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The Blue Wiggle Anthony Field’s <a target="_blank" href="/news">Drummoyne</a> waterfront <a target="_blank" href="https://www.pillinger.com/current-listing/98-6-Drummoyne-DRUMMOYNE">property</a> was withdrawn from its scheduled auction last night. 
Property Observer <a target="_blank" href="https://www.propertyobserver.com.au/news/blue-wiggle-anthony-field-lists-drummoyne-harbourfront/2013032460051">reported</a> on the listing in late March when the property was tipped to sell in the high $4 millions.
Selling agent Brad Pillinger of Pillinger says they are currently negotiating offers in the high fours but are subject to conditions.
The six-bedroom, five-bathroom home is situated on a 569-square-metre parcel of land on the tip of exclusive Wrights Point. 
It last sold in September 2005 for $3.6 million and in 2004 for $3.35 million
The Federation three-level residence has been renovated, overseen by architect Brad Patterson.
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Blue Wiggle's Drummoyne property withdrawn from auction

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Office space in East Melbourne is in popular demand from boutique consultancies, resulting in the lowest office vacancy rate in Australia of 3%.
East Melbourne offers 183,781 square metres of office space but currently has a direct vacancy rate of 2.2%.
The demand for office space is exceeding the space available; however there has been no increase in supply since the first half of 2009 and no new supply is in the pipeline.
West Perth is the only suburb that comes close to equaling East Melbourne’s current vacancy with a vacancy rate of 4.5%, according to the latest PCA data.
Savills Australia’s senior leasing executive Louise Nicoll says the area has always been popular with a constant stream of enquiry but there was never an overload of enquiry.
“Ironically, the fact that there isn’t any space available, only seems to make it even more desirable and that has intensified the demand,” says Nicoll.
“East Melbourne is not a big market but it has a lot to offer in terms of its location on the doorstep of the CBD.”
Nicholl says the suburb’s architecture and overall character and ambiance is a major draw card.
East Melbourne contains some of Victoria’s oldest homes, parks and gardens.
The most famous office building is the ICI house located at one Nicholson Street, which was completed in 1958.
Melbourne based private investor Brendan Sullivan recently leased a whole floor at his 126 Wellington Parade building opposite the MCG.
“The space had a cool makeover to appeal to the boutique market, but enquiry is always good in this market and in this case was really quite remarkable,” says Sullivan.
Sullivan says the floor received several offers and leased very quickly.
Both domestic and offshore buyers are realizing now is the time to buy investment properties within the metropolitan office market due to tightening vacancy rates, low levels of new supply and steady rental growth.
“Astute investors, particularly cashed-up private investors and syndicates, have begun to take notice of the strong fundamentals that many of these markets have to offers,” says Colliers managing director of capital markets and investment sales John Marasco.
There was more than $2.3 billion worth of investment transactions within the metropolitan office markets in 2012 – the strongest result since 2007, according to Colliers latest Metropolitan Office Research &amp; Forecast report.
“This scenario is likely to continue until developers and financiers gain more confidence to develop and the next supply cycle begins,” says Marasco.
Melbourne remains a domestic buyers market with no foreign purchasers in 2012.
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East Melbourne office space experiences lowest vacancy rate in Australia

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The first two apartment buildings of the Barangaroo development on Sydney’s CBD waterfront have attracted strong preliminary registration interest since the planning applications were submitted in November last year by Lend Lease.
By the time the apartments go on sale later this year, Lend Lease have estimated a 10,000 plus enquiry pool.
Lend Lease has appointed CBRE as the lead selling agent for the residential community which is dubbed the most significant Sydney CBD waterfront residential offerings since the release of apartments at Circular Quay and Woolloomooloo in the 1990s.
"The level of enquiry is above anything we have seen in the last 20 years for new apartments on the harbour from East Circular Quay to Walsh Bay," CBRE’s chairman of residential projects Justin Brown told The Financial Review.
Property Observer first <a target="_blank" href="https://www.propertyobserver.com.au/developments/every-apartments-has-harbour-views-as-lend-lease-unveils-two-barangaroo-apartment-blocks/2012112057997">reported</a> on the two apartment buildings in November.
The two apartment buildings will range in height from seven to 11 storeys and comprise of 159 apartments of one-, two- and three-bedroom apartments.
<img height="339" width="470" src="/images/stories/2013/04/barangarooapril10one.jpg" alt="barangarooapril10one">
The 47 one-bedroom apartments will range from about $1 million and the 100 two-bedroom units will be priced from $2 million.
Also on offer will be 11 dual-level luxury loft apartments and one double floor penthouse.
The apartments are the work of Richard Francis-Jones of FJMT and Andrew Andersons of PTW.
<img height="345" width="470" src="/images/stories/2013/04/barangarooapril10two.jpg" alt="barangarooapril10two">
The 10-storey building designed by Francis-Jones includes a striking cloud-shaped design for the apartments and balconies at the north of the 82-apartment building overlooking the new public square and harbour cove.
The 77-apartment, eight-storey building designed by Andrew Andersons includes substantial rooftop gardens and green plantings.
Brown says the Baranagaroo develop is Sydney’s last significant CBD waterfront residential offering.
“These contemporary-designed apartments offer the quintessential Sydney Harbour living experience,” says Wilson.
The apartments are scheduled for release later this year and have an expected completion date of mid-2015.
Interested parties can <a target="_blank" href="https://www.barangaroosouthresidential.com/">register their interest at the Barangaroo website</a>.
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Strong off-the-plan interest for Lend Lease's Barangaroo residential hub

