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The cyclical improvement in housing affordability has continued for buyers in the June 2013 quarter.
Housing affordability in Australia is 16.7% higher than it was in mid-2012, after an increase of 4.4% to 72.8%, according to HIA.
In the June 2013 quarter, the HIA-CBA Housing Affordability Index increased in all seven capital cities.
<img height="276" width="470" src="/images/stories/2013/08/hia-sug-28-one.jpg" alt="hia-sug-28-one">
The strongest quarterly increase occurred for Brisbane, with a rise of 10.4%.
Outside of the capital cities, affordability improved in the June 2013 quarter in all six non-metro regions.
The strongest quarterly increase was for regional Queensland with a rise of 9.6%.
“A synchronised increase across the capital cities and non-metro areas drove the further improvement in the June 2013 quarter,” says HIA chief economist Dr Harley Dale.
“These are certainly encouraging results for those entering the market at this time in the cycle,” says Dale.
Dale says the considerable reduction in interest rates is more than offsetting recent dwelling price increases.
“Current improvements in housing affordability do not represent structural shifts in Australia’s affordability, rather, they represent the dominant impact of cyclical changes in lending rates which will of course be prone to reversal at some point.
<img height="307" width="470" src="/images/stories/2013/08/hia-aug-28-two.jpg" alt="hia-aug-28-two">
“Genuine, structural improvements to affordability are contingent on a stock of housing supply that grows commensurately with the population and its housing needs,” says Dale.
Dale says the Federal Government needs to lead a policy reform in order to drive a sustained improvement to residential construction and to address the housing affordability challenge in Australia.
“A relative new house affordability advantage has emerged for Sydney and Western Australia in recent quarters.
“These are the areas of Australia where, not coincidentally, a clear new home building recovery is underway,” says Dale.
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Brisbane's housing affordability improves in June quarter for hard-strapped buyers: HIA

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ME Bank has cut its one-year fixed lending to 4.94% per annum, cutting its Super Member Home Loan standard loan rate by another 0.15% (5.36% comparison).
ME Bank has also made cuts to its other one-year fixed home loans across the Super Members Home Loan and Member equity Home Loan ranges.
Property Observer has today reported on the <a href="/news">cheapest rates</a> ahead of the next likely RBA rate cut on Melbourne Cup day.
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ME Bank cuts one-year fixed lending to 4.94%

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After years on the market and speculation of sales, the penthouse at Hyde Park's The Residence has been sold for $17 million to a buyer of Chinese descent.
The sale was brokered through Nigel Napoli at Savills Residential Projects.
Conjunctional agent Ben Stewart of CBRE confirmed the sale to Property Observer.
The speculation is that the buyer has regularly travelled between Australia and mainland China and some of his family are students in Australia.
Apartment 88, also known as The Sulman, was initially listed with $20 million hopes and underwent $1 million worth of upgrades last year.
The penthouse features three bedrooms, marble bathrooms and a rooftop garden and pool. It comes with 810-square-metre over two levels, equating to $21,000 a square metre.
<a href="https://www.propertyobserver.com.au/new-south-wales/lucky-88-hyde-park-the-residence-penthouse-sale-caught-in-bad-luck-run-of-three/2012021053328" target="_blank">Property Observer</a> wrote about The Sulman in February last year when it was rumoured to have sold for $20 million, but no contract was ever signed.
The Title Tattle column noted the sale of the penthouse of The Residence had become akin to pulling a rabbit out of a hat as there had also been an initial premature AFR September 2011 sale report that suggested a very bullish $25 million. 
The other penthouse in the 23-level The Residence complex  is still on the market for around $15 million.
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Hyde Park The Residence penthouse sale confirmed at $17 million

