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Toorak units and apartments experienced the strongest quarterly price growth of 16.1% while South Yarra was the weakest performer with a price drop of 13.0%, according to the latest data released by the Real Estate Institute of Victoria.
The median price for an apartment or unit in Melbourne is $456,000 compared to $449,500 in the December quarter.
“Demand for units and apartments were more subdued with a 1.4% increase in the quarter to a median price of $456,000. A factor in this market is the increased supply in the inner city apartment stock,” says REIV chief executive Enzo Raimondo.
Raimondo says the strongest demand for units and apartments were found in Toorak, Kensington, Kew, Cheltenham, Boronia and Bayswater.
<a target="_blank" href="/news">Toorak</a> had the strongest quarterly growth of 16.1%, taking the December median price of $618,000 to $717,500 in the March quarter.
<a target="_blank" href="/news">Kensington</a> also had a strong quarterly growth of 13.5% with a median unit price of $504,000.
<a target="_blank" href="/news">Kew</a>’s median unit price in the March quarter grew 11.8% to $614,750.
<a target="_blank" href="/news">Cheltenham</a> experienced a quarterly apartment price growth of 10.6%, Bayswater experienced a quarterly growth of 8.4% and Boronia experienced a quarterly price growth of 8.5%.
Meanwhile the city fringe suburbs recorded the greatest price drops this quarter.
<a target="_blank" href="/news">South Yarra</a> experienced the greatest unit price drop of 13.0%, taking the medium price to $520,000 from the December quarter price of $598,000.
<a target="_blank" href="/news">Elwood</a> followed close behind with a price drop of 12.9% and Carlton’s medium unit price dropped 12.5% this quarter.
<a target="_blank" href="/news">Hawthorn</a>’s medium price dropped 10.5% and the Melbourne CBD dropped 7.9%.
<a target="_blank" href="/news">Frankston</a> is the most affordable suburb to purchase a unit or apartment with a median price of $270,000 -  a quarterly growth of 2.7%.
Robert Larocca from REIV says in each suburb, the unit market caters for two diverse types of buyers.
Larocca says the median for this class can and does vary in accordance with the balance of properties sold each quarter. 
“In the case of Toorak, 27% of units sold in the December quarter were priced of $1 million, and in the March quarter that rose to 40%.
Larocca says this is not because more were sold but because fewer of the affordable walk-ups on main roads were sold.
“Clearly the million dollar unit market in this suburb remains in strong demand.”
“These suburbs are not unique, Carlton also has a great diversity with a lot of small student accommodation and very expensive units.”
A two-bedroom, one-bathroom unit on Grange Road in Toorak is listed for sale with an asking price of $650,000.
Featuring a modern kitchen with parquetry floor, the property (pictured below) is <a href="https://www.jelliscraigbm.com.au/property/TOORAK-15/51-53-Grange-Road/4925571/#.UWy133BAt6o" target="_blank">listed</a> by Carly Fetter of Bennison Mackinnon Armadale.
<img alt="reivapril18one" height="310" width="470" src="/images/stories/2013/04/reivapril18one.jpg">
A one-bedroom, one-bathroom apartment in a River Street complex is listed for sale for $430,000.
The designer apartment (picture below) features a terrace and one secure car space.
<img alt="reivapril18two" height="300" width="470" src="/images/stories/2013/04/reivapril18two.jpg">
It has been <a href="https://www.castrangilbert.com.au/index.cfm?pagecall=property&amp;propertyid=2305727&amp;menuItemID=54980&amp;fromListings=true" target="_blank">listed for sale </a>by Phil Butcher from Castran and Gilbert.
Suburbs that recorded less than 25 sales for the quarter were not included in the analysis.</body></html>