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Foreign buying expenditure in Queensland soared past the 10-year average with a total of $443.5 million spent on residential property during the last financial year, according to the latest Foreign Investment in Queensland Residential Property report by Colliers International.
This is an expenditure increase of 33% from the previous financial year, with 67% of property bought for investment purposes and the other 33% owner-occupiers.
Gold Coast continues to dominate as the top choice with $237.1 million spent last financial year – an increase of 43% from the previous financial year.
China is the dominant buying country for the third consecutive year, with its buyers spending a total of $184.9 million.
China accounted for 42% of total foreign purchases in Queensland and its buyers increased their spending by 73% from the previous financial year.
The report noted that 72% of Chinese buyers bought for investment purposes while the other 28% bought as owner-occupiers.
The report also noted that Chinese buyers preferred to purchase in the Gold Coast.
Singapore comes in second place with a total expenditure of $29.24 million on residential property in Queensland over the past financial year.
This is an increase of 150% on spending by Singaporean buyers from the previous financial year, but well below their peak in the 2002/2003 financial year of $54 million.
Gold Coast was the top choice for foreign investment by Singapore buyers.
However, the United Kingdom dominates the foreign buyers list for the past ten years, over which time its buyers have spent a total of $687.5 million.
The report notes that foreign purchasers from the United Kingdom prefer to invest in Brisbane.
Brisbane ranks as the second top foreign investment location with a total of $135.9 million spent across 298 residential transactions over the past financial year.
Although buyers from United Kingdom favour Brisbane as a foreign investment location, China dominated spending in Brisbane over the last financial year with $62.6 million spent.
Of the 298 residential property transactions that took place during the last financial year in Brisbane, 51% of purchases were for investment purposes and the remaining 49% were for owner-occupation.
Buyers from the United Kingdom spent $8.6 million over 22 transactions in Brisbane last financial year.
The report says the easing of interest rates and stable economic conditions should see the current level of investment by foreign nationals continue.
It is also noted that China will continue to dominate the Queensland residential property market as the state is seen as a safe haven which offers diversification for property investors from China.
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Gold Coast top choice in Queensland for foreign investors

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Located five kilometres from the Melbourne CBD, Prahran is ripe with period architecture and facilities which are attractive to homeowners and investors, says Richard Wakelin of Wakelin Property Advisory. 
In Wakelin’s latest video on <a target="_blank" href="https://wakelin.com.au/">Wakelin.com.au</a>, he says property values in the area have shot up in the last 20 years as a result of the attractions now offered in <a target="_blank" href="/news">Prahran</a>.
With Chapel Street one of the main attractions, the area has an abundance of cafes and retail shops.
Wakelin says properties in Prahran that are rich with period architecture and are located in a period style streetscape have consistent strong demand due to their scarcity.
However, the underpinning characteristic is the value of the land, he says.
“Improvements are timeless, it’s the land that dictates the value of properties,” says Wakelin.
“Markets like Prahran take a breather, but because of their high scarcity value, they are held down by economic sentiment and the investment cycle.”
“They sit ready, poised, to take off when conditions are right again,” says Wakelin.
Wakelin says we are currently seeing early signs of a turn around in the property market, particularly as a result of easing monetary, which is making interest rates and borrowing particular appealing.
“These sort of properties take off in a significant manner,” says Wakelin.
A two-bedroom, one-bathroom home on <a href="https://www.realestate.com.au/property-house-vic-prahran-112855299" target="_blank">Russell Street</a> (pictured below) is currently listed for sale for $729,000.
<img alt="prahranapril10one" height="353" width="470" src="/images/stories/2013/04/prahranapril10one.jpg">
It was built in 1910 and sits on approximately 162 square metres of land.
It is listed by Lauchlan Waterfield of Hocking Stuart Armadale.
A two-bedroom, one-bathroom property on <a href="https://www.realestate.com.au/property-house-vic-prahran-113350403" target="_blank">Donald Street</a> (pictured below) is listed for sale with a price guide of $700,000 to $770,000.
<img alt="prahranapril10two" height="351" width="470" src="/images/stories/2013/04/prahranapril10two.jpg">
Built in 1930 and sitting on approximately 465 square metres, the property is listed by Fiona Martin of Hocking Stuart Armadale.
The median house price in Prahran is $900,000, according to RP Data.
Wakelin's video can be found <a href="https://wakelin.com.au/blog/view/id:80" target="_blank">here.</a>
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Prahran poised after taking a breather: Richard Wakelin

