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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

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Nicola Trotman

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