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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

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.

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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>.

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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.

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<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.

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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.

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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;

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<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;

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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;

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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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