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Welcome to the new world. Well, not so new – it arrives every winter in Melbourne, when the favourite weekend sport that is the public auction quietens down and a version of the Melbourne Club opens for the million-dollar-plus home buying business. For four months between a certain royal’s birthday and a hoped-for Collingwood victory on grand final day, auctions diminish as the favoured way to do business at the top end – and private sales, off-markets and expressions of interest take over.
For unwary buyers, private sales can present some problems. In fact, a number of potential buyers start out on the back foot with private sale negotiations simply because they think they are easier than auction bidding.
We are not sure why anyone would think private sales are necessarily easier to negotiate than auctions. Sure, some private sales are straightforward enough: it’s simply a matter of paying the asking price. But it’s worth realising that private sales have no rules like the ones they have to read out at the start of an auction. There is no start and stop time and no bells to say the property is “on the market”. For casual buyers there is no public confirmation of the right price level in the form of other bidders, as in an auction.
As well, over the last few years the curious practice of not stating a price has crept in on some private sales. So when you ask a salesman the price, the response can vary from: “Make us an offer” to “Buyer interest is at $3 million and the vendor wants around $3.35 million (we think)” to “Price range, sir, is between $1.8 million and $1.92 million”.
Even the inexperienced buyer should be able to see the dangers in being asked to “make us an offer” – especially if the buyer wants to buy the home. There are solutions for a buyer involved in this process, but hand on heart you as a buyer would be best served by getting professional representation in this instance.
In the case of the other two price types that are a version of the range, it’s just as confusing. Could you buy the property simply by paying the top end of the range? That depends on the process and on which agent you’re dealing with.
This leads us to the second traffic stopper in private sale negotiations: the process. Even if you offer top dollar, your offer may still be referred to others, and that involves a 24-hour feedback process during which time you may be asked if you have any more (even if there is no other offer). Or you could be asked to participate in a boardroom auction, which involves a new set of rules. Or you could simply be told nothing – which could mean it is sold to someone else, maybe because as a negotiation tactic your offer had a clause stating this was your final offer and they believed you and didn’t refer back to you.
Even if your offer of the top price in the range is accepted on the spot, you may wonder whether you did the right thing.
Each and every agency you deal with has a different private sale process, and in fact a number of agents within different agencies use different private sale practices.
Which brings us to the final issue of agents – whom do you actually speak to? In some companies you could be involved with a number of agents during the buying process – but only two of them can actually help you. In private sales in Melbourne’s top-end it is a club, it works well for buyers and sellers, and a lot of real estate is exchanged, however you need to know who’s who within the club if you want to get the result you want.
When you go to your next open for inspection, for instance, does that well-dressed agent you spoke to actually know what is going on? Is he the listing agent, who has the ear and trust of the vendor – or is he someone so far removed from the process that you probably know more about the home and what it takes to buy it?
So welcome Melbourne, welcome to the winter of wonderment and the intensely interesting private sale process.
Mal James is principal of <a title="James Buyer Advocates" target="_self" href="https://www.jamesbuyeradvocates.com.au" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
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Welcome to the private sales club

