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EXPERT OBSERVER
In a recent monthly credit update we wrote "Credit weakness lingers despite lift in housing finance".
A couple of months on, total credit growth slipped in October and annual growth hit a fresh cycle low.
Housing finance is rising and housing credit growth is beginning to stir - but only gradually.
However, business credit dipped in October, -0.1, against a challenging economic backdrop, and personal credit is contracting as households shift to other products.
In October, total credit grew by only 0.1%, which is below the monthly average for the 2019 year to date of 0.2%. The mix was: housing +0.27%; business -0.1%; and personal -0.6%.
Annual credit growth moderated to 2.5%, the slowest pace since April 2010.
Credit growth has progressively eased after peaking at 6.7% during the 2015/16 financial year. Key to the slowdown is the housing downturn as the cycle matured and lending conditions tightened.
Housing credit grew by 3.0% over the past year. That is the weakest result in the history of the series (dating back to the late 1970s) and below the previous cyclical low of 4.4% in mid-2013.
In 2018, the housing sector downturn accelerated as lending conditions tightened further and as investors pulled-back. New lending contracted by 5% in the six months to June and then fell by a sharp 15.4% in the six months to December (as weakness spread from investors to owner-occupiers).
Now in 2019, new lending for housing has turned the corner - with a 15% rebound from June to September, more than reversing the near 6% fall over the initial five months of the year.
The housing rebound has been supported by a number of factors. Sentiment bounced after the May Federal election, which removed uncertainty around tax policy for the sector. The RBA has lowered rates since June by a total of 75bps, with further cuts likely. In addition, APRA has eased mortgage serviceability assessments.
Housing credit is improving but slowing - with growth in October of 0.27%mth, 3.0%yr. The October figure annualised is 3.3%, up from a 3 month annualised low of 2.6%. Investor credit remains weak, with a broadly flat October month to be 0.2% lower over the year. For owner-occupiers, the figures are 0.44%mth, 4.8%yr.
Business credit growth slowed to 2.7% in October, including a decline in the month, of -0.1%.
The business credit profile has been uneven in 2019. There was a soft spot in the June quarter, around the time of the Federal election, (with growth at only 0.8% annualised), followed by a rebound in the September quarter (up by 3.4% annualised).
For businesses, the economic backdrop has become more challenging. The global economy is slowing and household spending is soft. In this environment business investment in the real economy has lost momentum across the non-mining sectors - which will weigh on credit demand.
Read full report: <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/November/er20191129BullCreditOct.pdf" target="_blank">Australian private credit October' (PDF 193 kb)</a>
ANDREW HANLAN is a senior economist for Westpac
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Housing finance and credit growth are beginning to stir: Andrew Hanlan

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Prospective homebuyers will be better protected under sweeping changes to the law governing off-the-plan contracts. 
Changes to the Conveyancing Act, which take effect on 1 December 2019, will see much tighter requirements imposed on developers regarding disclosures, cooling-off periods, holding of deposits and sunset clauses. 
Minister for customer service Victor Dominello said the number of off-the-plan purchases in NSW had increased significantly in the last decade from 2,646 in the 2008/09 financial year, to 17,218 in 2018/19, which represents 10.6 per cent of residential property sales.  
“We are delivering on our commitment to better protect home buyers by closing down loopholes and increasing disclosure standards across the board,” Mr Dominello said.
The changes include:
·         Buyers being provided with key information about the development, including  copies of the proposed plan, proposed by-laws and a schedule of finishes before contracts are signed;
·         Requiring vendors to notify purchasers of material changes to what was disclosed;
·         Allowing buyers to end the contract or claim compensation in some cases if they are materially impacted by changes made from what was disclosed; 
·         Vendors providing a copy of the final plan at least 21 days before the buyer can be compelled to settle;
·         Widening existing legislation to clarify that the Supreme Court can award damages where the vendor terminates under a sunset clause; and
·         Extending the cooling-off period to 10 business days with any deposit to be held in a controlled account until settlement.
“Buying off-the-plan is a popular option, particularly for first home buyers, but there can be risks and uncertainties involved,” Mr Dominello said.
Minister for better regulation and innovation Kevin Anderson said the changes are "vitally important for the NSW Government’s building reforms which aim to deliver greater protections for consumers, while increasing the transparency, accountability and quality of work in the sector.”
For more information visit <a href="https://protect-au.mimecast.com/s/dHuoCXLWL0u7qA0KT6kyFG?domain=registrargeneral.nsw.gov.au" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://protect-au.mimecast.com/s/dHuoCXLWL0u7qA0KT6kyFG?domain%3Dregistrargeneral.nsw.gov.au&amp;source=gmail&amp;ust=1575324325478000&amp;usg=AFQjCNEXTjDk3d_48SClm18G02DcTMIgdg">www.registrargeneral.nsw.gov.au</a>.
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New off the plan rules for NSW apartment developers

