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 Over the years, we have helped more than 550 residential projects come to fruition throughout Australia.
And part of what we do, in our efforts to ascertain what works and what doesn’t, involves focus group research.
Here’s some of what we’ve found:
Resident feedback from apartment renters and owner-occupiers tells us that the most important features of an apartment complex are as follows:
<ul>
<li>Location</li>
<li>Design aspects</li>
<li>Security</li>
<li>Onsite management</li>
<li>Aspect/views; and</li>
<li>Resident facilities</li>
</ul>
The main dislikes are:
<ul>
<li>Noise-related issues</li>
<li>Substandard quality</li>
<li>Slow or faulty lifts</li>
<li>Parking problems</li>
<li>Lack of storage; and</li>
<li>Poor apartment design</li>
</ul>
In order of preference, the most important apartment inclusions are:
<ul>
<li>Quality ducted air-conditioning</li>
<li>Useable balconies</li>
<li>Car parking</li>
<li>Ample storage; and</li>
<li>Wireless technologies</li>
</ul>
In order of preference, the most important complex inclusions are:
<ul>
<li>Security systems</li>
<li>A mixture of uses and services on site</li>
<li>Minimal waiting time for lifts</li>
<li>Swimming pool; and</li>
<li>Barbecue/communal entertainment area</li>
</ul>
Buyer feedback is what we undertake on behalf of clients with people who have expressed an interest in buying apartments off the plan.  Often the most valuable feedback relating to the sales and marketing of a new project is gained from people who did not end up buying.
Here are some of our findings:
Brochures are often too generic – “Could have been advertising any new apartment project” is a common complaint.
Most brochures fail to show the exact location of the proposed new apartment tower and how it relates to the local area.
The lack of pricing information is very frustrating – most people want as much relevant information (pricing, floor plans, body corporate fees, etc.) up front so they know if the project is worth looking at.
People hate receiving pricing advice that turns out to be misleading.
Previous buyers expect to receive special offers and do not want to have to prove their bona fides all over again.
Illustrations of apartment interiors, colour schemes and display furniture often do not appeal to the (older) target market.
Kitchens and bathrooms seem often to be designed by men, not women.
Many buyers thought the cost of additional storage space was excessive. Some noted they could purchase over-car storage cages themselves much cheaper; others thought they shouldn’t have to pay for storage anyway, seeing it is such a basic design requirement.
Developers generally don’t stress their track record highly enough.
Many potential buyers object to the pressure they feel they are put under by sales staff, particularly at the official launch of a project.
So, our question to you is, what have we missed?  Is there something on your list of likes or dislikes that would compel you to buy or rent in one project over another?  Is there something in the sales process that you have found really helpful, or really sticks in your craw?
Don’t hesitate to let loose.  <a target="_blank" href="https://www.surveymonkey.com/s/ResidentAndBuyer">Click here to give us your responses</a> – and then stay tuned for a follow-up – we’ll let you know when.
And at the risk of overload – but we don’t do this very often – here’s a final call for our regular Matusik Pulse poll.
This week’s poll asks what it would take to get you to seriously consider a new dwelling investment.  Don’t hesitate – it only takes a few seconds to <a target="_blank" href="https://www.surveymonkey.com/s/ConsiderInvestment">click through and give us your response.</a>
Michael Matusik is the founder of <a target="_blank" href="https://www.matusik.com.au">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Readers can follow <a target="_blank" href="https://www.matusikmissive.wordpress.com">Michael's blog</a> or follow him on <a target="_blank" href="https://www.twitter.com/michaelmatusik">Twitter</a> – five tweets a day, some of which are on the property market.
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michaelmatusik-49YzLvdmNv

What off-the-plan apartment buyers want – and what they don't

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Can’t let the day pass without saying happy 4th of July to my American friends – goodonya guys, watch the hotdog intake!
Matusik Pulse polls have been a regular feature of our missives for some time now, and it seems that you – our faithful followers – really enjoy putting in your two-bob’s worth and finding out what others have to say.
Results and a new poll appear each Saturday on Matusik Missive, but not everyone gets the time to explore them; so for those who may have missed our weekend reads, here’s a replay of our last five polls:
Click to enlarge
<a href="/images/stories/2012/07/matujuly41.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/07/matujuly41thumb.jpg"></a>
Highlights:
Here’s what you said, in order –
<ol>
<li>Limited finance/low valuations</li>
<li>High taxes and charges</li>
<li>Job insecurity</li>
<li>Lack of demand</li>
<li>Poor capital growth/limited rental return</li>
<li>Developers will not discount/meet the market</li>
<li>Interest rates too high</li>
</ol>Read <a target="_blank" href="https://www.propertyobserver.com.au/queensland/marketing-costs-dont-reflect-a-propertys-value-and-queenslands-form-27c-is-a-joke-michael-matusik/2012051554712">here</a> and <a target="_blank" href="https://www.propertyobserver.com.au/residential/property-valuation-101/2012022153484">here</a> for some thoughts on valuations – and <a target="_blank" href="https://www.propertyobserver.com.au/tax/queensland-needs-stamp-duty-reductions-to-level-the-playing-field/2012022853606">here</a> to see what we said about Australia’s high property taxes. Click to enlarge
<a href="/images/stories/2012/07/matujuly42.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/07/matujuly42thumb.jpg"></a>
Highlights:
The majority would get rid of the media room.  Very few would be willing to reduce storage space, hallways and entry points or size of the kitchen. One in five do not think our houses are too big.
