<html><body>
Darwin takes the longest time to sell a property, according to CoreLogic’s latest report.
The property data firm says that the average time it takes to sell a house in Darwin is 107 days.
This is in contrast with Sydney which takes only 29 days to sell a house.
<a href="https://www.propertyobserver.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%2012.40.07%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/2017/02/27/Screen%20Shot%202017-02-27%20at%2012.40.07%20pm.jpg" alt="">
Similarly units in Darwin takes 111 days to sell compared to 26 days for Sydney units.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Properties in Darwin takes the most time to sell: CoreLogic

<html><body>
The number of listings in Melbourne is down compared to 12 months ago, according to CoreLogic’s latest report.
The property data firm says that the number of total listings is 28,486, which is a decline of 5.1% on last February.
This is not helped by the number of new listings declining by 2.5% compared to the same period last year.
<a href="https://www.propertyobserver.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%2012.39.49%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/2017/02/27/Screen%20Shot%202017-02-27%20at%2012.39.49%20pm.jpg" alt="">
Sydney is down considerably, in both fresh and total offerings.
Going against the national trend is the number of Brisbane listings, which has increased by 6.6% over the past 12 months as well as its new listings increasing by 0.7%.
</body></html>

Number of Melbourne listings declines by 5%: CoreLogic

<html><body>
The Outer East region of Melbourne has the highest number of weekend auctions success, according to CoreLogic’s latest report.
The property data firm says that out of the 77 auctions known to CoreLogic in the region 87% were cleared.
This is followed by the West region with 86.2% and the North East with 84.6%.
<a href="https://www.propertyobserver.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%2011.31.18%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/2017/02/27/Screen%20Shot%202017-02-27%20at%2011.31.18%20am.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-ashwood-124527206" target="_blank">14 Ashwood Drive</a>, Ashwood (above) was sold for $1,305,000.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-knoxfield-124631322" target="_blank">17 Horner Close</a>, Knoxfield (below) was sold for $795,000.
<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/2017/02/27/17%20Horner%20Close.jpg" alt="">
</body></html>

Melbourne's Outer East takes top spot with highest cleared auction rate: CoreLogic

<html><body>
The Inner West region of Sydney takes the top spot with the highest auction success rate, according to CoreLogic’s latest report.
The property data firm says that out of the 61 auctions known to CoreLogic 90.2% were sold.
This is followed by Ryde with 88.2% and the Eastern Suburbs with 87.2%.
<a href="https://www.propertyobserver.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%2011.31.09%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/2017/02/27/Screen%20Shot%202017-02-27%20at%2011.31.09%20am.jpg" alt="">
A five bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-cabarita-124624642" target="_blank">111 Cabarita Road</a>, Cabarita (above) was sold for $3,300,000.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-balmain-124601978" target="_blank">20 North Street</a>, Balmain (below) was sold for $3,020,000.
<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/2017/02/27/20%20North%20Street.jpg" alt="">
</body></html>

