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It could be called a loophole or a simple stuff up, but it has been discovered that public housing tenancies in heritage properties are exempt from the Residential Tenancies Act 2010, except for Part 7.
The Brown Couch – the tenants union of NSW blog – revealed the revelation, which sees more than 500 properties affected, and named it a 'stuff up'.
Landlords who own certain types of heritage properties are also exempt from the Act, as are the NSW Land and Housing Corporation.
Tenants and landlords in heritage properties cannot use the residential tenancy act as a point of reference, and dispute resolution for tenants would go under a Consumers Claims Act through the Consumer, Trader and Tenancy Tribunal.
Housing NSW’s proceedings for termination would have to go through the local court or Supreme Court under the Landlord and Tenant Act 1899.
Tenants still have legal rights and obligations however, under the lease signed with Housing NSW.
Affected properties:
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· Approximately 200 premises in Millers Point and Dawes Point (being premises listed on the State Heritage Register as items of State heritage significance under the Sydney LEP 2012);
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· Approximately 89 premises in Woolloomooloo (being items of local heritage significance under the Sydney LEP 2012)
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· Approximately 89 premises in Waterloo (being items of local heritage significance under the Sydney LEP 2012);
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· Approximately 39 premises in Pyrmont (being items of local heritage significance under the Sydney LEP 2012);
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· Approximately 36 premises in Glebe (being items of local heritage significance under the Sydney LEP 2012);
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· Approximately 31 premises in South Granville (being items of local heritage significance under the Parramatta LEP 2011);
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· Approximately 13 premises in Darlinghurst (being items of local heritage significance under the Sydney LEP 2012);
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· Approximately 12 premises in Surry Hills (being items of local heritage significance under the Sydney LEP 2012);
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· Approximately three premises in North Sydney (being items of local heritage significance under the North Sydney LEP 2001);
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· Premises in the Strickland Buildings, Chippendale (being an item of local heritage significance under the Sydney LEP 2012);
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· Premises in the Alexandra Terraces, Camperdown (being an item of local heritage significance under the Sydney LEP 2012);
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· Premises in the former Salvation Army College, Petersham (being an item of local heritage significance under the Marrickville LEP 2011)
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Community housing tenancies are not affected, nor are public housing tenancies in properties that are part of a heritage conservation area on a local heritage register are not affected.
 If you have any concerns or queries about the exemption, please contact <a href="https://mail.privatemedia.com.au/owa/redir.aspx?C=TyAnEZwTQk-uHuB83LQUJ7NxGIFPw9AIDvA1kwG9WNRctgNs_FsR_sGmEn_L9zW35C5e2Go-Q-Y.&amp;URL=http%3a%2f%2fwww.tenants.org.au%2fneed-advice">your local Tenants Advice and Advocacy Service</a>.
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ntrotman-Et3xWpamVh

Residential Tenancies Act stuff up excludes public housing tenants in heritage properties

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Public housing rules are set to tighten and new rules will be introduced in a bid to avoid properties sitting vacant for up to a year while tenants went on vacation or served a prison term.
Housing Minister Tim Mander says rules under the old government allowed tenants to take holidays of up to 12 months without putting their tenancies at risk.
“These houses are there to house the most vulnerable members of society - they’re no good to anyone sitting there empty.
“This Government promised to revitalise frontline services, something that’s particularly important when we’re dealing with families on low or modest incomes,” says Mander.
Mander says there are more than 21,000 households on the social housing waiting list.
New rules to be introduced include capping holidays at four weeks and anything longer than this will require tenants to seek departmental approval.
Longer absence will be allowed for those who are away due to legitimate work or study commitments or are undergoing an extended stay in hospital.
Tighter rules also mean family and friends of an absent tenant will no longer be able to stay in the property rent-free.
“There are still too many households on the waiting list so it’s vital that our resources go where they’re needed, rather than being squandered where they’re not,” says Mander.
Last financial year alone public housing tenants took 285 breaks of between three to 12 months and were absent from their taxpayer subsidised homes for an average of 171 days.
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Public housing rules to tighten to avoid dormant properties

