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The Australian residential property market is the largest domestic asset class, with an aggregate total value estimated at $4.2 trillion. The investor segment, where the occupants are renters with a private landlord, represents 23.7% of Australia’s 8,711,000 total occupied private dwellings. Investors equate with a market value of $985 billion. Owner occupiers retain the majority of ownership of residential property in Australia.
While the total size of residential asset class dwarfs the Australian share market (around $1.4 trillion), fixed interest market (around $1.2 trillion) and commercial property market (around $600 billion), there has been almost no investment in residential property from institutional superannuation. There has however been considerable interest in residential property from SMSFs.
The steady growth in residential property assets and total assets within SMSFs over the past five years is shown in the chart below.
SMSFs - Residential property and total assets
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/08/easton-chart-aug-30-big.png" rel="shadowbox"><img src="/images/stories/2013/08/easton-chart-aug-30-small.png"></a>
ABS – Australian Social Trends – Housing, National Summary, 1998–2012
As shown in the chart above, SMSF investment in residential property has been growing in-line with total assets. At March 31 2013 the value of residential property assets in SMSFs was just over $17 billion, representing approximately 2% of the value of total residential property investment.
Trustees of SMSFs may be attracted to residential property for a number of reasons. There is the familiarity with the asset class for most Australians either through owning their home or investment property or both.
Property is a tangible asset that can be researched online and is accessible. Prospective investors can visit the site to gauge the desirability of the location, the likelihood of attracting good tenants and for the potential for increase in value over time. Residential property may be attractive for trustees of self-managed superannuation funds as it enables some level of participation in management of the asset that is absent from most other asset classes.
A key driver of SMSF investment into residential property is the ability to borrow, within quite strict rules, to purchase property within superannuation. Limited recourse borrowing arrangements allow trustees to purchase an asset of greater value than would be otherwise possible with an outright purchase using equity. There are costs involved in setting up a holding trust for the asset and trustees also need to consider a range of risks of investing in residential property such as tenancy risk and whether there would be appropriate diversification within the fund.
Institutional superannuation funds have not invested in residential property due to a number of factors. Residential property tends to have a significantly lower yield than commercial property which the larger funds have the scale to invest in while SMSFs do not. Commercial property also offers tenant diversification which individual residential property does not.
The lack of a geographically diversified portfolio of sufficient size to have a meaningful impact on the return characteristics of the fund as a whole has inhibited institutional investment. An efficient management structure for an asset class that requires intensive management would also be required for institutional superannuation funds to invest in Australian residential property.

<hr>
Paul Easton is a senior analyst at <a href="https://atchison.com.au/" target="_blank">Atchison Consultants</a>
 
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Why SMSFs invest in residential property and institutional superannuation funds do not: Paul Easton

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SCA Property Group (ASX code: SCP) announced on February 14, 2014, its intention to undertake an on-market buy-back of up to 5% of its shares at a price of up to its current net tangible asset value (NTA) which is currently $1.59 per share. The buy-back will be funded from cash and drawing down on debt facilities. The current share price is $1.555 which is up 3.5 cents from the price prior to the announcement.
Companies buy-back issued capital as part of a capital management strategy. This is appealing when the stock is trading at a discount to NTA as it is investing at a discount.
A buy-back of shares can increase earnings per share, NTA per share and return on equity. A buy-back will reduce the equity on issue and increase the gearing level. This can be positive when borrowing costs are low. SCA Property Group’s earnings yield is 7.05% per annum and its borrowing rate is 4.8% thereby creating a positive outcome from gearing for the company.
Table one (below) shows how SCA Property Group’s earnings per share (EPS), NTA per share and return on equity (ROE) following a buy-back of shares. It is assumed that the full 5% of shares are bought back at the close price on 17 February 2014.
Table one – SCA Property Group buy-back
<table style="width: 470px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="bottom" nowrap width="143">
 
