<html><body>
The WA State Government announced that they will be proceeding with stamp duty relief of up to $50,000 for off the plan apartment purchases.
The rebate is effective immediately and is applicable to all buyers purchasing off-the-plan apartments including first home buyers, seniors looking to right-size and foreign buyers.
Samantha Reece, Director of WAAA, stated that she had held discussions with both Minister for Transport, Planning and Lands, Rita Saffioti, and Minister for Housing, Veterans Issues, Youth and Asian Engagement, Peter Charles Tinley, in March this year after research results from 3312 apartment owners indicated that only 14% were prepared to purchase off the plan.
“With the future of MetroNet hanging on the balance of apartment pre-sales, this decision by the McGowan Government will ensure that people who have been dissuaded to buy an apartment will now have an added incentive,” Reece said.
“This stamp duty relief will undoubtedly stimulate the apartment market and that is very promising with the Government’s focus to achieve 47% infill targets.
"WAAA lends its full support to this decision and we thank the relevant Ministers for listening to the voting public of Perth."
ABS data indicates that WA only represents 4.7% of total apartments in the nation in comparison to NSW at 47.2%, Victoria 22.8% and QLD 17.4%.
</body></html>

j.ballantyne1990-6AQqhLzZaK

McGowan Government announces WA stamp duty relief for off the plan purchases

<html><body>
Internal migration loss has seen Sydney slip behind Melbourne in terms of overall population growth, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at what's bringing new residents to different residential markets or, conversely, driving them away. 
According to the last census, between 2016 and 2017, Sydney’s population grew by 101,600 people, an increase of around 2%.  Of that, an increase of 84,700 came from net overseas migration, 35,000 from natural increase, while net internal migration provided a loss of 18,100 people (source: ABS).
<a href="https://www.propertyobserver.com.au/images/2019/9/26/abs%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/2019/9/26/abs%201.jpg" alt="">
Sydney’s population growth has therefore predominantly been driven by overseas migration. 
In fact, the overall total net overseas migration for Australia between 2016 and 2017 was 262,489 (source: ABS), meaning that 38.7% of that growth can be attributed to Sydney.
The HTW report suggests Sydney is a desirable location for overseas immigrants due to employment opportunities, education facilities and other services and the opportunity to move into an area with a population of similar nationality or culture.
The majority of people who leave Sydney for other parts of Australia go to other parts of New South Wales and Melbourne (source: ABS).
Newcastle, Wollongong and regional New South Wales offer plenty of opportunities for those looking for a sea or tree change, either in retirement or for those looking for a more affordable lifestyle, particularly lower cost housing, or to escape Sydney’s bulging transport and road systems.
"Those areas of Sydney that have seen the largest increase in net internal migration are the growth centres in the south-west and north-west of the city, which have experienced massive new housing growth over recent years through land releases," the valuation firm said. 
<a href="https://www.propertyobserver.com.au/images/2019/9/26/abs%202.png" target="_blank">Click here</a> to enlarge: 
<img src="https://www.urban.com.au/images/2019/9/26/abs%202.png" alt="">
The report suggests within greater western Sydney there has been a ripple effect of buyers pushing further west in order to secure more property bang for their buck as urban sprawl continues.
"This is evident within the new land release areas on the outer fringes of western Sydney such as Box Hill and Austral, with a number of local young families and upgraders buying affordable house and land packages or building their dream home for a lot less than the equivalent (and also older) products a few kilometres east," the valuation firm added. 
As has been the case over the past few years, infrastructure has been a massive drawcard for many people in north-west Sydney resulting in people moving to the area who may not have considered it before.
Suburbs such as Cherrybrook, which was often in the shadows of its more sought after neighbour West Pennant Hills, is now bucking the more stable market trend as seen with a recent result of $2,336,000 for a quality built, 25-year-old, original dwelling at<a href="https://www.realestate.com.au/sold/property-house-nsw-cherrybrook-131573546" target="_blank"> 8 Rothbury Place</a> (pictured below).
The home comprises four bedrooms, timber kitchen, formal lounge, rumpus room and family living area. 
It's located just a short walk to the new metro station.
 <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/2019/9/26/cherrybrook.jpg" alt="">
This infrastructure linking the north-west to Chatswood allows for families to send their children to north shore schools without having to pay north shore prices for houses.
"In the outer west, we’ve seen a number of Penrith residents moving to the lower mountains area and the lower mountains area moving to the upper mountains area and the upper mountains residents moving over the hill to Hartley and beyond.
"We’ve also completed valuations for families selling up and moving to regional towns such as Bathurst. This is becoming more popular as technology is allowing people to work more remotely or even allowing certain occupations to work full time from home," the valuation firm said. 
Another example of population movement is in Werombi, a small tightly held semi-rural village located on the outskirts of metropolitan Sydney.
Local agents have been reporting a trend of buyers shifting further west for rural lifestyle holdings given the more eastern rural fringe areas, such as Rossmore, are part of the Sydney Regional Growth Centres Plan. This has seen a spike in interest and rising values for the better part of the last two to three year period.
Up until 2017, this was popular in the north-west of Sydney with Schofields residents on rural lifestyle holdings being bought out by developers and then moving further out to Oakville and Maraylya to escape the chaos of development and hopefully catch the development wave again decades later.
"The great migration of baby boomers is no more apparent than on Sydney’s north shore.
"Baby boomers occupying larger homes on the upper north shore suburbs such as Wahroonga and Turramurra have been selling up and moving to the lower north shore to settle in smaller luxury two and three-bedroom apartments in suburbs such as Mosman," the valuation firm stated.
The existing dwellings the downgraders leave behind are generally purchased by local upgraders or returning expats with younger families wanting to take advantage of the north shore’s quality schools and quiet neighbourhoods.
Over the years these homes are renovated to suit current demands and no doubt when the time comes these owners too will migrate east to the lower north shore to downsize, keeping the tradition alive.
