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Melbourne has lead the way for house price growth in the September quarter, but regional towns Newcastle and Wollongong apartments are the top performers, according to the latest Bendigo Bank/ REIA Real Estate Market Facts Report.
Melbourne city house prices rose 7.3% for the September quarter to $590,000, a 15% increase compared to the September quarter of last year.
Sydney recorded a 4.2% increase for the quarter to $722,718, an 11.7% increase for the year.
“Not all of this quarter’s property buying activity was in Australia’s capital cities.  Australians are also enjoying great quality of life and attractive, affordable properties in many of our regions,” says Dennis Bice executive retail, Bendigo and Adelaide bank.
Newcastle apartments experienced an increase of 16.5% for the September quarter and Wollongong apartments increased 13.1%.
“It’s a similar story in Geelong which recorded house price increases of more than 15% compared with last year,” says Bice.
“In Bendigo, apartments recorded 11.3% growth for the quarter and in Cairns, apartments recorded a 10% increase.
“In other regional areas, prices for houses in South Australia’s Riverland were up 15% and in Mandurah, Western Australia, apartments picked up sharply to record 13% growth over the quarter,” says Bice.
Brisbane house prices increased 0.2% for the quarter to $442,125 and Hobart increased 1.4% to $352,000.
Perth experiences the biggest dip, down 3.8% for the quarter to $505,000.
The average median capital city house price in Australia for the September quarter rose 3% to $562,503, since the June quarter.
“For the next year we expect interest rates to stay relatively low and continue to assist the market," says REIA president Peter Bushby.
"We expect continued steady improvement in activity in most markets and generally a more positive year ahead provided there are no left-field global issues that emerge," says Bushby.
Median house prices up:
Sydney 4.2% to $722,718
Melbourne 7.3% to $590,000
Brisbane 0.2% to $442,125
Hobart 1.4% to $352,000
Median house prices down:
Adelaide 0.7% to $397,000
Perth 3.8% to $505,000
Canberra 0.1% to $510,000
Darwin 1.1% to $605,000
 
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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Australian house prices on the rise: REIA

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Brookfield’s Portside Wharf development in Hamilton is proving to be a success with $83 million in sales – 130 apartments – secured since January.
The secured sales were in the completed Promenade building and the latest two releases Pinnacle and Link.
"Promenade was completed in late 2012 so purchasers have taken advantage of the completed building and the fact they can move into their new Portside Wharf home without any delay," says Portside Wharf project director Lee Butterworth.<img src="/images/stories/2013/12/11/portside-dec-11-one.jpg" alt="portside-dec-11-one" style="float: right;" height="300" width="200">
"The release of the Pinnacle building in April, and the Link building some months later, enticed new and incremental market segments into the precinct and in some cases market segments we have not seen buy at Portside before,” says Butterworth.
Promenade features 172 one-, two- and three-bedroom apartments across 15 levels and Pinnacle features 168 one-, two- and three-bedroom apartments, terrace homes and penthouses across 16 levels.
The four-level Link building features 31 one-bedroom apartments.
The final apartments at Promenade are priced from $515,000, Pinnacle apartments start from $435,000, while the remaining apartments at Link are selling from just $395,000.
"As the only absolute riverfront building at Portside Wharf, Pinnacle appeals to those wanting a premium location, spacious apartments and the fittings and finishes to match, while Link has a selection of quality one bedroom apartments, in a great location, but at a more entry level price point.
"Across all market segments, we are seeing increasing confidence in the property market, which is also helping to drive sales,” says Butterworth.
<a href="https://www.propertyobserver.com.au/news/three-bedroom-apartments-in-high-demand-at-brookfield-s-pinnacle/2013100165333" target="_blank">Three-bedroom apartments in the Pinnacle release were in such high demand</a>, a waiting list resulted in Brookfield releasing its final three-bedroom stock ahead of scheduled.
Portside Wharf residents will have access to restaurants, cafes, fashion boutiques, a Dendy Cinema, Jetts Fitness and an IGA Supermarket.
<img src="/images/stories/2013/12/11/portside-dec-11-two.jpg" alt="portside-dec-11-two" height="282" width="470">
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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Brookfield's Portside Wharf secures $83 million in 2013 sales

