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A Canadian/Indian investment group, Maple Leaf Investments Pty Ltd, has purchased a sandalwood plantation in Morbinning, WA for $580,000.
Set on 64 ha, the property at <a id="LPlnk114549" href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39R+6hBQZ7yXMt0Z3VIjNMZGWwak8c/diQqOWOqtbiw6DTd1DHxOyluL0X/DsPP0IgA=&amp;rh=ff004d90afd4e008a3a2fadf0d4b84acab24afc8" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">Lot 7151 Morbinning Road</a> is east of Beverley in the Wheatbelt region and was successfully sold after two years on the market.
The property was marketed internationally and sold by a Director of Ray White Commercial (WA) and Sales and Leasing Agent Lachlan Burrows.
Mr Burrows said the plantation included a three-bedroom house, additional accommodation, a large shed and machinery, and had more than 4,000 established sandalwood trees, the majority of which were 12-years-old – so ready for harvest in five to eight years.
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“Farm gate prices for sandalwood trees when ready for harvest are currently around $500 per tree,” Mr Burrows said.
“That’s approximately $16,000-$17,000 per tonne for the heartwood oils used in essential oils and fragrance bases, as well as the aromatic timber used for incense and joss sticks. “There’s strong demand for Western Australian sandalwood on international markets due to the aromatic oils found in mature wood, and is seen superior to Indian sandalwood, which has become increasingly rare due to previously uncontrolled harvesting in the sub-continent. “The buyers of the property in Morbinning have appointed a local farm manager and plan to increase the plantation by more than 20,000 trees as soon as possible.”
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Mr Burrows said after the sale and the international interest generated, Ray White Commercial (WA) have been appointed to sell another adjoining property of 63 ha, for $500,000.
“This has around half the number of sandalwood trees, but several hundred are ready for immediate harvest, which’ll provide income for the buyer straight away."
“Ray White Commercial (WA) foresees a growing interest for this class of farm asset locally, nationally and internationally, in acquiring and establishing sandalwood plantations,” Mr Burrows concluded.
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j.ballantyne1990-6AQqhLzZaK

Maple Leaf Investments buy $600,000 sandalwood plantation

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The Australian Tax Office has signalled a crackdown on investment property tax claims.
It comes as a growing number of people top up their exisiting loans, then claim deductions on cash being used for new cars, holidays or to pay down other debt.
Karen Foat, ATO assistant commissioner, told Nine Entertainment it was targeting investment properties as "a top priority" after analysis revealed 90 per cent of rental deductions contained an error.
Foat advised audits scrutinising rental deductions will double this year amid the 2.2 million investment property owners.
The crackdown will look at borrowers who have used their loan account like a regular bank account, with deposits and withdrawals for a variety of private, investment or business purposes.
"If you have a loan that you use to buy an investment property, but then you draw down on the loan and pay for a holiday or car - the purpose of the loan is now partly investment and partly private, meaning that only some of the interest on the loan is likely to be tax deductible," said William Buck tax services director Todd Want.
Mr Want warned another focus will be investors who make one-off deductions for repairs or additions to an investment property that need to be claimed over several years.
Mr Want added: "The key point here is - were the materials the same, or similar and does the repair achieve the same function? If you replace it with something that is superior, then you probably can't claim the deduction, it must be depreciated over a number of years."
He said: "It might not be deductible in the year of replacing it, but instead needs to be depreciated and claimed over time.
The ATO has previously signalled it will also focus on people who do not declare income from short-term rentals or renting part of a house or unit.
Holiday property owners who claim expenses for periods where it not genuinely available for rent, or was used privately, will continue to be closely monitored.
 
