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A tenanted industrial property in the Melbourne suburb of Eltham has sold for $582,000 on an indicative 4.4 percent return at auction.
The property at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-eltham-502425346" target="_blank">6/38 Bridge Street</a> is in a business precinct of Eltham with many of Australia’s major big box and branded traders located nearby.
Unit 6 is one of nine boutique showroom-warehouse buildings in a strata-titled development located on the corner of Bridge and Susan Streets, said selling agent Gray Johnson's Scott Ashby. 
Smaller commercial property investments that meet the needs of a private investor or a smaller superannuation fund are well sought in the auction market, according to the selling agent.
The unit has a building area of 230 sqm and is part-showroom and reception area, with a warehouse space at the back.
The tenant, a Pack &amp; Send franchisee, has occupied the property for some years, and currently holds a three-year lease with a passing annual rental of $26,100. There is the option to renew the lease for another three years.
All the usual outgoings are met by the tenant and there are annual rental increases fixed at the CPI plus one percent, so future rental income growth will flow to the purchaser.
“With prominent exposure, a position in a vital commercial precinct of Eltham’s main business area, with a sound lease covenant, I was anticipating interest at auction would see a sale price in excess of the reserve,” Ashby said.
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j.ballantyne1990-6AQqhLzZaK

Small office-warehouse in Melbourne's Eltham sells at 4% return

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Finder.com.au’s RBA cash rate survey shows all 34 experts and economists (100%) are expecting the central bank to leave the cash rate at 1.5% for July 2017.
The vast majority of <a href="https://www.finder.com.au/rba-cash-rate" target="_blank">experts and economists surveyed</a> (88%, 28) believe the next cash rate move will be in a positive direction.
Only four experts (13%) are expecting a rate cut. Predictions for when a rise may occur, however, are spread across the board.
Interestingly, eight rate hikes over two years, as recently predicted by ex-RBA board member John Edwards, looks unlikely according to the panellists. Only three respondents (Nicholas Gruen of Lateral Economics, Saul Eslake and Steven Milch of Suncorp Group) are predicting two or more rate rises in 2018.
Graham Cooke, Insights Manager at finder.com.au, says mortgage holders should brace for rate increases.
“It’s no secret that rates will start rising soon, it’s just a matter of when.
“To minimise rate shock, think about fixing a portion of your interest rate or even switching to a provider that offers more competitive interest,” he says.
With falling clearance rates in Sydney, panellists were asked if this was a sign that property prices may fall. In response, a third of respondents said prices will fall by 5% by the end of the year, a third said prices will not fall, and a further third said there may be some cooling, but no major changes.
“Low auction clearance rates may signal less demand which could see house prices dip, so we may see a cooling period in some capital city markets, but it won’t be dramatic,” he says.   According to Census data released this week, 22% of Sydney households are spending more than a third of their monthly income on rent. When asked if rent and mortgage stress were increasing in Australia’s capital cities, 58% of respondents agreed with this statement, saying those in Sydney and Melbourne most likely to bear the brunt. Meanwhile, 42% disagreed with this view.    When asked about the NSW Government’s plan to remove stamp duty for first time buyers on homes valued under $650,000 (with discounts for homes up to $800,000), a slight majority (53%, 9) thought this was a good policy, while the remaining 47% (8) did not.   While there’s been criticism of the $650,000 limit being too low, most of the panellists (9, 53%) believe it shouldn’t be any higher. Interestingly, two economists, (Savanth Sebastian of CommSec, and Nicholas Gruen of Lateral Economics) think the limit should be lifted to $1,000,000.   “The initiative to remove the duty concession for some purchases will give first homebuyers a reprieve, but with house prices in some capital cities nearing $1 million, the $650,000 cap may not be generous enough,” he says.   “Removing stamp duty for some purchases will remove a barrier of entry for first home buyers which could stimulate demand and push up property prices,” Mr Cooke says.   Here’s what our experts had to say:   Jordan Eliseo, ABC Bullion (Hold): "The RBA will have been fairly encouraged by the recent run of economic data, which will (temporarily in my view) give them confidence that they have the appropriate cash rate in place for now."   Tim Nelson, AGL Energy (Hold): "No material change in conditions from previous month. Prudential regulation is doing the 'heavy lifting' in relation to residential property market pricing. "   Shane Oliver, AMP Capital (Hold): "While downside risks to the growth and inflation outlook have increased, the RBA remains upbeat that growth will pick up particularly after recent solid jobs data. It probably also remains wary as to whether the Sydney and Melbourne property markets have really started to cool or not."   Alison Booth, Australian National University (Hold): "Insufficient change to justify moving rates either up or down."   Darryl Gobbett, Baillieu Holst (Hold): "Future potential risks of increased household leverage from lower rates still out-way any expected benefits to growth of another cut."   