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The much anticipated loft-style apartments at the $440 million redevelopment of the Swiss Grand Hotel in Bondi will launch this weekend, with one-bedroom lofts starting from $700,000.
Developed by Eduard Litver of the Capit.el Group and Allen Linz of Rebel Property Group, Pacific Bondi will comprise of 94 apartments, a <a href="https://www.propertyobserver.com.au/developments/pacific-bondi-beach-appoints-qt-hotels-resorts-as-hotel-component-operator/2013080663878" target="_blank">boutique hotel operated by QT</a> Hotels and Resorts, a health club, supermarket and a fashion and dining precinct.
"The Lofts are the most unique and rare apartments in Bondi,” says Allen Linz of Rebel Property and Eduard Litver of Capit.el group.
“Our vision was to create loft style apartments inspired by volumous spaces found in Manhattan Soho district to compliment the ultimate inspirational lifestyle only PACIFIC can offer,” says Linz and Litver.
<img alt="bondi-beach-nov-26-one" src="/images/stories/2013/11/26/bondi-beach-nov-26-one.jpg" height="127" width="470">
Designed by Andrew Anderson of PTW Architects, the lofts will have interiors by Koichi Takada Architects and feature 3.5-metre ceilings, split level bedrooms and a neutral colour scheme inspired by Bondi Beach.
One-bedroom lofts range from 45 square metres to 73 square metres internally and start from $700,000.
Two-bedroom lofts range in size from 97.5 square metres to 119 square metres internally and are priced from $1.55 million.
Three-bedroom loft apartments range in size from 149 square metres to 161 square metres and are priced from $3.95 million.
“We’ve been getting an immense amount of enquiry on The Lofts, a lot of people who missed out the first stage of The Pacific have come back and are very keen to secure a loft,” says Steven Chen Director of projects at McGrath.
“What they’ve found are all the services and the architectural design are the biggest draw card. In certain areas the ceiling height will be as high as 3.5 metres, making the aesthetic feel of the apartments larger than they are,” says Chen.
Chen says McGrath has received a significant increase in enquiries from Chinese buyers, with some 50% of attendees coming to the display suite of Asian origin.
The Lofts have as expected completion date of mid-2015.
The Pacific Bondi Beach development will also include 19 luxurious lighthouse penthouses, with only seven remaining priced ranging from $5.45 million to $25 million, and a mix of lighthouse apartments starting from $575,000 for a 35-square-metre studio.
Chief investment officer of Caledonia Investments, Will Vicars, <a href="https://www.propertyobserver.com.au/trophy-homes/caledonia-investments-fund-manager-will-vicars-confirmed-as-%2421-million-pacific-bondi-beach-penthouse-record-price-setter/2013060962114" target="_blank">splashed $21 for two adjoining two-storey lighthouse penthouses</a> to create a 975-square-metre super apartment.
The $25 million apartment on offer boasts a 40-metre frontage, has an internal area in excess of 500 square metres and an external area of 300 metres.
The hotel sector will comprise of 69 one- and two-bedroom hotel apartments ranging from $590,000 to $800,000.
Only ten hotel apartments remain, offering a 6% gross yield for three years.
Hotel apartments range in size from 38 square metres to 100 square metres, with hotel guests having access to a health club, gym, pool and concierge.
Apartment residents of The Lofts and the Lighthouses will also have access to the hotel facilities.
The $440 million redevelopment has an estimated completion date of early 2016.
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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ntrotman-Et3xWpamVh

Pacific Bondi Beach The Lofts to launch this weekend

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A five-bedroom waterfront home put to the market for the first time in 35 years is this week’s most expensive sale, selling for $6.45 million, according to RP Data.
The property on Iluka Road last traded in 1977 for $167,500 an annual appreciation rate of 10.4%.
Situated on 795 square metres, the lower level as been updated with a self contained retreat featuring a caesarstone kitchen.
The property, listed with a $6 million plus price guide, was advertised as needing some refurbishment, or alternatively, the buyer could build their dream home.
The home sold at auction on November 23 through Sally Osborne of <a href="https://www.belleproperty.com/2P5401" target="_blank">Belle Property Mosman</a>.
The median house price in <a href="/news">Mosman</a> is $2.2 million, a 4.3% decline in the past five years, according to RP Data.
Most expensive sales:
 
