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The weekend of June 1 saw the start of winter auctions for 2013.
A running joke in the industry is that if you’re a buyer intending to bid on a weekend auction - pray that it rains!
We at Secret Agent wanted to ask ourselves a very simple question. Could rain affect auction prices?
Would it have a detrimental effect on property pricing?
Our initial thoughts were that it wouldn’t impact results. If a buyer was set to bid on a property, the weather wouldn’t impact the way a serious purchaser would peruse it.
However, we started following some interesting research on the correlation of stock market performance and the weather, and this started our quest to establish if in fact the Melbourne property market was influenced by the weather.
The research mentioned was prepared by the University of Berkeley, and compared the DowJones Industrials and weather patterns from 1948 - 2010.
The market recorded an average reduction of 2.8% on cloudy days over that time period (62 years of data).
We looked at the winter months when an auction occurred on a wet day (i.e. more than 4mm of rain) and there was an average price difference of of 5% less as opposed to auctions that took place on a dry day with less than 4mm of rain.
This finding was compiled with 2012 Melbourne sales results that occurred on a Saturday (i.e. at auction) between June and August 2012.
<ul>
<li>Average auction result with less than 4mm of rain, $1,003,300</li>
<li>Average auction result with 4mm or more of rain, $956,800</li>
</ul>
The lower 5% difference could be expected for property owners auctioning on a rainy day!
The one saving grace to this situation is that some correlations over the past decade show that prices on a whole are stronger in winter than those at other points in the year.
The reason for this is the scarcity of stock in winter. A vendor could be wise to sell in winter, but only on a dry day!
Paul Osborne is managing director of buyers' advocate <a href="https://secretagent.com.au/" target="_blank">Secret Agent</a>.
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Wet winter days can impact auction results: Paul Osborne

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Melbourne buyers' agent Paul Osborne of Secret Agent has looked at some of Melbourne's top inner suburbs to get an indicative price per square metre. 
The monthly focuses on houses in Melbourne's inner-city suburbs within a six-kilometre radius of the Melbourne GPO, addressing 26 suburbs.
"Our square metre-rate comparison is the first of its kind for the inner-city suburbs of Melbourne," he says.
"As expected for the period July to September 2012, East Melbourne was the most expensive of the 26 suburbs reviewed, with a median price of $12,676 per square metre of land.
"The most economical inner city suburbs were Brunswick at $2,546 and Brunswick East at $2,514.
"The median price per square metre in the premium suburb of Hawthorn at $3,281 demonstrates the traction that the inner city suburbs have in the property market," he says.
 
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At $2,514 per square metre Brunswick East has cheapest house prices in inner Melbourne: Paul Osborne

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We get the odd frustration from having an auction operate under a different formula from the standard schedule 1 auction (explained below).
A few weeks ago, we were bidding on behalf of a client for the property 74 Falconer Street North Fitzroy (pictured below). Half an hour before the auction, we were made aware that one of the owners of the property were intending to bid at their own auction. The sale situation was a deceased estate.
<img src="/images/stories/2012/09/falconher.jpg">
A number of siblings were the beneficiaries, and one sibling wanted to buy the property from the other siblings. They used an open market strategy, and we ended up being outbid by that sibling at the auction.
It was a disappointing situation. We felt that the entire campaign should have this mentioned in its marketing material rather than being made aware just 30 minutes prior to the auction.
As a guide to these confusing situations, we’ve included below the different types of auctions so buyers can be best informed about these and what they mean.
By law, the estate agent must display the auction rules 30 mins prior to auction. The auction can either be schedule 1, 2, 3, 4 or a schedule 1 with an alternative.
Here is the breakdown:
Schedule 1:
The most common auction in Victoria. A schedule 1 auction allows the agent to place a bid on behalf of the vendor, however no co-owner bidding to take place.
The alternative to schedule 1 is exactly the same listed above with no vendor bidding at all. This is the purest auction possible. However, most auctions will not use this.
Schedule 2:
Where two co-owners own the property, one co-owner may bid for the property, plus the auctioneer may also take a vendor bid on behalf of the owners.
Schedule 3:
The property has two owners or more, and some (but not all) co-owners may bid for the property. The auctioneer may also take vendor bids.
Schedule 4:
Two or more co-owners own the property. All co-owners may bid on the property, however vendor bids cannot be taken by the auctioneer.
This can be a marriage situation were both husband and wife are bidding for their own property together with the open market!
A good tip for property buyers is to always look at the rules of the auction before you intend to bid. Even take a photo with your smartphone to ensure that the auction you are bidding on is a pure auction. Owners bidding on their own property can distort the price paid to unrealistic levels, and you don’t want to be left buying a property at a figure that isn’t market driven.
Paul Osborne is the founder of Melbourne buyers' agency <a target="_blank" href="https://secretagent.com.au/">Secret Agent</a>.
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Make sure you understand the type of auction you are attending