"Interestingly the suburb with the largest negative net internal migration, Parramatta-Rosehill, was the area with the largest positive net overseas migration.
"This would suggest existing residents are moving to other areas, potentially to upgrade from a unit to a house, with new residents from overseas filling the void," the valuation firm said. 
Auburn, Campsie, Lakemba and Kingsford also have a high percentage of unit stock and would indicate that people are looking to upgrade from units to houses but can’t necessarily afford to do that in the suburb in which they currently reside.
<a href="https://www.propertyobserver.com.au/images/2019/9/26/abs%20.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/2019/9/26/abs%20.jpg" alt="">
"It is no surprise to see that those suburbs with the highest net internal migration are those that have also experienced significant unit construction in recent years.
"This has provided overseas immigrants the opportunity to get more affordable housing in well positioned suburbs, close to major transport links and services," the valuation firm commented. 
Many of these suburbs are also located close to educational facilities which are also a major pull factor for overseas students into these areas.
<a href="https://www.propertyobserver.com.au/images/2019/9/26/abs%204.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/2019/9/26/abs%204.jpg" alt="">
Chippendale is a small inner city suburb located at the southern end of the CBD and adjoins Redfern to the south.
The suburb was long known for being an older style run down location, however the area has been transformed in recent years, particularly since the opening of the Central Park development by Frasers Property and Sekisui House.
At the 2016 ABS census, there were 8,617 residents in Chippendale with approximately 27% of people born in China and 21% of people born in Australia.
In contrast, at the 2011 census there were 4,057 residents, approximately 38% of which were born in Australia.
During 2016 to 2017, the Chippendale and Redfern area saw a further net overseas migration of 6% (1,418 people) and this trend appears to be continuing.
The report notes a large portion of residents in Chippendale are also students drawn to the area by surrounding educational establishments such as the University of Technology Sydney, University of Sydney, University of Notre Dame Australia and TAFE campuses.
"The essence of the area is changing to supply the demands of the increasing population of students and overseas migrants. This can be seen with the influx of cafés, restaurants and everyday services such as dry cleaning and medical centres," the valuation firm said.
There are some remaining sections of the suburb that still have original terrace style dwellings, however the majority of the suburb has been developed to provide high density style apartment living which is typically required by this younger demographic.
Modern developments such as Central Park usually include common facilities such as swimming pools, gyms, communal areas and concierge services.
Infrastructure and transport routes are established around here with Central train station and multiple bus stops being close by, as are educational facilities, the CBD and other services and amenities.
A current offering is a two bedroom apartment located within Central Park priced at $1.56 million.
The C-803 apartment at <a href="https://www.realestate.com.au/property-apartment-nsw-chippendale-130992034" target="_blank">83 O'Connor Street</a> (pictured below) comes with two bedrooms, two bathrooms, living area with timber flooring and 29 square metre balcony. 
<img src="https://www.urban.com.au/images/2019/9/26/central%20park%202.png" alt="">
The suburb of Chatswood, on Sydney’s lower north shore, has undergone major changes over the past decade.
Chatswood is approximately ten kilometres north of the Sydney CBD and comprises a mix of major commercial development, high density residential development and surrounding detached residential housing on relatively large blocks of land.
Chatswood has a high percentage of Chinese residents, creating a prominent Chinese cultural community.
This is especially evident around its CBD with a vast amount of Chinese businesses, Chinese restaurants and newly developed high-rise developments  predominantly occupied by Chinese residents.
Chatswood is a prime example of a suburb developed to meet the demands of these residents who desire central high density living with access to public transport.
"To meet these demands, we have seen a relatively recent major overhaul of Chatswood train station in conjunction with previously non-existent, high density residential development in and around Chatswood train station.
"In meeting the demands of the demographic in Chatswood, we have seen an increase in population, primarily the consequence of a greater supply of residential units. As Chatswood has continued to develop, demand for housing has been driven not only by the improved infrastructure, but also the desire by the Chinese demographic to be within proximity of the familiarities of the Chinese culture, of which Chatswood has an abundance," the valuation firm commented. 
According to the ABS, as at 31 August 2018, the estimated population growth in the Chatswood (East)-Artarmon area rose by 3.1% over 2016 to 2017.
The estimated population growth in the Chatswood (West)-Lane Cove North area rose by 3.6% over 2016 to 2017.
"Although we are currently seeing less residential development, infrastructure continues to improve to meet the population growth. In addition to the major overhaul of Chatswood train station as mentioned above, Chatswood has a brand new metro station, part of the Sydney Metro Northwest project, connecting Rouse Hill to Chatswood via Castle Hill and Epping.
"The completion of this long-awaited project opens up the southern section of Chatswood and we expect to see this area experience major development in the near future, compounding the already evident population growth in the area." 
A three bedroom apartment located 550 metres to Chatswood station has recently beed sold for $1.41 million.
Located within catchment area of Chatswood Public School, the apartment at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-chatswood-131241814" target="_blank">37/3-5 Freeman Road</a> (pictured below) spreads across two levels with 180 degree views.
It comes with three bedrooms, open plan living and dining area, gourmet kitchen and covered entertaining balcony. 
<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/2019/9/26/chatswood.jpg" alt="">
With Sydney’s population expected to increase to around 6.5 million by 2036 (source: ABS), it is likely that net overseas migration will continue to be the major driver in this growth.
"This population growth will predominantly be in western Sydney but will also see some more established inner suburbs continue to experience urban consolidation through more unit development, as they continue to be the location of choice for those immigrating from overseas.
"This will continue to put further stress on roads, transport and services in established areas while newer areas will require new infrastructure." 
</body></html>

