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EXPERT OBSERVATION
Australia’s home renovations sector enjoyed its busiest quarter in 14 years during the three months to September 2018.
While GDP grew by a fairly disappointing 0.3% during the September 2018 quarter, home renovations activity provided more cheer.
The volume of renovations work rose by 4.5% during the quarter alone and was 11.0% higher than a year ago.
Times have often been tough for Australia’s home renovations market over the past decade but today’s figures show that the market is now bigger than at any time since mid-2004.
While new home building scaled new records over recent years, the performance of renovations activity has been quite puzzling and had failed to replicate this strong performance.
The stronger position of the renovations market during the September 2018 quarter is linked to the fact that interest rates are very low and remarkably stable at this time.
The tightening of credit conditions have prevented many families from being able to move house over the past year. It seems that some of those have decided to renovate their existing home instead.
Australia’s home renovations industry may be an unintended beneficiary of the tougher lending policies.
Looking further out, we are almost certain to see further gains for home renovations.
More detached houses were built in late 1980s Australia than at any time before or since.
More and more of these will be begging for major renovations work in the coming years.
SHANE GARRETT is the MBA Chief Economist.
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j.ballantyne1990-6AQqhLzZaK

Australia's home renovations had the busiest quarter in 14 years: Shane Garrett

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A contemporary Hawthorn East home from award-winning Fiona Lynch amidst Amanda Oliver gardens has just been sold for $4.15 million. 
It has been sold by Tim Picken and Rebecca Edwards from Kay &amp; Burton Hawthorn. 
Set on a 915sqm block, the single storey house at <a href="https://www.realestate.com.au/sold/property-house-vic-hawthorn+east-129776890" target="_blank">46 Leura Grove </a>comes with four bedrooms plus study, lounge room with fireplace, family dining area and living room opening to BBQ deck, and Carrara marble kitchen. 
<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/2018/12/3/hawthorn%20east%202.jpg" alt="">
Additional features include a solar-heated pool, ducted heating/cooling, electric blinds, travertine, and Oak flooring plus extra-wide remote-control double garage. 
It is close to Camberwell Junction, Tooronga Village shopping, Burke Road trams, Auburn South Primary School and Auburn High plus prestige private schools including Bialik and Scotch Colleges.
<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/2018/12/3/hawthorn%20east%203.jpg" alt="">
The property had last sold for $1.62 million in 2007 before the renovation.
The suburb's median house price sits at <a href="/developments/hawthorn-east-vic-3123">$2.1 million</a>, according to CoreLogic. 
 
 
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Award-winning Fiona Lynch home in Hawthorn sells

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A Gold Coast family has spent more than $15 million on three rural properties sold by the State Government that were earmarked for the abandoned Glendowner Dam project at Beaudesert.
The auction last Friday saw the properties sold for a combined $15.8 million.
Ray White Rural reportedly sold the three properties to an undisclosed Gold Coast family who bought them to create one landholding.
Ray White Rural Queensland agent Peter Douglas said there were 45 registered bidders.
“Throughout the campaign we had buyers come from interstate but today all three sold to one Gold Coast based family who have bought them to turn into a farm,” he told The Courier Mail.
A 556 hectare holding sold for $11.5 million in an auction with 14 registered bidders while a multi-titled 146.6 hectare parcel sold for $3.1 million and a 75 hectare lot went for $1.2 million.
Close to the Gold Coast, the properties are about 60 kilometres from Southport and 70 kilometres from Brisbane.
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Former Glendowner Dam, Beaudesert project land sold for $15.8 million

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Australia based property development and investment group Aqualand have acquired a residential development site in Alexandria.
Situated at 59-99 Belmont Street, Alexandria, the project (pictured above as a sketch) is positioned within close proximity to the new Waterloo Metro station, education facilities and numerous parks.
John Carfi, CEO, Aqualand said: “This project further reinforces Aqualand’s strategy of being the leader in any market we play in, with the property representing a unique and exciting opportunity to create an exclusive residential building comprising circa 25 x 3-bedroom premium apartments and terraces, designed for owner-occupiers.”
"We aim to be one of Sydney’s most active property companies in 2019,” Aqualand’s Head of New Business, Sales &amp; Marketing, Alex Adams said.
Aqualand purchased 59-99 Belmont Street, Alexandria (pictured below) on November 30 for an undisclosed price.
<img src="https://www.urban.com.au/images/2018/12/5/Alexandria%20site%202.JPG" alt="">
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Aqualand secures Alexandria development site

