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The first offer you receive on your home is generally the best offer and the biggest mistake sellers make is turning down this offer because it’s early days, says prominent New South Wales Central Coast agent Mat Steinwede. 
Steinwede says buyers and sellers start at opposite ends of the interest wave; a buyer starts logically and finishes emotionally, whereas a seller generally starts emotionally and finishes logically.
“When they [a buyer] see a home come on the market, they haven’t been there, they haven’t lived there, but what they do is compare it straight away logically to what else is on the market and pull up the data on anything that has recently sold. They look at it very clinically.
“If an owner is thinking of selling their house, they have to do the same and compare it clinically, forget it’s your house for a moment,” says Steinwede in a conversation with Kevin Turner of Real Estate Talk.
Steinwede says that once a buyer becomes interested in a home, that’s when price is generally built but sellers will sometimes almost miss the market because they start their price high.
“The logical part of the process doesn’t connect and then they sit on the market and end up dropping their price most of the time.
“There’s a saying in real estate: your first offers are the best offers, even though the owner might see it as low to the market place or the buyer, it might actually be the right offer or the best offer because the buyer has been looking for a while,” says Steinwede.
Steinwede’s advice is to take your time when pricing your home, research the market and don’t listen to your friends or neighbours.
“When you do find a buyer and if it’s in those early stages the biggest mistake owners make is saying it’s early days and letting the buyer go.
“Sit with your agent and know a few things; how long has the buyer been looking for? How much do they have to spend? What are their reasons for buying the home?
“If those three things are all in your favour, chances are that’s going to be the strongest buyer you’re going to find along the whole process,” says Steinwede.
Even though the price may be less than what you want, Steinwede says not to disregard it but to sit down with your agent and work through the reasons why the buyer is interested in the home.
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Risks on pricing your home - start high and miss the market: Mat Steinwede

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Despite the number of developments in the pipeline for north Gold Coast’s Coomera remaining steady, the amount of funding in the pipeline has dipped slightly due to smaller projects.
Spending is down 15% compared to the previous year, but planned projects or those underway in the area – including <a href="/news">Upper Coomera</a>, <a href="/news">Guanaba</a>, <a href="/news">Maudsland</a>, <a href="/news">Oxenford</a> and <a href="/news">Wongawallan</a> - have remained virtually unchanged with 63 this year and 64 developments last year.
Colliers International Gold Coast director in charge Stewart Gilchrist says 17 projects have been added to the development pipeline over the past year but have all been of smaller scale to those previously undertaken in the area.
“Gone are the days of the large-scale masterplanned communities – for now.
“Confidence in the Gold Coast market has waned a little over the past few years, and lenders have been less willing to provide finance for projects in the area.
“However, this is quite clearly starting to change now. In fact, some sectors of the Gold Coast market are really starting to heat up, and it won’t be long before those big projects are back on the map again.
“Development activity in the Coomera area will of course also increase significantly when the Coomera Town Centre becomes a certainty, and it is well on the way to this now,” says Gilchrist.
The two largest projects include the $70 million Coomera Palms residential project and the $55 million Spiritus Coomera retirement project.
The residential sector accounts for the largest percentage of the pipeline at $2.44 billion, followed by the mixed-use sector at $750 million.
Half of the developments in the pipeline – 25 projects worth $2.25 billion – are currently under construction.
Colliers International Gold Coast research manager Lynda Camberwell says as one of Gold Coasts biggest growth areas, Coomera needed a continuing strong development pipeline.
“According to the latest statistics from the Australian Bureau of Statistics, the area has experienced some of the highest growth of any area on the Gold Coast.
“The suburb of Coomera itself had a population growth rate of 9.5% over the 2011/12 financial year, which was the second highest in the region.
“Going forward Coomera’s population growth is projected to increase by 8% per annum between 2011 and 2031, far greater than the 1.9% expected for the Gold Coast overall.”
Camberwell says the drop in spending could be attributed to the fact that some projects were either downgraded in terms of cost or are no longer on the radar.
“Around half of the decrease in spending in the area was due to projects that seem to have either been put on the backburner or completed.
“The dollar value of the Blue Sky residential project at Coomera has also fallen significantly following the sale of part of it to AV Jennings, which has contributed to the overall drop in spending,” says Camberwell.
 
