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Mirvac has teamed up with Swedish furniture giant Ikea and The Block stars Josh and Jenna to showcase terrace living on just $15,000.
Josh and Jenna were challenged to furnish and style the three-bedroom display home in the Garden Grove precinct of Mirvac’s master planned community Harcrest in <a target="_blank" href="/news">Wantirna South</a>.
The couple was given a budget of $15,000 and a timeframe of 48 hours to furnish the terrace using only furniture from Ikea.
Three-bedroom terrace homes in Harcrest start from $515,000.
“We’re inviting young couples and families to be inspired by our new terrace display home,” says Mirvac Victorian development director Elysa Anderson.
“To do this, we have partnered with leading furniture brand Ikea and interior design stars Josh and Jenna to bring to life the possibilities on offer for prospective purchasers - it’s inspiring to see what $15,000, two days and plenty of creativity can do,” says Anderson.
The display opened for inspection on October 13 with more than 400 people attending.
“We want people to walk through Mirvac’s new display home and see what can be achieved with a $15,000 budget at IKEA," says Bianca Speller, Ikea Melbourne marketing manager.
"This is a great partnership showcasing affordable and stylish living at its best,” says Speller.
It is not the first time <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/ikea-and-mirvac-team-to-show-how-to-furnish-a-new-home-on-a-%2415000-budget/2013050260950">Mirvac has joined forces with Ikea</a>, with the furniture giant supplying furniture for a three-bedroom property in the Elizabeth Hills estate in South West Sydney earlier this year.
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ntrotman-Et3xWpamVh

Block stars Josh and Jenna team up with Mirvac and Ikea to furnish on a budget

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Only six apartments remain in Kokoda Property’s Q2 Blackburn development, with apartments reflecting a possible yield of over 4.9%.
Located on Queen Street in Blackburn, the development features designs by Hayball and has appealed to a range of buyers from first home buyers, downsizers and local investors.
“Blackburn is a well-established suburb populated with families who’ve lived here for many years. In some cases the kids have now grown up and are eager to stay in the same location they know and love,” says Sam Tucker sales and marketing manager of Kokoda Property.
“Q2 offers an affordable entry point into this established, blue-chip location, so there’s no need for first home buyers to look outwards to Melbourne’s suburban fringe to purchase their first home.
“Similarly, downsizers who love the area but no longer need all the space of a large, sprawling family home have been buoyed by Q2’s quality interiors and great location,” says Tucker.
Out of the 44 completed apartments, only six remain, with one-bedroom apartments priced from $369,000 to $375,000 and ranging in size from 40 square metres to 44 square metres.
Remaining two-bedroom apartments are priced between $455,000 to $495,000 and range in size from 47 square metres to 59 square metres.
One-bedroom apartments have the potential to receive $350 to $380 per week in rent, representing a 4.9% to 5.2% yield and two-bedroom apartments have the potential to receive $440 to $480 in rent per week, representing a 5% yield.
“With limited apartments available we invite homebuyers to visit Q2’s on-site display apartment at 2 Queen St in Blackburn, to get a true feel for the quality we put into our projects,” says Tucker.
The median unit price in <a target="_blank" href="/news">Blackburn</a> is $510,000, a 22.3% change in the past five years, according to RP Data.
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Kokoda's Q2 Blackburn over 85% sold with remaining apartments reflecting above average yield

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Minister for Planning Matthew Guy has announced a $300 million hotel and apartment complex in Docklands, to be known as The Altus.
Guy launched the 4.5 star hotel and apartment complex yesterday, which will be situated on the corner of Harbour Esplanade and Dudley Street.
The Altus will feature 281 guest rooms and suites, 27 serviced apartments and 299 residential apartments across 37 storeys.
“Docklands is continuing to deliver state of the art buildings that are rejuvenating the area,” says Guy.
“Once completed, The Altus will be part of a vibrant and exciting precinct in which to work, live and to visit.
“The Altus adds to a growing list of top class accommodation, dining and entertainment
venues in the Docklands, which provides access to world class sporting and music events, shopping, fine dining and recreational activities,” says Guy.
Construction is scheduled to commence in early 2014 and will create over 400 construction jobs and once completed in 2016, 150 hotel jobs.
“The Victorian Coalition Government is continuing to transform the Docklands into a waterfront destination that will be home to 20,000 residents and 60,000 workers upon completion in approximately 2025.
“Investments like the new $43 million community precinct that will feature the Docklands Library and Community Centre, Dock Square and Docklands Family Services and Boating Hub are creating a vibrant and exciting suburb.
“The $15 million Dock Square will provide 2,500 square metres of landscaped open space for residents and visitors to enjoy the outdoors and maintain active lifestyles,” says Guy.
The last remaining piece of major developable land in Docklands, a 2.5-hectare site diagonally across from Southern Cross Station, has now been contracted.
It will be developed into a $1.6 billion precinct, linking central Melbourne to Docklands.
Guy says nearly all 140 hectares of Docklands’ developable land is now contracted for development, with 50% of the land developed into the newest part of Melbourne’s CBD.
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A $300 million hotel and apartment complex to grace Docklands

