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McGrath had a scheduled <a href="https://www.realestate.com.au/property-house-nsw-umina+beach-130068382" target="_blank">Umina Beach auction</a> last weekend.
There was a price guide of between $750,000 and $825,000.
It is now for sale with the same price guide.
The Umina Beach home sparked summer interest appearing on the realestate.com.au report as the second most popular searched auction property in Australia.
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The newly renovated property at <a href="https://www.realestate.com.au/property-house-nsw-umina+beach-130068382">97 Greenhaven Drive </a>when the vendors purchased the four-bedroom property as an original 1970s red brick home.
Most of the limited weekend auction stock was at coastal localities around Australia.
Through in Brisbane, a Carseldine home - marketed as "make no mistake, this property WILL be SOLD" - was passed in at $750,000.
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<img src="https://www.urban.com.au/images/2019/1/14/Unima%20drive%202.JPG" alt="">
The <a href="https://www.realestate.com.au/property-house-qld-carseldine-130091778" target="_blank">51 Dannenberg Street</a> homes (pictured above) attracted two bidders for it's 700 sqm.
The five bedroom, four bathroom home last sold at $275,000 in 2006.
This weekend sees a home close to the surf at Peregian Beach for auction.
Agent Kerry Glover of North Shore Realty described Lorikeet Drive as arguably one of Peregian’s most prestigious addresses.
It was being offered as perfect for renovation.
There is also an investment block in Mission Beach.
The 21-23 Porter Promenade offering consists of four apartments made up of two titles listed through Dick Williams of Ray White Mission Beach.
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j.ballantyne1990-6AQqhLzZaK

