<html><body><div class="page" title="Page 31">
<div class="section">
<div class="layoutArea">
<div class="column">
The ACT residential property market continues to be driven by high wages support by strong government employment and low general unemployment, according to a recent Herron Todd White (HTW) residential report. 
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.
 The public service accounts for 42% of the ACT’s total workforce which is heavily responsible for the strong $108,000 per year median income in the ACT. 
The report suggests the high median income keeps property prices on the high comparative to the rest of Australia. 
The median house price in Canberra currently sits at $691,000 (January 2020) compared to the national average of $809,000 (January 2020) making it the 3rd most expensive Australian city behind Melbourne and Sydney.
A four bedroom house in Gordon has recently been sold for $685,000.
Set on 525sqm, the <a href="https://www.realestate.com.au/sold/property-house-act-gordon-133438178" target="_blank">21 Rollins Place home</a> (pictured below) comprises formal lounge, informal living area, kitchen, four bedrooms and study nook.
It is located within walking distance to Point Hut Pond, playgrounds, schools, shops and transport. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/28/gordon%20.jpg" alt="">
 
Property under the $600,000 mark continues its popularity among first home buyers, which is likely to continue.
A current listing is a Harrison townhouse priced at $410,000.
The three bedroom, two bathroom home is situated at <a href="https://www.realestate.com.au/property-townhouse-act-harrison-133514782" target="_blank">159/22 Kings Canyon Street</a> (pictured below).
The townhouse features courtyards, galley style kitchen, large under stair storage and double enclosed garage.  
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/28/harrison.jpg" alt="">
<div class="page" title="Page 31">
<div class="section">
<div class="layoutArea">
<div class="column">
The weakening economy due to the Coronavirus pandemic makes short term conditions unpredictable.
 Strong government employment suggests that the ACT’s unemployment rate will remain low and the ACT local economy will remain stronger than other economies relying heavily on private sectors.
However market conditions are unpredictable and the unprecedented circumstances provide little guidance in what may happen in the near future.
</div>
</div>
</div>
</div>
<div>Note regards COVID-19</div>
<div>
This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks. 
</div>
<div>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</div>
</div>
</div>
</div>
</div></body></html>

j.ballantyne1990-6AQqhLzZaK

ACT property market continues to be driven by strong government employment: HTW residential 

<html><body><div class="page" title="Page 5">
<div class="section">
<div class="layoutArea">
<div class="column">
It is not uncommon to see residential properties undergoing renovations throughout the inner suburbs of Sydney, according to the latest Herron Todd White (HTW) residential report. 
<div class="page" title="Page 4">
<div class="section">
<div class="layoutArea">
<div class="column">
The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
</div>
</div>
</div>
</div>
The HTW report notes narrow laneways with skip bins and trucks parked on the kerb is an all too familiar sight for many older heritage style localities in suburbs such as Glebe, Surry Hills and Darlinghurst. 
"This trend has been evident for many years now and we expect it to continue into the future, even within this current COVID-19 pandemic," the valuation firm said. 
"One of the reasons we anticipate minor renovations to be evident in the short term is due to people being locked-up at home and looking for constructive projects to complete around the house which will serve many purposes such as increasing the presentation of their homes and also providing much needed stimulation throughout this lockdown period," the valuation firm explained. 
The report notes this could partially explain the continued demand and long queues at Bunnings Warehouse over recent weekends.
Even larger renovation projects have continued to be evident as owner-occupiers look to improve the value of their properties and engage builders and tradesmen at potentially reduced costs, at least in comparison to recent years.
A slowing construction sector, low interest rates and lack of supply in many locations and sectors are likely to encourage renovation projects in the near future.
</div>
<div class="column">
"Investment properties such as older style home units are also likely to see continued renovations as potential tenants are provided with greater choice at reduced asking rents," the valuation firm said. 
It will be imperative that investment properties are presented in the best possible condition, otherwise tenants will quickly choose a competing property in superior condition or alternatively demand a discounted rental price for any sub-par properties.
When renovating it is essential to understand the main goals for doing so, whether that be to sell, rent, or purely to renovate to personal taste to live in long term regardless of how this appeals to the local market.
A few significant aspects to consider when deciding to renovate are in relation to possible heritage restrictions, planning limitations, site access and the scope of works being carried out, the report noted. 
"We hear of many renovation success stories, however a significant part of this requires understanding the intended personal objectives of renovating a property and if renovating with the aim of selling for a profit, then timing of the market cycle (which can involve some level of luck) is important," the valuation firm said. 
"Some other techniques to ensure renovations are not overcapitalising is by focusing on what the local market desires most, researching recent sales of similar properties (on completion of the renovations) and then ensuring the cost to do the chosen works does not blow out your budget or exceed the market value of the finished product." 
<div class="page" title="Page 6">
<div class="section">
<div class="layoutArea">
<div class="column">
A recent example of a blank canvas property at <a href="https://www.realestate.com.au/sold/property-house-nsw-glebe-133206994" target="_blank">47 Wigram Road, Glebe</a> (pictured below), which sold for $1.86 million at an online auction on 4 April, almost $200,000 above reserve, indicates that there is still demand for this type of original property that requires a full renovation.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/10/glebe%201.jpg" alt="">
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div></body></html>