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Amid the latest talk of first home buyers struggling to get their foot in the market, Satterley Property Group’s latest townhome release in the Coburg Hill Estate has sparked interest, with the first three lots bought by first home buyers in their 20s.
The 10 townhomes will be built on the historic Kodak site in Coburg North, nine kilometers from the Melbourne CBD.
Featuring three bedrooms and two bathrooms, the two-storey homes range in price from $575,000 to $595,000 and range in size from 193 square metres to 214 square metres in total.
General manager of Victoria and Queensland Satterley Jack Hoffmann says initial interest in Focus @ Coburg Hill has been significant.
“We expect that these townhouses will be snapped up very quickly.
“Focus represents a unique opportunity for home buyers and investors, whether they’re families, empty nesters, or settling into their first home.
“We are one of the few estates offering new housing this close to the CBD, without sacrificing the space to relax and enjoy the benefits of suburban living,” says Hoffmann.
Seven townhomes have sold since the developments launched on September 29, with one more pending on deposit.
The two remaining townhomes are priced at $585,000.
Construction is scheduled to commence at the end of this year, with residents to move in by November 2014.
The median unit price in <a target="_blank" href="/news">Coburg North</a> is $460,000, a 35.4% change in the past five years, according to RP Data.
 
<hr>
 Images are artistic impressions.
 
 
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Coburg Hill's townhome release sparks interest with first home buyers

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The spring selling season is in full swing this week with 2,816 auctions scheduled across the capital cities, according to RP Data.
The national clearance rate was slightly down from the previous week of 72.5% to 71.6% last week.
Auction volumes increased last week to 2,342, up from 2,229 the previous week.
At the same time last year auction volumes were substantially lower at 1,559, as was the national clearance rate at 51.4%.
Melbourne auction volumes are remaining strong with 1,124 auctions held last week, up from 1,008 the previous week but Melbourne’s preliminary clearance rate dropped from 74% the previous week to 69.9% last week.
Melbourne is forecast to have an even stronger week this week, with 1,563 auctions scheduled.
Meanwhile Sydney’s clearance rate increased last week to 81.1%, up from 79.1% the previous week.
Sydney auction volumes also increased slightly from 884 the previous week to 895 last week.
At the same time last year Sydney’s clearance rate was much lower at 53.6% as were auction volumes at 551.
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Spring auction front blooming compared to last year: RP Data

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A three-storey architecturally designed property positioned above the Bondi to Bronte coastal walk is this week’s most expensive sale, selling after auction for $15 million, according to RP Data.
Property Observer first reported on the <a target="_blank" href="https://www.propertyobserver.com.au/news/sydney-school-architecture-bondi-beach-gem-to-fetch-over-%2410-million/2013082164448">Wilga Street property</a> in August, when listing agent Blaise Griffin of Raine and Horne Double Bay said the property had received genuine interest over $10 million.
The three-bedroom home includes prominent features of the Sydney School of Architecture style and was custom built in 1963.
It is the first time the property has been listed in 58 years.
The property was passed in at its October 19 auction at $14 million, and sold half an hour later for $15 million after negotiations with the highest bidder.
The property includes a main residence, as well as a three-bedroom, two-bathroom self-contained residence on the 707-square-metre lot.
Griffin told Property Observer that the land has median density zoning on it but it sold to an owner-occupier.
The property was sold through Ric Serrao and Blaise Griffin of Raine and Horne Double Bay.
Most expensive sales
 