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/30_iluka_road_mosman_nsw_2088/4486925" target="_blank">30 Iluka Road, Mosman, NSW, 2088,</a> five-bedroom house, sold at auction on November 23 by Belle Property Mosman for $6.45 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/3/47_new_beach_road_darling_point_nsw_2027/16541014" target="_blank">3/47 New Beach Road, Darling Point, NSW, 2027,</a> three-bedroom unit, sold at auction on November 19 by 1st City Hasemer + Caldwell.Eyles for $6.3 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/46_brighton_boulevard_north_bondi_nsw_2026/4952441" target="_blank">46 Brighton Boulevard, North Bondi, NSW, 2026,</a> four-bedroom house, sold prior to auction on November 21 by Ray White Double Bay for $5.475 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/2/40_mona_road_darling_point_nsw_2027/2063879" target="_blank">2/40 Mona Road, Darling Point, NSW, 2027,</a> three-bedroom unit, sold at auction on November 19 by 1st City Hasemer + Caldwell.Eyles for $4.4 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/17_uvadale_grove_kew_vic_3101/11357450" target="_blank">17 Uvadale Grove, Kew, VIC, 3101,</a> five-bedroom house, sold on November 23 by Jellis Craig Hawthorn for $4 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/26_cross_street_bronte_nsw_2024/1610058" target="_blank">26 Cross Street, Bronte, NSW, 2024,</a> four-bedroom house, sold at auction on November 20 by Laing + Simmons Double Bay for $3.8 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/28/155_macquarie_street_sydney_nsw_2000/6611779" target="_blank">28/155 Macquarie Street, Sydney, NSW, 2000,</a> three-bedroom unit, sold on November 20 by Wilson Property Agents Circular Quay for $3.75 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/62_glyndon_road_camberwell_vic_3124/10219482" target="_blank">62 Glyndon Road, Camberwell, VIC, 3124,</a> five-bedroom house, sold at auction on November 23 by Marshall White Armadale for $3.73 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/119_victoria_road_bellevue_hill_nsw_2023/1370877" target="_blank">119 Victoria Road, Bellevue Hill, NSW, 2023,</a> four-bedroom house, sold at auction on November 20 by Laing + Simmons Double Bay for $3.63 million.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/47b_irvine_street_peppermint_grove_wa_6011/13026561" target="_blank">47b Irvine Street, Peppermint Grove, WA, 6011,</a> three-bedroom house, sold at auction on November 23 by Mack Hall Real Estate Claremont for $3.5 million.
<a href="mailto:ntrotman@propertyobserver.com.au" target="_blank">ntrotman@propertyobserver.com.au</a>
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Tightly held for 35 years, Mosman home secures $6 million plus profit: RP Data

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Spring’s last hurrah is set to go out with a blooming bang with 3,212 auctions scheduled across the capital cities this week, according to RP Data.
Auction volumes dipped last week to 2,686, down from 2,814 the previous week.
The combined capital city auction clearance rate also dropped last week to 66.9%, down from 67.4%.
At the same time last year, the clearance rate was recorded at 51.3% from 2,119 auctions.
Melbourne’s auction volumes were down last week from 1,270 the previous week to 1,161 last week.
Melbourne’s revised clearance rate also decreased last week to 66.7%, down from 69% the previous week.
At the same time last year Melbourne’s clearance rate was recorded at 58.2% from 988 recorded auctions.
Sydney’s auction volumes also decreased last week, down from 1,099 the previous week to 1,047 last week.
Sydney’s clearance rate dipped slightly from 75.3% the previous week to 74.9% last week.
At the same time last year the clearance rate in Sydney was substantially lower at 50.4% from 737 auctions.
Melbourne is expected to hold 1,494 auctions this week and Sydney is scheduled to host 1,278.
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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Spring's last hurrah to go out with a blooming bang: RP Data

