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<p>An iconic Dural location, the site of the Hargraves Nursery, has been listed for sale.</p>
<p>The 1.63 acre site, zoned RU6 Transition, SP2 Infrastructure, has spent 47 years as a "highly regarded Dural destination".</p>
<p>Situated at <a href="https://www.realestate.com.au/property-house-nsw-dural-131401174" target="_blank">630 Old Northern Road</a>, it is prominently positioned along the Dural business hub.</p>
<p>The property features, road frontage and exposure of approximately 80 metres with dual access along two boundaries.</p>
<p>Infrastructure on the holding includes, a home/office glass and shade houses, hardware and water retention facilities.</p>
<p>It has a clear view with Blue Mountain vistas.</p>
<p>It is located within minutes to Round Corner and Castle Hill.</p>
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j.ballantyne1990-6AQqhLzZaK

Hargraves Nursery site in Dural listed

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<p>There are just 800 listings remaining on the Purplebricks website.</p>
<p>It was at around 1000 a fortnight ago, as vendors depart the UK-based disruptor for local estate agents.</p>
<p><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/2019/7/29/narre%20warren%20east.jpg" alt=""></p>
<p>The <a href="https://www.purplebricks.com.au/search/property-for-sale#?q&amp;location=&amp;page=1&amp;searchType=ForSale&amp;sortBy=2" target="_blank">remaining 800 offerings</a> range from around $2.9 million to $3.2 million at 30 Boundary Road, Narre Warren East (pictured above), a four bedroom, three bathroom house set on 6.47 hectares to $30,000 for Lot 30 Melvin Terrace, Pinery.</p>
<p>The 1012 square metre Pinery holding has been unsuccessfully offered to market multiple times over the past six years, with the asking price reaching $133,270 from 2014 - 2016.</p>
<p>According to their website, around 85 agents are still on deck.</p>
<p>In early May, Purplebricks Australia announced its intention to exit the Australian market.</p>
<p>Despite the newly-installed CEO Neil Tavender and Kenny Bruce having overhauled the pricing model, so that half the fee was paid upfront and half on completion of the sale, Purplebricks have been forced to abandon the Australian market.</p>
<p>The pressure on the Australian business was most clearly exposed when it reported an $18 million interim loss for the six months to October last year.</p>
<p>Vic Darvey, the Purplebricks Group CEO said in May that after much consideration it had "made the difficult decision to close the Australian business".</p>
<p>"We’ve been operating here for two and half years and, unfortunately, we have been unable to make the progress in the Australian market that we’ve wanted, despite the tireless efforts of our employees."</p>
<p>The Australian branch announced that they would take no further listings in Australia, but intended to finalise all existing agreements.</p>
<p>They announced their decision just a week after UBS said the company was<a href="/news/purplebricks-not-likely-to-make-profit-in-australia-until-2022-ubs"> not likely to make money in Australia</a> until 2022.</p>
<p>In the month prior to the shutdown it was forecast that Purplebricks would potentially have to close its Australian operations <a href="/news/purplebricks-australian-agency-may-need-to-be-abandoned-to-save-uk-mothership">to save the UK mothership</a>.</p>
<p>Michael Bruce, the group's founder and chief executive officer stepped down immediately following the announcement with Vic Darvey, previously Purplebricks’ Chief Operating Officer, being appointed to the role of Chief Executive Officer and to the Board of Purplebricks.</p>
<p>While Purplebricks has sold more than 5000 homes since launching in Australia in September 2016, the company was spending about 84c in advertising to generate a dollar of revenue.</p>
<p>The <em>Australian Financial Review</em> has regularly revealed an exodus of estate agents along with allegations of a "toxic culture" within the company.</p>
<p>Over the weekend the London press reported Purplebricks is due to post losses of £51 million.</p>
<p>The <em>Sunday Telegraph</em> advised that the loss, for the 12 months to the end of April, will be unveiled when Purplebricks reports its results on Wednesday.</p>
<p>The ‘underlying pre-tax’ loss compares with £26m for the year before.</p>
<p>According to the <em>Telegraph</em>, the near-double loss comes after a “failed assault” on the Australian market and troubles in its American business, which has been under review.</p>
<p>However, says the newspaper, the company is “theoretically profitable” in the UK.</p>
<p>The founders, brothers Michael and Kenny Bruce, have both left the business.</p>
<p>Michael Bruce, who was also global chief executive, has been replaced by Vic Darvey, formerly managing director of Money supermarket.</p>
<p>The Bruces have sold their shares in Purplebricks to German publishing giant Axel Springer, now Purplebricks’ largest investor with a 27% holding.</p>
<p>Purplebricks shares closed on Friday at 99p, below the £1 launch price back in 2015.</p>
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Purplebricks Australian property listings shrink to just 800 homes for sale 