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ATO's latest property investment crackdown

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The Liberty Tower apartment block at 620 Collins Street Melbourne has been evacuated by its residents early Sunday evening.
The apartment complex with around 240 units is located on the corner of Collins and Spencer streets, at the southern end of the CBD.
The building manager Carlo Innamorati is advising that the building has been hit by "severe electrical issues."
It is understood there are no lights, heating or working lifts. Nor the the lobby installation of continuous fluorescents suspended below the ceiling designed by the artist Stephen Bram.
It appears the basement was flooded which put the building's electricals at risk. It has been advised there was a burst water pipe.
Click <a href="https://www.propertyobserver.com.au/images/2019/6/22/Liberty%20Tower%20flood.JPG" target="_blank">here</a> to enlarge.
<img src="https://www.urban.com.au/images/2019/6/22/Liberty%20Tower%20flood.JPG" alt="">
The 28 floor apartment complex Liberty Tower was built in 2002 to a design by Elenberg Fraser with its curved aluminium facade.
It was constructed by Mainland Properties/Pan Urban developer turned publisher Morry Schwartz, who moved into the penthouse with his wife, Anna, the owner of Anna Schwartz Gallery on Liberty Tower's completion while they renovated their Carlton home. 
It was described as an $110 million project. The project manager was Baracon Group and the builders were Abigroup Contractors, which was acquired by Bilfinger Berger in 2004.
There are suggestions the electricity has stopped working entirely and will not be fixed for another four days.
Property commentator and <a href="https://twitter.com/PhilipSoos" target="_blank">economist Philip Soos tweeted</a> "residents will have to find other accommodation."
Located opposite Southern Cross Station, and The Age, 25 police were on scene tonight to help co-ordinate the evacuation of hundreds of residents on the coldest Melbourne day this year.
The most recent sale in the high-rise was a two bedroom eighth floor apartment at $520,000, which first sold in 2001 at $267,500. 
Over the holding time of nine years, the annual growth for was a disappointing 1.3 percent.
A ninth floor one bedder sold for $300,000 earlier this year having sold at $315,000 in 2014. It first sold in 2004 at $192,000.
Schwartz, the publisher of The Monthly and Saturday Paper, and his brother Danny recently sold the large retail site at its base, occupied by IGA for $21.55 million.
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Liberty Tower was dubbed one of Melbourne’s millennial landmarks with 238 apartments occupying levels 7 to 27 with 3 levels of sub-penthouses plus one penthouse level. A secure 200 car park is located from podium to level 7. Around the perimeter at ground level there are shops, cafes and restaurants.
Its use of perforated metal balustrading, introduced by Elenberg Fraser was the precursor to Elenberg Fraser use of this type of façade on many future buildings.
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The project become the first of many with Mainland and a long term relationship with Morry Schwartz, Brian Rule and Roger Hart who went to develop numerous Melbourne icons with the Baracon/Elenberg Fraser combination. 
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Liberty Tower, 620 Collins Street Melbourne apartment block evacuated

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Sentinel Property Group has splashed out $103 million on a Brisbane CBD office building - the largest acquisition in its history.
The unlisted real estate investment trust (REIT) bought the building on a net passing yield of 7.85%.
Makerston House at 30 Makerston Street, Brisbane is on an approximately 1,796 square metre site area with about 14,640 square metres of net lettable area over 14 levels.
It is located opposite the Queensland Police Service headquarters and 50 metres from the Brisbane Transit Centre.
The building has a 5 Star NABERS Energy rating and is 100% leased with a 4.63 year weighted average lease expiry (WALE).
The property is leased to the Queensland Government as well as various state government corporate entities.
The building is well positioned within the city, Sentinel Property Group Managing Director Warren Ebert said.
 “This is a fantastic acquisition for Sentinel and is our biggest purchase since the Group started 10 years ago,” Ebert said.
“Makerston House is a tremendous asset that is in the heart of a precinct accommodating the state’s critical legal infrastructure and services, including the Queensland Supreme Court and District Court and the Brisbane Magistrates Court.
“The building is opposite the Queensland Police Headquarters and just 50m from Roma Street Train Station, the only existing CBD railway station that will link to the high capacity Cross River Rail.”
Ebert said Sentinel was excited to make Makerston House the 10th addition to the Sentinel Regional Office Trust.
The Sentinel Regional Office Trust also comprises 11 Argyle St, Newcastle, The CasCom Centre at Casuarina in Darwin, 200 Creek St, Brisbane, 8 Buller St, Port Macquarie, Jacana House and Arnhemica House in Darwin, 139 Grafton St, Cairns, and Central Plaza and River Quays in the Townsville CBD.
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Sentinel secures Makerston House in Brisbane CBD for $103 million

