<html><body>
Victorian property investors looking for opportunities under $500,000 should look at apartments in the inner-Melbourne suburb of St Kilda East and also cast their nets as far as Geelong, Bendigo and Ballarat, according to analysis by Herron Todd White (HTW) valuers in the latest Westpac Property Report.
<img src="/images/stories/2012/05/vicregionalmap.jpg">
“Throughout Victoria and Melbourne there are abundant opportunities for buyers in the under-$500,000 price range, and in this sought-after end of the market prospects for future capital growth look good virtually across the board,” HTW chief executive Brendan Hulcombe.
HTW says St Kilda East is very appealing to investors on a tight budget and would provide change on $500,000, with apartments trading at a median unit price of $465,000 and yields ranging from 4% to 4.5%.
According to HTW, affordability – particularly in the apartment market, is encouraging investor interest in St Kilda East, which is just six kilometres from the Melbourne CBD.
Other factors keeping rental demand high are good transport connections via trams servicing the main shopping hubs like Chapel Street and Acland Street and the cosmopolitan feel of Carlisle Street, as well as a predominantly young local population “creating a compelling urban lifestyle that should underpin future capital growth”.
There are currently a spate of new developments being marketed off the plan to investors, including the Hotham Street Apartments, due for completion in 2013, which will offer 18 dwellings with basement car parking with prices starting from around $380,000.
Geelong
Geelong also offers opportunities under $500,000, with the key drawcards of this market being a manageable commute into Melbourne and more affordable prices.
“Employment opportunities are strengthening in Geelong, and a population shift away from Melbourne towards the urban growth boundary has seen Geelong’s population continue to increase.
“Geelong is viewed as an investment hotspot and a good all-round performer for 2012. Rental yields range from 4.5% to 5% and median house prices rose by 5.7% last year giving investors a healthy overall return,” says HTW.
Geelong has a median house price of $530,000, with apartments ranging from around $290,000 to $390,000. Vacancy rates are also low at 2.3%.
Bendigo 
HTW notes that the Bendigo residential market has stabilised over the last quarter with demand remaining buoyant alongside reasonable sales turnover providing good opportunities for investors to take advantage of the city’s current rental shortage.
Bendigo yields are generally between 5.5% and 7%, with a current median house price of $277,500 and $227,500 for apartments, meaning investors could quite possibly by one of each and still stick to their budget of $500,000.
“Latrobe University plays a key role underpinning demand for rental accommodation in Bendigo, and yields are higher than for other nearby regional centres like Echuca and Shepparton. Proposed investment in the city’s health infrastructure by the state government will continue to promote Bendigo as a major regional growth centre,” notes HTW.
HTW valuers say a land shortage is emerging in Bendigo and price growth in residential house lots has become quite noticeable in recent months.
“As a guide, some new developments such as the Evergreen Links Estate in Eaglehawk have experienced price rises of 25% over the past year. This shortage points to good prospects for further capital growth in the future,” says HTW.
Ballarat 
A growing population and a very low vacancy rate at around 1% make Ballarat a good option for investors.
“Ballarat property prices have remained stable and affordable with median prices of $285,000 and $223,750 for houses and apartments respectively,” says HTW.
“Investors are experiencing yields ranging from 4.75% to 5.5%, and the vacancy rate is very low at around 1%,” says HTW.
Ballarat’s current population of around 96,000 people is forecast to rise to 130,000 by 2030 due to regional employment opportunities.
According to HTW, the desirability of Ballarat is further enhanced by its mix of period houses and modern homes, with the one hour commute to Melbourne attracting buyers priced out of the metropolitan market.
“The Ballarat West Growth Area and the Alfredton West Precinct Plan have resulted in significant rezoning of land, and this will lead to the development of new major activity centres along the lines of Lucas – Ballarat’s newest suburb, which is expected to release up to 2,300 new land plots over the next 12 to 14 years,” says HTW.
</body></html>

lschlesinger-FZcF9M3vE6

Regional centres Geelong, Ballarat and Bendigo offer best sub-$500,000 property investment opportunities in Victoria: HTW

