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The Priceline Pharmacy building in the Sunshine Coast suburb of Caloundra at 66 Bullock Street has been offered to the market
The property, 100 per cent leased to Star Pharmacy Group Pty Ltd, is being offered for sale via an expressions of interest campaign.
The asset is being marketed and sold by Ray White Commercial QLD father and son duo Stephen and Elliot Kidd, in conjunction with Henzells Commercial Real Estate’s Paul Bell.
Mr Stephen Kidd said the two-level commercial building was in the heart of one of the Sunshine Coast’s most popular tourist destinations.
“A new corporate head lease from the Star Pharmacy Group over the entire building is being offered, with the ground floor retail occupied by Priceline Pharmacy and upstairs previously used as a function room,” he said.
“The current net income produces $166,340 after all deductions, including land tax.”
Mr Elliot Kidd said Star Pharmacy Group acquired and refurbished their tenancy in 2016.
“The ground floor income is underwritten by a fresh five-year corporate lease with options until 2045,” he said.
Mr Bell said the upper level comprised open-plan accommodation that was currently fitted out for an entertainment venue.
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Priceline Pharmacy building in Sunshine Coast's Caloundra listed

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Minister for Finance and Small Business Damien Tudehope has today announced the appointment of Chris Lamont as the new NSW Small Business Commissioner.
Mr Lamont will lead the Office of the Small Business Commission, which is responsible for advocacy, strategic advice, free to low-cost mediation and support to small businesses across the State.
Mr Tudehope said Mr Lamont’s appointment would provide the Small Business Commission with focus and direction at a difficult time for small businesses.
“Chris is known for his ability to develop relationships within government, industry and the business community and this experience is sure to be of great benefit and he will be a strong advocate for small business in NSW,” he said
Mr Lamont has more than 20 years of experience, comprising policy development and advocacy, senior government positions, not-for-profit and industry associations, business and the delivery of major government reforms and programs.
Most recently, Mr Lamont has been the General Manager for Capital Projects and Infrastructure with the City of Melbourne where he was responsible for the delivery of the capital works program.
Mr Lamont’s start date at the Small Business Commission will be 15 June.
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Chris Lamont appointed new NSW Small Business Commissioner

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A Toorak house with city views has hit the market with a price guide of $3.5 million to $3.85 million. 
The three bedroom, three bathroom home is situated at <a href="https://www.realestate.com.au/property-house-vic-toorak-133217042" target="_blank">11 Torresdale Court</a> in a corner location.
The home comes with open plan kitchen, dining and living room opening onto garden, and second living room with fireplace.
It features west facing terrace with city views.  
Antoinette Nido and Jeremy Fox of RT Edgar Toorak have the listing. 
 
 
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Toorak trophy home with city views listed 

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Since reaching a trough last May house prices have recovered strongly.
The gains have been led by both Sydney and Melbourne which are now 14.3% and 12.4% higher than a year ago. While outcomes across the other capitals have been more mixed - there was evidence of a pre-COVID pickup in momentum.
However, price growth has slowed more recently and activity in the established housing market has slowed sharply. Auction clearance rates have fallen to low levels and turnover has fallen away.
We expect dwelling prices to fall by around 10% this year and decline further in the first half of 2021 before levelling off. The declines will be led by Sydney and Melbourne - but the other cities will not be immune to rising unemployment and slower wage growth.
Alongside the decline in house prices, we expect dwelling construction to continue to fall. The pipeline of work yet to be done remains relatively elevated in NSW and VIC but this will be rapidly eroded with high rates of work done.
Building approvals remain low and are expected to decline further, suggesting little replenishment of the pipeline of work.
Our outlook for the economy more broadly is unsurprisingly significantly weaker than 3 months ago.
We expect quarterly GDP growth will fall by around 7% in Q2 following a small fall in Q1. Coronavirus containment measures have seen a significant fall in consumer and business confidence with an outright restriction on some forms of activity.
Tourism and hospitality are likely to see the largest hits given the nature of measures in place – although the magnitude of the declines in business confidence is likely to see broad-based weakness in investment and hiring across the economy.
In line with this we expect a sharp deterioration in the labour market, with unemployment rising sharply to 11.7% by mid-year and only a partial recovery to 7.3% by end 2021.
While growth will rebound as restrictions are lifted we do not see the level of activity recovering until early-2022.
The labour market will take longer to recover which should see a slowing in wage growth from already low levels. We see high debt levels and slow wage growth continuing to weigh on the consumer.
Weak consumer demand and the sharp deterioration in business confidence will see business investment remain weak - resulting in a similar preCOVID dynamic of weak domestic demand, somewhat offset by support in government spending.
With rising spare capacity in the economy and slow wage growth, we expect inflation to be muted. This will see the RBA keep the cash rate at record lows for an extended period, and a gradual shift to a tightening bias only when inflation appears to be heading sustainably back to target and the there is a significant improvement in the labour market. 
ALAN OSTER is the NAB Group Chief Economist
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House prices to fall 10-15% in 2020/2021: NAB's Alan Oster

