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Westpac has reported its IO loans has dipped to 31 percent of its home loan portfolio.
It sat at 46 percent in late 2017.
An overview of <a href="/expert-insights/finance/anzs-home-loan-portfolio-shows-big-drop-in-interest-only-borrowers">ANZ's home loan portfolio</a> from their half year results investor pack also showed a big fall in interest-only loan borrowers.
Just 18 percent of their portfolio is IO compared with 26 percent this time last year and 36 percent in 2017.
NAB's IO loans have dropped to <a href="/news/nab-housing-lending-revenue-continues-to-drop-and-shareholders-pay-the-price">26 percent of their loan book</a>.
Some 84 percent of Westpac's entire portfolio has an 80 pecent or lower LVR.
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Westpac announced a reported profit of $3,173 million for 1H19.
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Cash earnings, the Group’s preferred measure of earnings, was $3,296 million, down 22%. 
The Group’s performance in 1H19 was impacted by major remediation and restructuring items: including provisions for estimated customer refunds, payments and associated costs of $617 million (after tax); and costs associated with the reset of Westpac’s wealth strategy announced on 19 March 2019 ($136 million after tax). Excluding these items cash earnings was down 5%.
Westpac Group CEO, Mr Brian Hartzer said it was "a disappointing result reflecting weaker business conditions and the bank dealing decisively with outstanding issues, including remediation and resetting our wealth strategy.”
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j.ballantyne1990-6AQqhLzZaK

Westpac sees IO loans shink to 31 percent of home loan portfolio

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An oceanfront Coral Cove residence sprawled over 2414 square metre north easterly facing allotment has been listed for sale.
Scott Mackey and Aaron Thompson of RE/MAX Precision have the listing. 
With uninterrupted 180 degree out look over the Pacific Ocean in the forefront, the Feng Shui inspired and designed home at <a href="https://www.domain.com.au/54-barolin-esplanade-coral-cove-qld-4670-2015185721" target="_blank">54 Barolin Esplanade </a>comprises five bedrooms, five bathrooms, three living spaces, three car attached accommodation, huge built in bar, wine cellar and 15 metre long pool.
The guest room at the front of the home on the lower level totally is separated from other bedrooms with ensuite and kitchenette facilities.
The family and games room features carved timber door upon entry, recessed gas fireplace plus a full-size wet bar with built-in seating and huge walk-in cellar with customised shelving.
<img src="https://www.urban.com.au/images/2019/4/26/coral%20cove%202.jpeg" alt="">
All bedrooms, living areas and kitchen (except formal dining) comes with split system reverse cycle air conditioning.
Formal living/lounge room and formal dining room offers ocean views. 
There is a 30 metre ocean frontage with title to high tide water mark.
<img src="https://www.urban.com.au/images/2019/4/26/coral%20cove%203.jpeg" alt="">
Additional features include security system, garden store room, electric front gates, huge laundry, high ceilings and quality window furnishing and pelmets.
It is two minutes away from Coral Cove Golf Club and 15-minute drive to the Bundaberg CBD.
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Oceanfront Coral Cove trophy home listed

