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Two Chinese companies have struck a $68.5 million deal with Sunland Group for the world’s first fashion house-branded hotel, Palazzo Versace.
<img src="/images/stories/2012/08/palazzo1.jpg">
Property Observer reported three weeks ago that offshore<a target="_blank" href="https://www.propertyobserver.com.au/leisure/chinese-investors-eyeing-up-sunland-s-%2460-million-plus-palazzo-versace-on-gold-coast/2012082956306"> Chinese investors were eyeing up the hote</a>l, with the market tipping $60 million plus.
 The Chinese investors include a construction group and a travel company, but the $68.5 million deal is awaiting approval by the Foreign Investment Review Board.
<img src="/images/stories/2012/08/palazzo2.jpg">
 The deal comes with a twist, as the Chinese pair will have the ability to turn out more Versace-branded hotels if approved by the Versace powerhouse and the FIRB.


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<img src="/images/stories/2012/08/palazzoversace.jpg">
The Gold Coast offering ranked as the world’s first fashion house-branded hotel in 2000.
Marketing for the hotel began back in April by Sam and Dan McVay of McVay Real Estate, where the hotel was first expected to sell close to $80 million.
<img src="/images/stories/palazzov.jpg">
 Upon approval of the sale, the proceeds will first pay off a debt of $27.4 million on the property.
 The hotel is being sold by property developer Sunland in order to reinvest in other projects.
<img src="/images/stories/2012/08/palazzo3.jpg">
 “Palazzo Versace was very significant in the history of Sunland,”Sunland Group managing director Sahbah Abedian told the Gold Coast Bulletin.
 “Our strategy has always been threefold, to continue to consolidate our capital management through our share buyback program, to maintain a conservative balance sheet and to organically create our portfolio.”
 “This allows us to have no debt at all on our balance sheet and to look to further acquisitions,” says Abedian.
 The official announcement suggested settlement of the sale was anticipated for November 30.
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Chinese buyers await FIRB approval to secure Palazzo Versace

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Long-established horse riding school Samarai Park in Terrey Hills, NSW, has been listed by LJ Hooker with a $3 million price guide.
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.
Her most prized assistant was the white Arab-Crossed horse named Bell Boy who was used to teach children to ride.
Samarai Park was the first registered riding school with the Equestrian Federation of Australia (EFA), and Budrodeen received a Medal of the Order Award (OAM) for her charity work with the Riding for Disabled Association.
The property was sold by the Budrodeen family in 1998 for $1.25 million, with it onselling again in 2000 at $1.6 million.
Samarai Park is now owned by the Frawley family, who bought the park in 2007 for $3.28 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.
Despite the increased residential density in the district, Property Observer looked at six riding schools operating nearby in the mid-1980s and found that four are still operating today.
Boonaroo Riding Club in Terrey Hills has since changed its name to Green Fields Equestrian Centre, but Otford Valley Farm, Palomino Corral Riding School in Belrose and Scenic Hills Riding Ranch in Ingleburn are still operating under their original names.
Jackeroo Ranch in Kenthurst is no longer operating after a bushfire in 2002 ripped through the property and destroyed the ranch. Jackeroo Ranch was a respected tourist facility established in 1961, and the iconic house on the property was used in the pilot for the television series Home and Away. Wayandah Riding School in Ingleside has since closed down.
Many of the districts horse related proeprties participate in The North Shore Horse and Pony Association, which was formed in 1975 to ensure that horses and horse-riding activities continue to form a vital part of the community.
Samarai Park has been listed for sale by Kevin Packham from LJ Hooker Terrey Hills.
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Samarai Park riding school on Sydney's outskirts listed