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A 354-hectare property in Arcadia in central Victoria has been listed for sale with a price guide of $2 million.
<a target="_blank" href="https://www.realestate.com.au/property-other-vic-arcadia-7467307">Mellowood</a> operated as a Poll Hereford cattle property for 25 years, but after the passing of her husband, owner Helen Jennings has decided to sell.
The 1870 Mellowood homestead has recently undergone major renovation – including the replacement of the roof – and features four bedrooms and two bathrooms.
The property also features a tennis court, swimming pool and adjoining the historic brick homestead is a barn with stables attached.
Arcadia is located midway between <a target="_blank" href="/news">Nagambie</a> and <a target="_blank" href="/news">Shepparton</a> in Victoria.
The 354-hectare property has three long road frontages and is on three separate titles.
The main point of entrance is off Dawsons Road.
The land is subdivided into 30 main paddocks and recent improvements include steel stockyards, two hay sheds and two machinery sheds.
“Properties of this scale with a classic homestead and valuable farming improvements of quality are a rare enough offer,” says listing agent Bart O’Sullivan of Pat Rice and Hawkins.
The property currently has a 262-megalitre-water entitlement, which the successful purchaser of the property will also have the right to buy.
O’Sullivan is offering the property as private sale and is selling it as a whole, or in two lots.
O’Sullivan says the property has received steady interest.
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Cattle farm in Arcadia with 1870s homestead seeks $2 million

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Victoria's most expensive suburbs experienced a slow market during the school holidays, with only one property securing a spot on RP Data’s top 10 expensive sales list.
In the week ending Sunday April 7, New South Wales accounted for the other nine sales.
Located on the Esplanade in <a target="_blank" href="/news">Mornington</a>, the three-bedroom home sold at auction on April 7 for $1.9 million.
Dean Phillips of McEwing Partners Real Estate secured the sale.
Situated on a 978-square-metre block, the property includes two bathrooms, an upstairs timber kitchen and a balcony that stretches the length of the house.
It last sold in 1999 for $825,000.
The top sale for the week was actress <a href="https://www.propertyobserver.com.au/new-south-wales/actress-susan-hannaford-s-balgowlah-heights-harbourfront-fetches-%24315-million/2013040860238" target="_blank">Susan Hannaford’s Balgowlah Heights harbourfront property</a>, which sold at auction for $3.15 million.
The five-bedroom home sold at auction on April 6 by Mark Novak of Novak Real Estate.
There were a total of 443 auctions in Victoria last week, with 286 properties selling and 157 being passed in.
“The volume of auctions in the cities most expensive suburbs drops significantly in the school holidays,” says Robert Larocca from Real Estate Institute of Victoria.
“It’s interesting to note that this trend is only present in the inner east and inner south eastern suburbs, as they are the city's most expensive.”
“This causes the overall value of sales to drop.”
“This is not an issue with the market or its health, rather it’s a particular trend in some suburbs and it will correct itself after the holidays,” says Larocca.
The REIV expects around 570 auctions this coming week.
The most expensive sales for the week ending April 7 are as follows.
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/30a_beatty_street_balgowlah_heights_nsw_2093/1229317" target="_blank">30A Beatty Street, Balgowlah Heights, NSW, 2093</a>, five-bedroom house, sold at auction on April 6 by Novak Real Estate for $3.15 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/1_thompson_street_tamarama_nsw_2026/6666941" target="_blank">1 Thompson Street, Tamarama, NSW, 2026</a>, three-bedroom house, sold at auction on April 6 by Ray White Double Bay for $2.962 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/16_queens_avenue_mcmahons_point_nsw_2060/4169475" target="_blank">16 Queens Avenue, McMahons Point, NSW, 2060</a>, four-bedroom house, sold at auction on April 6 by 1st City Hasemer &amp; Caldwell.Eyles Double Bay for $2.1 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/25_loch_street_freshwater_nsw_2096/2365014" target="_blank">25 Loch Street, Freshwater, NSW, 2096</a>, three-bedroom house, sold at auction on April 6 by Parnell Partners Estate Agents for $2.025 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/7_albyn_road_strathfield_nsw_2135/6478297" target="_blank">7 Albyn Road, Strathfield, NSW, 2135</a>, four-bedroom house, sold at auction on April 6 by Devine Real Estate Strathfield for $2 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/36_crows_nest_road_waverton_nsw_2060/7378123" target="_blank">36 Crows Nest Road, Waverton, NSW, 2060</a>, three-bedroom house, sold at auction on April 6 by Raine &amp; Horne Crows Nest for $1.95 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/16/26_melrose_parade_clovelly_nsw_2031/1863718" target="_blank">16/26 Melrose Parade, Clovelly, NSW, 2031</a>, three-bedroom unit, sold on April 2 by McGrath Edgecliff for $1.95 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/81_grove_street_birchgrove_nsw_2041/1445222" target="_blank">81 Grove Street, Birchgrove, NSW, 2041</a>, three-bedroom house, sold prior to auction on April 6 by Raine &amp; Horne Montano for $1.902 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/835_esplanade_mornington_vic_3931/11969265" target="_blank">835 Esplanade, Mornington, VIC, 3931</a>, three-bedroom house, sold at auction on April 7 by McEwing Partners Real Estate Mornington for $1.9 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/49_robert_street_freshwater_nsw_2096/2366002" target="_blank">49 Robert Street, Freshwater, NSW, 2096</a>, five-bedroom house, sold prior to auction on April 4 by L J Hooker Seaforth for $1.8 million
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Victoria's most expensive suburbs slow during school holidays: RP Data