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Construction on Pointcorp’s $20 million Gateway Apartments in South Mackay has reached the top level, with the roof soon to be installed.
Only four apartments remain in the five-level apartment development, since launching to the market in November last year.
Designed by Cottee Parker, Gateway Apartments will comprise of 56 one- and two-bedroom apartments.
"The architect has been working closely with the builder to ensure a high quality finish," says Pointcorp sales and marketing manager Sam Patterson.
"As the development has taken shape, we have also been able to experience the views first hand, which are even better than expected.
"As a result, we have also been receiving renewed interest in these final four apartments," says Patterson.
Remaining two-bedroom apartments are priced from $415,000 to $440,000.
"The apartments are significantly larger than the average in Mackay and therefore have appealed to investors and owner-occupiers wanting to secure a spacious apartment.
"The final two bedroom apartments average about 80 square metres, including generous balconies around 20 square metres, to take in the views, and are expected to achieve a rental yield of about 6.3%, which has made them very appealing to investors.
"Investors are also attracted to Mackay generally, because of the billions of dollars being poured into the region,” says Patterson.
Major new developments either planned or underway in the region total $94 billion, according to a report by Michael Matusik of Matusik Property Insights.
"Investors are looking to take advantage of this shortfall, particularly considering the rental vacancy rate is already very low at around 1.5%, by purchasing in strategic areas in Mackay.
"Gateway Apartments has ticked all the boxes, due to its quality design and spacious floor plan, as well as its location within the masterplanned Parkside development.
"The Parkside precinct will include a Coles supermarket, specialty shops and restaurants and a public plaza, which is due to commence construction early 2014, meaning residents will have access to a whole range of shops and services literally at the doorstep," says Patterson.
Gateway Apartments is on track for an early 2014 completion.
The median apartment price in <a target="_blank" href="/news">Mackay</a> is $349,000, an 18.3% change in the past five years, according to RP Data.
ntrotman@propertyobserver.com.au
 
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Pointcorp's Gateway Apartments in South Mackay reaches new heights

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We’ve all at some point, attended an auction where the price soars past the price guide you were given and you’re left frustrated that you were coaxed into thinking you had a chance, or you’re simply baffled by the frenzied bidding that threw you out of the game long ago.
Accusations of underquoting are increasing in the property market and some tout this greedy practice as a <a target="_blank" href="https://www.propertyobserver.com.au/news/underquoting-the-auction-systems-necessary-evil-mark-armstrong/2013102265879">necessary evil</a>.
“Ironically, the practice that frustrates buyers is the same one that enables the auction system to work in the first place,” says Mark Armstrong.
Property Observer proposed the following question to professionals active in the field and industry bodies.
Is underquoting an issue we should be focusing on? If yes, how should we go about addressing it?
 
 
Jacque Parker – President of the<a target="_blank" href="https://rebaa.com.au/"> Real Estate Buyers Agents Association of Australia</a> (REBAA) <img width="150" height="200" style="float: right;" src="/images/stories/2013/10/22/jacque-parker-porfile-3.png" alt="jacque-parker-porfile-3">
UNDERQUOTING IS AN ONGOING PROBLEM THAT GIVES HOME BUYERS UNREALISTIC EXPECTATIONS
As a leading real estate industry body, REBAA clearly views underquoting as an ongoing problem which gives homebuyers unrealistic expectations and costs them money in unnecessary inspections. It also damages the reputation of selling agents who knowingly engage in deceptive practices and put simply, attracts the wrong market for the vendors – those who can’t afford the property.
The Office of Fair Trading has the power to enforce fines on selling agents who get caught underquoting that are not much more than the average commission earned for selling a property. Considering underquoting is fairly endemic, these fines are neither enforced nor act as much of a deterrent.
While the vendor ultimately sets the reserve (with some of the blame ultimately falling on pure greed in some cases), the selling agent has a responsibility to the public to inform them of a realistic price range or guide for property. In my opinion, this should be the identical range or estimate that is provided on the listing sales agreement with the vendor. If this can be legislated on a national basis, then at least it provides consumers with some reassurance that the estimation and selling price are one and the same.
 