Dr Kishti Sen, BIS Oxford Economics (Hold): "I don't think the interest rates will fall further because of: 1. The Reserve Bank is keen to limit the amplitude of the residential cycle amid concerns about household debt and financial stability risks. Hence, it would not want to reignite the housing boom. 2. A lower cash rate will reduce the dollar but it will have little effect on investment. Meanwhile, the Federal Reserve is on a tightening phase and rate rises in the United States will narrow the interest rate differential with Australia and put downward pressure on the A$. 3. The Reserve Bank is also concerned that the more they reduce rates now, the sooner they will have to raise interest rates. I therefore expect the cash rate to stay at 1.5% over calendar year 2017 and 2018."   Richard Robinson, BIS Oxford Economics (Hold): "Inflation is low, but the RBA doesn't want to cut rates as it fears pumping up the already overheated residential property sector"   Paul Dales, Capital Economics (Hold): "The RBA will almost certainly keep rates on hold at 1.50% at this meeting. And while the recent improvement in the labour market has quashed talk of further rate cuts, weak underlying inflation will prevent the RBA from hiking rates until 2019. "   Michael Blythe, CBA (Hold): "Economy is not in need of any extra interest rate assistance" Savanth Sebastian, CommSec (Hold): "Reserve Bank looks comfortable on the interest rate sidelines. Policymakers will keep a close eye on the property market."   Dr Andrew Wilson, Domain Group (Hold): "Better recent economic news supports clear recent steady bias by the Bank"   Saul Eslake, Economist (Hold): "Data releases and other evidence since the last meeting will not have prompted any material change in the RBA's assessment of the economic outlook or the appropriate stance for monetary policy"   Mark Brimble, Griffith University  (Hold): " Bias remains to the downside with the economy struggling to generate momentum.  With banks (and apra) tightening credit the markets and sentiment are softening. Further support is required, but the rba is likely to not be willing to provide this as this stage"   Paul Bloxham, HSBC (Hold): "Underlying inflation is still below its 2-3% target."   Michael Witts, ING Bank (Hold): "The slowdown in the housing  market is occurring via the adjustment to rates for investors and interest only loans. This enables the RBA to maintain the cash rate at 1.5% for the benefit of the broader economy."   Glen Hawke, Karis Communications (Hold): "The current economic data is inconclusive of a need for a shift."   Brendan Rynne, KPMG Economics (Hold): "Continuation of excess capacity in the labour market, and the maintenance of inflation below RBA target band."   Leanne Pilkington, Laing+Simmons (Hold): "There appears to be a growing consensus among economists that the next rate move will be up, especially if some of the RBA’s forecasts around economic growth come to fruition. However, we believe that current economic, employment, political and household debt scenarios support a status quo in fiscal policy in the near term."   Nicholas Gruen, Lateral Economics (Hold): "Because they've not signalled anything else and I think they won't have the confidence to raise the rate, even if they'd like to."   Matthew Tiller, LJ Hooker (Hold): "Little discernible change in the domestic economic environment over the past month."   John Caelli, ME (Hold): "The RBA won’t cut rates because it remains concerned about fuelling further increases in house prices and household debt."   Michael Yardney, Metropole Property Strategists (Hold): "Our property markets have slowed down over the last few months taking pressure of the RBA to raise interest rates. On the other hand the RBA can't afford to drop rates to bolster our bumbling economy and further fuel our property markets. So rates will remain on hold."   Mark Crosby, Monash University (Hold): "While globally rate movements are beginning the long path back to normalisation in some key economies, the strong exchange rate and economic fragility locally point to holding rather than raising rates at this meeting."   Jessica Darnbrough, Mortgage Choice (Hold): "There is no urgent reason for the Reserve Bank of Australia to adjust the current cash rate setting. All of the latest economic data is looking fairly positive at the moment, providing the RBA with no incentive to adjust their long-standing plan of attack."   Alan Oster, NAB (Hold): "Too early to see what is happening re the labour market v house prices."   Jonathan Chancellor, Property Observer (Hold): "There is no risk in holding this July."   Matthew Peter, QIC (Hold): "The holding pattern will continue, despite a weak growth and inflation outlook, until the housing market is clearly in retreat. "   Noel Whittaker, QUT (Hold): "There is no reason to lower – and no reason to raise."   Janu Chan, St.George Banking Group (Hold): "The RBA will be encouraged by the improvement in the labour market, but will still be of the view that there remains spare capacity in the economy. That would prevent any thought of raising rates. However, ongoing concerns regarding risks from the housing market and high household debt is preventing any cuts to rates. "   Steven Milch, Suncorp Group (Hold): "Labour market strengthening balances against sub target inflation.  Little case to ease yet too early to tighten."   Brian Parker, Sunsuper (Hold): "RBA has made it pretty clear that they'd be very reluctant to cut rates again, and their view probably hasn't changed over the month."
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Experts tip July RBA rates to hold