Coastal auctions dominate limited January weekend offerings

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GUEST OBSERVATION
The saga of <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-01-15/opal-tower-needs-significant-rectifiaction-work-report-finds/10713054" target="_blank">Opal Tower</a>, the 36-storey Sydney apartment building evacuated on Christmas Eve after frightening cracking, has helped to expose the deep cracks in Australia’s approach to building apartments.
An <a href="https://www.planning.nsw.gov.au/-/media/Files/DPE/Reports/Opal-Tower-Investigation-Draft-Interim-Report-2019-01-15.pdf" target="_blank">interim engineering assessment</a> <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-01-15/opal-tower-needs-significant-rectifiaction-work-report-finds/10713054" target="_blank">released yesterday</a> indicates concrete panels cracked due to their manufacture and assembly deviating from the original design. Though the building is structurally sound and in no danger of collapse, repairing the faults will be costly, slow and disruptive to residents.
The tower’s size, age (it is less than six months old) and the timing of its cracks might have made it particularly newsworthy, but badly built apartment blocks are far from unusual. Right now across Australia’s cities many buildings have significant leaks, cracks and fire safety failings.
So we can’t just address faults in individual developments. We need to identify the systemic flaws in how “compact city” policies have been planned and implemented.
Cracks in the compact city
The consequences of these flaws increasingly affect us all.
As the population of Australia’s capital cities grows, <a href="http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/2071.0%7E2016%7EMain%20Features%7EApartment%20Living%7E20" target="_blank">more of us are living in apartments</a>. Governments have been promoting greater housing density as an alternative to sprawl <a href="https://theconversation.com/density-sprawl-growth-how-australian-cities-have-changed-in-the-last-30-years-65870" target="_blank">for decades</a>. But they haven’t always ensured this density has been done well, including in terms of building quality.
In the aftermath of the Opal Tower saga, experts have pointed to <a href="https://theconversation.com/there-are-lessons-to-be-drawn-from-the-cracks-that-appeared-in-sydneys-opal-tower-but-they-extend-beyond-building-certification-109428" target="_blank">many reasons</a> why building defects can occur.
These include the fact that developers owe buyers few legal obligations once the apartments are sold, which limits their risk if they get things wrong. There are also significant market pressures, particularly in boom times, to build quickly and cheaply. And there are gaps in how the construction process is overseen, meaning errors go unnoticed.
These are not new observations, but getting regulations in place to address them has proven challenging. A case in point is NSW’s new defects bond, requiring developers to put aside 2% of the building value to fix defects down the track. The bond’s introduction was <a href="https://www.domain.com.au/news/nsw-government-delays-introduction-of-defect-bond-system-to-rectify-building-faults-20170611-gwo6hb/" target="_blank">delayed for years</a>, and it will be a few more years yet before we know if it works.
Scoping the problem
So just how severe is the situation? Right now, we don’t know for sure.
In 2012 a City Futures Research Centre <a href="https://cityfutures.be.unsw.edu.au/research/projects/governing-the-compact-city-the-role-and-effectiveness-of-strata-management-in-higher-density-residential-developments/" target="_blank">project</a> surveyed apartment owners in NSW. Out of more than 1,000 respondents, 72% knew of defects in their strata-title complex. Among those whose apartments had been built since 2000, the percentage was 85%.
That project only looked at building defects as one of a number of issues facing apartment owners, however, so it didn’t document the issue in detail.
Our new <a href="https://cityfutures.be.unsw.edu.au/research/defects-strata" target="_blank">research project</a> will examine just how prevalent building defects are, the reasons they occur, and how strata-titled housing can be improved.
While the research will focus on Sydney, we hope it is a step towards changing planning and development policies to ensure better quality apartment buildings nation-wide.
Increasing inequality
A system allowing defective apartment buildings not only creates huge financial and emotional stress for residents but much wider economic and social risks.
Poor building practices undermine confidence in the <a href="https://cdn.aigroup.com.au/Economic_Indicators/Construction_Survey/2018/construction_outlook_Nov2018.pdf" target="_blank">multibillion-dollar construction industry</a>, the <a href="https://cityfutures.be.unsw.edu.au/research/projects/national-strata-data-analysis/" target="_blank">strata management industry</a> and in the planning system.
They also contribute to <a href="https://theconversation.com/this-is-why-apartment-living-is-different-for-the-poor-82069" target="_blank">inequality</a>. This is because apartment residents are <a href="https://cityfutures.be.unsw.edu.au/research/projects/national-strata-data-analysis/" target="_blank">more likely</a> to be younger, renting, on lower incomes, and from non-English speaking backgrounds.
Amid growing concerns about the widening gap between housing “haves” and “have nots”, there is <a href="https://www.smh.com.au/politics/federal/labor-promises-a-6-6-billion-housing-boom-to-bring-down-rents-20181215-p50mi9" target="_blank">renewed political interest</a> in housing policy. Certainly this is a crucial issue for governments to tackle, but it goes beyond a focus on housing supply and prices. Addressing quality must also be a priority.
At the same time, we also need to step back and reconsider how we do compact-city planning <a href="https://cityfutures.be.unsw.edu.au/research/projects/planning-in-a-market-economy/" target="_blank">more broadly</a> - including the roles governments and the private market play. With <a href="http://www.abs.gov.au/ausstats/abs@.nsf/lookup/Media%20Release10" target="_blank">two-thirds</a> of us now calling our biggest cities home, we need to have a serious public conversation about what we want our cities to be and how we can best achieve those goals.
We can’t afford to ignore the growing evidence that our cities are cracking under the strain. Because like the Opal Tower owners, we’re all going to bear the cost when things go wrong, and we’ll all have to live amid the wreckage.<img src="https://counter.theconversation.com/content/109722/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
Authors: <a href="https://theconversation.com/profiles/laura-crommelin-15376">Laura Crommelin</a>, Research Lecturer, City Futures Research Centre, <a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>; Bill Randolph, Director, City Futures Research Centre, Faculty of the Built Environment, UNSW; Hazel Easthope, Associate Professor, City Futures Research Centre, UNSW, and Martin Loosemore, Professor, Construction Management Program, Built Environment, UNSW
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-big-lesson-from-opal-tower-is-that-badly-built-apartments-arent-only-an-issue-for-residents-109722" target="_blank">original article</a>.
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The big lesson from Opal Tower is that badly built apartments aren’t only an issue for residents