Renovation trend continues in inner Sydney during COVID-19 pandemic: HTW residential 

<html><body>
Winter may be setting in but lockdown restrictions are continuing to thaw, leading to a rise in auction numbers for this second weekend of June, according to CoreLogic data.
There are 1,179 capital city auctions being tracked by CoreLogic this week, increasing on the 711 auctions last week.
While volumes are expected to be the highest we’ve seen since mid-April, auction activity remains lower than what we would usually see, with 1,505 auctions held over the same week one year ago.
There are 561 Sydney homes scheduled for auction this week, up on the 398 held last week according to final figures, and higher than the 534 held one year ago.
In Melbourne, 467 auctions are scheduled across the city this week, increasing on the 195 auctions last week, however lower than volumes from the same week last year 724.
Across the smaller markets, scheduled volumes are set to remain steady across Perth, while the remaining cities are all expected to see a rise in activity over the week.
<img src="https://www.urban.com.au/images/2020/6/9/CL%20June%2011.JPG" alt="">
The Ray White Surry Hills | Alexandria | Glebe | Erskineville office is heading into the weekend with eight homes going under the hammer on-site.
Examining some highlights, Director Ercan Ersan said the converted warehouse apartment at C80/240 Wyndham St, Alexandria in The Hudson has had 100 groups through and 30 contracts given out.
“It’s the epitome of luxury inner city living designed by the celebrated architects at Allen Jack+Cottier,” Mr Ersan said.
“We’re expecting between 10 and 15 registered bidders and it should break the building record.”
Another standout is 4/11-33 Maddison St (pictured in title) in Redfern with Mr Ersan saying the apartment has one of the best renovations he’s seen.
“We’ve already got five people coming to the auction and it should sell at $1.4 million,” he said.
</body></html>

Soaring Winter auction volumes as lockdown restrictions thaw

<html><body>
A riverfront five-bedroom, four-bathroom house in Corinda was sold for $5.1 million through Adcock Prestige estate agent Jason Adcock. 
The <a href="https://www.realestate.com.au/sold/property-house-qld-corinda-129462306" target="_blank">Richmond Street residence</a> is a winner of The Master Builder's Association "Australian House of The Year" with a 39 metre river frontage and unobstructed views across the river to the parkland. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/27/16_Corinda%20Front%20.jpg" alt="">
The 3,633 sqm north-facing estate has two street frontages and surrounded by parkland and manicured lawns. 
The estate features high ceilings, glass walls, open plan living, dining and kitchen, and theatre room. 
Upstairs is the master ensuite with dressing room space, an island bath, chandelier, double shower, double vanity and huge river-view balcony. 
Below entry level is the home's wine cellar, multiple storage spaces and four car garaging equipped with Tesla charging facilities. 
</body></html>