Sydney's Inner West weekend auction clearance rate tops 90%: CoreLogic

<html><body>
Australia is likely to continue to attract international retail brand entrants in 2017, according to CBRE’s latest report.
Australia’s favourable macroeconomic conditions (relatively strong growth in population and consumption compared to other developed economies) and low international brand penetration (28%) to date enhance the case for entry into Australia.
<a href="https://www.propertyobserver.com.au/images/2017/02/16/Figure%2011.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/2017/02/16/Figure%2011.jpg" alt="">
Many international retailers are entering the market and taking market share from incumbent businesses that are grappling with the lower sales growth environment and thinner profit margins.
The low penetration rate of international brands appears to have enabled high turnover per store for some new entrants.
H&amp;M’s Sydney and Melbourne stores were among the group’s best global traders with its Australian sales (per store) achieving top three results in its global platform in 2015 and 2016 and twice as productive as its average store sales globally (according to its annual results).
But new international brands entering the market and recently arrived international brads expanding will, at some point, likely cause cannibalisation of incumbent store sales and also lower sales growth for new entrants, the report says.
In some overseas markets new entrants went through a period of consolidation because initial brand rollout plans were too aggressive.
Australia would not be impervious to this scenario if brand rollouts prove overly ambitious, but we suspect that previous experiences should lend some caution to new entrants.
According to CBRE’s retail brand database (tracking about 450 international retailers globally), more than 90 existing international retailers are looking to roll out stores across Australia over the next five years, and another 50 plus brands are looking at launching their first flagship store.
“Luxury retailers were the largest group (by number) to enter Australia in 2016 and we expect this trend to continue for a further two to three years before slowing down as they reach their store targets,” the report stated.
Mid-range fashion and specialist clothing brands are expected to increasingly contribute to brand entry over the next five years.
These types of retailers have a broader target market than luxury brands, who tend to focus on CBD or super prime regional centre locations.
“We are expecting to see the second phase of fast fashion retailers expanding into suburban and regional locations,” the report says.
H&amp;M, for example, has opened numerous stores in suburban locations (typically regional shopping centres) as well as targeting major regional cities.
“We expect other fast fashion brands will follow suit over the coming years, absorbing space that may be vacated by discount department stores and other retail incumbents,” the report warned.
“We expect that over the next five years up to 1.2 million sqm or 7% of current retail stock will be sought by international retailers.
“If this occurs the level of demand is expected to almost absorb the supply pipeline (CBD and shopping centres) over the next five years, reducing the risk of oversupply.”
The upside risk is additional demand from domestic retailers, although that is not a given as the domestic retail industry has experienced profit margin pressure over the past few years.
</body></html>

International brands to continue coming and setting up shop: CBRE

<html><body>
<div>A two bedroom apartment at Mernda, which has been a $310 a week rental in the City of Whittlesea suburb, fetched $245,000.</div>
<div> </div>
<div>Offered through Ray White, the <a href="https://www.realestate.com.au/property-apartment-vic-mernda-124510094" target="_blank">Rowell Drive unit</a> fetched less than its $295,000 off the plan price.</div>
<div> </div>
<div>The auction price guidance had been $240,000 to $260,000 for the 70 sqm ground floor apartment that was completed in 2012.  </div>
</body></html>