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<p>The Property Council of Australia is calling for the Commonwealth, state and territory governments to immediately convene an industry roundtable on resolving the insurance crisis for the building and construction sectors.</p>
<p>"Governments must come together on measures to address the imminent threat of the complete loss of insurance coverage for building certifiers which could significantly disrupt building and construction activity," said Property Council of Australia Chief Executive Ken Morrison.</p>
<p>The Property Council is calling on the Commonwealth to take a leadership role to:</p>
<ul>
<li>Implement a nationally consistent standard for risk assessment and rectification work for existing buildings with combustible cladding;</li>
<li>Establish a joint task force of industry and governments to design a program that will fund rectification works for building owners left exposed with no recourse;</li>
<li>Recommit to a nationally consistent approach and urgent implementation of the Shergold Weir report recommendations.</li>
</ul>
<p>It noted insurers around the world have withdrawn exclusion-free professional indemnity insurance for building certifiers and other professionals including engineers and architects in the aftermath of fires involving combustible cladding products.</p>
<p>"For building certifiers, this has precipitated into a real crisis with building surveying firms now facing closure because they cannot secure affordable or workable insurance policies," Morrison said.</p>
<p>"While Australia has taken action through its National Construction Code to improve safety standards in newly-constructed buildings, existing buildings with cladding are covered by a range of inconsistent and incompletely enforced state and territory regulations and guidelines.</p>
<p>"This has made it almost impossible for building owners to secure affordable insurance and to plan rectification works for their affected buildings. Building owners can no longer get expert advice from professionals as they themselves can no longer secure appropriate insurance cover for necessary work.</p>
<p>"This has now led to instances of certifiers being quoted insurance renewal costs up to hundreds of thousands dollars higher, or facing the prospect of no insurance cover at all.</p>
<p>"For too long, different levels of government have been passing the buck on putting in place nationally consistent standards for building regulation and compliance.</p>
<p>"The cost of this intergovernmental merry-go-round is now being sheeted home as building certifiers are unable to do their jobs without insurance cover.</p>
<p>"This impending insurance crisis risks bringing the construction sector to a halt if it is not addressed urgently."</p>
<p>The Commonwealth, state and territory governments have had the blueprint for action for more than 18 months in the form of the Shergold Weir report which made 24 recommendations to improve building regulation and compliance across Australia.</p>
<p>"Our objective must be to strengthen confidence in the regulatory regime for building and construction across Australia through a nationally uniform approach. Despite strong industry support, governments have taken too long to get this done," Morrison said.</p>
<p>"First and foremost, the Federal Government now needs to play a leadership role and bring together all state and territory governments as matter of urgency to deal with the looming insurance crisis, as well as commit to deliver on the Shergold Weir recommendations.</p>
<p>"Public confidence in the built environment, not to mention the hundreds of thousands of jobs supported by building and construction, demand this level of action from our governments."</p>
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Urgent action required to fix construction industry's insurance crisis: Property Council 