Revisit <a target="_blank" href="https://www.propertyobserver.com.au/trends/sp-moodys-and-fitch-self-serving-attention-grabbing-vacuum-heads-michael-matusik/2012060555002">this post</a> for some interesting replies to house sizes.
<a href="/images/stories/2012/07/matujuly43.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/07/matujuly43thumb.jpg"></a>
Highlights:
Here’s how you responded, in order -
<ol start="1">
<li>2 bed apartment Chermside (10 kms of CBD)</li>
<li>1 bed apartment Albion (5 kms of CBD)</li>
<li>4 bed house Northlakes (25kms of CBD)</li>
<li>3 bed townhouse Carseldine (15 kms of CBD)</li>
<li>1 bed CBD apartment</li>
</ol>
<a href="/images/stories/2012/07/matujuly44.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/07/matujuly44thumb.jpg"></a>
Highlights:
You responded, in order -
<ol>
<li>Media</li>
<li>Federal election</li>
<li>World economic outlook</li>
<li>Interest rates/finance availability</li>
<li>Local economy</li>
<li>Property valuations</li>
<li>Amount of resale stock for sale</li>
</ol>
The tangibles – our local economy, property valuations, stock on the market, and even interest rates and availability of finance – are perceived to have little influence on the market.
Yet the media and the seemingly interminable wait for a federal election do.  That says a lot about the influence of negative reporting in my book.  Confidence is what is needed.  <a href="https://www.propertyobserver.com.au/trends/good-news-for-australian-property-but-were-too-gloomy-to-enjoy-it-michael-matusik/2012062455246" target="_blank">Click here</a> to read my full comment on this poll. Highlights:
You responded in order -
<ol>
<li>Land supply</li>
<li>Smaller product &amp; land size</li>
<li>Faster approvals</li>
<li>Lower interest rates</li>
<li>Smarter building practices/materials</li>
<li>Government grants</li>
</ol>Revisit <a target="_blank" href="https://matusikmissive.wordpress.com/2009/11/11/home-ownership/">here</a> and <a target="_blank" href="https://www.propertyobserver.com.au/residential/government-handouts-can-be-misguided-and-misdirected-michael-matusik/2012062855335">here</a> to read why grants and the like do more harm than good. Michael Matusik is the founder of <a target="_blank" href="https://www.matusik.com.au">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Readers can follow <a target="_blank" href="https://www.matusikmissive.wordpress.com%20">Michael's blog</a> or follow him on <a target="_blank" href="https://www.twitter.com/michaelmatusik">Twitter</a> – five tweets a day, some of which are on the property market.
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What is stopping residential property sales: Michael Matusik

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“Trust not their presents, nor admit the horse.”
Nope, it’s not about the legend of the Trojan horse.   In this case – and it is my blog after all – we’re talking about government incentives.
For the most part, the theory behind home-buyer incentives (and these include concessions for stamp duty or transfer duty as it is now known) is commendable.
But in practice, as we have seen, most government handouts can be misguided and misdirected – sometimes amounting to little more than political nonsense.
Ultimately, as we wrote here, grants like the first-home buyer grants, for example, have the propensity to be detrimental to first-home owners; being inflationary in nature, and resulting in upward movement of prices.
In short, <a target="_blank" href="https://matusikmissive.wordpress.com/2010/02/24/beggars-belief/">I don’t like politically inspired property incentives</a>.
But that’s not to say that they are all bad, all the time, and I will concede just a tad that some grants and concessions may provide positive impact.
On the eve of a new financial year, here are some of the changes that we can anticipate in home-buyer incentives and transfer duty:
Queensland will say hello to new transfer duty rates from July 1st.  This is a reinstatement of the principal place of residence exemption and applies to the first $350,000 value in a home.  Further concessions will remain for first-home buyers – a $10,000 grant will be available between August and January.
In terms of transfer duty relief, numbers here are enticing – a $300,000 property purchase, for example, that previously incurred $8,325 in duties will now require just $3,000.  And a $500,000 purchase that previously incurred a transfer duty of $15,525 for example, will now require $8,750.
New South Wales will get a new home grant scheme – purchasing or building a new home will provide $5,000 to buyers for homes valued up to $650,000 and land valued at up to $450,000.
The state will shelve its previous bonus scheme which provided a full exemption on transfer duty for new homes up to $600,000 and land up to $400,000.
Victoria – From July 1, two first-home buyer schemes will be dropped – the $13,500 first-home bonus scheme and the $6,500 regional bonus scheme.
First home buyers will receive an increase in transfer duty reductions from 20% to 30% on the January 1, 2013; from 30% to 40% the following January, topping out at a 50% reduction effective September 2014.
South Australia – transfer duty will be scrapped for off-the-plan apartments –<a target="_blank" href="https://www.propertyobserver.com.au/residential/reducing-stamp-duty-not-boosting-building-the-key-to-solving-housing-crisis-michael-matusik/2011110852260"> here’s what we think about paying duty on off-the-plan purchases</a> –  in Adelaide City and North Adelaide. 
Elsewhere, a full concession will be capped for off-the-plan apartments valued up to $500,000 up to 30th June 2014.