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The decade of 2000 to 2010 was a special one. With the exception of 2008, property prices went in one direction – up!
Melbourne clearance rates highlight the occurrence. 
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<a rel="shadowbox" href="/images/stories/2012/08/osborne.jpg" title="Click to enlarge"><img src="/images/stories/2012/08/osbornethumb.jpg"></a>
Source: <a target="_blank" href="https://www.reiv.com.au/">REIV</a>
According to The Economist, Australian house prices are still 36% overvalued.
Melbourne has been Australia’s most dominant city over the past decade. Over the past few years (2011-12), the Melbourne market has started to experience the hangover effects from the 2008 GFC government stimulus that artificially boosted auction clearance rates and helped propel the exuberance.
Sections of the market around the inner-city pockets are still showing resistance to the changing market conditions.
There are numerous examples of those sales that haven’t fared well in the current market. These are the places that have been sold twice within the past five years or have at least attempted to do so.
It's a list of properties that haven't been so lucky:
<img src="/images/stories/2012/08/osborne12.jpg">
43 Summerhill Avenue, Glen Iris
Then: May 15, 2010, sold for $1,491,000
Now: Back on market at $1,299,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne11.jpg">
217 Rossmoyne Street, Thornbury
Then: May 1, 2010, sold for $920,000
Now: August 18, 2012, passed in at $790,000
Asking price $849,000 
 
<hr>
 
<img src="/images/stories/2012/08/osborne6.jpg">
27 Collett Street, Kensington
Then: February 9, 2008, sold for $580,000
Now: July 21, 2012, sold for $547,500
 
<hr class="system-pagebreak">
 
<img src="/images/stories/2012/08/osborne7.jpg">
60A May Street, Fitzroy North
Then: October 30, 2010, sold for $1,440,000
Now: June 2, 2012, sold for $1,432,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne4.jpg">
8 Bayview Street, Prahran
Then: June 18, 2010, sold for $1,020,000
Now: March 31, 2012, sold for $960,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne5.jpg">
15 Collett Street, Kensington
Then: November 6, 2010, sold for $627,000
Now: March 13, 2012, sold for $589,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne3.jpg">
10 Quantock Street, Canterbury
Then: September 17, 2010, sold for $2.1 million
Now: October 18, 2011, sold for $1.83 million
 
<hr>
 
<img src="/images/stories/2012/08/osborne10.jpg">
319 Richardson Street, Princes Hill
Then: November 14, 2009, sold for $1,045,000
Subsequent: September 18, 2009, sold for $1,033,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne8.jpg">
47/1 Queensberry Street, Carlton 
Then: December 21, 2007, sold for $953,000
Subsequent: August 12, 2009, sold for $840,000
 
<hr>
 
<img src="/images/stories/2012/08/osborne9.jpg">
462 Canning Street, Carlton North
Then: August 18,2007, sold for $1,175,000
Subsequent:  July 24, 2009, sold for $1,100,000
Paul Osborne is the founder of Melbourne buyers' agency <a target="_blank" href="https://secretagent.com.au/">Secret Agent</a>.
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Nine Melbourne homes feeling the hangover effects from the 2008 GFC government stimulus: Paul Osborne 

