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While The Hobbit movie continues to be a box office draw, some people are taking the next step into the magical world and building hobbit-esque homes.
We are all conscious of our carbon footprint in this day and age, but some people have decided to do their part by using the earth as building material – Property Observer looks at the three best hobbit homes from around the globe.
<img height="315" width="470" src="/images/stories/2013/01/hobbit1.jpg" alt="hobbit1">
Located by the seaside in Atlantic Beach Florida, the Dune House (pictured above) was designed and constructed in 1975 by architect William Morgan.
As per its name, the Dune House was built inside a dune.
The wall shapes were inspired by Morgan’s experience in the navy and the curved walls of submarines.
With the shape in mind, Morgan built two cave-likes structures within the earth with large openings towards the oceanfront.
The 1,5000-square-metre Dune House is separated into two living quarters of one bedroom and one bathroom.
The property was recently listed for sale for $US1.4 million.
<img height="269" width="384" src="/images/stories/2013/01/hobbit2.jpg" alt="hobbit2">
With the help from his father in law and visiting friends, Simon Dale built his hobbit-like home in Wales (pictured above) for his family over a period of four months and spent a total of £3,000, or $4,570 AUD.
Dale dug into the hillside for shelter and used stone and mud for the retaining walls and foundations.
The frame of the house was built from oak thinnings from the surrounding woodland, and straw bales were placed in the floor, walls and roof for insulation.
A skylight in the roof lets in natural sunlight, and solar panels are used for lighting, music and computing.
Dale said he is not a builder and this type of building is accessible to anyone. He only used a chainsaw, hammer and a one-inch chisel.
The philosophy of earth-sheltered construction is based on three fundamental principles, including energy saving, energy recovery and drawing energy from the environment.
<img height="314" width="470" src="/images/stories/2013/01/hobbit3.jpg" alt="hobbit3">
Located in Big Sur California, architect Mickey Muennig mastered the eco-minded architecture more than 30 years ago before it became a fashionable trend.
The Cooper Point house (pictured above) blends in with the landscape – literally – with a roof of wild grass and California poppies.
The house is built like a bunker, with concrete retaining walls at both ends and all-glass walls in between.
Muennig developed his own style of design by experimenting with earth, stone, redwood and eccentric roof shapes.
The half-buried walls provide insulation and savings in energy, with the owner estimating a total of 50% savings on energy compared to a traditional house.
“It doesn’t require much maintenance, but sometimes we go up there with a weed whacker when it gets too shaggy,” the owner told WSJ magazine.
Kevin McCloud’s Grand Designs featured one endeavour with <a target="_blank" href="https://www.visitcumbria.com/pen/underground-house.htm">a two-storey house that burrowed backwards into rock in Eden in Cumbria </a>around 2002.

Not much resembles hobbit houses in Australia – notwithstanding the mostly unappealing underground homes of Cooper Pedy. And a mud brick home or two that appeal to the few.
Australia does have a slightly forlorn-looking attempt at building an underground sanctuary in Brisbane’s Mount Cotton (pictured below).
{yoogallery src=[images/stories/2013/01/jan16mtcotton]}
Built in 1985, the house is completely below the surface.
Owner Ian Bridge said he hasn’t needed to use air-conditioning since he moved in as the house creates its own micro-climates.
It is currently listed for sale seeking a $620,000-plus price after failing at its October 2012 auction.
Even in New Zealand there are not many real life examples, although jewellery tycoon Michael Hill did win awards for his The Hills golf club house, an innovative underground bunker-style building in 2008. But his plans to build 17 subterranean houses on and around the swish golf course in Central Otago don't appear to have eventuated.
One company ColFibrex is offering easily erected earth sheltered housing (artist's impressions below) that uses the insulation and stability of the surrounding earth, plants, rocks and trees to provide an even temperature throughout the year.
{yoogallery src=[images/stories/2013/01/jan16hobbits]}
<a target="_blank" href="https://www.colfibrex.com/en/index">The greenhouse system is assembled with prefabricated modules made of space-age resins and fibers</a>.
You just have to tell them how you would like your house and within a few days it will be designed and all the necessary pieces will be shipped to you.
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Tolkien-style hobbit homes yet to reach The Shire, but there's something at Mt Cotton

