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Townsville agent Julie Mahoney not only conducted her first online auction but also managed to become the first Townsville office to sell property via online platform.
Two properties were snapped up on Monday night, 7 Townsend St, Mysterton (pictured above) sold for $450,000 and 116-118 Martinez Avenue, West End went for $545,000.
Office principal and selling agent Julie Mahoney said the auctions drew a large range of bidders including locals, those from interstate and even a few international viewers translating to some great results on the night.
Ms Mahoney said, "most of the bidders were local but the demographic was quite interesting."
“We had bidders who were aged from 70 plus online and one of my vendors who will be auctioning later in the month watched from England."
A local first home buyer couple were the winning bidders on 7 Townsend St, Mysterton which they said was the first auction they’ve participated in.
“We were very nervous, however it was an easier process than what we thought it was going to be and not being able to see the competition actually made it easier,” they said.
The couple had been looking for several months and the four bedroom home was exactly what they were after.
Calling the auctions was Ray White Queensland chief auctioneer Mitch Peereboom who said he is thrilled to see both buyers and sellers embracing the new technology.
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j.ballantyne1990-6AQqhLzZaK

Townsville's first successful online auction sale

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With unanimous support from the City of Melbourne's Future Melbourne Committee in March, the Victorian State Government has officially given the green light to the $2 billion Southbank by Beulah project. 
The 270,000 sqm mixed-use vertical village is considered one of Melbourne's most ambitious and forward-thinking projects to date.
Led by award-winning Melbourne developer, Beulah, the announcement is a welcome relief amid current economic uncertainty, with the project set to generate more than 4,700 construction jobs via the provision of a $1 billion additional investment stimulus to the Melbourne construction market. 
Upon complete of the. build, 3,250 new ongoing direct jobs is expected to be generated across multiple industries including office, retail, entertainment, hospitality and child care, ultimately growing the working population of Southbank by eight per cent. 
On track to become Australia's talent tower at 365 metres high, approval from the Minister for Planning, Lord Mayor of Melbourne, Sally Capp said, "This is a huge vote of confidence in our city at a time when we are going through a period of economic uncertainty."
Conceptualised alongside acclaimed Dutch firm, UNStudio, and local firm, Cox Architecture, the permit will now allow Beulah to officially transform the current BMW site into an unprecedented, world-class vertical village spanning a total of 270,000 sqm. 
Cox Architecture director Philip Rowe said, "Southbank has laid somewhat dormant for many years. Our collaborative concept has the ability to truly uncover its potential, improving the urban amenity while seamlessly unifying the suburb with Melbourne's CBD. 
"The architectural and cultural impact Southbank by Beulah will leave on Melbourne is an exciting prospect and will undoubtedly set a benchmark both locally and globally, both now and well into the future."
An extensive process to date - including the initial Southbank by Beulah global architecture competition - Beulah managing director, Jiaheng Chan said the project team has been overwhelmed by the support from the official government bodies. 
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“We would like to extend our sincere gratitude to both the Victorian Government and the City of Melbourne for their endorsement of ​Southbank by Beulah​, which we hope will play a significant role in Melbourne’s economic recovery over the coming years.
“​Southbank by Beulah​ will transform the way Melburnians work, live, learn, revitalise and play — it will set a global benchmark for an unprecedented lifestyle hub that caters to present and future generations and will assist in the future growth of Melbourne and its vision to become a truly global smart city.
“Discussions have already begun with leading global brands in the hospitality, retail and cultural sectors who are looking for a transformative project of this calibre.”
Lodged in August 2019, the approved application outlines plans to offer users an unprecedented connectedness to nature within an urban environment.
"It's not just about the height", said Nicholas Reece, the chair of the City of Melbourne's Planning Portfolio, "so much thought and effort has gone into the design and the green space."
Envisioned as a vertical mini-metropolis, ​Southbank by Beulah​ will comprise four distinct collections of private residences, public and green spaces, rooftop sky garden, town hall, commercial offices, a five-star urban resort, childcare centre, a health and wellness precinct, arts and culture spaces and programs, as well as world-class experiential retail, all within two twisting terraced forms.
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The spine twists into a series of outdoor spaces and green devices along the façades of the two towers, paying homage to Melbourne’s title of The Garden City, symbolically bridging the iconic Royal Botanic Gardens with Melbourne’s Arts Precinct.
Pocket parks will be a focal point throughout the building, connecting neighbourhoods within the residential tower, providing residents with a sense of community and a place to relax, before culminating in a landscaped journey to the publicly accessible ​rooftop sky garden.
Construction is forecast to commence next year and will take approximately five years to complete.
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Southbank's green spine gets Melbourne planning approvals