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/23_wilga_street_bondi_nsw_2026/1519639">23 Wilga Street, Bondi Beach, NSW, 2026,</a> six-bedroom house, sold after auction on October 19 by Raine &amp; Horne Double Bay for $15 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/2_hawkstone_street_cottesloe_wa_6011/11945253">2 Hawkstone Street, Cottesloe, WA, 6011</a>, four-bedroom house, sold at auction on October 19 by Mack Hall Real Estate Claremont for $7.25 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/109b_louisa_road_birchgrove_nsw_2041/1445387">109b Louisa Road, Birchgrove, NSW, 2041,</a> four-bedroom house, sold on October 18 by McGrath Estate Agents for $5.85 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/69_pavilion_street_queenscliff_nsw_2096/5708914">69 Pavilion Street, Queenscliff, NSW, 2096,</a> four-bedroom house, sold on October 18 by First National Manly for $3.8 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/16_dawson_avenue_brighton_vic_3186/10009187">16 Dawson Avenue, Brighton, VIC, 3186,</a> four-bedroom house, sold at auction on October 17 by Marshall White &amp; Co for $3.605 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/21_pine_street_cammeray_nsw_2062/1694691">21 Pine Street, Cammeray, NSW, 2062,</a> five-bedroom house, sold on October 18 by Belle Property Neutral Bay for $3.6 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/8_catalina_crescent_avalon_beach_nsw_2107/1193956">8 Catalina Crescent, Avalon Beach, NSW, 2107,</a> six-bedroom house, sold at auction on October 17 by L J Hooker Avalon Beach for $3.2 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/29_le_vesinet_drive_hunters_hill_nsw_2110/3006376">29 Le Vesinet Drive, Hunters Hill, NSW, 2110,</a> three-bedroom house, sold prior to auction on October 19 by John Ward Prestige Realty for $3.2 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/33_barker_road_strathfield_nsw_2135/6479611">33 Barker Road, Strathfield, NSW, 2135,</a> seven-bedroom house, sold prior to auction on October 19 by Strathfield Partners for $3.185 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/86_gordon_street_paddington_nsw_2021/5267271">86 Gordon Street, Paddington, NSW, 2021,</a> five-bedroom house, sold at auction on October 19 by McGrath Estate Agents for $3 million
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Owner-occupier pays $15 million for this week's most expensive sale in Bondi Beach: RP Data

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Property advice is currently not regulated and anyone can give property advice, regardless of their experience and qualifications. There have been calls to introduce a national regulatory framework for some time; with some saying it is in far closer reach under the current government.
Property Observer has asked groups and experts active in the space to share their thoughts on the matter exclusively with us.
They were each asked:
Should the property industry be regulated? If so, how should we go about it? If not, why not?
Here, we share their responses to this question.
We also invite other spokespeople, and readers, to have their say.
Frank Valentic – Managing director of <a href="https://www.advantageproperty.com.au/?" target="_blank">Advantage Property Consulting</a><img style="float: right;" src="/images/stories/2013/10/22/FrankValentic-profile.png" alt="FrankValentic-profile" height="200" width="150">
 
YES CONSUMERS NEED TO BE PROTECTED FROM UNSCRUPULOUS OPERATORS
Yes I believe the property industry should be regulated because consumers need to be protected from unscrupulous operators. In Victoria, the Estate Agent’s Act states that anyone who buys, sells or leases real estate and receives a fee should be a licensed estate agent or operate for a licensed agent.
There are many examples in the property industry where property marketers or other professionals receive fees/commissions/kickbacks and don’t act in a client’s best interests and are in breach of the Estate Agent’s Act as they are not licensed estate agents. 
The property industry should go about regulating the industry by simply making anyone who receives any fees (directly or indirectly) required to have a written authority signed by the client with all fees disclosed.  These professional should operate as a licensed estate agent or agent’s representative.
This would hopefully clean up our industry and ensure that only real estate professionals with the appropriate qualifications can give consumers advice to protect consumers, just as real estate professional should not give advice in any other areas including financial, legal or building law etc.
Ben Kingsley – Chair of <a target="_blank" href="https://www.pipa.asn.au/?">Property Investment Professionals of Australia</a> (PIPA) <img style="float: right;" alt="ben-kingsley-porfile" src="/images/stories/2013/10/22/ben-kingsley-porfile.png" height="200" width="150">
YES, URGENTLY
 