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Ray White have their big January 2019 auction, The Event scheduled for January 28.
Around 100 offerings are set to go under the hammer.
<a href="http://theauctionevent.com.au/" target="_blank">The Event</a> has been going for 24 years.
"This year’s could be the most interesting so far,” says Andrew Bell, chief executive officer of Ray White Surfers Paradise Group.
The Ray White Surfers Paradise Group is gearing up for its big annual auction program which is set to cap off the busy Australia Day long weekend on the Gold Coast.
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<img src="https://www.urban.com.au/images/2019/1/18/Surfers%20apt%202.JPG" alt="">
One property being taken to The Event is <a href="https://www.propertyobserver.com.au/https://www.rwsp.net/properties/residential-for-sale/qld/broadbeach-4218/apartment/2019205" target="_blank">610/22 Surf Parade, Broadbeach</a> (pictured above), a two bedroom two bathroom apartment with city and hinterland views.
With 93 sqm the unit has an estimated weekly rental income of $468 per week and outgoings for body corporate at $5,970 per year, GCCC rates: $3,570 per year and GCCC Water at $1,775 per year.
The home was last sold in 2006 for $485,000.
The property was listed for 675 days from 2013 to 2015 listed AT $249,000.
<img src="https://www.urban.com.au/images/2019/1/18/Surfers%20apt%201.JPG" alt="">
Another property being taken to auction is <a href="https://www.propertyobserver.com.au/https://www.rwsp.net/properties/residential-for-sale/qld/surfers-paradise-4217/apartment/2024000" target="_blank">109/1-8 Paradise Island Drive, Surfers Paradise</a> (pictured above), a one bedroom one bathroom unit being taken to auction.
With an estimated weekly rental return of $360 to $390 per week, the apartment's outgoings are body corporate of approximately $95.00 per week, council rates of approximately $59 per week and water of approximately $27 per week.
Located within easy reach Surfers Paradise beaches and the entertainment precint the listing notes that the owner is "extremely motivated and will even sell prior to auction."
Bell expects 2019 to be a pivotal year for the property market due to a looming federal election.
“We’ve taken a different approach to The Event next year for a number of reasons,” said Ray White Surfers Paradise (RWSP) CEO Andrew Bell.
“As always, sellers will still be taking advantage of the peak holiday season on Gold Coast,” he said.
“January remains our best month for tourism, and with more accommodation coming onto the market we’re expecting record numbers again next year accompanied by another strong buying season.
“We’re holding The Event on a Monday for the first time, taking advantage of the full long weekend to give prospective buyers more time to view properties ahead of the auction.”
“Inquiries traditionally are up 60 per cent during January and we’re expecting this year to be no different.
“However, next year’s program will be even more important from an investor’s perspective, especially with changes to property rules expected under a potential new government.
“We know from history that elections tend to distract the market anyway, but this time around there is the added uncertainty over the future of negative gearing on established properties should Labor win the election.
“Combined with the interest we are expecting from our traditional visitors to the Coast, this provides a compelling reason for many property owners to sell in January.
“We have no doubt that investors who depend on the negative gearing rules that exist today also will be looking closely at established properties.
“We’re expecting more buyers to take advantage of the proposed grandfathering provisions for negative gearing of established properties ahead of any official changes to the regulations.”
The Event, run in conjunction with the Gold Coast Home &amp; Living Expo, is being held at RACV Royal Pines Resort on January 28 from 10am.
 Last year's auctions eventually led to the sale of 108 properties, following over 3 million online property views, 2500-plus registered property inspections and more than 170 registered bidders on the day.
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Ray White's The Event auction anticipates pre-election investor spike for Surfers Paradise 

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Mortgage brokers settled 59 per cent of residential home loans in the 2018 September quarter, which was up from 53 per cent in the same quarter of 2017.
The escalating credit crunch implemented by the big banks in the wake of the banking royal commission triggered the largest year-on-year increase for any quarter over the last four years. 
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The data from CoreLogic also revealed that settled broker volumes slipped between the September 2017 and September 2018 quarters from $51.77 billion to $50.19 billion, a three per cent fall.
Mortgage brokers provide their potential clients access to a panel of 34 lenders on average.
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The new statistics reporting a sharp rise in broker market share came from the research group Comparator, a CoreLogic business.
Deloitte Access Economics issued a report last July which said the industry employed an estimated 22,215 people, which included 14,230 active brokers and 7,985 support staff.
Mortgage brokers, on average, have 13.8 years of experience in the industry.
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Australian mortgage brokers are settling 59 per cent of residential home loans

