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Small investor interest in Bankstown strata offices in Sydney's outer west growth corrider is rising according to Jared Harris, sales and leasing executive at Commercial Property Group.
"We have seen in the last quarter a lot more inquiry for investments in the sub $1 million dollar mark," he tells Property Observer.
"The majority of the inquiry is coming from mum and dad investors looking for opportunities for their self-managed super funds.
Last month the Bankstown-based commercial agency negotiated the sale of a 296 square metre office in the NAB building occupied by the Department of Housing at above 8.4% net return.
The sale price was $818,000 with the office currently rented for $69,535 per annum net plus GST.
A smaller 173 square metre office sold for $645,000, renting at $51,000 and returning around 7.9% net.
"We have another 334 square metres occupied by the same tenant that is due to settle at the end of the month at around the same rate of $3,500 per square metre.
"The building has a history of having little or no vacancy.
The success of these sales is sparking further listings in the building with three adjoining lots totalling <a href="https://www.commercial.net.au/sales/30,31-32-410-Chapel-Road-BANKSTOWN/1975163.aspx?pt=1&amp;s=578" target="_blank">284 square metres also now up for sale asking $994,000</a>.
Harris says he has also received a spike in inquiry for an office in the NAB building that is offered with vacant possession.
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SMSF demand for high-yielding Bankstown strata offices rising

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<img style="display: block; margin-left: auto; margin-right: auto;" alt="cbre-logo" height="97" width="200" src="/images/stories/2013/08/cbre-logo.jpg">
Neale Scott says he would invest a spare $750,000 in past property syndicators/A-REITS in today's market, in particular those that invest in assets above $10 million.
<img style="float: right;" alt="neale_scott_cbre" height="200" width="200" src="/images/stories/2013/08/neale_scott_cbre.jpg"><div>
 Name: Neale Scott Title: National Director - Capital Allowances Company: CBRE Location: Melbourne 
How long have you been in the industry?  Eleven years What’s happening in the area you specialise in? It is now a requirement that all quantity surveyors providing depreciation advice must be a registered tax practitioner. This has been a positive change for the industry, prior to this coming in there were a number of companies providing this advice that may not have had the suitable skills, knowledge and insurance to be doing so.
Describe the most interesting property you have worked on: There has been a few, most recently would have to the Woolworths - SCA portfolio transaction, it was large national portfolio with a tight deadline. All of which was achieved successfully.
What are the ingredients to being successful in your job? It's an interesting role, you need a construction background with knowledge of construction costs, combined with knowledge of the property market and lastly a knowledge of the Australian tax system and the ins and outs of depreciation. What aspects of your role do you enjoy the most? It is amazing how many people/companies don't maximize their depreciation claim. Introducing a client to potential depreciation benefits, or reviewing their existing depreciation schedule then showing the potential uplift in their claim is the best part of my job. Recently I was able to increase a total depreciation claim by 25% of the purchase price (over $15 million ) on a CBD asset and this is not an isolated case. What is the least understood aspect of depreciation from a commercial property investor’s point of view? The total depreciation claim is the total of your claim for depreciating assets(formerly plant) and eligible building (capital works) deductions.
By far the least understood aspect of depreciation is the revaluation of the depreciating assets component. It is so common when an asset is acquired for purchasers to take the vendors written down values, where is reality (unless stated in the contract of sale) the purchaser can revalue these assets to reflect that amount paid for them (an apportionment of the purchase price).
The uplift on these assets is generally substantial. To put this in a non-property context, if you purchased a car, would your opening value for depreciation be  purchase price or what the vendors written down value? Simple answer the purchase price. Whether it's carpet in a building or a car, they are both depreciating assets and their opening value should reflect the amount paid for the asset. Where would invest a spare $750,000? You can't go past property syndicators/REITS in today's market, in particular those that invest in assets above $10 million, with the cost of debt and the yields on offer for decent assets, not to mention the fantastic depreciation benefits.. It is too good an opportunity to miss out on. Which football team do you support? I am a keen Rugby Union supporter so the Melbourne Rebels. I also follow Collingwood, Melbourne Storm and Melbourne Victory in the other codes.
What’s your favourite app or techno gadget? I never leave home without my iPad these days. It is just so convenient to have notes, camera and photos all in one place when inspecting a property. Being on the road quite bit means google maps gets a fair workout. I also have a two and half year old daughter who loves the iPad so the Wheels on the Bus app is a must have!
How do you use social media? I think that LinkedIn is fantastic for establishing and building a network
<a href="https://www.propertyobserver.com.au/https://www.linkedin.com/pub/neale-scott/3/13a/945" target="_blank">Connect with Neale on LinkedIn</a>
</div>
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In profile: CBRE's commercial property tax specialist Neale Scott