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Horse breeder Tania Carmichael has listed Ourmundi, set on 20 hectares in the Noosa hinterland.
The six-bedroom home was designed by Stephen Kidd for the original owners, Wolfgang Groh and wife Nicola Smith, who founded Nice Cream in Sydney in 1993.
Groh and his wife bought the 20-hectare block of land in 2002 for $400,000.
In 2007, the house and property were sold to Queensland entrepreneur Dean Shannon for $2.4 million, $600,000 less than its then ambitious $3 million asking price.
Carmichael bought the property in April 2008 for $3,075,000.
Featured in the 2006 book <a target="_blank" href="https://www.propertyobserver.com.au/https://www.thamesandhudson.com/9780500512913">Tropical Minimal</a>, the house located at <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/37-venning-road-doonan/Property-Details-buy-residential-4306833">37 Venning Road, Doonan</a>, comes with expansive polished concrete floors, soaring ceilings and huge expanses of bi-fold glass doors. The modern kitchen is installed with marble benchtops and commercial appliances such as a teppanyaki plate, deep fryer and a large cold room.  After selling their Nice Cream business, the Grohs settled in Noosa and continued their interest in food, setting up Mrs Quick, which supplies sausage rolls to supermarkets.
The master bedroom has a private spa on the deck and a five-star ensuite.
Located on the property is a self-contained guest wing, a 20-metre pool, which is linked to the main home via a timber terrace, a barbecue and pizza oven as well as an outdoor fire pit. There is also a chicken shed and run and vegetable garden beds. It comes with spring fed dam stocked with 300 plants and 500 fish.
Since purchasing the property in 2008, Tania Carmichael has renovated the interiors and developed the equine facilities. The property comprises of four stables with tack rooms and feed shed and four horse paddocks, corrals and a Mary River sand area. She also had 4,500 cabinet timber trees planted.
Ourmundi has direct access into Verrierdale forest with dedicated riding trails to Yandina and beyond. The property is fully fenced and is only 10 minutes to schools and supermarkets, and less than 10 minutes to the Eumundi markets and 20 minutes to Hastings Street.
Ourmundi is listed for auction by Graham Smith at Richardson &amp; Wrench Noosa on October 5 and is expected to sell for over $3 million. 
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Ourmundi, the tropical minimalist Noosa hinterland listing

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The Carlton at Vaucluse, a new 14-apartment boutique development alongside Rosa Gully and Diamond Bay Reserve, has secured seven sales.
Developed by RDA Property Group and built by HSN Construction, the apartment complex was designed by architects MPR Design Group, which was the winner of the Waverley Council public space contribution award this year for its project The Beach House in Bondi Beach. The site was bought for $2.1 million in a late 2010 delayed settlement acquisition. 
In a coveted oceanside pocket in Vaucluse, the pet-friendly apartments range from one-bedroom to a three-bedroom penthouse. 
“The concept that flows through all the apartments is the consistent theme of a smooth flow from indoors to outdoors,” says Brian Meyerson from MPR Design group.
“The most important aspect was to take advantage of the exceptional views.
“Keeping with today’s contemporary needs, means the kitchen area flows straight out into the integrated spaces of the living areas and dining spaces, which then flow seamlessly out to the balconies and outdoor living spaces,” Meyerson says. 
One-bedroom apartments are available from $795,000, two-bedroom apartments are available from $1,090,000 and the three-bedroom penthouse has a price tag of $2,395,000. Initial pricing was from $595,000. Two of the one-bedroom units remain for sale.
All 14 apartments have private balconies and terraces, and three of the apartments have private gardens.
The apartments have European oak floors, a stone gas kitchen with European appliances and travertine bathrooms.
Located at 19 Young Street, the seven remaining apartments are being sold by Ric Serrao and Jake Carter from Raine &amp; Horne Double Bay Real Estate. They have a scheduled late 2013 completion date.
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The Carlton at Vaucluse at halfway sales mark

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Secret Hills, the 87-hectare Beaudesert thorougbred breeding farm, has been listed for October 5 auction under instructions of Ernst &amp; Young.
It last sold in 2009 for $4.6 million to breeders John Doherty and Janette Gilchrist, who expanded their breeding interests with the acquisition of the then known Palmaday Stud.
The inaugural stallion to stand at Secret Hill Farms was Exceedingly Good.
In June this year it was reported by The Warwick Daily News that John Doherty was being pursued by a finance company over funds used to buy thoroughbred racehorses.
Documents lodged in the Supreme Court of Queensland showed Westlawn Finance Limited lodged a claim against Doherty and his partner, Janette Gilchrist, after financing Secret Hill Thoroughbreds.
The statement of claim sought $511,124.79 from the couple, including $510,302.03 in outstanding loan payments, and more than $70,000 in interest accrued since June 30 last year, plus costs.
The property which has been listed through Ray White Rural agents Bruce Douglas, Des Cuffe and Andrew Thomson, includes a 1400-metre sand and grass training track, 40 stables, breeding barn and horse hospital.
There's also a three bedroom main homestead and four staff/guest dwellings.
It is located 78 kilometres from the Gold Coast and 77 kms from Brisbane's CBD.
Another property owned by Secret Hill Farms Pty Ltd on Cryna Road is listed for auction on October 5 under instruction from Ernst &amp; Young receivers Justin Walsh and Philip Campbell-Wilson. Located at 423 Cryna Road, the 22 hectare property sold for $1.05 million in July 2009.
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Secret Hills, Beaudesert, thoroughbred horse breeding stud for receivership sale