Which Sydney suburbs are attracting tribes from other suburbs? HTW residential 

<html><body>
Darwin apartment median time on market remains the greatest outlier out of any capital city, according to CoreLogic data.
As a general rule, median time on market for houses and apartment are within 20 days of each other and in some cases, Sydney Hobart and Melbourne for example, the difference in median time on market is just a single day.
Not only does Darwin stand out in that regard but listings in Darwin see the largest discount between the listed price and the sale price. Across both types of residential property the median discounted amount is above -10%.
Another outlier in CoreLogic's findings is that apartments in Melbourne see a median discount of -4.9% as compared to houses' -5.5%. There is a 0.6% difference in the median discount.
In comparison most capital cities, in particular Sydney, Brisbane and Adelaide see very minor differences, just 0.1% when comparing the discount on listing values between apartments and houses.
<img src="https://www.urban.com.au/images/2019/10/21/OCT%2021%20Median%20time%20and%20Discounting%20stats.JPG" alt="">
</body></html>

Darwin apartments remain on market the longest and see the largest discounts

<html><body>
New capital city listings remain down year on year - everywhere bar Adelaide, which has seen a minor increase.
The city with by far the sharpest drop in new listings is Darwin at -31.3%, according to CoreLogic.
Following close behind are Melbourne and Hobart, both down -18%, a significantly larger fall than Sydney's -6.6%.
In terms of overall listing numbers, a similar scene is being played out with the only significant changes being the -21% fall in Sydney listings, plus Perth joining Adelaide with increasing listing volumes.
<img src="https://www.urban.com.au/images/2019/10/21/OCT%2021%20Listing%20Stats.JPG" alt="">
In contrast to these numbers, auction activity is set to rise across the combined capital cities this week with 2,436 homes scheduled to go under the hammer, making it the busiest week for auctions so far this year.
The busiest auction suburb this week is Reservoir with 21 homes set to go under the hammer, followed by Port Melbourne (19), and Kew (18).
The increase in auction activity is largely due to Melbourne, where vendors are rushing to auction prior to the Melbourne Cup week slowdown. The city is currently expecting around 1,435 auctions this week, the busiest week Melbourne has seen since this time last year, when 1,709 homes were taken to auction.
Sydney is set to see auction volumes remain relatively steady week-on-week, with 729 homes set to go under the hammer this week, while one year ago, 798 auctions were held across the city.
As for the smaller auction markets, Adelaide and Tasmania will see auction volumes increase week-on-week, while Brisbane, Canberra and Perth will see fewer auctions, according to CoreLogic data.
</body></html>