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Increases in materials and labour costs are largely being absorbed by competitive tendering with builders pricing at low or even zero margins, according to the latest Review of Australian Construction Market Conditions report by buidling industry management consultants WT Partnership.
The graph below shows there has been little increase in tender prices submitted by builders despite costs rising. 
<img alt="CONSTRUCTION_CHARTS1" src="/images/stories/2013/larry_uploads/CONSTRUCTION_CHARTS1.jpg" width="470" height="420">
However, according to the report authors, with increases in the cost of building rising, "it is only a matter of time until the fierce tender price cutting seen over recent years relents or more contractors hit the wall".
"With the exception of South Australia and Tasmania, each of our offices expects that tender pricing will continue at competitive levels for the immediate future and that cost pressures will eventually come to bear next year and into 2015 when escalation in tender pricing will be trending at levels of around 3% to 4%, " says WT Partnership.
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Construction tender pricing not rising despite costs increasing for builders: Chart of the week

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Mutual lenders ME Bank and Heritage Bank have announced they will pass on the RBA's 25 basis point rate cut in full to their mortgage holders. 
ME Bank's standard variable rate drops from 5.63% p.a. to 5.38% p.a on August 23.
The rate cut ensures members of eligible super funds and unions will have access to mortgage rates currently more than 50 basis points lower than that of the nearest major bank.
Heritage’s standard variable interest rate will be reduced to 5.64% from August 16.
Heritage chief executive John Minz said passing on the 0.25 percentage point cut maintained Heritage’s competitive advantage against the big banks.  “In the current economic circumstances, cutting our rates is the right thing to do, both for our mortgage customers and for the economy as a whole.. “With the Federal election date now set and with interest rates at these record lows, the ingredients are there for a surge in economic activity in coming months, which will benefit the whole country. “As a customer-owned bank, we always strive to provide the most competitive interest rates we can," he says. 
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ME Bank and Heritage Bank pass on rate cut in full

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In a surprise move, Westpac has announced it will reduce its standard variable mortgage rate by 28 basis points  to 5.98% per annum.
The new rate takes effect from 19 August 2013.
It is the first lender to pass on more than the 25 basis points cut from the cash rate by the RBA today.
Both Commonwealth Bank and NAB have announced they will pass on the full rate cut, but with different start dates.
ANZ will only make its independent interest rate announcement on Friday, but is likely to pass on the full rate cut if not more - ANZ passed on 27 basis points in May.
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="205">
Lender
</td>
<td valign="top" width="205">
New standard variable rate
</td>
<td valign="top" width="205">
Effective date
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<td valign="top" width="205">
NAB
</td>
<td valign="top" width="205">
5.88%
</td>
<td valign="top" width="205">
August 12
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<td valign="top" width="205">
Commonwealth Bank
</td>
<td valign="top" width="205">
5.90%
</td>
<td valign="top" width="205">
August 14
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<td valign="top" width="205">
Westpac
</td>
<td valign="top" width="205">
5.98%
</td>
<td valign="top" width="205">
August 19
</td>
</tr>
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<td valign="top" width="205">
ANZ
</td>
<td valign="top" width="205">
6.13%
</td>
<td valign="top" width="205">
Friday August 9 announcement
</td>
</tr>
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ING Direct will also pass on the full rate cut as will Yellow Brick Road as has Heritage Bank.
Westpac's mortgage rate will reduce to 5.28% from August 19 for those entitled to a package rate discount of 5.28%.
The new rate takes Westpac’s home loan rates to their lowest level since October 2009.
Since November 2011, Westpac has cut its standard variable mortgage rate by 1.88 percentage points of 200 cut by the RBA from the cash rate.
<a href="https://homeloans.propertyobserver.com.au/home-loans/?utm_source=Property+Observer+List&amp;utm_campaign=76e226e607-June_21_1_29_2013&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-76e226e607-245347537" target="_blank"><img src="/images/stories/2013/08/homeloancomparison.jpg" width="399" height="110" alt="homeloancomparison"></a>
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Westpac passes on 28 basis points to borrowers from August 19

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."

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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."

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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.

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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.

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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.

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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.

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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;

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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."

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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.

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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.

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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."

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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.

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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."

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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."

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Larry Schlesinger

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