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GUEST OBSERVATION
Train riders have to get to stations somehow. This is often referred to as the “first mile” or “last mile” problem. There are many technical solutions to help travellers get from home to the station and back, ranging from cars to electronic scooters, but most people use a much older technology, their feet, to get from A to B. What is seldom considered is access to the train platform itself.
Stations are not points but places. They occupy a large area. A person walking at average speed takes about two minutes to walk from one end of a full-length eight-car train to the other.
Often platforms have a single access point on one side of the station, which makes it more difficult for people on the other side of the station to get to the platform. Passengers may need to almost circumnavigate the station to get to the platform. At an average walking speed, the extra distance they must backtrack adds up to six minutes per trip each way, <a href="https://www.propertyobserver.com.au/http://hdl.handle.net/2123/20286" target="_blank">our research</a> has found.
Imagine being so unlucky to have an extra 12 minutes of travel time every day if you take the train. You might be tempted to drive instead.
<a href="https://images.theconversation.com/files/271648/original/file-20190430-194623-13icbq0.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/271648/original/file-20190430-194623-13icbq0.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
In a worst-case scenario, traveller lives west of the station with an east platform and works east of a station with a west platform, adding six minutes of travel each way, 12 minutes per day. Author provided
The table below shows the extra travel time in minutes depending on platform locations and access points for a traveller’s origin and destination. The average time for such a one-sided configuration of train stations is 3.25 minutes each way.
<a href="https://images.theconversation.com/files/271671/original/file-20190430-194616-1d5h24k.PNG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/271671/original/file-20190430-194616-1d5h24k.PNG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Travel times in minutes depending on access to platforms at stations used to get to work and home. Author provided
While this example is hypothetical, it is drawn from experience in Sydney, where 44 of 178 train stations have only a single side entrance.
So what impact will a second entrance have?
We examined those stations and access to their platforms: how many people lived within 5, 10 and 15 minutes of the station platform, considering actual entrance location, and how many jobs were within 5, 10 and 15 minutes of the platform. Using existing ridership data from Opal cards, we estimated a model that related the passenger entry and exit flows at each station to that station’s accessibility.
<a href="https://images.theconversation.com/files/271654/original/file-20190430-194620-1mn9wyq.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/271654/original/file-20190430-194620-1mn9wyq.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Accessibility at train stations across Sydney. Author provided
We sketched a second entrance at those 44 stations and measured accessibility again. It’s now higher, as having two entrances instead of one means more people can reach the platform in the same time. We then estimated the increase in ridership from the model due to the improved accessibility, assuming no change in population or employment.
Over all 44 stations, total morning peak period entries increased by 5%. But some stations benefit a lot, and others not at all, so prioritisation of investments matters.
It will be no surprise to locals that Erskineville station comes out on top with a nearly 35% increase. While many of the new apartment-dwelling residents west of the station make the extra hike every day, even more would catch the train if there were a convenient entrance.
Other top 10 stations include: Bankstown, Newtown, Villawood, Redfern, Burwood, Sydneham, Caringbah, Meadowbank and Penshurst. Planning is already under way to <a href="https://www.smh.com.au/national/nsw/redfern-station-on-track-for-new-lifts-as-part-of-100m-upgrade-20190226-p510ba">improve Redfern station</a>.
While this result considers existing development, adding a second entrance can make new transit-oriented development that much more valuable. This is because it will likely increase activity on the previously less accessible side of the station, as the example of Erskineville shows below.
<a href="https://images.theconversation.com/files/271652/original/file-20190430-194612-17wxfzk.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/271652/original/file-20190430-194612-17wxfzk.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Author provided
Other considerations include accessibility for people who cannot use staircases, as many of the stations are older and will require lifts. The <a href="https://theconversation.com/500m-for-station-car-parks-other-transport-solutions-could-do-much-more-for-the-money-114908" target="_blank">prospects of park-and-ride lots</a>, the costs of construction, the presence of nearby stations, and site feasibility also play into final decisions.
Our formal findings and detailed methods are written up in this report: <a href="https://www.propertyobserver.com.au/http://hdl.handle.net/2123/20286" target="_blank">Catchment if you can: The effect of station entrance and exit locations on accessibility</a>.<img src="https://counter.theconversation.com/content/115222/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
David Levinson, Professor of Transport, University of Sydney
Bahman Lahoorpoor, PhD Candidate, School of Civil Engineering, University of Sydney
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-to-increase-train-use-by-up-to-35-with-one-simple-trick-115222" target="_blank">original article</a>.
Main photo: <a href="https://www.propertyobserver.com.au/https://twitter.com/multimodalism/status/1103401167244017665" target="_blank">Chris Standen, used with permission</a>, <a href="http://creativecommons.org/licenses/by-nc-nd/4.0/" target="_blank">CC BY-NC-ND</a>
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How to increase train use by up to 35% with one simple trick