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A four bedroom riverside South Perth, WA house has been listed with hopes of $4 million plus.
Located at <a href="https://www.realestate.com.au/property-house-wa-south+perth-123984374" target="_blank">71 Ranelagh Crescent</a>, the property has views over the CBD, park and beyond.
Built in 1991, the block of land was sold in 1990 for $562,000.
Its flexible floorplan features a renovated kitchen with stone benchtops, Miele appliances and storages.
It then leads to the front covered alfresco with built-in BBQ, pizza oven and blinds.
Downstairs has the informal lounge area along with built-in TV and projector with sunken bar to the side.
Adjacent to this is the games room, or home theatre, that opens onto another courtyard with views.
<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/2017/07/03/71%20Ranelagh%20Crescent-2.jpg" alt="">
South of the property is a bedroom with its own ensuite and is secluded from the rest of the property.
Additionally the rear of the property has a heated indoor Jacuzzi encased in glass.
Upstairs are two further bedrooms that share an ensuite along with the master that has its own bathroom, walk-in robe and views.
The CBD is 10 minutes away as is the new East Perth entertainment area while local shops are five minutes away via walking along with dining options and parks.
The property is offered through Space Real Estate agent Amy Di Vincenzo.
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Riverside South Perth house listed with $4 million plus hopes

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A former LJ Hooker real estate agent has pleaded guilty to misappropriating agency trust fund money.
Tri Duc (Joseph) Ngo was charged with 302 counts relating to electronic transfers of client deposits into the bank account of a company directed by his wife while running LJ Hooker franchise offices in Melbourne's outer eastern suburbs.
Consumer Affairs Victoria agreed to strike out 143 charges as Ngo pleaded guilty before in the Melbourne Magistrates Court on Monday.
A plea hearing in the County Court is scheduled for November 8 and 9.
Ngo was required to surrender his passport, though he doesn't have one, and reside at his Rowville address.
A CAV spokesman said Ngo’s remaining charges included 125 counts of “wrongful conversion and false accounts”, which carried a maximum penalty per offence of “a term of imprisonment of not more than 10 years” or a $77,730 fine under the Estate Agents Act 1980.
His wife Truc Thanh Le (Judy) Nguyen has pleaded not guilty to similar charges.
She is due to appear at the Magistrates Court for a one-day committal hearing on November 1.
The court was previously advised about $4 million had gone missing, but some had been paid back so the total loss was $2.1 million.
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Former estate agent Joseph Ngo pleads guilty to trust fund misappropriations