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Collingwood’s Smith Street is soon to be a bustling community, with two new residential developments, You and I and Haus, to be completed by late next year.
You and I will reflect the diverse culture of the area through five larger-than-life artworks some 10 metres in the sky on the building’s façade, while Haus is inspired by the Bauhaus twentieth century design movement.
Located at 450 Smith Street, You and I (pictured below) will reach seven storeys high and include 28 one-bedroom apartments and 35 two-bedroom apartments.
<img style="font-size: 0.8em;" src="/images/stories/2013/08/you-and-i-aug-28.jpg" width="470" height="371" alt="you-and-i-aug-28">
The development is just under 80% sold, with a selection of two-bedroom apartments remaining from $580,000 to $680,000 and ranging in size from 70 square metres to 80 square metres.
Andrew Leoncelli of CBRE says majority of sales have been to owner occupiers.
Developed by ICD Property, You and I is architecturally designed by Orbit Architecture and features five artworks from Melbourne artist Steve Rosendale (pictured below).
<img alt="you-and-i-rosendale-aug-28-two-2" height="414" width="470" src="/images/stories/2013/08/you-and-i-rosendale-aug-28-two-2.jpg">
“To actually replicate and construct Steve’s artworks we will integrate an unusual technique of curing graphic concrete to create an impression on at least one of the walls, and then express the detail of the other designs via perforated metal screens,” says Chris Goss, creative director of Orbit.
Artwork templates will be layered over slabs of graphic concrete and once the templates have been removed, the slabs will be water-blasted to remove unset residue and pieced together to create the artwork.
“In the final product, the graduation of perforate gaps in the metal screen will coalesce to create textured pieces that are lit by ambient light,” says Goss.
“The evolution of the precinct over time has helped shape You and I; for example, there’s a strong urban subculture that appreciates street-art and so Steve Rosendale’s artworks elevate what is normally considered street graffiti and stencil work into high-end artistry on an unseen scale
With interiors by Carr Design Group, apartments will feature large windows, neutral colour palettes and Miele appliances in the kitchens.
Construction on You and I has already commenced, with an expected completion date of late 2014.
Further down the street at 416 Smith Street, Haus (pictured below) will feature 80 apartments over eight levels.
<img src="/images/stories/2013/08/collingwood-aug-28-two-pic.jpg" width="470" height="291" alt="collingwood-aug-28-two-pic">
Developed by Angelo Property Group, Haus will blend culture with contemporary living.
“Our mantra is to create living spaces that invite the outdoors in and Haus is no exception, as each apartment will have access to its own garden terrace,” says Ange Angelo director of Angelo Property Group.
Designed by architect Kennedy Nolan, Haus apartments will feature hexagonal wall tiles, Smeg coloured ovens, stone floors and stainless steel bench tops.
Each apartment will feature a garden terrace with landscape designs by Jack Merlo.
One-bedroom apartments range in price from $435,000 to $485,000 and two-bedroom apartments range in price from $530,000 to $650,000.
Apartments range in size from 51 square metres to 96 square metres.
“My family has been developing in the inner-city for 40 years and we’ve seen suburbs such as Richmond and Fitzroy evolve into the thriving communities they are today,” says Angelo.
“We’re now noticing the same transformation really start to take off in Collingwood with new cafes, bars and shop opening every week,” says Angelo.
Haus will also include retail tenants, a café and office spaces for lease.
Haus is currently 70% sold.
Construction is set to commence in October, with an expected completion date of October 2014.
Collingwood also has <a href="https://www.propertyobserver.com.au/developments/elenberg-fraser-designed-collingwood-oxley-development-sells-190-pre-marketing/2013072963583" target="_blank">Oxley</a> in the pipeline, an Elenberg Fraser-designed residential development.
The median apartment price in <a href="/news">Collingwood</a> is $520,001, a 10.6% change in the past five years, according to RP Data.
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Collingwood ripe with pipeline developments, You and I and Haus released on Smith St