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Property technology group iBuildNew has announced a recent round of investment of $2 million, with RACV the lead investor taking a strategic stake in the business.
iBuildNew adds to RACV’s portfolio of investments in consumer technology that assists homeowners to make informed decisions, with other ventures including land checked and property safe.
The iBuildNew solution acts as a marketplace for Australians looking to build or invest in a new home and enabling them to search, compare and connect with builders and land developers.
While assisting buyers in their purchasing decisions, iBuildNew offers a service for home builders, land developers and other industry building professionals who can gain online brand exposure and potentially generate new leads and clients.
Designed to be the destination for people looking to build, it matches buyers to a range of options online while also supporting consumers with their offline phone advisory service.
CEO of iBuildNew.com.au, Daniel Peterson, said the recent investment in the platform will propel them to the next phase and enable further expansion.
"iBuildNew is an easy to use, convenient and accessible platform that solves a genuine need in the property market, especially for those in the new home construction market," he said.
"It can be a stressful journey for buyers, so iBuildNew is here to simplify the process, with builders, land developers and all their property offerings at the click of the button.
"Support from a business such as RACV, which is one of Victoria’s most trusted organisations, will be instrumental in iBuildNew’s growth.
"We expect to see continued traffic growth to the platform to access trusted advice for their homes, investment properties or just search and review what new home property is available."
RACV Home Executive General Manager, Nicole Brasz, said the organisation’s partnership with iBuildNew is another way RACV continues to assist and provide its members solutions at home.
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RACV invests in property technology group iBuildNew