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<p>There are certainly opportunities in the current 2019 market to pay less than the last price.</p>
<p>But is there really such a thing as buying a <strong>bargain</strong> when it comes to<strong> </strong><strong>property</strong>? And <strong>where</strong> are they?</p>
<p>This series of articles looks are specific examples of sale price or asking price falling. </p>
<p>We take a look at where and if possible why this is happening.  </p>
<p><strong>We came across this property for consideration.</strong></p>
<p><img class="size-full wp-image-488233" src="https://www.realestate.com.au/blog/images/1600x1600-fit,progressive/2019/06/24070101/capi_59ceac5b4ce2459660fd073c5ab81358_78dab1edf43fe3f72f94e3f6cf110f95.jpeg" alt="" data-capiid="78dab1edf43fe3f72f94e3f6cf110f95"></p>
<p>A two million dollar discount is on offer for high-profile sport and entertainment manager Ralph Carr’s luxury Hawthorn home.</p>
<p>The grand home at <a href="https://www.realestate.com.au/property-house-vic-hawthorn-130923986">26 Shakespeare Grove</a> was originally listed for $12 million to $13.2 million but the price guide has now been adjusted to $10 million to $11 million.</p>
<p>Abercromby’s director Jock Langley said the initial expressions of interest campaign did not reach a level that would satisfy vendor expectations.</p>
<p>“We have realigned the assessment of value to reflect where we are confident there is buyer interest,” Mr Langley said.</p>
<p>The Victorian mansion is now going to private auction on August 10.</p>
<p>Carr paid $7.55 million for the sprawling 1,318 sqm property in 2013.</p>
<p><img class="size-full wp-image-488232" src="https://www.realestate.com.au/blog/images/1600x1600-fit,progressive/2019/06/24070056/capi_59ceac5b4ce2459660fd073c5ab81358_1bea73a44a309eec0b29246b1f43c47f.jpeg" alt="" data-capiid="1bea73a44a309eec0b29246b1f43c47f"></p>
<p><strong>It is up to you to determine if the offering is a truly beneficial bargain.</strong></p>
<p>Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.</p>
<p>Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.</p>
<p>The oversupply could be also putting downward pressure on rents.</p>
<p>Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.</p>
<p>Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.</p>
<p><em> </em></p>
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Bargain property in Hawthorn? Two million dollar discount on luxury home

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<p style="text-align: left;" align="center">The RBA could cut the cash rate again as early as Tuesday however it’s unlikely the big four banks will pass it on in full, according to comparison site RateCity.com.au.</p>
<p style="text-align: left;">RateCity.com.au drew comparison to when the RBA cut the cash rate in May 2016, the big banks, with the exception of ANZ, passed on the full 0.25 per cent to their variable rate customers.</p>
<p style="text-align: left;">However, when the RBA cut again just three months later, not one of the big banks passed it on in full.</p>
<p style="text-align: left;"><img src="https://www.urban.com.au/images/2019/7/1/Passing%20the%20cut%201.JPG" alt=""></p>
<p style="text-align: left;"> </p>
<p style="text-align: left;">RateCity.com.au research director Sally Tindall said the big banks are increasingly finding themselves in a rock and a hard place.</p>
<p style="text-align: left;">“The RBA is now ready and willing to cut the cash rate. They’ve also made it very clear the banks should pass on these cuts to their variable home loan customers." </p>
<p style="text-align: left;">“But the closer the cash rate gets to zero, the more banks will start feeling wedged." </p>
<p style="text-align: left;">“Wholesale funding costs might have come down, but banks are trying to juggle deposit rates, lending rates, business costs and profit margins in what is an incredibly sluggish credit market."</p>
<p style="text-align: left;">“What’s been really interesting is that while hundreds of thousands of existing mortgage holders missed out on a full cut last month, competition for new business is actually intensifying."</p>
<p style="text-align: left;">“Last month we saw the lowest rate on the market for new customers fall from 3.44 per cent to 3.09 per cent – a drop of 0.35 per cent, 0.10 per cent more than what the RBA delivered."</p>
<p style="text-align: left;"><img src="https://www.urban.com.au/images/2019/7/1/Passing%20the%20cut%202.JPG" alt=""> </p>
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Why the banks probably won't pass on the next full RBA cut: RateCity