</td>
<td valign="bottom" nowrap width="132">
Pre buy-back
</td>
<td valign="bottom" nowrap width="142">
Post buy-back
</td>
</tr>
<tr>
<td width="143">
Share price
</td>
<td valign="bottom" nowrap width="132">
$ 1.520*
</td>
<td valign="bottom" nowrap width="142">
$ 1.555**
</td>
</tr>
<tr>
<td width="143">
Total net assets
</td>
<td valign="bottom" nowrap width="132">
$ 1,031m
</td>
<td valign="bottom" nowrap width="142">
$ 981m
</td>
</tr>
<tr>
<td width="143">
Shares on issue
</td>
<td valign="bottom" nowrap width="132">
648m
</td>
<td valign="bottom" nowrap width="142">
616m
</td>
</tr>
<tr>
<td width="143">
Reported earnings
</td>
<td valign="bottom" nowrap width="132">
$ 43m
</td>
<td valign="bottom" nowrap width="142">
$ 43m
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="143"> </td>
<td valign="bottom" nowrap width="132"> </td>
<td valign="bottom" nowrap width="142"> </td>
</tr>
<tr>
<td valign="bottom" nowrap width="143">
ROE
</td>
<td valign="bottom" nowrap width="132">
4.2%
</td>
<td valign="bottom" nowrap width="142">
4.4%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="143">
NTA (per share)
</td>
<td valign="bottom" nowrap width="132">
$1.590
</td>
<td valign="bottom" nowrap width="142">
$1.592
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="143">
EPS
</td>
<td valign="bottom" nowrap width="132">
6.7%
</td>
<td valign="bottom" nowrap width="142">
7.1%
</td>
</tr>
</tbody></table>
Source: IRESS, Atchison Consultants
* Close price on February 13, 2014
** Close price on February 17, 2014
As shown in table one the return on equity would increase from 4.2% to 4.4%, NTA per share would increase from $1.59 to $1.592 and earnings per share would increase from 6.7% to 7.1% following the buy-back.
Paul Easton is a senior analyst at <a href="https://atchison.com.au/" target="_blank">Atchison Consultants</a>.
 
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SCA Property Group buy-back: How will it work out? 

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The two fundamental characteristics of property investment are rental income paid by tenants and the value of land and buildings which form the income and capital return components of property returns. Return characteristics of residential property differ significantly from commercial property.  
Chart one (below) shows the income returns or yield of residential property and retail, office and industrial property sectors for periods to September 30, 2013.  
Chart one – Income returns – Periods to September 30, 2013
 <img src="/images/stories/2014/01/23/easton_jan_23_one.png" width="470" height="283" alt="easton_jan_23_one">
Source: REIA, IPD/PCA, Atchison Consultants  
Income returns are calculated by dividing the net annual rental income by the value of the property. As shown in chart one, commercial property income returns over medium to very long-term periods are reasonably consistent across each sector. The income return for residential property at around 3%-4% per annum is significantly lower than that of the commercial property sectors at around 7%-9%.  
Owners of commercial property receive substantial rental income as the location of the businesses that are its tenants is vital to the profitability of those businesses. Rents for commercial property are dictated by demand, with premium locations providing premium rents. Retailers require the right demographics and access to foot traffic; industrial tenants require access to suitable infrastructure such as freeways and rail and office tenants require the proximity to key markets, clients and qualified staff.  
The attractiveness of residential or commercial property investment is heavily reliant on the ability to attract and retain tenants. Appraised value of commercial property is directly related to the quality of the leasing schedule and the current or expected level of vacancies.  
Chart two (below) shows compound annual capital returns over five, 10 and 20 year periods to September 30, 2013 for residential and commercial property sectors.  
Chart two – Capital returns - Periods to September 30, 2013
 <img src="/images/stories/2014/01/23/easton_jan_23_two.png" width="470" height="283" alt="easton_jan_23_two">
Source: REIA, IPD/PCA, Atchison Consultants  
Residential property has outperformed commercial property sectors in terms of price growth over all measured periods, particularly the 20 year period. A range of factors has contributed to this significant growth, including government incentives such as the first home owners grant, population growth and booms in industries such as mining. The absence of tax on capital gains for owner-occupiers and the tax deductions for investors through negative gearing are also significant contributors to residential property capital gains.  
Residential property is generally considered as a capital return investment, rather than an income producing investment. Commercial property investment returns comprise relatively high income returns and is less reliant on capital gains. Capital gains for commercial property tend to be around inflation levels (when positive), reflecting leases that are indexed to inflation or a fixed rate in years between market rental reviews. Capital gains for residential property tend to reflect demand drivers, such as population growth and affordability, and supply drivers such as the availability of finance and the feasibility of development projects.
Investment in residential property is limited to direct purchase of single assets, whereas commercial property can be accessed through purchase of an asset or indirectly through property syndicates, unlisted property funds or listed AREITs.  
Paul Easton is a senior analyst at <a href="https://atchison.com.au/" target="_blank">Atchison Consultants</a>.
 