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GUEST OBSERVATION
There are some anecdotes just so good that almost every story about a particular economic principle begins the same. So too this article begins with cake mix.
In the 1950, the story goes, US food company General Mills wanted ideas on how to sell more of its Betty Crocker brand of instant cake mixes. It put psychologist Ernest Dichter – the “father of motivational research” – on the case.
Dichter ran focus groups. Change the recipe, he then advised the company. Replace powdered eggs in the cake mix with the requirement to add fresh eggs. All-instant cake mix makes baking too easy. It undervalues the labour and skill of the cake maker. Give the baker more ownership in the final result.
And the rest is history.
<iframe src="https://www.youtube.com/embed/_ts9HLWh2qI?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe>
Add eggs! Betty Crocker cake mix advertisement.
It’s likely this story is <a href="https://www.snopes.com/fact-check/something-eggstra/" target="_blank">extremely overegged</a>. Inconvenient facts include another company, <a href="https://www.mashed.com/66243/untold-truth-duncan-hines/?utm_campaign=clip" target="_blank">Duncan Hines</a> having a cake mix recipe using fresh eggs (developed by food chemist <a href="https://daily.jstor.org/duncan-hines-cake-mix-maker-extraordinaire/" target="_blank">Arlee Andre</a>) as early as 1951. And in 1935, the company P. Duff and Sons <a href="https://www.bonappetit.com/entertaining-style/pop-culture/article/cake-mix-history" target="_blank">was granted a patent</a> for a cake mix using fresh eggs.
<a href="https://images.theconversation.com/files/269739/original/file-20190417-139110-34pk5x.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/269739/original/file-20190417-139110-34pk5x.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
The P. Duff and Sons in 1935 patent. US Patent and Trademark Office
“The housewife and the purchasing public in general seem to prefer fresh eggs,” <a href="https://pdfpiw.uspto.gov/.piw?Docid=02016320&amp;homeurl=http%3A%2F%2Fpatft.uspto.gov%2Fnetacgi%2Fnph-Parser%3FSect1%3DPTO1%2526Sect2%3DHITOFF%2526d%3DPALL%2526p%3D1%2526u%3D%25252Fnetahtml%25252FPTO%25252Fsrchnum.htm%2526r%3D1%2526f%3DG%2526l%3D50%2526s1%3D2016320.PN.%2526OS%3DPN%2F2016320%2526RS%3DPN%2F2016320&amp;PageNum=&amp;Rtype=&amp;SectionNum=&amp;idkey=NONE&amp;Input=View+first+page" target="_blank">the patent reads</a>, “and hence the use of dried or powdered eggs is somewhat of a handicap from a psychological standpoint.”
Even the book sometimes credited as the source of the Dichter anecdote, Something from the Oven: Reinventing Dinner in 1950s America, by Laura Shapiro, says that “if adding eggs persuaded some women to overcome their aversion to cake mixes, it was at least partly because fresh eggs made for better cakes”.
Nonetheless it is the story of Dichter making a profound psychological insight into consumer behaviour that has passed into legend.
Almost seven decades later, the idea of making things more laborious to get consumers to value them more is an established marketing tactic.
We now know it as the “IKEA effect”.
Testing the IKEA effect
The IKEA effect – “that labour alone can be sufficient to induce greater liking for the fruits of one’s labour” – was named in a <a href="https://dash.harvard.edu/bitstream/handle/1/12136084/norton%20mochon%20ariely%20third%20round%5b1%5d.pdf?sequence=3&amp;isAllowed=y" target="_blank">2011 paper</a> in the Journal of Consumer Psychology by Michael Norton, Daniel Mochon and Dan Ariely. They chose the name because products from the Swedish manufacturer typically require some assembly.
Their paper also begins with the cake-mix story. It concedes there might have been other reasons General Mills increased its sales – an alternate view is that the icing on the cake was, in fact, <a href="https://www.bonappetit.com/entertaining-style/pop-culture/article/cake-mix-history" target="_blank">the icing on the cake</a> – but the authors were still enthused by the idea that “infusing the task with labour” was a crucial ingredient.
To empirically confirm this phenomenon, and its limits, they conducted experiments that involved assembling IKEA boxes, folding origami and building with Lego. The results showed participants valued items they assembled themselves more than items assembled by someone else.
The following graph shows the results from one of the experiments, in which participants were asked to fold origami cranes or frogs and then bid to buy the creations. The bidding phase also included origami made by expert folders. They tended to see their own creations as much more valuable than those made by other participants, and almost equal in value to the expert origami.
<a href="https://images.theconversation.com/files/269703/original/file-20190417-147487-1glzp2u.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/269703/original/file-20190417-147487-1glzp2u.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
 Results show participants’ willingness to pay (WTP) for origami frogs and cranes made by themselves or others. Participants saw their amateurish creations as similar in value to experts’ creations, <a class="source" href="https://www.hbs.edu/faculty/Publication%20Files/11-091.pdf" target="_blank">Harvard Business School</a>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank">CC BY</a>
The experiments also showed the effect had limits.
When participants spent too much time building or deconstructing their creations, or failed to complete the task, their willingness to pay for the item declined.
