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Melbourne house prices will decline by just 1% in 2019 after a 9% fall in 2018, according to the latest Domain forecasts.
They also forecast that Melbourne house prices will rise by about 4% in 2020. 
Domain Economist Trent Wilshire said: "Melbourne house prices are predicted to fall by about 11% from a peak of $910,000 in December 2017 to their lowest point of about $800,000 in mid-2019."
"At this low point, Melbourne house prices will be back at their late 2016 level."
<img src="https://www.urban.com.au/images/2018/11/29/Melbourne%20Domain%201.JPG" alt="">
 
Source: Domain
Domain has forecast that Melbourne unit prices are to fall by about 1-2% in 2018, and then prices are expected to grow by about 1% in 2019 and 2020.
Melbourne unit prices are predicted to fall by about 3% from their peak of $507,000 in March 2017 to their lowest point of about $490,000.
<img src="https://www.urban.com.au/images/2018/11/29/Melbourne%20Domain%202.JPG" alt="">
 
Source: Domain 
"As in other capitals, tighter lending conditions and weak sentiment will weigh on Melbourne property prices in 2019," Wiltshire said. 
"But Victoria’s unemployment rate is falling and Melbourne’s population growth is expected to remain very strong, with annual growth remaining above 2% over the next few years."
"This will help to absorb the large pipeline of new housing supply expected to hit the market over the next couple of years."
Click <a href="https://www.propertyobserver.com.au/images/2018/11/30/Domain%20forecasts%201.JPG" target="_blank">here</a> to enlarge.
<img src="https://www.urban.com.au/images/2018/11/30/Domain%20forecasts%201.JPG" alt="">
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<img src="https://www.urban.com.au/images/2018/11/30/Domain%20forecasts%202.JPG" alt="">
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j.ballantyne1990-6AQqhLzZaK

Melbourne house prices will slip only 1% in 2019: Domain

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Perth property prices are being predicted to grow faster than most markets across Australia, according to the latest Property Price Forecasts from Domain.
The report has predicted while Perth house prices will fall about 5% in 2018, resulting in a median house price of $535,000.
They will, however, record growth of 5% in 2019 and 3% in 2020.
Domain economist Trent Wiltshire said the positive outlook was due to "fundamentals like the mining sector looking a little bit better, new mines are being built, there is more mining investment going on and job prospects are looking better in WA".
<img src="https://www.urban.com.au/images/2018/11/29/Perth%201.JPG" alt="">
Source: Domain
Perth unit prices are expected to fall by about 6% in 2018, and then prices are expected to grow by about 2% in 2019 and 2020.
"The state Treasury is forecasting economic growth to be a lot higher than it has been in the past few years and then a big driver for house prices is population growth," Wiltshire said.
"Not all signs are positive, with home-loan approvals continuing to trend downwards, market sentiment still weak and tighter lending conditions weighing on prices."
<img src="https://www.urban.com.au/images/2018/11/29/Perth%202.JPG" alt="">
Source: Domain 
Click <a href="https://www.propertyobserver.com.au/images/2018/11/30/Domain%20forecasts%201.JPG" target="_blank">here</a> to enlarge.
<img src="https://www.urban.com.au/images/2018/11/30/Domain%20forecasts%201.JPG" alt="">
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<img src="https://www.urban.com.au/images/2018/11/30/Domain%20forecasts%202.JPG" alt="">
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Perth property prices to tip back to growth through 2019-2020: Domain

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Adelaide house prices are to increase by 2% in 2018 and then to grow by about 2% in each of the next two years, according to the latest Domain forecasts.
They believe this modest growth will continue as part of the trend of slow but steady growth over the past few years.
<img src="https://www.urban.com.au/images/2018/11/29/Adelaide%20Domain%201.JPG" alt="">
Source: Domain
Domain has also forecast that Adelaide unit prices will fall slightly in 2018 and then grow by about 2% in 2019 and 2020.
"Adelaide’s slow and steady property price growth will continue, driven by slow population growth and slowing employment growth," Domain Economist Trent Wiltshire said.
<img src="https://www.urban.com.au/images/2018/11/29/Adelaide%20Domain%202.JPG" alt="">
Source: Domain
Click <a href="https://www.propertyobserver.com.au/images/2018/11/30/Domain%20forecasts%201.JPG" target="_blank">here</a> to enlarge.
<img src="https://www.urban.com.au/images/2018/11/30/Domain%20forecasts%201.JPG" alt="">
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<img src="https://www.urban.com.au/images/2018/11/30/Domain%20forecasts%202.JPG" alt="">
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Adelaide home prices to grow moderately in 2019-2020: Domain