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REIV President Leah Calnan says the Victorian Property Market achieved record-breaking growth prior to the outbreak of Coronavirus.
During the March Quarter metropolitan, houses soared to a new record height, eclipsing $890,000 for the first time, a 3.7 % growth on the previous December 2019 quarter.
Metropolitan Units followed this strong trend reaching over $640,000.
Records were smashed in the Outter Melbourne region with both Houses and units reaching new high values.
While Inner and Middle Melbourne, the price of units grew to new heights and even outperformed the growth of houses in those regions.
Growth continued evenly across regional Victoria with gains in both units and houses. Greater Bendigo has fared very well featuring five suburbs in the list of top 20 suburbs for quarterly growth for regional Victoria.
<img src="https://www.urban.com.au/images/2020/4/24/Melb%201.JPG" alt="">
REIV President Leah Calnan said the March Quarterly Medians shows that the Victorian property juggernaut was in peak form before the outbreak of Covid-19
“2020 has been an amazing year for real estate; property values have reached new heights across the state during January, February and March.” Ms Calnan said.
“Investors in the Victorian property will be thrilled with these figures, units and houses have soared in value; our market is in red hot form.”
“Our local market is strong and resilient; buyers from across the globe are have shown great interest in Victoria.”
“Everybody wants to get in on the action; we were regularly getting over 1000 homes sold at auction over a weekend, competition for houses in Victoria remains strong.”
“In chaotic times such as we are battling now, it is a much welcome relief to be able to see some good news, Victorian real estate is in great condition.”
“Our industry is strong, and we will survive Coronavirus, the desire for Victorian real estate is high when this over we look forward to more fantastic results,” she concluded.
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Victorian property market was in peak form pre-coronavirus: REIV

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Demand for agricultural property is up, Ray White found with Brymay at Lot 8 Tumut Plains Road, Tumut, NSW the latest example.
The holding attracted 11 registered bidders and sold for $185,000 over reserve at online auction.
It was a competitive auction seeing 34 bids before finally selling for $785,000.
"I've been in the real estate game for 21 years and I can honestly say the last week has been the second busiest in terms of sales that I've ever had," said Ray White Tumut Principal Ray Piper.
"Agricultural land is becoming more and more popular, and even though this property wasn't presented as the best, buyers could see beyond the mess because of the potential and the fact it's in a high rainfall area.
"Despite the restrictions and limited access to the property, we still attracted 21 people to private inspections, and over half of them registered to bid.
"The auctioneer Alex Pattaro was excellent because he took the time to sit down and take us through how the online auction platform worked.
"We logged on as the whole team one evening to run a mock auction so we really understood the process and could ask/answer any questions ahead of the auction.
"It's a great tool for future business and our office actually sold two from two today using the online auction platform."
Ray White NSW Chief Auctioneer Alex Pattaro (above) said this was an excellent result and there was a sense of growing positivity around online auctions.
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Brymay, Tumut agricultural holding sold 30% over reserve at online auction

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Actress Olympia Valance has listed her one-bedroom Southbank apartment for sale.
It comes with price guidance between $500,000 and $550,000 through Marshall White agent Bradley Steinbach.
The <a href="https://www.realestate.com.au/property-apartment-vic-southbank-133409354" target="_blank">7/114 Dodds Street, Southbank Gardens apartment</a> was bought in 2018 for $480,000, and subsequently renovated. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/4/22/Vallance%20southbank%202.jpg" alt="">
There's now a modern kitchen with black tapware and an updated bathroom.
The open plan living kitchen and dining space opens to a courtyard.
Vallance recently bought a cottage in regional Victoria with her partner, the AFL star Tom Bellchambers.
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Olympia Valance lists one bedroom Southbank apartment

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RBA board members noted that conditions in commercial property markets were deteriorating.
This followed several years of commercial property price growth in excess of growth in rents.
Prior to the COVID-19 outbreak, parts of the retail property market were facing challenging conditions owing to weak consumer spending and heightened competition.
Following the outbreak, some retail tenants had been seeking suspensions in rent payments or large rent reductions.
Members noted that the risks in commercial property markets warranted close monitoring.
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Commercial property markets deteriorating: RBA

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The recent economic contraction, uncertainty and social distancing measures were likely to result in very little turnover in the housing market, according to the latest RBA minutes.
"It remained unclear how this would affect residential property prices," the board advised.
Most households with mortgages had significant buffers of accumulated prepayments, with around half of these loans having prepayments that exceeded six months of payments, it noted.
The share of mortgages that may not have a buffer of liquid assets was around 15 per cent.
Measures of household financial stress had been at relatively low levels prior to the COVID-19 outbreak, the latest board minutes had noted.
Members were informed that, at the time of the April meeting, banks had reported that around 5 per cent of households had enquired about deferring mortgage repayments.
It noted that the risks from residential property markets had diminished over the course of the preceding year as increases in housing prices in Sydney and Melbourne had led to a reduction in the share of households at risk of having negative equity on their housing assets.
Nationally, around 3 per cent of mortgages had negative equity positions, with most of these in Western Australia.
The bank noted for households, a large proportion of the monetary policy easing since May 2019 had flowed through to mortgage rates paid. 
Lenders had reduced their interest rates on variable rate housing loans by 25 basis points following the reduction in the cash rate on 3 March. 
"While most lenders did not reduce their standard variable rates following the further cut in the cash rate on 19 March, they had announced a reduction for interest rates on fixed rate loans and measures to defer interest and loan payments for distressed households," the minutes noted.
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Unclear how very little turnover will affect residential property prices: RBA