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<p class="p1">Actor Rachel Griffiths’ longtime home in the outer Los Angeles suburb Encino has quickly gone under offer.</p>
<p class="p1">There was a $US1.748 million ($A2.5 million) asking price on the stylish single-storey 1960s home.</p>
<p class="p1"><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/2019/7/1/Rachel%20Griffiths%20Encino%201.jpg" alt=""></p>
<p class="p1">Griffiths, now back in Australia with her artist husband, Andy Taylor, bought the home in 2005 for $US1.2 million when she was finishing up her role on US TV’s Six Feet Under.</p>
<p class="p1">She went on to appear in Brothers &amp; Sisters, which ran until 2011.</p>
<p class="p1">The listing is advertised as a “celebrity-owned mid-century modern oasis”.</p>
<p class="p1">All rooms have walls of glass, with a step-down living room with fireplace. There’s another sunken conversation nook with fire pit outside amid yellow palo verde trees.</p>
<p class="p1"><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/2019/7/1/Rachel%20Griffiths%20Encino%202.jpg" alt=""></p>
<p class="p1">The 1961 home blends minimalist and modernist elements in an open floor plan.</p>
<p class="p1">The gated residence sits on 1580sqm with a pool.</p>
<p class="p1">The now Melbourne-based Griffiths — who sold her Palm Beach, Sydney, retreat in 2014 for $2.25 million in just 10 days — will soon make her directorial feature film debut with Ride Like A Girl, which stars actors Sam Neill and Teresa Palmer, depicting the story of Michelle Payne, the first female jockey to win the Melbourne Cup.</p>
<p class="p1">This article was first published in the Saturday Daily Telegraph.</p>
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Actress Rachel Griffiths gets offer on longtime Los Angeles home

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<p>The Hayman Island InterContinental, located at the northern most point in the Whitsunday Islands, has welcomed its first guests.</p>
<p>Managed by the InterContinental Hotels Group (IHG), Hayman Island has undergone a $135 million refurbishment.</p>
<p>The resort is the first of four InterContinental Resorts to open in 2019 and will be followed by ANA InterContinental Beppu Resort &amp; Spa, InterContinental Maldives Maamunagau Resort and InterContinental Phuket Resort. </p>
<p>Groups involved in the design and construction of the 166 room resort include, DBI Designs, DAARC and KY Design.</p>
<p>The only way to get to the three wing resort is either luxury catamaran, helicopter or seaplane. </p>
<p>A new addition to the accommodation offering is the Three Bedroom Hayman Beach House, fronting Hayman Beach and offering 400 sqm of privacy.</p>
<p><img src="https://www.urban.com.au/images/2019/7/1/Hayman%20Island%202.JPG" alt=""></p>
<p>Each of the three encompassing suites has their own plunge pool, master ensuite and over-sized bathtub with the social spaces offering luxury island living with open plan dining and living room, alfresco entertaining, private sun loungers and unobstructed beach access.</p>
<p>One of the most significant changes to the resort, is the introduction of five restaurants and bars, Pacific, Bar Fifty, AQUA, Amici Trattori and Bam Bam.</p>
<p>Rooms at the <a href="https://www.propertyobserver.com.au/haymanisland.intercontinental.com." target="_blank">InterContinental Hayman Island</a> start from AUD$750.00 per night.</p>
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Hayman Island InterContinental reopens its doors