<html><body>
There’s good news for first-time investors and buyers, with banks now considering casual and secondary incomes when assessing mortgage applications, according mortgage advisors Smartline.
The mortgage broking franchise says the banks are now looking favourably at a variety of income types when considering home loan applications, having tightened their lending rules in the fallout from the GFC.
“While overtime, bonuses and second jobs used to be regularly accepted by lenders, unfortunately this changed when the GFC hit,” says Smartline managing director Chris Acret.
“Those with casual or contract employment or who were self-employed also found it much more difficult to secure home financing as banks becoming very risk adverse.
“Thankfully, lenders are increasingly ‘normalising’ their lending criteria and while we haven’t yet returned to pre-GFC levels, it’s moving in the right direction,” he says.
The move will be welcomed by those investors and buyers who are self-employed or on contract or casual employment.
According to Smartline, some lenders will now also consider the income of a person working in a temporary, casual or contract position after three months, particularly if the applicant works in certain roles, such as an accountant, teacher, nurse or engineer.
This is because banks have “sensibly” revised their view on income types in light of changing work practices.
“The full-time position that was guaranteed for life is slowly becoming less and less relevant as both employers and employees look for greater flexibility in the workplace and in their lives,” says Acret.
However, he warns that different lenders could have quite different criteria when it came to assessing income types.
Find out why buying an investment property as your first purchase could be the easiest and cheapest way to get your foot on the property ladder by signing up for next week’s free Property Observer webinar with Michael Matusik: Tips for buying your first property as an investment. The webinar takes place on Tuesday, June 5 at 12.30pm.
 
 
 
</body></html>

Banks considering alternative income sources when assessing mortgage applications: Smartline

<html><body>
Residential construction remains in the doldrums, with the value of residential building work completed falling 2% in the March quarter to just under $11 billion, according to the latest quarterly ABS construction figures.
New residential building work fell 1.3% to $9.6 billion on a seasonally adjusted basis, the fourth consecutive quarterly fall following a smaller 0.3% fall in the December quarter.
The value of renovations fell 5.3% to $1.8 billion over the quarter.
The value of residential building is down 8.3% on the March 2011 quarter on a seasonally adjusted basis.
HIA senior economist, Andrew Harvey, says the result for new dwelling construction and renovations is a concern "as it suggests not only that dwelling investment will again detract from GDP growth in the March 2012 quarter, but also that the renovations side of the residential building industry is now also facing headwinds”.
"Renovations have been the positive news story for the residential building industry with the value of total work holding up relatively well, but there are now mounting signs that this side of the industry is slowing.
“Today’s data is just another piece of evidence that current policy settings need to be amended. The official GDP growth forecasts remain too optimistic, interest rates need to be cut again next week and governments need to quickly support the domestic non-resources industry, including residential building and manufacturing so that the nation is well-placed to grow in the longer-term,” he says.
Non-residential construction work fell 9.2% in the quarter to $7.46 billion and is down 6.8% year-on-year.
Combined, the seasonally adjusted estimate of total building work done fell 5% to $18.45 billion in the March quarter.
The total value of building work has fallen 7.7% since the 2011 March quarter.
On the back of the big resource projects, engineering work rose 13.3% for the quarter to $29.84 billion and is up 35.6% year-on-year.
Commenting on the quarterly data, Westpac says housing construction activity weakened, "with the sector facing a number of headwinds" though lower interest rates will provide support to the sector over coming quarters.
An indication of the impact of large resource projects, construction work jumped 38.8% in WA, but declined in all other states. 
Westpac says the  construction sector is likely to add around 0.6 percentage points to first quarter GDP growth, a little above the 0.4 percentage points it anticipated. 
</body></html>

