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US bulk discount retailer Costco will open its newest store in Marsden Park in Sydney’s north-west on August 30.
The store is located within the 256 hectare Sydney Business Park precinct, and will be the bulk goods giant’s third Sydney outlet and ninth store nationwide, it said in a media release.
Spanning 13,575 sqm, the store includes a Costco fuel station, tyre centre, food court, optometrist, hearing aid services and fresh food production.
Property Observer had reported earlier that Costco that the retailer had secured a 59,830 square metre site at the business park.
The site is within the large format retail precinct at Sydney Business Park, in Marsden Park. 
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The business park spans 115,000 sqm in floor space, making it one of Australia’s biggest Large Format Retail Centres. 
Other retailers at the business park include ALDI, Baby &amp; Toddler Town, Beacon Lighting, Bunnings Warehouse, Carpet Call, Coles Express, Costco Wholesale, Forty Winks, Home Consortium Marsden Park, Home Hub Marsden Park, IKEA, JB Hi-Fi Home, Knotts Pine, Lindt Factory Outlet, Reece, Repco, Shell, Snooze, and The Good Guys.
Sydney Business Park project manager Owen Walsh said Costco joins a growing business and retail community in Marsden Park.
Sydney Business Park has secured nearly $600 million in investments to date, said the media release. 
“Costco Wholesale Australia is a welcome addition to Sydney Business Park, which is fast becoming a major shopping and warehouse distribution/ logistics destination for the region,” Walsh said.
It has an ongoing partnership with Marist 180 and Beacon Foundation to train and provide job placement opportunities and supporting local schools with businesses in the project.
“Our work with Marist 180 and the Beacon Foundation is starting to make an impact in the local community. The placement of almost 3,000 jobs, on our way to 30,000 jobs is really fast tracking the economic growth for the region,” Walsh added. 
“New retail has created new jobs and that has attracted people to relocate here to be closer to where they work or to find work. The next five years will see even more dramatic transformation with major commercial towers to be built as well as a major town centre. By 2025, the surrounding North West Growth Centre is expected to support 177,000 new residents and 61,900 new homes,” he said.
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Costco Wholesale Australia managing director Patrick Noone added that the Marsden Park store opening indicates the retailer’s growth in the Australian market.
“Since we launched in Australia a decade ago, the Costco brand continues to be a standout success thanks to consumers who love the products we stock as well as our unique business model, which provides outstanding value to our membership base.”
 
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Costco launches store in Sydney Business Park

