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The recent implementation of the new Botany Bay Local Environmental Plan is pushing up land prices and benefiting owners of older-style industrial properties, according to CBRE.
Developer demand is at its highest level in a decade, with developers looking for opportunities and sites that can accommodate retail and apartment projects.
A 1,600-square-metre industrial building at 1144 and 1146 Botany Road owned by hang glider manufacturer Moyes sold for $3.65 million to Icon Construction Group.
"As an industrial building the property was worth $2.5 million to $3 million, but the potential to redevelop the site under the new LEP pushed the sale price to $3.65 million," says CBRE capital markets director Daniel O’Brien.
The site can accommodate a boutique development of around 18 to 20 units above ground floor retail space.
“Residential developers are being very bullish at present as they know that the end product, particularly in this style of boutique project, will virtually sell out on launch day,” says O’Brien.
Botany Road Project Pty Ltd recently pushed 767 Botany Road in Rosebery for $11 million.
A development application has been lodged to build 11,400 square metres of retail space and 88 apartments.
“The site had no approval or income, and we still had multiple purchases making offers,” says O’Brien.
“The potential for change of uses, proximity to rail and the end price point is driving demand for mixed use sites in this market.
“The strength of retailer interest for available opportunities is also underpinning demand,” says O’Brien.
O’Brien says the demand for retail space, especially food and liquor, is extremely competitive.
"So while we have seen considerable pain over the past few years at the discretionary end of the market, in areas such as fashion retailing, the convenience end of the market and non-discretionary retailing has been very resilient.
“We've also seen the major supermarkets and liquor stores completely shift their focus when opening new stores or assessing new sites,” says O’Brien.
O’Brien says planning constraints and increased competition from IGA and Aldi has seen major supermarket operators be more flexible with their requirements, adapting to much smaller format stores.
The Botany Bay LEP commenced on June 26 and is designed to encourage sustainable economic growth and development and to recognize the important of Botany Bay as a gateway to Sydney.
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Owners of older-style industrial properties benefitting from Botany Bay LEP

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Swimming pools are a point of contention for many property buyers. While in some neighbourhoods they are almost expected, and buyers may pay a premium for them, in others they are an unnecessary electricity and maintenance drain.  
Investors in particular are often warned to steer clear, frequently due to the safety warnings and concerns around tenants with younger children.  
This observer column by David Airey debated the common question <a href="https://www.propertyobserver.com.au/residential/does-a-swimming-pool-increase-a-property-s-value-david-airey/2012121258438">'Does a swimming pool increase a property's value</a>?' still left it open to debate.  
In saying that, swimming pools are frequently advertised by real estate agents as a selling point for a property. These three current listings below, for instance, clearly position it as a positive.  
The infinity pool and stone outdoor terrace in this <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-palm+beach-106268790">Palm Beach residence</a> is advertised as “evoking the immediate feel of an endless summer”.
<img alt="whale_oct_2_one" height="353" width="470" src="/images/stories/2013/10/02/whale_oct_2_one.jpg">
This <a target="_blank" href="https://www.realestate.com.au/property-house-qld-twin+waters-114136587">Twin Water’s residence</a> is listed as being an entertainer’s delight with its infinity pool with wet edge, timber deck and built in bar and BBQ, “send out the invitations now, you will want to host lots of parties in this house.”
 
<img alt="twin_waters_oct_2_one" height="353" width="470" src="/images/stories/2013/10/02/twin_waters_oct_2_one.jpg">
 
Lastly, this <a href="https://www.realestate.com.au/property-house-qld-jollys+lookout-114196659">Jolly’s Lookout</a> residence, which has previously been <a target="_blank" href="https://www.propertyobserver.com.au/queensland/jollys-lookout-trophy-home-with-infinity-pool-stunner/2013082964640">featured</a> on Property Observer, is listed as having an “award winning infinity edge pool”and offers “maxiumum wow and maximum lifestyle.”
<img alt="jollys_lookout_oct_2_onbe" height="353" width="470" src="/images/stories/2013/10/02/jollys_lookout_oct_2_onbe.jpg">
 
{module Would you invest in a property with a swimming pool? }
 
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Would you invest in a property with a swimming pool?