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New tenants are signing up in Sydney’s Moorebank industrial precinct.
More than 135,000 square metres of space in the precinct has been taken up over the past 12 months, CBRE said.
The group said its industrial and logistics team had represented Goodman, an industrial property developer, in leasing approximately 90,000 square metres in the area.
Briggs &amp; Stratton, an American manufacturing group, signed a five-year lease on a brand-new facility spanning 14,500 square metres at the Oakdale South Industrial Estate.  
Aidacare and Permaform have both relocated from other spaces to the former Briggs &amp; Stratton facility on initial five-year terms, with a NLA of 11,443 square metres.  
Rentals in the Moorebank industrial precinct range from approximately $115 - $130 per square metre per annum, CBRE advised.
The recent uplift in tenant activity in Moorebank was being driven by large scale vacancy becoming available in 2018, CBRE’s Tom Rourke said.
“With the IMEX intermodal set to be operational by the second quarter of this year – creating a direct connection and between Port Botany and MLP via a dedicated freight line – many logistics companies are seeing MLP as a gamechanger in the market,” Rourke said.  
“MLP provides a considerable cost advantage over some other industrial precincts such as Botany and Matraville.
“Furthermore, there is also potential for Moorebank to evolve into a last mile location given the reduced truck congestion on the M5 and completion of WestConnex, which will reduce metro delivery times to bring MLP more in line with more established last mile locations such as Homebush and Chullora.”
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Sydney’s Moorebank industrial market attracting new tenants

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The eastern suburbs peaked a little later than the general Sydney market, according to the latest Herron Todd White (HTW) residential report. 
However declines have now caught up with the greater Sydney market, with an 11% fall in the 12 months to April, according to Corelogic.
"At the lower end of the housing market, a recent sale in Botany of a 1900s, three-bedroom, one- bathroom semi-detached dwelling for $900,000 was more than 30% lower than when it sold for $1.3 million in August 2017," the valuation firm said.
The median house price in Botany was down 3.5% in the March quarter to $1.45 million, while the median unit price was down 2.4% over this time to $810,000, according to realestate.com.au data.
The report noted that the eastern suburbs prestige residential market was more resilient than the wider market in 2018, although there are definite signs that market has peaked as well.
The prestige suburb of Rose Bay experienced a 3.4% decline in its median house price in the March quarter to $3,646,500.
 <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/2019/6/19/rose%20bay%202.jpg" alt="">
Units fell even quicker with the median price down to $1,155,000, a drop of 7.6% over the quarter, realestate.com.au data says. 
A 124 square metre apartment in Rose Bay with double lock up garage was sold for $1.56 million in April. 
Set within a small block of four, the top floor apartment at<a href="https://www.realestate.com.au/sold/property-apartment-nsw-rose+bay-130823222" target="_blank"> 4/1 Hamilton Street </a>(pictured above) comprises light-filled living/dining flowing to balcony, Smeg gas kitchen, three bedrooms with built-in and rear communal garden.
The location is just a short walk to Rose Bay village shops. 
"This doesn’t appear to be uniform across all suburbs though, with Bellevue Hill (0.8%) and Vaucluse (7.2%) showing increases in their median house prices during the March quarter," the valuation firm said. 
Despite this, activity in these suburbs has definitely eased with only 13 sales above $5 million in Bellevue Hill as at mid-May compared to 64 for all of 2018.
Vaucluse has had 10 sales compared to 65 for all of 2018, according to PriceFinder.
<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/2019/6/19/vaucluse%20.jpg" alt="">
A pet friendly two bedroom unit set at the rear of a secure boutique block in Vaucluse has recently been sold for $1.1 million.
The unit at <a href="https://www.realestate.com.au/sold/property-unit-nsw-vaucluse-131163922" target="_blank">3/8 Burge Street</a> (pictured above) comprises two bedrooms, open plan living/dining, CaesarStone kitchen, and balcony.
It's just moments to village cafes, local shops, parklands and beaches. 
"With some economic concerns both at home and abroad, the prestige market may be a little more volatile as we head into the second half of the year," the valuation firm said.
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Eastern suburbs caught up in the greater Sydney market decline: HTW residential