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South Australia's richest man, Con Makris, has bought the Marina Mirage shopping centre on Queensland's Gold Coast for $52 million.
<img alt="marinacentre1" height="293" width="470" src="/images/stories/2013/01/marinacentre1.jpg">
The shopping centre was placed on the market after private group Fenix were placed into receivership by St George Bank.
The centre was listed in October last year with expectations of up to $60 million.
The 11,800-square-metre centre is split across two levels and comprises 100 shops and 700 parking spaces.
“The Gold Coast has been down for the past four years… but it’s just hit the bottom and is now on the way up,” Makris told The Financial Review.
Makris said that conditions had never been better for buying commercial property as borrowing costs were low and capital growth expected.
“The shopping centre is a destination. It’s where all the top fashion designers are, the best restaurants – it’s a place for the rich and famous to shop and dine,” says Makris.
Christopher Skase built the shopping centre 25 years ago and sold it to MFS Diversified Trust for $28.4 million in 2005.
MFS Group sold the centre in the same year to Fenix Real Estate for $40 million.
Fenix invested about $30 million into the asset but went into receivership.
David Winterbottom and Martin Madden from receivers KordaMentha appointed McVay Real Estate to sell the centre after they secured a $68 million deal with two Chinese groups for the neighbouring Palace Versace.
“It’s in the middle of all the five-star hotels – Palazzo Versace, the Sheraton – and they’re going to build a casino on land next to the shopping centre,” Makris told the Gold Coast Advertiser.
“This is the Miami of Australia,” says Makris.
The centre is opposite the $62 million Sheraton Mirage Resort and includes premium tenants such as Hermes, Tommy Hilfiger and Calvin Klein.
Con Makris founded Makris Group, which acquires shopping centres and today is a $1.5 billion-plus South Australian company.
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Billionaire Con Makris buys Gold Coast's Marina Mirage shopping centre for $52 million

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Residex has looked at the best-performing suburbs for units in each state as at November 2012, with Aubin Grove in Perth experiencing the highest capital growth last year of 26.62%. According to the report Rosehill and Wattle Grove were Sydney’s highest performing suburbs for units.
SYDNEY
Rosehill units had a median price value of $322,000 and a median rent of $400 per week. This offers a median rental yield of 6.46% and a capital growth of 10.93% last year.
Wattle Grove had a median unit value of $463,000 and a median rental price of $496 per week , or a rental yield of 5.58%. Wattle Grove experienced a 10.63% capital growth last year.
BRISBANE 
Marsden and Kingston were the top-performing suburbs in Brisbane units in November, with Marsden having a median value of $314,000 and Kingston at $246,000.
The median rent for Marsden was $340 per week – a median rental yield of 5.63% – and Marsden experienced a 13.42% capital growth.
A three-bedroom unit located at 73-81 Demeio Road, Marsden, is currently listed for sale with a $326,000 asking price and an asking rent of $330 per week.
Kingston had a median value of $246,000 and a median rental price of $280 a week. The median rent rate is 5.9%, and Kingston experienced a 9.51% capital growth last year.
MELBOURNE
Box Hill South was Melbourne’s best-performing suburb for units in November, with a median unit price of $486,000.
Box Hill South had a median rental price of $485 – a median rental yield 5.23% – and experienced a capital growth of 6.25%.
Mont Albert North is Melbourne’s second highest performing suburb for units, with a median unit price of $667,000.
Mont Albert North had a median asking rent of $555 per week – a median rental yield of 4.33% – and experienced a capital growth of 6.19% last year.
PERTH
Aubin Grove was Perth’s top-performing suburb for units, with a median unit price of $317,000 and a median rental asking price of $425 per week.
Aubin Grove had a median rental yield of 6.99% and experienced a staggering capital growth of 26.62% last year.
Morley is Perth’s second highest performing suburb, with a median unit price of $405,500, and had a capital growth of 24.08% last year.
The median asking rent in Morley is $445, with a median rental yield of 5.70%.
ADELAIDE
Adelaide’s top two-performing suburbs for units were Surrey Downs – with a median unit price of $305,500 – and Munno Para West, with a median unit price of $112,500.
Surrey Downs has a median weekly rent for units of $295 – a rental yield of 5.06% - and Surrey Downs experienced a capital growth of 11.24% last year.
A three-bedroom unit located at 3/412 Yatala Vale Road Surrey Downs sold last year for $310,000 and has a weekly rent of $320 per week.
Munno Para West had a median rental price of $245 – a rental yield of 11.43% – and experienced a capital growth of 9.88% last year.
HOBART
Hobart’s top-performing suburbs for units include Berriedale – with a median price of $202,000 – and Sandy Bay – with a median unit price of $351,500.
Berriedale’s median weekly rent is $245 – a rental yield of 6.38% – and Berriedale unit prices fell 0.75%.
Sandy Bay’s capital growth dropped even more  than that of Berriedale, with a -2.61% capital growth last year.
Sandy Bay has a median weekly rent of $340 – a rental yield of 5.05%.
ACT
ACT’s top-performing suburbs were Casey and Weston.
Casey had a median unit price of $385,500 and a weekly rent of $450. This gave Casey a 6.09% rental yield and a capital growth of 10.59% last year.
Weston’s median unit price is $432,500 and weekly rent is $460.
This gives Weston a rental rate figure of 5.54% and a capital growth figure of 7.02%.
DARWIN
Leanyer and Woodroffe were Darwin’s best-performing suburbs for unit investments, with Leanyer having a median price of $416,000 and Woodroffe having a median price of $334,000.
Leanyer’s median rental price was $470 per week – a rental yield of 5.88% – and Woodroffe’s median rental price was $390, a rental yield of 6.12%.
Leanyer experienced a capital growth of 11.68% last year, and Woodroffe experienced a capital growth of 10.96%.
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The suburbs with the best-performing units around the nation – from Box Hill South to Aubin Grove: Residex