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Properties in the ACT are forecast to experience greater discounts in the next six to 12 months, as a result of government jobs been slashed and an “exodus of residents,” says SQM Research.
SQM says the top ten most discounted properties in the ACT are relatively low when compared to other states, but the prediction of house price declines in 2014 will not be a direct reflection of the current market.
The most discounted property on SQM’s list is <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-downer-act-2602/171527" target="_blank">8/43 Gardiner Street</a> in the suburb of Downer, which slashed its price by 27%, after spending 279 days on the market.
It was initially listed for $296,000 and is currently seeking $215,000.
A property on <a href="https://www.realestate.com.au/property-apartment-act-kingston-110114629" target="_blank">Kennedy Street</a> in Kingston has spent the longest time on the market of 539 days but has only slashed its asking price by 13% to $400,000.
The other eight properties on the list have slashed their asking price by 11% to 14% and have spent a range of time on the market from 196 days to just under 400 days.
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An "exodus of residents" to cause price declines in ACT: SQM 

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A new approach has been taken for Mornington Peninsula’s $650 million Martha Cove development, with an alliance forming between three stakeholders – development company Three Pillars and receivers and managers KordaMentha and PPB Advisory.
Set on Safety Beach, the 94-hectare residential marina development offers house and land packages and will consist of around 1,100 residential dwellings upon completion.
Martha Cove will also include 750 marina berths, a commercial precinct and aged care facility.
Broken into three precincts, PPB Advisory will develop Sovereign Point, KordaMentha will look after Hidden Harbour and Three Pillars will develop Harbourside.
<img alt="Martha_Cove_three_key_stakeholders_L-R_Tom_Hoogenbosch_Three_Pillars_Berrick_Wilson_KordaMentha__Ian_Carson_PPB_Advisory_2" height="315" width="470" src="/images/stories/2013/10/04/Martha_Cove_three_key_stakeholders_L-R_Tom_Hoogenbosch_Three_Pillars_Berrick_Wilson_KordaMentha__Ian_Carson_PPB_Advisory_2.jpg">
Martha Cove key stokeholder: (left to right) Tom Hoogenbosch Three Pillars, Berrick Wilson KordaMentha &amp; Ian Carson PPB Advisory
“The stakeholders are working towards common outcomes so it made sense to work together to create harmony, synergies and economies of scale,” said Berrick Wilson, national head of real estate at KordaMentha,
“We all benefit from a joint approach and marketing initiative, and individual precincts will draw in inquiry to provide purchasers with ample choice.
“This project has been a decade in the making and is unlikely to be repeated any time soon as you simply can’t find a site like this with direct access to the Bay. When it’s gone, it’s gone,” says Wilson.
Three Pillar’s Harbourside development offers three-bedroom house and land packages from $429,000 and four-bedroom homes from $499,000.
Hidden Harbour offers house and land packages from $395,000 and Sovereign Point offers house and waterfront luxury from $960,000.
The first stage of Harbourside was released four months ago and so far 55 terrace homes out of 80 have sold.
Sovereign Point was released this week and so far one house and land package has been snapped up, out of 30 on offer.
“There is a limited number of absolute waterfront houses and land blocks available in this unique peninsula location,” says Ian Carson, chairman of partners from PPB Advisory.
“It’s still possible to buy a waterfront home for less than $1 million – that is rare and very appealing to a wide range of buyers,” says Carson.
The first stage of Harbourside began construction in July and is scheduled for completion by March next year.
Hidden Harbour and Sovereign Point completion dates are subject to settlements.
The median house price in <a target="_blank" href="/news">Safety Beach</a> is $520,000, an 18.6% change in the past five years, according to RP Data.
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Alliance forms for Mornington Peninsula's $650m Martha Cove development

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Metro Property Development has released its third Fortitude Valley Apartment complex, Broadway on Ann.
The $107 million development comes as Metro views Fortitude Valley as having strong investment potential, joining Metro’s other developments, Brooklyn on Brookes and Central Village.
“As well as all the obvious lifestyle and entertainment assets Newstead and Fortitude Valley have emerged as incredibly strong employment hubs,” says Metro property development founder David Devine
“We estimate there is already 42,000 works in the immediate area and more to come with Bank of Queensland’s new headquarters and a range of other commercial developments planned or under construction.
“From an investment point of view the Fortitude Valley area is very appealing with rental yields now being achieved in excess of 6% and vacancy rates sitting under 1%,” says Devine.
The 2,553-square-metre site - located between Commercial Road and Ann Street - is currently occupied by Audi and the International City Church.
{qtube vid:=bypBJ7rStug}
Broadway on Ann will feature 247 one- and two-bedroom apartments.
One-bedroom apartments range in size from 40 square metres to 79 square metres and range in price from $335,000 to $465,000.
Two-bedroom apartments range in size from 60 square metres to 137 square metres and range in price from $455,000 to $630,000.
Designed by Woods Bagot, residents will have access to a rooftop entertaining area, including a 15-metre pool, gym and bbq area.
“Fortitude Valley has become one of the most popular inner-city suburbs in Brisbane thanks to its vibrant dining, shopping and entertainment precincts,” says Metro property developments co-founder and marketing director Ken Woodley
“More and more people want to buy here - In fact, the north of the river apartment market recorded the highest levels of unconditional new and off the plan apartment sales across the inner city market in the March 2013 quarter,” says Woodley.
Metro’s Central Village has totaled $58 million in sales and is currently 86% sold.
Construction of Broadway on Ann is due to commence in early 2014 and has an estimated completion date in the second half of 2015.
The median apartment price in <a href="/news">Fortitude Valley</a> is $410,000, a 12.3% change in the past five years, according to RP Data.
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Metro Property release third development in investment hotspot Fortitude Valley