Adelaide bucks the falling listing trend: CoreLogic

<html><body>
Nevada, part of the Park Ridge masterplanned community in the booming Logan growth corridor south of Brisbane, has seen its first stage of house and land packages nearly all snapped up.
In just over 20 years, Logan’s population is predicted to grow more than 50 per cent to around 548,000 residents, according to Logan Office of Economic Development.
Local award-winning builder Choice Homes are <a href="https://www.choicehomes.com.au/estate/nevada" target="_blank">offering home packages</a> starting from $427,220, with just four of the 42 lots remaining in stage one.
Their <a href="https://www.propertyobserver.com.au/https://www.choicehomes.com.au/house/5835389" target="_blank">biggest home is the Torino</a> (pictured top), which comprises four bedrooms, two living rooms and two bathrooms across its two levels.
The Winchester is <a href="https://www.propertyobserver.com.au/https://www.choicehomes.com.au/house/3874268" target="_blank">another four bedroom, two bath home</a> but spread across one level (below).
<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/2019/10/15/Winchester%20Choice%20Homes.jpg" alt="">
Choice Homes also offer two three bedroom home styles, <a href="https://www.propertyobserver.com.au/https://www.choicehomes.com.au/house/7191516" target="_blank">The Hindmarsh</a> and <a href="https://www.propertyobserver.com.au/https://www.choicehomes.com.au/house/7196968" target="_blank">The Ibis</a>.
Nevada is part of the wider 80-lot land development Park Ridge Estate, in the heart of the Park Ridge Master Planned area, a priority development zone.
<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/2019/10/15/Choice%20Homes%20Nevada%201.jpg" alt="">
There will be a Woolworths shopping centre nearby, as well as a second neighbourhood shopping centre and the Logan Reserve State School.
The estate is 10 minutes to Logan Highway.
Logan has seen heavy investment in recent years, with more than $18 billion of publicly funded projects underway to support the growing population.
Earlier this year, a $1.2 billion agreement, the largest of its type by any government in Australia, was signed by local authorities and private developers to build essential infrastructure in Logan’s Priority Development Areas Yarrabilba and Greater Flagstone.
 
 
 
 
 