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Privately owned valuations groups WBP Property Group and MVS National Valuers have formed a new nationwide alliance called Austwide Valuations.
Austwide Valuations aims to set a new benchmark for valuations standards and provide greater service and coverage for each group’s clients.
MVS national spokesman Jeff Keane says Austwide is a national initiative to improve the standard of residential real estate valuation services in Australia.
“Austwide ensures valuation products and services are compliant with lawful and regulatory guidelines, reliable and accurate and of a high professional standard,” says Keane.
Chief executive of WBP Property Group Greville Pabst says the Australian valuation industry is rapidly evolving and many smaller regional and rural valuation firms are struggling to meet current compliance standards.
Austwide Valuations membership is open to all Australian valuation firms, with the aim of reducing insurance risk and improving reporting standards.
“Austwide Valuations has developed a quality assurance certification standard known as AustwideQA. The certification standard is designed to monitor and manage quality control, risk compliance and performance under a strict code of conduct for Austwide members,” says Keane.
WBP Property Group and MVS National Valuers will continue to operate independently.
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WBP and MVS valuation firms form Austwide Valuations in hopes of setting industry benchmark

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Italian luxury fashion house Ermenegildo Zegna Group is joining the prestige leasing uptake on Brisbane's Edward Street.
Known  for specialising in men’s clothing, the 380-square-metre store will be split over two levels on its early 2013 opening.
The store owned by Aria Property Group was leased in a deal through CBRE agent Michael Hanscomb, who introduced the two parties.
Zegna has signed an eight-year lease for the store, which will include a 12-metre high façade onto Edward Street.
“We are very excited to bring another of the world’s premium brands to Brisbane,” says Aria Property Group general manager Michael Zaicek, as reported in the Australian Financial Review.
The Brisbane store will be the third Australian store for Zegna, with a two-story flagship store in Sydney’s Westfield shopping complex on Castlereagh Street and a boutique located on the Paris end of Collins Street in Melbourne.
The high-end retail strip Edward Street plays host to an array of luxury brands, and according to research by Cushman &amp; Wakefield, Edward Street rental levels are sitting at approximately $4,500 per square metre for super-prime level.
The new Zegna store will be located at 155 Edward Street and will be within metres of luxury stores Hermes, Montblanc and Hugo Boss.
“When the luxury brands start to cluster, it really brings momentum to the area,” says Zaicek.
Zegna has more than 560 stores in 87 countries.
Fashion label Montblanc was the most recent luxury brand to take space at the Paris-inspired Edward Street locality, having signed an eight-year lease in the Aria building.
Montblanc was previously located in Queens Plaza on Brisbane’s Queen Street Mall, but has now relocated next door to French fashion house Hermes at 171 Edward Street.
Famous for its luxury writing instruments, watches, jewelry, leathers goods, fragrance and eyewear, Montblanc is feeling comfortably at home in the competitive Edward Street.
“The Brisbane boutique is the newest up-to-date international Montblanc concept boutique, which promises to take customers on a luxurious journey, allowing them to become immersed in the heart and soul of the Montblanc brand,” says managing director Leon Mervis.
Montblanc received an extensive fit-out of the 127-square-metre Edward street location, which is nearly double the size of its previous boutique in Queens Plaza.
According to research by Cushman &amp; Wakefield, Edward Street rental levels are sitting at approximately $4,500 per square metre for super-prime level. This pricing is on par with Bourke Street in Melbourne.
The luxury Edward Street does not compare with that of Pitt Street Mall in Sydney, though, where retailers are paying $9,910 per square metre.
Montblanc currently has four luxury boutiques in Australia, two in Sydney, one in Melbourne and one in Brisbane.
Terry Lay, Colliers International retail leasing manager, negotiated the Montblanc deal for the ARIA Property Group.
“Being in such high demand it is not often that space becomes available for lease on the street, so Montblanc was lucky to secure this spot,” says Lay.
Lay says big-name brands have come to realise tenancies closer to Elizabeth Street offered more desirable foot traffic.
“Montblanc saw the benefit of being positioned amongst all the luxury brands such as Hermes and Gucci on the Edward Street strip,” says Lay.
Edward Street also plays host to Gucci, Georg Jenson and Watches of Switzerland.
Lay explains that retailers from the Gold Coast are choosing to relocate to the Brisbane CBD, as it is seen as an untapped market.
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Ermenegildo Zegna to open Brisbane store as luxury brands head to Edward Street

