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Darwin based developer Gwelo Developments has put its Coles and Kmart anchored Coolalinga Central shopping centre to the market.
They stated that it offers investors an estimated $7.17 million net annual income fully leased.  
According to CBRE Director Retail Investments, Justin Dowers, who is managing the sale with Mark Wizel and Trent Weir, the near new Stuart Highway centre could fetch more than $90 million.  
“This is a near brand new centre with a blue chip tenancy profile on the NT’s busiest road and one that offers investors exceptional income growth potential as well as genuine development upside.  
Located 30 kilometres south-east of the Darwin CBD, the 20,034 sqm (GLAR) enclosed sub-regional is anchored by a Coles supermarket (3,990 sqm) and Kmart (5,629 sqm) with five mini-majors including iFitness, Chemist Warehouse, Mad Harry’s and The Salvation Army.
There are 37 speciality stores, ten kiosks, an ATM and nine pad sites including McDonalds, Subway, Hungry Jacks and KFC. 
The 77,100 square metre site includes parking for 1240 vehicles with 776 undercroft spaces enhancing the centre’s wet season appeal. 
Mr Wizel said, “the centre has a 400 metre frontage to the Northern Territory’s busiest arterial –more than 17,150 vehicles pass the centre each day - and serves a trade currently estimated at 63,450 people with a conservative population growth forecast of 1.7 per cent per annum and an average household income 57 per cent above the Australian average. "
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An additional 16,500 sqm of vacant land that had been allocated for Stage 3 of the shopping centre development provided a further investment aspect that added to the centres’ long term investment credentials. 
Mr Dowers said the centre, built in 2017, also offered significant depreciation benefits, with minimal capital expenditure requirements. 
The property is for sale by international expressions of interest closing August 1st 2019.
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j.ballantyne1990-6AQqhLzZaK

Near new Darwin shopping centre offered to market

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Oxford Hotel, a consistent top 100 freehold gaming pub at Drummoyne, NSW, has hit the market. 
It has been offered by Dan Dragicevich, Sam Handy and Andrew Jolliffe of HTL property.
Set on a 947sqm block, Oxford Hotel at 195 Victoria Rd &amp; 15-17 Lyons Road features 30 EGM's, recently approved 4am liquor licence, and D.A. lodged gaming room extension with 30% increase in size plus direct service or access points. 
The outdoor areas come with additional scope to activate a roof top beer garden with CBD, harbour and bridge views. 
There are solid existing food and beverage revenues.
The site also offers further redevelopment and site amalgamation potential. 
It is the first freehold gaming pub publicly offered to market in 2019.
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Oxford Hotel in Drummoyne, NSW hits the market

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CBRE Hotels’ Scott Callow and Wayne Bunz have been appointed to oversee the Ibis Budget in the Melbourne CBD being marketed for sale this week.
The three-star hotel features 146 recently refurbished guest rooms, reception area, food and beverage outlet and other supporting facilities.
With a CBD location on Elizabeth Street, between Collins and Bourke Streets, the hotel is within immediate proximity to the historic Flinders Street Station as well as other landmarks and amenities.
The Ibis Budget Melbourne CBD is currently operated by AccorHotels, Australia’s largest hotel management company, under a long-term agreement. 
Mr Callow said, "the Ibis Budget is modern and ideally located in the heart of Melbourne’s CBD, close to transport hubs and sporting, retail and business centres."
“The Ibis Budget represents an entry point 146-room hotel, which is hard to come by in the CBD due to escalating land values over the past five years.”
Mr Bunz said, “economy hotels have become less viable to develop in CBD locations, which makes existing opportunities even more valuable."
 It is being offered for sale via a public international expression of interest campaign, closing Thursday, July 18, 2019.
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Ibis Budget Hotel in the Melbourne CBD for sale

