<html><body>
The average vendor discount required to secure a private treaty sale in Sydney has risen from 4.5% to 4.6%, according to CoreLogic’s latest weekly report.
But the average house in Sydney can be expected to be on the market for 27 days compared to 28 days a week ago.
At the other end of the spectrum, the city where properties can expect to be on the market for some time is Darwin.
A home in the NT capital can expect to be on the market for 107 days, while a vendor will typically have to wait 112 days to sell a unit and discount by 10.8% to secure the sale.
<a href="https://www.propertyobserver.com.au/images/2016/10/25/Capital%20city%20median%20time.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/2016/10/25/Capital%20city%20median%20time.jpg" alt="">
Source: CoreLogic
</body></html>

j.ballantyne1990-6AQqhLzZaK

Sydney private treaty homes selling in 27 days: CoreLogic

<html><body>
The North West region of Melbourne takes the top spot with the highest auction clearance rate, according to CoreLogic’s latest weekly report.
Out of the 86 results recorded by CoreLogic, 89% resulted in a successful outcome.
<a href="/images/2016/10/24/Melbourne%20sub%20regions.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Melbourne%20sub%20regions.jpg" alt="">
This is followed by the Outer East region with 87% and the Inner South region with 86%.
The region with the lowest auction rate is the Inner East with an auction clearance rate 75%.
<a href="/images/2016/10/24/Melbourne%20weekly%20clearance%20rate.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Melbourne%20weekly%20clearance%20rate.jpg" alt="">
</body></html>

Melbourne's North West heating up with 89% auction success rate: CoreLogic

<html><body>
A food factory investment opportunity at Dandenong in Melbourne’s south-east has been sold by Ray White Commercial.
Its $550,000 price reflected a 7.2% yield.
The property leased to Z &amp; W Group (Aust) Pty Ltd at 1/23 Egan Road, Dandenong, was sold to a private investor.
Ray White Commercial Oakleigh’s Ryan Amler said the tenant commenced a three-year lease with a further three-year option in May, 2016, and the property returns net rental of $39,600 per annum.
The property has a building area of approximately 310 square metres and is equipped with freezers, a cool room and other plant and equipment valued at more than $250,000.
“This is a fully equipped food factory that enjoys easy access to major arterials including EastLink and the Princes Highway,” Amler said.
</body></html>

Food factory at Dandenong sold for $550,000

<html><body>
Spring is seeing a lift in the Brisbane and Adelaide auction markets, according to CoreLogic's latest weekly report.
Outside of the traditional biggest two cities for spring auctions, Melbourne and Sydney, there are far fewer auctions to measure. However, CoreLogic said that both the long-term trend line and short-term appreciation since the beginning of spring in Adelaide and Brisbane stands out.
CoreLogic's Cameron Kusher said that "across the smaller cities, auction activity has increased significantly over the week in Adelaide, Canberra and Perth while it is lower in Brisbane". The trend line for Brisbane has been more pronounced over a longer period of time, the uptick in auction success since the winter months is particuarly noticeable. 
While spring is typically a time where more properties go under the hammer, this does not always lead to a rise in auction clearances.
"Spring is typically characterised by a fairly significant upswing in stock for sale, this is driven by the belief that spring is the best time of year to sell (that is a topic for another day)," said Kusher.
"As supply increases, the value growth performance can slow and as we saw last year, auction clearance rates can actually start to dip."
<a href="/images/2016/10/24/Weekly%20clearance%20rate.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Weekly%20clearance%20rate.jpg" alt="">
The longer term trends in auction success are also noticeable. In Adelaide, five years ago an auction clearance rate of less than 40% was typical, while now the clearance rate has nearyl doubled and is nudging 80%.
The Queensland capital shows similar gains, with a 20% clearance rate the norm five years back, while now the trend line hovers around 50%.
 