OTP resale loss in cheapest $245,000 weekend auction result

<html><body>
The building approvals in the current cycle began to rise from mid-2012, according to HIA’s latest report.
It took until late 2015 for the cycle to peak and approvals have subsequently maintained very high levels from a historical perspective.
Australia’s latest new home construction cycle, for which building approvals formed a very accurate lead indicator, is the longest and largest in the nation’s history.
This has produced very healthy outcomes for the broader Australian economy.
The December 2016 numbers for ABS Building Approvals (the latest available data) confirm that we have passed the peak for this cycle.
However, actual residential construction activity will remain healthy throughout 2016/17 and into 2017/18 due to the continuing gap between building approvals and new dwelling commencements (starts).
In monthly terms building approvals peaked in October 2015 at a level of 21,546.
The annual peak for building approvals was a staggering 241,561 over the 12 months to November 2015.
In calendar year 2016 building approvals reached a level of 230,813 compared to 240,009 in 2015.
A gradual decline in building approvals in the early stages of the down cycle provides an important signal for the Australian economy.
This trend is consistent with continued healthy levels of new dwelling commencements and residential work being done in 2016/17 and into next year.
This situation in turn provides positive impacts on economic growth and employment.
For example, construction absorbs 9 per cent of the workforce and is the third largest employer, after health (12.8 per cent) and retail (10.5 per cent) in the Australian economy.
Record levels of residential construction and related jobs have in recent years offset job losses in other sectors.
<a href="https://www.propertyobserver.com.au/images/2017/02/21/HIA-1.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/2017/02/21/HIA-1.jpg" alt="">
There was considerable variation in the evolution of dwelling approvals among the states in 2016 compared to 2015.
This is not a surprising finding – this building cycle has been marked by larger than normal divergenes in housing conditions around Australia given that the up-cycle began before Australia’s largest ever resources investment boom had peaked.
In original (i.e. not seasonally adjusted) terms three out of eight states recorded increases in total building approvals in calendar year 2016.
The strongest increase occurred in the Australian Capital Territory (+44.6 per cent), followed by South Australia (+3.8 per cent) and New South Wales (+1.2 per cent).
Total building approvals declined in Western Australia and the Northern Territory (-23.4 per cent in each instance), Tasmania (-23.0 per cent), Queensland (-5.9 per cent), and Victoria (-1.3 per cent).
Comparing the December 2016 quarter to the December 2015 quarter, there was a decline in approvals nationwide of 14.2 per cent (in unadjusted terms, see chart below).
<a href="https://www.propertyobserver.com.au/images/2017/02/21/HIA-2.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/2017/02/21/HIA-2.jpg" alt="">
Different jurisdictions played varying roles in this overall result.
The main drivers of this annual change in the December 2016 quarter were New South Wales (-6.4 percentage points) and Queensland (-4.9 percentage points).
Contractions were also evident for: Western Australia (-1.5 percentage points); and Victoria and South Australia (-0.9 percentage points in each instance).
Tasmania had a minor - 0.1 percentage point result.
In terms of the number of building approvals, the decline in NSW (-3,884) acted as a large drag on the national outcome (-8,560).
The following analysis provides greater detail on developments in approvals for different dwelling types.
This breakdown of building approvals – separating out semi-detached style product from medium/high density (MHD) units, for example provides important ‘colour’ to the building approvals landscape and is often forgotten in generalised commentary regarding detached houses ‘versus multi-units’.
Let’s start from the top with the aggregate profiles to provide the necessary background.
The chart below shows monthly changes in seasonally adjusted approvals.
There were 51,173 total seasonally adjusted building approvals in the December 2016 quarter, a level 15.2 per cent lower than approvals in the September quarter.
As previously noted, building approvals were 3.8 per cent lower in 2016 than in 2015.
Seasonally adjusted building approvals for detached houses totalled 28,275 in the December 2016 quarter, a level 2.2 per cent lower than in the September quarter of 2016.
Total approvals for ‘other dwellings’ – usually referred to as ‘multi-units’ numbered 22,900 in the December 2016 quarter.
That level was 26.9 per cent lower than the approvals in the September quarter of 2016. In the 12 months to December 2016 approvals were 5.5 per cent lower than in 2015.
The overall profile for detached house approvals in 2016 suggests this segment of the new home building market remains in relatively healthy shape in early 2017.
<a href="https://www.propertyobserver.com.au/images/2017/02/21/HIA-3.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/2017/02/21/HIA-3.jpg" alt="">
Drilling down from this aggregate profile we consider five categories of residential building approvals.
Comparing the December 2016 quarter to the same period in 2015, all of the five categories of dwellings recorded a decline in approvals: detached houses (-5.8 per cent); semi-detached, row, terrace or townhouse homes (-10.1 per cent); flats or units in 1 or 2 storey buildings (-21.9 per cent); flats or units in 3 storey buildings (-25.8 per cent); and flats or units in 4 or more storey buildings (-27.4 per cent).
All the categories combined recorded a national decline of 14.2 per cent.
In terms of last calendar year, all categories except semi-detached, row or terrace dwellings posted a negative change.
Building approvals in the ‘semi-detached’ category increased by 3.8 per cent in 2016.
The remaining categories posted declines in 2016 of: detached houses (-1.9 per cent); flats or units in 1 or 2 storey buildings (-27.1 per cent); flats or units in 3 storey buildings (-7.7 per cent); and flats or units in 4 or more storey buildings (-7.5 per cent).
The chart below shows how approvals for each of the different dwelling types have been contributing or detracting from total growth in the number of building approvals in a quarter over the same quarter a year ago.
Clearly, up to the December 2016 quarter, approvals for all categories have driven declines in aggregate approvals, but to a widely varying extent.
<a href="https://www.propertyobserver.com.au/images/2017/02/21/HIA-4.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/2017/02/21/HIA-4.jpg" alt="">
Detached house approvals
<ul>
<li>51.2 per cent of total building approvals in 2016 compared with the decade average of 60.9 per cent;</li>
<li>A significant 5.8 per cent decline during the three months to December 2016 to reach a (non- seasonally adjusted) level of 27,610. This level is 13.8 per cent lower than in the December 2015 quarter;</li>
<li>Average monthly approvals of 9,735 dwellings over 2016 in unadjusted terms;</li>
<li>Eastern seaboard states the primary geographical drivers of growth in 2016.</li>
</ul>
Semi-detached and townhouse approvals
<ul>
<li>14.6 per cent of total building approvals in 2016 compared with the decade average of 13.5 per cent;</li>
<li>Average monthly approvals of 2,781 dwellings over 2016, in unadjusted terms;</li>
<li>Strong 3.8 per cent growth in 2016, driven by the eastern seaboard states;</li>
<li>Queensland, the Australian Capital Territory, the Northern Territory and Victoria contributed to aggregate growth nationally;</li>
</ul>
Approvals for units in 1 or 2 storey buildings
<ul>
<li>1.4 per cent share in 2016, compared with the decade average of 2.9 per cent;</li>
<li>Average monthly approvals of 271 dwellings over 2016, in unadjusted terms. Growth driven by South Australia and the Australian Capital Territory, but declines elsewhere.</li>
</ul>
Approvals for units in 3 storey buildings
<ul>
<li>2.2 per cent share in 2016, compared with the decade average of 2.5 per cent;</li>
<li>Average monthly approvals of 426 dwellings over 2016, in unadjusted terms;</li>
<li>Decline of 7.7 per cent in 2016;</li>
<li>Annual decline a result of pull-backs in New South Wales and the Northern Territory. Growth in Victoria and South Australia was insufficient to offset the declines.</li>
</ul>
Approvals for units in 4+ storey buildings
<ul>
<li>30.5 per cent share in 2016 compared with ten year average of 20.1 per cent;</li>
<li>Average monthly approvals of 5,826 dwellings over 2016, in unadjusted terms;</li>
<li>Some slow-down in 2016, driven mainly by Victoria, Queensland and the Northern Territory. The Australian Capital Territory and New South Wales were the two star contributors to growth.</li>
</ul>
Australia’s new home-building boom looks set to taper off from 2017.
Building approvals for new housing have faded (moderately) in the past year, but they didn’t tank.
ABS building approvals figures show that the number of houses and ‘other dwellings’ approved in 2016 were lower than in 2015 by less than 4 per cent.
This outcome is not a precursor of any serious declines in new dwelling commencements in the first half of 2017.
The steady trend in detached house approvals suggests that actual activity will similarly remain reasonably healthy in the short term.
A slightly more positive short term outlook applies to semi-detached type approvals.
Overall, we retain our long held outlook for continued healthy levels of new home construction in 2016/17, and to a lesser extent in calendar year 2017:-
Detached house construction will remain healthy in the short term, but the volume of building will be lower than last year;
The semi-detached market has some further growth to it in the first half of 2017 – a tick in the box that shouldn’t be missed;
The pipeline of work in progress is substantial, particularly in terms of medium/high density dwellings.
HIA Economics will shortly be releasing their latest forecasts for dwelling commencements.
This release will include updates for the subscription products of: dwelling starts composition forecasts; regional building approvals forecasts; and long term forecasts.
For further information go <a href="https://hia.com.au/en/BusinessInfo/economicInfo/housingForecasts.aspx" target="_blank">here</a>.
</body></html>