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Residential v commercial property: The different return characteristics

South East Queensland developer&nbsp;<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a>’s entry into the Gold Coast apartment market has progressed from pipeline to market, with its Chevron Island project Bronze on Chevron now formally available to purchase ahead of a planned 2029 completion.

The 119-apartment development on Mawarra Street marks the Brisbane-headquartered builder-developer’s first residential play in the Gold Coast, following its expansion south from Brisbane and the Sunshine Coast.

<a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-surfers-paradise-qld-4217">Bronze on Chevron</a> comprises a mix of two-, three- and four-bedroom residences, with pricing starting from just over $1.5 million. The project is being delivered under Gardner Vaughan’s fully integrated model, with the group acting as both developer and builder, a structure it has consistently applied across its South East Queensland portfolio.

[smartcode_project:default project_id=107520 project_image_fid=367182]

Architecture has been designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jeremy-ferrier-landscape-design">Jeremy Ferrier</a>. The building presents as a single-tower scheme, with a focus on maximising outlook across both the Surfers Paradise skyline and the Nerang River.

Apartments have been planned with open-plan living zones extending to generous balconies, a response to the site’s dual-aspect positioning between river and ocean. Interiors follow a restrained coastal palette, with two colour schemes offered, and an emphasis on natural light and cross-ventilation.

[smartcode_project:default project_id=107520 project_image_fid=367181]

Resident amenity is concentrated across more than 1,250 sqm and includes a resort-style pool, gym, yoga lawn and rooftop entertaining areas. A function space with catering facilities forms part of the upper-level offering, alongside north- and south-facing outdoor areas.

Ground level will incorporate two retail tenancies, intended to extend the existing village character of the surrounding streets.

&nbsp;

[smartcode_project:default project_id=107520 project_image_fid=367200]

The project sits within walking distance of Thomas Drive’s established dining strip, while maintaining proximity to <a href="https://www.apartments.com.au/developments/surfers-paradise-qld-4217">Surfers Paradise</a> beach and broader Gold Coast amenity. The location, positioned on Chevron Island between the river and coastline, has increasingly attracted mid- to high-density development in recent years as the precinct evolves beyond its low-rise origins.

Gardner Vaughan’s move into the Gold Coast was first signalled in 2025, with the group identifying the region as a natural extension of its operations. Chief Executive Officer Simon Betteridge described the expansion as both “strategic and natural”, citing demand for well-designed apartments in lifestyle-driven markets.

Construction is expected to complete in early 2029.

[smartcode_project_cta:default project_id=107520]

Joel Robinson

Gardner Vaughan brings Bronze on Chevron to market as Gold Coast debut

One of the penthouses at Lily Lane, the latest stage of Carrington Place by Ellipse Property, has set a new local apartment price record.

The four-bedroom residence, purchased by a local downsizer, sold for $5.75 million—around 75 per cent higher than the previous record of $3.3 million.