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Iconic fashion label Dolce &amp; Gabbana will occupy the space at the front of the heritage-listed Mayfair Building, which is currently undergoing a $280 million redevelopment by Charter Hall and Cbus Property at the Paris end of Collins Street.
D&amp;G will lease around 350 square metres of space across the ground and first floor of the 171 Collins Street building in a deal negotiated  through leasing agent Fitzroys.
Rents at the 'Paris end' of <a target="_blank" href="?option=com_googlesearch_cse&amp;q=Collins%20Street">Collins Street</a> are around $4,000 per square metre.
The Mayfair Building was previously the Mayfair Theatre but ran its last curtain call in 1982.
It has since be restored and offers seven floors of boutique offices, each with a space of approximately 250 square metres.
The redevelopment of 171 Collins Street includes a 20-floor office tower which will rise behind the restored Mayfair Building.
The tower will boast a nine-storey atrium in the centre for natural light.
The design is a combination of historical elegance with a contemporary facade, designed by architects <a target="_blank" href="companies/bates-smart">Bates Smart</a>.
"The faceted crystalline facade reflects the right urban fabric and historic elegant of Collins Street like a finely crafted jewel," says chairman of Bates Smart, Roger Pool.
The office tower at 171 will be the future headquarters of BHP Billiton and will offer end-of-trip facilities, such as showers, change rooms, lockers and bicycle air-fill stations.
Around 2,000 square metres of the 30,000-square-metre development will be dedicated to retail, however Dolce &amp; Gabbana will be the only apparel store with food and beverage accounting for the rest of the space.
Collins Street is currently home to luxury brands Chanel, Prada, Hermes, Cartier and Gucci.
Dolce &amp; Gabbana’s flagship store is expected to open mid-2013 with 171 Collins Street scheduled for completion in June 2013.
BHP Billiton will not move in until September 2013.
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Dolce & Gabbana set to open at 171 Collins Street

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Jutting out like a ship's prow, a four-bedroom home on The Strand in Williamstown has been listed for sale with price expectations over $5 million.
The home was built in 2008 by local architect firm George Bourakis and Associates.
The building and design company began in 1981.
Situated on a 321-square-metre block, the ground floor features three bedrooms, including the master bedroom.
A Miele-equipped imported Italian Bontempi kitchen is located on the upstairs level with a living/dining area and a fourth bedroom.
The living area opens up to an outdoor terrace offering views over the bay.
The basement boasts a home cinema, a billiards room with a bar and wine cellar and polished concrete floors throughout.
It is the first time the home has been offered for sale.
<a href="https://greghockingrealestate.com.au/real-estate/property/635516/for-sale/house/vic/williamstown-3016/48-the-strand/" target="_blank">The property is listed by Leigh Melbourne and Wayne Elly from Greg Hocking Elly Partners.</a>
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Striking Williamstown home with cinema asks $5 million-plus