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In a follow up to yesterday's <a target="_blank" href="/news">article</a>, a Port Melbourne gem trumped both top sales mentioned by RP Data and sold for $5.175 million.
RP says the sale was not included on their list as they were not 100% sure of the sale price.
The four-bedroom, four-bathroom home passed in at its November 30 auction at $5.025 million, after four bidders tackled it out.
The property sold immediately after auction.
Set over four levels, the home boasts an earthy façade of timber, copper and zinc designed by SJB Architects.
The home features polished concrete floors on the ground level, a home cinema, feature staircase, lift and Gaggenau appliances.
The master bedroom’s bathroom boasts twin showers, marble topped basins and an Italian bath.
The rooftop levels acts as a viewing platform over Melbourne and the bay and includes a pool, sauna, outdoor shower and Delonghi sushi barbeque.
Also featured is a suspended private viewing platform.
The 222-square-metre lot, with plans and permits, was purchased in 2006 or $1.6 million.
The home was listed with Robin Parker and Sam Hobbs of <a href="https://www.25beachstreet-portmelbourne.com/" target="_blank">Marshall White</a>.
ntrotman@propertyobserver.com.au
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Port Melbourne gem Melbourne's most expensive sale

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Developer Ho Bee Australia’s strong reputation in Asia will aid in the sales of apartments in their $120 million Surfers Paradise tower, which will be the first high rise development to grace the Surfers Paradise skyline in five years.
The $120 million unnamed 41-storey apartment tower will be located between central Surfers Paradise and Main Beach, and will sit adjacent to the Surfers Paradise North light rail station.
<img alt="Ho-Bee-Surfers-Paradise-site-aerial-one" height="237" width="470" src="/images/stories/2013/12/04/Ho-Bee-Surfers-Paradise-site-aerial-one.jpg">
Site works are currently underway; with the last development to commence construction in the precinct being the Hilton Towers in 2009.
<img alt="Ho-Bee-Surfers-Paradise-site-aerial-two" height="276" width="470" src="/images/stories/2013/12/04/Ho-Bee-Surfers-Paradise-site-aerial-two.jpg">
Sales and marketing agent Deborah Provost says the Gold Coast is facing a critical shortage of new apartment stock.
“This product will go some way in filling that impending void,” says Provost.
“I have been dealing extensively with local, interstate and overseas buyers who are primed to make their next property play on the Gold Coast.
“They are encouraged by the dwindling supply of new apartments here and increasing property values sparked by burgeoning activity in the southern capital markets, but their options here are becoming limited in the traditional beach strip precinct between Broadbeach and Surfers Paradise.
“Currently, the majority of new apartment stock in projects like Hilton and Soul is priced above $1 million and to an extent that has polarised some prospective investors.
“Locally, we will be marketing the project to end-users and lifestyle buyers who know the area and its attributes well.
“Asian investors also have a penchant for beachfront apartments and we will be tapping into this market with targeted investor product,” says Provost.
<img alt="Ho-Bee-tower---artists-impression-cropped-one" height="459" width="470" src="/images/stories/2013/12/04/Ho-Bee-tower---artists-impression-cropped-one.jpg">
Barry Lee of DBI Design says the tower will be of international standard.
“The developers are capitalising on the strengthening local market, lack of new beachside apartment stock available or planned, and improving property market conditions across the country.
“This project is a symbolic step forward for our city.
“Its design will make a sophisticated and meaningful contribution to our city’s spectacular skyline, while delivering new levels of innovation in sustainability and community,” says Lee.
Lee says the tower will be the first project in Gold Coast’s new cycle.
The tower is anticipated to launch in the first quarter of 2014, at which time the name will be revealed.
<a target="_blank" href="mailto:ntrotman@propertyobserver.com.au">ntrotman@propertyobserver.com.au</a>
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Overseas investors to tap into Surfers Paradise's first highrise in five years