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House prices will keep falling in the first half of 2019 before turning around and growing modestly, resulting in annual growth of about 1% over the year to December 2019, according to the latest Domain forecasts.
Domain predict house price growth will increase to 4% over the year to December 2020.
Overall this is a predicted fall of 7% from the 2017 price peak of $820,000 to a low of about $760,000 in mid-2019. At this low point, Australian house prices will be back at their 2016 levels.
Domain Economist, Trent Wiltshire said: "leading indicators of prices, such as low clearance rates, falling home loan approvals and a rising stock of listings suggest prices will continue to fall in the months ahead, with Australian house prices expected to fall by about 6% over the year to December 2018."
<img src="https://www.urban.com.au/images/2018/11/29/AUS%20forecast.JPG" alt="">
Source: Domain 
Australian unit prices are anticipated to grow by 2% in 2019 and 3% in 2020.
Unit prices are expected to bottom out in early 2019 after falling by 3% over the year to December 2018.
They are predicted to fall by approximately 5% from their peak of $568,000 in June 2017.
At this low point of about $540,000, unit prices will be back at their late 2016 level.
<img src="https://www.urban.com.au/images/2018/11/29/AUS%20forecast%202.JPG" alt="">
Source: Domain 
"We expect unit prices to be more resilient than house prices for two main reasons," Wiltshire said.
"First, there was a smaller run-up in unit prices in the boom period, so there is less market ‘froth’ to dissipate over the 2017-2019 period.
"Second, state government stamp duty concessions will hold up unit prices, particularly in Sydney and Melbourne."
Solid population growth, low unemployment and low interest rates will underpin Australian property price growth in the medium term.
More restrictive lending conditions will continue to weigh on prices in the immediate future.
"Eventually, borrowers will begin to adjust to this new normal (including having a better understanding of how much they can borrow and how long it takes to secure a loan) and lending will begin to grow again, although at a modest pace," Wiltshire said. 
Click <a href="https://www.propertyobserver.com.au/images/2018/11/30/Domain%20forecasts%201.JPG" target="_blank">here</a> to enlarge.
<img src="https://www.urban.com.au/images/2018/11/30/Domain%20forecasts%201.JPG" alt="">
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<img src="https://www.urban.com.au/images/2018/11/30/Domain%20forecasts%202.JPG" alt="">
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Australian house prices to bounce back in 2019 and 2020: Domain

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New home building held up well during the September 2018 quarter despite the tougher market conditions, according to Master Builders Australia’s chief economist Shane Garrett. 
The ABS figures on Construction Work Done released this morning indicate that new residential building work eased back by 1.8% during the quarter but was still some 4.7% higher than a year earlier. 
“Surprisingly, the apartment/unit side of the market put in a strong performance and came close to surpassing its busiest quarter on record. Work on detached houses fell by 3.2% compared with the previous quarter,” Shane Garrett said. 
“The performance of residential building has proven more resilient than expected in light of the unfolding credit crunch and less favourable conditions in Australia’s largest housing markets,” he said. 
“Going forward, we do expect the tougher financial environment to take its toll on the volume of new home building over the next few years.
"Larger apartment projects will probably see the biggest reduction,” Shane Garrett said. 
Today’s figures also indicate that non-residential building declined by 2.4% during the September 2018 quarter and that engineering construction fell by 4.5%. 
“With the federal Budget set be delivered earlier next year, it is important that it includes measures to support our sector’s capacity to meet the building needs of a steadily growing population,” Shane Garret said.
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New home building holds up