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<p class="x_MsoNormal">Sorrento’s stalled Continental Hotel redevelopment project has been listed for sale, with expectations of attracting keen interest.</p>
<p class="x_MsoNormal">Colliers International agents Guy Wells and Trent Hobart have been appointed to sell the iconic Continental Hotel at <a href="https://www.commercialrealestate.com.au/property/continental-hotel-1-21-ocean-beach-road-23-constitution-hill-road-sorrento-vic-3943-2015405350" target="_blank">1-21 Ocean Beach Road</a> and an adjoining site at 23 Constitution Hill Road in Sorrento.</p>
<p class="x_MsoNormal">Hotelier Julian Gerner purchased the property from the Di Pietro family following a sales campaign in 2015.</p>
<p class="x_MsoNormal">Gerner has obtained planning and heritage approval for an extensive redevelopment of the 144-year-old heritage-listed hotel, the largest limestone structure in the Southern Hemisphere.</p>
<p class="x_MsoNormal">But this project has been shut down given issues regarding the project's partners.</p>
<p class="x_MsoNormal">"It is an outstanding investment and development opportunity to bring new life to Sorrento’s iconic Continental Hotel," said Wells.</p>
<p><span>“The Continental Hotel redevelopment is a major undertaking, in a seasonal location and </span>requires a respectful and detailed restoration,” Gerner noted.</p>
<p>“This has created some complexity around commerciality and funding.</p>
<p>"Due to increasingly difficult market conditions, I have resolved to take the project back to market.”</p>
<p><span>Heritage restoration and basement works have commenced, while the planning approvals </span>provides for mixed use development capitalising on the site to provide a hotel, public bar, restaurants, multiple function rooms, café and two penthouse apartments along with parking for 114 cars.</p>
<p>The hotel has been closed for over two years.</p>
<p> </p>
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Sorrento's stalled Conti Hotel listed for sale