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Investor home loans showed a monthly rise of 1.6 percent in June, while the proportion of first home buyers in terms of finance commitments also increased to 15 percent, latest data by the Australian Bureau of Statistics shows.
While the return of first home buyers is good news, APRA’s intervention to cool the heated property market isn’t biting as much going by the investor lending numbers, despite the March and June rate hikes by most banks.
<a href="https://www.propertyobserver.com.au/images/2017/08/09/ABSMain.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/09/ABSMain.png" alt=""> 
ABS data
According to ANZ research, highlights from the ABS data were:
<ul>
<li>The value of housing finance commitments (excluding owner occupier refinancing) rose 1.5% m/m in May, slowing annual growth to 7.1% y/y from 9% the previous month.</li>
<li>Investor finance segment bounced in June, with the value of investor housing up 1.6% m/m in June after falling in three of the four months prior. As a consequence of these previous declines the annual pace of growth in investor finance slowed to 5.7% in June from 8% y/y in May and down from double digit y/y growth in April.</li>
<li>The value of owner-occupier approvals (excluding refinancing) recorded the fifth consecutive monthly rise, up 1.4% m/m in June. Owner-occupier approvals (excluding refinancing) are 8.3% higher over 12 months, a slowdown from the 9.8% y/y growth recorded in May but still the second fastest annual growth since May 2016.</li>
<li>First home buyers came to the fore in June, rising 9.5% m/m to achieve annual growth of 8.5% - the highest since February 2014. Interestingly, this growth comes ahead of the new FHB schemes in NSW and VIC from 1 July.</li>
</ul>
It said the most “notable feature of the June housing finance data was the bounce in investor financing, up 1.6% m/m in value terms”. 
This was the biggest increase in investor financing since January and followed a period of reasonably steep monthly falls since then, it said. 
“However, so it’s too early to conclude it is the start of a material recovery in investor lending,” ANZ noted. 
The annual growth of investor financing slowed to 5.7% — its weakest pace since August 2016. 
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<img src="https://www.urban.com.au/images/2017/08/09/ANZFHB.png" alt="">
The shape rise in investor financing would be a disturbing development for the regulator and Reserve Bank of Australia, it said.
This was echoed by RateCity.com.au money editor Sally Tindall, who said the results show investors were still in the game.
“The APRA intervention initially took the steam out of the property market, but the latest figures confirm buyers are choosing to wear the rate hikes,” she said.
“APRA has been focused on deterring investor growth over two years now with limited success. If they’re serious about reducing the dominance of investors, APRA may have to introduce a bigger stick to fend them off.
Meanwhile, owner-occupied financing commitments (excluding owner occupier refinancing) rose a solid 1.4% m/m to be up 8.3% y/y. The ongoing growth in the value of housing finance for construction and new dwellings suggests there could be a recovery in building approvals coming after a period of weakness, added ANZ.
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 <img src="https://www.urban.com.au/images/2017/08/09/ANZFinance.png" alt="">
However, industry body Real Estate Institute of Australia (REIA) had a different take, stressing the return of first home buyers to the market.
“The proportion of first home buyers, as part of the total owner-occupied housing finance commitments, increased to 15 per cent and is the highest since February 2014,” REIA president Malcolm Gunning said.
“Overall the figures for June 2017 show, in trend terms that the number of owner-occupied finance commitments decreased by 0.2 per cent. If refinancing is excluded, in trend terms, the number of owner-occupied finance commitments increased by 0.3 per cent and is the tenth consecutive month of increases.”
In terms of trends, decreases were recorded in New South Wales, South Australia, Western Australia, Tasmania and the Northern Territory with South Australia having the largest decrease of 1.2 per cent. Increases were recorded in Queensland, Victoria and the Australian Capital Territory which had the largest increase of 1.0 per cent.
“In trend terms, the number of established dwellings purchase commitments decreased by 0.5 per cent while new dwelling construction increased by 1.9 per cent and the purchase of new dwellings increased by 1.3 per cent.
“The June figures show that the market is adjusting with owner occupiers and first home buyers returning to the market as investor activity decreases in response to the actions of the regulators and banks to limit bank lending to dampen investor demand for property,” Gunning said.
On the loan composition, RateCity’s Tindall said the percentage of fixed rate loans increased from 11.2 per cent last September to 17.5 per cent in June, the highest percentage of fixers since November 2013.
“This is a clear reaction to the out of cycle rate hikes from the banks as borrowers move to protect themselves from future increases,” she said.
“RateCity data shows that fixed rates bottomed out in November of last year, when 12.5 per cent of people fixed however it’s taken borrowers over half a year to realise the bottom of the market has passed.
“With the spring real estate market just around the corner and auction rates continuing to make modest improvements, it will be interesting to see whether it will be game on again for the spring property market,” she concluded. 
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First home buyers are back, but so are investors

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BrickX is set to diversify its portfolio of properties offered to investors with a recent acquisition in Adelaide. 
The fractional investing platform has previously concentrated on Sydney and Melbourne offerings.
They bought a two-bedroom house at <a href="https://www.realestate.com.au/sold/property-house-sa-st+peters-125331778" target="_blank">73 Third Avenue St Peters</a> for $825,100, according to Corelogic.
The house last changed hands for $775,000 in 2015, the data showed.
The stone-fronted villa has a curved roof verandah forming an outdoor pavilion and an alfresco living room.
The property was last advertised for rent at $540 per week. 
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In an email to its investors, BrickX said a diversified portfolio helps manage the trade-off between risk and reward. 
So far, BrickX had focussed on properties in Sydney and Melbourne only. It has bought 13 properties so far, with most in Sydney.
BrickX divides each property it acquires into 10,000 units it calls ‘Bricks’ and offers them to investors. 
It last bought a house in Sydney’s Balmain, offering the initial ‘brick’ at $140 each.
In its email to investors, BrickX said that Australian capital cities and even individual suburbs have their own unique property cycles. 
“Many different factors affect the performance of these individual markets so they don’t all behave in the same way, at the same time. Our launch into a third capital city provides our Members with the opportunity to diversify further.”
During the release of its six-monthly valuations in July, BrickX said the Annandale house rose in value by 7.4 per cent in the last six months, the most for any of its acquisitions. 
The Brickx buying team recently noted Adelaide's strong fundamentals with highest amount of Government project and infrastructure spend per person than any other capital city.
It also noted property was the most affordable it has been for 8 years and the housing market was building momentum.
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BrickX looks south to Adelaide for next property