Property is a very high value transaction. In most households it’s the biggest single investment outside of the family home. And so it simply doesn’t make sense that just anybody can offer property investment advice.
An unregulated industry, with such high value assets, offers unscrupulous operators the ability to make significant financial gains and tempts many to put their self-interest ahead of their clients’ best interests.
For example, some property developers and builders offer upwards of 10% of the value of a property as a commission incentive for referrals from financial planners, accountants and mortgage brokers etc. So if you have a $500,000 property, we’re looking at a $50,000 commission payment.
As the chair of PIPA, it’s not my position to judge if this fee is excessive or not, but in many cases, because we don’t have regulation, these types of commissions are not disclosed to the consumer. This begs the question – why?
Our insight suggests that if the majority of consumers did know about these significant commissions, they might not sign up for them, believing they don’t reflect the fair value for the advice and work performed by these people.
As a result of the lacking regulation and as part of our steps to help increase the professionalism of this industry, PIPA has developed a full disclosure policy, whereby all members pledge to disclose all fees, commissions, kickbacks, and override payments to any consumer they are dealing with.
We need to see national regulation of property investment and it needs to come under the ASIC umbrella, to co-exist with financial products and credit lending products, but be a separate act requiring formal qualification of practitioners working in this specific field.
Under this legislation, anyone charging fees for advice or receiving commissions for the purchase of real estate for ‘investment purposes’ would need to be licensed and regulated. A purpose test would determine what constitutes ‘investment purpose’, such as whether the real estate is purchased for income and capital growth returns.
 
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Peter Bushy – President of <a target="_blank" href="https://www.reia.com.au">Real Estate Institute of Australia </a>(REIA) <img style="float: right;" alt="bushby-profile" src="/images/stories/2013/10/22/bushby-profile.png" height="200" width="150">
GUIDELINES NEED TO BE DEVELOPED FOR PROPERTY PROFESSIONALS DEALING WITH SMSFs
REIA has spoken to ASIC and the SMSF Professionals Association of Australia about concerns that unlicensed "spruikers" have been offering advice regarding property and SMSFs.
REIA agrees that property professionals should not be licensed as financial advisers but that it would be beneficial to educate agents on what they can and can't do in terms of dealing with SMSF investments.
REIA would welcome working with ASIC in developing guidelines for real estate agents for the provision of advice on investment property relating to SMSFs.
Jacque Parker – President of <a href="https://rebaa.com.au/?" target="_blank">Real Estate Buyers Agents Association of Australia</a> (REBAA)<img style="float: right;" src="/images/stories/2013/10/22/jacque-parker-porfile-3.png" alt="jacque-parker-porfile-3" height="200" width="150">
NATIONAL LICENSING HAS THE CAPACITY TO ‘DUMB DOWN’ THE INDUSTRY
As Australia’s leading property industry body representing the professional standards of buyer’s agents, we support regulation around any advice provided to consumers where the purpose of a purchase is for investment.
Accredited buyer’s agents work differently to your typical “property advisor” in that the services we provide are strictly in relation to the direct purchase of real property. We are also regulated to the point where we have to meet minimum standards which include a full real estate licence, ongoing regular Continuing Professional Development (in states where applicable) and hold mandatory Professional Indemnity insurance for the safety and benefit of consumers. The provision of advice to consumers also needs to be accompanied by the Financial and Investment Advice clause that is currently in all standard Buyer’s Agents agreements which states:
“The Principal acknowledges that any financial or investment advice provided by the Agent to the Principal is of a general nature only whose preparation does not take into account the individual circumstances, objectives, financial situation or needs of the Principal. The Principal is advised to consult with their own independent or financial and/or investment advisor.”
This information (referred to as material fact under the Property Stock and Business Agents Act) includes the client's budget, financial capacity (in the form of finance pre-approval) and the details of their brief for a particular search. Reputable buyer’s agents already make this very clear to potential clients. Many have disclaimers clearly communicated on their agency websites which encourage buyers to consider taking advice from the holder of an Australian Financial Services Licence before making a decision on a financial product.
National licensing has the capacity to ‘dumb down’ the industry as recommendations include removing CPD for agents and possible removal of licensing requirements for commercial agents and we don't agree with this at all.  REBAA is all for high levels of education and this includes full licences for buyer’s agents as well.
 


