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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.

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"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

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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La Vera closes in on completion as Macquarie Park continues residential transformation

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]

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.

Staff reporter

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