Ben Kingsley – Chair of <a href="https://www.pipa.asn.au/" target="_blank">Property Investment Professionals of Australia</a> (PIPA)<img width="150" height="200" src="/images/stories/2013/11/22/ben-kingsley-profile-2.jpg" alt="ben-kingsley-profile-2" style="float: right;">
I DON'T SEE IT AS AN ISSUE, THE CHALLENGE IS TO ENSURE THE MESSAGE IS CLEAR TO ACTIVE BUYERS
When it comes to property, as with any other asset, I'm a believer in a free open market, where values are determined by a willing buyer purchasing from a willing seller. When it comes to valuing property it can be a subjective opinion, and even qualified valuers with years of experience sometimes disagree with the value of a property.
On one hand I do have a small amount of empathy with real estate agents who have to advise their vendors of an appraisal value of their homes prior to marketing it.  Yet in a moving market under auction conditions the results achieved are often well above the quote estimated range prior to the auction and the reserve set on the day.  This is the cause of obvious frustration for buyers who consistently miss out, expecting the property to be sold for less.
However on the other hand, it's obvious some agents overuse the 'quoting low strategy' of starting the marketing campaign at the bottom end of their appraisal value to create initial interest in the property.  For those active in the market, it usually doesn't take long for buyers to work out which agencies use this tactic and they expect the property to sell 10 - 15% above the quoted price.
It's impossible to know what is going to take place at an auction on the day and as our buyers agents at Empower Wealth can attest, some auctions will surprise even the most experienced campaigners with the result, but most will fall within the value range that an experienced professional will have determined prior to the auction. So, I don't see it as an issue.  I think the challenge is to ensure the message is clear to active buyers - get better educated!  They must do extensive research of the location and comparative sales leading up to the auction, this way they should not be disappointed or surprised by the result.
Next page: Frank Valentic and Paul Biller
 
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Frank Valentic – Managing director of <a target="_blank" href="https://www.advantageproperty.com.au/%E2%80%8E">Advantage Property Consulting</a>
<img width="150" height="200" style="float: right;" src="/images/stories/2013/10/22/FrankValentic-profile.png" alt="FrankValentic-profile">
MORE ADEQUATE POLICING AND HARSHER PENALTIES/FINES FOR THOSE THAT BREACH THE TRADE PRACTICE'S ACT
I think underquoting has always been an issue with a minority of agents over the last two decades that I have been buying and selling property. There are a minority of agents who will continue to do so and have deceived buyers in the past by quoting lower prices as “bait prices” to attract buyers to their properties in the hope of picking up that bargain that everyone wants. The old adage of “quote it low and watch it go and quote it high and watch it die” has rung true with these minority of agents who purposefully aim to deceive buyers. I believe that we should go about addressing this issue with more adequate policing and harsher penalties/fines for those that breach the Trade Practice's Act. I cannot remember the last time when there was any media coverage about this in the last couple of years when most buyers and agents know that the practice exists, just as dummy bidding existed until harsher laws/penalties were introduced. I believe this would be helped if it was mandatory for agents to quote a range in writing on their ads and the practice of “no quoting” to be abolished as these agents would be more accountable with proof of ads in writing.
In summary, I think underquoting is an issue with a minority of agents, which unfortunately taints all agents with the same brush and gives the industry a bad name. If agents were asked to provide more comparable sales (eg: 10 rather than the current three required by Consumer Affairs) and the vendors reserve price or agent’s market estimate prices had to be within the price range quoted this would elevate some of the problems.
Agents can’t be blamed though when the reserve is within the quoted range but the market takes it 10-20% plus above reserve which is happening at numerous auctions now.
 
Paul Biller - Principal of <a target="_blank" href="https://www.1stcity.com.au/">1st City Hasemer &amp; Caldwell-Eyles</a>
THE REAL ISSUE ISN'T UNDERQUOTING, BUT THE PUBLIC'S MISCONCEPTION ON PRICE GUIDES<img width="150" height="200" src="/images/stories/2013/11/15/biller-profile.jpg" alt="biller-profile" style="float: right;">
When an exceptional result is achieved at an auction, there can be a downside. Complaints of underquoting are made by purchasers who have missed out on purchasing a property.
Strong auction results and growth in property prices this year has highlighted the widespread issue of underquoting and the frustration of buyers who miss out when properties sell for more than the quoted estimate - particularly after investing time and money into strata reports; building and pest inspections and solicitors.
The reality is that real estate agents can’t possibly predict exactly what a property will ultimately sell for in an auction, and with competitive bidding, the final price may well exceed both the vendor’s and the agent’s expectations.
When a real estate agent is appointed to auction a property – an auction agency agreement is signed between the agent and the vendor outlining various details and terms of the forthcoming sale including the agent’s opinion of value. Most agents will quote within 10% of this figure. This opinion is generally formed and substantiated by recent sales of properties with comparable attributes in the area, however, even if the agent researches comparable properties and quotes a price estimate that they genuinely believe is realistic, there’s no guarantee that the property at hand will sell within that range.
Quoted price estimates and comparable sales results should be taken as guides only. Ultimately, it’s the different spending limits of each bidder, their motivation for wanting the property and the intensity of competition that count on auction day.
The real issue isn’t underquoting, but the public’s misconception that an advertised or quoted price guide is the level at which the property is likely to sell. This is not necessarily the case.
 