Over 40 per cent of the first release of apartments at&nbsp;<a href="https://www.apartments.com.au/new-apartments/lily-lane-at-carrington-place-castle-hill-32-carrington-road-castle-hill-nsw-2154">Lily Lane</a> have already been snapped up just six weeks since it launched to the market.

&nbsp;

Located at 32 Carrington Road, <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a> and designed by award-winning architects <a href="https://www.apartments.com.au/architects/ptw">PTW</a>, Lily Lane is directly opposite the Hills Showground Metro station. It offers a total 213 units over two 12-storey towers - a mix of 67 one-bedroom, 100 two-bedroom and 46 three-bedroom apartments - with a ground-floor retail offering.

[smartcode_project:default project_id=151821 project_image_fid=368352]

Blake Schulze, National Director – Residential at <a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a>, says around 44 per cent of buyers are&nbsp;owner occupiers, with 35 per cent being investors and 21 per cent first homebuyers.

“Developments of this calibre are very rare in the Hills District, and Lily Lane’s sales success demonstrates the depth of demand for over-sized apartments that genuinely compete with freestanding homes," Schulze says.

"We are seeing particular demand from downsizers who want to remain in the area but transition into spacious, high-quality apartment living."

On the penthouse sale, it says it shows buyers&nbsp;are prepared to pay a premium for scale, quality, and direct access to the Metro.

[smartcode_project:default project_id=151821 project_image_fid=368351]

One-bedroom apartments are sized from 50-72 sqm with prices starting at $745,000, while two-bedrooms are priced from $990,000 with sizes from 75 to 132 square metres. Three-bedroom floorplans are sized between 97 and 182 sqm,, with prices starting at $1,395,000.&nbsp;

The three remaining penthouses, spanning up to 262 sqm, are priced from $2.9 million.

Over 75 per cent of apartments include dedicated studies, multipurpose rooms or family rooms, with select layouts offering walk-in pantries and laundries. Apartments are appointed with premium Miele appliances including ovens, washing machines, dryers, gas cooktops and dishwashers, while larger residences also incorporate integrated Miele microwaves, Fisher &amp; Paykel integrated refrigerators and five-burner Miele cooktops.

[smartcode_project:default project_id=151821 project_image_fid=360285]

Lily Lane will be constructed by award-winning iCIRT-rated builder <a href="https://www.apartments.com.au/builders/decode">Decode Group</a>, with construction to commence in mid-2026 and expected to complete early 2029.

Carrington Place comprises more than 800 apartments and is being delivered across multiple stages, with completion expected in 2032. Integrated with neighbouring bushland, the project will feature over 20,000 sq, of outdoor recreational area, including a one-kilometre boardwalk to Fred Caterson Reserve.&nbsp;

The Hills Showground Metro Station is just a two-minute walk away, offering fast connectivity to Sydney’s CBD, North Sydney, Chatswood, Macquarie Park and Norwest Business Park.

[smartcode_project_cta:default project_id=151821]

Ellipse sets Castle Hill apartment record with $5.75 million Lily Lane penthouse sale

Fresh off completing its Delano Crows Nest development, Lindsay Bennelong has lodged plans for its next project, this time turning its attention back to the beach.

The developer, started 20 years ago by Clarendon Homes founder Peter Campbell, is proposing a 37-apartment scheme at <a href="https://www.apartments.com.au/new-apartments/17-25-ashburner-street-manly-nsw-2095">17-25 Ashburner Street</a>, Manly, positioned between the southern end of <a href="https://www.apartments.com.au/developments/manly-nsw-2095">Manly</a> Beach and East Manly Cove.

Lindsay Bennelong called on local architecture firm Platform Architects to design the new building, given their success at Finn, Lindsay Bennelong's current luxury apartment project on North Steyne.&nbsp;

According to the Design Verification Statement by Bridie Gough of Platform Architects, the proposal “relates to the current context but also the desired future character of taller buildings suitable to the new planning controls.”