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A site housing a half-a-century old meat company based in Sydney’s fringe suburb of Glebe has sold for for $23,580,000 to a local Chinese developer, AVP Developments Pty Ltd.
‘The Glenmore’, at <a href="https://www.colliers.com.au/news/2017/new-chapter-for-historic-glebe/" target="_blank">40-46 Wentworth Park Road</a>, currently houses the Glenmore Meat Company.
The Glenmore Meat Company became popular with Sydney-siders, with its origins dating back half a century to a small meat company based in Paddington’s Glenmore Road. It was founded in 1967.
The 2,034 sqm site was being marketed by Colliers International’s Ryan Bennetts and Guillaume Volz through an expressions of interest campaign that closed on May 24. It was expected to fetch around $20 million.
According to the selling agents, there were 26 bids and more than 250 enquiries and several bids exceeded the price expectations.
“The Glenmore was one of the most hotly contested development sites we’ve seen this year,” said Ryan Bennetts.
“Glebe is shaping up as one of Sydney’s most desirable residential markets given its proximity to the CBD, walking distance to Sydney’s leading universities and upcoming rejuvenation of White Bay and the Fish Market precinct.”
The suburb is well positioned to take advantage of the redevelopment of the Bays Precinct, which is expected to become a hub of enterprise, activity and beautiful spaces.
Bennetts added that the sale and interest in the site showed developer preference for owner-occupier style product with townhouses most likely for the site, particularly with a scarcity of the townhouse-style product amid many high-density projects in the area.
The sale follows the success of the Roxy-Pacific development West End Residences nearby, which sold 70 percent of the apartments on its first day of launch on April 1.
Located just 3 km south-west of the Sydney CBD, Glebe was traditionally regarded as a working class suburb on the city fringe, but over time has emerged as a hotspot for tertiary education, retail and community living.  
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Glenmore Meat Co site in Sydney's Glebe sells to Chinese buyer for over $23.5 million 

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Technology firms have become a key driver of Sydney CBD office demand, according to recent research by property firm Cushman &amp; Wakefield.
Macquarie Park, previously Sydney’s main tech hub, has been displaced by the CBD because of the growth in cloud computing, technological innovation in a range of service industries and a desire to attract and retain the best talent to offices which are strongly serviced by public transport and close to retail precincts, says Cushman &amp; Wakefield’s Tech and the city report.
In fact, tech is expected to take over from the finance and insurance sector as the key driver of CBD office demand in Sydney. Demand from tech companies for CBD space is expected to grow more than three times that of the finance and insurance sector over the next five years, it says. 
“Large tech firms taking up residence in Martin Place over the past few years has been a well told story for the Sydney CBD office market. However, rise of tech firms in the CBD has been much broader based with many smaller firms taking up space across the CBD,” it says.
Over the past few years Apple, Dropbox and LinkedIn have taken up office space in Martin Place, but the expansion of tech firms in the CBD has been much broader based. 
Cushman &amp; Wakefield Research identified around 40 leases signed by tech companies over the past 12 months across the CBD, in building grades ranging from Premium to C. Lease size varied considerably also with space requirements ranging from 100 sq m to over 17,000 sq m. 
<a href="https://www.propertyobserver.com.au/images/2017/07/31/Tech-main.jpg" target="_blank">Click to enlarge</a>
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The range of tech tenants that have taken up space highlights the diversity of the sector. While LinkedIn is known for social media, Amazon for e-commerce and Apple for products such as phones, tablets and computers, tech is extending its reach into a variety of service sectors. For example, tech tenants that have recently leased space in the CBD have areas of speciality including labour hire; education; travel; expense management; digital forensics; online security; trading and portfolio management. 
The largest overall lease, recently completed by Cushman &amp; Wakefield, is the +17,000 sq m Sydney Startup Hub at Wynyard Green which is expected to open its doors in Q4 2017. While not specifically a tech tenant, the Startup Hub is a NSW Government initiative to create a startup and innovation centre and most of the residents are likely to be tech orientated. 
Service sector and tech driving Sydney CBD office demand 
Office demand in the Sydney CBD has traditionally been driven by the ups and downs of financial markets. With around 30% of the CBD workforce employed in the Finance and Insurance sector, changes in CBD office demand have historically been correlated with share market performance. However, in recent years the relationship has broken down with relatively strong demand for office space despite soft share market performance. 
But while the finance sector accounts for a large part of the CBD workforce, an even larger percentage, about 40%, are employed in other service sectors such as Professional, Scientific and Technical Services, Admin and Support, Real Estate and Information Media and Telecommunications. These sectors are currently doing well, as indicated by the NAB Business Conditions Survey (Figure 2), which is near a 10 year high and is helping to drive relatively strong employment growth (Figure 3). 
<a href="https://www.propertyobserver.com.au/images/2017/07/31/Tech2.png" target="_blank">Click to enlarge</a>
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Why do tech tenants now favour the CBD? 
For many years, Sydney’s tech hub was Macquarie Park. This was driven by a range of factors such as a desire to create a Silicon Valley/Stamford University type research and innovation relationship with Macquarie University, campus style office accommodation and access to warehousing space for inventory. 
However, software applications are now usually supplied over the web rather than on disks and with people the major asset of tech firms, management are keen to establish a work environment to attract and retain the best talent. 
The Cushman &amp; Wakefield 2017 office leasing: Trends and Outlook survey noted that proximity to public transport and retail amenities were primary considerations for tenants. With many tech firms operating globally on a 24/7 basis, the CBD offers the best access to Sydney’s transport network and excellent retail amenities. 
<a href="https://www.propertyobserver.com.au/images/2017/07/31/Tech4.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/07/31/Tech4.png" alt="">
Future growth 
With technology being increasingly integrated into all aspects of our lives, employment growth and demand for office space associated with the tech sector is likely to continue to grow. 
Deloitte Access Economics has forecast that Sydney CBD employment growth in the two sectors primarily associated with technology, i.e. Professional, Scientific and Technical Services and Information Technology and Telecommunications, is forecast to average 2.5% pa over the next five years, compared to 0.8% pa for the Finance and Insurance sector (Figure 5).
<a href="https://www.propertyobserver.com.au/images/2017/07/31/Tech5.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/07/31/Tech5.png" alt="">
This equates approximately to an additional 12,000 ‘Tech Service’ jobs compared to about 3,750 finance roles or, at 8 sq m per person, a requirement for about 96,000 sq m of Tech Service space compared to 30,000 sq m finance space. However, it should be noted Finance and Insurance sector roles are increasingly tech related as the industry becomes more automated. 
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Tech companies to drive Sydney CBD office tenancy: Cushman & Wakefield