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The long-established horse riding school Samarai Park in Terrey Hills, NSW, has been sold, but for a little less than its $3 million price expectations.
Property Observer <a href="https://www.propertyobserver.com.au/new-south-wales/samurai-park-riding-school-on-sydney-s-outskirts-listed/2012091956689" target="_blank">reported</a> on the listing in September last year, when the two-hectare northern beaches acreage was listed by Kevin Packham from LJ Hooker.
The sale was lower than that of its prior $3.28 million sale in 2007.
Located at 90 Booralie Road, Terrey Hills, just 20 minutes from the Sydney CBD, Samarai Park offers expansive northerly bushland views over its two-hectare holding.
The horse riding school opened in 1956 and still offers agistment, lessons, riding camps and children’s birthday parties.
Samarai Park was founded by Thelma Budrodeen.
The property was sold by the Budrodeen family in 1998 for $1.25 million, with it onselling again in 2000 at $1.6 million.
It still operates as a riding school and offers boarding for horses for $235 per week. Float storage is also available for an extra $15 per week.
Samarai Park is centred close to the Ku-ring-gai Chase National Park, with direct access to national park riding trails.
The property comprises of an office and shops, staff quarters/self-contained flat, two full-size dressage arenas and a full-size jumping area with lighting.
Samarai Park has 33 stables, 24 day yards, tack, feed and storage rooms, a lunging area, wash bays and three work sheds plus a dam.
The three-bedroom home located on the property consists of a study, two bathrooms and an outdoor swimming pool. The outside parking accommodates for 20-plus vehicles.
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Samarai riding school falls short of its desired $3 million price hurdle

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Swimming pools were once designated to the ground level of apartment complexes, and for a while to the dark, internal basements, but today they’re increasingly offering sky-high outdoor views.
The aquatic rooftop trend comes on the heels of the democratisation of the tops floor with the trend also seen through <a target="_blank" href="/news">rooftop gardens</a>, and even cinemas.
<img height="353" width="470" src="/images/stories/2012/12/radius.jpg" alt="radius">
The Radius apartment complex in <a target="_blank" href="/news">Woolloongabba, </a>Brisbane, will have a 20-metre three-lane lap pool (pictured above) on the rooftop of the nine-storey building.
The sky deck will offer tiered viewing decks, sun terraces and two 12-seater spas – all with panoramic mountain views of Brisbane – on its expected March 2014 completion.
Designed by Hayes Anderson Lynch Architects, Radius Apartments is a close three kilometres to the CBD.
Warren Hyatt from Majella Group – developer of Radius Apartments – says placing the leisure amenities on the roof allows for a larger scale of facilities than if the swimming pool were at the ground or podium level, where space is limited.
Warren Hyatt also says a pool on the roof increases privacy, as residents do not look down onto the recreation facilities.
With its prime Melbourne CBD position at 199 William Street, Melbourne, The William is another new development embracing the trend.
<img height="265" width="470" src="/images/stories/2012/12/thewilliam.jpg" alt="thewilliam">
The William offers views from the rooftop swimming pool on level 23 (pictured above), with a barbecue and lounge area.
Comprising 470 units, the development is designed by Bruce Henderson and developed by Hengyi Australia.
A bit more low rise, and right opposite the sandy beach, EightyEight in <a target="_blank" href="/news">Albert Park, </a>Melbourne, will on its much-awaited commencement and completion have a fourth floor lap pool overlooking Port Phillip Bay.
<img height="353" width="470" src="/images/stories/2012/12/88beaconsfield.jpg" alt="88beaconsfield">
Designed by Omiros One Architects (O1A), EightyEight (pictured above) offers 27 residential dwellings.
O1A says it is committed to the health of the environment and the creation of buildings that show a deep respect for the planet.
With construction to commence March next year, EightyEight is currently 50% sold.
One-bedroom apartments start from $950,000 and two-bedroom apartments start from $1.4 million.
EightyEight has an expected completion date for the last quarter in 2014.
 