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Gold Coast's Coomera development pipeline spending less but still steady

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The rate of apartments being offered off the plan is increasing, with developers of high density residential needing a certain amount of pre-sales before the development can kick off. These apartments are generally offered at a cheaper rate with incentives sometimes pinned on, but are these properties a good investment?
Property Observer has asked industry professionals from buyers agents to developers to weigh in with their thoughts.
They were each asked: Can off the plan properties be good investment? Why or why not?
John Carfi – Chief executive officer of <a target="_blank" href="https://www.mirvac.com/">Mirvac</a> residential<img width="113" height="150" src="/images/stories/2013/11/01/carfi-profile.jpg" alt="carfi-profile" style="float: right;">
YES, IF YOU BUY WISELY
off the plan properties can deliver great returns to investors, providing a stable rental income, the potential for capital gain and tax benefits through depreciation and negative gearing.
When investors buy property off the plan they are essentially buying sight unseen so the first rule should always be to ensure the developer and builder are reputable with a track record of delivering quality buildings as specified and on time.
The returns will be determined by many factors depending on whether the investor is intending to hold and rent or 'flip' the property to make a quick profit.
Flipping, or speculative purchase, is a much riskier investment strategy, and presumes that the market will rise and a profit can be made before or soon after settlement. It’s a gamble that may not turn out in the investor’s favour.
For those seeking a medium to long term hold, the factors to consider are the appeal of the property to tenants. If the property is well-designed with a high level of amenity, close to public transport, infrastructure such as schools, shops and open space it is more likely to attract a higher rent and be easy to let.
There are many tax benefits associated with owning an investment property and they are most favourable when the property is new. However this should not be the sole criteria for investment.
Another factor that will impact upon yield is the strata levy. These are not set until settlement however investors need to be aware that inclusions such as swimming pools, gymnasiums and the other attractive selling points of the development will need to be maintained by the owners corporation.
Most investors will be looking for capital gain and if you have bought wisely, a good quality product in a good location, the gains should be in line with the market.
 
Todd Hunter – Director at <a target="_blank" href="https://www.wheregroup.com.au/?">wHeregroup<img width="125" height="150" style="float: right;" alt="todd-hunter-profile-2" src="/images/stories/2013/11/01/todd-hunter-profile-2.png"></a>
off the plan IS RARELY A GOOD INVESTMENT
Let’s look at this practically, the developer is selling a product. They have worked out their numbers to the exact dollar on a spreadsheet and know how much they can sell for as a minimum. But who wants minimum?
As a property owner, when you sell, you want the maximum price don’t you? Well, so does a developer. Their issue is that they don’t have a big market presence in Australia so quite often they employ the services of a marketing company to spread the word to buyers right across Australia. They often have referral networks consisting of accountants, financial planners, and mortgage brokers to help them sell to their client.
Now these marketing companies do not work for free. Nor do the referral networks. The developer doesn’t want to drop their price either, so their fee is simply added to the developer’s sale price.
So why not go direct to the developer and cut out the middleman? Greed, by the developer to sell one at an increased profit as well as keep price consistency for valuation purposes.
It’s only when they have financial issues that they will liquidate and you can maybe get a deal.
Second reason - GST – why do you think that car prices drop by at least 10% the moment they drive out the driveway? Because the GST must be paid. The same is for properties but not on sell price but GST is paid on all good and services used to build the property.
For those reasons I have not seen many off the plan purchases of late that are worth investing in.
Next page: Paul Biller and Damian Collins
 
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Paul Biller – Principal of <a target="_blank" href="https://www.1stcity.com.au/">1st City Hasemer &amp; Caldwell-Eyles<img width="113" height="150" style="float: right;" alt="biller-profile" src="/images/stories/2013/11/01/biller-profile.jpg"></a>
off the plan PROPERTIES CARRY GREATER RISK THAN PURCHASING AN EXISTING PROPERTY
An off the plan purchase carries greater risk than purchasing an existing property as it is very difficult to establish fair market value for what the property will be worth on completion or predict an accurate future rental return. There will also more than likely be an oversupply of competing properties for rent when the development is completed due to other investor sales in the complex, ultimately resulting in having to lower the asking price in order to secure a tenant. Other things to consider are the project may not proceed if the relevant council approvals are not granted; the finished product may differ to what you anticipated; you can’t physically walk through the property you are buying.
There are however many advantages to buying off the plan including buying at a better price. When developers first offer their new projects they often offer them at discounted prices in order to secure required pre-sales for the bank. When the required number of pre-sales is met and construction begins the prices generally rise. Therefore, for investors who commit early to an off the plan purchase there is often a good price incentive.
Another advantage is the depreciation benefits. The newer the property the more tax deductions are available. The buyer is able to claim depreciation on their tax for items including fixtures and fittings. As the benefits are greatest when the property is brand new – buying off the plan maximises your available tax deductions.
As an off the plan purchaser you may get to customize your new property. Often buyers may have a choice of finishes to choose from including different colours, tiles, various fixtures and fittings as well as layouts which the developer may be able to incorporate such as merging two apartments into one large one.
There are also various government grants and stamp duty exemptions to first time property buyers.
As with all property purchasers, be sure to do your research. Look at the median apartment price growth in the area and research the project team including the developer, architect and builder.
 