</body></html>

Logan's masterplanned community Nevada Park Ridge nears stage one sell out

<html><body>
EXPERT OBSERVER
A Greenpeace <a href="https://www.facebook.com/watch/?v=357699401718122" target="_blank">video</a> of me plugging a trackless tram that went viral with 4 million hits has caused a few eyebrows to be raised over whether I think light rail is dead. So let me be clear: light rail remains the gold-standard technology for providing high-quality, rapid, zero-emissions public transport along a street corridor.
There is a strong case for using light rail in many cities with sustained all-day ridership. This includes Sydney, where <a href="https://www.smh.com.au/national/nsw/a-fantastic-milestone-as-first-tram-in-60-years-rolls-along-george-street-20190625-p52192" target="_blank">trials of a newly built light rail system</a> have begun.
<iframe src="https://www.youtube.com/embed/fQJ9QMeIoGY?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe> Trials of Sydney’s light rail network began in June.
Light rail also has a clear ability to attract quality urban development.
So why am I <a href="https://theconversation.com/why-trackless-trams-are-ready-to-replace-light-rail-103690" target="_blank">promoting trackless trams</a>? My interest is in cities and places that lack the population density or capital funding necessary for light rail (or heavy rail). Just because you live in Hobart, Liverpool or Fremantle doesn’t mean you aren’t entitled to something that is “more than a bus” for your daily commute.
How can we provide those communities with the same quality of public transport as light rail provides? Trackless trams may be an option that can help urbanism flourish around stations along corridors limited until now to cars or buses.
<h2>What sets trackless trams apart?</h2>
This research interest took me to the world’s largest manufacturer of railway stock, <a href="https://asia.nikkei.com/Companies/CRRC-Corp.-Ltd" target="_blank">CRRC</a>, in Zhuzhou, China. CRRC has produced Autonomous Rail Rapid Transit (ART), or what <a href="https://www.propertyobserver.com.au/https://m.scirp.org/papers/89661" target="_blank">I call the trackless tram</a>.
The trackless tram seeks to replicate the light rail experience. The differences are that optical guidance systems replace rails, with rubber tyres on railway-type bogeys replacing steel wheels. Many of the track-laying and utility relocation costs of light rail construction can be avoided.
The capital cost of Sydney’s light rail has risen to <a href="https://www.smh.com.au/national/nsw/sydney-light-rail-cost-blows-out-to-at-least-2-7b-after-settlement-20190603-p51tvc" target="_blank">around A$210 million per kilometre</a>. For a <a href="https://sbenrc.com.au/app/uploads/2018/10/TRACKLESS-TRAMS-MANUAL-GUIDE_email.pdf" target="_blank">fraction of that cost</a>, as little as A$4m/km, trackless trams can be introduced very quickly on a road of acceptable quality. Traffic engineers advise us good-quality road base is sufficient.
Optical guidance delivers very precise ride quality, without the sway of buses. Multiple carriages offer greater capacity – <a href="https://en.wikipedia.org/wiki/Autonomous_Rail_Rapid_Transit" target="_blank">up to 500 passengers</a> – than buses.
The first, four-stop trial <a href="http://www.chinadaily.com.cn/a/201805/09/WS5af2687fa3105cdcf651ce27" target="_blank">began in Zhuzhou</a> in 2017. Trackless trams have since been launched in <a href="http://www.xinhuanet.com/english/2019-07/17/c_138234419.htm" target="_blank">Yongxiu and Yibin</a>.
<h2>Cities around the world are interested</h2>
The trackless tram is <a href="http://www.xinhuanet.com/english/2019-07/17/c_138234419.htm" target="_blank">attracting interest</a> from cities <a href="https://www.lovemoney.com/gallerylist/74915/30-jawdropping-innovations-that-show-why-chinas-leading-the-world" target="_blank">worldwide</a>. <a href="http://www.chinadaily.com.cn/a/201907/16/WS5d2d4057a3105895c2e7dab7" target="_blank">Trials have begun in Qatar</a> in advance of the 2022 FIFA World Cup.
<iframe src="https://www.youtube.com/embed/ibjr3KV40wQ?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe> Qatar is the latest site of trackless tram trials.
I am leading a <a href="https://sbenrc.com.au/research-programs/1-62/%5D" target="_blank">team at Curtin University</a> to investigate how various levels of government in Australia (and New Zealand) can support trialling and testing of this technology and, if appropriate, introduce it in a controlled way. We have been approached to help cities in Africa, Europe, Asia, the US, Australia and New Zealand.
Among other things we need to be sure the technology is reliable, provides the promised level of service, doesn’t damage road surfaces and complies with regulations required for safety and sustainability.
We also need to be certain construction and long-term operations can produce the promised cost savings. Not all public transport innovations, such as <a href="https://www.researchgate.net/publication/327709647_Why_Do_Some_BRT_Systems_in_the_Global_South_Fail_to_Perform_or_Expand" target="_blank">bus rapid transit</a>, have lived up to their promise.
<h2>Complementing light rail</h2>
Some people are concerned the trackless tram might be a stalking horse for ideological opponents of light rail who wish to reduce investment in public transport.
In my case, I would point to my record in attracting rail investment in Perth. I started the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-02-03/fremantle-train-protests-turkey-sweat-russian-war-and-angry-mob/10767962" target="_blank">Friends of the Railways 40 years ago</a> to save our train. We now have a system where at the last Western Australian state election money was <a href="https://www.afr.com/politics/wa-election-labor-win-stops-roe-8-in-its-tracks-20170313-gux6da" target="_blank">taken from the Roe 8 freeway proposal and put into the MetroNet heavy rail package</a>.
People are also concerned that we risk being left with a poorer public transport service if we replace a proven technology such as light rail with a less proven technology such as the trackless tram. These concerns are fair, which is why I see continued advocacy for light rail as a critical part of the trackless tram story. But the trackless tram might enable us to build the same quality service and a lot more of it.
Both technologies are likely to play complementary roles. In Sydney, for example, light rail makes sense for Parramatta into the city. The trackless tram may stack up for lower-density areas such as connecting Liverpool to the new Western Sydney International Airport.
<iframe src="https://www.youtube.com/embed/3jLSRvqWgVo?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe> Parramatta City Council has expressed interest in a local trackless tram system.
In Perth, we certainly need such a service in many inner and middle suburbs, or for connecting major outer suburban centres to the new MetroNet lines.
Smaller and less well-off communities as well as outer suburbs are now in focus for the trackless tram. A lack of public transport means these areas have a reliance on private car use which is now not acceptable.
To avoid <a href="https://journals.sagepub.com/doi/10.1525/cmr.2011.54.1.64" target="_blank">greenwashing</a>, and ensure we remain on a pathway to sustainability, we need a strategy underpinned by a thorough understanding of the technology. The aim is to achieve high-quality, zero-emissions, reliable and affordable public transport that can help reshape our cities.
The tram once ruled our cities as the preferred public transport mode from the 1890s to the 1940s. Through a <a href="https://en.wikipedia.org/wiki/General_Motors_streetcar_conspiracy" target="_blank">calculated campaign</a> trams were denigrated in favour of the bus and car. Cities around the world tore up their tram tracks.
 