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It was a difference of just $50,000 between this week’s top two most expensive sales, with a Bellevue Hill trophy home taking out first place for $4.875 million, according to RP Data.
Located on Ranfurley Road, the classic meets rustic home (pictured below) features four bedrooms, three limestone bathrooms with heated floors and European oak floors throughout.
{yoogallery src=[images/stories/2013/12/03/bell]}
The property boasts multiple living areas, opening to a deck with a built in barbeque and saltwater pool.
Built in 1985, the 582-square-metre property underwent renovation in 2010.
It last traded in January this year for $4 million and $4.3 million in September 2009.
Elliott Placks and Ashley Bierman of <a href="https://www.raywhite.com/nsw/bellevue-hill/1044401/" target="_blank">Ray White Double Bay</a> secured the sale at its November 28 auction.
Down south in Melbourne, a six-bedroom home in South Yarra took out second place, selling after auction for $4.825 million.
Situated on 705 square metres, the four-bathroom trophy home (pictured below) was built in 1940.
{yoogallery src=[images/stories/2013/12/03/south]}
It last traded in 2004 for $2.58 million.
There were two registered bidders at its November 30 auction and a crowd of around 30, according to James Buyers Advocates.
The property was passed in at $4.725 million, but secured a sale after auction.
Jock Langley of <a href="https://www.abercrombys.com.au/buying_search_results_detail.aspx?OID=6285829&amp;Sold=1&amp;GID=520&amp;tp=520SearchResults&amp;Sub=South+Yarra%2c&amp;Order=suburb&amp;Con=S" target="_blank">Abercromby’s</a> listed the home.
The weekend's most expensive sales, according to RP Data:
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/5_ranfurley_road_bellevue_hill_nsw_2023/1370399" target="_blank">5 Ranfurley Road, Bellevue Hill, NSW, 2023,</a> four-bedroom house, sold on November 28 by Ray White Double Bay for $4.875 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/17_alexandra_avenue_south_yarra_vic_3141/13126384" target="_blank">17 Alexandra Avenue, South Yarra, VIC, 3141,</a> six-bedroom house, sold at auction on November 30 by Abercromby's Real Estate for $4.825 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/4_burrabirra_avenue_vaucluse_nsw_2030/7137474" target="_blank">4 Burrabirra Avenue, Vaucluse, NSW, 2030,</a> four-bedroom house, sold on November 29 by Ray White Double Bay for $4.25 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/48_jersey_road_paddington_nsw_2021/5269550" target="_blank">48 Jersey Road, Paddington, NSW, 2021,</a> four-bedroom house, sold at auction on November 30 by One Agency Ingram Property for $3.7 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/17_burran_avenue_mosman_nsw_2088/4480129" target="_blank">17 Burran Avenue, Mosman, NSW, 2088,</a> four-bedroom house, sold on November 28 by Ray White Lower North Shore for $3.4 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/7_sargood_street_toorak_vic_3142/13588587" target="_blank">7 Sargood Street, Toorak, VIC, 3142,</a> three-bedroom house, sold at auction on November 30 by Marshall White Armadale for $3.285 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/103_beattie_street_balmain_nsw_2041/1251207" target="_blank">103 Beattie Street, Balmain, NSW, 2041,</a> four-bedroom house, sold at auction on November 30 by McGrath Estate Agents for $3.16 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/24_bungan_head_road_newport_nsw_2106/14201971" target="_blank">24 Bungan Head Road, Newport, NSW, 2106,</a> four-bedroom house, sold prior to auction on November 30 by Belle Property Manly for $3.05 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/10_koowong_avenue_mosman_nsw_2088/4487722" target="_blank">10 Koowong Avenue, Mosman, NSW, 2088,</a> four-bedroom house, sold on November 27 by Raine &amp; Horne Mosman for $3 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/58_hardy_street_dover_heights_nsw_2030/2120716" target="_blank">58 Hardy Street, Dover Heights, NSW, 2030,</a> four-bedroom house, sold at auction on November 28 by Raine &amp; Horne Double Bay for $2.96 million.
The weekend's chepaest sales are on the next page. Please click below.
 