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Neighbours star Olympia Valance, 27, and her AFL star boyfriend Thomas Bellchambers have purchased a cottage in country Victoria.
It is a two-bedroom Glenlyon home near Daylesford in Victoria, that was settled on Valentine's Day.  
They jointly purchased the six acres for $587,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/4/22/Vallance%202.jpg" alt="">
The home was promoted as offering spectacular views of the district.
It was also offering its owners to experience ‘off grid’ living in style. 
Vallance has since listed her one bedroom apartment in Southbank, asking between $500,000 and $550,000.
 
 
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Olympia Valance and Thomas Bellchambers buy Victorian weekender

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The RBA boss says it is highly probable that the severe shocks we are now experiencing will change the mindsets of some people and businesses.
"Even after the restrictions are lifted, it is likely that some of the precautionary behaviour will persist," Dr Philip Lowe said in a speech today <a href="https://www.rba.gov.au/speeches/2020/sp-gov-2020-04-21" target="_blank">giving an economic update</a>.
"In the months ahead, we are likely to lose some businesses, despite best efforts, and some of these businesses will not reopen.
"There will also be a higher level of debt and some households might revaluate the risks of having highly leveraged balance sheets.
"It is also probable that there will be structural changes in the economy.
"We are all learning to work, shop and travel differently.
"Some of these changes will probably stay with us, requiring a rethinking of business models.
"So the crisis will have reverberations through our economy for some time to come," Dr Lowe said.
"On the optimistic side, the restrictions could be lifted more quickly, with the virus being contained.
"In that case, a stronger recovery could be expected, particularly in light of the very large monetary and fiscal support that is in place.
"On the other hand, if the restrictions stay in place longer, or they have to be reimposed, the recovery will be delayed and interrupted.
"In that case, the loss of incomes and jobs would be even more pronounced.
"Whatever the timing of the recovery, when it does come, we should not be expecting that we will return quickly to business as usual.
"Rather, the twin health and economic emergencies that we are experiencing now will cast a shadow over our economy for some time to come."
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RBA says households to revaluate the risks of having highly leveraged balance sheets

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Auction volumes were up to 1,848 across the nation this weekend, according to CoreLogic, up from 634 last week.
Clearance rates however were similarly low across the nation with hundreds pulling out of auctions especially in Sydney and Melbourne.
Of the auctions scheduled 852 were withdrawn across the nation, 500 from Melbourne and 314 in Sydney, according to Domain's findings.
CoreLogic data showed preliminary clearance rates reached 40% in Sydney and Melbourne with 73.2% of the successful Melbourne auction properties actually sold prior to the scheduled auction date.
A similar showing occurred in Sydney where 60.2% were sold prior to the scheduled auction event.
<img src="https://www.urban.com.au/images/2020/4/20/CL%20auctions%20April%2018th.JPG" alt="">Across the smaller cities, Canberra continues to outperform the remaining capital cities with a 66.7% preliminary success rate and the lowest rate of withdrawn auctions (25%).
The existing challenges around new policies banning onsite auctions and inspections are still impeding on activity across the auction market.
As confidence remains low and circumstances uncertain, it’s expected that fewer vendors will elect auction as their preferred method of sale and either convert to private treaty method or hold off on selling all together and scheduled volumes will likely decrease over the coming weeks.
Online auctions have helped take some of this strain off but as evidenced by the 50% pullout rate, many people would rather hold their cards close to their chest than trust in online auctions and marketing.
One standout home bucked this trend attracting competition from nine registered bidders at 199 Military Road, Dover Heights (pictured in title).
Featuring sweeping Sydney City, Harbour Bridge and Opera House views, the home, which has been owned by the same family for over 60 years, sold for $3.86 million.
The winning bidder told Ray White “I’ve been looking for the perfect property for six months... I plan on moving in first and then seeking DA approval to rebuild because it offers me a great opportunity to build the property of my dreams."
The three bedroom, one bathroom property sits directly opposite Dudley Page Reserve and is close to schools, bus and ferry transport.
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Majority of weekend 'auction sales' took place prior the scheduled auction 

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

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Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

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Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

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Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

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The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

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A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"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."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Staff reporter

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