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Construction on the $7 million North Bondi Surf Live Saving Club’s new clubhouse is now complete.
Architecturally designed by Sydney architects Durbach Block Jaggers and constructed by North Sydney based construction company Taylor, the four-level clubhouse has been designed to blend with its coastal setting through curved lines and sparkling, mottled Trencadis mosaic cladding.
<img src="/images/stories/2013/10/01/north-bondi-clubhouse-oct-1-one.jpg" width="470" height="624" alt="north-bondi-clubhouse-oct-1-one">
Mark Taylor, principal of Taylor says the clubhouse will become an architectural icon.
“Our project team has worked closely with the Club, Council and Durbach Block Jaggers in association with Peter Colquhoun, to create an aesthetically appealing and highly functional public building that will become an architectural icon.
“The state-of-the -art clubhouse sets a new benchmark for life saving facilities in Australia,” says Taylor.
The clubhouse provides more accommodation than the original building and includes change rooms, first aid facilities and a gym with a sauna.
<img src="/images/stories/2013/10/01/north-bondi-clubhouse-oct-1-tewo.jpg" width="470" height="267" alt="north-bondi-clubhouse-oct-1-tewo">
The two top floor function rooms include a kitchen, bar and a member’s lounge.
“It was a complex and at times challenging project, however we were determined to overcome the challenges to construct an outstanding building for the Club’s members, who have worked tirelessly for this project,” says Taylor.
The project was completed within a 60-week timeframe.
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$7 million North Bondi lifesaving clubhouse to become architectural icon

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Sydney’s inner south-east suburb of Mascot is due to get a whole lot busier with Harry Triguboff's Meriton Group announcing the first master planned community for the area.
Located at 19 – 33 Kent Road, Mascot Central will consist of residential apartments, accommodation and a retail complex.
Designed by PTW Architects, Mascot Central will house 1,000 residents in a mix of studio, one- and two-bedroom apartments across eight buildings, ranging in height to 14 levels.
The development will also include 255 fully serviced apartments and a neighbourhood shopping centre including Woolworths, a childcare centra and 15 specialty stores.
Other facilities include a 25-metre lap pool, children’s pool, spa and sauna and a gymnasium.
Meriton Group says Mascot has benefited from a mini baby boom in Sydney’s inner city and an influx of affordable housing in the inner south.
The suburb has continued to grow with new restaurants, café and bike baths emerging in recent years. 
Meriton bought the 31,500-square-metre site for $100 million in 2013 from the Goodman Group.
Meriton has another development planned for Mascot, alongside development projects in <a href="/news">Waterloo</a>, <a href="/news">Ryde</a>, <a href="/news">North Sydney</a>, <a href="/news">Chatswood</a>, <a href="/news">Pagewood</a> and <a href="/news">Warriewood</a>. 
The medium apartment price in <a href="/news">Mascot</a> is $595,200, according to RP Data.
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Sydney's Mascot to get first master planned community

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Following a quiet week in Melbourne due to the AFL Grand Final, auction volumes are yet to pick back up with 1,400 auctions scheduled around the capital cities this week, according to RP Data.
Auctions volumes were down last week from 2,109 the previous week to 1,217 last week.
However, the national clearance rate increased from 73.1% the previous week to 75.9% last week.
At the same time last year, the clearance rate was substantially lower at 50.1% from 746 auctions.
Melbourne experienced a quiet week as a result of the Grand Final, with only 89 auctions held, down from 984 the previous week.
Melbourne’s preliminary clearance rate was 84.1%, up from 75.9% the previous week.
Melbourne has its auction stride back with 826 auctions scheduled this week.
Sydney had a busy week last week with 872 auctions, up from 766 the previous week.
The clearance rate remained unchanged at 81.4%.
At the same time last year, Sydney held 491 auctions and had a clearance rate of 55.2%.
It’s Sydney’s turn to quiet down this week, a possible result of the public holiday on Monday, with only 364 auctions scheduled.
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Sydney's public holiday holding back scheduled auctions: RP Data

