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The Northern Beaches takes the weekend's top spot as the Sydney region with the highest auction clearance rate, according to CoreLogic’s latest weekly report.
Out of the 83 reported auctions to CoreLogic about 94% resulted in a successful outcome.
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<img src="/images/2016/10/31/Sydney%20weekly%20clearance%20rate.jpg" alt="">
This is followed by Sutherland with 93% and Blacktown with a clearance rate of 92%.
The region with the lowest auction clearance rate was Parramatta where only 67% of the 61 auctions known to CoreLogic resulted in a successful outcome.
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j.ballantyne1990-6AQqhLzZaK

Northern Beaches's top spot as Sydney region with best clearance rate: CoreLogic

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The North West region takes the weekend's top spot as the Melbourne region with the highest auction clearance rate, according to CoreLogic’s latest weekly report.
Out of the 60 reported auctions to CoreLogic about 91% resulted in a successful outcome.
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<img src="/images/2016/10/31/Melbourne%20weekly%20clearance%20rate.jpg" alt="">
This was followed by the Outer East region with 87% and both the North East and South East taking equal third place with 82%.
The region with the lowest auction clearance rate was both the Inner region and the Inner East region with both regions having an auction clearance rate of 70%.
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North West region's top spot as Melbourne region with best clearance rate: CoreLogic

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Geelong takes the weekend's top spot as the regional region with the highest auction clearance rate, according to CoreLogic’s latest weekly report.
Out of the 32 reported auctions to CoreLogic about 87% resulted in a successful outcome.
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<img src="/images/2016/10/31/Regional%20regions.jpg" alt="">
This was followed by Wollongong with 69% and the Hunter with 68%.
The region with the lowest auction clearance rate was the Sunshine Coast with only 39% of its 23 auctions known to CoreLogic resulted in a successful outcome.
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Geelong's top spot as regional region with best clearance rate: CoreLogic

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Denistoun Park, the 28 ha Mornington Peninsula property stabling the horses of Jason Warren Racing, has been listed for sale.
The Tuerong property is located at <a href="https://www.realestate.com.au/property-other-vic-tuerong-7851142" target="_blank">355 Balnarring Road</a>, an hour from Melbourne.
Jason Warren and wife, Yasmin purchased Denistoun Park in 2010.
"It wasn't a decision we took lightly," <a href="https://jasonwarrenracing.com.au/trainer-profile" target="_blank">he told TVN's Jason Richardson</a>.
It is a prime thoroughbred racing property previously leased to horse trainers, the Freedman Brothers.
Set at the end of a towering gum drive, the property offers a 1650 metre irrigated grass track, sand track, 68 stables, 60 meter straight pool, two walkers, sand arena and 60 post and rail paddocks with loose books providing a unique onsite training and spelling options.
It is near Balnarring Beach.
The property is offered through RT Edgar agents Lisa Fraser-Smith and Holly Longmuir.
Offers are due 10 November.
A lease back is possible.
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Denistoun Park at Tuerong for sale

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Australian home owners are staying put longer, with the average number of years that capital city residents hold their homes trending up since 2005 from 6.7 years to 10.7 years for houses and 5.9 years to 9 years for apartments, according to McGrath's latest report.
It noted the number of sales transactions has declined in line with this trend according to CoreLogic.
"Essentially it boils down to financial reasons and changes in the way we live today," John McGrath suggested.
Affordability and the costs of buying and selling are major factors.
"Stamp duty and agents’ fees alone currently run to about $55,000 on a median priced house in Sydney today."
Renovating is also on the rise, which tends to happen at the end of a boom when affordability falls. Instead of trading up, owners draw on new equity to renovate and extend instead.
"t’s not surprising that Melbourne and Sydney are our renovating hot spots right now," the report noted.
<a href="/images/2016/10/31/Renovation%20spending.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Renovation%20spending.jpg" alt="">
"A strong economy is also encouraging people to stay put.
"Despite the GFC, it’s been 25 years since our last recession so the biggest economic factors that prompt people to sell – unemployment and financial stress – are less at play. People in secure jobs can stay put until personal circumstances demand a change of address.
"Which brings us to the second major element affecting hold periods – changes in the way we live.
"There has always been a strong correlation between people’s life stages and their housing needs, however in today’s modern world the traditional trends in the way we live are shifting and this is reducing the necessity to move," it noted.
Couple-only households and people who live alone are the fastest growing types of households in Australia today and they don’t need to move as much as growing families.
Recent Australian Bureau of Statistics figures show 46% of couple-only and lone person households have lived in their current home for 10 or more years compared to 28 percent of families with kids.
Young people are staying home longer, prompting many parents to delay their downsize or seachange.
When they buy their first home or rent with friends or a partner, they can stay there longer because they are delaying marriage and kids until much later in life.
Previously, as people’s incomes grew, they would look to upgrade to a better property but wage growth is not nearly keeping pace with property prices, so there are plenty of couples staying put in apartments or small houses until their first or second child comes along.
The average family size is also getting smaller, with a steady decline from 3-4 kids in the 1960s to 1-2 kids today.
"This means many families can stay put longer in properties with fewer bedrooms."
<a href="/images/2016/10/31/East%20Coast.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/East%20Coast.jpg" alt="">
We’re also seeing a rise in multi-generational households with couples and in-laws pooling funds to buy a large home that will suit them for the long term.
ABS data shows the majority of multi-family households stay put for 10-20 years or more.
The ageing population is also contributing to longer hold periods.
Mortgage-free home ownership is highest amongst older Australians and they prefer to stay put long term if they can, with 47% of owners without a mortgage living in their homes for more than 20 years.
<a href="/images/2016/10/31/Twin%20graphs.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Twin%20graphs.jpg" alt="">
Staying put means avoiding moving costs and preserving pension arrangements, which can change after selling.
The GFC also prompted many empty-nesters to delay retirement and stay put while they continued working to replenish lost superannuation.
<div>
Buying and holding is the key to success in Australian real estate.
Although owner-occupiers are primarily motivated by lifestyle factors, it’s important to remember that your home is your greatest financial asset and the best capital growth always occurs over the long term.
</div>
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Homeowners are staying longer: McGrath