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A Chinese investor has snapped up a Melbourne CBD property, best known as the home of the Melbourne Theosophical Society, for an undisclosed sum though the selling agents from Savills said the yield was below 1 percent.
The 124-130 Russell Street building was fully leased, with short-term tenancies in place. It was expected to fetch around $20 million when it was listed in June.
The Society held the building for 45 years. MTS paid $180,000 for the property in 1972.
The recent transaction was through Nick Peden, Clinton Baxter and Benson Zhou of Savills. The transaction manager was David O’Callaghan of O’Callaghan Commercial. 
Peden said the property attracted strong investor and developer demand, with buyers flying in from interstate, China and South-East Asia to view the property. 
“Many local buyers were extremely keen to purchase this property, but they simply couldn’t match the fire-power of cashed-up private investors from Asia with the leading contenders in this instance being from Malaysia and China,” he said.
“We received intense interest in this asset from many potential buyers with the key attractions being the property’s super-prime position directly opposite the QT Hotel, its wide retail exposure, proximity to Melbourne’s retail core, and various opportunities to add-value once MTS relocates from the premises,” he said.
The property was sold following an expressions of interest campaign. 
Peden added that strategic east-end CBD properties are well positioned to profit from the apartment and population boom in central Melbourne, which will also lead to greater retail spending throughout the city in coming years.
The 1,654 square metre, five level, retail and office building sits on a 519 sqm site, zoned Capital City, with frontages to Russell Street and Melbourne Place.
It made a passing net income of nearly $159,566 per annum.
Baxter said pent-up demand for CBD properties in the $10-$30 million price bracket is quite pronounced with a tsunami of capital from Asia endeavouring to secure prime properties throughout the Melbourne commercial market.
 