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Dwelling investment increased 1.0% in the quarter, and has risen in each of the last four quarters, according to the Q3 Report released by NAB.
However this quarter, NAB found that the increase was entirely driven by alterations &amp; additions (up 4.5% q/q), as investment in new dwellings fell 0.8% q/q.
Alongside the cooling in the housing market, NAB expect dwelling investment to decline over the next couple of years.
Alan Olster, NAB Group Chief Economist said that a pull-back in new building approvals is already evident, though the large pipeline of work yet to be done will provide some support, suggesting the real weakness will likely occur in 2020.
<img src="https://www.urban.com.au/images/2018/12/5/NAB%20Q3.JPG" alt="">
The report also found that underlying business investment declined for the second consecutive quarter (-1.9% q/q).
Reflected largely by a fall in non-dwelling construction (-5.6% q/q) as both new building and new engineering construction declined.
Mr Olster noted, "the weakness in non-dwelling construction appears to be at least partly related to the mining sector as despite overall non-mining investment being up (1.0% q/q),  mining sector investment declined 7.5% q/q."
"There was a large fall in Northern Territory non-dwelling construction, he added"
As the tail-end of the construction phase of the LNG mega-projects wraps up, NAB expect mining investment to stabilise, with some potential upside given the improvement in business conditions in the sector.
Following the latest releases of growth, labour market and prices data, NAB have stated they are reassessing their view on monetary policy.
They currently have the next cash rate movement forecast as an increase in mid 2019, but are in the process of reviewing this statement.
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Increase in dwelling investment driven by renovations: NAB

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Little Projects has announced that chairman, Paul Little will sell his portion of the property development business to existing directors Leighton Pyke and Paris Lechte (pictured above).
They will take over controlling interest in the company effective 1 January 2019.
The decision comes as Little Projects seeks to implement a site acquisition strategy with a focus on growing a diverse pipeline across medium scale residential, industrial, hotel and student accommodation sectors. 
"It's just that property is very lumpy and it's also very time consuming and it's a good time to transition out of a full development role into an investment role," Little advised.
Pyke and Lechte have both worked alongside Little at executive level and on the board of Little Projects, which has delivered award winning residential and commercial buildings within Australia and New Zealand during the last decade. 
Little will remain an advisor to Little Projects and will continue to invest in new projects that meet the group’s overall objectives.
He will retain ownership of his other businesses including Little Real Estate, aviation and the subdivision that owns broadacre sites at Suffolk Park and Dayton, north-east of Perth. 
"The market in WA has been through a more difficult phase but it appears to be straightening out now," he said. "It would probably be a mistake to look at selling out of the estates we currently have."
The restructure in the business will not affect the ownership and delivery of the current project pipeline in any way, Pyke said.
"The strong synergistical fit of Little Projects and Little Real Estate will continue to deliver a seamless solution for our customers," he said.
Little confirmed that the Little Group Offices would still be keen to invest in the property development sector via Little Projects where strategic benchmarks were met.
Little also confirmed that other activities within the expanding Little Group would be unaffected this announcement.
Little, who turned 71 this week, said the sale of the business to development director Mr Pyke and construction director Mr Lechte would allow him to stop playing a full-time development role and focus on investing in his current projects and some new ones. 
"There's no scaling down at all," Little told Nine's The Australian Financial Review.
Financial documents filed with regulator ASIC show net profit after tax for the company in which Mr Little is the sole shareholder more than halved to $10.3 million in the year to June from $24.8 million a year earlier. 
Sales revenue jumped to $60 million from $12.7 million as site acquisitions also jumped to $52 million from $10 million.
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Paul Little to sell out of Little Projects to existing directors

