<html><body>
Crocodiles and snakes are not the only big things you’ll find in Darwin.
The Northern Territory’s capital city has also been delivering big returns for property investors, with Residex calculating that Darwin is the only capital city market to deliver average house and unit price growth in excess of 10% per annum over the last 10 years.
According to Residex’s July update, Darwin house prices have been rising by nearly 10.5% per annum since 2002 with a current median price of $519,000 while Darwin units have fared even better, up 10.8% per annum since 2002 to $408,000.
Recent houses to sell around the median value include this three-bedroom townhouse in Charlotte Street, Fannie Bay (pictured below), which sold for $555,000 in April through Karl Secondis from One Real Estate Darwin.
<img src="/images/stories/2012/08/charlotte.jpg">
It last sold for $260,000 in January 2004.
The property was listed with a rental guide of up to $550 per week, translating to an indicative yield of 5.15%.
A two-bedroom unit on Philip Street, also in Fannie Bay, sold for $445,000 in July through Mike Smith of Raine &amp; Horne Darwin, having last sold for $380,000 in October 2008.
It was listed at $464,000 in December last year.
Growth has slowed in the past year, with annual growth to July 2012 of 3.94% for Darwin houses and 4.27% for Darwin units.
Only Perth has come close to matching Darwin’s double-digit annual growth since 2002 rate, with 8.78% growth for houses (median price $476,000) and 9.49% for units (median price $430,500).
A lack of available rental accommodation has also pushed up Darwin rents, with weekly rentals for houses rising from $520 per week in July 2011 to $560 per week in July 2012, while unit rents have increased from $435 to $470 over the same time period.
The Real Estate Institute of the Northern Territory (REINT) reports that rents in inner-city Darwin have risen by 22% in the past year for three-bedroom units to $796 per week, while the median rent for a two-bedroom unit has risen by 13% to $504.  
REINT chief executive Quentin Killian warns that the Darwin property market is not keeping pace with rapid economic growth.
The Housing Industry Association expects the rental market to tighten, with only 1,270 new homes expected to be built in Darwin in 2012 below the 2,100 that it forecasts are needed to satisfy demand.
According to the latest July rental vacancy figures compiled by SQM Research, Darwin is showing signs of a “signals of a severe rental crisis” with a vacancy rate of just 0.4%, with just 94 properties available to rent, down from 105 properties in June and 261 a year ago.
RP Data figures for July show that Darwin has the highest gross rental yields for both capital city houses  (5.7%) and units (5.9%)
Colliers reported that 200 houses were sold in the June quarter in Darwin – a 35% increase on the previous quarter, with the most expensive home sold being a $2.25 million mansion on East Point Road, Fannie Bay.
Darwin photograph by Ken Hodge, courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
</body></html>

lschlesinger-FZcF9M3vE6

Darwin delivers investors double-digit house and unit price growth for past decade: Residex