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Heading over to the cheapest on the list, a three-bedroom unit in Seaford was Melbourne’s most affordable sale over the past weekend, according to Australian Property Monitors.
Located at <a href="https://www.realestate.com.au/property-unit-vic-seaford-115359419" target="_blank">2/7 Hadley Street</a>, the unit (pictured below) sold for $247,500 through James Crowder Community Real Estate – Mount Eliza.
{yoogallery src=[images/stories/2013/12/03/sea2]}
It was listed for sale with a price guide of “$260,000 to $290,000”.
Prior to this sale, it last sold in 1992 for $85,000, according to RP Data records.
The property listing also stated that it was selling “under instructions from state trustees”.
Listing agent John Young told Property Observer that the auction was attended by eight people, with two registered bidders.
He added that the successful bidder was an investor.
When asked about the eventual selling price, he said: “We got pretty close to the reserve price, we had two bidders, and when that finished we moved on.”
Young noted that the unit was located in an “industrial area”, which “put a lot of people off”.
“Generally in Seaford, they’re all selling well for those by the beach. This was just one particular unit,” he said.
According to Young, the unit should rent for $280 per week after the owners “touch it up”.
With an estimated asking rent of $280 per week, the price reflects a 5.88% yield.
According to the <a href="/news">latest RP Data report</a>, the median sale price for units in Seaford is $335,500, up 4.8% on last year. The average discount required to sell a unit is 6.9%, while private treaty sales average 92 days on market.
The median asking rent for units in Seaford is $290, while gross rental yield currently stands at 4.5%.
Other three-bedroom properties for sale in Seaford include <a href="https://www.realestate.com.au/property-house-vic-seaford-115542043" target="_blank">45 Centenary Street</a> (pictured below), which has been listed for sale at "$385,000+".
{yoogallery src=[images/stories/2013/12/03/sea1]}
It last sold in 2012 for $320,000, according to RP Data records. It also sold in 2003 for $215,500, in 1997 for $90,500, in September 1988 for $90,500 as well, and in June 1988 for $85,500, according to RP Data records.
The house was also listed for rent in 2009 at an asking price of $260 per week, according to RP Data records.
<a href="mailto:ntrotman@propertyosbserver.com.au" target="_blank">ntrotman@propertyosbserver.com.au</a>
<a href="mailto:dleow@propertyobserver.com.au" target="_blank">dleow@propertyobserver.com.au</a>
 
 
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South Yarra and Bellevue Hill neck and neck for weekend's most expensive sales: RP Data

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Residents in south-east Queensland’s Springfield are now connected to the south-east Queensland network, with the rail line opening on Sunday.
Transport and main roads minister Scott Emerson says Sunday was a major coming of age milestone for Springfield, with work on the rail component officially complete.
“Springfield residents now have a fast and integrated rail connection to the south east Queensland network, and it will go a long way toward relieving traffic congestion on major arterial roads.
“This new line and the frequency of operation delivers on our election promise to revitalise frontline services,” says Emerson.
Services will run every six to 12 minutes in the morning peak and every 12 minutes in afternoon peak.
“There’ll be plenty of services on the weekend as well, with consistent 30-minute departures on Saturdays; and services every hour from 7am and every 30 minutes from around 10am to 10.30pm on Sundays,” says Emerson.
The minister says the labor government failed to plan properly for the parking needs of passengers, therefore the Newman government – in partnership with the Ipswitch council - will deliver 400 additional spaces at Springfield central early next year.
Springfield Central currently has 100 park’n’ride spaces available.
“Thanks to the help of Mirvac we have also delivered an interim parking solution for commuters at Springfield Central, by installing a 300-space temporary car park opposite Orion shopping centre available in the next couple of weeks.
“Springfield station is situated a short walk from the route 522 bus stop on Woodcrest Way and the new interchange will be serviced by routes 522, 526 and 534.
“Work on the 5.5 kilometre road component of the project is still underway and includes the duplication of the Centenary Highway between the Logan Motorway Interchange and Springfield Parkway.
“These road upgrades are scheduled for completion early next year,” says Emerson.
<a href="mailto:ntrotman@propertyobserver.com.au" target="_blank">ntrotman@propertyobserver.com.au</a>
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Springfield commuters linked with south-east Queensland network