Value of residential construction falls 2% in March quarter: ABS

<html><body>
The fall in the Australian dollar in the last few months is currently not great enough to encourage expat Australians to invest back in the local residential property market, according to Greville Pabst, chief executive of property valuers and consultants WBP Property Group. 
Pabst says a falling Aussie dollar is positive news for expatriates, with the improved conversion rate giving them “greater buying power”. 
However, he says the fall in the dollar has been minimal to date and “insufficient to spur a dramatic surge of expatriate investment in the local market”. 
“Should the Australian dollar deteriorate to or below 90 cents against the US dollar we expect to see an influx of expatriate buyers,” he says. 
“A fall of 10¢ in the dollar (AUD) equates to a saving of $53,500 for expats based on the purchase of a property at Melbourne’s current median house price of $535,000. This is a great incentive in anyone’s eyes. 
Expats sometimes buy residential property in Australia as an investment while they live abroad, but often choose to move into the property once they return to Australia. 
Yesterday, Property Observer reported that the fall in the dollar would strengthen <a href="https://www.propertyobserver.com.au/commercial/falling-dollar-encouraging-even-more-offshore-investment-in-australian-commercial-property/2012052754857">already strong demand for commercial property from offshore investors</a>. 
Pabst says falls in the Australian dollar will also lead to improved affordability in the local education sector for international students, “which will have a positive impact on activity in the property sector”. 
A fall in the dollar would be particularly beneficial to Chinese property investors and Chinese international students, with the yuan pegged to the US dollar. 
LJ Hooker executive chairman Janusz Hooker says the real estate group is already seeing interest from expats due to the falling dollar and lower house prices. 
“On Sydney's north shore last weekend LJ Hooker had an expat fly over from Miami as well as a couple from London looking at local residential property,” he tells Property Observer. 
“LJ Hooker has seen a number of expats looking at residential property.   Expats are looking at it as a 'now' opportunity. 
“A number of experts are split if the dollar will stay below parity, so Australians living overseas with plans to come home, combined with a soft real market over the past 12 months, are very interested,” he says.
The Australian dollar is currently trading at just above 98 US¢.
Since April this year it has declined from around $1.04 against the US dollar to below 98¢, with a more gradual decline commencing from the $1.09 level in February.
Australian dollar versus US dollar since July 2010
<img src="/images/stories/dollarchart1.gif">
Source: XE.com
It reached parity with the US dollar in November 2010 and rose to a 29-year high of $1.108 on July 27 2011 before retreating.

Currently economists are tipping the dollar to fall as low as 95 US¢ due to concerns over Greece exiting the euro, Spanish banks falling in trouble and data showing the Chinese economy is slowing, potentially reducing demand for Australian raw material.

AMP Capital Investors chief economist Shane Oliver says the current fall in the dollar “looks and feels like the pull-back last year when the Aussie dollar went from a high of about $US1.10 in the middle of last year to fall to 94¢.

However, he believes that the currency should trade back to parity or stronger than the US dollar by the end of the year.

A further drop in interest rates could also cause the Australian dollar to fall – Australia’s high interest rates relative to other markets has made the country appealing to global investors who have bought Australian dollars and kept the currency buoyant.

 
 
 
 
 
</body></html>

Australian dollar needs to fall below 90 US¢ to bring back expat residential property buyers: WBP