The following graph shows the results of the experiment in which some participants built an IKEA box, while others were allowed to complete only half the steps required to build the box.
<a href="https://images.theconversation.com/files/269717/original/file-20190417-139107-1sng0vr.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/269717/original/file-20190417-139107-1sng0vr.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Results shows participants’ willingness to pay (WTP) for assembled IKEA boxes. Those who built their boxes bid more for their creations than did incomplete builders. <a class="source" href="https://www.hbs.edu/faculty/Publication%20Files/11-091.pdf" target="_blank">Harvard Business School</a>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank">CC BY</a>
Those who got to complete their box valued it much more, shown by their willingness to pay to keep it. “Most importantly,” the paper notes, “this increase in valuation was not limited to only participants who considered themselves DIYers.”
Related, but different, concepts
The IKEA effect is connected to, but not quite the same as, a number of other important economic behaviours.
First, there is the <a href="https://www.behavioraleconomics.com/resources/mini-encyclopedia-of-be/endowment-effect/" target="_blank">endowment effect</a>, in which simply owning a product increases its perceived value. Though this effect has long been recognised, it was formally named by economist Richard Thaler in a <a href="http://www.eief.it/butler/files/2009/11/thaler80.pdf" target="_blank">1980 paper</a>. Since then many studies have demonstrated that individuals usually want more money to give up something they own than they are willing to pay to acquire a similar item from someone else.
Second is the psychological idea of <a href="https://psychology.iresearchnet.com/social-psychology/attitudes/effort-justification/" target="_blank">effort justification</a>. This goes back to studies in the 1950s. The idea is that an individual who makes a sacrifice to achieve a goal rationalises the effort by attributing greater value to the achievement. In one celebrated study, for example, women made to undergo an embarrassing initiative to join a social group subsequently rated membership of that group higher than those who did not.
Third is personal preference, which is expressed in consumers <a href="http://www.acrwebsite.org/web/acr-content/640/emotional-attachment-to-brands-the-implications-for-marketers.aspx" target="_blank">being attached</a> to particular brands. Being involved in the creative process might be regarded as an extension of this attachment to individual tastes, something companies seek to leverage through customisation options.
In their experiments Norton, Mochon and Ariely were very careful to control for these effects. For example, none of the items they had participants assemble entailed customisation.
Their findings have been supported by subsequent studies that <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-5885.2010.00768.x" target="_blank">disentangle ownership and personal preference</a> from valuing the fruits of one’s labour.
Convenience isn’t everything
Having customers do most of the work, feel great about it, and at the same time perceive they have attained “greater value for money’” is the Holy Grail for marketers.
Even if the Dichter cake-mix story is more legend than history, food and grocery brands are using the IKEA effect to attract new “value-seeking” customers.
Consider the “ready-to-create” meal kit – prepackaged raw ingredients you prepare and cook yourself. These meals seek to balance the desire for convenience with concerns about about healthy eating and the pleasure of cooking.
<img src="https://images.theconversation.com/files/269735/original/file-20190417-139110-4q1u95.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
A typical meal kit. Blue Apron
Brands getting in on the action include YouFoodz (known for its convenient “ready-made” meals) launching “<a href="http://www.foodanddrinkbusiness.com.au/news/youfoodz-expands-into-meal-kits" target="_blank">ready-to-create</a>” options, and Pataks (known for its “pre-made” curries in a jar) offering “<a href="https://www.pataks.com.au/products/pataks-curry-kits-2/%5D" target="_blank">curry kits</a>”.
Market research company Nielsen estimates more than <a href="https://www.nielsen.com/au/en/insights/news/2018/unlocking-growth-in-meal-kits" target="_blank">one million Australian households</a> will buy meal kits by the end of 2019.
While many retailers focus their efforts on <a href="https://theconversation.com/aussie-retailers-need-to-adapt-to-a-world-built-on-speed-78184" target="_blank">speedy deliveries</a> and ready-made, convenient solutions, the IKEA effect suggests the secret to success may be to make things a little more challenging.<img src="https://counter.theconversation.com/content/113647/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Gary Mortimer, Associate Professor in Marketing and Consumer Behaviour, Queensland University of Technology
Frank Mathmann, Lecturer (Assistant Professor), Queensland University of Technology
Louise Grimmer, Lecturer in Retail Marketing, Tasmanian School of Business and Economics, University of Tasmania
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-ikea-effect-how-we-value-the-fruits-of-our-labour-over-instant-gratification-113647" target="_blank">original article</a>.
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The IKEA effect: how we value the fruits of our labour over instant gratification