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Talk often centres around Melbourne being an expensive city, and it is – make no mistake about it.
But how does Melbourne compare internationally?
We’ve analysed a number of Melbourne’s top suburbs to get an indicative price per square metre rate for property, and compared them to the world leaders across the globe.
For starters we’ve sourced the most expensive cities across the world to see how they compare. The top 10:
<ol>
<li>Monaco: $58,000 per square metre. This is world’s most expensive place. It helps when you don’t have to pay taxes!</li>
<li>London: $48,000 per sqm</li>
<li>Hong Kong: $45,000 per sqm (Houses only)</li>
<li>Geneva: $33,000 per sqm</li>
<li>Hong Kong: $27,000 per sqm(Apartments only)</li>
<li>Paris: $25,000 per sqm</li>
<li>Singapore: $24,000 per sqm</li>
<li>Moscow: $23,000 per sqm</li>
<li>Zurich: $23,000 per sqm</li>
<li>New York $21,500 per sqm (Apartments only)</li>
</ol>
(Data compiled for last quarter 2011)
We’ve used the average square metre price in Melbourne as our comparison point. We’ve also compared the most recent quarter prices and benchmarked them to houses only, so apartments have been excluded from the data.
So how do we compare for different suburbs? Here is an interesting selection:
• East Melbourne: $11,133 per sqm Melbourne’s highest-priced inner-city suburb, East Melbourne takes the cake.
• Carlton: $9,409 per sqm
• Fitzroy: $6,888 per sqm
• Brunswick: $3,380 per sqm (With 48 sales recorded, this was the largest data set collected for a suburb)
• Abbotsford: $6,785 per sqm
• Hawthorn: $3,443 per sqm (Suprising result)
• Albert Park: $8,181 per sqm
• North Melbourne: $7,230 per sqm
• West Melbourne: $4,986 per sqm
• Yarraville: $2,229 per sqm
• South Melbourne: $7,652 per sqm
Surprising outcomes were the low per square metre rate attributed to Hawthorn. Brunswick was the most accurate data example thanks to a pool of 48 transactions. The inner west showed the most favourable square metre rate, with Yarraville at just over $2,000 per square metre. West Melbourne was the most affordable suburb on the doorstep of the city.
Interesting takeaways are:
<ul>
<li>London is 21.5 times more expensive than Yarraville</li>
<li>Hong Kong is four times more expensive than East Melbourne</li>
<li>Monaco is 16 times more expensive than Hawthorn (When it comes to price per square metre of real estate)</li>
</ul>
Melbourne is an expensive city. However compared to world standards, Melbourne is still far behind the big cities (or tax havens) when it comes to price per square metre of land.
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Paul Osborne is the founder of Melbourne buyers' agency <a href="https://secretagent.com.au/" target="_blank">Secret Agent</a>.
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Yarraville, Hawthorn, even East Melbourne lag behind the world's big cities for residential property prices: Paul Osborne

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Meelbourne's top end has more big sales “off market” than on market at present.
The latest market conditions have created nervousness for many owners, and they’ve become a lot more cautious about adopting a full blown marketing campaign.
So the number of “off-market” sales is increasing rapidly, especially in the price range of $2.5 million and above.
We’ve now noticed that in the inner city for example, more sales are being made through “off-market” channels than advertised ones at present.
This creates a whole new world of discreet sales, handshake deals and confidentially agreements.
So what are the benefits of “off-market” transactions for buyers and sellers?
• Privacy kept in tact
• Home only open to the most qualified of buyers
• Buyers can negotiate free of any public street theatre
• Terms of agreement can be much more creative
• Prices kept confidential
• No large marketing commitments
Paul Osborne is the founder of Melbourne buyers' agency <a href="https://secretagent.com.au/" target="_blank">Secret Agent</a>.
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Melbourne top-end sales increasingly carried out off market