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A seven-bedroom Hampton-style residence owned by businessman Dino Focas was an interesting case this week, passing in at auction.
Located on Monaco Street in Broadbeach Waters, the property has been visited  by stars Kate Hudson and Matthew McConaughey, who were in Queensland for the filming of  <a target="_blank" href="https://www.imdb.com/title/tt0770752/">Fool’s Gold</a>.
Situated on 2,800 square metres, the property features riverfront terraces, balconies off every bedroom and a media room and library.
The home also boasts a pool, tennis court and pontoon.
Focas bought the property for $6.5 million in 2010 off Louise Morris, who paid $7.35 million in 2005.
The home was sold through <a target="_blank" href="https://raywhiteprestigegoldcoast.com.au/qld/broadbeach-waters/982690/">Sherry Smith of Ray White Prestige Gold Coast</a>.
The median house price in <a target="_blank" href="/news">Broadbeach Waters</a> is $710,000, a 19.1% decline in the past five years, according to RP Data.
Most expensive sales:
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/12_john_dykes_avenue_vaucluse_nsw_2030/7141420">12 John Dykes Avenue, Vaucluse, NSW, 2030,</a> six-bedroom house, sold prior to auction on September 25 by Raine &amp; Horne Double Bay for $5.098 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/4/69_kirribilli_avenue_kirribilli_nsw_2061/3434240">4/69 Kirribilli Avenue, Kirribilli, NSW, 2061,</a> three-bedroom unit, sold at auction on September 28 by McGrath Estate Agents for $4.7 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/10_norma_road_palm_beach_nsw_2108/5302780">10 Norma Road, Palm Beach, NSW, 2108,</a> four-bedroom house, sold at auction on September 26 by L J Hooker Palm Beach for $2.725 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/22_ray_avenue_vaucluse_nsw_2030/7145313">22 Ray Avenue, Vaucluse, NSW, 2030,</a> three-bedroom house, sold at auction on September 24 by BradfieldCleary Double Bay for $2.7 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/18_gow_street_balmain_nsw_2041/1256282">18 Gow Street, Balmain, NSW, 2041,</a> two-bedroom house, sold at auction on September 28 by L J Hooker Balmain for $2.515 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/36_victoria_avenue_canterbury_vic_3126/10259107">36 Victoria Avenue, Canterbury, VIC, 3126,</a> four-bedroom house, sold on September 28 by Kay &amp; Burton Hawthorn for $2.465 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/4_delmar_parade_gladesville_nsw_2111/2398991">4 Delmar Parade, Gladesville, NSW, 2111,</a> four-bedroom house, sold prior to auction on September 28 by McGrath Estate Agents for $2.35 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/38_riverview_parade_north_manly_nsw_2100/4985253">38 Riverview Parade, North Manly, NSW, 2100,</a> four-bedroom house, sold at auction on September 28 by Belle Property Manly for $2.3 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/18/50_upper_pitt_street_kirribilli_nsw_2061/3435732">18/50 Upper Pitt Street, Kirribilli, NSW, 2061,</a> two-bedroom unit, sold prior to auction on September 28 by Ray White Lower North Shore for $2.255 million
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This week's most expensive sales: RP Data

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There has been a strong move in the market with young first home buyers choosing acreage over an inner city dwelling, according to QM Properties outer north side Brisbane office.
Acreage sales comprise of 35% of all QMs land sales, compared to only 25% in the 12 months prior.
“Over 50% of our sales in Springbrook Estate are to young couples in the <a href="/news">Burpengary</a>, <a href="/news">Caboolture</a> and <a href="/news">Dayboro</a> areas,” said Northside Sales Manager Scott Valentine.
“In the past, acreage was the choice of second or third home buyers with older children.
“But it is all changing now,” says Valentine.
A 3,000-square-metre block can be bought for an entry-level price of $189,000 and a single-storey, four-bedroom home can be built for $170,000 with local builders.
“Estates in such suburbs as <a href="/news">Narangba</a> in the area are still charging $205,000 to $207,000 for a tiny 375-square-metre block,” says Valentine.
“The figures just don’t add up and this is the most price sensitive market segment.
“This market is also well educated and researched due to social media and the Internet, and they know that acreage is disappearing,” says Valentine.
“Residents on acreage feel secure, which is strange to city dwellers.
“It’s remote, and your neighbours are a fair distance away, but it is safer with less crime than in built up areas,” says Valentine.
Valentine looks after areas including Ocean View, Springbrook Estate, Sanctuary Grove and Westwood.
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First home buyers opting for acreage blocks

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

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

Joel Robinson

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

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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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.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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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.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

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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;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

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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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