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A two bedroom Golden Square, Vic mortgagee home has sold for $290,000.
The two bedroom one bathroom house was sold on April 29.
Martin Skahill of Elders Real Estate held the listing.
Situated at <a href="https://www.realestate.com.au/sold/property-house-vic-golden+square-130412838" target="_blank">1 Symonds Street</a>, the property was previously approved for a 3 lot subdivision (now expired).
Set on 652 sqm the current home only occupies a third of the holding. 
The property was unsuccessful when taken to Auction is September 2018 with a price guide of $299,000.
Last sold in 1986, the house traded for $66,000.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><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/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
The median price for a house in <a href="/developments/golden-square-vic-3555">Golden Square</a> is $334,000 according to CoreLogic, which calculate its annual change in median price over the past 10 years as 4.3%. 
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Two bedroom Golden Square, Vic mortgagee home sold for $290,000

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In Brisbane the permanent plantings and viticulture sectors are the stand out performers in Australian agribusiness industry, with large transactions occurring in 2018 across macadamias, citrus, avocados, almonds and vineyard sectors, according to Colliers International.
The latest Colliers International Agribusiness Research and Forecast Report found, water pricing and water tradability is enabling these sectors to continue to be developed even during the severe drought event.
Rawdon Briggs, Head of Agribusiness, Transaction Services at Colliers International said, “looking forward, agribusiness property values will hold firm in well recognised regions, despite the climatic challenges impacting on cashflows and cash reserves. This drought event has had higher commodity prices than we have seen in previous events over the past four decades."
“It shows in the resilience of the market data. The weaker AUD and free trade agreements are supporting export activity, partially offsetting the downside risks. Australian agricultural trade surplus has grown sharply for the past decade and will continue trending upwards. Agribusinesses is now a standalone asset class and will continue to attract investment from offshore and high net worth groups adding capital."
“Colliers International track completed land deals above $5 million across Australia, with this data showing increased sales numbers YoY to 2018, as the neighbour to neighbour market kicked into gear fuelled by lower cost of debt and higher commodity prices resulting in 254 deals and $3.34 billion in sales in 2018."
Mr Briggs added, "this calculation does not include three large deals executed in 2018, which have now settled in Q1 2019. If these had settled as planned in 2018, Australia would’ve surpassed the peak capital investment high of $3.45 billion and 242 deals completed in 2016.”
The report found that one of the best performers over the last year has been the Macadamia sector with land prices increasing and a steady nut supply. 
Colliers predict that established macadamia orchard demand will remain strong in 2019 and 2020. 
According to Colliers experts the Australian wine industry is approaching a point where demand will outstrip supply. This has translated into significantly higher volumes of property transactions.
Tim Altschwager, National Director, Agribusiness, Transaction Services at Colliers International said buyer enquiry has focussed on vineyards offering scale and efficiency or premium quality fruit. “Larger producers are also offering three and five-year grape supply agreements to secure supply and mitigate rising fruit prices.
“We observe continuing interest from overseas investors in Australian wine industry assets, particularly for premium assets, on the back of continued growth in the value of wine exports. Proven domestic industry operators are increasingly active.
“We expect this will increase competition for credentialed assets. Generally, less favourable growing conditions in South Eastern Australia will lead to a smaller 2019 wine grape crop compared to 2018. This will increase demand for wine grapes and place upward pressure on fruit prices and vineyard values,” stated Mr Altschwager.
Over the last 12 months, ground water prices in the Lower Murray (NSW), Murrumbidgee (NSW) and Katunga (VIC) have seen a sharp appreciation nearly doubling in market value.
Mr Nick Cranna, National Director, Agribusiness, Valuation &amp; Advisory Services said, "we anticipate that water entitlement prices will gradually rise in 2019 although it is difficult to see another year of strong capital appreciation as was experienced in 2018."
“In the unlikely scenario we receive normal inflows into the Southern Murray Darling Basin over the winter months we still believe this will have little bearing on water investors buy mandates into 2019 and 2020,” concluded Mr Cranna.
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Australian agribusinesses remain resilient: Colliers International

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Dexus, Australia's biggest office landlord, has purchased 80 Collins precinct, a commercial and hotel development for $1.5 billion.
The 80 Collins precinct is a large-scale site located in the Eastern Core of Melbourne’s CBD.
The precinct comprises 105,000 square metres of Net Lettable Area across an existing 47 level A-grade office tower, a new 35 level premium office tower, a new retail podium with 21 tenancies and a new 255 room boutique hotel.
New components of the 80 Collins precinct are currently being developed, with completion slated for 2020.
Dexus chief executive Darren Steinberg said the sale was completed on a passing yield of about 5.3 per cent and will be accretive to the 2020 financial year results.
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"This is right on our strategy and will provide an excellent return to Dexus shareholders in the future," Mr Steinberg said.
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"We are playing to our strengths and we see strong demand in the Melbourne office market."
With this acquisition Dexus will own or manage circa 20% of the total office stock (by area) in the Eastern Core post the acquisition of the 80 Collins precinct and the development of the neighbouring Dexus owned 52 and 60 Collins Street.
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Dexus purchase 80 Collins precinct in Melbourne