<html><body>
Residential developer Cedar Woods notched up around 200 lot settlements at its flagship $1.5 billion Williams Landing master-planned development in Melbourne’s outer west as it reported a 22% rise in net profits to $34.3 million to June 30.
Profits at the Perth-based developer were in line with earlier forecasts.
The developer, which has most of its residential projects scattered around the fringes of Melbourne and Perth, achieved $140 million in pre-sales over the past financial year compared with $130 million last year.
Last month, Cedar Woods reported that Williams Landing had its strongest month of sales in 18 months, with 21 sales to begin the new financial year.
<img src="/images/stories/2012/08/williamslanding.jpg">
To date, 56% of the 2013 financial year pre-sales target for Williams Landing has been secured, with about 530 homes completed.
Williams Landing is the largest infill site in Melbourne covering 275 hectares and encompassing the former RAAF Laverton airfield and the land to the north of Altona Meadows and Seabrook known as Wyndham Waters.
It takes its name from the historic aviation base on which it is located, RAAF Williams airfield (pictured below), named after Air Marshal Sir Richard Williams, the man many regard as the "father" of the Royal Australian Air Force.
<img src="/images/stories/2012/08/williamslanding3.jpg">
It was approved as a new suburb in May 2007, and according to Cedar Woods is one of the fastest-growing municipalities in Australia.
The annual results show that 1,700 of the 2,500 lots remain available for sale, with land priced between $190,000 and $340,000.
Builders offering house-and-land packages at Williams Landing include Simonds Homes, which is offering three-bedroom on a 480-square-metre lot priced at $493,000.
<img src="/images/stories/2012/08/williamslanding2.jpg">
Builder 8 Plus is offering a four-bedroom house on a 392-square-metre block priced at around $456,000.
Other builders selling house-and-land packages at Williams Landing are Boutique, Metricon, Burbank, Carlisle Home and Urban Edge Homes.
Construction of the Williams Landing train station and freeway interchange by the Victorian government is due to be completed in early 2013.
The project’s  50-hectare town centre  has  also  progressed, with a  builder for the Masters Home Improvement  hardware store  soon to be  selected and  an application for final approval lodged with the local council.
In April Cedar Woods secured Woolworths and Big W as tenants alongside Masters with further commercial stages to include office, medical facilities and additional retail.
Cedar Woods raised $30.5 million from shareholders in May.
Managing director Paul Sadleir said the strong result reflected the strategic location and diversity of Cedar Woods? projects in Western Australia and Victoria, which continue to experience healthy demand.
“This result confirms the success of Cedar Woods' strategic focus on providing residential housing in urban and regional growth areas across a range of dwelling types and price points," Sadleir says.
"It is also a reflection of the company’s resilience against a mixed macroeconomic backdrop."
Sadleir says prevailing market conditions in the 2012 financial year were “challenging and variable from month to month, reflecting consumer concerns on a range of issues”.
“The key drivers for the residential market – population growth, employment and wages growth and interest rates together with the current undersupply of housing – are all supportive of improved levels of activity."
The outlook for the Melbourne property market is cloudier than for Perth, with the developer reporting that the Victorian capital has been influenced by first-home buyer incentives (which have now disappeared) and has given up some of the gains, while in Perth prices are firming after two years of modest decline.
Cedar Woods expanded its Victorian property portfolio during the financial year through the acquisition of a 6.8-hectare development site in St Albans, 16 kilometres from Melbourne’s CBD, for $12 million. There are plans for 200 apartments, townhouses and houses and at the former industrial site, where the Victorian government has announced a $150 million investment in upgrading St Albans train station and other local transport infrastructure.
Other residential projects include its Banbury Village project in Footscray, featuring 390 dwellings on 11 hectares.
At the company’s boutique development, Realm Camberwell, almost half of the 78 homes that will be developed have been pre-sold, with civil works underway.
Twenty of the 27 homes in the initial release of the Realm development sold for between $750,000 and $1.2 million.
New projects launched over the reporting period were Piara Waters near Canning Vale, south of Perth and South Hedland (both 150 lot projects) with settlements expected in the 2013 and 2014 financial years.
</body></html>

Cedar Woods notches up 200 sales at Williams Landing and 22% rise in full-year profits