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<img height="353" width="470" src="/images/stories/2012/12/belvedere.jpg" alt="belvedere">
The $140 million development Belvedere by Winten Property Group boasts a 12.5-metre lap pool (pictured above) on the rooftop terrace.
Located at 138 Walker Street, <a target="_blank" href="/news">North Sydney</a>, Belvedere soars 22 levels high, and the rooftop terrace also hosts a gymnasium and relaxation areas.
On offer are one-, two- and three-bedroom apartments ranging from $375,000 to $2.95 million.
With an expected completion date of November 2013, Belvedere has currently sold 80% of the 195 apartments.
<img height="353" width="470" src="/images/stories/2012/12/divercity1.jpg" alt="divercity1">
Divercity at <a target="_blank" href="/news">Waterloo </a>in Sydney (pictured above)  is another new development to embrace the swimming pool trend.
Suitable for those afraid of heights, Divercity apartment towers range between six to 12 storeys high.
The lifestyle floor – two floors high – features an outdoor heated 20-metre lap pool that overlooks the street below, and an outdoor yoga studio.
Also included is an outdoor kitchen equipped with a barbecue and pizza oven for that after-swim feed.
Developed by Becton and designed by Turner and Associates architects, Divercity has a late 2013 completion date.
Matthew Chun, the Becton Property Group chief says says developers are opting for higher-level swimming pools due to street level noise and the benefit of offering residents more privacy and security.
“Residents are more favourable to having pools adjacent to aesthetically pleasing outdoor entertainment spaces, as opposed to an indoor pool,”
Chun says the introduction of these facilities increases tenant demand, reduces rental downtime and improves rental growth for investors.
The Becton boss also notes public swimming pools and gyms generally require an admission or membership fee; therefore swimming pools in apartment complexes are seen as a free benefit to tenants.
Michael Fox, managing director of Little Property Group – developer of Central South Yarra – says the rooftop trend stems from tenants and their landlord investors seeking low-maintenance recreational living options.
“They want to enjoy the outdoor scenario,” says Fox.
Fox says the additional recreation space adds to the value of all apartments, despite the loss of revenue from sale of the top floor or rooftop.
“Essentially, it’s an extension of their apartment. Residents are happy to live in smaller spaces but have other facilities at their fingertips so they can entertain their guests in an open and unique environment.”
We’ve also looked at the trend of starry-eyed<a target="_blank" href="/news"> rooftop cinemas</a> leading the way in outdoor viewing.
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Rooftop pools make a splash as developers bring penthouse amenities to the people

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The Belrose Hotel on Sydney's northern beaches has sold to the Redcape Property Fund for about $23 million through Ray White Hotels.
The pub was bought from the Bayfield family who gave it a $10 million facelift in 2009.
The facelift involved turning the Belrose Hotel – formerly The President - into a modern pub with bar, bistro, café, gaming area and multiple restaurant areas.
The hotel was last listed for sale in 2006 and sold for $14 million.
The Redcape Property Group is run by the former Foster's chief executive Trevor O'Hoy.
The selling agent, Ray White Hotels managing director Andrew Jolliffe, said the hotel was "a near perfect example of a future-proofed large format suburban hotel freehold, enjoying multiple revenue streams, ample parking and high barriers to entry for proximate competition."</body></html>