</body></html>

Spring auction success on the rise in Adelaide and Brisbane: CoreLogic

<html><body>
Geelong takes top spot with the highest weekly auction clearance rate in the nation's regional markets, according to CoreLogic’s latest weekly report.
Geelong had an auction clearance rate of 86% from the 22 auctions tracked by CoreLogic.
Meanwhile, the Sunshine Coast finished on the bottom of the chart with a 67.7% clearance rate from the 31 CoreLogic auction results. 
<a href="/images/2016/10/24/Regional%20sub%20regions.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Regional%20sub%20regions.jpg" alt="">
This was followed by the Hunter with 80% and the Gold Coast with 70%.
</body></html>

Sunshine Coast secures 67.7% auction clearance rate: CoreLogic

<html><body>
Atherfield, the 1870 Darling Point residence of former Scottish and Newcastle Brewing CEO and Brambles director Tony Froggatt and his wife Christine, has been sold.
It was sold by Brad Pillinger at Pillinger Double Bay who recently secured the trophy home listing. It had previously been listed with more than $15 million when initially listed for sale.
The <a href="https://www.realestate.com.au/sold/property-house-nsw-darling+point-123667438" target="_blank">five bedroom gothic revival mansion</a> was first occupied by the Willis family, with an 1880s sketch by James Willis hanging in the Eastbourne Road home.
The home's wine cellar
<img src="/images/2016/10/Eastbourne2.jpg" alt="" width="477" height="271">
With harbour views from its 1150sqm grounds, it was last sold by Di O'Neal, the widow of the late St George Bank chief Ed O'Neal in 2002 to Froggart for $6 million. 
The Froggart's own an $8 million whole floor apartment in the Gazebo building in the Elizabeth Bay.
The view from the pool
<img src="/images/2016/10/Eastbourne1.jpg" alt="" width="478" height="251">
The five-bedroom Gothic Revival Eastbourne Road property was sold in 2002 when Tony Froggart was heading the UK brewery, Scottish &amp; Newcastle, pubs division.
He then served as chief of Heineken UK Limited from May 2003 to November  2007 when he returned to Australia. 
Froggatt, who holds a Bachelor of Law Degree from Queen Mary College, London and an MBA from Columbia Business School, New York, serves on the boards of Axa Australia and Brambles Ltd. 
It been home to who's who of leading businessmen including David Voss.
</body></html>

Atherfield, the 1870 Darling Point home, has sold

<html><body>
A residential development site suited to a townhouse development at Riddells Creek has been sold.
Gray Johnson agent Rory White says that the campaign for 138 Main Road attracted over 40 enquiries for the property with a sale negotiated with a local builder-developer at $190 a square metre for the site of 2,206 sqm, or $420,000.
“The property with a frontage of 31 metres to Main Road holds a General Residential Zone 1 rating under the local planning scheme.
“It was offered along with a conceptual development plan for a potential townhouse development prepared by V-Arc Architects subject to planning approval.
“The purchaser is a local developer who has recently completed several townhouse developments in the local area” Mr White says.
Riddells Creek, 50 kms north-west of the City in the foothills of the Macedon Ranges, is a regional growth area with semi-rural charm and a growing local population.
 
</body></html>

Riddells Creek townhouse development site sold for $190 a sqm after strong interest

<html><body>
The Hurricane Hill Quarry at Culcairn, about 50 kilometres north of Albury, has been sold at auction for $4.5 million.
The buyer, Tranternet Pty Ltd, proposes to hold the property as a long term investment.
Ruralco Property’s state manager for real estate Mike Everard had estimated it would sell for between $3 million and $4 million.
The property is based on a reserve of rhyodacite rock estimated at an unquarried resource of about nine million tonnes.
It recent annual production volumes have been of about 250,000 tonnes with Fairfax Media reporting a permitted expansion up to 750,000t.
The quarry has operated on the site for about eighty years with building material supplier Boral having acquired the operating licence about twenty years ago.
The auction was on behalf of a descendant of the original family that has owned the freehold property for generations.
The site includes 110 hectares of freehold land, part of which has been cropped or used for dryland grazing.
</body></html>

Culcairn quarry sold

<html><body>
Infrastructure growth is a key demand driver in the Melbourne industrial property market and as a distribution hub, the West has benefitted from its excellent road infrastructure, according to Colliers International’s latest report.
Freight volumes have continued to expand over the years and so has the need create a more efficient system to move freight in and out of the port.
Intermodal freight terminals have gained traction on the back of this, with Salta’s Nexus Industrial in Altona being one such development.
Industrial assets should also benefit from the Western Distributor project which is currently underway and includes upgrades to the West Gate freeway and Bolte Bridge ramp, in addition to a connecting tunnel to the Port of Melbourne, CityLink and the CBD.
Tenant enquiry has more than doubled over the last 12 months, where the majority of this demand was concentrated on properties above 5,000sqm and smaller lots below 3,000sqm.
Demand has been strong over the year, with a significantly larger proportion of tenants enquiring for purposes of expansion and relocation in comparison to 2015, mainly for immediate tenancy.
While tenant demand has intensified, the in flow of speculative development has continued to wane, with the remaining speculative stock available for lease split between Frasers Property and the Goodman Group.
Prime Grade Net face rents are currently in the $70-80sqm range, while Secondary Grade assets range between $50-60sqm. Based on current levels of tenant enquiry, we expect to see solid growth in rents over the medium term, as renewed tenant interest from strong infrastructure and business expansion tightens vacancy in the market.
The pipeline for land supply has also thinned, with ready to go, subdivided land in limited stock. There are currently only four estates that have titled land and we expect  five more estates to come online in 2017, 60 per cent of which has already been sold.
The lack of available properties in a competitive environment should continue to reinforce growth in land values, which should translate into solid capital growth and further yield compression over the next 12 months.
</body></html>