From July 1 the first-home bonus grant will be halved, with up to $4,000 available for eligible buyers who qualify for the federal $7,000 first-home owner grant, and the grant will be abolished entirely from July 2013.
Schemes come and go; some hold promise and may deliver; too many fizzle and are quietly put to bed.
While the introduction of a new grant, or the ending of a current one, often brings forth a flurry of activity, more often than not, the activity is not sustained.  As we wrote here, there’s a lot that we can do, and a lot that we need to undo to boost our ailing property industry.  But building grants and the like are not always the answer.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Michael is a 25-year veteran in the industry and his firm has helped over 550 new residential developments come to fruition. Michael has launched a new initiative, called<a href="https://www.matusik.com.au/" target="_blank"> Think Matusik</a>. Think Matusik brings together expert opinion and select property opportunities.
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Government handouts can be misguided and misdirected

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No argument – making a buck is harder these days – it’s a jungle out there, folks, and survival depends, for mine, on working longer and smarter.
Part of any worthwhile strategy can mean extracting the best out of what we already have.
When it comes to property, more than 90% of investors, according to recent survey results, are the “lock and leave” type – or the passive investor profile.
That laissez-faire approach sometimes extends to overlooking less-obvious ways of decreasing the costs of holding property. Surprisingly, one of those most often overlooked is depreciation.
Brad Beer, of BMT Quantity Surveyors, sent through an interesting note the other day about his research, which affirms that 80% of property investors are not taking advantage of the property depreciation laws – basically missing out on some worthwhile coin, if you ask me.
Brad reckons that on average, investors find between $5,000 and $10,000 as a first full-year deduction.
Owner-investors are seemingly au fait with the tax advantages of negative gearing, but according to BMT, the depreciation benefits of property are less understood.
Many buyers of new investment property cite the tax benefits of depreciation as a reason to buy new. And while this should not be the main consideration for purchasing, those benefits can result in a significant boost to cashflow.
But you can also claim depreciation on renovated properties. You just need to know what you are doing. In this regard, it pays to employ a quantity surveyor who is trained in the area of tax depreciation. Good advice can make a difference to investor decisions both prior to and after purchase, and can impact greatly on the long-term quality of the investment. It really is money for jam.
Briefly, let’s just look at one straightforward example of how much money could be involved. In fact, you can even try out one of the simple depreciation apps for yourselves – there are dozens out there. But by way of example, a $500,000 new Brisbane apartment, built to a high standard of finish, could net the buyer about $100,000 in the first 10 years, with $14,000 paid after the first year, if using the diminishing value method.
Again, expertise is key. For new property, a quantity surveyor’s work will cover a 40-year period – so there are even more savings available beyond the first 10 years.
For those who are new to the investor game, or are thinking about it, the potential of both new and old properties to attract depreciation benefits, which the owner can claim as a tax credit, can be somewhat of an unknown quantity. And given the widely held perception that older properties will attract no claim, it really is worth having an expert look into any property scenario.
For new property you’ll need a valuation of the building from a quantity surveyor who is registered with an ATO accreditation.
And for property that is not new, you’ll need a construction date and other information so that a depreciation schedule can be drawn up.
A property depreciation report will make life easy for accountants and should include the following technical and service aspects:
<ul>
<li>A site inspection</li>
<li>A list of values for fittings, fixtures and the structural elements of a building</li>
<li>Calculated deductions projected for up to 40 years</li>
<li>Cover any extensions or renovations – even those of a previous owner</li>
<li>Accelerated depreciation for assets that qualify</li>
<li>100% deductions for immediate write-off for items that qualify</li>
<li>Deductions split based upon applicable ownership ratios</li>
</ul>
The report fees, of course, are 100% tax-deductible.
Yes, property has had a bad rap of late; but as we reported recently there is some good news afoot, especially in Brisbane, where the market is starting to turn. And in spite of lingering negativity and a changing prognosis for the way forward for the property market, investment property that is well-located and actively managed remains, in my opinion, one of the best ways for everyday Australians to generate wealth, with its attractive combination of capital growth, rental income and generous tax breaks.
More than ever, it is important to pay attention to detail more and make sure that we maximise whatever advantages are available.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Michael is a 25-year veteran in the industry and his firm has helped over 550 new residential developments come to fruition. Michael has launched a new initiative, called<a href="https://www.matusik.com.au/" target="_blank"> Think Matusik</a>. Think Matusik brings together expert opinion and select property opportunities.
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Property investors who don’t take advantage of depreciation laws are missing out on worthwhile coin

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Well, there is good news, but apparently, we’re still too gloomy to enjoy it.
The official stats show a healthy economy; housing sentiment is up and property, according to CommSec, is back in favour.  Overall, Aussie consumers are more optimistic.
But a mindset of misery lingers, and we aren’t quite willing to let go of it.
The Westpac/Melbourne Institute index of consumer sentiment rose, albeit minimally, by 0.3% in June, though remains down almost 6% on a year ago.
Banks were nominated as the best place to stash your cash by 33% of consumers, but the next best, and the biggest mover, was real estate – one-quarter of respondents (up from 18%) consider it the wisest place to put savings.
The jump in sentiment is, as CommSec economist Craig James reports, good news for our beleaguered housing market.
Sales are starting to lift, but consumers really need to follow through.  Why are we so reticent?
Perhaps our collective outlook is a backlash from the incessant negativity of politics or the chatter of an imploding Europe.