Belrose Hotel sells for about $23 million

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The Argo hotel in South Yarra will be transformed into a two-level boutique apartment complex with Pace Development Group at the wheel.
Located at 62-74 Argo Street – with frontages on Hyland Street and Moore Street – the 1,407-square-metre property will comprise 39 one- and two-bedroom apartments, to be known as Argo Apartments.
<img alt="arog2" src="/images/stories/2012/12/argo.jpg" width="470" height="282">
One-bedroom apartments will range from $389,000 to $469,000.
Two-bedroom apartments will range from $579,000 to $699,000.
Depending on their taste, residents may choose from either a light or dark colour scheme for their interior.
<img alt="arog2" src="/images/stories/2012/12/arog2.jpg" width="470" height="282">
Architects ROTHELOWMAN will combine the existing façade of the building with modern architecture.
The <a target="_blank" href="/news">South Yarra</a> building was built circa 1866 and was formerly known as Sheppard’s after Thomas Sheppard, the first licensee.
In 1927, plans were submitted for the rebuilding of Sheppard’s by the interwar architect Gordon J Sutherland, and more work took place circa 1974 – around the same time it was renamed the New Argo Inn. Its facade will be included in the new design.
The New Argo Inn operated as a live music venue and then functioned as a fine dining restaurant.
Argo Street gets its name from the Argo immigrant sailing ship in 1857.
<img alt="argo2" src="/images/stories/2012/12/argo2.jpg" width="470" height="265">
“We really wanted to create a development that was reminiscent of the classic ideals that have made South Yarra so sought after for so long,” says Darly Wilkinson from Pace Development Group.
“An intimate and exclusive development that allows the resident to enjoy the best of the iconic neighbourhood, but we removed from the hustle and bustle,” Wilkinson says.
Pace is understood to have secured the development site for around $5.3 million. It was listed with price expectations of around $6.5 million, according to The Age.
It was owned by investors, including George Saade, a developer and the former owner of Armdale restaurant Giorgios, and David Tamir, whose company paid $3.65 million in 2006 when it bought the site from a syndicate that included members of the Shulkes, Graeve and Blau families.
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A new tune for heritage building as Argo Apartments takes shape in South Yarra

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Sydney, Melbourne and Brisbane rank among the world’s top 10 priciest shopping strips, according to the latest CBRE global retail rents report.
Hong Kong tops the list and ranks as the world’s most expensive retail destination, with rents of US$4,334 per square foot (A$44,380 per square metre) for prime retail, per annum.
Hong Kong’s rent level is more than four times higher than the fifth-placed London - US$988 per square foot – as Central, Causeway Bay and Tsim Sha Tsui are dominated by luxury brands.
<img height="585" width="470" src="/images/stories/2012/12/cbredec19.gif" alt="cbredec19">
The CBRE report says that prime rents remain high in key gateway markets due to strong flows of international tourists seeking luxury products.
“Hong Kong and other Asia Pacific markets have benefited from international retailers – particularly fast-fashion, cosmetics, jewellery watch, and mid-range fashion retailers – aggressively seeking prime locations across the region,” says global chief economist of CBRE Ray Torto.
“Retail rental growth in the Asia Pacific region is expected to continue to ease as the economy slows, consumers cut back on discretionary spending, and retailers turn more cautious,” he says.
New York is the second priciest shopping destination with rents on fifth avenue increasing 17% quarter-on-quarter.
New York is $2,925 per square foot of prime retail per annum, almost triple that of Tokyo who is in third place at $1,084 per square foot of prime retail.
Sydney is Australia’s most expensive shopping strip, experiencing a slight rise in rents in the 2012 third quarter and coming in fourth on the list at $1,017 per square foot per annum. 
The report says that international groups expressed a strong interest in prime CBD locations in Melbourne, where its high streets performed well having been dominated by cafes and restaurants.
Melbourne is sixth on the list, at $850 per square foot per annum, falling short of London at $988 per square foot.
“Given the current economic landscape, retailers are understandably seeking highly trafficked prime locations. Cities with international reputations for luxury shopping are especially in demand,” says Torto.
Zurich is slightly cheaper than Melbourne at $830 and just beating that of Paris’ shopping strips at $828.
Moscow is in ninth place at $739 per square foot per annum and Brisbane is number 10 at $642 per square foot per annum.
“Given the limited supply of prime space throughout these locations, prime rents will remain high in the foreseeable future,” says Torto.
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Sydney, Melbourne and Brisbane in world's top 10 priciest shopping strips