Damian Collins – Director of <a target="_blank" href="https://www.momentumwealth.com.au/?">Momentum Wealth<img width="113" height="150" style="float: right;" alt="collins-profile" src="/images/stories/2013/11/01/collins-profile.jpg"></a>
GENERALLY, off the plan APARTMENTS ARE NOT GOOD INVESTMENTS
Generally off the plan apartments are not good investments.  Investors are often enticed to "get in on the ground floor" and hope that the property will be worth more at settlement than what they paid. Certainly in a rising market a property may be worth more than what you paid. But on the other hand I've seen many investors buy off the plan and find at settlement that prices are 20% less than what they paid. If you are buying for the intended gain before settlement then you are really a speculator, not an investor. For the long term investor an off the plan apartments provide additional risks. Firstly at the time of buying it may appear that there is limited supply on the market. However, if the market starts to see demand, developers in that area may release a substantial number of new properties leading to potential oversupply and poor price performance. One of the key reasons why off the plan apartments are generally not good investments is that there is too much building value and not enough land value. Ultimately the land goes up in value and the building depreciates. Many high rise apartments have little land content and the long term lower growth rates reflect this. Particularly with off the plan apartments, you are paying for a nice shiny new property that in a few years may not look so new to any future prospective buyers. off the plan sales are great for developers as it helps them get finance for their projects with enough pre-sales. If you are an owner occupier not focussed on the capital growth and you find a property that you think is ideal then it may be suited to you. However if you are an investor, give off the plan properties a miss and find a property with a good land value in an area with limited supply and high demand. You'll be sure to make much more money that way.
Next page: Ross Le Quesne and Kevin Lee 
 
 
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 Ross Le Quesne - Mortgage broker at <a target="_blank" href="https://www.aussie.com.au/?">Aussie Home Loans<img width="113" height="150" style="float: right;" alt="laquesne-profile" src="/images/stories/2013/11/01/laquesne-profile.jpg"></a>
ENTER WITH CAUTION
<div>Buying a property off the plan a can be an attractive proposition but, as with any property purchase, you must only enter into it with great caution and after much research.</div>
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 A brand new property in a new development is very appealing, but like buying a new car, you may find yourself paying a premium for something that is worth less the moment it's yours. off the plan properties can be overpriced due to the additional entities involved. The developer and builder need to make their profits, as well as a marketing agency (who can charge 5% selling fees) which inflates the price you pay.  To ensure you're not paying too much, you must always do your due diligence. Research the area and what similar properties are selling for now. Make sure the assumed future value (the value of the property by the time of completion) has not factored into what you've paid for the property. You want to be paying today's price when you sign your contract. Buying off the plan can sometimes be profitable. If you're buying in a growing area and you pay market price at time of purchase, meaning that by the time you pay for your property (sometimes 18 months later) you've already gained equity. You will only know that you're paying the right price if you're familiar with the local market and can verify comparable sales.
<div>The rental returns (especially as predicted by the vendors) of a new property can be attractive, but are they the best in the market? An investment is a business decision, not an emotional one - the property does not need to be beautiful to make good rental return. Are there established properties out there right now that will provide better returns for lower outlay and lower risk? To minimise the risk of paying too much you need to do your own research. Don't fall -n love with the idea of a brand new property, if you think you're overpaying you need to walk away.</div>
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Kevin Lee - Buyers Agent at Smart Property Adviser
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<div>THERE'S ASSOCIATED RISKS BUT GOOD OPPORTUNITY FOR FIRST HOME BUYERS</div>
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There has always been a degree of risk associated with purchasing residential properties off the plan, yet for some investors, a well-researched off the plan purchase can represent a solid opportunity and good strategic addition to their portfolio.
However we need to put this out there right now: don't purchase property 'off the plan' with the expectation that it will automatically increase in value whilst its being built.
Yes some people made significant capital growth on both existing property and off the plan purchases over the last 40 years - however you could be sadly mistaken if you put all your money on that horse over the next 20, 30 or 40 years.
This is a 'changing of the guard' moment in Australia's history, unlike anything we've ever witnessed.
The days of 'property doubling in value every seven to ten years' (if they ever did exist) are long gone. In fact I'm still looking in the Australian Constitution for where it says that "by merely signing a purchase Contract, you're entitled to capital growth".
If however 'chasing capital growth' is still part of your game-plan for 2013 and beyond, then you should only ever count on matching inflation - maybe a touch more in the long term. But know this - you will most likely have significant periods of negative or nil growth.
Having said that, there are a number things outside your control that can actually help create capital growth. Two that come to mind immediately are: poor government planning &amp; laws that restrict development; and natural geographical constraints that limit development (e.g. Sydney and South East Queensland's urban development confines).
Infrastructure development - or Urban Renewal programs - instigated by either Local, State or Federal Government are like a "free renovation" for your property. So if you can, choose an off the plan development in a metropolitan area where significant government infrastructure spending has been committed - not just planned. Politicians are good at 'talking the talk' - you need to ensure their money is committed in order for the rest of that old cliche to be played out.
Off the plan developments can sometimes prove to be a good opportunity for first home buyers to get into the market faster, with most state governments offering first home buyers significant incentives. For example in NSW they'll put $15,000 on the table and waive the stamp duty for purchases under their self imposed price threshold.
Savvy purchasers though will ensure that they aren't getting in over their head financially - this is your first home remember. Not your last!
Also - if you are buying off the plan you'd be we'll advised to do so as early in the piece as possible. Why? Because that's when developers are willing to offer their 'best terms' as you are actually helping them de-risk the project and qualify their proposed project for construction funding! They need you: it's that simple!
Finally, if the project, style, location and 'it' factor appeal to you and a few of your mates then think about going in as a 'group' - you will get a better deal. Think of it this way: it's like the company that buys a fleet of new cars pays a fair bit less that you do for your purchase of just one.
As I said at the outset, there is always risk associated with buying off the plan - do your homework and mitigate that risk as best you can.
Next Page: Adam Sparkes
 