<html><body>
Fixed-rate mortgages currently account for around one in four loans (22%) written by Mortgage Choice brokers and could rise even higher following Australia’s biggest mortgage lender, the Commonwealth Bank, cutting fixed interest rates twice in May. 
However, demand for fixed-rate loans is still well below the record levels written in December 2007 (36%) and February 2008 (37%), according to data prepared by Mortgage Choice for Property Observer.
Click to enlarge
<a href="/images/stories/2012/05/mcmay30.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/05/mcmay30thumb.gif"></a>
Source: Mortgage Choice
The rush to take out fixed-rate mortgages over this period burned many fixed-rate borrowers who took the three-year fixed products, as the RBA rapidly reduced the cash rate in response to the GFC. 
The RBA cut the cash rate from 7.25% in August 2008 to 3% by April 2009. 
Borrowers who took out a three-year fixed-rate loan in August 2008 would only have been able to refinance into a cheaper product late last year – unless they were willing to pay early exit fees – in some cases, thousands of dollars. 
“The cash rate continued to rise during early February 2008, while fixed-rate demand began tapering off as the impact of the GFC moved closer to home,” explains Mortgage Choice spokeswoman Belinda Williamson. 
“In the years since we have not seen fixed-rate demand return to the pre-GFC levels. The closest it has come was in March 2012, when fixed-rate demand reached 26%.” 
She says the jump in fixed-rate loan demand in 2007, up from 23% in July 2007 to 27% in August 2007, coincided with the cash rate rising for the first time in almost one year. 
“The cash rate jumped again in November 2007, and during this same month, Mortgage Choice reported record levels in the fixed-rate loan uptake (to 37%, up nearly six percentage points from October 2007),” Williamson says. 
“The cash rate continued to rise during early February 2008, while fixed-rate demand began tapering off as the impact of the GFC moved closer to home.” 
Currently, demand for fixed-rate mortgages has remained high despite the Reserve bank cutting the cash rate in November and December, and a double rate cut in April.  <a target="_blank" href="/news">Westpac predicts another 50 basis points in cuts between now and August.</a>
Official ABS figures also have fixed-rate demand at 14.5%, the highest level since 2008, with most of the growth occurring during the period starting in November when the RBA began cutting official rates.
Figures compiled by Canstar Cannex for The Australian also show that fixed rate loan commitments have grown rapidly after making up just 7.5% of all new mortgages in March last year.
In January 2010, fixed rates accounted for just 0.88% of Mortgage Choice loans – the lowest level in five years.
Currently, demand is being driven by the cheap rates on offer in the fixed-rate space.
The Commonwealth Bank currently offers a standard variable mortgage of 7.01% but a three-year fixed rate of 5.99%, which illustrates in a nutshell why fixed-rate products remain so appealing. 
Aside from the CBA, Westpac has trimmed its three year-fixed mortgage by 20 basis points to 6.19%; HSBC has cut its three year fixed-rate product to 6.09% (or 5.99% for those investors who take up the interest-in-advance offering) and ME Bank has cut its three-year fixed rate mortgage product to 5.99%.
 
 
 
</body></html>

Fixed-rate mortgage demand driven by cheap deals – but still off GFC peaks: Mortgage Choice 

<html><body>
Property investors looking for good income streams should consider investing in regional NSW towns like Tamworth, Dubbo and <city><place>Orange</place></city>, according to research by PRDnationwide. 
“Our research reveals high yields for residential property in regional areas. While it has been common knowledge that higher yields can be achieved in regional cities, the fall in house and unit prices in some areas have pushed yields even higher,” says Oded Reuveni-Etzioni, research analyst at PRDnationwide. 
The property group has selected the three regional towns that are defying the overall subdued conditions in regional NSW due to their diverse economies and strong investment by the mining sector. 
Reuveni-Etzioni says these conditions are providing strong yields in the short term, with a potential for capital growth in the medium and long term. 
<img src="/images/stories/2012/05/dubortam.jpg">
He provides the following guide with examples for investors. 
<a target="_blank" href="/news"><place>Tamworth</place> </a>
This large and stable economy led by retail, healthcare, manufacturing and  education is also complemented by robust tourism and equine industries. The city experienced one the strongest growth in population in NSW, equating to an average increase of 1.5% per annum in the five years to June 2011. 
The indicative median rental yield in March 2012 was 6.3% for a three-bedroom house and 6.3% for a two-bedroom unit. 
Examples for some properties achieving higher yields include: 
<ul>
<li>
<street><address>Campbell Street, South</address></street><place>Tamworth</place> (three-bedroom house) –  Sold for $210,000 and rented out for $270/week = 6.7% return. 
</li>
<li>
<street><address>Cohen Lane, North</address></street><place>Tamworth</place> (two-bedroom house) – Sold $169,000 and previously rented out for $225/week = 6.9% return. 
</li>
<li>
<street><address>Napier Street, East</address></street><place>Tamworth</place> (three-bedroom house) – Sold for $260,000 and rented out for $345/week = 6.9% return. </li>
</ul>
 