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GUEST OBSERVATION
A fire safety expert is warning of the risk of a catastrophic apartment fire in Australia because of flammable cladding and inadequate safety systems, the same causes as the London Grenfell Towers fire disaster.
In the wake of the fire in the Neo 200 apartment building in Melbourne, Professor Jonathan Barnett warns that a catastrophic fire event in Australia “is a matter of when, not if”.
“It’s scary,” says fire safety expert Barnett, Managing Director of Basic Expert Pty Ltd, who has a specialty in the analytical modelling of fire dynamics, smoke movement and occupant egress.
When the terrible images of the Grenfell Tower fire in London were beamed around the world in 2017, the horrifying loss of life caused shock and outrage.
The images also prompted questions about whether highly-flammable aluminium cladding used for the tower’s exterior was also being used by construction industries in other parts of the world, and kickstarted extensive rectification efforts to remove the cladding in Australia and other countries.
At issue is the use of flammable aluminium composite cladding, which is made from two skins of aluminium with a fibrous polyethylene material in the middle.
The added danger from inadequate fire safety system maintenance has increased the urgency of the need to replace the cladding in as many as 12,000 apartment buildings in Australia.
It’s an issue Westpac would like to see resolved. “We are aware of the issues around cladding and take these very seriously,” says Peter Spiller, National Head of Property Risk at Westpac, who has been working on the cladding problem in the wake of the Grenfell fire and spoke at a recent industry conference on the issue.
“Transparency and clarity will give home owners and residents greater peace of mind, so we are very supportive of the property sector, government, and banks working together to solve this issue as quickly as possible.”
Many safety issues
For Barnett, the extent of the danger in Australia became apparent when Basic Expert inspected the Neo 200 building in the wake of the February fire and discovered a large number of serious safety failings.
The fire in the 41-storey building in Melbourne’s Spencer Street most likely began when a resident threw a cigarette butt and it landed in a cardboard box on a lower balcony and then spread to that apartment’s cladding. Barnett notes that just 1.5 per cent of the Neo building’s upper level external walls are covered in cladding, but in the six minutes it took for the fire brigade to arrive and get upstairs, the fire had spread to five floors.
While Barnett describes that incident as “pretty minor”, the maintenance failings had rendered the building vulnerable to a much bigger fire.
The batteries in the fire indicator panel (FIP), which controls fire alarms through the building, had been flat for about four years and were leaking acid. There were numerous maintenance issues in the sprinkler pump room, which could have led to a compromised sprinkler and internal hydrant system.
Further, each apartment had a smoke detector, which was meant to be connected to the building’s central alarm system. But when the alarms were replaced after 10 years, most of the replacements were not compatible with the alarm system – meaning residents in these apartments wouldn’t receive alerts about a building fire, and a fire in their apartments wouldn’t trigger the central alarm system.
The overpressure switches – which ensure the water pressure passing through a building’s fire sprinklers doesn’t exceed 1000 kilopascals – had also failed and were allowing water pressure of 2000 kilopascals. This is important because the maximum pressure for a sprinkler is about 1500 kilopascals.
“They were lucky that they didn’t have a water hammer problem or something else when the fire brigade hooked up because they could have easily blown a fitting,” says Barnett, a Fellow of Engineers Australia and a Chartered Engineer who has also lectured at Victoria University and Melbourne University. “Because it was a combined hydro sprinkler system that would have meant, that they would have lost all the sprinklers.”
There were other problems.
“The lift and the emergency evacuation mode didn’t work properly at all. It went to the 13th floor and 37th floor instead of shuttling people out from the building,” says Barnett.
Of the 371 apartment doors, roughly 300 needed some sort of adjustment so that they would close and latch automatically in the case of a fire, which is vital for slowing the spread of the flames.
Barnett says it was lucky the building had just 1.5 per cent of cladding.
“If it had been a higher percentage, I think the system would have been asked to do more. Would it have managed? Maybe. A year from now, or two years from now, with that continued maintenance, would it have managed? The answer is no.”
A widespread problem
Victorian-based, Barnett inspects buildings around the country and estimates that around 80 per cent of Australia’s apartment buildings have some sort of problem with their fire safety systems. This is adding to the danger posed by the flammable cladding.
“If you look at Grenfell and you ask why did so many people die, they died because the apartment doors had been replaced over the years and didn’t close or latch and seal properly,” says Barnett. “They died because the doors to the stairs were problematic … basically because the other fire safety systems didn’t work. They didn’t die just because of the cladding.”
Both the NSW and Victorian governments have banned the use of aluminium composite panelling with a polyethylene core above 30 per cent.
However, that leaves a large number of buildings with the material, and the states have appointed taskforces to conduct audits of the number of affected buildings so they can be remediated as quickly as possible.
They have identified between 10,000 and 12,000 buildings around Australia that could have the flammable cladding – although the full extent of the problem isn’t clear because it is unknown how much, if any, of the cladding has been used in many of the buildings.
An indication of the scale of the problem comes from the Victorian Building Authority, which has inspected the 2000 buildings in the state with cladding and identified 275 of them as ‘high’ or ‘highest’ risk.
The authority is taking the lead with Cladding Rectification Agreements – three-way agreements between a funder, a local council and the owners of a building to fund rectification.
This article was first published on <a href="https://www.propertyobserver.com.au/https://westpaciq.westpac.com.au/Article/38795" target="_blank">Westpac IQ</a>.
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Fire risks in Australian buildings go beyond cladding: Jonathan Barnett