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Market activity has generally been subdued within inner Sydney over the past six months, according to the latest Herron Todd White (HTW) residential report. 
The report suggests that prices have continued to decline in all but the bluest of blue chip areas.
"Within the CBD itself, unit prices have been declining since 2017, largely due to continued supply and decreasing investor demand," the valuation firm said. 
Realestate.com.au shows a decline in the median unit sale price for the suburb of Sydney from $950,000 in January 2019 to $925,000 in March 2019, after a peak of $1.1 million in 2017.
The perennially oversupplied Green Square area of Sydney (covering parts of Zetland, Alexandria and Waterloo) has also fared badly.
Its median prices fell from $900,000 in January 2019 to $875,000 in March 2019 alone, after a 2017 peak of $955,000, according to realestate.com.au. 
Furthermore the strong supply pipeline is set to continue throughout the next 18 months, with multiple new developments due for settlement, all at a time when investor demand is decreasing.
Median house prices have also been decreasing since the start of the year with inner suburbs on the western side of the CBD such as Forest Lodge.
Its median house price declined from a median of $1.5 million in January 2019 to $1.39 million at the end of the first quarter of 2019.
Realestate.com.au indicates that the median price there peaked at $1.78 million in 2017.
On the eastern side of the CBD, the diminutions have been less severe, with Paddington decreasing from an overall market cycle peak of $2.34 million at the start of 2019 to $2.27 million in March 2019 according to realestate.com.au.
"The inner city has a multitude of property types and price points," the valuation firm said.
"The price point seeing the most value retention in the current market appears to be affordable one and two-bedroom units within suburbs along the city’s eastern fringe, particularly those more suited to owner-occupiers – those in well finished buildings, boutique or well- regarded complexes, with views and parking being particularly sought after.
According to realestate.com.au, units in Potts Point have remained generally stable in price since the start of 2019, with medians of $785,000 in January 2019 and $778,000 in March 2019.
"There have been some weaker results for two bedroom units in trendy Surry Hills." 
<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/2019/6/19/surry%20hills%201%20.jpg" alt="">
For example 507/437 Bourke Street (pictured above), a two-bedroom warehouse conversion sold for $1.6 million in April 2019 after being purchased for $1,655,000 in April 2016.
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Furthermore, 36/45-49 Holt Street (pictured above), a semi-modern two-bedroom unit within 500 metres walk of Central Station sold for $1,002,000 in March 2019, previously selling for $1.1 million in June 2016.
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Inner Sydney median prices continue to decline: HTW residential