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As more responses come through, we will continue to update.
Edwin Almeida - Managing partner at <a href="https://www.just-think.com.au/" target="_blank">Just Think Real Estate</a> (Added Friday afternoon) <img width="150" height="200" style="float: right;" alt="almeida-oct-31-profile" src="/images/stories/2013/11/22/almeida-oct-31-profile.jpg"> 
AGENTS TO BE MADE TO DISCLOSE THEIR CURRENT MARKET APPRAISALS
Some agents believe the general public are still in the dark ages and that only they have the power or the understanding of their local market conditions. In the most, they are sadly mistaken. But they persist on underquoting for the sake of drawing a crowd to their auctions. Yes, this does assist with the emotional frenzy from the buyers and adds to the end values of the property to a degree. This brings foreign buyers to the area that usually have money to burn.
However, it is time this practice was stopped and agents made to disclose their current market appraisals (CMA) when showcasing the property. After all this is something they will have to disclose to the Office of Fair Trading if they were questioned at any time as to how they came up with a sale price.
Sadly though, when agents do underquote, the majority of general public know and all it creates is a bad feel and taste with respect to agent's behaviour and character. The only parties oblivious are the foreigners to the area. But let's take it further and also ask what should be done with respect to vendors allowing the practice of underquoting to be endemic. The agent will say "price it low watch it go." and the vendor will agree believing this to be a legitimate market strategy not realising they are engaging in deceptive and misleading conduct. Greater and more stringent enforcement of on spot fines and disclosure (advertised) of reserve pricing will have a strong impact in controlling this practice. It is when there is true transparency that we can truly boast that market forces drove a price point to unbelievable highs.
 
Garth Rothwell - Licensed real estate agent at Property 1 Real Estate (Added December 11)<img style="float: right;" alt="garth-dec-11-profile" height="200" width="150" src="/images/stories/2013/12/11/garth-dec-11-profile.png"> 
<div>PRICE GUIDES ARE NOT MISLEADING FOR BUYERS WHO HAVE DONE THEIR HOMEWORK</div>
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Are price guides misleading? The short answer is no, price guides are not misleading for buyers who have done their homework and researched recent sales within the suburb within the last six months, as for buyers who have no knowledge of recent sales and rely solely on the price guide they have have effectively abdicated their responsibility to do their own research.
The majority of buyers use the price guide as a starting point and I have yet to meet anyone who believed the price guide to be an absolute statement of value. Every buyer I have negotiated with during the auction process has had their own opinion of value and has always discarded the price indicator in favour of their own opinion especially when they believe the price indicator is too high.
Obviously if you take away the price indicator the bidding starts from zero as in the old days (70s &amp; 80s) when auction agents would never disclose or discuss price even upon threat of death (I was taught old school) however this practice frustrated many inexperienced buyers and made them feel very intimidated.
The most common price indicator is the fixed price as it is simply an indication of the price the owner would like to achieve and 99% of properties with fixed prices 'reduce their price" yet I do not see the public, politicians and media complaining about this process because the price is seen to fall causing buyers to think they have won a discount. Same principle, different psychology, one starts high and reduces the other starts low and increases, so to use a famous quote, please Explain why one method should be considered unethical and the other normal practice?
The psychology of the buyer at the  auction is to ask questions to try and ascertain the lowest price the owner will accept, all buyers are looking for a bargain and the buyer is entering a process of negotiation, unfortunately many buyers are poorly trained in this skill, the saying, quote them low and watch them go and quote them high watch them die is very true, however it is the buyers who make it true by their actions and their perception of how to negotiate.
Though the one question no one has ever been able to answer is, if price indicators are so misleading why do buyers turn up with enough money to buy the property? After all, people with cash usually want a discount, don't they? Obviously 99% buyers are not misled at all and bargain hunters are just aggrieved at missing an alleged bargain and as for the 1% who do not do their homework, that is their responsibility.
As for the governments decision to remove price indicators, the agents will simply use the term bargain. There are a 100 ways to infer the concept without using a price guide, so unless the government wants agents to negotiate in braille it won't make any difference. The reality is you cannot legislate human emotion or opinion and it is waste of time attempting to do so - it will ultimately prove to be 'much ado about nothing".
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
 