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The width of a terrace can make for huge variations in sale prices achieved.
The common terrace sits with a frontage of 4.5 metres to 5.1 metres. Suburbs such as Carlton, North Melbourne and South Melbourne are cramped with terraces of this size.
As the convergence of inner-city living continues to accelerate, many buyers are faced with the prospect of buying a single-fronted terrace, as the premium paid for double-fronted homes is often just too great.
We are noticing the slightly larger terrace, with a common frontage of between 5.5 metres to 6.5 metres is a hotly contested accommodation bracket.
The differences in prices paid is not a value for the extra land being purchased, but for the privilege of being able to find that type of property in the first place.
Price per square metre can increase by up to $750 per square metre for land that allows for that extra width. The homes sitting on these wider blocks also generally have a grander feel to them and strong bones for going up and out with renovations.
Carlton North
(Both properties need work, and the position is an excellent comparison.)
<img src="/images/stories/2012/05/cnorth1.jpg">
 
<img src="/images/stories/2012/05/cnorth2.jpg">
 
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<img src="/images/stories/2012/05/fnorth1.jpg">
<img src="/images/stories/2012/05/fnorth2.jpg">
 
 
 
 
 
Paul Osborne is the founder of Melbourne buyers' agency <a target="_blank" href="https://secretagent.com.au/">Secret Agent</a>.
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How inner-city terrace width makes a world of difference

Builder-developer Urban Property Group (UPG) is continuing to expand into new markets. UPG is heading to the Hills District, where it is planning a 40-storey mixed use building near Castle Hill Metro Station.

They've gone down the favoured developer route of a State Significant Development Application, which should see developments approved within the space of nine months.

The tower will comprise 371 apartments, 42 of which will be affordable housing, above a ground-floor retail precinct at 16-20 Old Castle Hill Road, on the corner of Garthowen Crescent and within walking distance of Castle Hill Metro Station, an area identified for higher density under both local and state strategic planning frameworks.

Designed by <a href="https://www.apartments.com.au/architects/studiosc">Studio SC</a>, the tower would rise from a brick podium base, accommodating one retail tenancy and communal open space, before transitioning to a slender glazed residential form above. Six basement levels are proposed beneath the building to house parking and services.

<img alt="First Look: Urban Property unveils 40-storey mixed-use tower in Castle Hill with 371 homes and affordable housing component" data-entity-type="file" data-entity-uuid="08dc82f9-b826-4e18-8c60-4c90f7472317" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%20G%20%28b%29%20-%20Ground%20level%20render.jpg?VersionId=EOv1ly45k_Bc1F73C0hdwXSG4FVSTETt" />

“Castle Hill is undergoing a significant transformation, evolving from a traditionally low-rise suburban centre into a true metropolitan destination anchored by the Sydney Metro Northwest," the Architectural Design Report prepared by Studio SC noted.

The majority of apartments (194) will be two-bedrooms. 90 one-bedroom apartments are planned, 83 three-beds, and four four-bedroom apartments.

Studio SC’s design adopts a podium-and-tower composition, with warm-toned masonry at the lower levels intended to anchor the building within its streetscape context.

"At the podium, the architecture is anchored through solid brickwork in warm, earthy tones, reflecting the local sandstone formations and the natural colour palette of the surrounding hills," Studio SC added.

Above, the tower transitions to a lighter glass expression, articulated with fins and tonal variation to reduce visual bulk and respond to changing light conditions.

<img alt="First Look: Urban Property unveils 40-storey mixed-use tower in Castle Hill with 371 homes and affordable housing component" data-entity-type="file" data-entity-uuid="f13cb2ee-ebfc-4204-9aba-e2dbd9e5d4bd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%20G%20%28a%29%20-%20Pool%20view.jpg?VersionId=Dnpusa.b5d6Nkx2clPlzWosDdh_1QW2V" />

Urban Property Group is one of Sydney's most active developers. They have projects currently under construction in Little Bay, Penrith, and Macquarie Park, with future projects earmarked for Wollongong.