Not every old tram route can have a new light rail. The trackless tram presents an opportunity to rebuild high-quality public transport along major road corridors and connect suburbs with poor linkages. I would hope for a more sophisticated approach to planning transport networks, recognising that both light rail and trackless trams could play important roles.<img src="https://counter.theconversation.com/content/125134/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/peter-newman-1858" target="_blank">Peter Newman</a>, Professor of Sustainability, <a href="http://theconversation.com/institutions/curtin-university-873" target="_blank">Curtin University</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/trackless-trams-v-light-rail-its-not-a-contest-both-can-improve-our-cities-125134" target="_blank">original article</a>.
</body></html>

Trackless trams v light rail? It’s not a contest – both can improve our cities

<html><body>
Despite global wealth growth of 2.6% during the past year, Australia's wealth per adult fell $USD 28,670, largely due to exchange rate effects and the falling Australian dollar, according to the latest Global Wealth Report from Credit Suisse.
They found that the composition of household wealth in Australia is skewed toward non-financial assets, which average $USD 275,420 and form 58% of gross assets. The high level of real assets reflects a large endowment of land and natural resources relative to the population, but also high property prices in the largest cities.
Therefore due to the recent fall in property values, that has in turn caused a decline in the per capita wealth of Australians, when factoring in exchange rates it is close to its 2011 level of $USD 384,640.
Despite the exchange rate effects, Australia’s wealth per adult is fourth highest in the world in US dollars. In terms of median wealth, it ranks second after Switzerland.
However the decline in average wealth in Australia still resulted in 124,000 fewer millionaires.
<img src="https://www.urban.com.au/images/2019/10/22/Aussie%20Wealth.JPG" alt="">
Credit Suisse said, "the proportion of those with wealth above USD 100,000, at 66%, is one of the highest in any country and about six times the world average. With 1,307,000 people in the top 1% of global wealth holders, Australia accounts for 2.6% of this top slice, although it is home to just 0.4% of the world’s adult population."
"Household wealth in Australia grew quickly between 2000 and 2012 in USD terms, except during 2008. The average annual growth rate of wealth per adult was 12%, with about half due to exchange-rate appreciation against the US dollar. The exchange-rate effect went into reverse after 2012, with the Australian dollar declining 33% relative to the US dollar."
"Notably only 7% of Australians have net worth below USD 10,000. The latter figure compares with 17% in the United Kingdom and 27% in the United States," they concluded.
</body></html>

124,000 fewer Australian millionaires due to property dip and the lower $AUD

<html><body>
About 25% of Lismore’s population lives in rental accommodation with the median rent now being $395 per week for houses and a median rental yield of just under 4.7%, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at the rental yields across the country to dissect where to find best returns in residential markets. 
The official population of Lismore City as at 30 June 2018 was 43,843 according to the Australian Bureau of Statistics.
The median rent for units in the Lismore area is $275 per week, with a median rental yield of just over 5%.
With a low vacancy rate relative to many regional centres of 1% and the ability to buy a four-bedroom, two-bathroom dwelling for under $400,000, Lismore and its surrounding suburbs represents an opportunity to invest in property without going into debt up to the eyeballs.
"The trade-off for this relative stability is normally lower capital growth, however for the first time investor, building a stable base for a property portfolio is important," the valuation firm said. 
<a href="https://www.propertyobserver.com.au/images/2019/10/21/lismore%20median%20sale%20price.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/2019/10/21/lismore%20median%20sale%20price.jpg" alt=""> 
Source: HTW 
</body></html>