 
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Take that price guide with a grain of salt: Underquoting

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Construction has begun six months ahead of schedule on Makshaq’s development My Place Hawthorn, with the project securing 65% in apartment sales in two months.
Located on Albert Street, My Place Hawthorn comprises of 151 one-, two- and three-bedroom apartments with designs by CHT Architects to attract younger buyers.
Head of Colliers International residential division Tim Storey spent time with Makshaq and the design team in the early days of the development to create a response to the current market demand.
“We looked at the Hawthorn buyer and what was important to them,” says Storey.
"Factors such as modern, very high quality finishes, car parking, and communal indoor and outdoor spaces with facilities the residents can enjoy and share with neighbours and friends.
“In approaching Jack Merlo we engaged him to create an exclusive urban sanctuary on the roof top that would appeal to all residents and add to the pride of living in My Place,” says Storey.
Residents will have access to a communal rooftop space with spas, indoor and outdoor kitchens and barbeques.
Remaining one-bedroom apartments are priced from $375,000 and remaining two-bedroom apartments are priced from $525,000.
Three-bedroom apartments are priced from $789,000 and have a second car space.
Colliers is currently in the process of securing well-known cafe tenants for the retail space below.
My Place Hawthorn has a scheduled completion date of January 2015.
My Place Hawthorn will join other Hawthorn East developments, <a target="_blank" href="https://www.propertyobserver.com.au/victoria/hawthorn-east-to-welcome-two-boutique-developments-only-metres-apart/2013102865991">Soltice Apartments and Elmington</a>. 
The median apartment price in <a target="_blank" href="/news">Hawthorn East</a> is $475,000, a 20.6% change in the past five years, according to RP Data.
ntrotman@propertyobserver.com.au
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My Place Hawthorn begins construction six months ahead of schedule

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A reader recently wrote in requesting a suburb spotlight on regional area Albury-Wodonga, so Property Observer has collated data to give a snap shot of how the area is tracking.
Albury-Wodonga has over 82,000 residents and just under 36,000 private dwellings, according to the 2011 census.
<a target="_blank" href="/news">Albury</a> is the hardest place to find rental accommodation, after a 0.2% decline in its vacancy rate in October to 1.8%, according to the REINSW. Albury’s vacancy rate was at its lowest in July at 1.4%.
According to the REINSW’s June 2013 report, Albury enjoyed marked annual improvements with the median house price rising 5.7% to $280,000.
However units fell annually by 1.4% since June 2012 to $180,000 in June this year.
As an area, Albury-Wodonga’s October vacancy rate was recorded at 2.0%, a 0.4% increase from its September rate of 1.6%, according to REIV.
Peter Drummond of Drummond Real Estate says the Albury market is a “very normal” market and he doesn’t plan on leaving it anytime soon.
Drummond says auctions in the regional area are generally failures but says it’s not an indication of how the market is.
“We’re not having any problem making sales, the city is a strong city, the region is a strong region.
“There are positive things about the market and some people are predicting it as a bit of a boom town – I think it will remain steady and strong.
“Prices have been stable for around seven or eight years, but we get some properties that sell easy and then get others that we kind of scratch our heads at,” says Drummond.
Drummond says Albury receives good investor interest in the city, as the yields are generally better than the big cities and other regional towns.
The median house price in Albury is $370,000, a 2.8% change in the past five years, and properties spend an average of 113 days on the market, according to RP data.
The median rental price for a house in Albury is $320, a 4.5% rental yield reflection.
The median house price in <a target="_blank" href="/news">Wodonga</a> is $260,000, a 2% change in the past five years, according to RP Data.
Houses in Wodonga spend an average of 109.5 days on the market and reflect a 5.6% rental yield with a median house rent of $280.
The median unit price in Albury is $209,500, a 10.6% change in five years, according to RP Data.
Units in Albury spend an average of 142 days on the market and have a median rent of $230, reflecting a 5.7% rental yield.
Units in Wodonga have a median price of $175,000, a 1.4% change in the past five years.
They spend an average of 124 days on the market and have a median rent of $210, reflecting a 6.2% rental yield.
A three-bedroom <a target="_blank" href="https://www.drummondrealestate.com.au/memdisplay/mempageview_new.php?display=mempageview7&amp;id=6132044#section1">classical red brick home on Paine Street</a> is on the market for $519,000.
The home last traded in July 1988 for $125,000, according to RP Data.
{yoogallery src=[images/stories/2013/11/22/alb]}
A <a target="_blank" href="https://www.drummondrealestate.com.au/memdisplay/mempageview_new.php?display=mempageview7&amp;id=6135341#section1">three-bedroom weatherboard home</a> on Kooba Street is available to rent for $270 a week.
The 1960s home features a renovated kitchen, one bathroom and a rear yard.
The property last traded in September for $189,000, reflecting a potential rental yield of 7.43%.
{yoogallery src=[images/stories/2013/11/22/alb2]}
ntrotman@propertyobsevrer.com.au
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Suburb spotlight: Albury-Wodonga