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With the autumn property season over and the end of the headlines about record prices and huge crowds, the winter property season brings a new set of challenges for buyers and sellers. Yes, it’s a more subdued time, but winter can still throw up some surprises – and some opportunities. Even in winter people still need to sell their homes. And plenty of people are still out there looking for homes to live in.
In fact, on good homes the interest can actually intensify due to lack of supply, and prices can go up on certain offerings. We’ve noticed in the past couple of chilly weeks, our demand indicator <a href="https://marketnews.com.au/tag/bidderman/" title="Posts tagged with bidderman">Bidderman</a> has risen to an average of 1.5 bidders per auction – up from just over one bidder per auction in early May.
So the buyers are still out there, but they may be a different crowd than the ones you’ve been bidding against during the spring and autumn property seasons.
You won’t see much of the wow buyers, for instance, the ones who like the glitz and glam and are “sort of looking” but not that hard. The footy is on, it’s too cold. They can’t be bothered. So you won’t have to worry about competing against this lot.
The desperate buyers are still there, though, the ones who really need a home nowbecausethe wife is threatening divorce, the kids are whingeing, and they’re sick of trawling through the internet listings every week.
The measured buyers never went away. These are the ones who don’t care whether it’s summer or winter, a buyers’ or a sellers’ market, freezing cold, roasting hot. They are out there even now looking for a quality family home that has good land content and represents good value close to schools for their kids. Their finances are in place, and they see the depths of winter as good a time as any if the right home presents itself.
Measured buyers are the ones who accept that it might be a little tougher to sell their existing homes, and realise they might need to discount their asking price a little for safety – but also that they’ll probably be able to buy something bigger and better at a better price. These are the ones who are only buying if the three Ps line up: property, position and of course, price.
Then there are the opportune buyers or investors. A bit of frost on the local oval isn’t going to stop them looking.  They’ve got their eyes on the pass-ins on a Monday. In fact, they’ve probably been keeping records of pass-ins for the last few months, and eventually a phone call will unearth a good home that didn’t sell for one reason: it was overpriced. And after one or two price drops it could well be ripe for a cheeky offer.
So which one are you and how can you best play this market? Winter brings out the wet trackers in horse racing – the show ponies have a spell, and the old reliables you have seen for many years becomes a lot more visible. So it is in real estate. You will see a number of auctioneers take extended breaks, returning on the occasional weekend when a group of auction homes have been bunched together. In the meantime the quality sales agent are playing a far greater role within the company.
But it’s also worth realising that while a few auctions are still around, over the next few months more homes will be sold over the phone or in a coffee shop than on the pavement. When you’re buying via private sale, expression of interest or off market, that requires different skills. It’s not just about turning up at an auction, watching to see what others do and then putting your hand up. For all the issues connected with auctions, they are still far more transparent than the most common types of deals you will see (or rather, won’t see) between now and the footy finals.
So this winter, like any market, has opportunities for the buyer. Especially for the measured and opportune buyer. Maybe not so much for the wow buyer. And there are some traps for the inexperienced or desperate buyer – but nothing a cool head can’t avoid.
Mal James is principal of <a href="https://www.propertyobserver.com.au/james.net.au">james.net.au</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
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Don't cool your heels in winter

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A key focus for many buyers at the moment is to not pay too much. Fair enough – it’s a healthy focus But if this is the only focus, then as a buyer of a good home or a good investment you might miss out on the main game – to buy well.
Take a golfer who is totally preoccupied with looking at the flag, until his partner points out the water hazard to the left. That’s good factual information and healthy to focus on if it makes you change your aim a little to the right. But it’s an unhealthy focus if it becomes so encompassing that you end up duck-hooking into the very hazard you are trying to avoid.
The hazard that all buyers, whether emotional home buyers or first-time investors, are trying to avoid is making bad decisions that don’t achieve their outcomes. Let’s say your desired outcome is to buy a good home for your family, but also to make a good investment purchase. In this market, is that best serviced by a focus on buying a good home at a fair price or by beating the agent and getting a discount? Of course both aims are worthy, but in my opinion the former is a more important focus.
Here’s a question: When are you more likely to be buying a good home: when the selling agent tells you a property is bargain, when you find yourself negotiating at 10% below the asking price, or when you find you are competing against multiple bidders in an “on the market” auction?
The fact is that when there are multiple bidders for a property, it’s a clear signal that the property is likely to be a good future investment. Multiple bidders signal consensus on price, and that is good for capital growth; multiple bidders also signal that there is a high chance this is a good home. An obsessive focus on not paying too much is actually not a buying strategy and could even be counter-productive in a competitive auction situation.
Take this recent auction at 7 McLaughlin Avenue in the Melbourne bayside suburb of Sandringham. This was a roughly 30-year-old house on more than 1000 square metres with an older-style façade. It is a bit dated but has a classy floor plan and internals. It is a good home, and I was interested to see how it would sell.
After an opening bid of $1.5 million, a second bid came in at $1.55 million and a third at $1.65 million. Another bid came in at $1.66 million, and then finally we were “on the market” at $1.71 million – but by this point people seemed to be running out of money.
Bidder number two was slow to bid, and bidder three responded more authoritatively, nearly buying the house for $1.71 million. A fourth bidder then came in at $1.72 million but didn’t look that strong, and this seemed to allow the third bidder back in with a bid of $1.751 million. The final result: $1.752 million.
Not bad, and the under-bidders probably thought they’d given it their best shot, but my thought was that at least two of them looked weak and that was what let the winning bidder back in each time. I can’t help thinking that there might have been a different result if the other bidders had gone in with a different mindset.
It’s human instinct for others to battle on when they think the other party is injured and almost out of the race. If you’re the weak one, you may end up paying more or even worse missing out on the property, when it is quite possible that the winning bidder would have stopped $10,000 below you if you had put in a stronger bid.
The fact that you showed you were gone was what energised him for one last final effort. So what are the real issues in this market?
1) Get your main goal clear in your mind.
2) Understand value before you start bidding. Why? Because uncertainty makes us all look weak.
3) Sure, don’t overpay – but don’t miss out either (as long as it’s worth it)
4) Don’t assume you will have no competition 5) Have multiple bidding strategies to deal with pass-ins, vendor bids, etc, but also have ones to deal with bullet bidding, strong competition, weak competition and so on.
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Don't show weakness