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Quade Cooper and Laura Dundovic’s renovated Brisbane house has been given a $2.65 million price tag after failing to sell at its late 2018 auction. 
The rugby star and former Miss Universe Australia listed the near riverfront Bulimba house in November following Cooper’s signing to the Melbourne Rebels. 
Ray White has listed the 446 sqm property for $2.65 million.
<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/2019/1/17/COOPER4.jpg" alt="">
Cooper bought the property for $1.845 million in 2015. 
In 2017 the celebrity couple commissioned Graya Construction to give the property a facelift.
The property has four bedrooms, three bathrooms, a pool and a 12m marina berth on the Brisbane River.
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Rugby star Quade Cooper's luxury Bulimba home gets asking price

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A colonial era school property at Bandon Grove in the Dundog district of New South Wales has been listed for sale. 
Dating back to 1882, Bandon Grove public school and teacher's house have been converted and renovated since it last traded for $652,000 in 2014.
Accommodation consists of the four bedroom school house and a bunk house.
The double brick home at <a href="https://www.realestate.com.au/property-house-nsw-bandon+grove-130118818" target="_blank">1230 Chichester Dam Road</a> has formal and informal living areas and a commercial gourmet kitchen in the original school hall. 
<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/2019/1/14/BANDON%20GROVE%202.jpg" alt=""> Other features including a tennis court, charming sleeping quarters, and a five-bay shed made from local ironbark timber on its near 8,000 sqm land parcel. Accommodation consists of the four bedroom schoolhouse as well as a bunkhouse capable of sleeping up to 15 people.
<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/2019/1/14/BANDON%20GROVE%203.jpg" alt="">
Bandon Grove School House is situated 15 minutes north of Dungog, and one hour from Newcastle airport.
Offers are due January 25 through Ray White Rural Lifestyle Sydney agent Scott Hunter.
Currently used as a weekender and Airbnb accommodation, its estimated return is $1400 to $1500 per weekend or $40,000 to $50,000 per year.
 
 
 
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Bandon Grove schoolhouse listed with $50,000 annual accomodation prospect

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A three bedroom Huntfield Heights home in South Australia has been listed by its mortgagee.
The home at <a href="https://www.realestate.com.au/property-house-sa-huntfield+heights-130189546" target="_blank">10 Auldstone Place</a> in the AV Jennings estate has an asking price of $419,000.
Set on 829 sqm the house features ducted R/C cooling and two garage spaces.
The three bedroom two bathroom home is situated within 2 km of numerous schools.
Last sold in 2013, the home fetched $125,000 a $25,000 increase on its 2010 vacant lot sale price.
The median price for a home in <a href="/developments/huntfield-heights-sa-5163">Huntfield Heights</a> is $282,750, according to CoreLogic data.
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Three bedroom Huntfield Heights, SA home listed by its mortgagee

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De Bortoli Wines has acquired the Rutherglen Estates vineyards, winery and tourism facility in Victoria.
The purchase takes De Bortoli’s total Victorian vineyard holdings to 820 hectares, with 700 ha bearing fruit and 120 ha being in development.
The acquisition is part of its growth strategy.
The 185 hectare Rutherglen purchase was from its Hong Kong owner, Eternity International Enterprise Holdings.
The Rutherglen vineyard purchase complements the family’s existing premium Victorian vineyard holdings in the Yarra Valley, King Valley and Heathcote wine regions.
Rutherglen Estates provides De Bortoli Wines with a third winemaking facility in addition to the business’ Riverina and Yarra Valley sites.
The De Bortoli family anticipates that premium quality Victorian red wine with density, freshness and interest will increasingly be in high demand domestically and internationally.
The family said it estimates that its Victorian vineyards will produce over seven million bottles of wine by 2025 as it looks to make the most of the "premiumisation trend" which is key part of the Australian market.
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De Bortoli Wines acquires the Rutherglen Estates vineyards