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A limited number of land lots in the masterplan development The Fields will be released to the public via an auction on December 10.
Located in Schofields, the 14 residential land lots range in size from 351 square metres to 474 square metres and have a starting price of $320,000.
“There is robust demand for land lots within the local area and this release represents an affordable opportunity to step into a market which offers a new level of living in an area which is undergoing substantial growth,” says Laing+Simmons Hurtsville managing director Matthew Matthews.
“Typically land in this area is sold by a ballot system which is based on ‘first in best dressed’. However an auction sale allows buyers to compete for land on an even playing field,” says Matthews.
Schofields in a 465-hectare precinct which has the capacity for approximately 2,950 new dwellings and 8,000 residents, 45 kilmoetres from the Sydney CBD.
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Schofields land lots in latest development to be released via auction

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The latest development in Ryde to be released to the public is Meriton’s Evoke apartments, securing 30 apartment sales in the first week.
Located on Porter Street, Evoke will comprise of 278 apartments across four buildings, up to seven storeys in height.
With designs by Architectus, Evoke features a modern exterior with stone and metal cladding inspired by the history of the once-industrial site.
Meriton doesn’t have pre-sale requirements to fund the construction, therefore staging sales evenly across the development.
“Staging our sales evenly allows us to cater to market demands throughout the course of construction,” says national sales director James Sialepis.
“Expressions of interest for this development are extremely strong with investors and owner-occupiers keen to capitalise on its central waterside location - Meriton has already sold 30 apartments at ‘Evoke’ from its Sydney head office,” says Sialepis.
One studio-apartment is available for $505,000 and is 36 square metres in size.
One-bedroom apartments range in size from 46 square metres to 60 square metres and start from $585,000.
Two-bedroom apartments range in size from 69 square metres to 100 square metres and start from $725,000.
Three-bedroom apartments range in size from 108 square metres to 117 square metres and start from $895,000.
Apartments will feature stone benchtops, euro appliances, glass splashbacks and soft-closing drawers.
Residents will have access to a 20-metre pool, sauna, spa and gym as well as an onsite childcare centre and 38 bike parks.
Evoke will also feature onsite shops at street level.
Demolition of the site has already begun with a completion date scheduled for mid 2015.
<a href="mailto:ntrotman@propertyobserver.com.au" target="_blank">ntrotman@propertyobserver.com.au</a>
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Meriton launches Evoke in Ryde with design inspired by site's industrial heritage

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Construction has started on the $120 million Belise development in Bowen Hills, with Lord Mayor Graham Quirk turning the sod last week.
Located on the corner of St Pauls Terrace and Brookes Street, Belise will comprise of 228 apartments across 21 levels.
Having launched in October 2010, the development had a <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/developments/more-than-half-of-fortitude-valley-s-new-stock-yet-to-find-buyers/2012012953162" target="_blank">slow start</a> to the market but has since secured 150 apartment sales, with 37 snapped up between July and September this year.
A joint venture between Group Kildey and Reed Property Group, Belise has been designed by Architects Australia and features a fitness centre, outdoor pool, sundeck, rooftop lounge and ground floor dining.
Remaining one-bedroom apartments are priced from $369,000 and two-bedroom apartments are priced from $474,000.
Michael Wilkins managing director of Acuity Property Solutions says Belise has received interest from both local and overseas buyers.
“Interstate investment buyers are also attracted by the value that Belise represents. For example, a one-bedroom apartment plus study at Belise starts from $369,000 while an equivalent apartment in Sydney would start from more than $500,000.
“These features [local amenities] are very attractive to prospective tenants and our research shows that tenants are more likely to choose Belise over other developments on the market for this reason. This is very reassuring to prospective investors,” says Wilkins.
Belise has a total walk score of 90 out of 100 and is located in proximity to the $2.9 billion RNA Showground redevelopment.
“By way of comparison, the average Walk Score for the greater Brisbane area is just 51 out of 100. Belise is a walker’s paradise,” says Australia property expert Michael Matusik.
“Our recent study of Brisbane also found a strong correlation between a suburb’s Walk Score and a property’s investment performance.
“For example, those inner Brisbane suburbs with a Walk Score in excess of 85 out of 100 have seen their apartment stock grow in value by a full 1%more each year when compared to those locations with lower levels of walkability,” says Matusik.
<a href="mailto:ntroman@propertyobserver.com.au" target="_blank">ntroman@propertyobserver.com.au</a>
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A lengthy start sees constructions begin on Brisbane Belise development