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The international punter and horse racing owner-breeder, Paul Makin and wife Lyndal have paid $4,025,000 for a rural retreat in far New South Wales.
Located between Byron Bay and Bungalow, it's a 14 hectare Talofa ranch style property with larger than usual homestead.
The contemporary four-pavillion, log cabin-style home was built by an American couple, Rebecca and Richard Korhammer. 
It overlooks open paddocks, a dam and mature gardens. Listed through Unique Estates agent Nicolette van Wijngaarden, it had been earning $250,000 per annum in holiday rental income.
Makin, who is almost 80, has been living in Hong Kong but is moving back to be closer to family to Australia. The couple recently sold a $4 million Main Beach, Gold Coast apartment and secured an apartment in Brisbane's Riparian Plaza complex.
Makin, who as a boy sold Sydney newspapers at the Doncaster Hotel, hails from Kensington.
He has seen racing success all over the world.
Starcraft was his best known horse which Makin shipped off to England-based trainer Luca Cumani in 2005.
In half a dozen starts for Cumani, Starcraft won two of Europe's most important mile races, the Prix du Moulin in France and the Queen Elizabeth Stakes in England.
Makin almost retired five years ago, but is back with Marcel, who is at stud at Newmarket, and Marcel’s half-brother who will be trained by Peter Chapple-Hyam, the former husband of expat horse trainer Jane Chapple-Hyam.
This article was first published in the Sunday Telegraph.
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Horse breeder Paul Makin buys Byron hinterland retreat

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Model simulations suggest that during private deleveraging, targeted fiscal interventions should be used to help unclog an economy’s credit system, as the cost of inaction is much higher including from a public debt sustainability perspective, according to IMF's latest report.
However, the optimal size of the intervention depends on the available fiscal space and the efficiency of intervention, under- scoring the importance of carefully designing these measures.
In the current global environment of low growth and private sector deleveraging—and with a strained financial system in some countries diminishing the effectiveness of monetary policy—there is a question of whether fiscal policy can play a role in facilitating the ongoing adjustment.
<a href="/images/2016/10/31/Impact%20of%20Targeted%20Interventions%20in%20a%20Deleveraging%20Phase.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Impact%20of%20Targeted%20Interventions%20in%20a%20Deleveraging%20Phase.jpg" alt="">
The dynamic general equilibrium model developed by Batini, Melina, and Villa (2016) is used in this box to assess the benefits of alternative fiscal policy measures.
The simulations assume that there is a shock in house prices similar in size to that observed in the United States during the global financial crisis, pushing the private sector into deleveraging. Three types of stimuli are considered: (1) a targeted intervention in the form of a subsidized government loan to the private sector when the credit channel is not working, (2) government consumption, and (3) public investment. Figure 1.4.1 shows the relative benefits of these measures compared to a no-policy-action scenario.
Overall, targeted fiscal intervention can alleviate the recessionary impact of private sector deleveraging, with the output gap up to 41⁄2 percentage points higher relative to no action (panel 1). By relaxing the private sector’s borrowing constraints, this type of measure allows households and firms to spend while deleveraging, supporting aggregate demand.
In addition, public debt is slightly lower than under no intervention, despite the up-front fiscal cost as a result of the boost to growth (panel 2).  The benefits of intervention (in terms of minimizing output losses) for a given size of stimulus decrease with the inefficiency costs associated with poor targeting (red versus blue lines in panels 1 and 2).
The output benefits of targeted intervention are four times larger than those of more standard stimulus measures (panel 3). The main reason for this powerful result is that, by lending to credit-constrained house-holds and firms, the government can leverage a much larger amount of spending than through other policy stimuli of equal cost.
That is because the fiscal cost of targeted intervention is only a fraction of the total government loan.
The higher the initial public debt (a proxy of the available fiscal buffers), the lower the optimal level of intervention that minimizes output losses (panel 4). With higher public debt, the sovereign risk premium goes up, increasing the fiscal cost of intervention and thereby limiting the optimal amount of credit that the government can intermediate.
Still, intervening pays off as long as there are some buffers, suggesting that multipliers are very high.
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Property 101: The benefits of targeted fiscal intervention