Award-winning riverfront house in Corinda sold for $5.1 million

<html><body>
A mid-century modern era house in Cook, ACT has been sold for around $1 million after being offered to the market for the first time. 
The <a href="https://www.realestate.com.au/sold/property-house-act-cook-133435262" target="_blank">49 Dwyer Street</a> home was built by its vendors in 1971. 
The floorplan offers a 330sqm of internal living spreading over two levels. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/28/cook%202.jpg" alt="">
The lower lower comprises three bedrooms, bathroom, casual living area, and access to the cellar and four-car garage. 
The upper level comes with lounge with bar and balcony, master bedroom and adjacent dressing room. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/28/cook%203.jpg" alt="">
The home is located close to the Cook Shops, Jamison Centre and quality schools. 
It was listed by Matt Sebbens and Michael Braddon of Blackshaw Belconnen who scheduled online auction for the property on May 7 and May 8. 
According to internal Allhomes data, the property was the highest viewed listing* for the month of April, clocking up 12,876 views.
</body></html>

1970s Cook, ACT home sold for over $1 million

<html><body>
The Federal Court has ordered Quantum Housing Group Pty Ltd to pay $700,000 in penalties for making false or misleading representations relating to the National Rental Affordability Scheme (NRAS).
Between February 2017 and July 2018, Quantum sent a series of misleading letters and emails to at least 450 investors who had rental dwellings participating in the NRAS scheme, and pressured them to terminate their arrangements with their existing property managers and instead use property managers approved or recommended by Quantum.
Quantum failed to tell investors that it had commercial links with the property managers it recommended.
Quantum also told some investors that their existing property manager had not properly managed their property’s compliance with the NRAS, when this was not true.
“This conduct was blatant, planned and deliberate in an effort to trick investors into switching from their preferred property managers,” ACCC Chair Rod Sims said.
Quantum admitted that it falsely represented that property managers must meet accreditation guidelines issued by Quantum, and that investors who failed to appoint an approved property manager were in default of their agreement with Quantum and risked losing their NRAS incentives.
The Court also ordered Quantum’s director, Cheryl Howe to pay $50,000 in penalties for being knowingly concerned in Quantum’s breaches of the Australian Consumer Law. Ms Howe was also disqualified from managing a corporation for three years.
“The penalties ordered against Quantum and Ms Howe serve as a warning that making false or misleading statements will result in serious consequences not just for the company involved but also any executive or employee found to be knowingly concerned in the conduct,” Mr Sims said.
Quantum and Ms Howe admitted liability and made joint submissions to the Federal Court with the ACCC.
The ACCC had also alleged that the conduct engaged in by Quantum was unconscionable conduct. However, the Court found the admitted conduct did not depend on exploiting vulnerability on the part of investors, and in those circumstances was not satisfied that the conduct was unconscionable.
Quantum ceased trading in December 2019 and is in liquidation.
</body></html>

Quantum Housing to pay $700,000 for misleading property owners: ACCC

<html><body>
A Western Australian mortgagee home in Gosnells has been listed for sale with hopes of $215,000.
The three-bedroom, one-bathroom home includes a study and a stand alone carport.
Located at <a href="https://www.realestate.com.au/property-duplex+semi-detached-wa-gosnells-133721930">103A Wheatley Street</a>, the property is located close to amenities and was last traded for $128,000 in 2001. 
The listing is held by LJ Hooker's Rick Rispoli. 
The median price for a house in Gosnells is $275,000, according to CoreLogic data.
</body></html>

Gosnells mortgagee home listed

<html><body>
A mortgagee apartment in the Gold Coast's Surfers Paradise has been listed for auction.
The two-bedroom, two-bathroom home at 9/53 Darrambal Street includes a powder room, spacious open plan living and a private balcony.
Located on the ground floor of 'Modena on Chevron,' the two-level apartment boasts a huge courtyard and fantastic facilities including a swimming pool, gym and sauna.
Only a short 250 m walk to the heart of Chevron Island and 1km from the beach, the property is ideally located.
The property last traded for $595,000 in 2008.
The listing is held by PRD's Andrew Turner and the auction will be held July 4 2020.
</body></html>