<html><body>
The decision to "staple" the management and the assets of Australian listed property trusts in one vehicle in the lead-up to the GFC created a sector more likely to make riskier investments, US academics have argued in an RBA discussions paper.
In a paper titled Securitization and the Commercial Property Cycle, Tim Riddiough from the University of Wisconsin Madison and Frank Packer from the Bank for International Settlements note that Australia’s listed property sector (A-REITs) was among a number of countries including the UK, US and Canada that have been "significantly more volatile than the benchmark market indices".
The benchmark S&amp;P/ASX300 A-REIT Accumulation Index  produced an annual return of -55.3%  in 2008 in the wake of GFC as investors abandoned the A-REIT sector.
The report by Riddiough and Packer notes that there was both a dramatic increase in the proportion of office properties incorporated into Australian real estate investment trusts (A-REITs) in the years leading up to the GFC as well as even more dramatic rise in the number of trusts that were "stapled" – where asset management is carried out by an entity within the overall REIT structure.
The ASX describes a stapled security “where the trust that holds the assets and the company that manages those assets are bound together through one vehicle”.
The stapling of listed property trusts in Australia allowed them to “take on more property development risk than under a traditional limited property trust (LPT) model”, the paper argues.
According to the paper, between 2000 and 2005 the degree of securitization of office markets via REITS increased markedly rising from around 5% in 2000 to over 35% in 2005.
Then from between 2004 and 2007, “stapled” REITs grew from 29% to over 75% of overall A-REIT capitalisations.
Examples of stapled A-REITs include Westfield, Westfield Retail Trust, Mirvac, Charter Hall Group and Stockland.
A full breakdown of which A-REITs are stapled <a href="https://www.asx.com.au/products/managed-funds-product-list.htm" target="_blank">can be found on the ASX website</a>.
The report notes that only Australia among the listed Asia-Pacific countries has significant internal management, in large part due to the introduction of stapled REITS.
It says that external managed REITs are viewed as “significantly less informationally opaque” than internally managed REITs.
“And given the prevalence of the external REIT structure in Asia, it appears that in the case of these countries, the benefits of external advisorship outweigh the agency costs.”
The report also reveals that Australia has the highest proportion of securitised office assets in the world, with the latest estimate of around 19% of its office market securitised via REITs.
However it notes – and reflecting the deleveraging which has occurred since the GFC – that this number is itself “well below 32% scored earlier before the bust in prime real estate markets during of the global financial crisis”.
The report reveals that US dominates the international REIT landscape, with nearly 180 listed REITs amounting to $455 billion or more than half of total global REIT market capitalisation
Far behind that, yet well above any other country, Australia has 57 listed REITs with $82 billion market capitalisation, occupying 10% of total REIT market capitalisation.
Australia first REIT –  shopping centre and industrial property group GPT –  was listed in 1971.
</body></html>

'Stapling' of REITs creates riskier investment approach: RBA seminar paper 

<html><body>
RBA board members noted that conditions in the housing market remain weak but were showing “tentative signs” of starting to pick, the release of minutes from the August 7 monetary policy meeting have revealed.
At the August 7 meeting, where the cash rate was left on hold at 3.5%, members noted that there were “tentative signs that housing market conditions and residential building activity were starting to pick up after being weak for some time”.
“Prices had increased a little in recent months, but remained somewhat lower than a year ago.
“Demand for housing finance was broadly unchanged over the year. With building approvals rising from low levels, the outlook for residential construction activity was more positive for the second half of the year. Earlier falls in interest rates and rising rental yields were likely to have increased the attractiveness of housing investment,” the minutes read.
Westpac chief economist Bill Evans says there were "little new insights" into monetary policy in the minutes but says there were some "tentative positive comments are made about housing market conditions and residential building market activity with prices increasing a little in recent months".
"Overall downside risks to the economy are firmly in the 'international' camp with Europe in the spotlight: 'the risk of significant economic and financial disruption in the euro area continued to cloud the outlook'," says Evans.
At the meeting, board members also noted that underlying inflation was at 2% for the year, “the lowest annual rate since the late 1990s” – providing scope for future interest rate cuts if the recovery in the housing market and other non-resource industries stalls.
“The inflation data for the June quarter were broadly in line with expectations, and confirmed that underlying inflation was around the bottom of the target," said the RBA.
The board also noted that the domestic economy appeared to be growing at around trend pace in the June quarter, “though activity continued to vary significantly across industries”
“Resource investment, which continued to evolve broadly in line with the Bank's forecasts, spurred activity in a number of industries, while the high Australian dollar and weak conditions in the housing market had weighed on activity in a number of non-resource industries.”
The performance of the global economy will impact on future interest rate decisions with the RBA board noting the global economic environment remained “fragile”.
“The latest forecasts for global growth had been revised down a little, reflecting further deterioration in Europe and slower growth in the United States and parts of Asia,” say the minutes.
The board concluded that “inflation expected to be consistent with the target and growth close to trend, but with a more subdued international outlook than was the case a few months ago, the Board judged that the stance of monetary policy remained appropriate”.
</body></html>