New home building approvals in longest and largest cycle in Australia's history

<html><body>
The level of confidence is always the key to the rural property market in South West Victoria, according to Herron Todd White's latest report.
The property valuation firm says that in general terms the farming sector in south west Victoria apart from dairying commences the new year in positive terms coming off the back of a good last half of 2016.
"We predict continued strong investment in agriculture through 2017, with influencing factors including the following:
<ul>
<li>no indication of an easing of the record market prices for beef and prime lamb.</li>
<li>there is abundant feed in the paddocks and reserves of hay have been replenished.</li>
<li>interest rates to borrow from banks remain cheap.</li>
<li>limited stock of good property being put to the open market for sale.</li>
<li>for large scale grazing holdings domestic purchasers beating off foreign purchasers.</li>
<li>Government policy is favourable to the rural industry." the report listed.</li>
</ul>
The values for rural property are predicted to peak in late 2017.
With specific reference to the dairying sector, there is a small glimmer of hope in the wider dairying industry which should show the start of recovery with current levels unlikely to change through 2017.
The rural market has been stable over the previous few years in Gippsland, however there have been some recent sales in the Bass area.
This indicates that there may be an increased interest in the rural small holding market for properties in the ten hectare to 80 hectare range.
Western Gippsland has seen increased interest in rural small holding lots with the completion of the
Pakenham racecourse appearing to increase demand for horse blocks or grazing properties.
The forecast closure of metropolitan racecourses may also increase demand for these lots.
Overall the rural market in western and southern Gippsland region is seen as stable with the potential for price growth over the next 12 months.
Strong seasonal conditions undoubtedly drove demand through the tail end of 2016 in Echuca.
This is likely to drive demand into 2017 particularly in the cropping sector which achieved significantly above average yields across most district (notwithstanding below average pricing).
One of the quiet performers has also been most classes of water which continues to recover in price notwithstanding a falling allocation market.
This has seen general security water surge to $1,275 per megalitre (including allocation) according to some local agents.
Meanwhile Victorian Goulburn water seems to be hovering around the $2,600 to $2,750 per megalitre mark.
There is a $1.2 million asking price on <a href="https://www.realestate.com.au/property-lifestyle-vic-bass-7876186" target="_blank">an 118 acre Bass farm</a> through Elders Leongatha.
The farm, Janista is capable of carrying 60 to 70 breeding cows and calves or could make a fattening or horse property. The private three acre lake is complemented by an additional 4 mega litre pumping license from the Bass River.
</body></html>