Or perhaps we need a bit of a shake up and an<a href="https://www.propertyobserver.com.au/trends/australias-prudent-mindset-comes-at-a-cost-with-little-established-house-price-growth-for-a-decade/2012061955193"> attitude adjustment that melds with the reality of a changing world. </a>
Jog and live longer 
I always read these too, don’t you?  Spotted in the Fin Review – a heart study in Copenhagen has found that slow and steady really does win the race.
To be a winner, you have to jog slowly, moderately if you must, and regularly – 60 to 150 minutes max per week, over two or three sessions.
The study of 20,000 participants started in 1976 and has found that regular joggers will improve their longevity by 6.2 years for men and 5.6 years for women.   Apparently this helps with happiness and wellbeing too.  I’m on it!
Poll
Last week’s MatusikPulse poll asked:  What you think is likely to influence the market over the next 12 months.  Here’s how you responded:
Media:  23%
Federal election:  22%
World economic outlook:  19%
Interest rates/finance availability:  15%
Local economy:  10%
Property valuations:  7%
Amount of resale stock for sale:  4%
So, how’s that for irony?  The tangibles – our local economy, property valuations, stock on the market, and even interest rates and availability of finance are perceived to have little influence on the market.
Yet the media and the seemingly interminable wait for a federal election do.  That says a lot about the influence of negative reporting in my book.  Though in terms of the federal election, just bring it on – puhleeze!
As to world economic outlook, let’s look at it this way: the economies of Greece, Ireland and Spain combined are less than that of Florida.  The perception that the world will come tumbling down, and us with it, due to strife in Greece or Spain, for example, has more to do with the desperate search for a headline than anything else.
Interest rates are an issue, and finance is harder to get.  But really, we may just have to get over our obsession with every little percentage movement – if you are not financially sound enough to get a loan at, say, 7%, you’re not going to get one at 6% either.
But guess what?  The forecast for Australia’s growth next year is 3.4% (up from 3% this year); Britain 1.7%, Japan 1.5%, U.S. 2.3%, and Europe 0.7%.  The growth projections are less than seen in the past, but still growth never-the-less – and we’re on top of the heap.
Confidence is what is needed.
<a href="https://www.surveymonkey.com/s/ImpactAffordability">This week’s poll question</a> asks your opinion on what will have the greatest impact on new housing affordability.  Please take just a few seconds to give us your answer.  Results next Saturday.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Michael is a 25-year veteran in the industry and his firm has helped over 550 new residential developments come to fruition. Michael has launched a new initiative, called<a href="https://www.matusik.com.au/" target="_blank"> Think Matusik</a>. Think Matusik brings together expert opinion and select property opportunities.
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Good news for Australian property, but we’re too gloomy to enjoy it

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Prudent means to be:
<ul>
<li>discreet or cautious in managing one’s activities; circumspect</li>
<li>practical and careful in providing for the future; or</li>
<li>exercising good judgment or common sense</li>
</ul>
It comes from the Latin pr?d?ns, meaning far-sighted.
Everything cycles, but around some form of structure.
An economy is driven by both cyclical (temporary, although often repetitive) changes, as well as structural (longer-lasting and often more painful) forces.
For mine, putting aside the deadheads we currently have in Canberra, the national lack of confidence is more complicated than reasons like our house prices have stopped growing, or we are worried about Europe or the carbon price. We are changing as consumers and have become conservative once again.
The official stats show a healthy economy, yet many think it is weak and demand a cyclical solution – another handout, a tax cut or further drops in interest rates.
RBA head Glenn Stevens laminated as much last week when he grumbled that our current gloomy mood is largely because people are mistaking structural change with cyclical ones. Well, we don’t really like change regardless of what form it takes.
But the real underlying issue here is structural, and cyclical remedies will make very little difference. Just look at what little impact the recent declines in interest rates have had on retail sales or home buying.
Look, too, at the lacklustre influence the recent Queensland housing boost really had on new starts. Ditto – and despite the housing industry’s loud applause – the likely outcome on new construction in New South Wales with last week’s first-home buyer incentives towards new homes. Without greater certainty in the development approval process and an economically feasible solution as to who pays for local infrastructure, the NSW grant for first-time buyers won’t be enough to significantly lift new construction.
Also, most first-home buyers will not be able to get finance. Worse still, valuers will discount the bonus off the purchase price, making settlement even harder to complete.
So what is the big structural change? In short, we have returned to our former prudence.
Household savings dropped dramatically in the 1990s, and in the naughties (yes, spelt correctly) it went negative for a while. Today our savings rate is close to double digits, yet we felt wealthier when we had absolutely nothing in the bank. Why?
Because the gross value of our assets – for most, their home’s value – more than doubled between mid-1990 and 2007. It was 14 years of a power salute. This happened because we had to outdo the Joneses next door – we moved into better homes, took on more debt to do so, and gearing up was possible due to bank deregulation, lower inflation and cheaper loans. But the music stopped with the GFC and we – correctly – reversed our actions and got on top of our debts.
Prudence is back in vogue, baby. And somehow – yes it is hard to believe – it has a strong and I think lasting appeal. Home-grown is in, recycling too. Borrow, don’t buy. Measure many times and don’t even cut. Walk outside, not the gym. Renovate, don’t move.