Housing market weak but showing 'tentative signs' of pick-up: RBA August minutes

<html><body>
Property Observer has scoured the most well-known mortgage comparison websites to determine the lowest variable-rate home loan and one- and three-year fixed home loans currently available.
The following results are based on advertised mortgage rates listed by <a target="_blank" href="https://www.ratecity.com.au/">ratecity.com.au</a>, <a target="_blank" href="https://mozo.com.au/">Mozo.com.au</a> and <a target="_blank" href="https://www.infochoice.com.au/">infochoice.com.au</a> as of August 21:
Lowest variable rate offerings:
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="158">
Provider
</td>
<td valign="top" width="151">
Loan name
</td>
<td valign="top" width="123">
Rate
</td>
<td valign="top" width="132">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="158">
UBank (NAB)
</td>
<td valign="top" width="151">
UHomeloan Refinance
</td>
<td valign="top" width="123">
5.62%
</td>
<td valign="top" width="132">
5.62%
</td>
</tr>
<tr>
<td valign="top" width="158">
Nationwide Mortgage
</td>
<td valign="top" width="151">
True Saver Home Loan
</td>
<td valign="top" width="123">
5.65%
</td>
<td valign="top" width="132">
5.65%
</td>
</tr>
<tr>
<td valign="top" width="158">
Loans.com.au
</td>
<td valign="top" width="151">
Dream Catcher
</td>
<td valign="top" width="123">
5.65%
</td>
<td valign="top" width="132">
6.00%
</td>
</tr>
<tr>
<td valign="top" width="158">
Mortgage View
</td>
<td valign="top" width="151">
Mortgage View Pro Pack
</td>
<td valign="top" width="123">
5.70%
</td>
<td valign="top" width="132">
5.71%
</td>
</tr>
</tbody></table>
Lowest one-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="158">
Provider
</td>
<td valign="top" width="151">
Loan name
</td>
<td valign="top" width="124">
Rate
</td>
<td valign="top" width="132">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="158">
Mymortgagefreedom.
com.au
</td>
<td valign="top" width="151">
Mymortgagefreedom.
com.au fixed rate
</td>
<td valign="top" width="124">
5.44%
</td>
<td valign="top" width="132">
6.06%
</td>
</tr>
<tr>
<td valign="top" width="158">
Reduce Home Loans
</td>
<td valign="top" width="151">
Reduce Fee Free 1 Year Fixed Rate
 
</td>
<td valign="top" width="124">
5.54%
</td>
<td valign="top" width="132">
6.16%
</td>
</tr>
<tr>
<td valign="top" width="158">
UBank (NAB)
</td>
<td valign="top" width="151">
UHomeLoan Fixed (refinance only)
</td>
<td valign="top" width="124">
5.58%
</td>
<td valign="top" width="132">
5.81%
</td>
</tr>
<tr>
<td valign="top" width="158">
Newcastle Permanent
</td>
<td valign="top" width="151">
1 Year residential fixed
</td>
<td valign="top" width="124">
5.59%
</td>
<td valign="top" width="132">
6.4%
</td>
</tr>
</tbody></table>
Lowest three-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="152">
Provider
</td>
<td valign="top" width="158">
Loan name
</td>
<td valign="top" width="132">
Rate
</td>
<td valign="top" width="123">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="152">
UBank (NAB)
</td>
<td valign="top" width="158">
UHomeLoan Fixed (refinance only)
</td>
<td valign="top" width="132">
5.54%
</td>
<td valign="top" width="123">
5.69%
</td>
</tr>
<tr>
<td valign="top" width="152">
Bank of Queensland
</td>
<td valign="top" width="158">
Fixed Loan
</td>
<td valign="top" width="132">
5.55%
</td>
<td valign="top" width="123">
6.54%
</td>
</tr>
<tr>
<td valign="top" width="152">
Newcastle Permanent
</td>
<td valign="top" width="158">
3 Year residential fixed
</td>
<td valign="top" width="132">
5.59%
</td>
<td valign="top" width="123">
6.24%
</td>
</tr>
<tr>
<td valign="top" width="152">
Resi
</td>
<td valign="top" width="158">
Flexi fix 75 3 years
</td>
<td valign="top" width="132">
5.69%
</td>
<td valign="top" width="123">
5.94%
</td>
</tr>
</tbody></table>
*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
For information on refinancing, watch our free webinar <a target="_blank" href="/news">Refinancing and the Interest Rates Riddle</a>
</body></html>