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Brisbane's blue ribbon precinct of Kalinga saw a $5.15 million sale through Ray White New Farm agent Christine Rudolph.
The auction of Winbrook, the five bedroom, five bathroom 2004-built property at <a href="https://www.raywhite.com/qld/kalinga/2204995/?lang=en" target="_blank">119 Nelson Street</a> saw a massive crowd of 200 onlookers.
The property comes with a full size, flood lit tennis court with elevated spectators' rotunda..
“There were three registered bidders,” said Ms Rudolph.
Haesley Cush, the auctioneer, declared the property on the market at $5 million.
"The winning family, which include three very sporty young boys, are former residents of the street, and familiar with the property.
"When it came on the market they, according to Ms Rudolph “just had to have it.”
It last sold at $4 million in 2017 when bought by the mining industry veteran Brad Gordon.
Over the years he has worked at Placer Dome, Emperor Mines, Intrepid Mines and Acacia Mines.
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$5.15 million Kalinga trophy home sale

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A Dudley Park, WA mortgagee home has been sold for $393,500.
The home last sold for $547,890 in 2017.
Therefore this latest sale represents a loss of just over $154,000.
Tom and Andrea Esze of tomesze.com marketed the property.
Situated at <a href="https://www.realestate.com.au/sold/property-house-wa-dudley+park-132232702" target="_blank">10 Anhinga Trail</a>, the abode comprises five bedrooms and two bathrooms as well as a two car garage.
Set on 458 square metres, the property sold at auction on November 23.
Described in the listing as a "Dual-Key Property, comprising 2 homes in 1", the listing says that the home can be split into two independent homes the first a three bedroom, one bathroom affair and the second a two bedroom, one bathroom abode.
Built in 2016, the listing estimates that if both homes were leased out, the owner could expect roughly $550 per week in rent.
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The median sale price for a home in <a href="/developments/dudley-park-wa-6210">Dudley Park, West Australia</a> is $369,000, according to CoreLogic, which calculate its annual change in median price over the past 10 years as -0.4%.
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Dudley Park, WA mortgagee home sold for $150,000 loss

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A Rosbery, Northern Territory mortgagee has been listed for $300,000 and is now under offer.
The house last sold for $379,000 in 2008.
It has since been listed in 2010 when it sought $465,000 and now in this latest campaign which has run since October 2018.
Michael Keith and Tim Mackenzie of O'Donoghues are marketing the property.
Situated at <a href="https://www.realestate.com.au/property-house-nt-rosebery-129631770" target="_blank">1 Granites Drive</a>, the home was originally listed for $399,000 but after an unsuccessful October 2019 auction, it is now seeking $300,000.
Set on 801 square metres, the three bedroom one bathroom house was listed as a rental seeking $385 per week in 2013.
Built in 1988, it is located only a short stroll to the Rosebery Primary School as well as Palmerston College, there are also shops close by and just minutes drive to the new Bakewell Shopping Centre, as well as the Palmerston CBD.
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The median sale price for a home in <a href="/developments/rosebery-nt-0832">Rosebery, NT</a> is $502,500, according to the latest CoreLogic data.
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Rosebery, NT mortgagee home listed for $80,000 reduction in value under offer