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Westpac is the standout big four bank, having increased its branch coverage across Australia over the past 12 years.
According to the Australian Prudential Regulation Authority (APRA), Westpac has 1,270 branches nationwide, making it the largest bank network in the nation.
Despite other banks extending their branch networks, ANZ has closed 16 branches in the past year, dropping from 827 branches to 794. Queensland and Victoria were the two states to feel the loss, with Victoria losing 13 branches and Queensland losing 10.
Property Observer has looked at the big four banks' 12-year history and provided a summary of branch changes and trends across Australian states.
Here is a breakdown of the big four banks over a 12 year period, starting with Westpac:
 
ACT    NSW     NT     QLD     SA   TAS    VIC   WA    TOTAL
2012         22        471      14        203    169     22       251    118     1,270
2011         22        473      14        205      170   22       233     118     1,257
2010         21        471       14     203     170    22    228      115     1,009
2009        10        280      10      166       51      22     193      104      863
2008        10         277        9       163      51     22      190      104      826
2007        11        278        9       162       49     22      188       102      821
2006        10       277        9        161       48     22      187      103      817
2005       10       278         9        158       48       22      187     102     814
2004       10      279        9          158       48       21      189      102      816
2003       10       279       9          159        48       21       192     102     820
2002       10       280      9           159       48        21      192         101     820
2001       10       276      9            155        48       21     187         100     806
 
Commonwealth Bank:
ACT – NSW – NT- QLD –SA – TAS – VIC – WA – TOTAL
2012        16         358        6        174      60      40       293       79       1,026
2011        16         357        6         170      60     40       293       77       1,019
2010        16         356       5          164      60     40      292      76       1,244
2009        17         359       5         157       60      40      292       77      1,007
2008       17        365         5          150        60    42       293      77       1,009
2007    17           366         5          150       60       43     293       76       1,010
2006    17            365         5        147       60       43      293         75       1,005
2005    17             367        5        146        61      43      293         74        1,006
2004    16             366         5         145         60      43     294         74     1,003
2003   16              368         5         144          60       43      294       74      1,004
2002   16              70           5         145           60       44       294      74      1,008
2001    18             387         6          151            61       44       307     79       1,053
 
 
 
ANZ Bank:
ACT – NSW – NT-  QLD –   SA –   TAS – VIC –   WA – TOTAL
2012         9            223        10      159        78         25        206        84        794
2011        17          222         10     169        79         26        219        85         827
2010        9            229         10     160        79         25          220     84       816
2009       9            227         10      160       79         24          218       85       812
2008      9            230        10        160       81          24           217      85       816
2007      8            218       10          156       80          23          212       81       788
2006       7           210      10            149       77         24        206         74        757
2005       7            204       10           146       75          23       201          68        734
2004       7             202        10            144       75       23         201       68       730
2003       7             203        10           143      75         23        201       67       729
2002      7            201           10          144      75         23         201     67        728
2001      7           207           8            151      77          24         209     72         755
 
 
 