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Melbourne Theosophical Society building bought by Chinese investor: Savills

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Amid the concerns around investing in property and shares, super funds as an asset class have in general delivered double-digit returns, according to two research groups.
Super funds delivered an average 10.7 per cent return for the year to June 30, 2017, marking the eighth consecutive year of positive growth, according to research group Chant West.
Even among the super funds, industry funds performed best, returning an average of 11.1 per cent. Meanwhile, for-profit retail super funds returned 9.7 per cent, meaning industry funds outperformed their competitors for all periods out to 15 years.
The funds were resilient even in the face of political and economic shocks such as  the election of Donald Trump as US President and Brexit.
"It's been a really interesting and, in many ways, surprising year because this strong result has been achieved against a backdrop of considerable uncertainty, both political and economic,” Chant West director Warren Chant said. 
“It just shows how markets – which represent the combined views of thousands of professional investors – are able to cut through the 'noise' and focus on the investment fundamentals.”
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<img src="https://www.urban.com.au/images/2017/07/20/ChantWest.png" alt="">
Rival researcher, SuperRatings, came up with similar results, with the average fund return for last financial year topping 10.4%. 
SuperRatings estimates that $140 billion has been added to super accounts in investment earnings for the year.
“At a time when inflation hovers below 2% per annum, Australian super funds continue to far exceed expectations, with accrued earnings of well over 100% since the end of the GFC. Over the last 5 years alone, funds have averaged 10% earnings every year, more than erasing the pain of the GFC and putting retirees in a significantly improved position than they could ever have hoped for,” said Jeff Bresnahan, SuperRatings chairman.
Industry fund Hostplus topped the list with a 13.2 per cent return, with even the worst-performing fund in the median-growth category delivering 7.4 per cent, according to Chant West.
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<img src="https://www.urban.com.au/images/2017/07/20/SuperRatings.png" alt=""> 
Funds in the median growth category have 61 per cent to 80 per cent allocation to growth assets and are usually the preferred ones. 
Funds that excelled this year tended to go against the investment trend, by having higher allocations to unlisted assets, which traditionally come at a significantly higher cost than the increasingly popular passive strategies, said SuperRatings in a media release. 
“This once again debunks the argument that low cost investment strategies are good for Australians. Low cost passive strategies will only guarantee chronic regular underperformance, which will impact retirement benefits for all Australians and undermine the superannuation system.”
The top 10 performing funds in 2016/17 covered more than 6 million Australians and all exceeded the SuperRatings’ Industry Benchmark of 10.4%, it said.
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<img src="https://www.urban.com.au/images/2017/07/20/SuperRatingsOverall.png" alt="">
The key points to note for the 2016/17 financial year, according to Chant West were.
<ul>
<li>Hedged international shares were the strongest performing asset sector, surging 18.9%. However, the appreciation of the Australian dollar pulled this return back to 14.7% in unhedged terms.</li>
<li>Australian shares performed strongly with a return of 13.8%.</li>
<li>After being the strongest performer in 2015/16, Australian listed property was the worst performing sector this year, falling 5.6%. Global listed property fared better, but still returned just 2.2%. Unlisted property, on the other hand, had another solid year, up 10.3%.</li>
<li>Infrastructure also performed well, with global listed infrastructure up 11.1% and unlisted infrastructure delivering returns in the low teens. Private equity also provided a healthy return of 11.3%.</li>
<li>The traditional defensive asset sectors yielded very low returns. Australian and international bonds barely made it into positive territory with returns of 0.2% and 0.5%, respectively, while the return from cash was just 1.8%.</li>
</ul>
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Super funds deliver double-digit returns for eighth year in a row

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South Australia’s economy got a $38 million economic boost from Airbnb in the 2016 financial year, with guests on the shared accommodation platform spending more than the average tourist, according to research from Deloitte Access Economics.
The report noted that 64,100 guests were booked in for 109,000 nights in Adelaide and regional towns across the state through Airbnb. The spurt to tourism supported more than 400 jobs in addition to the activities of hosts. 
Airbnb guests contributed $38 million to South Australia’s economy (Gross State Product) in the in 2015-16 financial year, according to the report titled Economic effects of Airbnb in Australia, South Australia. 
Survey data showed that its guests spend more than the average tourist, with Airbnb guests spending $237 per night on average, and general overnight visitors spending $146 per night.
The report noted that one of the drivers of Airbnb growth has been creating lower cost accommodation options.
“We estimate a cost saving of around $26 million in 2015-16 for guests staying in Sydney who might otherwise have stayed in traditional accommodation,” said the report’s authors.
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 <img src="https://www.urban.com.au/images/2017/07/17/AirbnbSA.png" alt="">
Hosts in the state earned a median income of $4390 for the 12-month period, it said.
And the platform seems to be ever popular, with the average star rating for Airbnb listings across South Australia being 4.7 out of 5.
And its popularity is not limited to cities. A recent survey released by the peer-to-peer accommodation platform showed that more than half of its bookings in Australia are now for stays in country towns or coastal ­resorts.
Since launching in 2012, Airbnb has facilitated over 1.3 million short stays in Australian cities and more than 150 million guests, including over 2.5 million Australian guests, are currently on the platform, it said.
The report said Airbnb can also assist the government in meeting another key objective of Tourism 2020 – increasing overnight spend to $140 billion by 2020. As at February 2017, tourism expenditure had tracked 38 per cent towards the upper bound Tourism 2020 goal.
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Airbnb injected $38 million into SA economy in 2015-16: Deloitte research