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Lane Cove is proving to be a development hotspot with $388 million worth of construction underway and more than $37 million yet to come.
Located 10 kilometres from the Sydney CBD, <a target="_blank" href="/news">Lane Cove</a> currently has 19 sites in the works, 1601 units under construction and 182 pending areas.
Lane Cove was rezoned in 2010 in preparation for housing a 30% rise in population over the next 25 years.
A major drawcard for the area is the $1.1 billion Lane Cove tunnel, which connects the M2 motorway with the Gore Hill Freeway.
“Before the rezoning it was an undiscovered gem,” director of developer HYECORP Stephen Abolakian told Fairfax Media.
Lane Cove received little development in over 30 years.
It has now been separated into three distinct locations including the village location, which is the area immediately surrounding the Lane Cove Village area – comprising more than 200 shops, services and dining options.
Walsh says Lane Cove has been undervalued for some time and the unique features of the village offer a relaxed and boutique feel.
Property Observer recently <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/botanic-lane-cove-one-bedders-priced-from-%24500000/2013031859765">reported on Botanic</a>, a $60 million project located in the village.
The 79-apartment project (pictured below) is a joint venture between White Private, Icon Construction and the Greenbush Group.
{yoogallery src=[images/stories/2013/04/april8lanecove]}
Botanic offers one-, two- and three-bedroom apartments as well as seven penthouses.
 
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Also located in the village is <a target="_blank" href="https://www.auroralanecove.com.au/design_architecture">Aurora</a>, which offers 56 one-, two- and three-bedroom apartments over five levels.
Located on Finlayson Street, Aurora (pictured below) is designed by Candalepas Architects and developed by MV Projects.
<img height="244" width="470" src="/images/stories/2013/04/lanecoveapril8one.jpg" alt="lanecoveapril8one">
Eddie Mansour of Ray White Lane Cove told Fairfax Media he expects Aurora to do extremely well due to its location in the heart of the village.
The second location is adjacent to Mowbray Road in Lane Cove North and was recently rezoned for higher density apartment living.
Peter Walsh of Greenbush Group says many developers have taken advantage of these changes to the zoning laws and are producing a well-priced product aimed at the investor market.
This location currently has Northwoods, Serene, Eleeza and Acacia under development.
The third location is located off Burns Bay Road in Lane Cove West, and includes projects such as Delve and Emerant Lane.
Delve is a six level complex by JSN Hannah offering 38 single and double-storey apartments.
One-bedroom apartments start from $479,000, two-bedroom apartments start from $619,000 and three-bedroom apartments start from $750,000.
“I find the suburb has multiple personalities, in a good way,” says general manager of JSN Hannah Edward Hannah.
“Bushland and river activities, coupled with some great little restaurants, a quaint shopping village yet only minutes from <a target="_blank" href="/news">Chatswood</a>, Nth Sydney, <a target="_blank" href="/news">Ryde</a> and not too far from <a target="_blank" href="/news">Parramatta</a> and the CBD.”
 
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<a target="_blank" href="https://emerantlane.com.au/apartments/">Emerant Lane</a> (pictured below) is due for completion mid 2013 and is developed by SAKKARA with designs by dKO Architects.
<img height="302" width="470" src="/images/stories/2013/04/lanecoveapril8two.jpg" alt="lanecoveapril8two">
It will boast 85 one-, two- and three-bedroom apartments.
To date, the development is 94% sold.
Two-bedroom apartments are still available and range in price from $680,000 to $813,000.
<img height="228" width="470" src="/images/stories/2013/04/lanecoveapril8three.jpg" alt="lanecoveapril8three">
Curtis Field from Colliers International says they anticipate the remaining apartments will be sold by completion in July this year.
Walsh says this precinct has been well supported by the investor market due to its good proximity to Lane Cove River.
“The council has been smart about opening up the three distinct locations and therefore not overdeveloping any one of the areas so as to maintain the area's character.”
“This will ensure the future values continue to rise in the future and the suburb does not become overdone,” says Walsh.
The median sale price for a house in Lane Cove is $1,125,000 and the median price for a unit is $522,500 – offering a rental yield of 3.9%.
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Sydney's Lane Cove proves an apartment construction hotspot

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."

[smartcode_project:default project_id=1979 project_image_fid=363268]

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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