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<div>
<div>Both Melbourne and Sydney saw their auction clearance rate sit above 70 percent, however there's no new boom, according to one auction commentator.</div>
<div> </div>
<div>The final tally will revise lower as late results but sit in the commendable high 60 per cent range.</div>
<div> </div>
<div>The unreported results include <a href="https://www.raywhite.com/nsw/vaucluse/2120246/?lang=en" target="_blank">a Vaucluse trophy home</a> (top) which was passed in on a $16 million vendor bid at its late Saturday afternoon auction.</div>
<div> </div>
<div>There had been just the one bid taken by auctioneer, Damien Cooley of $15 million for the home of hotelier Ashton Waugh who'd listed the home with a $16 million price guide through Gavin Rubinstein, the Ray White network’s top performer.</div>
<div> </div>
<div>The three-level home was completed two years ago with five bedrooms and seven bathrooms.
<p>Peter Ahern of buck&amp;simple Architecture redesigned the Gilliver Avenue home with a panorama that takes in the city skyline, Opera House and Harbour Bridge from its 835 square metre block that cost $6.7 million in 2004.</p>
</div>
</div>
<div>There were 1,292 capital city homes taken to auction over the final weekend of June, returning a preliminary national auction clearance rate above 60 percent for the third consecutive week.</div>
<div> </div>
<div><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/2019/7/1/CoreLogic%20weekend%20June%2030.jpg" alt=""></div>
<div> </div>
<div>It was 66.5 percent nationally, according to CoreLogic auction analyst Kevin Brogan.</div>
<div> </div>
<div>The winter hibernation kicks in with lower listings down on the 1,484 homes and <span>1,487 auctions held over the prior weekends</span>.</div>
<div> </div>
<div>Sydney was the strongest market with volumes down to 503 auctions from the 558 auctions held over the week prior.</div>
<div> </div>
<div>Sydney returned a preliminary auction clearance rate of 72 percent with the top sale being an Elizabeth Bay apartment in The Palms harbourfront complex.</div>
<div> </div>
<div>The three bedroom <a href="https://www.raywhite.com/nsw/elizabeth-bay/2108574/?lang=en" target="_blank">8/12-16 Billyard Avenue</a><span> offering (below) fetched $3,815,000 with four registered bidders. </span>
</div>
<div> </div>
<div>
<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/2019/7/1/Billyard%20Avenue%20Elizabeth%20Bay.jpg" alt=""><br><br><span>More than 100 groups went through the open homes, Ray White agent Ian Campbell said.</span>
</div>
<div><span> </span></div>
<div><span><span>"There's a shortage of stock at the moment, and when you combine that with increased buyer confidence since the election, it makes sense that open home numbers and auction clearance rate numbers are up," he said.</span><br><br><span>"The buyers loved the convenience of being able to walk in to the city or take the ferry," Campbell added.</span></span></div>
<div><span><span> </span></span></div>
<div><span><span>The buyer was also keen on securing a berth for a boat on the adjoining block, Domain reported.</span></span></div>
<div><span><span> </span></span></div>
<div>
<span><span><span>The </span></span></span>Ray White Elizabeth Bay selling agent Renee Cross had given $3.7 million price guidance for the split level, three bedroom, 231sqm apartment with two cars spaces.</div>
<div> </div>
<div>It last sold at $990,000 in 1995. </div>
<div> </div>
<div>Melbourne returned a 70.6 percent preliminary auction clearance rate this week, increasing on the 68.9 percent final clearance rate last week.</div>
<div>
<div> </div>
<div>Its volumes were lower week-on-week, with 536 homes auctioned down on the 635 auctions held the previous weekend.</div>
<div> </div>
<div>A four bedroom Kew home was Melbourne's top sale. The <a id="LPlnk363779" class="x_OWAAutoLink" href="https://kayburton.com.au/real-estate/house-58-alfred-street-kew-vic-3101-1325077" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">58 Alfred Street offering</a> (below) was passed in for $4.25 million with Domain reporting it sold post auction for $4.35 million to an investor, who plans to rent it out.</div>
<div> </div>
<div><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/2019/7/1/Alfred%20Street%20Kew.jpg" alt=""></div>
<div> </div>
<div>Melbourne saw a pre-auction sale when $2,308,888 was paid for <a href="https://www.barryplant.com.au/glenwaverley/property/603012/48-orchard-street-glen-waverley/" target="_blank">48 Orchard Street, Glen Waverley</a>.</div>
<div><span> </span></div>
<div><span>It was a five bedroom, two storey house sold through Barry Plant having sold in 2011 at <span>$1,998,888</span>.</span></div>
<div> </div>
<div>The weekend auction performance was varied across the smaller auction markets with Adelaide seeing a 68.9 percent success rate, while only 33.3 percent of homes sold across Perth.</div>
</div>
<div>
<div> </div>
<div>Brisbane had a 36 percent clearance rate including the nation's cheapest sale.</div>
<div> </div>
<div>It was the three bedroom at <a href="https://christopherliu.raywhite.com/qld/kingston/2121864/" target="_blank"><span>34 Antares Avenue, Kingston</span></a> (below) which fetched $195,000.</div>
<div> </div>
<div><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/2019/7/1/Antares%20Avenue%20Kingston.jpg" alt=""></div>
<div> </div>
<div>It last sold at $60,000 in 1998.</div>
<div> </div>
<div>"Bring your tools," said Ray White Logan selling agent Chris Liu.</div>
</div>
<div> </div>
<div>The higher auction results were aligning with the trend in housing values, Kevin Brogan said, noting the rate of decline had been consistently improving through 2019, largely driven by improved conditions across Sydney and Melbourne.</div>
<div> </div>
<div>"If we see auction clearance rates holding above the 60 percent mark consistently, it’s a firm sign that buyer and seller price expectations are more balanced and housing prices are finding a new floor," he said.</div>
<div> </div>
<div>Property commentator Andrew Wilson said the weekend results reflected a "steady solid winter market on the road to recovery for Sydney and Melbourne."</div>
<p><span>"Sydney and Melbourne home auction markets continue to report clearance rates at the highest levels since 2017 with solid rising buyer momentum contrasting to the fading market of a year ago," Dr Wilson noted.</span></p>
<p><span>"Seller numbers however remain relatively subdued – particularly in Melbourne and will remain so for at least the next month over the school holiday period. </span></p>
<p><span>"Lower interest rates are a key catalyst for a recovery in buyer confidence with another cut next week by the RBA - if it eventuates - to continue fuel a market revival," Dr Wilson said.</span></p>
<p>"There's no new boom as yet though" said SQM's Louis Christoper.</p>
<p> </p>
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Stronger weekend auction success rates, but no new boom as yet though: Louis Christopher