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The Lower North Shore, often a unique market, can fluctuate either way in a hurry, according to the latest Herron Todd White (HTW) residential report. 
The report noted that last year, as the general property market started to weaken, this region was quite resilient and still saw some very positive results.
"This was especially true in the prestige section of the market with higher value properties outperforming the rest of the market and with a record number of sales," the valuation firm said. 
"Now almost half way through 2019, we take stock of which direction this market is headed.
"The affluent suburb of Mosman, the most well known suburb on the lower north shore, is often the best indicator of where the market currently stands."
The most recent statistical data sourced from realestate.com.au, indicates a median house price for April 2019 of $3,782,500.
A recent sale in Mosman was a renovated full brick Federation house (pictured above).
The three bedroom home at <a href="https://www.realestate.com.au/sold/property-house-nsw-mosman-131171338" target="_blank">41 Countess Street </a>was sold for $3.35 million. 
It comprises master bedroom, two additional bedrooms, media or fourth bedroom, open plan living/dining space, kitchen with breakfast bar, and covered alfresco area. 
It's close to Countess Park, city buses, shops, schools and restaurants. 
"Comparing this price to the median from December 2018, indicated at $3.9 million, we see an obvious weakening trend," the valuation firm commented. 
It would appear that this time around, Mosman is following the trend of the general market cycle, according to the HTW report. 
The prestige sector of Mosman, having experienced a booming few years, also seems to have significantly quietened.
Researching the number of transactions that have occurred over $5 million in Mosman so far in 2019, it appears that there have only been three such transactions in the suburb and none over $10 million, according to CoreLogic data.
"This is in contrast to 2018 where we saw a total of 85 sales over $5 million for the year, 34 of those between January and May," the valuation firm said.
"Local selling agents have indicated that there has certainly been a decline in activity over $5 million, however quality properties are still attracting plenty of interest from genuine buyers."
The unit sector of Mosman usually performs very well and in line with the dwelling market.
With all the talk of over-supply in the form of high-density development, Mosman is partly immune from this issue.
There has been limited high density unit development in Mosman, with most new strata properties being targeted at downsizers.
The report suggests this product is more likely to be lower density and higher quality, aimed at those looking for a low maintenance lifestyle.
The most recent statistical data sourced from realestate.com.au indicates a median unit price for April 2019 of $980,000.
<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/2019/6/19/mosman%202.jpg" alt="">
A two bedroom apartment at Mosman with panoramic harbour and district views was sold for $985,000 in May.
The top floor apartment at <a href="https://www.propertyobserver.com.au/been%20a%20decline%20in%20activity%20over%20%245%20million,%20however%20quality%20properties%20are%20still%20attracting%20plenty%20of%20interest%20from%20genuine%20buyers.%20The%20unit%20sector%20of%20Mosman%20usually%20performs%20very%20well%20and%20in%20line%20with%20the%20dwelling%20market.%20With%20all%20the%20talk%20of%20over-supply%20in%20the%20form%20of%20high-density%20development,%20Mosman%20is%20partly%20immune%20from%20this%20issue.%20There%20has%20been%20limited%20high%20density%20unit%20development%20in%20Mosman,%20with%20most%20new%20strata%20properties%20being%20targeted%20at%20downsizers.%20This%20product%20is%20more%20likely%20to%20be%20lower%20density%20and%20higher%20quality,%20aimed%20at%20those%20looking%20for%20a%20low%20maintenance%20lifestyle.%20The%20most%20recent%20statistical%20data%20sourced%20from%20realestate.com.au%20indicates%20a%20median%20unit%20price%20for%20April%202019%20of%20%24980,000.%20Comparing%20this%20price%20to%20the%20median%20from%20December%202018,%20indicated%20at%20%241.03%20million,%20we%20again%20see%20a%20weakening%20trend,%20generally%20in%20line%20with%20the%20dwelling%20market%20declines%20being%20experienced%20in%20Mosman.%20The%20second%20half%20of%202019%20will%20be%20extremely%20interesting%20as%20we%20see%20what%20direction%20the%20market%20on%20the%20lower%20north%20shore%20takes." target="_blank">37/170 Spit Road </a>(pictured above) comprises open plan living/dining, two double bedrooms, stone kitchen and sunny balcony.
It's within close proximity to Balmoral Beach and Mosman Village with cafes and shops. 
"Comparing this price to the median from December 2018, indicated at $1.03 million, we again see a weakening trend, generally in line with the dwelling market declines being experienced in Mosman," it said.
"The second half of 2019 will be extremely interesting as we see what direction the market on the lower north shore takes." 
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Mosman market quietens as Lower North Shore values weaken: HTW residential 