But such a mindset has a cost. Property sales are down by a third against the past decade; generic dwelling values have fallen a bit – now they won’t keep falling forever – but they won’t also grow like they have done in the past. Nor will sales volumes.
In addition to prudence, we are buying different things. We are buying services, not goods. Maybe we already have many of the goods we really need, but when a society ages it uses more services. This is happening here and is best shown in the health sector where, new employment in this industry is up 260,000 since 2008. This is twice as many new jobs as in mining! And sadly, by way of comparison, the construction industry in Australia lost 23,000 jobs in the last three months alone.
Also, there is the digital revolution – it makes everything and everyone much more price sensitive.
So what does this mean to the property market?
Established housing – unless it has true redevelopment or good renovation potential – will record little to no real price growth for some time – i.e., a decade.
Discretionary markets and products – think Cairns or top-end holiday homes – will experience little demand. Prices could continue to slide, and being priced under replacement cost (the usual trigger for an upswing) might not trigger a positive response this time around.
New product will only sell if it appeals to the market’s needs. For renters this means convenience, and for owner-residents it’s flexibility. Spaces need to be practical yet have dual (or more) uses. Wasted space must go.
Rental return is the key investment performance indicator. Maximising the current tax advantages is second and capital growth a distant third. For a passive investor – over 90% of investment buyers – new property wins hands down. A minimum holding time is now 10 years, maybe longer.
Apart from being well-located in the urban fabric and designed for the target audience, property winners will be in areas with the best job prospects. Many of these won’t be in the capitals.
The way property is sold has changed. This is especially true for investors. Today’s property investor is essentially not actively looking to buy a property. The usual actions that accompany a property purchase – reading newspapers, searching the internet, visiting new projects and/or real estate agencies – aren’t in vogue. Hence the traditional sales methods and advertisements have limited impact on property investors. Under the current market conditions, most property investors become buyers due to independent advice and endorsement. They receive such advice often via the finance industry, and most of this advice is sourced from non-property-related enterprises. Today’s property investor is usually a professional or, increasingly, someone in the resource sector. Either way, he or she has very little time to dedicate to searching out property opportunities. Property investors, however, often seek financial or other related advice.
Many new projects will not proceed. This will more often than not be reported by the mainstream media as failure, but it truth, it just reflects our more prudent times.
“Rashness belongs to youth; prudence to old age.” Marcus Tullius Cicero
Michael Matusik is the director of independent property advisory Matusik Property Insights. Michael is a 25-year veteran in the industry and his firm has helped over 550 new residential developments come to fruition. Michael has launched a new initiative, called<a target="_blank" href="https://www.matusik.com.au/"> Think Matusik</a>. Think Matusik brings together expert opinion and select property opportunities.
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Australia’s prudent mindset comes at a cost, with little established house price growth for a decade

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We do not purport ourselves to be economists, but Craig James of CommSec is – and a good one at that – and a few weeks ago he put out an alert to the effect that Aussie government bond yields are at 64-year lows.
Good thing? Bad thing?
It’s a good thing – a giant tick for our economy – and it means that Australian government debt is in demand, along with securities in the US and Germany, as investors seek “safe-haven” assets.
The lower yields will reduce borrowing costs for our government and therefore assist in reducing the budget deficit and public debt; and they will also serve to keep borrowing costs down for companies and home buyers.  Aussie borrowers will benefit but will need to examine their options to disperse debt between variable and fixed rates.
The jitters surrounding Europe may be taking their toll on equities markets, but under this scenario, Aussie borrowers are emerging as winners with a chance to focus on opportunities rather than risks.
Residential real estate benchmarking
My thanks to John Rigby, director of sellAbusiness for sending through an excellent summary from Macquarie’s 2012 Benchmarking Report.
Here are his top 10 points from the report:
<ul>
<li>Rent rolls now account for 42% of total revenue, against 36% in 2009</li>
<li>The average rent roll size has increased from 375 properties in 2009 to 436 properties in 2012</li>
<li>22% of all offices did not make a profit in the financial year.  58% made above 10%, with just 10% of offices making more than 30%</li>
<li>In the last 12 months, the average office completed 106 sales on an average commission of 2.6%</li>
<li>The average days on the market are:  SA 100; WA 95; Qld 79; NSW 65; Vic 58</li>
<li>% of properties listed via auction:  Vic 32%; NSW 26%; Qld 11%</li>
<li>Rent roll portfolio sizes:  NSW metro 486, regional 267; Vic metro 661, regional 363; Qld Metro 423, Regional 383</li>
<li>The national average property management commission rate moved up substantially to 7.6%</li>
<li>Perceived value of rent rolls as a multiple of management commission:  National 2.9x, NSW 3.1x, Vic 2.9x, Qld 2.6x, WA 2.7x, SA 2.5x</li>
<li>% of advertising costs paid by vendors: National 72%; NSW 63%; Vic 85%; Qld 73%: WA 64%; SA 94% (but SA had the worst percentage for getting VPA upfront)</li>
</ul>
And if you <a target="_blank" href="#!/MichaelMatusik">followed us on Twitter</a> then you would know all this already.
How to sell your message
Steve Jobs was a great salesman.  The co-founder of Apple was able to “sell” the benefits of Apple products in his presentations like no other.  Courtesy of The Week, here are a few lessons from Jobs on how to create a great presentation:
Establish one critical point and make it clear.  (We humans can only absorb so much in one session).  Any differentiation from the main point is merely a distraction.