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The last vacant residential beachfront land disposal on Sapphire Beach in Coffs Harbour has prices ranging from $269,000 hillside to $1.2 million beachfront. 
<img height="353" width="470" src="/images/stories/2012/12/sapphire.jpg" alt="sapphire">
Sapphire Beach is rife with big names, including mining magnate <a target="_blank" href="/news">Nathan Tinkler</a>, who purchased Noorinya on a headland for $11.5 million.
<img height="353" width="470" src="/images/stories/2012/12/sapphire3.jpg" alt="sapphire">
Stockland’s David Pitman and ABN AMRO’s Simon Perrott purchased oceanfront properties on the next headland just along from the new estate.
The 14 beachfront lots and 25 hillside lots – released in June 2011 – range from 472 square metres to 904 square metres.
<img height="353" width="470" src="/images/stories/2012/12/sapphire4.jpg" alt="sapphire">
Sapphire Beach Estate is located on oceanfront drive at 740 Pacific Highway – eight minutes north of the city of Coffs Harbour.
Many of the lots boast panoramic island and ocean views.
<img height="353" width="470" src="/images/stories/2012/12/sapphire4.jpg" alt="sapphire">
“The topography, vegetation and stunning ocean and beach outlook are the perfect canvas for a distinctive and contemporary coastal community,” says director of architectural firm Cox Richardson Philip Graus.
<img height="353" width="470" src="/images/stories/2012/12/sapphire5.jpg" alt="sapphire">
“A aspect of this estate comes from the work the developers have done to meet planning legislation for coastal development.”
“All lots are north- or north-east facing and are protected from strong winds. The southerlies go straight over the top because of the headland,” says agent from Real Estate of Distinction Peter Stone.
<img height="353" width="470" src="/images/stories/2012/12/sapphire6.jpg" alt="sapphire">
“I would expect these lots to double in value in five years,” Stone says.
“I have had an unprecedented amount of interest from Queensland in particular over the past couple of months,” says Jason Burnett from The Edge Coffs Harbour.
“Obviously we are hoping to see some sales from these enquiries over the school holiday period,” says Burnett who's hoping for the first sale over the summer break.
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Sapphire Beach hopes to secure summer holiday makers with cheque books

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After some modest declines and stagnation during the month of October, vacancy rates rose 0.1% on a national level during the month of November.
But significantly Victoria tipped the 3% equilibrium, according to SQM Research.
On a national level, vacancy levels rose from 1.8% to 1.9%, with a total of 54,067 vacancies.
Melbourne had a 3.2% vacancy rate, an increase of 0.4% from the October figure of 2.8%.
Melbourne has a total of 13,411 vacancies and is up year-to-year by 0.2%. SQM Research considers 3% to be “equilibrium” in rental markets, ie a balance between landlord and renter interests. 
Darwin also experienced a modest increase of 0.4%, from 0.7% to 1.1%, totally 256 vacancies. This could spell some relief for Darwin, which has been recording a vacancy rate of less than 1% for quite some time now.
Sydney is up by 0.2% to 1.8%, with a total vacancy rate of 10,048. The figure accords with the recent Real Estate of NSW data.
Adelaide rose 0.1% to 1.5% with a total vacancy rate of 2,429 during the month of November.
Canberra went from 1.0% in October to 1.3% in November, an increase to 684 vacancies.
Hobart had a gradual increase of 0.1% to 2.1% with 571 vacancies.
Perth is still a tight market, increasing 0.1% to 0.7% with a total vacancy of 1,302. Year-on-year, Perth has been unchanged.
“The rise in vacancy rates this month is the result of a seasonal effect which occurs normally at this time of year. We expect December to also record a rise as well, due to seasonality,” says managing director of SQM Research Louis Christopher.
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Melbourne tips the 3% vacancy rate equilibrium: SQM Research

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.

[smartcode_project:default project_id=1979 project_image_fid=363229]

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.

[smartcode_project:default project_id=1979 project_image_fid=363284]

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."

[smartcode_project:default project_id=1979 project_image_fid=363228]

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."

[smartcode_project_cta:default project_id=1979]

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.

[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

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]

Nicola Trotman

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