ntrotman-Et3xWpamVh

Toorak strongest unit price growth suburb but South Yarra weakest: REIV

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A three-bedroom terrace in Albert Park was the most expensive sale for the second week of April, selling at auction for $4.3 million, according to RP Data. 
Located on St Vincent Place, the property (pictured below) comprises a 492-square-metre block and with no bathroom, is a renovator's opportunity.
{yoogallery src=[images/stories/2013/04/april16stvincent]}
The property was originally part of a three-terrace property owned by the Loreto Sisters, who bought it in 1969.
Prior to the Loreto Sisters purchase, the property had been a Christian Brothers boy's hostel, which closed in June 1967. 
The property changed hands four years ago when acquired by Fiona Olney-Fraser, wife of corporate raider Darren Olney-Fraser, for $10.1 million, who then split the property up into three empty shells.
Westpac took control of the properties in 2010.
<a target="_blank" href="https://www.cayzer.com.au/index.cfm?pn=1&amp;start=1&amp;propertytype=residential&amp;firstsearch=true&amp;contentid=0&amp;listings_maximumpropertyimages=1&amp;contenttypeid=0&amp;usersortid=5&amp;pagecall=listings&amp;justlisteddays=7&amp;propertyaction=sale&amp;suburb_id=136701&amp;formtype=residential">Listing agent Michael Szulc of Cayzer Real Estate Albert Park</a> told Property Observer there were four bidders at the auction and an audience of around 200.
Szulc says the sale provided an opportunity for those wanting to turn the property into their dream home.
The other two terraces, <a href="https://www.cayzer.com.au/index.cfm?pageCall=listings&amp;suburb_id=136701&amp;propertyaction=sale&amp;firstSearch=true" target="_blank">73 and 77 St Vincent Place</a>, will go under later this month.
New South Wales continues to dominate the top 10 most expensive sales list with seven properties listed.
Victoria secured one more position this week in the top 10 sales list, <a target="_blank" href="/news">having only one property on the list last week.</a> The other property was at Alphington. 
The 10 most expensive sales across Australia last week were
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/75_st_vincent_place_albert_park_vic_3206/9183480">75 St Vincent Place, Albert Park, VIC, 3206</a>, three-bedroom house, sold at auction on April 13 by Cayzer Real Estate Albert Park for $4.3 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/2_rowe_street_alphington_vic_3078/9207667">2 Rowe Street, Alphington, VIC, 3078</a>, five-bedroom house, sold at auction on April 13 by Miles Real Estate Ivanhoe &amp; Rosanna for $3 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/20_wallace_street_greenwich_nsw_2065/2637052">20 Wallace Street, Greenwich, NSW, 2065</a>, four-bedroom house, sold at auction on April 13 by Century 21 Blunts for $2.692 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/7_mort_street_randwick_nsw_2031/5758545">7 Mort Street, Randwick, NSW, 2031</a>, four-bedroom house, sold prior to auction on April 9 by Di Jones Real Estate for $2.52 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/1_edgecliffe_avenue_south_coogee_nsw_2034/6254837">1 Edegecliffe Avenue, South Coogee, NSW, 2034</a>, four-bedroom house, sold after auction on April 9 by BHR Estate Agents for $2.4 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/24_russell_avenue_lindfield_nsw_2070/3774423">24 Russell Avenue, Lindfield, NSW, 2070</a>, five-bedroom house, sold at auction on April 10 by Richardson &amp; Wrench Chatswood for $2.311 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/70a_read_street_bronte_nsw_2024/1611560">70A Read Street, Bronte, NSW, 2024</a>, four-bedroom house, sold prior to auction on April 13 by GoodyerDonnelley Real Estate Woollahra for $2.21 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/165_the_boulevard_floreat_wa_6014/12177429">165 The Boulevard, Floreat, WA, 6014</a>, four-bedroom house, sold at auction on April 13 by Airey Real Estate for $2.2 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/37_oatley_road_paddington_nsw_2021/5271856">37 Oatley Road, Paddington, NSW, 2021</a>, four-bedroom house, sold at auction on April 13 by BresicWhitney Estate Agents Darlinghurst for $2.13 million
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/3_alexandra_street_hunters_hill_nsw_2110/3002130">3 Alexandra Street, Hunters Hill, NSW, 2110</a>, five-bedroom house, sold on April 10 by Ward Partners Hunters Hill for $2.05 million
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Rare St Vincent Place mortgagee sale in Albert Park attracts four bidders

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RP Data anticipates 1,319 capital city auctions over the coming week, which would mirror the previous week's 1,395 recorded auctions. 
The auction clearance rate last week was 62.7%, which was a slight increase from the previous week's 61.7%.
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This time last year the clearance rate was much lower at 46.8% with a total of 893 auctions across the capital cities. 
Melbourne recorded 610 auctions last week with a clearance rate of 67.5% – an improvement from the week before of 544 auctions and a clearance rate of 63.2%.
The clearance rate for Melbourne this time last year was much lower at 50.8%.
Meanwhile Sydney auction volumes remain virtually unchanged across the city with a total of 530 auctions last week and 528 auctions the week prior.
However, Sydney’s clearance rate grew to 68.6% last week, up from the 66.4% rate recorded the week before.
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National auction volume slightly down this week: RP Data