South west Victoria rural property market determined by confidence level: HTW

<html><body>
The Hills of Carmel, a 2,000 lot sub-division spread across 223 hectares in Sydney’s North West, has had its buyer registration period brought forward by four months to meet demand for prompt settlement.
Registration is the formal process of lodging the individual lots with the land titles office, allowing the final settlement of property to take place.
As a result, more than 100 lots will be settled by the end of this month with home building not far behind.
The Hills of Carmel is a new land release located in the recently rezoned suburb of Box Hill, between Rouse Hill and McGraths Hill, close to major retail centres, national parkland, sporting facilities and idyllic Hawkesbury River fishing and boating.
Almost 300 housing lots have been sold to home buyers since the $1.3 billion Hills Shire site launched in May 2016, with a further 300-400 lots flagged for release later this year.
The earlier-than-expected registration process follows unseasonably high demand over the Christmas period, according to Hills of Carmel Property Development Consultant Bob Welsh.
“Land is getting snapped up fast; we are opening up new lots sooner than anticipated. Given the community will offer schools, shopping centres, proximity to new transport links and beautiful aspects, we knew going into this it would be popular, but perhaps even we underestimated the sheer scale of Sydney’s housing affordability crisis,” he said.
Mr Welsh said residents are expected to move into the first of the community’s homes by mid-2017.
Australia’s biggest and most established display home organisation, Homeworld, will also be joining the neighbourhood, with plans to construct a 108-lot display village on site.
“In line with the heavy consumer demand for affordable lots, as described by the Department of Planning, we will continue to make available both small detached dwelling lots and larger lots ranging in size from 300m2 to 870m2,” Mr Welsh said.
Jamie and Shirley Millar, currently of East Kurrajong, will be among the first residents to settle in coming weeks.
Mr Millar said this will be his family’s second build.
“We are really excited about the opportunity to build in The Hills of Carmel and to be a founding part of Sydney's newest suburb,” he said.
“We are relocating to downsize and be closer to modern facilities for our three children.
The semi-rural aspect, as well as the North West Rail Link are key factors in our decision to move here.”
The Department of Planning expects the new suburb of Box Hill to eventually comprise 9,600 dwellings and a population of more than 28,000 people.
The Hills of Carmel development will create thousands of new jobs and inject an estimated $700 Million into the local economy.
For more information on The Hills of Carmel, visit <a href="https://www.thehillsofcarmel.com.au/">www.TheHillsofCarmel.com.au</a>.
</body></html>

First ‘Hills of Carmel’ homes on horizon as North West development demand hits fever pitch