From 5.44%, the lowest rate home loan offerings: fixed and variable as of August 21

<html><body>
Off-the-plan sales for Mirvac’s $1.1 billion flagship residential development, Harold Park in the inner-Sydney suburb of Glebe, as well as its 42-storey Era tower in Chatswood helped Mirvac more than double its annual profit for the 2012 financial year.
Mirvac reported net profit of $416.1 million for the year to June 30, up from $182.6 million in the previous year, with the result boosted by the sale of its hotel management business, which added $21.4 to the bottom line.
Outgoing Mirvac managing director Nicholas Collishaw says  the profit growth came at a time when conditions in many parts of the property sector were not buoyant.
He said Mirvac had beaten its guidance despite a “tough year” and amid tough global conditions.
“The results demonstrate the business model is working,” said Collishaw today at the company's full results media briefing.
Outgoing Mirvac CFO Justin Mitchell said the group delivered returns within targeted objectives.
This included settling 1,807 residential lots and securing future income of $907 million, which exceeded previous guidance. About 88% of settlements were below $1 million.
Mirvac is targeting 1,800 lot sales in 2013 financial year, with another tough year expected for the residential sector. 
“New projects are being targeted at the right price points and right locations,” said Collishaw.
The top contributor to residential sales revenue came from the 42-level Era, with 98% of the 295 apartments sold, contributing nearly $290 million.
Mirvac reported that 190 or 64% of the 296 lots at the 10.6-hectare site at Harold Park have now been sold, contributing revenue of $262 million.
Collishaw called it Mirvac's most "significant" project" and said it was being developed on target.
Site works at Harold Park are expected to commence in August.
Mirvac’s <a href="https://www.propertyobserver.com.au/developments/docklands-development-yarra-point-three-quarters-sold-as-mirvac-says-the-price-is-right/2011110252174" target="_blank">Yarra’s Edge river houses and Yarra Edge Towers</a> are more than 80% sold, with Collishaw saying the apartment project was the highest contributor to earnings. 
Mirvac has just under 30,000 lots in the residential development pipeline, with future projects include Clyde North in Melbourne’s south-east growth corridor, a 200-hectare site acquired in December 2011, which will have 2,100 lots on completion.
</body></html>

Mirvac doubles profits, with strong contributions from Glebe's Harold Park

<html><body>
Pittwater at the far end of Sydney's northern beaches and Campbelltown in the outer south-west have been the strongest-performing rental markets in and around Sydney over the year to June, according to research by PRDnationwide.
Pittwater and Campbelltown units recorded annual rental increases of 16.3% and 14.8% respectively over this period.
RP Data shows that Pittwater units have a weekly rental of $320 while Campbelltown has a median weekly rental of $305.
There was also double-digit rental growth in Shellharbour, the southern beachside suburb of Wollongong and in Lake Macquarie, about 150 kilometres north of Sydney as the outer ring of Sydney and outer parts of the greater metropolitan region (GMR) experienced strong growth in median rent prices.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/prdaug211.gif"><img src="/images/stories/2012/08/prdaug211thumb.gif"></a>
Source: PRDnationwide
The top-performing Sydney housing rental market was the inner-west suburb of Canada Bay, about 11 kilometres from the CBD. Canada Bay and Maitland (in contrast to its unit market) were the only two localities to manage rental growth in excess of 10% for the 12-month period.
Overall, house rents in Greater Sydney, which includes municipalities between Sutherland in the south and Wyong in the north, increased by 4.5% over the period, compared with a rise of 5.6% for the state.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/prdaug212.gif"><img src="/images/stories/2012/08/prdaug212thumb.gif"></a>
Source: Housing NSW
For the standard three-bedroom house, the top performers were Hurstville (7.3%) and Shellharbour (7.1%).
"Interestingly, the northern part of the greater metropolitan region (GMR), which includes the central coast and Hunter regions, dominated the top-10 list for a three-bedroom house, with five entries," notes PRDnationwide.
The Mosman, Woollahra and Waverley municipalities recorded the highest median rent.  These municipalities capture some of Sydney’s most dense suburbs, and Mosman and Woollahra are among the most exclusive.
Woollahra has a median weekly rent of $1,275.
“The high rent prices are the result of scarcity in detached houses in these locations, and their proximity to iconic beaches, the Sydney CBD and vibrant commercial centres,” says PRDnationwide.
The five areas to record a decline in detached housing rent – Wollongong, Lane Cove, Botany Bay, North Sydney and Woollahra – reveal a shift toward affordability, says the property group.
In North Sydney, the median rent for a house declined by 10.8% over the 12 months between June 2011 and 2012.
“In the Botany Bay LGA, the decline in the median house rent may be linked the rise in medium density developments, with tenants preferring modern apartments over mostly older house stock,” says PRDnationwide.
The strong increase in rent on the outer parts of the greater metropolitan region is also linked to the search for affordability, with the high rental growth areas of Shellharbour, Wyong and Cessnock also identified in the most affordable in the Sydney greater metropolitan region.
</body></html>