Castle Hill has been one of the most popular suburbs for development across Sydney in the last five years, as developers scramble for land around the newly extended Sydney Metro.&nbsp;

Kassis Homes kicked it all off with Grand Reve, along with Deicorp who has delivered over 1,000 apartments in the area and continues to develop. The likes of Dubai-backed developer Arada will take to market their project in the coming months, while Masscon has just launched Avenue on Cadman Crescent.

Joel Robinson

First Look: Urban Property Group unveils 40-storey mixed-use tower in Castle Hill

One of the Gold Coast’s ‘bridesmaid suburbs’ is experiencing a wave of local suitors, with the latest sales figures from <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> revealing over two thirds of buyers will be relocating from within a 5km average radius of the 16-hectare masterplan.&nbsp;

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the figures underlined a powerful shift for Biggera Waters that would reshape it into a thriving force behind the region’s growth corridor.&nbsp;

“We’ve seen a huge wave of interest from residents of Arundel, Paradise Point and Runaway Bay who recognise the urban transformation that is well underway here and want to be part of it,” Long said.&nbsp;

“Interestingly, 25 per cent of our Gold Coast buyers are also coming from the city’s southern hotspots, including Burleigh and Palm Beach.&nbsp;

“<a href="https://www.apartments.com.au/developments/biggera-waters-qld-4216">Biggera Waters</a>, and Harbour Shores in particular, has all the advantages of waterfront living with the benefits of resort-style amenity, for greater value than the southern beachfront suburbs.”&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=290031]

Long said half of the purchasers at Harbour Shores were under the age of 55.&nbsp;

“When locals choose to stay local, it creates a genuine community, turning the most sustainable master planned community in the Gold Coast’s history into a diverse and vibrant ‘village of villages’.”&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=336743]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> Gold Coast Sales Director David Higgins said the hyper-local market demand was unique to Harbour Shores when compared to other projects in the region.&nbsp;

“We are seeing as much as 60 per cent of new apartment sales on other projects go to interstate or international buyers, but Harbour Shores is bucking this trend and attracting a larger proportion of the local market,” Higgins said.&nbsp;

“Only 13 per cent of Harbour Shores’ existing purchasers are interstate. There has been a resounding endorsement from local buyers and that validates the project’s vision and investment in design, lifestyle and liveability.”&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=4579]

Harbour Shores is 16ha visionary masterplan dedicated to wellness and an active, healthy lifestyle. Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, Harbour Shores embeds extensive green connections and more than 2.5km in pedestrian networks – including a 1.2km boardwalk along the water’s edge.

Harbour Shores was recently recognised by the BETTER FUTURE World Design Awards 2026 as a silver winner in the category of environmental sustainability. Boasting a 6 Star Green Star Communities V1.1 rating, Harbour Shores will deliver more than 2,000 homes over the next ten years.&nbsp;

The first stage will deliver three residential collections including luxury three and four-bedroom waterfront villas at The Residences, as well as apartments in The Waterline and Palm House, surrounded by resort-style amenities.&nbsp;

[smartcode_project_cta:default project_id=113271]

Biggera Waters no longer a 'bridesmaid suburb' as Gold Coast locals jump to Harbour Shores

Developer <a href="https://www.apartments.com.au/developers/ellipse-property-group">Ellipse Property</a> has officially launched Lily Lane, the second stage of its Carrington Place masterplan in Sydney’s North-West. The new stage will deliver over 200 apartments to the sought-after Hills District, supported by new retail and resident amenity.&nbsp;

Located near the Hills Showground Metro Station at 32 Carrington Road, Castle Hill, <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> has launched with the release of 105 apartments.

Designed by award-winning architects <a href="https://www.apartments.com.au/architects/ptw">PTW</a>, Lily Lane comprises a combined total of 213 units over two 12-storey towers anchored by a ground-floor retail offering. A range of floorplan configurations are available including 67 one-bedroom, 100 two-bedroom and 46 three-bedroom apartments.