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M&amp;L Hospitality, the Singapore-based real estate investment group, are to build hotel accommodation in Sydney’s Central Business District hotel accommodation with the commencement of its new hotel development at 65 Sussex Street.
Multiplex has been appointed to deliver the hotel due for completion in Q4 2017.
Designed by Architects Fitzpatrick + Partners, the unique mid-scale hotel property will be an eight level tower with a distinctive geometric facade, 182 guest rooms including 4 suites, an internal courtyard, meeting space, restaurant and bar.
David Ghannoum, Regional Managing Director NSW at Multiplex, said the company was excited to deliver another new hotel to Sydney’s CBD off the back of its successful redevelopment of 161 Sussex Street Sydney for M&amp;L Hospitality.
The second project for M&amp;L Hospitality, Multiplex is currently completing the final phase of M&amp;L Hospitality’s AUD $250 million redevelopment of 161 Sussex Street Sydney, which is set to be rebranded as the Hyatt Regency Sydney on 1 December 2016.
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Singapore's M&L to build more Sydney CBD hotel premises

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CVA has sold a Nunawading building to an owner-occupier in the construction maintenance industry.
They intends to renovate and utilise the premises as a head office.
The property was sold after 60 enquiries were received, with seven offers eventually leading to the successful sale in the vicinity of $4 million.
The sale also occurred just prior to another sale in the street, 17 Moncrief Road, which sold via public auction for $2.3 million.
Situated on a 2,241 square metre site, the property comprises a total floor area of 1,870 square metres. 
It is surrounded by major retailers including Office Works, Freedom Furniture, Bunnings Warehouse, and Petbarn.
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Stand-alone building at heart of Nunawading sold at auction

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Low Doc Loan Experts CEO and Founder Yannick Ieko has launched a new website that aims to help people understand low doc loans and the benefits they provide to self-employed applicants who do not meet general lenders requirements to demonstrate their income.
The site is <a href="https://www.lowdocloanexperts.com.au" target="_blank">www.lowdocloanexperts.com.au</a>.
“I find that there are many small to medium business especially in the trade areas that may not meet the rigid criteria for a traditional loan and have the capacity to purchase but need the flexibility of a low doc loan,” says Yannick.
After the GFC, low doc loans all but disappeared from the marketplace. They became too difficult because of stricter regulations and major banks stopped offering them in their product range or imposed requirements, which made them just as difficult to get as standard loans.
Today, some smaller lenders have started to offer low doc loans, including for SMSFs, on the condition the applicant’s earnings can be confirmed by an accountant. Although only a handful of lenders offer these products, it opens the way for so many more Australians to buy, refinance or get equity out of their properties.
Because it is also available for SMSF lending, it opens up new investment strategies to people who would have otherwise been locked out.
“There is only one low doc option we are aware of for residential properties in SMSF and it requires the use of the special Eclipse structure. It's very niche and a little technical but it can absolutely be done,” says Yannick.
Low doc lenders are offering document-free loans so long as the applicant’s earnings can be guaranteed by an accountant.
He suggests this is especially hopeful for the self-employed who struggle to demonstrate an income because:
<ul>
<li>They haven’t lodged their paperwork to the tax office.</li>
<li>Their business is young and doesn’t have a solid income history.</li>
<li>Could also include people whose business is taking off and current income may not be reflected in lodged tax returns for 12 to 18 months</li>
</ul>
 
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New website to cater for low doc loans understanding

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Joel Robinson

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

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