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The Australian residential market could be on the road to recovery with pre-conditions now existing for the market to grow, according to CBRE.
The Australian Residential MarketView report  for the December 2012 quarter shows an improvement in sales volumes but suggests previous significant growth cycles are unlikely to be seen in the immediate future.
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“A low interest rate environment, modest improvement in building approvals, an increase in population growth, improving rental yields, expanding buyer enquiry levels, sales volumes improving and recent equity market growth are all necessary for a market geared towards recovery,” says CBRE’s regional director of residential valuations Tom Edwards.
Edwards says households will remain focused on debt reduction rather than expanding property holdings, which will deliver a stronger capital growth.
Melbourne remains the star performer in terms of auctions, with a surge in auction listings and a strong clearance rate of 70% over late February.
The clearance rate during the same period in 2012 was around 50%.
However, the report says a recovery in price growth is not evident as buyers remain well informed about realizing pricing levels and are cautious about taking on high levels of debt.
 
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Buyer activity within South East Queensland is improving and the South East Queensland Coastal market is stabilising after a period of very low buyer activity.
“Despite this improvement, indications of capital growth remain largely absent,” says Sam Reilly from CBRE’s global research and consulting team.
Reilly says the lower price brackets in South East Queensland markets are reporting better levels of buyer enquiry and increased levels of stock shortages as demand improves.
In Sydney, the vacancy rate is well below the equilibrium of 3% at 1.9%.
The report says building activity within Sydney is gradually improving however sales volumes are flat as buyers are reluctant to purchase in upper and prestige brackets.
However, Sydney’s Inner West is rebounding, with properties up to $1.2 million subject to a high degree of buying activity.
“Current residential building activity in Sydney is gradually increasing from the subdued conditions experienced during and after the GFC,” says Reilly.
“This is partly in response to stable economic conditions but also as a result of supply shortage that was difficult to rectify due to a challenging planning regime and problems associated with obtaining credit.”
In the west, Perth remains positive with strong economic growth and residential sales improving.
The report says rental growth and levels of investor demand are improving due to low interest rates and stable levels of buyer confidence.
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Perth’s vacancy rate remains tight with Edwards saying this is a strong contrast to most other residential markets across Australia, where employment outlooks are subdued.
Adelaide continues to have low levels of buyer confidence as the state has a subdued economic growth outlook.
The report says the current growth level is sitting well below the national average.
Canberra’s entry-level apartments are the star performers of its residential market and the report notes the federal election has had no effect on buyer activity.
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Australian residential market could be on road to recovery: CBRE

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Regional Victoria’s median house price increased in the March quarter to $311,500, according to the latest data released by the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
“Regional Victoria continued to record steady growth with a median house price of $311,500 (seasonally adjusted) following a 2% increase in the quarter,” says REIV chief executive Enzo Raimondo.
“Median prices increased 3.2% in Bendigo to reach $320,000 contrasting against a drop of 3.4% to $280,000 in Ballarat and a 1.3% drop in Geelong to $390,000,” says Raimondo.
The strongest five performing suburbs include Central Goldfields, Ararat, Baw Baw, Drouin and Traralgon.
Central Goldfields recorded the strongest growth of 27.1% over the March quarter with a median house price of $222,500.
<img src="/images/stories/2013/04/goldfieldsapril15one.jpg" width="470" height="264" alt="goldfieldsapril15one">
Drouin followed with a growth of 25.8% and a median price of $314,500. 
Ararat also recorded a strong growth of 15.7% with the median price growing to $162,000 from the December quarter price of $140,000.
Traralgon grew 7.4% over the quarter to $299,727 and Baw Baw grew 6.6% to a median price of $314,500.
The weakest performing suburb was Newborough with a 25.1% price drop over the quarter.
The median price in Newborough dropped from $247,000 in the December quarter to $185,000 in the March quarter.
Campaspe was close behind, dropping -24.5% over the quarter to $200,000.
Point Lonsdale dropped 23.5% to $562,000 from the recorded December quarter figure of $735,000.
Moe dropped 19% and Bairnsdale dropped -18.4%.
Suburbs with less that 25 sales were not included in the analysis by the REIV.
Photo courtesy of Central Goldfields Shire Council.
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Central Goldfields house prices grow 27.1% over quarter but Newborough weakest: REIV