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A Halls Head, West Australia mortgagee has sold at for $350,000.
The most recent asking price for the house was $369,000, however when the property was first listed as a mortgagee in early late 2018, the vendors sought $479,000.
Compared to the when the property last sold however, a profit of $164,000 was made.
It last sold for $186,000 in 2012, before construction on the property was completed.
Situated at <a href="https://www.realestate.com.au/sold/property-house-wa-halls+head-131336106" target="_blank">24 Solandri Turn</a>, Kathryn Fiorenza of Professionals marketed the property.
The four bedroom, two bathroom abode sits on 526 square metres.
Built in 2013, the house was listed as a rental in 2017 seeking $450 per week.
Featuring a two car garage, it is located close to numerous schools, shops, public transport and other amenities.
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The median sale price for a home in <a href="/developments/halls-head-wa-6210">Halls Head</a> is $410,000, according to CoreLogic.
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Halls Head, WA mortgagee home sold for $130,000 below initial asking price

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A Stirling North, South Australia mortgagee home has been listed for $80,000 under its previous sale price
Currently listed for $155,000, Nicole Fox of First National is currently marketing the house.
Situated at <a href="https://www.realestate.com.au/property-house-sa-stirling+north-131613354" target="_blank">66 Quorn Road</a>, the property last transacted for $235,000 in 2012.
The three bedroom, one bathroom house features a dual semi-circle driveway, workshop area and a currently bone dry in-ground pool.  
Set on 1,104 square metres, the fully fenced abode is less than a kilometre from the nearest primary school.
A DA for the dwelling valued at $82,190 was submitted in October 2007. 
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The median sale price for a home in <a href="/developments/stirling-north-sa-5710">Stirling North</a> is $250,000, according to CoreLogic, which calculate its annual change in median price over the past 10 years as -0.2%.
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Stirling North mortgagee home listed for $80,000 loss, under offer

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A Hampton, Victoria townhouse has sold at its November 23 mortgagee auction.
The three bedroom, two bathroom abode went to auction with a price guide of $1,800,000 - $1,900,000.
It is part of a triplex development site last sold for $2,500,000 in 2017.
Halli Moore and Sonja Sendin of Buxton marketed the home.
Situated at <a href="https://www.realestate.com.au/property-townhouse-vic-hampton-132317502" target="_blank">9 Thomas Street</a>, the three story home stands on the edge of Hampton Street village.
Featuring secure basement parking for two cars, the open plan home "encapsulates privileged Bayside style", according to the marketing material.
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The median price for a home in <a href="/developments/hampton-vic-3188">Hampton, Victoria</a> is $1,855,000 according to CoreLogic.
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Hampton, Victoria mortgagee villa sold under the hammer