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As auction restrictions ease across New South Wales, Ray White agents are cautiously optimistic for this upcoming weekend action.
Across New South Wales open home inspections will resume this weekend with a minimum of six pre-booked attendees, a relaxation of the previous two person private inspections. Similarly in Queensland, Ray White members will also be holding ‘controlled inspections’ of six people, including the agent.
Physical auctions will be held at 33a Pearl St, Newtown and 3/1 Cardigan Lane, Camperdown (pictured above) and all attendees must first flag their interest to attend with the agents to control the crowd.
Ray White Erskineville | Surry Hills | Alexandria Director Ercan Ersan ,said the Camperdown townhouse, with a price guide of $1 million, should attract between five and seven registered bidders.
“Six weeks ago when restrictions came in it was tough to sell anything because of the unknown and we were still adapting," he said.
“Since then we’ve really adapted well and since the transition to online we’ve sold 14 of 16 properties under auction conditions. But it’s great news that we can now do open homes and onsite auctions.
<img src="https://f.datasrvr.com/f1/620/45399/Drummoyne.JPG" width="640" data-imagetype="External">
Ray White Drummoyne will still be using the online auction method for the three bedroom cottage at 30 Byrne Ave, Drummoyne (pictured above) but sales agent Chris Wilkins was confident the sale will be just as competitive as an on-site auction.
Mr Wilkins said already he has had 47 private inspections and is giving out a price guide of $1.75 million.
“This particular house has attracted buyers because it’s well priced and there is no work that needs to be done, it’s close to schools, shops and restaurants and the layout is great.”
<img src="https://f.datasrvr.com/f1/720/52842/Stamford.JPG" width="640" data-imagetype="External">
In Victoria, the north side team at Ray White Glenroy have two online auctions coming up this weekend. Glenroy sales agent Omer Koksal said both properties have attracted quality buyers throughout the campaigns.
With a price guide of $480,000 to $528,000, the agent is expecting between 10 to 15 online bidders for the "renovator’s dream" at 7 Byfield Close, Gladstone Park (pictured above).
There are 424 capital city homes scheduled for auction this week, down on the 612 homes auctioned last week, according to CoreLogic data.
Their data shows that last few weeks have seen fewer scheduled auctions due to a combination of low sentiment, tough selling conditions and policies preventing open homes and on-site auctions.
However with news that the NSW and WA state governments are lifting the ban on on-site auctions and inspections, with other states likely to follow suit, auction volumes could potentially see an uplift sooner than expected.
A lift in auctions isn’t likely to happen straight away, with vendors and agents generally relying on at least a four week marketing campaign leading up to the auction event.
There are 152 Melbourne homes scheduled for auction this week, down on the 217 held last week.
Sydney is expected to be the busiest auction market for the third week in a row, with 191 scheduled auctions this week, however this is down on the 283 held last week.
Canberra is the only capital city auction market expected to see an increase in volumes over the week, with 40 homes currently scheduled for auction.
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On-site auctions resuming in NSW this weekend