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Adam Sparkes - Director of sales and marketing at <a target="_blank" href="https://www.crowngroup.com.au/?">Crown Group</a><img width="113" height="150" src="/images/stories/2013/11/01/sparkes-profile.jpg" alt="sparkes-profile" style="float: right;">
GET IN EARLY AND HAVE A LONG-TERM VIEW
The key thing to remember when buying off the plan, especially when buying into well-known developments, is the best investment returns are made by those who get in early.
Buyers who purchase in the first release are offered lower prices and a greater selection of apartments than buyers in subsequent releases or at completion - which means those who get in early also have more choice when it comes to position and aspect.
Adding to that, buyers who get in early can see capital growth even prior to completion. This occurs if similar properties in the development are sold off the plan later in the lifecycle of the project for higher prices. For example an apartment on level 5 sold for $1 million followed by a similar apartment on level 6 sold off the plan nine months later for $1.1 million, the latter provides a benchmark for valuations of the level 5 property sold earlier. This scenario can offer investors a chance to make capital gains faster than they may with existing properties.
Many of us have heard of the scenario seen in some Sydney developments in the early 2000s when investors purchased apartments off the plan and saw values significantly increase before completion. While,  I feel this is unlikely to happen again in Australia (and I would caution buyers solely motivated to buy apartments off the plan and hoping to sell for a large capital gain before completion), purchasing off the plan can present an attractive proposition for buyers willing to take a long-term view.  Investors buying with a view to hold the apartment for five- 10 years are better positioned to ride out the property market cycles and see good capital gains.
Other benefits of buying brand-new apartments include tax deductable depreciation allowances usually are higher for off the plan properties than existing properties, in addition investors are also eligible to the same out–of-pocket tax deductions as an existing property, making off the plan apartments an attractive proposition for savvy investors.
Finally, to give yourself the best chance of good medium-long term capital growth when buying off the plan, it’s worth looking at existing and future infrastructure in the area, including transport, hospitals, universities and schools. Finally, the facilities provided in the development itself, such as function rooms, pools, gyms and well-appointed foyers are becoming increasing important to tenants and buyers.
 
 
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Are off the plan properties good investments?