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A new office, retail and entertainment complex known as The Ribbon could grace Darling Harbour if Grocon and Markham Corporation’s development application is approved.
The industry giants lodged a development application with the NSW Planning and Infrastructure for the redevelopment of the Sydney IMAX retail and entertainment complex.
The Ribbon, with a Darling Harbour frontage, will include 41,470 square metres of net lettable area of office space with large floor plates up to 3,500 square metres.
The Ribbon will also boast 7,300 square metres of retail, function and entertainment areas over 20 floors featuring an IMAX cinema, restaurants, cafes, a gym and a function centre.
Architecturally designed by Hassell Architects, the building is named The Ribbon due to its form and the way the building is wrapped from the east to the west like a ribbon.
“Sydney deserves a distinctive design like this,” says Chris Carolan, NSW general manager of the Grocon Group.
“The Ribbon personifies the liveliness and sophistication of modern Sydney in a way that speaks directly to contemporary landmarks like Marina Bay Sands in Singapore and The Shard in London,” says Carolan.
“We wanted a building that would transform this unique gateway site,” says James Markham, managing director of Markham Corporation.
“This is a challenging but important site in Darling Harbour and it demanded a brave and inspiring design,” says Markham.
After a successful year, the current owners of the IMAX cinema have bought two new state-of-the-art digital projectors to be included in the new IMAX cinema at The Ribbon.
Property Observer first <a target="_blank" href="https://www.propertyobserver.com.au/news/the-ribbon-in-darling-harbour-set-to-replace-sydney-s-imax/2012072455717">reported</a> on the redevelopment plans in July last year.</body></html>

Grocon and Markham Corporation lodge development application for Darling Harbour's The Ribbon

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A four-bedroom residence in the leafy suburb of Canterbury, known as St Magnus, sold on Saturday for $2.125 million after auction.
Owned by Dr. Tom Eggers and his wife Kate for the past 16 years, St Magnus was listed with a price guide around $2 million.
There were two bidders at the auction, but the residence subsequently passed in and then sold.
The European-inspired home was designed by Peter Martin of FMSA Architects and features a dome entrance, hand painted by Peta Laurisen. 
St Magnus boasts an entertainer’s kitchen with a glass ceilinged dining zone, three bedrooms plus a warehouse-style fourth bedroom with its own kitchenette and access to a rooftop deck.
The property also includes an indoor jet pool and a steam room.
St Magnus was listed with Tim Pickens and Rebecca Edwards of <a href="https://www.kayburton.com.au/property/7-the-ridge-canterbury" target="_blank">Kay &amp; Burton</a>.
The median house price in <a href="/news">Canterbury</a> is $1.7 million, a 5.1% change in the past five years, according to RP Data.
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Dr Tom Eggers sells St Magnus, the Canterbury trophy home

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Authentic Brazilian style steakhouse restaurant Viva Brazil will open its first Australian restaurant in Caydon’s Trilogi development.
Located on High Street in Prahran, the restaurant will be at the base of the 323-apartment complex, next door to Huxtaberger.
“It has taken us over a year to find the perfect site, and with Caydon just completing the Trilogi development in Prahran I knew straight away it was going to be the flagship Viva Brazil Restaurant for Melbourne,” says owner Ian Coffey.
Viva Brazil will spend $2 million on the restaurant fit out, which is due to officially open in mid-January but Property Observer notes that it will likely have a soft opening at an earlier date.
CBRE’s Zelman Ainsworth negotiated the 10-year lease deal, which sees the steakhouse rent a 300-square-metre space for $800 per square metre, totally $240,000.
The opening will create 48 jobs, with Viva Brazil planning to open 12 restaurants across Australia.
“Our UK restaurants has been named restaurant of the year and we’re really excited to be launching in Melbourne, because it is a place with some of the best restaurants in the world and has a passionate dining culture,” says Coffey.
Viva Brazil has three restaurants in the UK.
Caydon’s Trilogi development has 20 apartments left, with prices reduced to $320,000 for a one-bedroom apartment.
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Viva Brazil steakhouse to open first Aus store in Trilogi Prahran