 
NAB Bank:
ACT – NSW – NT- QLD –SA – TAS – VIC – WA – TOTAL
2012        9           238        5       160      47      10        203       76        748
2011       11          235        5       160      47      10        203       75         746
2010      10         232        5        161      48        9         202        74         741
2009      11         243        5        162      48      10         215        73        767
2008      11        241         5        167      49      10         218        73        774
2007      12       249        6        170       48      11         222        72        790
2006      11        248       6        170       47      11         222        72        787
2005      11         249      6        169       47      11         221         72       786
2004     11          250     6        169       47       11         221         72       787
2003     11          253     6        169      47        11         222         74       793
2002    11           267    6         174      52        10        248          73       841
2001     10          290    7        185      55         11        256          82       896
Source: The Australian Prudential Regulation Authority
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Westpac bank rollout beats others in big four, with 1,270 branches nationwide

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David Jones is set to open a small “village store” in Malvern Central Shopping Centre, as part of a strategic direction plan.
The 7,522-square-metre site is about half the size of a full-line DJs outlet, and the village format store is expected to exclude categories such as electronics and furniture. It will be the third "village format" DJs store.
“The village format is geared towards our core customer, particularly women, although it will have a full menswear offer as well,” says David Jones head of retail services Tony Karp.
“Rather than having a watered-down version of our full offer, we’re focusing on our core competencies.”
The announcement comes after the successful trial of village format stores in Western Australia and Queensland.
“Our village format stores are a natural extension of our core business and enable us to leverage our existing merchandise, operating and service capabilities as well as the David Jones brand in attractive demographics, which do not have major shopping centres located within the area,” says David Jones chief executive Paul Zahra.
As part of the deal, owner of Malvern Central Shopping Centre UniSuper has agreed to an extensive renovation of the centre, which will be undertaken early next year.
“David Jones is a contemporary branded department store, and their decision to open a village format store in Malvern Central is a significant boost for both local residents and other retailers at the centre,” says centre manager Anthony Saunders.
DJs will take over a retail space currently occupied by Target.
The village stores contribute $2 million to earnings before interest and tax, compared with $5 million for each of the full-sized David Jones stores.
The Malvern Central village format DJs store is set to open mid-2013.
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David Jones to open smaller 'village' store in Malvern Central

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The number of branches across Australia has increased for the 11th consecutive year, recently hitting 5,783 branches nationwide.
Despite the abundance of smartphone banking apps on offer and the ability to access online banking anytime, The Australian Prudential Regulation Authority (APRA) reported 212 more branches opened this year.
In the past eight years there has been a steady growth of bank branches, with 4,888 in 2004, compared with 5,783 in 2012.
This eight-year growth period is a stark contrast to the eight years prior to 2000, with the closure of 2,044 branches – 794 rural and regional branches and 1,250 metropolitan branches, according to Financial Sector Union data.
<img src="/images/stories/2012/08/banks1.gif">
Source: Australian Bankers Association
The recent 1.2% growth in branches is the strongest growth in three years, according to APRA.
The financial institutions branch tally includes banks that were previously operating as credit unions and building societies.
The Defence Force Credit Union and Victoria Teachers Credit Union have been converted to separate banks, and Bendigo and Adelaide Bank Limited has acquired the Bank of Cyprus Australia.
The APRA reported Victoria as having the largest increase in new branches, followed by the Northern Territory, New South Wales, Tasmania and the Australia Capital Territory.
Australia Bankers Association chief executive Steven Münchenberg says banks have continued to open branches over the past five years, despite the global financial crisis.
“The trend in recent years has been to open bank branches in areas with growing populations and business activity.”
Westpac is currently the largest branch network in Australia with 1,270 outlets, since adding 13 more outlets to its name in the past year.
Commonwealth Bank comes in second with 1,168 outlets, after opening seven new branches past year.
ANZ has closed 16 branches in the past year.
“While the number of branches has decreased slightly, 75% of those that we’ve closed have merged with a branch within 10 kilometres or within the same suburb,” ANZ told Fairfax Media.
The increase in bank branches is just one of the many ways that banks are offering their products and services to customers.
Münchenberg notes the high use of ATMS, telephone, internet banking and mobile banking apps.
“Your ability to access and manage your personal finances makes banking one of the most convenient and accessible services provided in Australia.” 
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Number of bank branches grows for 11th straight year

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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