The site has been identified as a Low to Mid-Rise Housing (LMR) location, given its position within 400 metres of the Manly Town Centre E1 Business Zone. The LMR controls are intended to unlock additional housing supply in well-located areas close to public transport, allowing developers to seek increased height limits to support greater density.

“The proposal seeks to provide this increased level of housing whilst being respectful of some of the smaller scale buildings also nearby,” the statement reads.

Lindsay Bennelong Development Director Leigh Manser said the project has been carefully aligned with the intent of the LMR controls. The proposal will significantly increase housing yield on the site, replacing four houses and 10 apartments, comprising 25 bedrooms, with 37 new apartments delivering a total of 94 bedrooms, whilst remaining compliant with the LMR controls.

“Sydney is in a severe undersupply, and delivering more dwellings and more bedrooms than what currently exists is exactly what the LMR policy is designed to activate,” Manser said, noting that nine of the apartments will be allocated as affordable housing for frontline workers.

“We have already commenced discussions with our community housing provider to determine the rental levels that frontline workers can realistically afford in this location,” he said. “These will need to sit well below the standard affordable housing benchmark of 20 per cent below market rent, and that has been factored into our feasibility and pricing.”

<img alt="Manly" data-entity-type="file" data-entity-uuid="ad03000f-19f9-48b4-b27d-e85ca800a1da" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-30%20at%208.41.59%E2%80%AFAM.png?VersionId=a.txHwCZgbCInlQ6QXbIrI.umvW1T.r8" />

The design of the building incorporates a wave-like indentation running through the façade, referencing the nearby coastline and anchoring the building within its local context.

The&nbsp;Design Verification Statement says careful consideration has been given to the articulation of the building, ensuring the bulk is broken down to a more human scale through a defined four-storey podium."

The scheme includes a mix of one-, two- and three-bedroom apartments, as well as a full-time building manager's office and wellness facilities including a sauna and a gym.

“The design ensures a high level of amenity, with apartments offering generous private open space, many with expansive views, and all with comfortable proportions."

<img alt="Bennelong" data-entity-type="file" data-entity-uuid="6a7f2812-72a1-4959-84b0-997e8cd88aed" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-30%20at%2010.15.50%E2%80%AFAM.png?VersionId=6iMxU3MkXmHVHAoNhYBjnqgka8CUZNbk" />

<a href="https://www.apartments.com.au/developers/lindsay-bennelong-developments">Lindsay Bennelong</a>&nbsp;is currently developing Finn Manly, just four full-floor luxury apartments on North Steyne. They recently welcomed residents to its 81-unit Delano Crows Nest development, a&nbsp;carefully scaled infill project designed to bridge&nbsp;<a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a>’s lively village centre with its surrounding heritage streets.

Designed by&nbsp;<a href="https://www.apartments.com.au/architects/ajc-architects">AJC Architects</a>,&nbsp;<a href="https://www.apartments.com.au/new-apartments/delano-crows-nest-27-57-falcon-street-crows-nest-nsw-2065">Delano</a>&nbsp;is arranged across three low-rise buildings, incorporating a mix of one, two, and three-bedroom apartments alongside a limited number of townhomes addressing Hayberry Lane. The architectural approach drew on the area’s Art Deco lineage, reinterpreted through contemporary detailing and framed by landscaped communal gardens.

The developer also has a development site in Maroubra.

First look: Lindsay Bennelong's new Manly apartment development revealed

Fifty-nine residences across 37 levels. No more than two per floor. With 80 per cent now sold, what remains at <a href="https://www.apartments.com.au/new-apartments/madeline-by-mosaic-broadbeach-22-mary-avenue-broadbeach-qld-4218">Madeline by Mosaic</a> is a short list.

Madeline was always conceived at a scale that sits outside the normal register of Gold Coast apartment living. The residences are half- and full-floor configurations, with the largest spanning more than 400 sqm, dimensions that place them closer to the penthouse end of the market regardless of where they sit in the building.

That scale is the organising principle of everything else: how the floorplans are laid out, how the materials read, how the connection between inside and outside works.