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Fractional property investing platform BrickX has updated the valuations for six of its properties in Sydney and Melbourne, with growth varying from 0 to 7.4 per cent.
The valuations were done by independent valuation firm Preston Rowe Paterson in June 2017.
BrickX, which buys properties and splits each one into 10,000 units or ‘Bricks’ which investors can then buy, has been on a buying spree in the last few months. It purchased six properties between April and June, five in Sydney and one in Melbourne.
In its year-end sale, the investing platform waived the transaction fees for buying or pre-ordering ‘bricks’ for its Brunswick property (above). The company charges a the transaction fee of 1.75% on every purchase of ‘brick’ or while selling ‘bricks’.  
The biggest change in valuation was for a two-bedroom house in Annandale, where the property value rose 7.4 per cent in the last six months to $1.45 million as at June. The growth was in line with the wider suburb index, BrickX said.
Brick valuation increased 8.81 per cent to $112.84, taking into account the acquisition costs and cash reserve, BrickX said. 
Meanwhile, a one-bedroom unit in the Sydney suburb of Enmore remained constant at $650,000 compared with six months before. In fact, the new value of a ‘brick’ is $67.48, a slight fall from December’s $67.82. The same was the case with a two-bedroom unit at Mosman, which was steady from its December valuation. 
The property was valued at $1.4 million in June while the ‘brick’ price actually edged down 0.51 percent to $143.43 per ‘brick’.
Among other properties with notable growth was a two-bedroom unit in Bondi Beach, which increased 3.7 percent in value to $1.4 million from its initial purchase price of $1.35 million. BrickX said the growth was also in line with the overall growth in the suburb.
The brick price rose to $100.19 from an initial $96.
Another two-bedroom unit in Double Bay showed a growth of 3.4 percent in value at $1.35 million on the initial purchase price in September 2016. This property exceeded the suburb index, said BrickX.
The value of a ‘brick’ is now $98.46, a 3.64 percent increase from the initial $95.
The only property with an updated valuation from Melbourne, was in Prahran. This two-bedroom unit rose 1.3 percent to $1.19 million and BrickX said it performed in line with the wider suburb index. 
The ‘brick’ also rose a modest 0.44 percent to $123.88.
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Annandale house provides biggest boost to BrickX investors with 7.4 percent growth in six months

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Proptech company Peer Estate has raised $2.5 million online for a development site in Port Melbourne.
There was no “offline” raising at all, Peer Estate said in a media release.  
Peer Estate, backed by real estate investment manager Qualitas, says it is Australia's first peer-to-peer real estate marketplace. 
It allows everyday investors to invest in major property deals, which is significant at a time when banks are cracking down on investor loans. 
Investors can put in as little as $5000, which is then combined with other investors and the pooled in funds are lent to owners and property developers. 
Investors earn returns through the interest they pay.
Peer Estate CEO and founder, Adam Broder, said he was surprised the investment offer was fully subscribed after just 2 hours of launch. 
“This validated our model and belief that investors are willing to transact in the peer-to-peer lending space, solely online,” he said.
“Our investors see the benefit of good risk adjusted returns being able to provide lowly leveraged loans into a sector that the banks find difficult.”
He said loans are approved within a week and underwritten for security.
“Whilst we are only open to Wholesale Investors, many of our investors do not have the access and ability to invest alongside Family Offices and Pension Funds in these traditionally private investment options. Peer Estate provides this access,” he said.
Features of the investment include, as per Peer Estate:
<ul>
<li> First mortgage on inner Melbourne development site (Port Melbourne)</li>
<li> 10% interest net to investors paid monthly</li>
<li> LVR of 60%</li>
<li> Maximum term of 12 months</li>
<li> Already underwritten and settled by Peer Estate</li>
<li> Planning permit secured and in place</li>
</ul>
</body></html>

Peer-to-peer real estate marketplace raises $2.5 million for Port Melbourne development site

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

Prateek Chatterjee

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