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Current seemingly high rates of home ownership in Australia are masking a long-term problem of serious housing inequality between older and younger generations and between wealthier and poorer households, new AHURI research reveals.
The research, ‘Australian home ownership: past reflections, future directions’, undertaken for AHURI by researchers from Swinburne University of Technology examines the growth of home ownership and its tenure dominance in Australia after the Second World War, together with its fading, most notably for younger households (ages 25–44) over the last four decades.
While Australia’s overall home ownership rate appears to have held up well—it was 68 per cent in 1976 and 67 per cent in 2016—the rate is projected to decline to around 63 per cent for all households by 2040, and to 51 per cent for households in the 25–55 age bracket, down from 60 per cent in 1981.
‘A housing system in which one half—predominantly older homeowners—acquires wealth and the other half—generally younger renters—doesn’t, is a recipe for long-term social problems’ says lead researcher Professor Terry Burke of the Swinburne University of Technology.
The research suggests that while no single policy failure, single political decision or single market or state failure has eroded the ability to achieve the ownership dream, the change has come from complex shifts throughout the entire institutional environment.
While weakening affordability has been an important factor in this erosion, other factors should not be neglected including an increase in casualised employment, a financial and tax environment favouring rental investors, the emergence of new housing products largely designed for rental living, the inability of housing supply to match population and household growth, and the financialisaton of housing.
‘Broadly, Australia now has an institutional environment which no longer supports ownership as it did in the past,’ says Professor Burke. ‘This means the housing system will become more inequitable irrespective of what incremental housing policy reforms are made. Given this, we have to rethink what sort of housing system is appropriate for Australia’s future.’
‘Either we embrace fundamental and broad-based reforms to rebuild ownership or we accept a retreat from its historical dominance, moving to a system which has more balance between rental and ownership—what we can call a dual tenure system.’
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Falling house prices unlikely to increase home ownership: AHURI

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The National Australia Bank will not take into account past income from holiday rentals, Airbnb and individual room rentals when considering income on home loan applications because of COVID-19.
The banning comes amid huge disruption in the short-term lease industry, Nine Entertainment's AFR reported.
For other properties NAB is increasing "rental shading."
Its reduced assessment of a borrower's capacity to service a loan, has been increased from 20 to 30 per cent to "cover increased uncertainty related to both new and existing rental payments, potential exposed vacancy periods and reduced rental income", according to the bank.
The NAB decision has also hit existing borrowers seeking to refinance to take advantage of lower interest rates and recent special offers.
Refinancing accounts for about 70 per cent of mortgage applications, more than double the rate in recent years, according to analytics from AlphaBeta, which is part of Accenture and the illion credit bureau.
Nine Entertainment has reported last month NAB began "coaching" mortgage brokers to quiz customers about the impact of COVID-19 on their personal and business income and how to detect whether they are receiving JobKeeper payments.
Six question to elicit more detailed responses from existing home loan borrowers about the pandemic are being asked, including whether they are requesting and or receiving any support, such as a repayment pause or holiday.
Other major lenders, such as Westpac Group, recently tightened credit policies for professionals and the self-employed.
Amid warnings that the impact of COVID-19 on customers "remain highly uncertain," Westpac, Bank of Melbourne, St George Bank and BankSA will also be withdrawing the lenders' mortgage insurance (LMI) waiver for accountants, lawyers, engineers, sports professionals and the entertainment sector.
The waiver is still available for medical professionals.
However the maximum loan-to-value ratio has been reduced from 90 per cent to 85 per cent.
"We are introducing the changes to reflect recent changes to the global and domestic economic outlook as a result of the pandemic," the bank said.
PAYG (Pay As You Go) and casual employees will now require payslips no older than 14 days.
There will also be closer checks to verify payslips.
Self-employed customers will be asked to provide Business Activity Statements (BAS) no older than the last quarter. 
Some banks have announced non-inspection valuations where a physical inspection cannot take place because of virus concerns.
Valuers are required to "undertake all practical measures" to confirm the external and internal details of the property in the absence of an inspection.
Banks have also introduced virtual signing of loan documents.
Earlier this year the major lenders were rolling out offers to attract new lending or refinancingfor the start of the year's sales.
NAB was offering a $2000 new lending cash bonus and $4000 refinance cash bonus.
Westpac Bank had a $2000 cash back.
ANZ's refinancing cash backs had previously ranged from $1200 for loans between $150,000 and $250,000 and $3500 for loans of $700,000 or more.
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COVID-19 pandemic is not the best time for home loan refinancing 