Industrial market to benefit from Western Distributor project in West Melbourne

<html><body>
Warehouse and workshops rents improved slightly during the second half of 2016 in Newcastle, with rental rates ranging from $90 to $110, according to Colliers International's latest report.
Warehouse rents continue to comprise the majority of vacant space within prime industrial locations such as Beresfield, Thornton, Mayfield and industrial suburbs surrounding the Port of Newcastle.
Rental rates are predicted to improve during 2017 due to a recovering economy and the increasing presence of owner occupiers absorbing vacant stock.
Incentives within the Newcastle market are typically associated with the leasing of larger facilities for lease terms greater than three years and range between 8 per cent to 10 per cent of the lease term certain.
The majority of lease deals negotiated during the second half of 2016 in prime industrial areas have featured incentives less than this, with most incentives being experienced for older industrial facilities in secondary and fringe industrial locations.
The current low interest rate environment, a strengthening local economy and stable industrial land values have contributed towards increased enquiry from owner occupiers within the Newcastle industrial market during the second half of 2016 (approximately 15 per cent from Q1 2016).
This increased demand from owner occupiers has resulted in an uplift in values for properties sold with vacant possession.
Colliers International has witnessed properties being listed for lease receiving strong demand from owner occupiers, with circa 60 per cent to 70 per cent of properties listed for lease being sold.
Colliers International expects owner occupiers to continue to dominate enquiry throughout Q4 2016 and Q1 2017.
The higher ratio of owner occupiers to tenant enquiry is highlighted in the following graph.
<a href="/images/2016/10/25/Perth%20H2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Perth%20H2.jpg" alt="">
Increased demand from owner occupiers capitalising on the historically low interest rates and improving business confidence, has resulted in uplift in values for properties sold with vacant possession.
The most prevalent has occurred within the sub $1.5m price bracket due to affordability for self managed superannuation funds, seeking opportunities within premium industrial locations such as Beresfield, Cardiff, Thornton, Warabrook and inner city locations.
The demand in the investment market for high quality industrial assets in Newcastle, the surrounding Hunter and Central Coast Regions continue to firm.
Small to medium sized facilities are achieving yields ranging from 6.45 per cent for inner city showroom/warehouse facilities in prime locations to 8.52 per cent for larger industrial facilities with strong lease covenants.
Recent notable industrial sales indicate strong demand exists from high net worth investors and self managed funds.
The main attributes these investors are looking for include location, covenant strength, lease term/Weighted Average Lease Expiry (WALE), lease provisions and building age/capital expenditure requirements.
Recent transactions within the Newcastle region from Q1 2016 to Q3 2016 are listed in the table below.
<a href="/images/2016/10/25/Investment%20sales.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Investment%20sales.jpg" alt="">
The Newcastle Region industrial land market is showing signs of improvement reflected in increased enquiry level and demand for larger lot sizes.
Demand for industrial land during the second half of 2016 has steadily improved, primarily driven by owner occupiers looking at site specifics and value for money offerings; however access to labour is also a key driver in the Hunter market.
This has been evidenced with developments by Sandvik at Heatherbrae, WesTrac at Tomago and Bradken in the Steel River Estate at Mayfield West, Aurizon at Hexham and Aldi’s proposed NSW Distribution centre in Beresfield.
Serviced industrial land supply is limited to around four key industrial precincts including Beresfield, Rutherford, Steel River Estate in Mayfield and Cardiff. Supply and pricing as at June 2016 is as follows:
<a href="/images/2016/10/25/Land%20supply.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Land%20supply.jpg" alt="">
</body></html>

Owner occupiers dominate the Newcastle industrial market

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.

Staff reporter

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News