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A Melbourne woman has faced court accused of passing herself off as a conveyancer to transfer property into her own name.
Marina Loprese, 56, is charged with 159 offences dating from 2015, including allegations she stole the title to a $2 million Black Rock property and made and used false documents to transfer it into her name.
The Derrimut woman's case came before Melbourne Magistrates' Court today, is also accused of making false documents including bank statements and lease agreements to obtain false mortgages from AET Corporate Trust and Advantage Financial Services.
Between March 2016 and May last year Loprese dishonestly obtained $1.526 million by deception, police allege.
It's alleged she falsely lodged exemptions with Victoria's State Revenue Office in the name of multiple conveyancing clients, allowing her to keep money paid to her by clients who intended the funds to cover the stamp duty on land transfers.
The consumer watchdog issued a public warning about Loprese, who also allegedly used the names Marina Dawson and Marina Dankovic, operating under the name Marina's Conveyancing.
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Alleged conveyancer Marina Loprese alleged to have stolen title to $2 million Black Rock property

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A Jan Juc property listed with a $5.25 million to $5.75 million price guide has been sold.
“It is a new record by over $1 million,” Great Ocean Properties agent Marty Maher said.
It was listed last November by vendors who've been there since the mid 1980s.
<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/2019/1/16/JAN2.jpg" alt="">
The prior record in Jan Juc was $4.25 million for 8 Rip View Close last year.
The local paper, The Geelong Advertiser indicated <a href="https://www.realestate.com.au/property-house-vic-jan+juc-129974434" target="_blank">the buyers were trading up locally</a>.
The 4901 sqm property has a four-bedroom early 1990s-built house, that looks like it was inspired by sails.
A gate joins the Surf Coast Walk and a path that leads down to the water. It is also walking distance to shops and cafes.
The expansive property gives the option to add a swimming pool.
 
 
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Jan Juc record price set by house inspired by sails

A mix of Gold Coast locals, fly-in, fly-out purchasers from Sydney and Melbourne, and Brisbane-based families has driven early sales success at Broadbeach's newest apartment tower, Lumara.

The 26-level project, a joint venture between builder-developer 5Point Projects and Bourke Projects, comprises just 37 luxury residences and is attracting a buyer profile that is looking for exclusivity, above the most amenity-rich suburb on the Gold Coast.

[smartcode_project:default project_id=150454 project_image_fid=364156]

Jamie Bourke, Director of Bourke Projects, says every buyer secured so far intends to use Lumara as a lock-up-and-leave residence, combining holiday use with the ability to work remotely when required.

“The size of the apartments, both half- and full-floor options, and the different zones within the floorplans, lends itself perfectly to dedicated home office setups and multi-generational family holidays,” Bourke says.

That flexibility has become a key drawcard for affluent buyers seeking a second residence on the Gold Coast without sacrificing the ability to conduct business away from their primary home base.

The absence of holiday letting within the building has also resonated strongly with purchasers.

“This type of buyer doesn't need to generate holiday rental income,” Bourke says. “They're paying for exclusivity, privacy and certainty around who their neighbours are.”

[smartcode_project:default project_id=150454 project_image_fid=366491]

The strong demand comes amid broader shifts in the high-end apartment market following the Federal Budget announcements in May.

“We were already seeing strong enquiry from high-net-worth buyers, but that has only accelerated since the policy changes,” Bourke says.

“A lot of those buyers are looking to place more capital into premium lifestyle assets rather than investment-grade stock that has been targeted by the Federal Government.”

[smartcode_project:default project_id=150454 project_image_fid=366486]

Designed by Cottee Parker, Lumara adopts a slender, sculpted form with an emphasis on natural materials suited to its beachfront setting. The architectural approach draws on coastal influences, with a palette of stone, timber and concrete selected for durability and the ability to weather over time.

Apartments are limited to three and four-bedroom configurations, with a maximum of two residences per floor through the mid-levels and a selection of full-floor and dual-level homes in the upper levels. All apartments are oriented to the north to maximise natural light, cross-ventilation and views across the ocean, city skyline and hinterland.

A two-level amenity offering is positioned high within the building on levels 20 and 21, conceived as a sky wellness retreat. Facilities include a magnesium pool, spa, sauna and steam rooms, alongside more social spaces such as a private dining room, resident lounge, workspaces and outdoor barbecue areas integrated with landscaped greenery.