Make a fast connection – an “emotional” impact that builds “empathy” so the audience is more receptive to the message.
Know why the audience is keen to listen.  Adjust the style to suit the room.
Keep the audience focused on the speaker, not the presentation.  Use a blank slide to force all eyes on you.
Know your story.
Now that doesn’t seem hard, does it?
Matusik Pulse poll
Last week’s Matusik Pulse poll asked where you would buy a $380,000 investment property in Brisbane that showed a $400 per week rental return.
A third of our would-be investors chose a  two-bedroom apartment at Chermside (10 kilometres from Brisbane CBD) with a car; and a close 30% would pick a one-bedroom apartment at Albion (five kilometres from the CBD) with a car.
Some 16% would choose a four-bedroom house on 500 square metres of land at North Lakes, with two cars (25 kilometres from the CBD), while 14% would buy a three-bedroom townhouse at Carseldine, with a car (15 kilometres from the CBD).
Only 7% would consider a CBD one-bedder with no car.
<a target="_blank" href="https://www.surveymonkey.com/s/InfluenceMarket">This week’s poll question</a> asks what you think will influence the market the most over the next 12 months.  We’d love to know your thoughts.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Michael is a 25-year veteran in the industry and his firm has helped over 550 new residential developments come to fruition. Michael has launched a new initiative, called<a href="https://www.matusik.com.au/" target="_blank"> Think Matusik</a>. Think Matusik brings together expert opinion and select property opportunities.
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Aussie borrowers are emerging as winners, focusing on opportunity rather than risk: Michael Matusik

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So how can you tell if a market has turned the corner?
Market watchers will have their own theories on milestones that signal a change in the fortunes of the real estate market.  I, for one, think that Brisbane has turned a corner and is well-positioned on the property clock.
But why do I think this?  What measures am I using?  Well, here are my 10 market turn milestones.
<ol>
<li>Offers are made before a property goes “public”</li>
<li>Multiple offers are made – by different buyers – on the same property after listing</li>
<li>Properties start to sell above listed or reserve price</li>
<li>New properties start to sell above their resale value</li>
<li>Tightening vacancy rate and rising rents</li>
<li>The amount of established stock on the market falls</li>
<li>New housing supply falls below its long-term underlying demand</li>
<li>Job growth starts to accelerate</li>
<li>Sales volumes start to increase</li>
<li>The time resales remain on the market fall</li>
</ol>
Brisbane has nine out of 10.  Too early to call an upturn?  Maybe, but the signs are definitely there.  Of course, the proof in the pudding is a sustained rise in generic property prices.
Now, depending on which data set you believe, recent REIQ figures suggest that the Brisbane property market has turned that corner.  The median price in Brisbane rose 1.2% to $505,000 over the March quarter, according to the REIQ.
I have been helping a tradie mate to find a renovator’s delight somewhere across Brisbane’s inner- to middle-ring suburbs in recent weeks.  I am amazed at how quickly offers are being thrown at well-priced stock.  Many are received before the property hits the internet, the print media or even an agent’s window.  Properties are starting to sell before they even get officially listed.
This trend is also starting to happen in well-placed, well-designed and well-marketed new investment projects.  In inner Brisbane think Binary, Vivid and more recently Vine, to name a few.
According to Place advisory, there were 450 unconditional transactions during the first three months of this year – a historically quiet selling period – and this March quarter’s result was the strongest first quarter in over a decade.
And it appears to be going from strength to strength with Belise, in Bowen Hills, converting four out of every five walk-ins in recent months, with four sales alone last week, with another couple pending. Over 60 apartments have now sold in this proposed apartment complex since the beginning of the year.
According to Bees Nees City Realty, four out of their last five sales have had multiple offers submitted.  Other trusted realtors across the city are starting to report similar trends.
Also as I tweeted a few weeks back, I attended an auction run by Doug Disher Real Estate of a two-bedroom, unrenovated, post-war cottage in Brisbane’s St Lucia.  There were 17 registered bidders.  I mentioned to people present at the auction that it would sell for more than $725,000.  Many thought I was smoking something.  It sold under the hammer and in about ten minutes for $775,000, which was well above the reserve.
The timing of John McGrath’s arrival in Brisbane is no accident.  And Johnno is certainly no fool.
Brisbane’s vacancy rate now is just 1.5%, and rents rose by close to $20 across most residential rental properties across the city over the past 12 months.
The amount of resale stock on the Brisbane market has fallen by 8% since this time last year. And the city is undersupplied when it comes to new housing stock.  We are currently building about 90% of what we really need.
Of late, there has been much press about a pending oversupply of new apartments across inner Brisbane.  Now, while we have lots of new mooted apartment development, the fact remains that not enough new product is actually being built.  Over the last five years, for example, 13,000 new dwellings were required to accommodate the population growth, yet – based on the official statistics – just 8,017 new dwellings were approved.  Last year, just 1,902 new dwellings were approved.  At present there is a serious shortfall.
In addition, the latest ABS figures show that 22,000 full-time jobs were created across Queensland last year, and about half of them are in Brisbane.
Sales are now starting to improve, especially for apartment and townhouse stock, with sales up about 11% on last quarter.  Affordable apartment sales have lifted even further, up 22% in during the first part of this year.