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The Australian-based contracting firm Leighton Holdings Limited has appointed Peter Gregg as deputy chief executive officer.
Gregg will continue to hold his roles as the chief financial officer and an executive director of the company.
“Peter plays an integral role as chief financial officer in our business transformation program,” says Leighton Holding’s CEO Hamish Tyrwhitt.
“In appointing Peter as deputy CEO I aim to ensure that the pace of progress accelerates as we rebase the business for sustainable growth in 2014 and beyond.”
Tyrwhitt says Gregg will focus on rebasing the operations of the Australian-based contracting subsidiaries and will drive the creation of 'centres of excellence' for the business.
“This restructure creates an appropriate focus on reshaping the Australian business and on driving the growth of our offshore markets through our Leighton Asia, India and offshore business in where we are valued and can extract value,” says Tyrwhitt.
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Leighton Holdings appoints new deputy CEO Peter Gregg

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The median house price in Melbourne jumped 5.1% to $561,500 in the March quarter, according to the latest data by the Real Estate Institute of Victoria.
The seasonally adjusted data shows the median house price rose from $536,500 in the 2012 March quarter – reflecting an annual growth of 4.65%.
It was the strongest March quarter for more than a decade.
REIV chief executive  Enzo Raimondo says the increase in buyers in the December quarter continued through the first quarter of this year with increased volumes, prices, and clearance rates.
“Higher sales volumes were recorded with an estimated 6.4% more sales than the March quarter last year.
“There are a number of factors increasing demand; increasing population growth, improved consumer confidence and overall affordability assisted by lower interest rates.
“High level of residential construction which has provided adequate supply, especially in the outer suburbs housing market and inner city apartment market will act to constrain price growth over the year,” says Raimondo.
Raimondo says the price growth was particularly pronounced in the inner and middle ring suburbs, with Brighton, Balwyn, Balwyn North, Northcote, Doncaster and Camberwell all recording strong growth.
Doncaster experienced the highest growth in the March quarter of 17.2%.
The median house price in December in Doncaster was $708,000 compared to $830,000 in the March quarter.
Brighton followed next with a growth of 12.5% to a median house price of $2 million in the March quarter, the first time Brighton reached this median price level.
Balwyn experienced the third highest growth of 11.4%, taking the median house price from $1.25 million in the December quarter to $1,392,500 in the March quarter.
Balwyn North experienced a price growth of 11.2% this quarter with a median price of $1.09 million.
Northcote’s house pricing grew 9.9% this quarter to a median price of $855,000.
Camberwell’s median house price is $1.4 million in the March quarter, compared to $1,287,500 in the December quarter – a growth of 8.7%.
The weakest six performing suburbs over the March quarter for house price growth include Craigieburn, Glen Iris, Malvern East, Packenham, South Morang and Wyndham Vale.
Wyndham Vale experienced the largest price drop of -13.1% over the March quarter, with Malvern East following with a price drop of -8.5%.
South Morang experienced a price drop of -7.8% and both Packenham and Glen Iris experienced a quarterly price drop of -6.0%.
Suburbs that recorded less than 25 sales for the quarter were not included in the analysis.
Melbourne's median house price fell 0.9% over the three months, according to the REIV which advised has adopted the seasonally adjusted median for overall comparisons as it is less affected by the compositional variations that are particularly pronounced in the December and March quarters.
The $534,000 December quarter figure was revised down from the initial $536,190 median.
<a href="https://www.reiv.com.au/Home/Property%20Research/Median%20Prices" target="_blank">More details at REIV</a>.
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Melbourne experiences strongest March quarter price growth for a decade with 5.1% boost to $561,000 median: REIV