The uppermost levels are reserved for larger-format residences, including several full-floor homes and a dual-level penthouse with its own private wellness features and recreational spaces.

&nbsp;

To give buyers confidence, 5Point and Bourke commenced construction ahead of the apartments launching to the market, a sure-fire way to prove they mean business, and the building will be delivered. They are targeting a 2028 completion date.

[smartcode_project_cta:default project_id=150454]

Joel Robinson

Locals, interstate holiday makers, drive early sales at Lumara, Broadbeach's newest luxury apartment tower

Often when it comes to purchasing property, the biggest barrier to entry is the deposit. Buyers of established homes typically aim for a 20 per cent deposit to avoid the added cost of Lenders Mortgage Insurance, while most property transactions require around a 10 per cent deposit when contracts are exchanged.

The off-the-plan market works differently, with buyers typically paying a deposit during construction and settling the balance upon completion. As completion approaches at <a href="https://www.apartments.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy-vic-3065">Fabbrica Fitzroy</a>, developer <a href="https://www.apartments.com.au/developers/pace-development-group">Pace</a> is making it easier for buyers to secure a residence through a deposit-matching incentive. Purchasers need only contribute a five per cent deposit*, with Pace matching the remaining five per cent.

The offer comes as Pace unveils a completed display apartment and townhouse, now available for inspection by appointment ahead of the project's Spring completion.

[smartcode_project:default project_id=139552 project_image_fid=371009]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> and landscaping by <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, Fabbrica draws on Fitzroy’s industrial and manufacturing history, incorporating references to the former Argyle Shirt Factory and Life Savers Confectionery Company that once occupied the site.

The development comprises 85 residences, spanning low-maintenance apartments through to larger-format townhouses with private street access and double lock-up garages, a relatively uncommon offering in Fitzroy’s higher-density apartment market.

Pace says the project has been designed to appeal to buyers seeking inner-city convenience without sacrificing space, flexibility, or amenity.

[smartcode_project:default project_id=139552 project_image_fid=371016]

Inside the residences, Winwood Mckenzie has focused on adaptable layouts and integrated detailing, with features including custom joinery, and concealed storage solutions. The material palette leans into warm, tactile finishes intended to complement the building’s industrial architectural language.

Fabbrica’s rooftop amenity is a key part of the project offering. Spanning around 800 sqm, the communal rooftop includes a private dining room, communal kitchen, lounge spaces, work-from-home zones, and outdoor dining areas overlooking the Melbourne CBD skyline.

[smartcode_project:default project_id=139552 project_image_fid=371017]

Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

[smartcode_project_cta:default project_id=139552]

Pace offers five per cent deposit match at Fabbrica Fitzroy ahead of Spring completion

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Why Hyecorp continues to back Sydney's Lower North Shore apartment market

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

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Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

[smartcode_project:default project_id=150787 project_image_fid=366230]

While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[smartcode_project:default project_id=143932 project_image_fid=367515]

The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

[smartcode_project:default project_id=150017 project_image_fid=370960]

ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

SEQ apartment demand outpacing affordable supply as construction timelines stretch: RPM

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

[smartcode_project:default project_id=4896 project_image_fid=368543]

The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

[smartcode_project:default project_id=4896 project_image_fid=368544]

Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

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Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

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Jellis Craig Projects Director Stephen Bowtell is handling sales for the project and says Camberwell House offers a rare entry point into one of Melbourne’s most tightly held markets.

“Buyers are recognising that Camberwell House offers something they simply haven’t seen before in Boroondara,”&nbsp;Bowtell&nbsp;says.

“It combines a level of resident amenity and service typically associated with Melbourne’s premium inner-city developments, while being positioned right in the heart of Camberwell Junction.

“The response to the concierge offering has been particularly strong. Buyers appreciate not only the convenience, but also the sense of security and peace of mind that comes from having a dedicated presence in the building every day.

“When you combine that with the wellness facilities, the exceptional arrival experience, and panoramic views across both the CBD skyline and the Dandenong Ranges, it creates a lifestyle proposition that is genuinely unique within the local market.”
</section>

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Staff reporter

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