[smartcode_project:default project_id=150135 project_image_fid=355941]

The interiors were developed in collaboration with <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser &amp; Partners</a>, the architecture practice&nbsp;<a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic</a> brought in as design partner for the first time on this project. The palette runs to natural stone, textured timbers, and soft metallics, materials chosen as much for their tactile quality as their appearance.

Light cleverly shifts across surfaces through the day, and the design is explicit about wanting that to be noticed. Full-height glazing runs across the primary living areas, and where the building faces east toward the ocean, those walls of glass are doing real work: framing a view corridor that the site's position directly opposite Broadbeach State School's playing fields keeps permanently open.

That outlook is the site's most consequential asset. In a suburb where new towers continue to rise, a protected view line is genuinely rare, and the Mary Avenue address secures it. Residents at Madeline will look out over open parkland rather than the rear of another building, a distinction that becomes more meaningful with each new development approved nearby.

[smartcode_project:default project_id=150135 project_image_fid=355939]

The private outdoor spaces are sized to match the residences themselves. Terraces on the upper levels frame uninterrupted ocean panoramas, and the planning ensures that living areas extend into those outdoor zones rather than treating them as separate attachments. The flow between the two is part of the design intent, not an afterthought.

Inside, the finish specification reflects the same approach. Rich stone benchtops, warm timber joinery, bespoke hardware, each element specified to hold up over time rather than read as a moment in a particular trend cycle.

[smartcode_project:default project_id=150135 project_image_fid=3409]

Beyond the residences, the amenity offering extends that register. A lap pool and sun deck anchor the outdoor space, alongside a magnesium pool, cold plunge, steam room, and sauna.

A commercial-grade gymnasium, residents' lounge, library, and boardroom round out a programme that functions more like a private members club than a standard building amenity floor.

Construction has commenced under Mosaic's in-house building arm, with completion scheduled for late 2028.

[smartcode_project_cta:default project_id=150135]

Madeline by Mosaic delivers penthouse-level living across every apartment

Developer Fortezza Group is the latest to take its new apartment development, <a href="https://www.apartments.com.au/new-apartments/the-belvedere-5-7-church-street-nelson-bay-nsw-2315">The Belvedere in Nelson Bay</a>, to the NSW Government.

Fortezza, predominantly a South East Queensland developer, is the latest to apply for State Significant Development&nbsp; status through the NSW Government's Housing Delivery Authority, a pathway becoming favoured by developers to speed up the approval process.

They are planning 57 two- and three-bedroom apartments across 5-7 Church Street and 42 Donald Street, near d'Albora Nelson Bay Marina. The diverse apartment mix has sizes from just over 80 sqm to the largest three-bedroom penthouses that reach nearly 200 sqm.

<img alt="Fortezza" data-entity-type="file" data-entity-uuid="090360e1-66d7-43ad-b686-aba81f173bf2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-29%20at%2010.22.40%E2%80%AFAM.png?VersionId=DMqF96eBZolqSAAAcugX0l66ueWng66m" />

Fortezza calls the project a "piece of Istria in Nelson Bay,"&nbsp;referring to the largest peninsula in the Adriatic Sea, shared by Croatia (90%), Slovenia, and Italy, which is known for its Roman history, Venetian-style coastal towns and inland hilltop villages.

They say the The Belvedere is strategically positioned at the apex of Nelson Bay, offering unrivalled views of the ocean, the bay and captivating topography of the area.

"Our commitment to maintaining the integrity of every view and sight line has been relentless," Fortezza Group says.

"Through extensive modelling and analysis, we ensure that each apartment enjoys the natural beauty of Nelson Bay, regardless of future developments. Each design element is carefully curated to harmonise with our European heritage, drawing profound inspiration from the Roman architectural marvels in Istria. The arches, the cascades of greenery and the stonework that define our project pay homage to the structures that once exemplified Roman grandeur."

Residents will have access to a pool, communal green spaces, an office and a coffee shop.

Paul Easton

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