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There has been talk in the property sphere that the Melbourne market is running out of steam.
Melbourne has been the star performer in auction listings this spring, however its clearance rate is starting to dwindle, with three consecutive weeks below 70% now, according to RP Data.
Meanwhile, Sydney’s clearance rate is still staying afloat, with 74.9% recorded last week.
In the September quarter, Melbourne house prices grew to a new record, increasing by nearly 9% to $595,500, according to REIV.
With the end of the December quarter not too far away, Property Observer posed the question to industry experts on whether they thought the Melbourne market had plateaued.
Robert Larocca – Victoria housing market specialist with <a href="https://www.rpdata.com/" target="_blank">RP Data</a><img src="/images/stories/2013/11/29/robert-larocca-profile-for-site-2.jpg" width="125" height="150" alt="robert-larocca-profile-for-site-2" style="float: right;">
YES, AFTER A YEAR OF GROWTH THE MELBOURNE MARKET HAS PLATEAUED
Recent evidence suggests that after a year of growth the Melbourne market has plateaued. The RP Data House price index showed growth of 8% in the year to October but that growth slowed in October and in the 4 weeks till last weekend it actually went down by 0.7%.
This is hardly a calamitous but when added to the fact that the clearance rate has been below 70% for each of the last three it suggests the earlier strong growth has slowed or plateaued.
Mitigating this is the strong auction volumes generated by confident vendors. Since the end of winter (and including this coming weekend) there have been just under 13,300 auctions in Melbourne, which is 35% more than the same time last year.
The apparent easing may not be a bad thing if the growth over the last year is more sustainable than previous cycles.
After all the last two upswings in the market, 2007 and 2009-10 were both rapid and followed by price reductions. This cycle is much more moderate and reflects the performance of the overall economy.
The release of the RP Data – Rismark House Price Indices for November on Monday will provide a clear answer about the market over the last month and whether Melbourne has fallen short of a new high in house prices.
 
Enzo Raimondo ­– Chief executive officer of <a href="https://www.reiv.com.au" target="_blank">Real Estate Institute of Victoria</a><img src="/images/stories/2013/11/29/enzo-profile.png" width="125" height="150" alt="enzo-profile" style="float: right;">
WE MUST NOT TAKE THIS SEASONAL SLOW-DOWN AS A PLATEAUING IN THE MARKET
We do not agree that the market has plateaued. A plateau implies that the market is flat. It isn’t– it is still growing in terms of price and volume but it is starting to slow down in some indicators. This is not unusual – the market generally winds down over Christmas and is slow between December through to February. We mustn’t mistake this seasonal slow-down as a plateauing in the market as it is too early to tell.
In terms of price growth, Melbourne’s house price is still growing. The REIV house price index for November indicates that price growth is likely to be below last month’s increase of 2.3% but is still higher than the 0.6% increase this time last year.
In terms of transactions, we estimate that there were over 10,200 sales in Victoria in October which is the highest for the year. November is expected to exceed this figure so the number of transactions is still increasing although there will certainly be a seasonal drop in volumes in December through to February.
The number of auctions is still very high. We are forecasting around 1,500 auctions for the next three weeks. Although clearance rates have been trending down since the beginning of November the total number of sales remains high.
Article continues on the next page. Please click below.
 