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Following yesterday's <a target="_blank" href="/news">story</a> that the big four banks have lifted their fixed-term mortgage rates, the demand for fixed loans has crept higher in the month of October, according to Mortgage Choice.
According to the national new home loan approval figures, fixed rates accounted for 27.38% of all home loans in October, higher than 26.8% recorded the month prior.
“While we have seen a number of lenders lift the interest on their suite of fixed rate products this month, the reality is, fixed rate pricing is still incredibly competitive,” says Mortgage Choice spokesperson Jessica Darnbrough.
“Furthermore, fixed rate pricing is likely to climb higher over the coming months.
“For those borrowers who want certainty around their mortgage repayments and wish to lock themselves into a product with a competitive interest rate, fixed rates are a viable option,” says Darnbrough.
Western Australia recorded the biggest increase of 8.77% to sit at 28.06%.
Fixed rate demand climbed in every state except SA and QLD, which fell 4.39% and 4.52% respectively to 19.99% and 31.88%.
“While Queensland recorded a significant drop in demand for fixed rates this month, the fact that this product still accounts for over 30% of all new home loan approvals suggests Queensland borrowers are still feeling relatively uncertain about current economic conditions.
“Of course, the same cannot be said for South Australia, where fixed rate demand hit its lowest level in eight months,” says Darnbrough.
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Fixed rate demand increases: Mortgage Choice

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Following the announcement on Tuesday that the NSW government has returned to surplus, the Real Estate Institute of New South Wales says it is time to cut stamp duty rates.
The NSW Treasurer Mike Baird released the final budget result for 2012-2013 of a $239 million surplus.
Baird says stamp duty collections were the main reason for the improvement, contributing around $198 million worth of revenue.
“The Sydney housing market has gifted the NSW government a $198 million windfall, allowing it to creep back into surplus,” says REINSW president Christian Payne.
“It is now time for the state government to recognise that stamp duty rates should be cut.
"For too long it has profited from families, young people and the elderly who are trying to put a roof over their head.
“The Australian dream is not attainable for many and the NSW government needs to understand and accept that real estate should not be the major source of its funding,” says Payne.
The current NSW stamp duty rates are below.
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REINSW urges NSW government to cut stamp duty rates

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The Housing Industry Association (HIA) has urged the federal government to repeal the carbon tax when it sits next month, saying it adds to the burden on people buying a new home.
“The carbon tax is bad for housing affordability, and the housing industry will welcome the introduction of the bill to dismantle,” says HIA spokesman Graham Wolfe.
“Modelling conducted prior to the introduction of the tax projected an increase of between 0.8% and 1.7% increase in the cost of building a home, and we have not seen any evidence to the contrary.
“The housing industry implored the previous government not to introduce the tax, and we are now asking in the strongest terms that all sides of politics support its repeal.
“It is a bad tax,” says Wolfe.
Wolfe says it not only adds to the burden on people buying a new home, particularly those who are trying to get into the market for the first time, but it also puts a hand-brake on jobs in home building, manufacturing and related sectors.
“Imposing the carbon tax across the range of products and components that comprise a new home means that a tax multiplier effect occurs on the largest purchase most people will make in their lifetime.
“And the key question is, how will this help improve the environment?” says Wolfe.
Wolfe says new homes are much more energy efficient than existing homes and there lacks transparency about where the carbon tax is adding to the cost of building a home.
“Therefore, the home buyer can’t make decisions or change behaviour to avoid paying for it.
“Industry and customers’ needs certainty, particularly as contracts for new homes are being priced and written many months in advance.
“The best way to achieve this certainty is to quickly dismantle the tax,” says Wolfe.
 
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HIA urges the federal government to scrap the carbon tax

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Three penthouses have sold off-the-plan in the West End riverfront development Vida, totaling $8.9 million in sales and knocking the development up to 95% sold.
The $100 million development by private developer Pointcorp has one dual-level penthouse remaining, priced from $3 million.
Nearly all of the four-bedroom apartments have been snapped up between $1.55 million to $1.72 million and a range of three-bedroom apartments have sold between $1.25 million to $1.4 million.
"We have sold 12 apartments for in excess of $1.25 million in a matter of months," says Pointcorp sales and marketing manager Sam Patterson
"That is in stark contrast to the demand that has been experienced in Brisbane over the past few years, with the majority of interest targeted toward smaller, entry level apartments.
"As a result, most new developments released in recent times have catered to this market, so to have this type of success with a project that is specifically designed for those wanting a larger apartment with the highest quality fittings and finishes is a real sign the market has begun to shift,” says Patterson.
All three penthouses were sold to owner-occupiers.
"Each of our apartment types has been designed with a significantly larger floor plan than the average apartment in Brisbane, making them appealing to those who want to live in their apartment, and the position on the river, so close to the CBD and in West End adds to the appeal.
"While West End has long been renowned for being a 'trendy' area to visit, it is really still emerging as a residential hot spot.
“Savvy buyers have recognised this and are looking to secure their place now to take advantage of its urban renewal,” says Patterson.
Designed by Cottee Park, Vida comprises of 148 apartments across two 12-level riverfront buildings.
Remaining apartments are priced from $409,000 to $3 million.
Viva was released to the public in June, with construction to start later this year.
The median apartment price in <a target="_blank" href="/news">West End</a> is $220,000, a 25.2% decline in the past five years, according to RP Data.
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Brisbane West End Vida development 95% sold including $8.9 million in penthouse sales