 
 
<a target="_blank" href="/news">Dubbo</a> 
The Dubbo area is known for its rare earth resources, with several mining companies currently moving into the production stage, while others are investing in infrastructure to support their operations. The mining activity supports strong retail and agricultural sectors, creating a diverse economy that in turn maintains pressure on the retail, industrial and residential property markets. According to the local council the largest employers in the town are retail trade, healthcare and education. Manufacturing is also an important employment sector. 
The indicative median rental yield in March 2012 was 5.8% for a three-bedroom house (low unit activity made the yield for this type of dwelling not reliable). Examples for some properties achieving higher yields include:
<ul>
<li>
<street><address>Sheraton Road</address></street>, Dubbo (three-bedroom house) – Sold in March for $290,000 and rents for $350/week = 6.3% return. 
</li>
<li>Opal Street, Dubbo (three-bedroom house) – Sold in March for $230,000 and rents for $320/week = 7.2% return. 
</li>
<li>Wheelers Lane, Dubbo (four-bedroom house) – Sold in March for $181,000 and advertised for rent at $300/week = 8.6% return.</li>
</ul>
<city><place><a target="_blank" href="/news">Orange</a></place></city> 
A low unemployment rate of 4.5% is an indication for the strength of the local economy. Information obtained from the Orange City Council identified government health services and Newcrest Mining as the largest employers in the region. The city experienced the strongest growth in population in the state, equating to 2% in the 12 months to June 2011 and an average of 1.5% per annum in the five years to June 2011. 
The indicative median rental yield in March 2012 was 6.3% for a three-bedroom house and 6.1% for a two-bedroom unit. Examples for some properties achieving high yields include:
<ul>
<li>
<address>
<street>Anson Street</street>, <city>Orange</city>
</address> (three-bedroom house) – Sold in February 2012 for $290,000 and rents for $340/week = 6.1% return. 
</li>
<li>
<address>
<street>Courallie Drive</street>, <city>Orange</city>
</address> (three-bedroom house) – Sold in February 2012 for $290,000 and rents for $350/week = 6.3% return. 
</li>
<li>Spring Street, <city><place>Orange</place></city> (two-bedroom unit) – Sold in February 2012 for $240,000 and rents for $320/week = 6.9% return. 
</li>
<li>
<address>
<street>Burrendong Way</street>, <city>Orange</city>
</address> (two-bedroom unit) – Sold in February 2012 for $213,000 and advertised for rent at $285/week = 7% return.</li>
</ul>
 
 
 
 
<ul></ul>
</body></html>

High rental yields on offer in regional NSW towns Tamworth, Orange and Dubbo: PRDnationwide