<html><body>
Across the combined capital cities this week, the number of properties taken to auction increased dramatically, with 3,232 auctions held, according to CoreLogic’s latest report.
The property data firm says that is significantly higher than what has been recorded over the same period across previous years, with auction volumes generally reaching their seasonal peaks around March.
The record highs for the number of auctions were confined to the Sydney and Melbourne markets, where auction numbers were the highest on record for the month of February.
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.16.07%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/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.16.07%20am.jpg" alt="">
Despite auctions reaching record highs for February, the combined capital city preliminary clearance rate also reached a new record high over the year to date.
78.6 per cent of auctions recorded a positive result this week, which is higher than the 71.4 per cent last year, across a lower volume of auctions (2,701).
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.16.20%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/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.16.20%20am.jpg" alt="">
Overall activity has increased week-on- week, with volumes increasing across all the capital cities, with clearance rates also rising in most capital cities with the exception of Canberra and Perth, where clearance rates fell over the week.
Across Melbourne, this week’s preliminary clearance rate rose to 80.1 percent, up from 75.7 per cent last week and remaining above the clearance rate for the city one year ago (74.8 per cent).
This week, Melbourne saw a substantial increase in volumes, with 1,613 auctions held, higher than the 1,091 held last week and also higher than a year ago when there were 1,347 Melbourne auctions held over the week.
Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the Outer East region.
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.32%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/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.32%20am.jpg" alt="">
So far, CoreLogic has collected 77 results for the region and the preliminary result shows 87.0 percent of these auctions were successful.
Sydney’s preliminary auction clearance rate increased to 81.5 percent this week, across a higher volume of auctions.
Last week, Sydney’s clearance rate was 80.6 percent, while one year ago results show that 72.1 per cent of Sydney homes taken to auction were successful.
This week volumes were higher, up to 1,169 from 856 last week and also higher than what was seen over the same week last year, when 919 Sydney homes were taken to auction over the week.
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.39%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/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.39%20am.jpg" alt="">
The Inner West sub-region of Sydney has shown the strongest performance so far this week, with 90.2 per cent of the 61 reported results selling.
There were 174 Brisbane homes taken to auction this week, with 99 results reported so far.
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.47%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/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.47%20am.jpg" alt="">
The preliminary clearance rate for the city is 63.3 percent, up from 47.1 percent last week and higher than one year ago, when 57.4 percent of the 179 properties taken to auction were successful.
Across the Gold Coast 40 results have been reported so far, with a success rate of 55.0 percent (22 sales).
This week, Adelaide saw a preliminary clearance rate of 76.3 percent, with 80 reported results across a total of 121 scheduled auctions.
<a href="https://www.propertyobserver.com.au/images/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.56%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/2017/02/26/Screen%20Shot%202017-02-26%20at%2010.14.56%20am.jpg" alt="">
In comparison, over the previous week Adelaide’s clearance rate was 65.8 percent and 64.0 percent one year ago.
There were 46 Perth auctions this week, with a preliminary clearance rate of 21.4 percent. Last week, 31.0 percent of the 42 auctions held were successful.
Across Canberra a total of 100 auctions were held this week, compared to 92 last week and 75 at the same time last year.
Canberra’s preliminary clearance rate of 77.3 percent is lower than it was the previous week (80.2 per cent).
In Tasmania, 6 auctions were reported to CoreLogic with 3 sales.
Canberra saw the sale of 45 Tinderry Circuit, Palmerston for $435,000 (above).
</body></html>

Weekend auction success rate highest for the past year: CoreLogic

Apartment buyers in New South Wales are set to gain a decade of insurance-backed protection against major building defects, after the NSW Parliament passed the Fair Trading and Building Legislation Amendment Bill 2026.&nbsp;

The Bill establishes decennial defect insurance, known in the market as Latent Defects Insurance (LDI), as an alternative to the existing two-year strata building bond. It cleared the Legislative Council with amendments on Tuesday evening (August 4, 2026), with the Legislative Assembly agreeing to those amendments shortly after.

Under the reform, eligible developers can satisfy their statutory bond obligation by taking out an approved decennial-style policy that gives owners 10 years of cover for major structural defects from completion, claimable directly, without first having to pursue developers or builders through costly legal action.&nbsp;

The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.

Resilience Insurance, which originated the cover in Australia and has delivered it in NSW since 2022, welcomed the passage and credited the NSW Government for delivering it.

“This is protection apartment buyers have needed for a long time, and the credit for delivering it belongs to the NSW Government,”&nbsp;said Corey Nugent, CEO of Resilience Insurance.

“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into. Reform like this is what good, evidence-based regulation looks like.”

Resilience has delivered LDI in NSW since 2022, protecting thousands of apartments, giving the State, and now the country, real-world evidence of how decade-long, no-fault protection works in practice.

The reform also places NSW within a wider national shift.