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Freehold industrial land in Brisbane’s Australia TradeCoast (ATC) has reached critical shortage with only circa 151 hectare (1 hectare sites or above) identified as vacant and available for industrial development on a freehold basis. 
As per the latest Colliers International research report, this represents less than 25% of the estimated land supply within the ATC precinct over the medium term, and it is located reoutside the Port of Brisbane and the Brisbane Airport. Leasehold land availability, on the other hand, shows relatively good supply of up to 455 hectares over the long term, representing 75% of the land available for industrial development.
“Whilst the Federal and State Governments retain ownership of the land at the Airport and the Port, the leasehold tenure inhibits direct investment by industrial operators or external investment vehicles,” Anthony White, National Director of Industrial at Colliers International said.
“Brisbane Airport Corporation and Port of Brisbane have proved to be highly capable and competitive industrial developers, primarily offering a solution to specific market sectors like corporate occupiers looking at long-term warehousing, container parks and airfreight facilities.
<a href="https://www.propertyobserver.com.au/images/2019/11/27/freehod%201.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/11/27/freehod%201.jpg" alt="">
“Current road and air infrastructure investment of circa $2 billion supports the precinct’s growth potential and would provide a competitive advantage for logistic operators. However, we agree with recent commentary that a dedicated rail connectivity to the precinct will be crucial to take pressure off South East Queensland arterial road networks.
“Currently, it is not viable for the Port operators to utilise inland rail as it stops 38km from the Port. The lack of freehold land opportunities within proximity to this infrastructure does provide another compelling argument for the construction of a dedicated freight rail connection to the Port,” White said. 
<a href="https://www.propertyobserver.com.au/images/2019/11/27/freehold%202.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/11/27/freehold%202.jpg" alt="">
Karina Salas, Research Manager at Colliers International said that based on historical take up rates, the ATC has industrial-zoned land supply (leasehold and freehold) to at least 2033, but it could be extended to approximately 2042. 
“Pinkenba is the main location for future freehold industrial developments in the ATC, with circa 45 hectares of developable industrial-zoned land. Over the next 15 to 24 years, more than 75% of the land available for industrial development would be offered on a leasehold basis.
“In terms of land values, ATC remains the most expensive South East Queensland industrial market, at an average price of $415/sqm as at September this year. Land values are likely to continue to experience moderate to solid growth over the years ahead supported by the forecast population growth in South East Queensland and the limited industrial-zoned land available for future development on a freehold basis.  
“Leasing activity within the precinct is forecast to remain solid, even though ATC is expected to remain the most expensive location for tenants, reporting average prime net face rents of $118/sqm compared to Brisbane offering average prime net face rents in the range of $103 to $111/sqm in different locations,” Salas said.
White also highlighted that occupiers are increasingly looking towards a total cost of occupation model with transport costs being a key driver.
ATC provides great access to major motorways which is key for distribution users, and the Port of Brisbane has always been a hotspot given the massive infrastructure spend over the past decade. Because of this, distribution operators continue to relocate to the precinct as it is a more viable option for them long term.
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Freehold industrial land in ATC reaches critical shortage: Colliers International 

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A consortium led by Singapore-listed First Sponsor has joined forces with ICD Property to redevelop the City Tattersalls Club project in Sydney.
It is First Sponsor ’s first Australian project since its inception in 2007.
First Sponsor primarily operates across property development, property holding and property financing and holds investments
The partnership comes following the landmark decision by the City of Sydney on November 14 to grant envelope approval to ICD Property for the Stage 1 Concept Development Application of its City Tattersalls Club site.
The approval allows for plans to rejuvenate the entire clubhouse, including retail, restaurants, a combined hotel and Club reception on the ground level, as well as an event space, co-working centre, health and wellbeing facilities and other member facilities.
<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/2019/11/27/City%20Tattersalls%20Club%20-%20Terrace%20-%20Rev%20C.jpg" alt="">
There are also plans to develop a 49-storey tower above the historic site comprising residential apartments and a high-end hotel (plus ancillary facilities).
First Sponsor will provide equity partnership alongside its investor consortium and will pool its experience across property development to assist in the delivery of the project.
It will act as the sole construction financier and will provide funding for t.he delivery of the project.
The collaboration is currently conditional on certain regulatory approvals and conditions and these are expected to be formally achieved in early 2020.
“Receiving support from such a significant property player in China and the Netherlands is a testament to our vision for the City Tattersalls Club redevelopment and we look forward to working alongside First Sponsor, and the club itself,” said ICD Deputy Managing Director Sal Quah.
“In addition, receiving construction funding from First Sponsor will allow for a more efficient and streamlined process with works on the City Tattersalls Club earmarked to commence following Stage 2 approval.”
The First Sponsor/ICD Property joint venture and the City Tattersalls Club are preparing to undergo a design competition process with the City of Sydney in 2020, where a prestigious lineup of architects will vie for the design of the City Tattersalls Club in order to achieve the highest possible outcome for the site.
Submission of a Stage 2 DA will follow soon after.
The deal was brokered by CBRE.
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ICD Property announces joint venture for City Tatts redevelopment

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

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Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

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ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

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Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

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Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

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Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

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Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

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The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

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.

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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."

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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.

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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."

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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."

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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>.

Staff reporter

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