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GUEST OBSERVATION
The announcement that President Joko Widodo’s government will <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-04-29/jakarta-to-no-longer-be-capital-of-indonesia-planning-minister/11056306" target="_blank">move Indonesia’s capital</a> to another location, due to the severity of <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2017-04-29/jakarta,-a-city-under-pressure-from-a-growing-population/8480226" target="_blank">human-induced degradation in Jakarta</a>, highlights a key tension for cities today. In the face of increasingly unsustainable urban environments, do we retrofit existing cities, or relocate and build new cities to achieve greater sustainability?
The answer is both. But each has its challenges.
Creating new cities
The goal of turning cities from sustainability problems to solutions is driving a suite of “future city” innovations. These include the planning and development of whole new cities.
An <a href="https://www.weforum.org/agenda/2018/08/smart-cities-forest-city-belmont/" target="_blank">increasing number of countries</a> are planning to build cities from scratch using technological innovation to achieve more sustainable urban development. <a href="https://www.nst.com.my/property/2018/09/411211/forest-city-%E2%80%94-model-other-cities" target="_blank">Forest City in Malaysia</a>, <a href="http://smartcityaz.com/" target="_blank">Belmont smart city</a> in the United States and the <a href="https://www.theguardian.com/cities/2018/aug/06/five-years-ago-there-was-nothing-inside-duqm-the-city-rising-from-the-sand-oman-city-sand-luxury-hotels-housing" target="_blank">Sino-Oman Industrial City</a> are just some of the examples.
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Forest City is Malaysia’s biggest development project.
The urban ambition includes creating carless and walkable cities, green cities able to produce oxygen through eco-skyscrapers, high-speed internet embedded in the urban fabric, the capacity to convert waste into energy, and reclaiming land to create new strategic trade opportunities.
However, striking the right balance between innovative ideas and democratic expectations, including the public right to the city, remains a challenge.
<a href="http://www.mxcfilm.com/" target="_blank">The Minnesota Experimental City</a> offers a cautionary tale. The aim was to solve urban problems by creating a new city. It would use the latest technology including nuclear energy, automated cars and a domed roof enclosure.
Despite significant government and financial backing, including its own state agency, the Minnesota project failed due to a lack of public understanding and local support for a top-down futuristic project.
Who gets left behind?
In 1960, Brazil moved its capital from Rio de Janeiro to the futuristic city of <a href="https://brasilialifeafterdesign.com/" target="_blank">Brasilia</a>. While the city was designed to accommodate both rich and poor, it quickly became unaffordable for the average family. Half a century on, it was <a href="https://www.bbc.com/news/magazine-20632277" target="_blank">reported</a>: "The poor have been shunted out to satellite cities, which range from proper well-built cities to something more like a shanty town."
In Indonesia, more than 30 million people – <a href="https://www.thejakartapost.com/news/2014/09/20/the-need-a-national-urban-development-policy-indonesia" target="_blank">a fifth of the nation’s urban residents</a> and more than a tenth of the <a href="http://worldpopulationreview.com/countries/indonesia-population/" target="_blank">269 million population</a> – live in Greater Jakarta. The capital city Jakarta is just one part of a larger mega-city agglomeration, the world’s <a href="https://en.wikipedia.org/wiki/Jakarta" target="_blank">second-largest after Greater Tokyo</a>. This vast connected urban meta-region is known as <a href="https://en.wikipedia.org/wiki/Jabodetabek" target="_blank">Jabodetabek</a>, from the initials of the cities within it: Jakarta (with a population of 10 million), Bogor (1 million), Depok (2.1 million), Tangerang (2 million), South Tangerang (1.5 million) and Bekasi (2.7 million).
A key reason for moving the capital is that Jakarta is prone to serious flooding and is <a href="https://www.deltares.nl/app/uploads/2015/09/Sinking-cities.pdf" target="_blank">rapidly sinking</a>. Jakarta also suffers <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2017-04-29/jakarta,-a-city-under-pressure-from-a-growing-population/8480226" target="_blank">overpopulation, severe traffic gridlock, slums</a> and a lack of critical urban infrastructure such as drainage and sanitation.
Relocating the capital away from the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-04-29/jakarta-to-no-longer-be-capital-of-indonesia-planning-minister/11056306" target="_blank">crowded main island of Java</a> offers the opportunity to better plan the political and administrative centre using the latest urban design features and technology.
Two key questions arise. If environmental degradation and overpopulation are the key issues, what will become of the largely remaining population of Greater Jakarta? At a national scale, how will this relocation help overcome the <a href="https://theconversation.com/two-decades-of-economic-growth-benefited-only-the-richest-20-how-severe-is-inequality-in-indonesia-101138" target="_blank">socio-economic and spatial disparities</a> that exist in Indonesia?
Egypt, for example, is <a href="https://theconversation.com/egypt-is-building-a-new-capital-city-from-scratch-heres-how-to-avoid-inequality-and-segregation-103402" target="_blank">building a new capital city</a> to overcome severe urban congestion and overcrowding in Greater Cairo. But there is no guarantee the new capital will resolve these issues if the emphasis is solely on technological innovation, without adequate attention to urban equity and fairness.
More of the same in Australia
The Australian population is <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/AUSSTATS/abs@.nsf/mf/3222.0" target="_blank">projected to grow to 36 million in the next 30 years</a>. This is focusing political, policy and public attention on what this means for the future of the nation’s cities.
Despite all the advances that have occurred in technology, the arts, architecture, design and the sciences, there is surprisingly little innovation or public discussion about what might be possible for 21st-century Australian settlements beyond the capital cities.
Future Australian city planning and development focuses largely on enlarging and intensifying the footprints of existing major cities. The current urban policy trajectory is in-fill development and expansion of the existing state capital mega-city regions, where <a href="https://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/3218.0Main%20Features12017-18?opendocument&amp;tabname=Summary&amp;prodno=3218.0&amp;issue=2017-18&amp;num=&amp;view=" target="_blank">two-thirds of the population live</a>. But what is lost through this approach?
In Australia only two ambitious “new city” plans have been put forward in the last 50 years: <a href="https://crawford.anu.edu.au/pdf/pep/pep-283.pdf" target="_blank">the Multifunction Polis</a> (MFP) and <a href="http://www.clara.com.au/index" target="_blank">the CLARA Plan</a>.
In the late 1980s the MFP was envisaged as a high-tech city of the future with nuclear power, modern communication and Asian investment. It failed to gain the necessary political, investment and public support and was never built.
The current CLARA Plan proposes building up to eight new regional smart cities connected by a high-speed rail system linking Sydney and Melbourne via Canberra. Each of these cities is designed to be compact, environmentally sustainable and just a quick train trip away from the capital cities.
CLARA has outlined a “<a href="https://theconversation.com/explainer-what-is-value-capture-and-what-does-it-mean-for-cities-58776" target="_blank">value capture</a>” business model based on private city land development, not “government coffer” funding. How these new cities propose to function within the constitutional framework of Australia is as yet unclear and untested.
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The privately funded CLARA plan is to build up to eight compact, sustainable, smart cities connected via high-speed rail.
A bipartisan challenge
Are we thinking too narrowly when we talk about future Australian cities?
The “future city” prompts us to rethink and re-imagine the complex nature and make-up of our urban settlements, and the role of critical infrastructure and planning within them.
The future of Australian cities will require creativity, vision (even courage) to respond effectively to the challenges and opportunities of sustainable development.
This will not be the remit of any one political party, but a bipartisan national urban settlement agenda that affects and involves all Australians.<img src="https://counter.theconversation.com/content/116266/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Wendy Steele, Associate Professor, Centre of Urban Research and Urban Futures Enabling Capability Platform, RMIT University
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/indonesia-isnt-the-only-country-planning-new-cities-why-not-australia-116266" target="_blank">original article</a>.
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Indonesia isn’t the only country planning new cities. Why not Australia?