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The Sydney prime residential market grew by 4.7% in the year to the end of March 2020, and 1.2% in the first three months of 2020. 
But husing markets across prestige markets in Australia "remain in a state of flux" given the restrictions on viewings and lower transaction volumes reflecting the uncertainty which has returned to the market.
"This is likely to place pressure on prices from Q2 2020, but until now, they’ve remained firm," according to Shayne Harris, Knight Frank’s head of residential.
“This holding pattern is likely to change course as each state relaxes restrictions and we will be closely monitoring how the Sydney residential market responses when open homes and live auctions are permitted to take place from this Saturday 9 May in NSW. 
“Most important will be how much confidence has been restored to the economy, and as a result, the impact of unemployment in five months’ time when the financial mechanisms put in place by the government ease."
In the year to Q1 2020, 76% of global cities recorded flat or rising prime property prices.
A look at quarterly shifts with the impact of Covid-19, the report noted all five of the weakest performing markets being in Asia in Q1 2020.
Bangkok witnessed the deepest decline at 5%.
Data from Singapore looks to be stuttering following the resurgence in Covid-19 cases.
Before the crisis took hold, the Sydney prime residential market was performing well by global standards, enduring 28 quarters of positive annual growth, averaging 8% growth per annum since March 2013. 
Benchmarking five years earlier to the fall of the Lehman Brothers in Q1 2008, Sydney has experienced growth of 73% in prime prices since this time, significantly outpacing cities such as New York, London and Hong Kong. <img src="https://content.knightfrank.com/blog/2020/4/91c48c30-3655-4419-8e40-102df64646e1/pgci12020fig1.jpg">This rapid rate of growth had slowed in recent years to a more sustainable pace as the maturing Sydney prestige market has settled into its own growth trajectory, detaching from the performance of the mainstream property market. 
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Sydney prestige residential up one percent in 2020