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Westpac has relaxed the serviceability conditions on low risk owner occupier home loans, immediately increasing the borrowing capacity by as much as 8 percent. 
A spokesman for Westpac confirmed the policy change with The Australian Financial Review today.
Its credit officers would now have the discretion to approve principal and interest loans to owner occupiers who previously fell just outside lending parameters.
"We have recently updated our approach to assessing some new owner occupier principal and interest home loan applications for an interim period only," the spokesman said.
Select mortgage brokers have been informed by Westpac-owned St George Bank the serviceability floor has been reduced to 6.5 per cent from 7.25 per cent effective immediately.
The changes are not available to investors or owner-occupiers with interest only loans.
It comes after APRA, the prudential regulator wrote to the banks and <a href="/news/apra-to-loosen-mortgage-lending-rules">proposed removing the floor</a> saying it had outlived its usefulness, however, it is yet to officially announce a change to the guidelines on the minimum interest rate a borrower must be capable of paying should rates rise.
APRA chairman Wayne Byrnes said in a letter dated May 21 the gap between the 7.25 per cent buffer and the rates on offer had become "unnecessarily wide" with low risk borrowers were being disadvantaged.
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Westpac immediately relaxes serviceability conditions on low risk owner occupier home loans

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Australia's population grew by 1.6 per cent during 2018, according to the latest figures released by the Australian Bureau of Statistics (ABS). ABS Demography Director Beidar Cho said: "Steady growth over recent quarters has resulted in a population of 25.2 million people at 31 December 2018." The number of births in 2018 reached an all time high of 314,900, 161,900 of these were male and 153,000 female. 
The previous record was 312,200 in 2012. There were fewer deaths in Australia during 2018, compared with 2017 (158,500 in 2018 and 160,100 in 2017). 
As a result, natural increase was 156,300 people in 2018, compared with 144,100 in 2017.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2019/6/20/Population-data.jpg" target="_blank">click here</a>.
<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/2019/6/20/Population-data.jpg" alt=""> Natural increase (births minus deaths) accounted for 38.6 per cent of population growth, while net overseas migration accounted for the remaining 61.4 per cent.  Net overseas migration for 2018 was 248,400 people, which was higher than the 2017 figure of 241,700. This is due to a decline in overseas migration departures (281,600 in 2018 compared with 289,700 in 2017) and relatively stable overseas migration arrivals (530,100 in 2018 and 531,400 in 2017). Victoria continued to have the highest growth at 2.2 per cent and Tasmania continued to have its stronger growth (1.2 per cent) in comparison with recent years.
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Victoria's 2018 population growth the fastest across Australia