NSW is the third jurisdiction to put decennial cover into law. The ACT legislated for it in 2024, with the scheme taking effect in late 2025, and Victoria passed its own framework on 17 June. Between them, the three cover the majority of Australia's apartment market.

The reform commences once the legislation is proclaimed, which is expected in the coming weeks. From that point, developers of Class 2 residential apartment buildings can meet their statutory obligation with an approved decennial policy in place of the bond.

Buyers who purchased into projects that took out the cover early are among the first in the country to take keys to apartments carrying decade-long structural protection.

“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.

“There are already thousands of apartments in NSW covered by this insurance, bought by developers who moved early. The question every buyer should be asking in a display suite is a simple one: does this building come with 10-year defect cover, and who stands behind it?&nbsp;

“We look forward to working with the Government and the Building Commission in coming weeks as the framework moves to implementation, and to sharing what we have learned over the past four years so the protection reaches owners as smoothly and quickly as possible.”

Other states are working through their own reform programs. Western Australia has indicated that decennial cover is within consideration a later stage of its reform sequence, and Queensland has been examining the settings as it looks at the development pipeline ahead of the 2032 Olympics.

Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.

Fast Facts: What the reform means

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">10 years of cover:&nbsp;Protection for major structural defects runs for a decade from completion, claimable directly and with no legal action required.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">An alternative to the bond:&nbsp;Eligible developers can meet their statutory obligation with an approved decennial-style policy in place of the 2% strata building bond.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Part of a national shift:&nbsp;The ACT has had decennial provisions in force since 2025 and Victoria passed its framework in June. NSW now joins them.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">No-fault, first resort:&nbsp;Owners corporations claim directly from the insurer without first having to establish who is liable for the defect.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost-competitive:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the 2% bond while offering broader, longer protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

Fast Facts: What is Resilience LDI?

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost advantage:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

Joel Robinson

NSW parliament passes 10-year defect insurance laws for new apartment buyers

Developer <a href="https://www.apartments.com.au/developers/drew-group">Drew Group</a> is wasting little time following the completion of Lagoon Main Beach, lodging plans for another high-rise apartment development less than two kilometres away at the northern end of Surfers Paradise.

Drew Group, led by local developer Jon Drew, is pitching for a 32-storey residential tower at 180–184 Ferny Avenue, replacing three low-rise buildings on a prominent 1,055 sqm corner site just 150 metres from the beach.

Drew called on architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA</a>&nbsp;to design the new slender tower, which will have 130 apartments. BDA drew on the inspiration of legendary architect Frank Lloyd Wright's philosophy of organic architecture, which seeks "a superior sense of use and a finer sense of comfort, expressed in organic simplicity."

"The design creates a seamless dialogue between built form, natural elements, and the iconic Surfers Paradise context," BDA wrote in the application recently submitted to the Gold Coast City Council.<img alt="First look: Drew Group eyes next Gold Coast tower after completing Lagoon Main Beach" data-entity-type="file" data-entity-uuid="5dcaa84d-67ba-4e22-b8f1-208ca5056b05" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/surfers%20paradise%20da.png?VersionId=Ah9oBOlL0ofC5eboXSI.dEq9VRfEnFaT" />

BDA also drew inspiration from New York's iconic Flatiron Building, with softened curved corners responding to the geometry of the triangular site. While referencing the 1902 Manhattan landmark, the design reinterprets its distinctive form through a contemporary coastal lens.

Drew is targeting the Gold Coast's "missing middle" market, a segment that has arguably been underserved in recent years. The project is weighted towards owner-occupiers, with 104 two-bedroom apartments complemented by a further 26 one-bedroom residences.

Resident amenity will be centred on the level five podium, featuring a resident lounge, gym, yoga room, steam room, sauna, lap pool with a lagoon area, spa, cold plunge and magnesium plunge.&nbsp;

Additional resident facilities will occupy the rooftop, including work-from-home spaces, a meeting room, resident lounge with a full kitchen, bar and dining area, as well as a dedicated wellness zone with additional plunge pools, steam rooms and saunas.