Battlers and the beach - Campbelltown and Pittwater units strongest Sydney rental markets

<html><body>
The cautious approach adopted by self-managed super funds (SMSFs) considering investing in residential property is the right one, according to Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors.
Oliver, one of the more cautious economists commenting on the housing market, says most investors have sensed that the property market’s has already done its 20-year dash of solid growth.
Oliver says the last time property was a smart investment was in the early to mid-1990s, when investors would have probably seen a three- to four-fold increases in the value of their property investments.
He says it is possible for SMSFs to find an investment property worth buying, but it requires them doing a lot of homework and research.
In a recent investment report looking at which investments offered a decent yield in the current market of declining interest rates, Oliver was not upbeat about returns from residential property investments. He says the boom over the last 20 years has resulted in yields of just 3.7% on houses and 4.7% on apartments, before taking into account the costs of investing. Net yields, once costs have been taken into account, are just 1% for houses and 2.3% for apartments, says Oliver.
Oliver's gloomy outlook comes as figures from SMSF advisory firm Dixon Advisory show that only about 5% the firm’s 4,500 DIY super clients have used limited recourse borrowing rules to include property in their portfolio, reported the Australian Financial Review.
However, Oliver has toned down his sentiments about the degree to which residential property in Australia is overvalued.
In a video update on the housing market in July, Oliver said that a few years back AMP was saying that houses were overvalued by as much as 30% but “the degree of overvaluation has come down, particularly over the last couple of years”.
Now he says they are 10% to 15% overvalued.
“We have very expensive housing in Australia relative to the US and UK, which have seen sharp adjustments in recent years."
However, Oliver says a key difference between Australia and the US is that the US had a housing boom at the same time as a supply boom so as prices started to fall it was made worse by the new supply stream.
“Australia has not seen that – for the last decade we have been under-building, which shows up in our very low rental vacancy rates and the upward pressure on rents."
This, he says, will put a floor under prices.
Oliver says that over the very long term property and shares have offered similar returns to investors – around 11% per annum – which suggests investors should hold both in their portfolios.
According to Tim Coates,  property investment adviser with Dixon Advisory, in addition to requiring special borrowing arrangements, SMSFs need a  plan to pay off their investment property.
Coates says such decisions to invest in property could be affected by the government reducing the tax concessional contribution limits from $50,000 to $25,000.
</body></html>

SMSFs are right to be cautious on investing in property: AMP’s Shane Oliver

<html><body>
<img src="/images/stories/2012/08/52k.gif">
The estimated gross annual rent that national leather and vinyl products restoration company The Leather Doctor will pay to lease a warehouse/office complex in the industrial precinct of Molendinar on the Gold Coast. The company has leased 9/6-8 Enterprise Street, Molendinar, as its headquarters in a deal negotiated by Steve Macgregor of Ray White Industrial Gold Coast. The property has over 500 square metres of warehouse area and 80 square metres of office space.
 