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EXPERT OBSERVER
US Federal Reserve meeting
As expected, the US Federal Reserve’s Open Market Committee (“FOMC”) unanimously kept the target range for the federal funds rate between 2.25-2.50 per cent.
FOMC members voted 9-1 to hold interest rates steady with St Louis Fed President James Bullard preferring a rate cut. 
US Federal Reserve Chair Jerome Powell said “The case for somewhat more accommodative policy has strengthened” at his press conference after the central bank announced its decision.
The median interest rate projection still shows interest rates unchanged at 2.4 per cent this year, before falling to 2.1 per cent in 2020, down from the previous forecast of 2.6 per cent in March.  
Changes in US monetary policy settings can affect rates in Australia as well as the sharemarket and currency.
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What did the Fed decide and what does it all mean?
The US Federal Reserve has adopted a more ‘dovish’ policy stance, removing its previous reference to being “patient” with future rate adjustments. But the FOMC stopped short of signalling a July interest cut. 
That said, the FOMC’s interest rate projections (‘dot plot’) showed 8 of 17 FOMC members projecting that interest rates will need to be cut this year, with seven of those officials seeing two 25 basis point rate cuts. 
In its statement, the FOMC cautioned that US economic growth was “moderate” and “uncertainties about this [economic] outlook have increased.” 
Further, the FOMC said “in light of these uncertainties and muted inflation pressures, the committee will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion.”
The median federal funds target projections were adjusted. There was no change in the projection for 2019 of 2.4 per cent. But the forecast for the federal funds rate in 2020 is now 2.1 per cent (previously 2.6 per cent) and in 2021 the fed funds rate is now seen at 2.4 per cent (previously 2.6 per cent). 
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The FOMC updated its GDP and unemployment rate projections. The FOMC projects GDP growth of 2.1 per cent in 2019 (unchanged); 2.0 per cent in 2020 (previously 1.9 per cent), and 1.8 per cent in 2021 (unchanged). 
Meanwhile, the FOMC expects the unemployment to be 3.6 per cent in 2019 (previously 3.7 per cent), 3.7 per cent in 2020 (previously 3.8 per cent) and 3.8 per cent in 2021 (previously 3.9 per cent). 
On consumer prices, core personal consumption expenditure (PCE) deflator (inflation) is expected to be 1.8 per cent in 2019 (previously 2.0 per cent), 1.9 per cent in 2020 (previously 2.0 per cent) and 2.0 per cent in 2021 (unchanged). 
What are the implications of today’s decision?
Commonwealth Bank Group economists now expect the FOMC to cut the federal funds rate by 25 basis points to a target range of 2.00-2.25 per cent at the next meeting on July 30-31. 
And further interest rate cuts are expected as US-China trade tensions weigh on US business investment and hiring intentions. Wages growth has softened and manufacturing activity is moderating. 
The fiscal stimulus from the Trump Administration is fading, as evidenced by lower corporate profitability in the March quarter. And inflation expectations are receding, with the recent drop in the University of Michigan’s longer-run inflation gauge to the lowest on record. 
Financial markets reacted by factoring in a 100 per cent probability of the FOMC cutting rates at its July meeting. 
US sharemarkets posted modest gains on Wednesday. Healthcare shares rose by 1 per cent, but banks lost 0.9 per cent. The Dow Jones index rose by 38 points or 0.2 per cent. The S&amp;P500 index lifted by almost 9 points or 0.3 per cent and the Nasdaq rose by 33 points or 0.4 per cent.  
The Dow Jones is now just 1.2 per cent below its record high set in October, the S&amp;P500 is 0.7 per cent short of its April record high, the Nasdaq is around 2 per cent below its high reached in May.  
Following the release of the FOMC statement, 2-year US Treasury yields declined by 8 points to 1.80 per cent, while 10-year US Treasury yields fell by 4 points to 2.04 per cent.  
The US dollar weakened following the FOMC’s announcement on growing interest rate cut expectations. The Bloomberg Dollar Index fell by 0.3 per cent. Overnight, the Aussie dollar rose from US68.54 cents to near US69.04 cents and was near US68.87 cents in late US trade.
Comparing the two most recent statements
The statement from the May 2019 meeting is on the left; the statement from today’s June 2019 meeting is on the right. Emphasis has been added to highlight key points in the wording in the statements.
FEDERAL RESERVE press release
For release at 2 p.m. EST May 1, 2019
Information received since the Federal Open Market Committee met in March indicates that the labor market remains strong and that economic activity rose at a solid rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Growth of household spending and business fixed investment slowed in the first quarter. On a 12-month basis, overall inflation and inflation for items other than food and energy have declined and are running below 2 percent. On balance, market-based measures of inflation compensation have remained low in recent months, and survey-based measures of longer-term inflation expectations are little changed.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes. In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.
In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.
Voting for the FOMC monetary policy action were: Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren.
FEDERAL RESERVE press release
For release at 2 p.m. EST June 19, 2019  
Information received since the Federal Open Market Committee met in May indicates that the labor market remains strong and that economic activity is rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although growth of household spending appears to have picked up from earlier in the year, indicators of business fixed investment have been soft. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation have declined; survey-based measures of longer-term inflation expectations are little changed.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes, but uncertainties about this outlook have increased. In light of these uncertainties and muted inflation pressures, the Committee will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2 percent objective.
In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren. Voting against the action was James Bullard, who preferred at this meeting to lower the target range for the federal funds rate by 25 basis points.
Ryan Felsman is a Senior Economist for CommSec
 