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Lend Lease has been given the green light for its proposed concept plans for the $709 million Haymarket redevelopment.
The NSW Department of Planning and Infrastructure has given the go ahead to the new neighbourhood between Chinatown and Darling Harbour, which will be a main component of the new Sydney International Convention, Exhibition and Entertainment Precinct (SICEEP).
“This is a green light for planning and full steam ahead for the remaking of Haymarket as part of our magnificent world city,” says minister for planning and infrastructure Brad Hazzard.
“Haymarket will be the hip place to be – a lively new inner-city residential and business community with new public spaces for the broader community,” says Hazzard.
Lend Lease’s proposed plans include nearly 150,000 square metres of residential space – to accommodate around 1,360 new dwellings and 422 student accommodation units – and around 50,000 square metres of commercial and retail space.
A pedestrian boulevard, including street furniture and public art spaces, will also run through the precinct.
“This new vibrant neighbourhood will help meet local housing demand for residents and students wanting the best of urban life and also be enjoyed by visitors attending conventions in Darling Harbour, who want a Sydney experience,” says Hazzard.
The concept development application was on public exhibition from 27 March to May 10 and during this time received public submission identifying key issues, including overshadowing, privacy and view loss but the department assessed these impacts to be acceptable.
The precinct will create more than 2,000 construction jobs and more than 2,000 ongoing jobs.
Completion for the Haymarket redevelopment is to be staged up until the early 2020s.
Lend Lease has also lodged development applications for individual student accommodation, residential and commercial office projects within the neighbourhood.
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Lend Lease Haymarket redevelopment gets green light

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David Devine is continuing to grow Metro’s $1 billion development portfolio of more than 2,000 apartments in Brisbane with the acquisition of a Newstead site for around $10 million.
Located on Longland Street, the 4,191-square-metre site sits adjacent to the 6.4-hectare Gasworks development.
<img src="/images/stories/2013/12/10/2.jpg" width="470" height="264" alt="2">
Metro has plans to build two residential towers featuring more than 300 apartments, with an end value of $180 million.
The Newstead Towers will be Metro’s seventh project but its first venture into the suburb.
“Newstead is a vibrant suburb that has seen tremendous growth in the past 10 years,” says Metro managing director Luke Hartman.
“Commercial businesses, retailers and residents are increasingly attracted to the area due to its inner-city location; access to the airport, transport and major arterial roads; and its proximity to the shops, cafes and restaurants of the Emporium and James Street Precinct in Fortitude Valley.
“Buyers are increasingly looking for lifestyle properties in the inner city and we believe this property is in the perfect position to capitalise on this growing demand.
“The site is definitely one of the best infill development opportunities to become available in the current market and we are excited about all of the possibilities,” says Hartman.
Upon completion, the $1.1 billion Gasworks development by FKP will include seven buildings offering 17,000 square metres of retail, 103,500 square metres of commercial space and around 750 residential apartments.
<img src="/images/stories/2013/12/10/newstead-dec-10-flicker.jpg" width="470" height="264" alt="newstead-dec-10-flicker">
The Gasworks precinct is part of the $8 billion multi-staged Newstead Riverpark development with a <a target="_blank" href="https://www.propertyobserver.com.au/news/mirvac-secures-%24234-million-in-sales-at-waterfront-newstead-including-%2414-million-penthouse-sale/2013091164964">Waterfront precinct</a> by Mirvac.
“With the culmination of this linkage over coming years it is anticipated that residents and workers in the area will have access to the highest level of amenity and services on offer within Brisbane,” says Metro marketing director Ken Woodley.
The Newstead sale was negotiated by Regan Baker of Wright Property.
Metro will submit a development application in early 2014.
<a href="mailto:ntrotman@propertyobserver.com.au" target="_blank">ntrotman@propertyobserver.com.au</a>
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David Devine's Metro adds new notch to its belt with Newstead acquistion