<hr>
 
<img src="/images/stories/2012/08/181k.gif">
The estimated net annual rent that international supply chain/logistics solutions supplier Tomax Logisitics will pay to lease warehouse space at Noble Park in Melbourne’s south-east. The 215 Browns Rd facility comprises a 3,600-square-metre warehouse space on a 10,000-square-metre site with drive-around facility and dual access points. The deal was brokered by Savills Notting Hill office director Lynton Williams. The lessor is a Melbourne-based private investor. 
 
<hr>
 
<img src="/images/stories/2012/08/260plus.gif">
The annual rents per square metre being achieved at 574 St Kilda Road, which is now 100% leased after BIC Australia chose the Juilliard Group’s building for its new Australian office headquarters.  BIC Australia has leased the whole of Level 4 at 574 St Kilda Road in a deal that includes building signage rights. The company will occupy 916 square metres of office space previously home to global IT company Unisys on a 10-year lease commencing on October 15.  Ben McKendry, Colliers International associate director of office leasing, negotiated the deal.
 
<hr>
<img src="/images/stories/2012/08/48k.gif">
 The annual rent plus GST that Epic Recruitment will pay to lease a 272-square-metre commercial unit on the Gold Coast for three years with a three-year option. Rent will increase by 4% each year as part of deal negotiated by James Crawford of Colliers International. The leasing deal was struck before a sales contract for the property at 2/12 Millaroo – also negotiated by Crawford – had a chance to settle. The buyer paid $455,000 plus GST for the commercial unit. It was part of a portfolio of 15 properties Crawford sold for a total of more than $8 million at Helensvale and Oxenford on the Gold Coast on behalf of vendor Victorian-based investor Torlu.
 
<hr>
 
<img src="/images/stories/2012/08/400k.gif">
The net annual rental industry sources estimate global hearing solutions company Bernafon Australia Pty Ltd will pay to lease a warehouse/office complex at Nundah on Brisbane’s northside. The 6,745-square-metre site at Lot 4/629 Nudgee Road, Nundah, was secured in a deal negotiated by Ray White Industrial Milton principal Paul Anderson. Bernafon Australia (a subsidiary of Swiss-based Bernafon) currently employs more than 100 staff and has been manufacturing and distributing in excess of 1 million hearing devices in Brisbane for the hearing-impaired community in Australia over the last 20 years. Bernafon has taken out an eight-year lease with five renewal options of five years.
<hr>
<img src="/images/stories/2012/08/270to290.gif">
The net rental (per square metre) range that two recruitment firms will pay to lease office space at 17-21 Miles Street in Mulgrave in Melbourne's outer south-east. Drake Recruitment will occupy 240 square metres of office space at 17-21 Miles Street in Mulgrave on a five-year lease negotiated by Leah Baxter, Colliers International executive for office leasing. Another recruitment firm Mango Recruitment will move into 50 square metres on a three-year lease at the same address, also negotiated by Baxter.
</body></html>

Commercial leasing: The Leather Doctor takes space on the Gold Coast

Gladstone house price growth stalls in June quarter, but double-digit growth in some suburbs: REIQ

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Joel Robinson

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

[smartcode_project:default project_id=139989 project_image_fid=350986]

The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

[smartcode_project:default project_id=139989 project_image_fid=359152]

The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

[smartcode_project:default project_id=134800 project_image_fid=370648]

Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

[smartcode_project:default project_id=134800 project_image_fid=370647]

The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

[smartcode_project:default project_id=134800 project_image_fid=372541]

The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

[smartcode_project:default project_id=134800 project_image_fid=351535]

Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

[smartcode_project_cta:default project_id=134800]

Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

&nbsp;

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

[smartcode_project:default project_id=135247 project_image_fid=262183]

Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

[smartcode_project:default project_id=135247 project_image_fid=364995]

Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

[smartcode_project_cta:default project_id=135247]

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News