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A three-bedroom renovated terrace in Alexandria soared past its reserve to sell at $1.82 million at its recent August auction.
Located at 48 Lyne Street, the two-storey terrace sold for $1.82 million, exceeding its $1.5 million reserve price.
“I was very surprised we got this result but knew it would go well as it’s located in the golden trainable of Alexandria in Lyne Street,” says selling agent Brigitte Blackman.
Located on 190 square metres, the home was built in the 1890s and was renovated in 2013 with designs by Mano Ponnambalam of ManoArchitects.
The renovated home features landscaped gardens and a private alfresco.
There were 13 registered bidders on the day with 160 groups taken through the house leading up to its auction.
Blackman says the auction was “fast and competitive, no mucking around.”
The terrace last traded in 2010 for $925,000.
Brigitte Blackman and Dominic Kuneman of <a target="_blank" href="https://innercity.ljhooker.com.au/QHHFP">LJ Hooker Inner City </a>listed the property.
The previous record for Alexandria was a three-level warehouse style terrace at <a target="_blank" href="https://www.propertyobserver.com.au/https://www.bresicwhitney.com.au/#!/buy/5519">9 Harley Street</a>, which sold for $1.62 million.
The median house price in <a href="/news">Alexandria</a> is $830,000, a 16.5% change in the past five years, according to RP Data.
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Renovated Alexandria terrace sells at $1.82 million

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Tiffany &amp; Co has confirmed it will be opening up shop in Adelaide next year, marking the first South Australian store for the glitzy jewelry brand. 
“I’m pleased to confirm that Tiffany &amp; Co will be opening a boutique in Adelaide in the second half of 2014,” says Australian managing director Glen Schlehuber.
However the brand has not announced its location, but it's reported to be in Central Plaza.
According to News Ltd papers, luxury international retailers require minimum shop fronts of at least 10 to 15 metres, ruling out Rundle Mall.
Central Plaza features a 23,000-square-metre David Jones department store and around 40 specialty stores.
“With other major upgrades planned to be undertaken to Adelaide Central Plaza and Rundle Mall over the next 12 months, the opening of Tiffany &amp; Co will continue to re-enforce Adelaide’s CBD retail offering as the nucleus of consumer activity in South Australia,” says Shaun Bonett, managing director of the Precision Group.
Bonett says Tiffany &amp; Co will spend close to six months preparing a fit out for its new Adelaide store.
The Adelaide store will be the eighth Australian store for the little blue box.
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Tiffany & Co to open its first Adelaide store in 2014

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A three-storey architecturally designed property positioned above the Bondi to Bronte coastal walk is on the market for the first time in 58 years.
Listing agent Blaise Griffin of Raine and Horne Double Bay says the property has received genuine interest over $10 million.
Located at <a target="_blank" href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/doublebaybondibeach/properties/295737">23 Wilga Street</a>, the three-bedroom home (pictured above) includes prominent features of the Sydney School of Architecture style.
The property was custom built in 1963 and includes a main residence, as well as a three-bedroom, two-bathroom self-contained residence on the 707-square-metre lot.
The main residence features bagged and rustic brick walls and cathedral ceilings.
The property includes a private garden with approximately a 30-metre frontage.
“It’s really hard to put a value on a property like this,” says Griffin.
“The only site we can compare it to is <a target="_blank" href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/properties/131433">105 Ramsgate Avenue</a>, which sold for $14 million."
“The land does have median density zoning on it, but we believe the buyer for this trophy property will be an owner-occupier,” says Griffin.
The home will go to auction October 19 through Ric Serrao and Blaise Griffin of <a target="_blank" href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/doublebaybondibeach/properties/295737">Raine and Horne Double Bay</a>.
The median house price in Bondi is $1,700,500, a 26% change in the past five years, according to RP Data.
<img height="60" width="470" src="/images/stories/2013/08/PO_Strap_new.jpg" alt="PO_Strap_new">
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Sydney School architecture Bondi Beach gem to fetch over $10 million

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.

[smartcode_project_cta:default project_id=134951]

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

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

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

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

Nicola Trotman

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