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Sydney and Melbourne should prepare for a big drop in housing value, according to finder.com.au.
Finder asked experts and economists to weigh in on ANZ Bank forecasting a 15-20% fall from peak house prices in Sydney and Melbourne.
The majority of experts surveyed (15/21, or 71%) said they agreed with ANZ’s assessment.
Graham Cooke, Insights Manager at finder.com.au, said that economists’ predictions of drops in the property market have become more dramatic.
“ANZ’s suggested 15% drop would see $145,500 and $118,500 wiped off the average house price in Sydney and Melbourne respectively," said Cooke. 
“A 20% drop would see nearly $200,000 disappear from the equity of Sydney homeowners,” Cooke said.
<img src="https://www.urban.com.au/images/2018/12/5/Finder%20Table%201.JPG" alt="">
Interestingly, economists were evenly split as to whether the housing downturn would result in more or fewer renovation projects.
“There is however solid agreement that there’ll be fewer new homes built in 2019,” Cooke said.
The Finder Survey showed that two-thirds of experts (14/21, or 66%) expect less construction, with 38% of experts predicting there’ll be at least a 10% drop in construction of new homes in 2019.
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Sydney house values could plummet by nearly $194,000: Finder

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In Kerang’s main street the former State Savings Bank property on the corner is for sale.
The two-storey building at the corner of Scoresby and Fitzroy Streets has a land area of 513 square metre with a total building area of 315 square metres across two levels.
The vendor has owned the property since 1980.
It recently underwent a professional refurbishment including installing a new kitchen.
Over the last 12 months the red brick bank building has been renovated so it can operate as a single residence, with potentially as many as three additional tenanted spaces on the ground and upper floor.
Features such as leadlight and stained-glass windows, the 300 millimetre wide timber skirting boards, the 4 metre (or 13 foot) room ceiling heights have been retained together with an original timber staircase and balustrading.
On the ground floor remains the original Chubb vault.
Part of the building ground floor is served by a reverse cycle ducted air conditioning with other areas having wall mounted units.
The former Kerang SSB building has been listed for private sale through local Rodwells Ruralco Property agent Tanya Harvey with a sale expectation in the range of $320,000 to $350,000.
Harvey estimates the rental potential depending upon how flexibly the living spaces are shared as being in the range from $450 to $610 per week.
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Refurbished original State Savings Bank in Kerang for sale

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Sydney-based land developer, Clearstate, having completed their first major capital raising.
They are now set to deliver 1,700 new homes to Sydney, Melbourne and Brisbane.
Clearstate kicked off in 2011 and was placed third in the Australian Financial Review’s 2017 Fast Starters list.
Kandis Investments Ltd, an affiliate entity of US-based global investment firm, Avenue Capital Group, has agreed to finance Clearstate with a facility of up to A$50 million.
Clearstate Managing Director, Dean Willemsen (pictured above), said the facility will help Clearstate embark on a new era of expansion.
Currently Clearstate's development pipeline is approaching 600 lots.
The capital raising was facilitated by EY Australia, who secured the partnership with Avenue Capital Group, based in New York.
Clearstate has developed land projects in Sydney’s North West and South West growth corridors, as well as Melbourne.
The company’s latest project, Rouse Hill, is located on Tallawong Rd, Rouse Hill, NSW with house and land packages starting from $777,000.
Clearstate has completely sold 8 other developments ranging in size from 9-59 lots.
They currently have one other one other development with lot's still available for purchase, Candlebark at Box Hill.
Home and land packages at Candlebark start from $688,000.
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Clearstate set to deliver 1,700 new homes into Sydney, Melbourne and Brisbane markets

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Bookseller Mark Rubbo, the founding chair of the Melbourne Writers Festival, and wife Wendy have sold their Fitzroy warehouse conversion.
They had $2.8 million to $3 million hopes for the property they bought as an empty shell in 2004.
They commissioned architect Maggie Edmond to adapt <a href="https://www.realestate.com.au/sold/property-house-vic-fitzroy-129684854" target="_blank">the property</a>.
It has three bedrooms, three bathrooms and a kitchen adjoining the open plan living space which flows to a north facing terrace.
The Little Victoria Street warehouse began life as a drill hall in the 1930s. 
Nelson Alexander Fitzroy agents Peter Stephens and Sonya Laferla handled the marketing.
This article first appeared in The Weekend Australian. 
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Former drill hall warehouse conversion sold in North Fitzroy

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.

[smartcode_project:default project_id=135094 project_image_fid=356540]

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.

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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.

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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.”
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