 
 
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US interest rates, an uncertain economic outlook: CommSec

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<div>The first official recognition of basement cracks at Mascot Towers came in 2011, three years after the apartment block's completion.</div>

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<div>There are strata minutes for the building showing that in March 2011 the owners had an extraordinary general meeting to commission engineer MES Consulting to investigate defects.</div>

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<div>It was following the discovery of basement cracks and leaks in the carwash bay.</div>

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The report into the building at 1-5 Bourke Street was completed by MES Consulting in 2011.

In October 2011 the minutes of an owner's corporation executive committee meeting show more serious defects were discovered including structural movements around the property.

There was also swimming pool leakages.
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Consulting plumbers also identified that no hot water pumps had been installed to drive heated water into the upper levels resulting in poor pressure in upper levels, the documents said.

Builder J &amp; B Elias agreed to fix the defects at no cost to the owners, and a "spirit of co-operation of existed between the owner's corporation and the builder".

However, the defects returned after the repairs.

[smartcode_project:default project_id=7317]

"The committee noted its serious concerns in the builder's commitment and ability to address these issues," documents said.

J &amp; B Elias could not be contacted by The Australian Financial Review ahead of its latest article on the tower that was finally evacuated last Friday night.

Aland Developments, developer of the tower next door, Peak Towers, told The Australian Financial Review they too discovered the existing defects in Mascot Towers ahead of starting their recently completed construction at Peak Towers.

Owners want to seek compensation from the builders and service providers constructing the tower next door, Peak Towers at 27 Church Avenue, alleging the problems were caused by works being done.

Photos from Aland's pre-construction 2017 dilapidation report conducted by an engineering consultancy reportedly show the same cracks that are now seen in the tower's basement.

"The dilapidation report from Australian Consulting Engineers as well as revelations of legal action by the owners corporation of Mascot Towers against several parties including an engineering firm over 'new slip joint defects' as far back as July last year confirm the structural issues with Mascot Towers is completely unrelated to work on Aland's Peak Towers," Aland Developments managing director Andrew Hrsto said.

"We have intentionally limited our commentary about the structural damage to Mascot towers to date to allow the independent technical investigation being undertaken to run its course without interference.

"However, we feel compelled to respond to some of the reckless commentary and speculation in recent days that has sought to pre-empt and in some cases shape the outcome of investigations."