Lismore's median rental yields just over 5%: HTW residential 

<html><body>
There are fundamental factors one must address when purchasing a property, including location, configuration, construction type, size and proximity to local amenities, according to a recent Herron Todd White (HTW) residential report. 
The report suggests Northern Territory residential market is no different. Arguably in its weakest state for years, there is ample opportunity in all aspects of the Darwin residential market.
"With the population outflow following the wind down of several mining projects still continuing, the Northern Territory is approaching what could be considered towards the bottom, however there are some signs of gradual improvement in the form of house prices largely stabilising and an increase in the number of approvals," the valuation firm said 
Rental yields are as strong as ever coupled with interest rates at a historical low of 1.25%. Darwin property remains attractive for investors and home buyers alike.
Looking specifically at the Darwin CBD and inner- city suburbs, units are currently at some of the lowest prices seen in the past 15 years. This type of property would greatly appeal to first home buyers looking to first enter the market and wishing to be close to the city.
The report notes an entry level option available starts at approximately $150,000 for a dated one-bedroom studio apartment located in the CBD.
At a slightly higher price point, two-bedroom, one-bathroom units can start from $250,000. These units are generally the primary configuration for apartment style accommodation and provide adequate living space for small families, couples and singles.
A two bedroom unit opposite the water in Nightcliff has been sold for $270,000.
The <a href="https://www.realestate.com.au/sold/property-unit-nt-nightcliff-131587722" target="_blank">5/144 Casuarina Drive </a>unit (pictured below) comes with two bedrooms, one bathroom, internal laundry and courtyard.
It's walking walking distance to cafes and community 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/2019/9/25/nightcliff%20.jpg" alt="">
This area is well serviced by schools, shopping facilities, restaurant amenities and within close proximity of major social events.
The report suggest for prestige or higher end buyers in this segment, a modern three-bedroom unit can be purchased for $550,000, ranging up to $1 million for a penthouse apartment in the highly sought after location of the Esplanade.
"This luxury level segment of the market is characterised by expansive ocean views over Darwin Harbour and all the amenities of the Darwin CBD," the valuation firm said.
Moving towards the suburbs on the fringe of the CBD, semi-detached units such as townhouses are far more common. This type of property offers the benefit of a small yard and land on title for families that require extra space for growth.
Suburbs such as Parap and Stuart Park have entry level semi- detached units beginning at $330,000.
Dwellings with large residential allotments between 800 and 1,300 square metres are also available.
The report suggests entry level dwellings in this segment can be purchased from as low as $450,000 in Ludmilla to approximately $600,000 in the more popular Stuart Park.
These types of properties are generally dated, three bedroom configurations and constructed circa 1970s and 1980s, offering opportunities for those looking to renovate whilst staying within close proximity of the city.
The highest end section of the Darwin market is evident here, with ocean- side suburbs such as Fannie Bay, Larrakeyah and Bayview.
A pre-Cyclone Tracy dwelling of standard three to four bedroom, one-bathroom configuration begins at approximately $600,000 in Fannie Bay.
A there bedroom villa at<a href="https://www.realestate.com.au/sold/property-villa-nt-fannie+bay-131042182" target="_blank"> A/3 Hinkler Crescent, Fannie Bay </a>(pictured below) has been recently sold for $865,000. 
The ground floor villa comprises three bedrooms, study, large living/dining area, double garage and tropical garden.
It's close to East Point nature reserve, primary school and high school. 
<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/2019/9/25/fannie%20bay.jpg" alt="">
On the other end of the spectrum, house prices can reach up to $1.6 million in the same suburb.
"These prestige dwellings are erected on large allotment sizes and are fully renovated or built to a high quality," the valuation firm said. 
Cullen Bay, Larrakeyah’s prestige segment on the marina, also comprises similar quality dwellings in a comparable price range. This location is serviced by several restaurants in the Marina and enjoys ocean views and direct marina access.
Within a short driving distance of the Darwin CBD, Cullen Bay offers many features which secure its spot in the prestige section of the Darwin market.
The next suburb segment, the northern suburbs, comprises the majority of the Darwin residential properties.
First looking at units, the north coastal section contains the majority of apartment style living.
Suburbs such as Coconut Grove, Nightcliff and Rapid Creek are all within close proximity of the ocean, a key factor when purchasing a unit in this locality.
Higher values are attributed to those with views over the Foreshore. An attached two-bedroom unit in this area can be purchased from approximately $350,000, depending on its views and proximity to the water.
"This part of the market is experiencing a sustained drop in both sales volumes and prices, with a substantial over- supply and lack of demand," the valuation firm noted. 
Rental yields remain high at approximately 6.6%, however, this reflects the higher risk associated with the market and an elevated vacancy level.
Again, this is a reflection of the overall soft conditions of the market and general population decline in Darwin. We expect this sector to lag behind the detached housing market in terms of stabilising and see some tough times still ahead in 2019.
For dwellings, a standard ex-government housing three-bedroom dwelling can be purchased from $590,000. These dwellings come in ground level and elevated construction types and at this price point, are quite dated.
This area is well serviced by schools, shopping and local sporting facilities such as the Marrara sporting complex.
Further inland, the bulk of the northern suburbs is made up of standard three-bedroom one-bathroom dwellings constructed in the 1980s.
Allotment sizes are of an adequate 800 square metres, with the exception of the newer suburbs Lyons and Muirhead.
The price point for an average detached house in this segment is $450,000.
At this price, the dwelling would generally be ground level, partly updated and likely to have a pool or spa.
An entry level semi-detached two-bedroom unit can be purchased for approximately $200,000 in the suburb of Karama.
The northern suburbs have a significant amount of services available such as sporting facilities, schools, the Casuarina shopping precinct and the Royal Darwin Hospital which makes this area ideal for young families or first home buyers looking to enter the housing market.
Palmerston City is the last locality on our agenda, located 21 kilometres from Darwin comprising 18 suburbs.
Recently known as the fastest growing city in Australia, Palmerston offers substantially more affordable housing options for those willing to live away from the ocean.
An entry level two bedroom unit can be purchased for $175,000 in Woodroffe, while a three-bedroom dwelling of similar calibre in Moulden can be obtained for $240,000.
At the prestige end of the market, the suburbs of Farrar, Durack and Zuccoli offer the best choice.
For approximately $750,000, a modern four-to-five bedroom property on the Palmerston Golf Course can be purchased in Durack.
This area is serviced by the newly built Gateway Shopping Precinct, schools and parklands and is within a short drive of downtown Palmerston.
"When regarding fundamentals of a home, location, configuration and quality are all important factors at the right price point. However, knowing the vendor is another key factor in terms of reaching a successful sale.
"In this current softened market, potential purchasers are in an excellent position to take advantage of the excess supply across all segments of the market. With vendors now acknowledging the new lower price points, an increase of transactions can be expected, however we expect this weak state to continue in the short and medium term," the valuation firm said. <img src="blob:https://www.urban.com.au/fc53f393-69e7-4736-8a84-6d903625c127" alt="page63image3783792" width="0.500000" height="0.500000" style="font-size: 12.16px;"> <img src="blob:https://www.urban.com.au/ba7ef730-5880-4a62-9d4d-7181babff10c" alt="page63image5831440" width="0.500000" height="0.500000" style="font-size: 12.16px;"> 
</body></html>