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Even in a buyers’ market it is still possible to buy badly. You can buy the wrong home for your family, or you can commit the lesser but still significant sin of paying too much for a home.
Why is paying too much a sin?  Because it not only lessens your capital growth, it also puts more of your disposable income towards your mortgage.
What if I promised you a free family holiday in Europe each year for the next 20 years or agreed to pay your children’s school fees until they have left the most expensive private schools?
That’s what you’d be losing if you paid $3,200,000 for a home that you could have bought for $2,900,000. Over the life of a 20-year loan you would need to pay back approximately $580,000, or $29,000 per year (after tax) assuming an average 7.5% interest rate. That’s an overseas holiday or fees for two kids at private school.
Paying too much upfront means your capital growth will be lower too. Our investment division has the constant challenge of explaining to firs- time investors that the price tag of a home is not always the start point for capital growth – the market value is.
Take the example of paying $2,100,000 for a home that you could have negotiated down to $1,800,000 in this buyers’ market. If you sold the property in seven years for, say, $3,600,000, your capital growth would be 100% if you’d originally paid $1,800,000, but only 72% if you’d paid $2,100,000. Do that a couple of times, and the smart buyer gets to keep a free home and the not-so-smart buyer gets to keep a big mortgage.
Want some more evidence that this is a buyers’ market in which you should be able to negotiate a better price?  Here are three big stats that show the May 2011 million-dollar-plus market is a buyers’ market:
Clearance rates – these have dropped into the 40% and 50% levels at auctions. That means that abouut half the homes currently up for sale can’t find anybody to agree with the seller on price.
The Weekly Review Bidderman – This stat is derived from the 30 auctions we attend each week. It’s a simple count of all the bidders who bid divided by the number of auctions, giving a measurement of underlying demand for what is on offer. With Bidderman currently around one, i.e. an average of just one bidder per auction, you can see that there ain’t a lot of leftover bidders for the next home.
Lone Ranger Auctions – Single-bidder auctions are currently the most common type of auction, at one in three auctions. This is why buyers need to be on firm foundations in terms of price.
What those three stats tell us is that there is little group consensus on price right now, which makes it all too possible to overpay.  It also makes possible to miss a bargain. Sellers sometimes get prices too low as well.
Even professionals can get it wrong, as this personal story shows: I sold one of my own investment properties during the GFC. I’d bought a ripper little investment in Brighton, but it had put me out of my comfort zone and I decided to get rid of another investment home I’d owned for around 10 years at 13 Durrant Street, Brighton, Victoria. It failed to sell at auction (I wanted too much), I got the squeeze and despite everything I knew, because I was emotionally involved I let it go in the $800,000s a couple of months later. If I’d sold a year either side of that, either 2007 and 2009, it would have gone for more than $1 million. Shows how much easier and better it is to deal with others than your own.
The point is that this market is a great market to buy in if you have a longer-term view, have found the right home and you have a good plan, good strategies and good execution. But you can pay too much for a home in this market, and for most of us that doesn’t makes sense.
Mal James is principal of <a href="https://www.jamesbuyeradvocates.com.au" title="James Buyer Advocates" target="_self" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
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Don't buy badly