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A 1950s Canterbury home soared passed its reserve by 37% to take out this week’s most expensive sale, selling under the hammer for $5.76 million, according to RP Data.
Located on Rochester Road, the four-bedroom home sits on a large 3,276-square-metre site – an unusually big size for the tree-lined suburb.
The site was marketed as having redevelopment potential – STCA – and four parties took part in the bidding war with a developer snapping up the site.
Peter Vigano of Jellis Craig Hawthorn says the successful bidder plans to build four properties on the Canterbury site.
Vigano says blocks in Canterbury generally average around 700 square metres.
The vendors purchased the empty site in 1925 and built the family home in 1953.
The property was listed by <a href="https://www.jelliscraig.com.au/property/CANTERBURY-37-39-Rochester-Road/6325441/#.UqY_HoV4Il4" target="_blank">Peter Vigano and Sally Morrison of Jellis Craig Hawthorn.</a>
The median house price in <a href="/news">Canterbury</a> is $1.81 million, an 11.7% change in the past five years, according to RP Data.
Most expensive sales:
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/37_rochester_road_canterbury_vic_3126/10258367" target="_blank">37 Rochester Road, Canterbury, VIC, 3126,</a> four-bedroom house, sold at auction on December 7 by Jellis Craig Hawthorn for $5.76 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/367_cotham_road_kew_vic_3101/11350299" target="_blank">367 Cotham Road, Kew, VIC, 3101,</a> eight-bedroom house, sold at auction on December 7 by Abercromby's Real Estate for $5.6 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/13_craig_avenue_vaucluse_nsw_2030/7138646" target="_blank">13 Craig Avenue, Vaucluse, NSW, 2030,</a> five-bedroom house, sold on December 4 by Ray White Double Bay for $4.35 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/29_wilson_street_princes_hill_vic_3054/12650150" target="_blank">29 Wilson Street, Carlton North, VIC, 3054,</a> six-bedroom house, sold at auction on December 7 by Nelson Alexander Carlton for $3.85 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/26_brighton_boulevard_north_bondi_nsw_2026/4952415" target="_blank">26 Brighton Boulevard, North Bondi, NSW, 2026,</a> four-bedroom house, sold at auction on December 5 by Raine &amp; Horne Double Bay for $3.82 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/40_archer_street_toowong_qld_4066/7965579" target="_blank">40 Archer Street, Toowong, QLD, 4066,</a> six-bedroom house, sold at auction on December 5 by Place Estate Agents New Farm for $3.8 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/11_kent_avenue_brighton_vic_3186/10013945" target="_blank">11 Kent Avenue, Brighton, VIC, 3186,</a> four-bedroom house, sold at auction on December 7 by Nick Johnstone Real Estate Brighton for $3.77 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/7_pindari_avenue_castle_cove_nsw_2069/1774776" target="_blank">7 Pindari Avenue, Castle Cove, NSW, 2069,</a> five-bedroom house, sold at auction on December 8 by McGrath Estate Agents for $3.6 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/6_adolphus_street_balmain_nsw_2041/1250534" target="_blank">6 Adolphus Street, Balmain, NSW, 2041,</a> five-bedroom house, sold at auction on December 7 by Cobden &amp; Hayson Balmain for $3.45 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/15_mansfield_street_glebe_nsw_2037/2411492" target="_blank">15 Mansfield Street, Glebe, NSW, 2037,</a> six-bedroom house, sold at auction on December 7 by Cobden &amp; Hayson Balmain for $3.32 million
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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Developer snaps up Canterbury home for 37% above reserve: RP Data

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Harry Triguboff’s Meriton has received the green light from the Planning Assessment Commission for its proposed Lane Cove residential apartments.
Construction can commence on the former Shell service station site in February, and has an expected completion date of 2015.
Located at 150 Epping Road, the <a target="_blank" href="https://www.propertyobserver.com.au/news/harry-triguboff-buys-lane-cove-service-station-with-tower-approval/2013051261299">development will feature the suburbs tallest residential tower</a> and will include a convenience store and onsite childcare.
Conybeare Morrison International architects won a local design competition with their artist’s impression inspired by the sandstone and native vegetation from nearby Lane Cove National Park.
Triguboff splashed $39 million earlier this year to secure the site from Bob Rose’s Rose Group.
The site is approved for a concept plan of approximately 440 apartments with buildings ranging from six to 20 storeys, with 645 car spaces, 1,500 square metres of commercial and retail space and a 1850-square-metre community centre.
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Triguboff gets green light for Lane Cove towers

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With only weeks until Christmas and New Years, vendors are making the last minute dash to sell their property with 3,031 auctions scheduled across the capital cities this week, according to RP Data.
A record number of auctions were held last week, up from 2,716 the previous week to 3,400 last week.
The national clearance rate also increased from 65.4% the previous week to 69% last week.
At the same time last year the clearance rate was substantially lower at 47.1% and 2,165 auctions held.
Melbourne was bustling last week with a revised 1,602 auctions held, up from 1,172 the previous week.
The preliminary clearance rate also increased from 65.1% the previous week to 69.2% last week.
At the same time last year the clearance rate was recorded at 53% from 986-recorded auctions.
Melbourne is scheduled to hold 1,457 auctions this week.
Sydney auctions increased from 1,060 the previous week to 1,333 last week.
The clearance rate slightly increased from 74% the previous week to 74.7% last week.
Sydney remains virtually unchanged this week, with 1,058 auctions scheduled.
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Last minute dash to sell during silly season: RP Data