<html><body>
 The City of Melbourne, Southbank and Docklands will continue to be the epicentre of high-density urban renewal projects in Melbourne until 2014, according to a new report compiled for the Property Council of Australia by consultants Charter Keck Kramer (CKC). 
However beyond 2014, CKC anticipates that there will be an increased provision of medium-density projects, “particularly across the established middle region, as well as continuing supply of smaller apartment projects”. 
The apartment push into the suburbs is already occurring in established middle-region suburbs like Dandenong, 30 kilometres from the CBD, where 43% of construction activity is currently for apartment projects. 
Apartment projects account for more than a third (34%) of construction activity in Box Hill, 28% of activity in Footscray and 22% of activity in Sandringham. 
CKC says it can be confidently predicted that residential urban renewal supply will slow considerably after 2014, “given the heavy influence of apartments within the urban renewal concept”. 
“The evident slowing in the established housing market since 2010, and the more pronounced reduction in off-the-plan apartment sales activity at the same time will translate through to lower future completion levels,” says CKC.
The report anticipates that 421 major residential urban renewal projects (including several multiple stage developments) will be completed between 2012 and 2014. 
Click to enlarge
<a href="/images/stories/ckcmay29.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/ckcmay29thumb.gif"></a>
The projects are expected to deliver 34,440 dwellings, with 82% of these being apartments, with the higher concentration of supply in larger projects of more than 100 dwellings. 
Over this period, about 42% of new apartment buildings will have more than 10 levels, compared with 31% in the construction period from 2005 to 2011. 
High-rise apartments will remain concentrated within the established inner-city municipalities. 
The report notes that pattern of major residential urban renewal concentrated in the City of Melbourne (including parts of the St Kilda Road precinct), Southbank and will continue to prevail. 
However, it notes that though the City of Melbourne will account for a lesser concentration (29%) of overall activity than it has over the recent past. 
Stonnington and Yarra local government areas account for the greatest increases in relative supply between the recent past and forthcoming periods. Their shares of overall metropolitan activity will increase by 3 percentage points to 9% each. 
The CKC report ranks the City of Melbourne as the top urban renewal LGA from 2005 to 2011 (6,651 apartments) followed by Southbank (2,718 apartments); Docklands (1, 956 apartments, 2026 total dwellings); South Yarra (1,352 apartments) and Port Melbourne (1,070 apartments, 1,183 total dwellings). 
In total CKC identified 607 individual major urban renewal projects (including several multiple stage developments) that have been completed between 2005 and 2011, containing 39,355 new dwellings.
The report, Making the Numbers Stack Up, was released in response to Victorian government projections that over the 40 years to 2051, Victoria’s population will increase by 3.2 million to 8.7 million. 
Over the same period, Melbourne’s population is expected to grow to 6.5 million, while regional Victoria is projected to grow to 2.3 million. 
The report concludes that there is currently “strong alignment between policy and market preferences for supply into locations offering high amenity and transport connectivity”. 
“Metropolitan policy should reinforce this nexus and seek to minimise constraints to new development where such preconditions exist so as to optimise supply opportunities and maximise community benefits associated with urban renewal. 
“Locations that currently do not exhibit the necessary preconditions to support higher density outcomes must undergo a period of progressive step changes in market conditions and density before apartments can be supported. 
“Not every centre, nor every suburb, can be expected to accommodate higher-density urban renewal but those suburbs which have the necessary preconditions (transport, amenity and supportive house price structures) should be expected to provide opportunities for appropriate urban renewal to occur,” says the PCA.
Photograph courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
</body></html>

Melbourne urban renewal to slow and spread to the suburbs from 2014: Charter Keck Cramer

<html><body>
Borrowers will have to wait until July at the earliest for the next rate cut, according to the latest Bloomberg poll of economists.
Just four out of the 19 economists surveyed by Bloomberg expect the RBA to cut rates again when it meets on June 5.
Analysts say the Reserve Bank might wait for fresh inflation data before making its next decision, but will also be keep a close watch on global events, particularly in Europe and in China, <a target="_blank" href="https://www.propertyobserver.com.au/news/rba-worried-about-china-industrial-slowdown-glenn-stevens/2012052854866">as mentioned by RBA governor Glenn Stevens yesterday</a>.
If the RBA relies on the official ABS data, it will have to wait until August 7 to make its next interest rate decision, as June quarterly CPI data will only be released on July 25.
Westpac chief economist Bill Evans expects at least a 50-basis-point cut between now and August, but says Westpac is reserving its right to review its forecast on the RBA's decision at its June 5 meeting “until next week, when more information will be available around the global situation”. 
“We were also disappointed at the poor response of Consumer Sentiment in May and the continued deterioration in respondents' already weak confidence about job prospects. That prompted us to subtly moderate our view from 50bps in June/August to 'at least' 50bps. 
“With the RBA's concerns around Europe and the assessment that policy is only mildly stimulatory the case for an immediate rate response is respectable. In fact a case to front-load the cut to offset any further confidence damage from Europe is also respectable,” says Evans.
The Reserve Bank might be swayed to move earlier by fresh data from other sectors, which will come out of over the next few days. 
Tomorrow retail trade figures for April will be released giving an indication of consumer sentiment, while on Thursday building approvals data for April will give the RBA a sense of whether residential construction may pick up in the months ahead.
The RBA will also be able to reflect on a weaker housing market when the RP Data-Rismark May Home Value index is released on Friday.
RP Data national research director Tim Lawless says the housing market over May has remained “fairly soft, suggesting the recent interest rate cuts and strong labour force results are yet to have a positive influence on housing market conditions”.
“Over the month to date, the daily RP Data-Rismark Home Value Indices have fallen lower for each of the major capital cities apart from Adelaide,” he says.
Retail sales figures are forecast to rise by just 0.2% in April after an unexpected 0.9% increase in March.
The RBA will also take note of the disappoint result in the May Westpac Melbourne Institute Index with consumer sentiment rising just 0.8% despite the 0.5-percentage-point rate cut.
 