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<p>Scentre Group has sold its Sydney CBD office towers to US private equity firm Blackstone for $1.52 billion.</p>
<p>It is planning to use part of the proceeds to fund an $800 million share buyback to boost investor returns.</p>
<p>They will grant Blackstone a 299-year leasehold interest for the office towers above the Westfield shopping centre in Market Street and Castlereagh Street, however they will retain ownership of Westfield Sydney and Sydney Tower.</p>
<p>Scentre shares lifted 2.56 per cent to a more than two-month high of $4.01 following the statement to the ASX concerning the matter.</p>
<p>Group chief executive Peter Allen said the $1.52 billion transaction price represented almost $800 million in additional value on investment and an unlevered internal rate of return of over 16 per cent per annum.</p>
<p>"Our development of the Sydney Office Towers in 2011 and ongoing investment until now has created significant value for securityholders," Mr Allen said.</p>
<p>In total Scentre now holds $2.1 billion in capital following the sale of 50 per cent of its stake in Westfield Burwood for $575 million in May.</p>
<p>Mr Allen said the company would initially use the new funds to repay debt before commencing an $800 million share buyback in August.</p>
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Scentre Group has sold its Sydney CBD office towers for $1.5 billion

<p>Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.</p>

<p>Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.</p>

<p>Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.</p>

<p>[smartcode_project:default project_id=112195 project_image_fid=372638]</p>

<p>The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;</p>

<p>Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.</p>

<p>Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.</p>

<p>[smartcode_project:default project_id=112195 project_image_fid=3286]</p>

<p>Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.</p>

<p>"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.</p>

<p>"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."</p>

<p>The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.</p>

<p>[smartcode_project_cta:default project_id=112195]</p>


Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

<p>Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.</p>

<p>Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.</p>

<p>The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.</p>

<p><a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.</p>

<p>The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.</p>

<p><img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" /></p>

<p>Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.</p>

<p>"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.</p>

<p>The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.</p>

<p>The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.</p>

<p>Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.</p>

<p>Bakir said the project had been designed to respond to that shift in buyer expectations.</p>

<p>"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.</p>

<p>Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.</p>

<p>Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.</p>

<p>Early site works are underway, with construction expected to commence later this year.</p>


Homecorp approved for Budds Beach apartment tower, Lýon Residences

<p>New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.</p>

<p>Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.</p>

<p>Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.</p>

<p>[smartcode_project:default project_id=28384 project_image_fid=3823]</p>

<p>Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.</p>

<p>The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.</p>

<p>"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.</p>

<p>"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."</p>

<p>[smartcode_project:default project_id=28384 project_image_fid=3826]</p>

<p>The rarity of the development hasn't been lost on prospective buyers, McSweeney says.</p>

<p>For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.</p>

<p>"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."</p>

<p>The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.</p>

<p><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/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe></p>

<p>A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.</p>

<p>The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.</p>

<p>At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.</p>

<p>[smartcode_project:default project_id=28384 project_image_fid=372542]</p>

<p>The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.</p>

<p>Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.</p>

<p>Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.</p>

<p>"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."</p>

<p>Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.</p>

<p>[smartcode_project_cta:default project_id=28384]</p>


North-facing Swan River views drive demand at Rivière Residences in Applecross

<p>Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.</p>

<p>The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374768]</p>

<p>McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.</p>

<p>"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.</p>

<p>"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374767]</p>

<p>A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.</p>

<p>The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374760]</p>

<p>Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.</p>

<p>Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.</p>

<p>"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."</p>

<p>Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.</p>

<p>[smartcode_project:default project_id=143337 project_image_fid=374761]</p>

<p>Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.</p>

<p>"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.</p>

<p>She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.</p>

<p>Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.</p>

<p>Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.</p>

<p>Construction is underway, with completion expected in the second half of 2027.</p>

<p>[smartcode_project_cta:default project_id=143337]</p>


More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

<p>Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.</p>

<p>The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.</p>

<p>"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.</p>

<p>"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”</p>

<p>He said the declaration reflected the rapid progress achieved since acquiring control of the site.</p>

<p>"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."</p>

<p>When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.</p>

<p>"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.</p>

<p>"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."</p>

<p>The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a></em></p>

<p>The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.</p>

<p>Takada previously said the design was driven by a philosophy of integrating nature into the built environment.</p>

<p>"The concept for this development is born from our design approach to naturalising architecture," Takada said.</p>

<p>"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."</p>

<p>Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.</p>

<p>"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.</p>

<p>The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;</p>

<p>The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.</p>


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