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Just because we’re in a buyer’s market, with some great opportunities to buy good properties well, don’t think that means you have the upper hand when it comes to bidding at auction.
Many first-time buyers think an auction is a matter of turning up and “winging it”. But when you are bidding on a home, you are not just competing against other buyers. You are also bidding against the agent, whose job is to maximise the selling price for his client. You will often be up against a collective brains trust of three or four, and the agents will probably know who you are, what you have already bid on and what you’re likely to do at the auction.
And lately we have been seeing too many examples where buyers are making it especially easy for skilled agents to do their job.
 Take this scenario we witnessed a couple of weekends ago, which highlighted what a skilled agent can do even in a buyer’s market when presented with an inexperienced and overenthusiastic buyer.
 The house was a lovely little single-fronted at 48 Emo Road, Malvern East, in one of my favourite family and <a href="https://www.marketnews.com.au/tag/investment/" title="Posts tagged with Investment">investment</a> areas, the Ardrie Park precinct. The property was middle of the road in terms of quality, with plenty of space inside and outside and good flow. The agent  was Peter Bennison of Marshall White, a seasoned operator who showed his stripes and his skills to perfection on this particular day.
 
The house had been quoted at a very reasonable $890,000 to $950,000, so even Peter was a little shocked when a strong and emotional opening bid came in at $950,000. The rest of the 100-strong crowd seemed stunned into silence as Peter tried, with no avail, to elicit further rises of $10,000.
 
Repairing inside for a strategic half-time break to consult with the no doubt ecstatic vendor, Peter returned to tell the crowd that the property would be passed in to the highest bidder if there were no further bids. After a pause, a second bidder piped up with an extra $10,000. Back like a shot, eagerness written all over his face, the original bidder responded with a crowd-hushing $1 million.
 No one else was prepared to go any higher than that one, so the bidder was taken inside to negotiate a final price with the vendor. A few minutes later a final result of $1.15 million was declared.
 How did that happen? Why didn’t the bidder ask outside whether the property was “on the market” (over the vendor’s reserve price)? If he had, the final negotiation would have happened out there on the pavement instead of inside. Maybe the price would have gotten up to $1,150,000 anyway – who knows? At least it would have happened openly and transparently, which is what auctions are good for. But the bidder had made his enthusiasm so completely clear that the agent was able to play him like a violin.
I don’t want to be critical of the bidder. There are worse “sins” in home buying than paying more than you need to for a good house. But this scenario does point to some things to keep in mind if you are bidding on a property yourself.
1) As a bidder, by all means look strong to ward off other nervous buyers. But it doesn’t help to look emotional – an experienced agent will pick up on that, and it will cost you money
2) In this market you have to test every step of the way. Ask questions. There was nothing wrong with the opening bid, but the winning bidder’s second bid should have been presented in a very different way. The post-auction problems snowballed from this one decision.
3) In this market, when your bid is well above the quote and there is no proven competition, why rush up the pole? If you have to pay more, at least let it take a few hours of testing.
4) Consider getting professional help.
 The result of the Malvern East auction might have been no different if a professional were managing the buying side. But I think a number of safety procedures could have been implemented before the buyer agreed to that amount.
 It’s a great market to buy in, but you still need to be careful.
Mal James is principal of <a target="_self" title="James Buyer Advocates" href="https://www.jamesbuyeradvocates.com.au">James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website. 
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Don't show your hand too soon

A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

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Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

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The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

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Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

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Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

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For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

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The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

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Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

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Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

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Mal James

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