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Rosemary Johnston - Acting president of  <a href="https://www.piaa.asn.au/" target="_blank">Property Investment Association of Australia</a> (PIAA)
<img src="/images/stories/2013/10/23/rosemary-profiel.jpg" width="150" height="200" alt="rosemary-profiel" style="float: right;">
YES, INVESTORS ARE SEEKING TO CREATE WEALTH FOR THEIR FUTURE (RETIREMENT) AND THE FUTURE OF THEIR FAMILIES
This is not something they have excess funds to consider repeating too many times in their lives.  It is important they have a trusted property investment advice sector to support them with a sound foundation for informed decision making that considers the following:
1.  The potential performance of the investment including during its acquisition, holding and exit phases.
Real estate agents are legally able to employ puffery and make exaggerated claims.  This is not appropriate here for a considered investment decision .
The current system is rife with Vendor's Agents taking commission from the developer and giving investment advice to the client in the same transaction.  This is illegal in most states and ethically very questionable.
Referral partners entering into shared commission arrangements with Vendors Agents also need to consider their position.   Is the property investment advice being given covered by PI insurance, it isn't in agents PI insurance, or are they likely to be dragged into the mire?
2.  The client's risk profile and appetite for investment.
How stable is their family life, their career and their income?  How much risk are they wiling to take and how can planning manage or mitigate those risks for the client over the life of the investment?  This is a complex area that requires considerable education and experience to deliver.
3.  Their time frame of the investment that leads to considerations of inheritance or estate planning, and taxation to support the equity being created by a performing asset being effectively delivered to the client.
Currently financial planners deal with SMSF and estate planning and most have limited interest or experience in property, real estate agents deal in home sales, and property investors are being left at the mercy of the spruikers and the educators with one strategy fits all.  We need a dedicated property investment advice sector with professional educational standards, coverage by PI insurance for the advice and membership of a Professional Association with the capacity to discipline members who have complaints registered against them.  This will support the investors having a very real and consistent opportunity to achieve their goals.
Property Observer asked ASIC to comment on the matter but they declined.
 
<img alt="poll-results-oct-23" height="115" width="470" src="/images/stories/2013/10/23/poll-results-oct-23.gif"> 
Whose opinion would you like to have added to the list?
 
Email <a href="mailto:jduke@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a> and we’ll consider getting their viewpoint.
 
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Should property advice be regulated? 

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Two Western Australian developments - Alkimos Beach and Waterbank - will be the first in the state to go under the microscope to be rated on their sustainability, productivity and livability by a national scheme.
Both developments have been accepted for Green Building Council of Australia’s green star and will be judged on sustainable planning criteria such as minimizing energy and water consumption and reducing dependence on motor vehicles.
The criteria will also include broader issues including economic prosperity, livability and community health and wellbeing.
“Green Star certification is more than just a pat on the back for developers,” says lands minister Brendon Grylls.
“It demonstrates the state government’s commitment to best practice in designing and delivering the communities of the future.”
Waterbank in East Perth is aiming for a five-star Green Star ‘Australian Excellence’ rating and Alkimos Beach in the northern suburbs if set to achieve a six-star rating.
Waterbank is a $1 billion urban regeneration project, which will provide more than 600 residential apartments for 1,500 residents and up to 24,000 square metres of commercial space.
Alkimos Beach is a master-planned community that will be home to 15,000 residents.
The first stage will deliver more than 2,000 homes and will take seven years to complete.
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Green Star certification a sustainability first for WA developments

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Angelo Property Group’s MIYA Fitzroy development is 90% sold following an eight-week word of mouth sales campaign.
Of the 60 apartments and townhouses on Kerr Street, only six remain for purchase off-the-plan – four apartments and two townhouses.
Architecturally designed by Kennedy Nolan, the development lobby will feature sleek stone terrazzo tile floors and wide limed timber wall panels.
The heritage fronting on Rose Street will also be restored.
MIYA will also feature Japanese inspired gardens by landscape designer Jack Merlo, which will be filled to bamobbo, gingkoes, camellias and jasmine
“Fitzroy is the only city fringe area that doesn’t currently have an oversupply of apartments,” said Ange Angelo, director of Angelo Property Group.
“Buyers are drawn to the area for its lifestyle, but the high level of demand and rental return also makes Fitzroy extremely appealing for investors.
“MIYA will offer our residents the best of both worlds, a slice of Eden and easy access to one of Melbourne’s most vibrant streets.
The gardens and open spaces in MIYA give people a living experience unlike any other project we’ve seen in Fitzroy,” says Angelo.
Angelo says Angelo Property Group consulted with the community and were careful to include their feedback in the design, as well as take the heritage of the area into consideration.
Three one-bedroom apartments remain, priced from $450,000 and start from 65 square metres and one two-bedroom apartment remains priced from $600,000.
Two townhouses remain priced from $900,000.
Construction is due to start in December, six months ahead of schedule due to the strong buyer demand.
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Strong buyer demand brings forward Fitzroy's MIYA development by six months