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Budget airlines Tigerair Australia have announced a third base to open in Brisbane from 2014, which in turn will boost Queensland’s economy and tourism sector.
The base will also launch new routes, including Brisbane to Cairns, Darwin and Adelaide and is projected to provide 80,000 additional visitor seats annually into Queensland.
Treasurer Tim Nicholls says the announcement comes as the Newman Government is continuing to get the state back on track.
“The Tigerair base will provide more than 100 new jobs, from the flight and cabin crews to additional ground staff when it’s up and running in March next year, with Queensland to account for 59% of Tigerair’s capacity,” says Nicholls.
"The Newman Government’s strategic approach to attract new aviation routes and flights has been important in helping to restore Queensland’s pre-eminence as a tourist destination,” says Tourism Minister Jann Stuckey.
“We established the $8 million Attracting Aviation Investment Fund to secure new aviation business and routes into Queensland.
“Queensland’s leisure destinations of Mackay, Sunshine Coast and Gold Coast have featured on Tigerair Australia's flight schedule since the airline commenced in Australia in 2007.
“Coupled with the airlines announcement of Sydney-Proserpine service, today’s announcement will also bring a significant boost to the state’s $22 billion tourism industry – one of the four pillars of the economy,” says Stackey.
The Newman Government is hoping to double overnight visitor expenditure from $15 billion to $30 billion by 2020.
Two new A320 aircrafts will also be based in Brisbane.
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Tiger airways to open Brisbane base next year

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Sales momentum for Mirvac’s Ascot Vale development Enclave is in full force with the latest release snapped up in one day, totaling $17.6 million in sales.
The latest release was made up of 20 land lots and eight terraces.
Since launching seven months ago, all 135 lots released at <a target="_blank" href="https://www.propertyobserver.com.au/land/mirvac-s-enclave-sells-out-first-three-releases-totalling-around-%24675-million/2013090864830">Enclave</a> have pre-sold totaling $79.9 million in sales.
“Based on strong sales activity thus far, it was no surprise that the November land and terrace release sold in just one day,” says Mirvac chief executive officer John Carfi.
“This is a vote of confidence in Mirvac and the quality of this inner-city residential offering that is proving to be attainable and attractive to buyers, in particular owner-occupiers from surrounding suburbs,” says Carfi.
Gresham Property executive director Stuart Skerman says sales are now passing 60% of the available product in just seven months.
“We’re anticipating strong demand for the remaining stages of the project,” says Skerman.
Located seven kilometres from the Melbourne CBD in the suburb of Ascot Vale, Enclave is a joint venture between Mirvac and Gresham.
Construction of the first stage of land and housing in the 10.423-hectare development commenced in June 2013.
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Demand continues for Mirvac's Enclave development with $79.9 million in sales 

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Three luxurious apartments priced between $4 million to $6 million have sold in the past three weeks in the Tony Owen-designed Eliza development.
“The deals show that the upper end of the Sydney apartment market has kicked into life,” says Irene Lau, Savills’ sales director.
The three full floor apartments are approximately 200 square metres in size, feature four bedrooms and a private lobby.
Irene Lau of Savills and Hamish Robertson of McGrath secured the sales.
Lau says Eliza has appealed to affluent buyers because of the rarity of full-floor apartments in an exclusive CBD location.
“Elizabeth Street is acknowledged as Sydney’s dress circle.
“It fronts Hyde Park and is surrounded by internationally-renowned restaurants, world class fashion boutiques, shopping and facilities.
“The added bonus for Eliza purchasers is that capital growth of such ‘blue chip’ buildings is more pronounced than for any other form of residential property,” says Lau.
Featuring a serpentine-sculpted Tony Owen-designed façade, <a target="_blank" href="https://www.propertyobserver.com.au/news/tony-owen-designed-eliza-apartments-to-grace-hyde-park/2013092565252">Eliza</a> features 19 apartments across 17-storeys.
“We wanted to avoid the uniformity of most Sydney apartment developments so we engaged Tony Owen to design a building that shakes up prevailing architectural standards,” says Edward Doueihi of Ceerose.
“We believe Eliza will be the finest apartment building in the CBD, and we hope it emboldens other developers to be more adventurous with their architecture,” says Doueihi.
Level one to five features 10 half-floor two-bedroom apartments, which were all sold off the plan for around $2 million each.
The majority of early off-the-plan purchasers were owner-occupiers, including some expats who will use the apartment as their Sydney base.
The upper levels feature eight four-bedroom apartments, each occupying an entire floor and harbour views.
A three-level four-bedroom penthouse is also up for grabs for around $15 million.
The penthouse includes a rooftop level, boasting an infinity edge pool, limestone paving, hardwood timber decking and an outdoor kitchen and entertaining facilities.
Marketing of the penthouse won’t begin until Eliza is completed, which is scheduled for February next year.
<a href="mailto:ntrotman@propertyobserver.com.au" target="_blank">ntrotman@propertyobserver.com.au</a>
 
 
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Affluent buyers still splashing the cash in Sydney's luxurious Eliza development

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

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

Joel Robinson

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

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

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

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

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

Nicola Trotman

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