What’s missing is a reduction in the time resale property remains on the market.
The average Brisbane resale property now takes 132 days (just over four months) to sell.  This is up from 105 days this time last year, or about a month longer (27 days).  However, this increase is in line with the Australian capital city average.
Now, why aren’t sales picking up or the time needed to sell falling?
For mine, most home buyers aren’t that confident.  While many that we speak to believe that the Brisbane market has bottomed, they can’t help being tempted to wait just in case prices fall a bit more.  On one hand, they want <a href="https://www.debtdeflation.com/blogs/" target="_blank">Steve Keen</a> to be kinda right, but on the other they believe in Michael Matusik, Terry Ryder, Michael Yardney et al.  So they are waiting in the wings, so to speak.
Also, another truism is that low offers are rare.  Yes, APM reports that the average private treaty discount for Brisbane is 8.5%, but experienced agents report that agreed contract prices average under 3% for well-priced property across Brisbane.
Buyers are reluctant to invest themselves emotionally (nor will they spend their time) on a property that is (in their minds) not realistically priced.  If a property is listed too high, buyers will simply move on to the next listing.  The internet allows this to happen with ease.
One of the real issues facing the Brisbane residential market (and elsewhere, too) is that too many sellers are unrealistic and also aren’t prepared to market their property properly.  Many should take their homes off the market or reduce their asking price.
Dropping the price can open up a strong market response, especially when the “market turned” signals are getting stronger.  Even in a buyer’s market, buyers will compete for a property they want, and price these days is a major part of that “want”.
And yet, in spite of an excellent position, good value for money and redevelopment potential, certain properties just aren’t selling. Curious, indeed.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Michael is a 25-year veteran in the industry and his firm has helped over 550 new residential developments come to fruition. Michael has launched a new initiative, called<a href="https://www.matusik.com.au/" target="_blank"> Think Matusik</a>. Think Matusik brings together expert opinion and select property opportunities.
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The 10 signs investors should watch for of property market recovery

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Well, here is some more good economic news.  Henny Penny doesn’t know which way to run!
Australia’s economy grew much faster than forecast, up 1.3% during the March quarter.  On an annual basis, our economy is growing by 4.3%, again much faster than 3.3% market forecasts.
Remember, this is historical data but it does cover a period of weakening commodity prices, falls in mining profits and weak demand in some sectors of the domestic economy.  It also covers the natural disasters – and yes, they did have an impact – but our little Aussie engine was running much better than it sounded.  This helps explain the recent fall in our jobless rate to 4.9%.
It is also more than mining that has helped our economy grow.  What the eggheads call “non-farm GDP” grew by 1.2%, which points to more a buoyant domestic economy than most realise.  Household savings also remain high at 9.3%.
Also, farmers out there have had lots of rain – which is often problematic in the short term, but is great news and provides serious economic support into the future.  Too few make comment about the farmers’ impact on our economy these days.  Wet is good, dry bad – it isn’t that hard to remember.
So, was Tuesday’s interest rate decision a wise one?  For mine, as noted, the RBA should have cut by 0.5 percentage points.  Remember, the RBA cut the official rate because of concerns about the international situation and the inflation outlook (at present) is benign.
Further interest rates cuts (given the 0.25-percentage-point official drop) might occur, but they won’t now be due to our domestic economy but because of further crises in the eurozone.
A 50-basis-point drop would have boosted local confidence and allowed the majors to pass on a meaningful drop to mortgage holders, and especially small business owners.  But for mine, structural reform is more important – given how low interest rates already are – than monetary easing, and sadly there is no sign of any relevant action.
As I have noted, much more needs to be done to kick-start new housing than just dropping interest rates.  Structural reform, not cyclical tinkering, is urgently needed.   Housing isn’t the only engine that desperately needs a major overhaul.
Australia’s structural problems require welfare, tax, regulatory and IR reform.  Further interest rate cuts might happen, but there is a real risk of putting the monetary policy cart before the structural reform horse.
Roll on the next federal election – and we must hope for a government seriously interested in economic reform.
And despite the current absolute economic incompetence, the ABS’s latest quarterly health check on corporate Australia found that although profits were down, sales, inventory and wages all grew at a reasonable rate during the first three months of this year.  In fact, we are creaming most of the world.
Australia’s annual growth pace of 4.3% compares with 1.9% in the USA; a zero to negative result in the eurozone; a 0.1% contraction in the UK (and I thought it was just the crappy music at the Queen’s Diamond Jubilee that was putting the pucker on Her Majesty’s face) and 2.6% growth (yes growth) in Japan.  China is currently growing at 8.1% and India by 5.3%.
In short, Australia is a country that barely understands, let alone appreciates, its own luck.
Being so close to good fortune can often make one blind to it.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Michael is a 25-year veteran in the industry and his firm has helped over 550 new residential developments come to fruition. Michael has launched a new initiative, called<a target="_blank" href="https://www.matusik.com.au/"> Think Matusik</a>. Think Matusik brings together expert opinion and select property opportunities.
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Henny Penny doesn’t know which way to run in the face of good economic news

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Despite yesterday’s media headlines to the contrary, the world didn’t end.  I am still breathing.  How about you?
So instead of Armageddon; Europocalypse; Death by Keen or something similar, we all seem to get by.  The Henny Pennys seem to have survived the farmer’s axe once again, only to live another day of worry.  Yesterday’s lacklustre 0.25 percentage point cut in the cash rate will no doubt have them all in a spin.