Two-level mortgagee apartment in Surfers Paradise set for auction

<html><body>
Gold Coast waterfront land project, Serenity 4212, has reportedly amassed almost $30 million in sales amidst the COVID pandemic.
More than 40 per cent of the project’s first stage has been sold primarily to local buyers.
Thre complex was developed by Brisbane-based group Keylin and Kinstone.
Construction on the $650 million private, gated community commenced last month, and the project amassed more than 1200 inquiries prior to official launch and completion of site works.
“The sales rate has been absolutely astounding, particularly in light of the pandemic,” said Tony Ashwin, Director of Ashwin Property who is marketing the project.
Mr Ashwin said while there was some uncertainty about fielding enquiries during COVID-19, local buyers had been waiting a long time for the release of Serenity 4212.
“The developers did their research and knew of the limited waterfront availability in the area. At the same time local buyers have been looking for a chance to secure waterfront land, and Serenity offers them a final opportunity to do just this,” he said.
Serenity 4212 offers a wide range of housing lots, with reserve and waterview land from 500sqm to 1061sqm available and absolute waterfront land up to 1326 square metres on offer. Housing lots are available from between $489,000 and $1,290,000.
It will be designed by Form Landscape Architects and BDA Architecture.
The project is multi-staged and will also encompass retirement, retail and apartments in addition to townhouses, residential land and a marina.
Future stages of the project will include a mini-marina precinct and the Serenity Greens community which will offer 60 four-bedroom, two car space townhomes priced from $489,000 and averaging 200 square metres.
</body></html>

Gold Coast's Serenity 4212 secures almost $30 million in sales

<html><body>
EXPERT OBSERVATION 
Business conditions and business confidence remained deeply negative in May - despite a bounce from the extreme lows of April, when the nation was in a partial lock-down (particularly for “non-essential” workers). 
That was a key finding from the NAB business survey conducted from May 19 to June 1. The previous survey was taken from April 23 to 30. 
Business conditions rose from -34 to -24 in the month. That is still below the low point in the GFC, of -16.5, but above the 1990s recession low of -39. 
This bounce in conditions occurred as restrictions started to ease and the economy slowly reopened, albeit a reopening that is uneven across sectors and across states. 
Business confidence, having collapsed to a never before seen low of -65 in March, has clawed its way back to be around “recession levels” in May, at -20. That compares to the lows in the past cycles of, -30 during the GFC and -23 in 1990. 
Clearly the situation remains fluid and fast moving. The continued easing of restrictions in June will see a further bounce in business conditions. 
Even so, the detail of this report - which was weak to very weak - highlights that a return to business as usual is still some way off. 
Forward orders were extremely weak for a third consecutive month, at -29, showing only limited improvement from the -35 recorded in April.
Considerable space capacity has emerged in the wake of this economic recession, with capacity utilisation at 74.5 in May. That is up from an extreme of 71.9 in April but compares to around 82 during the second half of 2019. 
Against this backdrop of excess capacity, continued sharp falls in new orders and an uncertain outlook the business sector is downbeat on hiring and investment the survey finds.
The detail around business conditions for May was: trading conditions rose from -31 to -18; profitability moved from -35 to -19; while employment showed very little improvement, edging up from -34 to -31. 
The capital expenditure index rose from -32.7 to a still very weak -21.6. The path of retail spending and business investment spending will be very different as the economy reopens and recovers from this recession. 
By state, NSW is outperforming, with business conditions lifting to -13 as the state reopens earlier than in some other jurisdictions. Across the other mainland states readings for May were: Victoria, -25; Qld, -27; SA, -33; and WA, -35. 
By industry, business conditions rebounded in retail, which has begun to reopen on an easing of social distancing measures.
Across other sectors, conditions are mixed, reflective of the staggered re-opening and the challenges created by the pandemic and the recession. Recreation &amp; personal was still deeply negative at -37 with many venues yet to re-open. The finance, business &amp; property industry group was also deeply negative, stalling at around -27. 
Andrew Hanlan is an economic analyst at Westpac
</body></html>

Business conditions still deeply negative despite bounce: Andrew Hanlan

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

Joel Robinson

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

Staff reporter

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News