 
</body></html>

Reserve Bank may put rate cut cycle on hold in June: Economists

<html><body>
Discounted sales of low-rise apartment by receivers have helped drive a 49% increase in Gold Coast sales over the March quarter, the first quarterly sales increase in 12 months. 
There were 113 unconditional sales on the Gold Coast and adjoining Tweed Coast, with the low-rise sector accounting for 46 of these. 
Despite this increase, quarterly sales remain at very low post-GFC levels – in March 2008 there were more than 500 quarterly sales. 
In doing so it overtook the high-rise sector sales rate for the first time in six years.
During the whole of 2011, there were only 103 low-rise apartment sales. 
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/colliersmay291.gif"><img src="/images/stories/colliersmay291thumb.gif"></a>
“Several low-rise projects are in the hands of receivers resulting in price reductions and renewed marketing campaigns which has created the higher sales rate, and this is expected to continue,” commented Colliers in the March quarter update. 
Ilanah Aqua and Azzura Greens at Hope Island were the strongest performing low-rise projects across the Gold and Tweed Coasts, with 17 and 16 sales respectively for the quarter, driven by receivership sell-downs. 
According to Colliers, there are 10 low-rise projects on the Gold Coast containing 144 apartments available for sale. 
Based on the current increased sales rate, this stock could be exhausted within 9.4 months unless new projects are released to the market. 
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/colliersmay292.gif"><img src="/images/stories/colliersmay292thumb.gif"></a>
Only four of the seven precincts covered in this report have low rise apartment stock and all have very low levels, with the exception of the north shore precinct. 
The north shore precinct was the best-performing low-rise precinct on the Gold Coast in terms of sales volumes, with 36 sales across three projects, while Surfers Paradise was the weakest. 
Surfers Paradise recorded only one project sale during the March quarter – XXV Breaker Street at Main Beach where two sales were recorded at $1 million each.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/colliersmay293.gif"><img src="/images/stories/colliersmay293thumb.gif"></a>
More on page 2
 
<hr class="system-pagebreak">
 
 
With the north shore experiencing a higher-than-average sales rate, this stock level will be taken up quickly, leaving very low supply levels across the Gold Coast in the low-rise sector.
Across the region, the average sale price of a new apartment was approximately $640,848.
The report notes that the number of apartment projects have almost halved in the past three years, with just 47 projects being marketed currently compared with 80 in 2009 – the lowest level since 2004.
There were 1,245 apartments available for sale at the end of March 2012, equating to 33.1 months (2.75 years) of supply based on the current quarterly sales rate.
Only one new project was added to during the March quarter: Sykes Apartments in Southport, with one- and two-bedroom units being marketed from $285,000 to $385,000.
Three projects sold out at Coolongatta: Ciel, Elysee and Reflection Tower Two; two at Robina: Sidewalk on Scottsdale and St Kilda; and one at Broadbeach: Sierra Grand.
Tony Holland, Colliers International director of residential project market, says the increase in sales on the Gold Coast could signal a turnaround for the market.
“Confidence is clearly on the improve – the economic outlook for Queensland is good, recent changes in government at both a state and council level have created a more positive sentiment, and this month’s interest rate reduction of 50 basis points will also work to improve confidence,” he says.
“With no new stock entering the market in the short term, availability continues to fall, which will lead to supply shortages in some areas, particularly in the low-rise sector. Our research has found that for the first time in six years the low-rise sector recorded a higher sales rate than the high-rise sector, with 46 sales,” he says.
“Potential future supply of new apartments across the Gold and Tweed Coasts stands at around 12,500, 64%t of which are located between Hope Island and Surfers Paradise, but there is no certainty as to whether and when these will actually be built,” says Lynda Campbell, Colliers International Gold Coast research manager.
“The second half of 2011 saw the north shore precinct reporting sales volumes at their lowest levels since the end of 2008 but this has turned around to now be the best performing precinct on the Gold Coast, with a total of 42 sales reported for the quarter.
“The increased sales rate in the north shore precinct has resulted in a sharp decline in availability, particularly in the one-bedroom and one-plus-study sector, leaving almost no stock remaining,” says Campbell.
 