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Andrew Wilson - Senior economist for <a href="https://www.apm.com.au" target="_blank">Australian Property Monitors</a>
<img src="/images/stories/2013/10/04/AndrewWilson-profile.jpg" alt="AndrewWilson-profile" style="float: right;" height="150" width="125">CLEARANCE RATES AND PRICE GROWTH ALREADY PEAKED THIS GROWTH CYCLE
The Melbourne housing market will record its best performance over 2013 since the heady days of 2009 and 2010. House prices are set to rise by around 7% over the year with most price ranges and suburban regions contributing to the solid outcome.
This result will be similar to the increases recorded in 2010 when house prices were up by 6.4% but well short of the 17.3% recorded in 2009 and the 21.1% increase of 2007.
Despite a solid result this year the Melbourne median house price is unlikely to exceed its previous price peak recorded in June 2010. And despite strong buyer activity in the prestige market this year that segment will certainly remain well short of its previous price peaks.
The nature of the Melbourne market this year as it has evolved has been as usual clearly signalled by activity levels in the weekend auction market. Auction clearance rate continue to be a reliable forward indicator of buyer activity and prices growth in the wider market and this year was no exception.
The Melbourne weekend auction clearance rate rose from the 60% average over the September quarter last year to average 70% over the September quarter this year. The Melbourne median house price has increased by 7% over the same period.
Recent indications are that buyer activity in the Melbourne housing market may be moderating, weighed under by a deluge of late season auction listings. Last weekend’s clearance rate of 70.3% was the lowest this spring with the monthly trend on the decline.
Record numbers of properties are set to go under the hammer in Melbourne over the final four weekends of the year with around 4,000 homes listed. Vendors will be keen to sell rather than wait until next year after the holiday break, particularly changeover sellers who have already purchased. With growing competition amongst sellers for a diminishing pool of buyers now starting to get the upper hand, auction clearance rates and prices growth have likely peaked in this growth cycle.
 
Angie Zigomanis - Senior manager residential with <a href="https://www.bis.com.au" target="_blank">BIS Shrapnel</a><img src="/images/stories/2013/11/29/Angie-Zigomanis--porfile.jpg" width="125" height="150" alt="Angie-Zigomanis--porfile" style="float: right;">
 THE MARKET SUSPECTED TO FLATTEN OUT IN 2014
Commentary on the Melbourne housing market has centred on strong clearance rates and prices achieved at auction. However, auctions are concentrated in inner and middle Melbourne and not representative of the whole market. Low interest rates have had a larger impact here, where the population primarily works in industries with a relatively positive outlook, while some pent up upgrader demand arguably exists after weak activity in 2011 and 2012. This has driven current demand and given buyers confidence to bid up prices.
In contrast, outer Melbourne has been weaker. Compared to the year-to-June 2013 median house price rise of 7% and 6% in inner and middle Melbourne suburbs respectively, price growth in outer Melbourne was only 4%. Sales volumes have also not recovered to the same extent as in inner and middle Melbourne. As well as ample new housing supply in recent years, interest rate reductions have also had less of an effect, with much of the population in the outer suburbs concentrated in industry sectors that are under pressure, such as retail and manufacturing.
As a result, the recovery in Melbourne has not been broad based, and we suspect that the market will flatten out in 2014. The Victorian economy still faces headwinds, with employment growth likely to remain limited. There is also a substantial pipeline of new apartments in inner and middle Melbourne working their way through to completion. This will impact on vacancy rates, and while not necessarily competing directly with the housing sector, is likely to have flow on effects and reduce some of the impetus from buyers to push up prices—which may already be evident in the easing in auction clearance rates in recent weeks. Nevertheless, prices should not decline, with purchaser buying capacity supported by low interest rates.
 
Who's opinion would you like to hear? Contact <a href="mailto:ntrotman@propertyobserver.com.au" target="_blank">ntrotman@propertyobserver.com.au</a>.
 
 
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EXCLUSIVE: Has the Melbourne market plateaued?

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

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

Joel Robinson

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

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

Sherpa sells out Flourish Oasis in booming Palm Beach

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

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

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

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

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

Nicola Trotman

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