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The Gold Coast's first penthouse has been sold at auction.
Six bidders competed for the <a href="https://www.realestate.com.au/property-apartment-qld-surfers+paradise-131241542" target="_blank">four-bedroom apartment</a> in Surfers Paradise’s heritage listed Kinkabool building.
The 10-storey Hanlan Street building was described as a “giant” when it was built in 1960.
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The four bedroom skyhome fetched $450,000 under the hammer last Saturday.
The Kinkabool building has recently had a makeover.
Surfers Paradise First National agent Bob Rollington told the Gold Coast Bulletin the Queensland Heritage Register lists the building as a place of significance because it was the beginning of residential towers on the Coast.
“Built in 1959-1960 at Surfers Paradise, the home-unit building known as Kinkabool was the Gold Coast’s first high-rise and one of Queensland’s earliest, built shortly after Torbreck was completed in Brisbane in 1960,” the description reads.
The report said the building was the starting point for developments of its type, which kicked off tourism in Queensland and gave the Gold Coast an international reputation.
“Kinkabool also illustrates a significant aspect of the evolving character of the quintessential Australian beach holiday,” the site stated. 
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Historic Kinkabool penthouse at Surfers Paradise sold

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The City of Sydney has sold Stockton House in Darlinghurst for around $7 million. 
Miron Solomons, Matt Pontey and Nick Lumley of Colliers sold the property at 73-75 William Street in Darlinghurst, close to Hyde Park on the city fringe.
The three level, 908 square metre building is currently unoccupied, presenting an attractive opportunity to reposition the building and to take advantage of the exceptional position, the agents said. 
“The campaign attracted significant and strong interest with over 80 inspections of the property from a range of developers, investors and owner occupiers both onshore and off,” said Miron Solomons, National Director, Investment Services at Colliers International.  
“Ultimately, the price and unconditional terms proposed by the successful candidate were acceptable to the City of Sydney and has delivered an exceptionally strong result for the City and future of William Street.”  
The sale of Stockton House has delivered a timely outcome for the City as the city fringe commercial office market continues to experience some of the strongest trading conditions with vacancy rates some of the lowest experienced in years, Matt Pontey, Manager at Colliers International said.
“The outcome and candidate that has been successful, will deliver a beautifully appointed commercial asset to the city fringe that will present a unique offering to the leasing market,” said Pontey. 
“This building is a complete blank canvas and a value-add proposition which explains the high interest in this well-located, quality asset.
“There is strong demand for commercial property in the city fringe, evidenced by the auction of Watters Gallery which we sold at auction two months ago for $5.5 million.”
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City of Sydney sells unoccupied Stockton House, Darlinghurst for $7 million 

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Joel Robinson

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens, rooftop open space and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Ceerose, founded by Edward Doueihi in 1998, has become one of Sydney's more active apartment developers, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

First look: Ceerose doubles down in Leichhardt with adaptive reuse of former warehouse site

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

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.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

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;

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.

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.

[smartcode_project:default project_id=112195 project_image_fid=3286]

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.

"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.

"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."

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.

[smartcode_project_cta:default project_id=112195]

Spacious Group completes Voyage Altona in Altona's beachside precinct

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.

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.

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.

<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.

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.

<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" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"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.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

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.

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.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"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.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

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.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

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.

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.

[smartcode_project:default project_id=28384 project_image_fid=3823]

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.

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.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"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."

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.

<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>

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.

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.

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.

[smartcode_project:default project_id=28384 project_image_fid=372542]

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.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

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.

"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."

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.

[smartcode_project_cta:default project_id=28384]

Staff reporter

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