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FKP's $210 million development The Milton, which integrates transport with residential living, is currently 65% sold.
It is the first Transit Orientated Development (TOD) to be released under the South East Queensland Regional Plan.
Located near Milton railway on Railway Terrace – 1.5 kilometres from the Brisbane CBD – The Milton comprises of 298 one-, two-, and three-bedroom apartments across 30 levels.
<img alt="miltonapril12one" height="461" width="470" src="/images/stories/2013/04/miltonapril12one.jpg">
“The exciting notion of TOD has been embraced in major metropolitan centres around the world and we expect The Milton will pave the way for more TOD to be released right across the city,” says FKP Director of Developments Mark Jewell.
The complex will comprise 1,200 square metres of street level retail space, a roof top observation deck with landscaped BBQ areas and a leisure deck boasting a pool and gymnasium.
<img src="/images/stories/2013/04/miltonapril12three.jpg" width="470" height="290" alt="miltonapril12three">
Positioned on the podium level, level six, will be an exclusive Club Lounge with Armani Casa furniture.
One-bedroom apartments range in price from $410,000 to $584,000 and two-bedroom apartments range in price from $675,000 to $938,000.
One and two bedroom apartment range in size from 60 square metres to 97 square metres.
A limited number of three-bedroom apartments have just been released also starting from $675,000.
The development has currently sold 65% off-the-plan apartments, totaling $110 million.
FKP says they have been inundated with enquiries and expect sales to soar in the coming months as these enquiries translate into sales.
<a href="https://www.propertyobserver.com.au/leisure/queensland-based-dbi-design-wins-award-for-abu-dhabi-hotel-etihad-towers/2012012253088" target="_blank">DBI Design will design the Milton’s architecture and interior.</a>
<img src="/images/stories/2013/04/miltonapril12two.jpg" width="470" height="353" alt="miltonapril12two">
“Milton is just two train stops from the CBD, giving residents accessibility and convenience, reducing the reliance on cars and allowing them easy access to destinations right across Brisbane,” says Jewell.
“Milton has historically been one of Brisbane’s most sought-after suburbs and is one of the most undersupplied markets in inner Brisbane.”
“The Milton is meeting demand with its prime location, access to transport and the array of renowned restaurants, cafes and shops along Park Road,” says Jewell.
Brisbane Lord Major Graham Quirk turned the first sod on March 27.
The development is scheduled for completion in 2015.
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FKP's $210 million development The Milton starts construction with renewed buyer interest

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Anka Property Group's launch of its <a href="https://www.propertyobserver.com.au/developments/anka-unveils-%24200-million-development-union-balmain/2013040260079/Page-1" target="_blank">Union Balmain</a> development has secured an immediate 60% sales success.
Of the 202 apartments, 124 sold, with the majority of buyers being owner-occupiers.
Members of the public were lining up at 8am outside the display suite but the launch did not kick off until midday.
<a target="_blank" href="https://www.propertyobserver.com.au/developments/anka-unveils-%24200-million-development-union-balmain/2013040260079">The $200 million residential development</a> is located in the Sydney suburb of <a href="/news">Rozelle</a>. 
Anka's principals Vera and Alex Boyarsky established the firm in 1968 and since then its projects in Australia and overseas have included the 18-storey Chelsea Apartments in Sydney, the Seaview in <a target="_blank" href="/news">Mooloolaba</a>, and Paradise Grove and the Mayfair in Western Australia.
Internationally Anka has also developed retail centres in Seattle and even a resort in Fiji.
One-bedroom apartments range in size from 58 square metres to 113 square metres with a starting price of $625,000.
Two-bedroom apartments range in size from 86 square metres to 147 square metres priced from $860,000.
Three-bedroom apartments range in size from 115 to 249 square metres. They range in price from $1,095,000 to $2 million.
The three-building, six-storey complex will feature a residents-only rooftop park with a communal vegetable garden and BBQ areas.
It has an expected completion date of early 2015.
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Anka's Union Balmain sells 60% of apartments at launch

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A 1930s property renovated by Professor Leslie Wilkinson in <a target="_blank" href="/news">Vaucluse</a> sold at auction last night for $3.26 million.
Auctioneer Andrew Cooley of Cooley Auctions commenced bidding at $2.2 million and, following 27 bids from among the 16 registered bidders, easily sailed past the reserve. The auction crowd were told it was for sale at around the $2.73 million mark, although the reserve was actually understood to be slightly lower than that.
Located on Wentworth Road, the four-bedroom, two-bathroom home sits on a 954-square-metre block.
The property features an internal courtyard and the formal lounge and family room boast high ceilings and open fireplaces.
The home last sold in 1996 for $1.94 million. The renovations took place in the 1970s for the Cole family who owned the house for 39 years.
The 1932 Wentworth Road house holds the distinction of being the last alterations undertaken by Professor Leslie Wilkinson in 1971 for $29,621. It was the home of the founder of the Bondi Beach Cole Classic swimming championship, Graham Cole.
Brad Caldwell-Eyles of 1st City Hasemer and Caldwell-Eyles Real Estate <a target="_blank" href="https://www.1stcity.com.au/Buying/Search/Detail.aspx?id=HCES273&amp;wlid=59166e88-d606-4a79-9a66-7886db285c22">listed</a> the property under instructions from the ANZ Bank who marketed the property with hopes of more than $2.5 million.
The unrenovated house had been the home of developer Jim Lewis of the Byrne Lewis construction company.
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Professor Leslie Wilkinson's last renovation - a 1930s Vaucluse home sells for $3.26 million

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

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Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

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The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

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The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

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According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

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

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."

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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.

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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.

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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."

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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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Nicola Trotman

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