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A full brick federation home ripe with renovation potential is on the market in Willoughby for the first time in over 50 years, with a $1.7 million price guide.
Located on Holland Street, Lalanamu was one of the first homes to be built on the street in 1904.
The four-bedroom home has only had two owners in its time; its most recent – Cecily Tilley – purchased the home in 1961 and raised six children there.
Situated on 682 square metres, the home features the original kitchen and bathroom and high corniced ceilings with central roses.
Holland Street has been home to some infamous Australia icons, including radio and television host Geraldine Doogue and Nicholas Farr-Jones, former Australian rugby player.
Lalanamu will go under the hammer on November 30 through Di Burcham of <a href="https://forsyth.com.au/Property-Details.php?p=3476244" target="_blank">Forsyth Real Estate</a>.
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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Willoughby federation home with renovation potential to fetch $1.7 million

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Riveria Properties has released an assortment of lots in The Headlands at Kings Cove Metung, with some lots large enough to comfortably host up to six units.
The 10 lots range in size from 800 square metres – appropriate for one dwelling – to 4,500 square metres, which is large enough to host six dwellings.
<img width="470" height="273" src="/images/stories/2013/11/19/headlands-nov-19-one.jpg" alt="headlands-nov-19-one">
“ This is an incredible opportunity in that it appeals to a number of different markets – retirees or downsizers can build the home of their dreams with spectacular views for a lot less than they expect, while similarly builders or boutique developers can acquire one of the land parcels and further subdivide to deliver a boutique residential precinct with multiple dwellings,” says Riviera Properties managing director Tim Weight.
Eight of the blocks provide buyers with the opportunity to apply for multiple titles and to further subdivide.
The lots range in price from $210,000 to $600,000.
“Buyers could build townhouses with shared driveways on the blocks, and given the way we have designed the sloping blocks there is an opportunity to fit additional dwellings on a lot which can each achieve spectacular water views. “The Headlands could also appeal to those who wish to create their own nest egg for the future by investing in the development of in a boutique waterview property project, the possibilities really are endless.
“The Gippsland Lakes’ affordability is what really stands out for savvy investors and purchasers; you can either jump on the chance to invest in an affordable property venture in an area that’s really starting to blossom, or buy and build the house of your dreams,” says Weight.
The median house price in <a target="_blank" href="/news">Metung</a> is $330,000, a 36.1% change in the past five years, according to RP Data.
ntrotman@propertyobserver.com.au
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The Headlands land release to appeal to both boutique developers and nest builders

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From December, the Tenants Advice and Advocacy Program will no longer fund the Older Persons Tenancy Service, a resource service for older tenants.
The New South Wales Fair Trading advises that TAAP will continue to assist older tenants and park residents, but OPTS tenant advocate Dr. Robert Mowbray says significant gaps will be left.
Mowbray says the complex casework OPTS previously did will be missing, as will direct services on older persons issues such as dementia and hoarding.
“This is a real concern. The changing demographics of renters shows an increasing number of older persons living in the private rental market
“Direct services generally, with no additional funding, will not be able to provide the same level of support with complex casework,” says Mowbray.
The TAAP provides funding to incorporated not-for-profit organisations for the operation of tenancy advice and advocacy services to residential tenants throughout New South Wales
The program currently has $9.26 million per annum.
<a href="mailto:ntrotman@propertyobserver.com.au" target="_blank"></a><a href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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Funding for Older Persons Tenancy Service given the boot

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

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[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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[smartcode_project_cta:default project_id=152737]

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Nicola Trotman

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