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Properties in Gordon, Killara and Pymble are appealing to a wide range of buyers, according to Savills’ latest report.
It noted across the suburbs, the median house price in January 2017 was $2.3 million, over twice the average for Greater Sydney.
It advised there is a premium for being closer to the city and in close proximity to a train station.
“Killara is the most expensive with an average house price of over $2.5 million compared to West Pymble at $1.7 million," the report advised.
“House prices have experienced significant growth over the past decade, increasing by 103%, in line with the Sydney average.
“Across the suburbs, West Pymble and Pymble experienced the strongest growth with house prices increasing 113%, reducing the value gap with suburbs closer to the city.
“Strong growth has continued over the past 12 months, driven by a lack of supply across the area, with house prices across the five suburbs increasing by 13%, outperforming the Sydney average.
“Units in the area had a median value of $970,000 in January 2017, less of a premium than houses when compared to Sydney at just one third more expensive.
“Similarly to house prices, apartment values vary in price along the train line. Pymble is roughly 10% cheaper than those in Killara and Gordon.
“Growth in unit prices has been slightly more subdued than houses with an increase of 83% over the past decade.
“However, much like houses, price rises over the past year have outperformed the Sydney average with an increase of 11%,” the report stated.
Private renters are more frequent in medium density housing areas according to Savills head of research Sophie Chick.
“The proportion of private renters varies significantly across the area,” Chick says.
“Unsurprisingly, there is a higher concentration in the areas with more medium density housing.
“Gordon has the highest proportion with 22% of the residents private renting, followed by Killara with 18%.
“Conversely, just 9% of residents in West Pymble are private renters.
“Across the suburbs, the median weekly rental value was $1,200 for a house and $700 for a unit in January 2017, equating to average yields of 2.8% and 3.7% respectively,” she commented.
International buyers are an important source of demand Savills says.
“Across the five suburbs, families with children make up over half the residents, accounting for 57% compared to an average of 45% across Sydney.
“International buyers are an important source of demand for the housing market across Sydney as both owner occupiers and investors.
“Of the five suburbs, East Killara has the highest proportion of residents born overseas, accounting for 45% of the population with a particular dominance of residents from China and Hong Kong.
“Accessibility to employment locations is high priority for many house hunters.
“Residents across the area work in a number of locations, reflecting the suburbs' connectivity to major employment hubs.
“The largest employment industry for people living in the five suburbs is the professional, scientific and technology sector accounting for 18% of employees compared to an average of 10% across Sydney.
“This industry is the fastest growing in Sydney meaning the area is well placed to draw on the newly created wealth in these industries.”
Qualities that attract residents to these areas are expected to grow Savills comments.
“It is important to assess the outlook for the area in the context of the Sydney market,” the report advised.
“Factors such as low interest rates, population growth and infrastructure investment point to a positive economic outlook for NSW over the next five years.
“These factors are expected to continue to support demand for housing, particularly in Sydney.
“However, it is likely the rate of growth will slow, given the affordability pressures and the regulatory measures implemented to slow the amount of bank lending to investors.
“Across all five suburbs, the good primary and secondary schools, connectivity, high quality housing stock and open space available are expected to continue to appeal to families looking for their long-term home regardless of market conditions.
“The development of apartments and townhouses along the Pacific Highway provides a wider range of housing options, which is likely to attract a broader demographic of buyers including first home buyers, downsizers and investors.”
For more information go to Savills' home <a href="https://www.savills.com.au" target="_blank">page</a>.
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Gordon, Killara and Pymble appeal to wide range of buyers: Savills

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Dwelling approvals came in weaker than expected with a 5.6% fall in May vs market expectations of a 1.3% decline. Total approvals were down 19.7%yr.
The decline was driven by a 12.1% drop in ‘units’, with a 0.6% gain in private house approvals providing some offset. Nationally, May saw the second lowest monthly reading on high rise approvals since June 2013 – the lowest being the weather-affected read in March.
The detail points to a sharp drop in ‘high rise’ (–20%mth) concentrated in NSW and Qld where total approvals were down 16% and 10.5% respectively. 'High rise' approvals have slumped –45% vs a year ago. Other segments continued to hold up better, 'low rise' approvals down –8.4%mth, –16.5%yr and private detached houses approvals up +0.6%mth, –6.8%mth, broadly consistent with some firming in construction-related housing finance approvals. That said, all segments are down on a year ago.
All major states are also seeing total dwelling approvals down on a year ago, the one exception being SA which has seen a strong lift in recent months led by high rise approvals (though still at a very low level). Aside from this and the aforementioned weakness in NSW and Qld, total dwelling approvals lifted 4.7% in Vic and fell 8.9% in WA.
The value of renovation approvals rebounded 12.7% in May from a 15.2% drop in April but are still down 6.2%yr and trending lower.
Non res building is more promising with a 5.3% gain in the value of approvals in May maintaining a solid uptrend. Recent strength has been across a range of sub-segments including offices, retail, hotels &amp; recreation, and education.
In terms of the total value of building – new dwellings, renovations and non residential building combined – approvals are down 13.2% vs last year's peak but have risen 7.4% since the start of the year. The state split shows the pull back concentrated in NSW and Vic with other states posting a modest gain on a combined basis.
Coming back to the more specific picture around housing, the May approvals update again highlights the dominance of high rise in the current cycle with the dramatic reduction in approvals over the last year set to drive a downturn in construction.
As discussed elsewhere, our analysis suggests it will take some time yet for the turnaround to impact aggregate activity and will tend to see a longer more protracted downturn than the short sharp cycles seen in the past.
March quarter building activity data due next week will give an updated view on the pipeline, which also looks to have been impacted by weather events early in the year. 
Non high rise approvals and wider housing market conditions are an important swing factor that could amplify the downturn – so far both appear to be holding up reasonably well although the full impact of macro prudential measures and other negatives has yet to be felt.
Matthew Hassan is a senior economist for <a href="https://www.westpac.com.au" target="_blank">Westpac</a>.
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Australian dwelling approvals weaker in May: Westpac's Matthew Hassan