One-bedroom apartments are sized from 50-72 sqm with prices starting at $720,000, while two-bedrooms are priced from $960,000 with sizes ranging from 75 to 132 sqm. The three-bedroom floorplans are sized between 97 and 182 sqm, with prices starting at $1,350,000.&nbsp;

Six exclusive penthouses crown the Lily Lane towers, offering opulent interiors of up to 285 sqm. They are priced from $2.9 million.

[smartcode_project:default project_id=151821 project_image_fid=360285]

Blake Schulze, National Director – Residential at <a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a>, says Lily Lane builds on the sell-out success of Carrington Place’s first stage, Atrium.&nbsp;

“Lily Lane offers everything north-west buyers are seeking - including spacious, flexible floorplans with premium finishes and sweeping views of the Hills District to the north," Schulze said.

"Its central location brings residents even closer to Hills Showground Metro Station, with retail, dining, recreation and essential services at their fingertips.

Schulze says early enquiries reflect pent-up demand for Lily Lane’s three-bedroom and penthouse apartments, reinforcing the appetite for house-sized units in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>,&nbsp;especially among downsizers.

Lily Lane has sought to incorporate features that are more&nbsp;traditional in freestanding homes. Over 75 per cent of residences include dedicated studies, multipurpose rooms or family rooms, with select layouts offering walk-in pantries and laundries.

Buyers have two interior colour schemes to choose from. ‘Breeze’ is a light-toned palette with warm timber accents, and ‘Dawn’ is a cooler mid-toned colourway.&nbsp;

[smartcode_project:default project_id=151821 project_image_fid=360572]

Apartments also feature premium Miele appliances, including ovens, washing machines, dryers, gas cooktops and dishwashers. Larger homes offer integrated Miele microwaves, Fisher &amp; Paykel integrated refrigerators and five-burner Miele cooktops.

Lily Lane’s ‘village-style’ architectural design is designed to maximise walkability and access to green space. Its two elegant towers are separated by a central landscaped laneway lined with lily plants, giving the project its name.&nbsp;

The towers will be crowned by rooftop terraces with BBQ areas offering views of the Hills District. Residents can also access a shared community room, complete with a fully equipped kitchen.

“As the gateway to the wider Carrington Place masterplan, this new stage delivers a premium experience,"&nbsp;said Puja Khanna, Associate Director – Design, Marketing and Sales at Ellipse Property.

"It features beautifully curated landscaping, refined interiors and architecture designed to maximise space, light and views. With a supermarket and essential services just minutes away, the addition of Lily Lane’s ground-floor retail will elevate everyday convenience and deliver a vibrant precinct for residents.”

[smartcode_project:default project_id=151821 project_image_fid=360286]

Lily Lane will be constructed by award-winning iCIRT-rated builder Decode Group, 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. Completion of the masterplan is expected in 2032. Integrated with neighbouring bushland, the project will feature over 20,000 square metres of outdoor recreational area, including a one-kilometre boardwalk to the nearby 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 launches Lily Lane, stage two of Carrington Place

<a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a>, a Sydney-based global property development and investment firm, is set to transform a 1.4-hectare site in Five Dock into a $1.5 billion mixed-use precinct.

The integrated precinct is planned to include 750 apartments across five residential towers, a 150-key hotel, around 10,000 sqm of retail and lifestyle space, as well as health and wellness facilities, extensive landscaped open space, and community amenities.

Planning approval submission is targeted for June 2026.

One Global Capital Founder Iwan Sunito told Apartments.com.au that the Five Dock site, which he has owned for over two decades, is one of the best he's ever had.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito says.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

<img alt="Urban renewal in Five Dock via mixed-use precinct" data-entity-type="file" data-entity-uuid="76667592-c421-49f5-9ab8-45cfec815651" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Five%20Dock%201.png?VersionId=puhL_lSxd5IB5VA9fQKPsKHgmkinuwuI" />

Sunito said he wants to create a "city within a city", designing a multi-cultural precinct with the convenience of retail and public space at the forefront.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community."