Residents and owner in the damaged Mascot Towers want the NSW Premier to take a larger role.
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Not us says Aland, as Mascot Towers crack concerns investigated in 2011

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Two of the most established companies in Victorian real estate, Buxton and Beller, have announced they will be joining forces.
From July 1 they will form a partnership under the Buxton brand.
Beller currently manage over $1.5 billion in residential property. Their team of more than 20 agents and support staff will continue to service their clients.
Founded in 1994, the Beller Group’s Windsor office, led by Beller Group Director Andrew Fawell, will now become Buxton Stonnington, bringing the company to a total of 24 offices across the state.
“For me, it was a matter of future proofing and evolving the business; doing what’s best for our people and the company," Fawell said.
"What I admire most is Buxton’s innate ability to attract incredibly talented people to the business, which is vital to a brand’s longevity.
“Buxton has such a deep heritage with over 150 years in Melbourne’s real estate market.
"There is a lot of value in a company that has been through a significant number of property cycles. 
"Comparably, we have 25 years of history so joining forces makes sense strategically,” Fawell added.
Buxton CEO Nathan Jones said he was excited about the partnership and the acquisition of such experienced and quality operators into the group.
“Buxton is really well placed to continue increasing its market share in Stonnington," Jones said.
"We have historically dominated Melbourne’s Bayside and South East, and we’ve now taken strong leadership positions in Greater Geelong and Ballarat whilst having a growing presence in Melbourne’s Eastern suburbs.
“The Beller Group is one of Victoria’s largest independently owned residential businesses in the industry. This collaboration, although borne out of opportunity, will allow us to extend our focus into the key blue chip suburbs within Stonnington.
“As our network strengthens year on year, we are spending more time developing strategies to improve customer acquisition and advocacy, and this move was certainly a major part of our focus,” said Nathan.
Beller Project Marketing will also become Projects by Buxton and the third arm of Beller Group, Beller Commercial, is currently launching a new independent brand and will continue to operate from its office in Prahran.
 
 
 
 
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Buxton & Beller join forces to form Victorian real estate powerhouse

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Frasers Property Australia and Sekisui House, the joint developers behind the $2 billion Central Park development in Sydney’s CBD, have secured Jaycar Electronics to a flagship tenancy at Central Park Mall.
The electronic giant has unveiled a collaborative experiential retail concept that encourages people to “Think Possible”.
The new store sells over 7,000 active product lines as well as integrating an equipment for hire service, interactive display areas and collaborative workspaces.
It’s centred around a “Maker Hub” – a dedicated space where customers participate in workshops, challenges, attend events and use specialised equipment such as 3D printers to work on their own projects.
Felicity Armstrong, General Manager – Assets, Frasers Property Australia says the new Jaycar store is an ideal fit with the experiential and entertainment identity of Central Park Mall.
Located on level one of Central Park Mall, the new Jaycar store spans over 420 square metres and is a larger format than most of its other stores.
Jarrod Carroll, Chief Marketing Officer, Jaycar says the new concept pushes the boundaries of experiential retailing.
“Our new Maker Hub space will allow customers to have hands-on experience with many of our products,” Carroll said.
“It’s all about inspiring people through the endless possibilities of technology.
“We didn’t want to be in a mainstream styled shopping mall but wanted a centre that better reflects our brand personality.
“After investigating the options in the area we liked the concept, design and tenancy mix at Central Park Mall best, including its artistic and creative precinct.
“We also loved the proximity to the universities and TAFE and the inner city too – with easy access via transport.”
The new lease continues the strong partnership between Frasers Property and Jaycar.
Earlier this year the two agreed a deal that will see Frasers Property deliver a new 21,595 square metre state-of-the-art automated warehouse and distribution centre for Jaycar at its Eastern Creek Business Park in Sydney.
Central Park Mall is anchored by a Woolworths supermarket and Palace Cinema complex, and houses a diverse mix of entertainment, fashion and experiential retailers, all complemented by a world class alfresco dining precinct.
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Jaycar chooses Central Park Mall for new concept store

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Staff reporter

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