Knowing the vendor is a key factor in Darwin property market investment: HTW residential 

<html><body>
The recently completed three level Gotham Grill and Rooftop Bar is set for November 14 auction.
Situated in Runaway Bay at 6 Bayview Street, the asset comes with a 554 sqm site area.
There is 302 sqm NLA.
The property is being marketed and sold by Ray White Commercial Gold Coast agents Michael Willems and Jackson Rameau.
Mr Willems said the property was a multi-level modern style purpose-built building with excellent exposure and access.
“The premise is leased for a term of 10-years plus 2x5-year options commencing 16 March 2018 and produces a net income of $212,695* p.a. plus GST,” Mr Willems said.
The ground level also provides car parking for 13 open bay car parks.
The upper two levels are allocated for restaurant use. All levels are available via an elevator.
</body></html>

Gotham Grill and Rooftop Bar, Runaway Bay premises set for auction

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.

[smartcode_project:default project_id=135096 project_image_fid=356818]

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."

[smartcode_project:default project_id=135096 project_image_fid=356828]

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.

<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/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

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."

[smartcode_project:default project_id=135096 project_image_fid=356829]

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."

[smartcode_project:default project_id=135096 project_image_fid=351104]

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.

[smartcode_project:default project_id=135096 project_image_fid=356822]

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.

[smartcode_project:default project_id=135096 project_image_fid=351102]

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."

[smartcode_project:default project_id=4661 project_image_fid=372549]

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."

[smartcode_project:default project_id=4661 project_image_fid=314259]

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.

[smartcode_project:default project_id=4661 project_image_fid=372550]

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.

[smartcode_project:default project_id=102717 project_image_fid=355297]

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.

[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]

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

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News