He adds that the Five Dock is emerging into a "really solid suburb", with the growth in&nbsp;the area continuing to be supported by rising residential values across the Canada Bay and Leichhardt local government areas, driven by major infrastructure investment and enhanced transport connectivity.&nbsp;

The new precinct will benefit from close proximity to a key transport network, including the Five Dock Metro Station, located approximately 1.1 kilometres from the site. The new Burwood Metro stop will be just 800m.

The project marks a renewed collaboration between Sunito and internationally acclaimed architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, the creative partnership behind some of Sydney’s most recognisable residential landmarks, &nbsp;including Infinity, Arc, and Skye North Sydney.&nbsp;

<img alt="Urban renewal in Five Dock via mixed-use precinct" data-entity-type="file" data-entity-uuid="a9184a45-f429-4628-87ce-9bd6c70cb597" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Five%20Dock%202.png?VersionId=zJZRfLAZCkpww5VcmR_wgRXjoaSgPSyv" />

“The concept for this development is born from our design approach to naturalising architecture," Koichi Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised &nbsp;for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

A key feature of the mixed-use development will be a lifestyle retail precinct, offering shopping and dining &nbsp;experiences - including a proposed state-of-the-art car showroom - as well as communal spaces for community &nbsp;use. Veteran retail and commercial property practitioner, Simon McTigue, has been engaged to consult on the &nbsp;delivery and leasing of the retail precinct, having previously worked on notable mixed-use projects such as East &nbsp;Village Shopping Centre in Zetland and South Village Shopping Centre Kirrawee, as well as other projects with &nbsp;Iwan Sunito in Green Square and Parramatta, to name a few.&nbsp;

“The Five Dock site offers a unique opportunity for retailers, conveniently located within easy walking distance &nbsp;of the metro station. On completion, the integrated precinct will provide the community with a new Inner West &nbsp;town centre, offering daily convenience via a proposed large format supermarket and fresh food precinct, as well &nbsp;as a restaurant and café district situated alongside key services such as a medical and health centre. It will be a &nbsp;place to live, work and play,” said Simon McTigue, Director of Wallaringa Consulting.&nbsp;

Samuel Sunito, Director of Capital at One Global Capital, confirmed strong inbound interest from both domestic and global investors seeking co-investment opportunities in the project. “We are currently engaging with &nbsp;investors both locally but also globally from Indonesia, the United States, China, Singapore, Vietnam, and Dubai &nbsp;to ensure alignment of vision and long-term value creation,” he said.&nbsp;

Investment participation will remain open until approximately Q2 2026, with equity allocations managed selectively.&nbsp;

“Equity available to the broader market will be limited, with priority given to long-standing capital partners. In terms of One Global Capital’s investment philosophy, we will continue to retain majority ownership, ensuring &nbsp;strong alignment of interests and preserving the long-term integrity of the project for all stakeholders,” Samuel &nbsp;said.

"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock

Holiday home buyers who have long gravitated to Queenstown’s alpine setting are increasingly looking for low-maintenance apartments that allow them to lock up and leave, while still generating income when they’re away.

For Wendy, who had spent years visiting the Queenstown and Arrowtown region, <a href="https://www.apartments.com.au/developers/safari-group">Safari Group</a>’s Mountain Oak Apartments provided the opportunity to formalise what had previously been a recurring holiday pattern.

“We always had Queenstown in the back of our minds to buy something there as a holiday home,” she says. “We love the Queenstown and Arrowtown area.”

<img alt="From slopes to markets: Mountain Oak connects residents to the best of Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/658d4f_48c3ec1ae5df4a2cab7d23c07c7f51b3~mv2.jpg?VersionId=27K8oQ4ExDN8Yu70VHDa9Olq59XU36m3" />

Time spent visiting her sister-in-law, who owns in Arrowtown, along with regular stays at Millbrook Resort, had already shaped a strong personal connection to the region.&nbsp;

Rather than approaching the purchase purely as an investment play, Wendy’s starting point was lifestyle.