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The Melbourne suburb of Reservoir is host to the highest volume of auctions this weekend, with 16 homes set to go under the hammer, according to CoreLogic.
Next busiest are Coburg and Epping, also in Melbourne, with 12 scheduled auctions each.
This week, the number of auctions scheduled to take place across the combined capital cities is expected to rise, with 1,384 currently being tracked by CoreLogic, increasing from the 1,026 auctions held last week at final results.
Over the same week, last year a much higher 2,311 auctions took place across the capital cities.
Both Melbourne and Sydney are expected to see an increase in activity this week, with 632 homes scheduled for auction across Melbourne, while Sydney is set to host 503 auctions, increasing on the 498 and 332 auctions held last week respectively.
The smaller auction markets will also see a higher volume of homes auctioned week on week with the exception of Brisbane where fewer auctions are scheduled.
<img src="https://www.urban.com.au/images/2019/5/2/May%205%20Auction%20stats.JPG" alt="">
The busy auction weekend in Reservoir sees <a href="https://www.realestate.com.au/property-house-vic-reservoir-130896838" target="_blank">22 Knox Street</a> (pictured in title) offered.
The property going under the hammer is a three bedroom one bathroom house.
It comes with a price guide of $780,000 - $850,000.
<img src="https://www.urban.com.au/images/2019/5/2/Reservoir%20May%205%20Auction%202.JPG" alt="">
Another example of the breadth of auctions taking place in Reservoir is <a href="https://www.realestate.com.au/property-unit-vic-reservoir-130951802" target="_blank">3/8 Duffy Street</a> (pictured above).
The property going under the hammer is a two bedroom one bathroom villa.
It comes with a price guide of $510,000 - $550,000.
<img src="https://www.urban.com.au/images/2019/5/2/Reservoir%20May%205%20Auction%203.JPG" alt="">
A third property going to auction in Reservoir this week is <a href="https://www.realestate.com.au/property-house-vic-reservoir-129112970" target="_blank">85 Barry Street</a> (pictured above).
The property going under the hammer is a three bedroom one bathroom house.
It comes with a price guide of $550,000 - $600,000.
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Reservoir set to be busiest weekend auction hotspot

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

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Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

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Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

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

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>.

[smartcode_project_cta:default project_id=151449]

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.

[smartcode_project_cta:default project_id=134951]

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