 
 
 
 
 
 
</body></html>

Low-rise receiver sales help drive 49% increase in Gold Coast apartment sales over March quarter: Colliers

<html><body>
Investors who borrow through their self-managed super funds to acquire property continue to breach the rules and risk being reported to the Tax Office, warns Heather Gray, a partner at law firm DLA Piper.
Her warning comes as the ATO revealed in its third-quarter update (to March 31) that it had prosecuted of more than 1,500 people for tax and superannuation offences, sending “a clear warning to tax cheats that they can expect to be caught”. 
Properties acquired by a SMSF <a target="_blank" href="https://www.propertyobserver.com.au/finance/clarity-for-smsf-property-investors-as-ato-defines-single-acquirable-asset/2012052454820">using limited-recourse borrowing rules</a> have to be acquired via a separate trustee with a custodian holding the legal title.
“Clients still get this wrong all the time,” said Gray at the Institute of Chartered Accountants in Australia’s Business Forum 2012.
“They will ring you (their financial advisor) on a Monday morning all excited saying they have found a great property over the weekend for their super fund.
“They will tell you they have signed a contract and want to sit down to discuss how they will structure the investment in their fund,” says Gray.
But, she says, invariably the custodian has not signed the contract.
“In fact the client has not even thought about the custodian; it’s not even a twinkle in their eye as yet.”
“And they have paid the deposit, who knows from where – probably from some random banking account,” Gray says – not from the fund.
Such basic mistakes can result in investors breaching SMSF borrowing rules and being reported to the ATO.
“It is the super fund buying the property and the super fund that must provide the money,” explains Gray.
Furthermore it is the custodian, which holds the legal title, and it must be the one that signs the contract of sale.
Tax Commissioner Michael D'Ascenzo says the March quarter ATO prosecution figures show that there are “significant risks and consequences for people who do not properly fulfil their legal and civic responsibilities in relation to tax and superannuation”.
"The year-to-date results to 31 March reveal that the ATO successfully prosecuted 1,106 individuals and 400 companies for tax and superannuation offences," he says.
“We have a range of measures in place to ensure we detect and deal with those who evade their obligations. This includes information sharing and working with other government agencies, and also with overseas counterparts.
"The ATO pursues tax cheats to the full extent of the law to ensure honest taxpayers have their interests looked after. Australians don't want to face an unfair burden when dishonest people avoid their tax obligations, and they expect the ATO to provide a level playing field,” says D’Ascenzo.
Last week the ATO finalising guidelines for what constitutes a single acquirable asset under limited recourse borrowing rules and clarifying what <a target="_blank" href="https://www.propertyobserver.com.au/renovating/ato-ruling-specifies-allowable-repairs-and-renovations-for-smsf-property-investors/2012052454821">renovations and repairs are allowed to be carried out on properties</a> acquired through super.
 
 
 
</body></html>

SMSF investors still making basic mistakes on property purchases as ATO cracks down on super ‘cheats’

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

&nbsp;

[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

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]

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]

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News