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Total Real Estate Training, the organisers of The Australasian Real Estate Conference (AREC) have teamed up with highly respected real estate coach Tom Panos to provide sales agents with a series of free webinars to continue their online learning and education during the Coronavirus pandemic.
AREC and Tom Panos’ Real Estate Gym will run four free weekly live online webinars during May and featuring the most successful and dynamic residential agents, often lauded as the legends in real estate, to share their insights and strategies in these uncertain times.
John McGrath, Founder of AREC explained, “We’re learning so much in this new environment and one of the key lessons for us all is around collaboration and partnerships. So Tom and the AREC team were keen to partner on this unique digital event where we can bring the best real estate talent in the country into the lounge rooms and home offices for free.”
Mr McGrath added, “The real estate world is changing so rapidly, real time information and advice delivered in this digital format is critical. As agents and educators, we’ve had to pivot and adapt quickly. And just as we saw many high profile successful people come together during disasters we’ve had to face in recent times, the elite of the real estate industry were quick to step up when we asked them if they would consider participating. All have generously donated their time to help others in the real estate space navigate their way through these challenging times.”
Mr. Panos said that coaching and mentoring during these challenging times is important for the industry and how agents interact with their clients.
“These live online webinars are designed to give those in the industry insights and strategies to continue their business at a unique time when many have had to work in isolation. That is a new experience for them.
“We have designed four events of one hour each Monday that will showcase live conversations with the best agents in Australia so everyone can access this information. All they need is an internet connection and they can learn from the best at no cost,” Mr Panos added.
“The AREC team and Tom have worked so closely over the last decade it was an easy collaboration to get off the ground quickly. We don’t want real estate participants to leave the industry when a few insights or words of encouragement could keep them rolling while this passes,” Mr McGrath said.
Nichola Byrne, General Manager of Total Real Estate Training, said “While we had to postpone AREC2020 and other training conferences as a result of COVID-19, we can use the latest technology to deliver world class training and education. In this instance we are utilising the platform provided through LinkedIn Events, and are excited to be the first in our industry to leverage this new tool and solution as we adapt during this pandemic. The real estate industry as we know it has changed, however education will always be a primary resource for agents who need to be at the top of their game. Now more than ever, they need to be agile as they adjust to how they transact properties and serve their clients.”
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Ms Byrne adds, “AREC is known for its desire to share information for the benefit of our industry. We are proud of this legacy, and believe it is important to continue doing that in whatever way we can.”
Click here to access <a href="https://tompanos.ontraport.com/c/s/5jN/sgxZP/6/s7y/xwy/6iqk8x/zonDyg5tFJ/P/P/sL" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">AREC 2020 - Legends of Real Estate</a> (part 2/4):
<ul>
<li><a href="https://tompanos.ontraport.com/c/s/5jN/sgxZP/s/s72/xwy/6iqk8x/6IaLPyv72z/P/P/sL" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">Peter Chauncy</a> - McGrath Estate Agents, NSW</li>
<li><a href="https://tompanos.ontraport.com/c/s/5jN/sgxZP/v/s78/xwy/6iqk8x/CZZaQvO0c/P/P/sL" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">Josh Tesolin</a> - Australian Real Estate, NSW</li>
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<a href="https://tompanos.ontraport.com/c/s/5jN/sgxZP/z/s77/xwy/6iqk8x/vl6XBTTyPC/P/P/sL" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">Lisa Novak</a> - Novak Properties, NSW  </li>
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The speakers for <a href="https://tompanos.ontraport.com/c/s/5jN/sgxZP/U/s7q/xwy/6iqk8x/YjvcrRMMk/P/P/sL" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">AREC 2020 (part 3/4)</a> will go LIVE at 10:00am AEST today:
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<li>Tanja Neven-Jones - O'Brien Real Estate, VIC</li>
<li>Simon Caulfield - Place, QLD</li>
<li>Matt Lancashire - Ray White, QLD</li>
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AREC launches free live industry webinars during COVID-19

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Frasers Property Management has announced the addition of a collection of urban hotel rooms to its national portfolio of residential properties for rent.
The serviced-apartments are available under flexible rental terms from 3–12 months.
Frasers Property Management, the residential property management arm of Frasers Property Australia, has partnered with Frasers Hospitality Australia to make a range of CBD hotel rooms at Fraser Suites Sydney, Fraser Place Melbourne, Fraser Suites Perth and Capri by Fraser Brisbane available to the residential rental market.
It’s an innovative collaboration to respond to the collapse in demand for conventional hotel offerings due to COVID-19.
Frasers Hospitality has pivoted its serviced-apartment offering to now provide affordable, un- serviced, short-term lease options.
The prices range from $600 per week in Sydney, $310 per week in Brisbane, $325 per week in Melbourne and $500 per week in Perth.
<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/2020/5/4/Fraser%20Suites%20Sydney_ext.jpg" alt="">
“These short-term, super-flexible, fully-furnished apartments are ideal for anyone experiencing housing uncertainty, or who needs quality self-contained accommodation but prefers not to commit to a long-term lease,” says Richard Kemp, National Property Manager for Frasers Property Management.
While apartment sizes vary depending on the specific property, the offer encompasses studio, one and two- bedroom apartments, fully-furnished and self-contained, and most with full-sized kitchens, internal laundries, operable windows for fresh air and some with balconies to stretch out in. 
All four properties are centrally located in CBD or CBD-walkable locations, and parking is generally available at an additional cost.
Frasers Hospitality Australia is uniquely positioned to undertake this shift in approach due to the close collaboration between with the international real estate Group’s residential, property management and hospitality teams in Australia. 
<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/2020/5/4/Fraser%20Place%20Melbourne_ext.jpg" alt=""> 
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Frasers Property Management launches hotel suites at market rents

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

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