<img alt="First look: Drew Group eyes next Gold Coast tower after completing Lagoon Main Beach" data-entity-type="file" data-entity-uuid="a1392ad9-620b-41f9-957d-b1fcec13613f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/surfers%20da%20podium.png?VersionId=9kDudIwvCaZFW6F8IyXGP6wQg0B_VS3E" />

The application follows the completion of Drew Group's Lagoon Main Beach, which only has around four apartments left to sell after a successful sales and marketing campaign.

Built by Hutchinson Builders, Lagoon comprises 248 apartments and was popular with local owner-occupiers and interstate buyers.

First look: Drew Group eyes next Gold Coast tower after completing Lagoon Main Beach

Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

South Brisbane's apartment pipeline continues to build momentum, with <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a> lodging plans for a 161-apartment tower on Montague Road as developers accelerate investment across the Kurilpa Sustainable Growth Precinct.

The proposal for 176–186 Montague Road would replace an existing office building with a 20-storey residential tower designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, adding to a growing pipeline of high-density projects reshaping one of Brisbane's fastest-evolving inner-city precincts.

The project has been conceived as a "living building", featuring a flowing tower form, extensive vertical landscaping, and generous communal spaces that respond to the evolving Kurilpa Sustainable Growth Precinct.

TRK Property Group Development Director Matt Kan said the project reflected the confidence developers have in South Brisbane's long-term future.

"South Brisbane is entering an incredibly exciting period, and we see Montague Road sitting right at the heart of that evolution," Kan said.

"With the former Visy site directly opposite us and significant investment planned throughout the broader Kurilpa precinct, there is a real sense of momentum around this part of the city and what it will become over the coming years.

"For TRK, this is an opportunity to be part of that next chapter and deliver a project that responds to where the precinct is heading, while contributing to the continued evolution of Brisbane's river edge."

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="590fe1ad-f892-4446-a679-80e33a16d029" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20tower%20facade.png?VersionId=uOJStrcKpyHFcPE1w6_9SMAFzVMCcZll" />

The scheme includes a mix of one, two, three and four-bedroom apartments, incorporating multi-purpose rooms in selected residences to provide additional flexibility for home offices or expanded living areas. The proposed mix comprises 15 one-bedroom, 13 one-bedroom plus MPR, 73 two-bedroom, 26 two-bedroom plus MPR, 30 three-bedroom, and four four-bedroom apartments.

Rather than adopting a conventional rectilinear tower, COX Architecture has developed a sculpted form inspired by the movement of the Brisbane River.

"The proposal has been designed by COX Architecture as a 'living building' that responds to the site's riverine setting, floodplain history and evolving urban context within the Kurilpa Sustainable Growth Precinct," the planning report states.

"The architectural form draws from the fluid nature of the Brisbane River, with a curved and undulating tower form that creates a varied architectural edge and avoids a conventional rectilinear tower expression."

The podium has also been designed as an architectural feature rather than a conventional parking structure, with cascading planting, screening and natural-toned materials softening its appearance. Resident parking is elevated above ground level to address the site's flood constraints, while habitable apartments sit above flood planning levels. Upper-level communal facilities are designed to accommodate shelter-in-place arrangements during major flood events.

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="01fa15d0-90df-46c7-9555-7941fc45373c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20podium.png?VersionId=mHyua.w1pHGBt9qEdWzrlsv.leztUCwO" />

Communal amenity is a major focus of the proposal. Around 1,815 sqm of shared resident space is proposed across the ground floor, level 19 and the rooftop, including co-working areas, indoor and outdoor recreation spaces, wellness facilities, dining and gathering areas, lawn spaces, a rooftop pool and spa, and extensive landscaping. At street level, a landscaped forecourt and approximately 345 sqm of publicly accessible open space along Montague Road are intended to improve the pedestrian experience while activating the building's frontage.

The development will provide 163 car spaces, including 152 resident bays and 11 visitor spaces, together with 144 bicycle spaces incorporating resident storage, visitor parking, bicycle maintenance facilities and e-mobility charging infrastructure.

The site sits within one of Brisbane's fastest-changing inner-city precincts, less than two kilometres from the CBD and within easy reach of South Bank, West End, the Queensland Cultural Centre and extensive public transport connections. The Kurilpa Sustainable Growth Precinct planning framework is encouraging higher-density residential development to help meet Brisbane's housing supply targets while supporting walkable, transit-oriented neighbourhoods.

Staff reporter

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News