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When the 2,827 square metre site on St Kilda Road went to market, Caydon principal Joe Russo knew he had to have it and splashed nearly $21 million to purchase it.
“The synergy of location, the opportunity to build St Kilda’s tallest residential building that overlooks the beach and city in a south after location… it has it all when it comes to property investment,” says Russo.
The $200 million project - known as S.T.K – will include 309 apartments and 19 townhouses.
Russo says every aspect of the site is a draw card.
“I chose the site because of its location – close to the beach and the city – a place where people want to live.
“S.T.K offers an unrepeatable opportunity to live in this location with over 70% of apartments having incredible water and city views,” says Russo.
The purchasing of the site wasn’t how everyone would imagine, with Russo and the vendor throwing around different numbers.
Russo’s daughter sat it on the meeting, and when a decision couldn’t be made, after listening quietly she said, “why don’t you meet in the middle?” – which was a simple enough suggestion for a young girl, and a fair one too.
The 26-level building, made up of two structures within one façade, will house one- and two-bedroom apartments, as well as two-bedroom dual level rooftop terraces.
The S.T.K display suite at Caydon’s head office in Abbotsford allowed potential purchasers to see the actual view they would see from their chosen level.
The team at Caydon took photos from every floor in order to provide a true picture of what residents could buy.
<blockquote class="twitter-tweet">
At the <a target="_blank" href="https://twitter.com/Caydon">@Caydon</a> display suite for S.T.K, feel like I'm in my own apartment <a target="_blank" href="https://twitter.com/search?q=%23propertyobserving&amp;src=hash">#propertyobserving</a> <a target="_blank" href="https://twitter.com/propertyobs">@propertyobs</a> <a target="_blank" href="https://t.co/ZeZf5kGqEv">pic.twitter.com/ZeZf5kGqEv</a>
— Nicola Trotman (@NicolaKTrotman) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/NicolaKTrotman/statuses/386020146784923648">October 4, 2013</a>
</blockquote>
Caydon purchased the site with the existing planning permit and kept the same envelope, but reconfigured the apartments to optimize views.
Caydon wanted to take a futuristic approach to buying off the plan, offering potential buyers a 3D life-like vision of their future property.
“We pushed technological boundaries, incorporating leaders in their fields from all over the world – even bringing hardware from Silicon Valley not yet released to the general public,” says John Paige marketing manager.
“The result is as close to a life-like experience as you can get without actually building the apartment.
“We did this for one simple reason, to help solve the age long question our clients ask when buying off the plan – how will it actually feel to be in my apartment?” says Paige.
Using the latest in 3D technology, many images are overlapped to create 3D vision.
Paige says the glasses themselves have only been sent out to key software developers around the world to trial.
<blockquote class="twitter-tweet">
3D goggles, now I'm really inside my own S.T.K apartment. A must for display suites, pretty cool <a target="_blank" href="https://twitter.com/search?q=%23propertyobserving&amp;src=hash">#propertyobserving</a> <a target="_blank" href="https://t.co/PqbXvXUxO5">pic.twitter.com/PqbXvXUxO5</a>
— Nicola Trotman (@NicolaKTrotman) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/NicolaKTrotman/statuses/386021119750180864">October 4, 2013</a>
</blockquote>
More than 130 apartments have been sold to investors and owner-occupiers.
“There has been an interesting mix of buyers with a number of investors buying now to live in later, and also buying apartments for their children,” says Russo.
Russo says there have also been repeat buyers who have bought in other Caydon developments such as Trilogi and Atria.
One-bedroom apartments range in size from 50 square metres to 61 square metres and range in price from $380,000 to $527,000.
Two-bedroom apartments range in size from 64 square metres to 87 square metres and range in price from $560,000 to $842,000.
Townhouses on Barkly Street range in size from 68 square metres to 71 square metres and rooftop terrace townhouses range in size from 82 square metres to 100 square metres.
Townhouses range in price from $645,000 to $820,000.
Designed by Eades and Bergman, apartments will feature textured splashbacks, marble finishes, satin chrome fixtures and timber flooring.
Residents will have access to the S.T.K club, comprising of a 20-metre infinity edge pool, gym, steam room, yoga room, business lounge and a library.
“With any Caydon development I am in this for the long term,” says Russo.
“S.T.K will be an icon of what St Kilda is all about - I see it as redefining people’s expectations of what urban living is all about.
“Market cycles don’t both me; a standout location such as S.T.K coupled with the Caydon brand of exceptional quality in residential living ensures the success of S.T.K,” says Russo.
Construction is scheduled to commence early next year with an expected completion date of late 2015.
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Caydon's S.T.K development impresses with a life-like experience

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

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<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

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<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Nicola Trotman

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