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A boutique development of only nine apartments is to be the first development to begin construction in the inner west suburb of Sydney Russell Lea in some three years.
Situated between Drummoyne and Five Dock, the $7 million Enclave will feature nine one- and two-bedroom apartments.
Designed by Buzabott Architects of Surry Hills, apartments feature timber floors, Smeg appliances and floor to ceiling glass doors, which lead to balconies.
“These types of boutique developments in the area are becoming quite rare and make for great homes or investment opportunities,” says Sam Elbanna of CPM Realty.
“Being this close to the city and having water views as well as all the amenities the area has to offer is a huge draw card for Sydney-siders,” says Elbanna.
One-bedroom apartments are priced between $485,000 to $649,000 and range in size between 54 square metres to 70 square metres.
Two-bedroom apartments are priced between $699,990 and $1.15 million and range in size between 81 square metres and 176 square metres.
Enclave will launch to the public this weekend, November 2.
Construction is scheduled to commence in January next year with completion to wrap up in February 2015.
The median apartment price in <a target="_blank" href="/news">Russell Lea</a> is $610,000, a 14.8% change in the past five years, according to RP Data.
 
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Boutique development to launch in Sydney's Russell Lea

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Metro Property Development’s $107 million Broadway on Ann development has secured $55 million in sales in its first three weeks since launch.
The residential development is now 49% sold with more than 120 apartments snapped up.
“With the election of a new federal government promising political stability and historic low interest rates, we are seeing rising buyer confidence,” says Metro Property Development managing director Luke Hartman.
“There’s demand for high-quality apartments that are located in inner-city suburbs like Fortitude Valley. Lifestyle is the number one priority of buyers today - they want to be close to shops, restaurants, cafes and entertainment.
“Broadway on Ann is in the heart of the Fortitude Valley and Newstead entertainment precinct and this has been a huge selling point for buyers.
“Its affordable price point has also made it a particularly attractive property investment,” says Hartman.
<a target="_blank" href="https://www.propertyobserver.com.au/news/metro-property-release-third-development-in-investment-hotspot-fortitude-valley/2013100165426">Broadway on Ann</a> will feature 247 apartments upon completion.
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One-bedroom apartments range in size from 40 square metres to 79 square metres and range in price from $335,000 to $465,000.
Two-bedroom apartments range in size from 60 square metres to 137 square metres and range in price from $455,000 to $630,000.
Designed by Woods Bagot, residents will have access to a rooftop entertaining area, including a 15-metre pool, gym and bbq area.
Broadway on Ann is one of many, with Metro currently having more than 1,000 apartments across five different projects under construction throughout inner city Brisbane.
Construction of Broadway on Ann is due to commence in early 2014 and has an estimated completion date in the second half of 2015.
 
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David Devine's Metro Property Group continues to dominate inner city Brisbane market

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Swimming pool and spa owners need to register with the NSW State Government by the end of today or face penalties of up to $550 per offence.
Owners are to self assess and state that their pool complies with standards on the NSW Swimming Pool Register or may register their pool via their local council.
Owners will need to apply for a Swimming Pool Compliance certificate from a local council or an accredited certifier, which is valid for three years.
If you are building a new pool, you should ask the pool installer to provide a Swimming Pool Compliance certificate prior to making your last paying on the pool.
If you are selling your property, you must have a Swimming Pool Compliance certificate to go with your contract of sale, and if you are leasing out your profit, a certificate must be provided to the tenant.
Owner corporations are also required to register a pool on a strata property.
For more information, visit the <a target="_blank" href="https://www.swimmingpoolregister.nsw.gov.au/information">NSW Swimming Pool Register</a>.
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NSW residents must register their pool today or face penalties 

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.

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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."

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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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