Well, stuff them all – today is something special.  It is an opportunity to take some time to reflect; an early New Year’s Day so to speak.
Today, for most Australians the Transit of Venus will be visible with Venus appearing as a black spot moving across the sun from 8.16am to 2.44pm.
Big deal?
Well it won’t be back until 2117 – yep, 105 years from now.  And just reflect for a few moments how much effort man used make to observe and measure this astronomical event – Captain Cook et al.
Today we have a free iPhone app to watch it, but somehow that isn’t the same as gazing upwards in wonder about where we, and it, are all going.
We humans seem to underestimate the good things and overvalue the utter rubbish.  And what we spend much of our time on these days, for mine, is increasingly plain bunkum.
So in this frame of mind – even more delicious given it is mid-week and all – here are my anti-bunkum things.
Rating agencies
Isn’t it about time that the real world turned its back on the self-serving, hypocritical, attention-grabbing, politically motivated vacuum heads called ratings agencies: Standard and Poor’s, Moody’s and Fitch?
Surely, there must be some other source of advice of this nature available from less biased, conflicted and publicly discredited sources than these, who often seem to be at the centre of conflagrations of their own making.
Daily and even monthly indexes
Top of the list is house prices.  Prices-schmices.  What is the fascination with regular property price indices? Give it a rest guys, you need to be in it for the long haul.  Frankly it is all just white noise.
And in fact, what is measured is also plain bunkum.  The median or average price – regardless of when or how frequently it is measured, or on what geographic scale – will have no bearing on what your property is worth or how much you should pay.
Reality TV
I mean come on!  Reality my backside, what with five camera angles; metal screws in Bear’s handmade bamboo ladder; planning a meal in five seconds after being told the two key ingredients, etc.  And everyone in the house watching it on their own plasma, computer or Apple TV.
Give me a board game any day of the week.  Or better still, a good book, although I am quite partial to Seinfeld &amp; NYPD Blue re-runs – and I could re-watch The West Wing series anytime.
But if you are going to watch something on the idiot box, get everyone at home involved.  Whatever happened to the Sunday night family movie?
Air-conditioning
Oh, what crap it is.  Yes, it helped make Singapore and other Asian centres what they are today, and helps make living in the tropics more bearable.  True, too, it creates white noise – the good kind this time – to help one live downtown.
But give me a fireplace in winter and a big hat over my house (overhang for those youngins who haven’t seen an eave) in summer.  In fact, a fire makes a bloody good replacement for the TV too.  Nature’s own entertainment and a friend in the bush.  Oh, how far we have strayed from the things that are really important, well at least from what many older boomers commute halfway around the country for.  They might be onto something there.
Modern cuisine
Fancy food, lots of silly names and service as “cold as Christmas” as the saying goes.  Give me a home-cooked meal like Mum still makes, and dish me up some decent service, a smile and a whole lot of personality and I will be back with my family and friends every time.
And when at home, the simple meals are often the best – toasted cheese sandwiches; home-made pizzas on the Weber; eggs (with Belle’s bacon of course) on toast; tomato soup with crusty bread – and all hassle free, everyone relaxed and eating together.  And yes, even in front of that elusive Sunday movie on TV.
Modern living
I am an analogue man.  Joe Walsh’s new album out later this week – just two sleeps left Australia – is titled such.  Yes, I use Apple everything but not all the time.  When I get home – it helps when the actual service at home is lousy – it is everything off until the next day.
Why not take a bath, have an afternoon nap (and on both Saturday and Sunday) or sit in the sun for a good while every now and then?  Go see your adult children rather than Skype or text them.  What is all the rush about?
Yes, I know it is easier said than done but what, if anything these days is the Transit of Venus actually good for?
iTunes
Now we are getting on some shaky ground here.  Moving into some bloody murky waters, Michael, given the amount of music I download from Apple.  But I never download a single, always the whole album.  In fact I don’t like the term album – music, as Jackson Browne often discusses on stage, is a record – a record of events of that time or place.  Good records resonate with many listeners; great records resonate deeply with you.
I often listen to Born to Run; Late for the Sky; Blue Valentine or Bella Donna, to name just a few, in their entirety; almost always by myself, in the quiet and often in the bath.  Candles glowing and incense burning if you must know.  Right now I am quite into lemongrass stink sticks.
Gutless
Yes, I am talking to you, Anonymous.  Bloggers who aren’t prepared to give their full name when replying get treated as spam on my blog.  Have the guts to stand by your convictions.  All we have, when it is said and done, is our name.
In an increasingly post, post, post-modern world showing one’s face is a rare thing.                                                        You of course have your own list.  And if you don’t maybe today might be a good one to start one.
As you read this blog this morning, I won’t be rushing to work.  This Transit of Venus will be my last and I won’t be wasting it.
So it’s goggles on folks and look up at your own peril, and don’t complain to me if you find what you are looking for.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Michael is a 25-year veteran in the industry and his firm has helped over 550 new residential developments come to fruition. Michael has launched a new initiative, called<a target="_blank" href="https://www.matusik.com.au/"> Think Matusik</a>. Think Matusik brings together expert opinion and select property opportunities.
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S&P, Moody’s and Fitch self-serving, attention-grabbing vacuum heads

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Michael Matusik

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