“We were more thinking about ourselves and where we could stay, and then the rental aspect was second.”

Mountain Oak Apartments, located within the masterplanned Remarkables Park precinct in Frankton, aligned with that thinking. The ability to secure the apartment with a deposit and settle on completion made the timing work.

“The fact that we could put a deposit down with the balance on completion was a bonus for us,” she explains.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Wendy selected a two-bedroom, two-bathroom penthouse, a configuration that supports both private use and guest flexibility.

“The two-bedroom, two-bathroom configuration appealed from both a rental viewpoint and for the ability to have friends stay while we are there,” she says.

Across the development, two-bedroom apartments range from 64sqm to 78sqm, with two-bedroom plus flexi options from 71sqm to 75sqm, each with an allocated car park. The flexi layouts introduce an additional space suited to work or hobbies, reflecting demand from buyers who split their time between leisure and remote work.

Apartments include underfloor heating in bathrooms, heat pumps to living areas, and joinery positioned to maximise natural light and mountain outlooks. The Remarkables Park precinct is known for its extended winter sunshine hours, water frontage and open views toward The Remarkables.&nbsp;

Units come in light and dark interior colour schemes.

<img alt="Mountain Oak Apartments draws holiday home buyers to Queenstown" data-entity-type="file" data-entity-uuid="fd685a22-3b95-43a1-87cb-48fdd42bb4ba" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/658d4f_f9f89107c2704ebbbe5a6b36da508cb3~mv2.jpg?VersionId=MigFIEm6b.mrANANwxSmwHvC4RdJUuyR" />

While lifestyle was the primary driver, the fundamentals of the Queenstown market added reassurance.&nbsp;

“Proximity to the airport and tourism being the main attraction all year round,” Wendy says, when asked what stood out from an investment perspective.

Mountain Oak sits just eight kilometres from Queenstown’s CBD and around a two-minute drive from Queenstown Airport.&nbsp;

For Wendy, that airport proximity carries practical value.

“The airport proximity is a bonus, we think that being so close will be an attraction for the convenience side.”

Residents are also a short drive from Coronet Peak, Jack’s Point Golf Course, New World Supermarket, Five Mile Shopping Centre, and the dining, medical, gym, cinema and library amenities within the town centre, as well as the seasonal Remarkables Market.

Importantly, the purchase does not lock owners into a single use. Mountain Oak offers the flexibility to opt for short-term visitor accommodation or longer-term residential rental management, with 365-day visitor accommodation consent in place. Owners can utilise Safari Group’s 24/7 on-site management service or appoint their own provider, and do not need to decide on a strategy immediately.

“It was a bonus that we can rent it out as well as use it for ourselves,” she says.

Additional buying options, including furniture packages and storage units available for purchase within the building, further support a lock-and-leave model suited to interstate and overseas owners.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Mountain Oak Apartments comprises 141 residences, ranging from one-bedroom configurations through to larger apartments and penthouses. One-bedroom apartments are currently priced from NZ$639,000, with three-bedroom options from NZ$1,299,000.

With 365-day visitor accommodation consent, the development is structured to respond to Queenstown’s established four-season tourism economy, spanning winter ski traffic and summer hiking, cycling, golf and lake-based activity.

Although Wendy acknowledges the strength of rental demand, her approach remains long term.

“We’re not planning to sell it anytime soon, so we are keen to hang on to it, but the passive income will be a bonus.”

Confidence in the developer also influenced her decision. Before proceeding, Wendy sought feedback within the local building community.

“We asked around and Safari Group had a good reputation,” she says.

Safari Group has delivered more than 2,000 hotel units and residential apartments across over 18 developments nationwide, with more than 25 years’ experience in the sector.

With completion anticipated by mid-2027, Mountain Oak is attracting a cross-section of buyers, from yield-focused investors to lifestyle purchasers seeking a foothold in one of New Zealand’s most tightly held alpine markets.

For Wendy, it represents both a future holiday base and a long-term asset within Queenstown’s year-round tourism economy.

Paul Osborne

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