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The North East region of Melbourne had the highest auction weekend clearance rate, according to CoreLogic’s latest report.
The property data firm says that out of the 99 auctions known to CoreLogic the North East region achieved a clearance rate of 80.8%.
This was followed by Mornington Peninsula with 80% and the Outer East with 78%.
<a href="https://www.propertyobserver.com.au/images/2017/07/03/Screen%20Shot%202017-07-03%20at%2011.22.52%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/07/03/Screen%20Shot%202017-07-03%20at%2011.22.52%20am.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-preston-125654066" target="_blank">4 Benambra Street</a>, Preston (above) was sold over the weekend for $1.249 million.
It was last sold in 1978 for $31,000.
Similarly a three bedroom townhouse at <a href="https://www.realestate.com.au/sold/property-townhouse-vic-preston-125628474" target="_blank">1/103 Bruce Street</a>, Preston (below) was sold for $965,000 over the weekend.
Built in 2005 it was last sold in 2006 for $325,000.
<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/2017/07/03/1_103%20Bruce%20Street.jpg" alt="">
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Melbourne's North East region takes top spot in weekend auction clearance rates: CoreLogic

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Melbourne has the tightest yields for houses while Sydney has the tightest for units, according to CoreLogic’s latest index report.
The property data firm says that Melbourne’s house yield sits at 2.6%.
Sydney follows behind with a 2.8% yield while Hobart and Darwin have the highest yields for houses. 
For units Melbourne's 4.2% yield is ranked second behind Sydney's 3.7% yield.
 
<a href="https://www.propertyobserver.com.au/images/2017/07/03/Screen%20Shot%202017-07-03%20at%2012.47.15%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/07/03/Screen%20Shot%202017-07-03%20at%2012.47.15%20pm.jpg" alt="">
 
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Melbourne has tightest housing yields: CoreLogic

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Interest rate hikes aimed at curbing Australia's property boom and surging household debt would likely be "very costly" to the broader economy, a leading US central banker has warned.
John Williams, president of the Federal Reserve Bank of San Francisco, says Australian house prices are "flashing red".
But he cautioned against trying to fix the problem by hiking rates.
He said they would have "very unfavourable trade-offs" - and especially high costs in terms of unemployment and inflation".
Dr Williams suggested the lack of a housing downturn, or a recession since 1991, may be making many Australians too complacent about the risks that have built up.
"A lot of our attitudes towards investment, economic phenomena, like inflation and things like that really are shaped by our lifetimes.
"If people think there's no risk, they'll take a lot of risk," he told The Australian Financial Review
"If you raise interest rates to try to maybe slow the house price build-up or debt build-up, that harms the economy, makes it harder to achieve your central bank goals of whatever your inflation target is."
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Australian housing 'flashing red'

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The Sydney region of Ryde had the highest weekend auction clearance rate, according to CoreLogic’s latest report.
The property data firm says that out of the 29 auctions known to CoreLogic in Ryde 89.7% resulted in a successful outcome.
This was followed by Sutherland with 84% and North Sydney and Hornsby with 78.1%.
<a href="https://www.propertyobserver.com.au/images/2017/07/03/Screen%20Shot%202017-07-03%20at%2011.22.44%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/07/03/Screen%20Shot%202017-07-03%20at%2011.22.44%20am.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-ryde-125644950" target="_blank">2 Adam Street</a>, Ryde (above) was sold over the weekend for $1.903 million.
It previously sold in 2015 for $1.46 million and again in 2010 for $700,000.
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-nsw-ryde-125668754" target="_blank">4/16-18 Belmore Street</a>, Ryde (below) was sold over the weekend for $672,000.
<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/2017/07/03/4_16-18%20Belmore%20Street.jpg" alt="">
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Ryde achieves 89% weekend auction clearance rate: CoreLogic

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

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Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

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[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

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