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Australian Fintech start-up Athena Home Loans has completed its Series B fund raising.
The Series B raise, led by Square Peg Capital, closed at $25 million.
The Series A fund led by Macquarie Bank and Square Peg Capital earlier this year raised $20 million.
Athena was founded by two ex-bankers, Nathan Walsh and Michael Starkey, and seeks to bypass the banks to connect borrowers to superfund backed loans.
It claims to be Australia’s first cloud native digital mortgage platform.
Venture capitalist and co-founder of Square Peg, Paul Bassat, who also sits on the Athena Board, said Square Peg Capital had invested in Athena in Series A and further solidified by leading the Series B round.
“Having worked with Nathan, Michael and the team over the last year I have enormous admiration forthe speed at which they have navigated complex financial systems to develop a robust and customer- centric mortgage service,” Bassat said.
“Athena is solving a really important problem for home buyers and is certainly one of the most exciting Fintech companies in Australia.
“We are thrilled to back the team again and look forward to supporting them on this extraordinary journey.”
Currently in its pilot stage, Athena is trying to create a compelling option to customers, says Athena CEO Nathan Walsh says. 
“During our pilot, we are already seeing the power of the Athena proposition to save money and change lives,” Walsh says.
“A single mum who will be able to pay off her home loan 19 months earlier and save $130,000 over the life of the loan.
“A family with three young kids who will save $40,000 on their home loan can now take the family on the first holiday in years. It’s powerful stuff.”
“Our key priorities with the investment will be to continue to innovate our platform, invest in talent and scale the business.”
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Home loan start-up Athena secures $45 million in funding

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GUEST OBSERVATION
Many places around the world claim to be a “smart city”, but what that means is often unclear. A smart city is widely seen as an urban area that uses technology to enhance performance and the quality of its services. In other words, it’s a happy marriage of technology and the city.
Before we look at what is being planned in Australia and what is being done overseas, an important question is: How smart are our cities now? The answer enables our cities to benchmark where we are now and then track progress over time. We recently conducted a study to evaluate the smartness of all local government areas in Queensland.
Queensland and Australian cities are responding to a global trend, with the Australian government releasing a Smart Cities Plan in 2016.
A snapshot of Australian initiatives in 2017 revealed over a dozen local governments had strongly embraced the smart city agenda. A couple of dozen are finalising strategies. More than 100 are considering undertaking a smart city journey.
Smart city has become a global city planning movement and received enormous policy and media attention. Well over 250 smart city projects are under way in 178 cities around the world.
India alone hosts 100 of those initiatives. Songdo in South Korea is recognised as the most advanced smart city in the making.
The focus of smart city projects is to increase their city’s “smartness” through advanced technologies such as sensors, internet of things, data analytics, and networks. However, technology adoption alone does not make an urban area smart. A city needs a healthy mix of human, social, infrastructural, cultural, environmental, financial, knowledge, symbolic and relational assets or capital to be smart.
Taking a holistic view of smart cities helps us understand what is sustainable over time and what is not. An example of a holistic smart city framework is shown below.
<img src="https://images.theconversation.com/files/245263/original/file-20181113-194488-6oujqm.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Sustainable smart city conceptual framework. Authors' own work
Measuring urban smartness performance
Local governments across the country have started to develop, or search for ways to develop, smart city strategies and solutions. Our research in Queensland based its analysis on four smart city indicator categories and 16 smartness indicators. The table below shows these.
<img src="https://images.theconversation.com/files/244943/original/file-20181111-38373-ino8d9.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Indicators of the assessment framework. Authors' own work
We then categorised the smartness levels of the 78 local government areas in the three performance clusters: leading, following, and developing.
The study results revealed a mixed performance across Queensland. The figure below shows this, with higher smart city performance in metropolitan Southeast Queensland and some major regional urban centres.
Of 78 local government areas, only ten stood out as high performing. These are: Brisbane, Sunshine Coast, Cairns, Logan, Ipswich, Townsville, Moreton Bay, Gold Coast, Noosa and Scenic Rim.
<img src="https://images.theconversation.com/files/245264/original/file-20181113-194488-3ujpq0.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Performance of local government areas, with the ten leading areas shown in green. Authors' own work
The performances of these cities differ significantly in the four dimensional measures considered. These are:
<ul>
<li>productivity and innovation</li>
<li>liveability and well-being</li>
<li>sustainability and accessibility</li>
<li>governance and planning.</li>
</ul>
In general, Queensland local government areas perform more strongly in liveability and well-being, and governance and planning. Performance is rather weak across the state in productivity and innovation, and sustainability and accessibility.
Where is Queensland doing well, and why?
We can draw some insights from the findings. For example, good performances on liveability and well-being might be a result of relatively positive health, safety, housing and social conditions. A cost-of-living study found that Queensland is the most affordable Australian state when it comes to everyday expenses including rent, fuel, groceries, transport, utilities and education.
Similarly, the performance on governance and planning is relatively high across the state. This is most likely due to effective strategic development planning practice.
In some local governments, the policy focus includes smart city strategies. For example, about 15 cities in Queensland have recently developed their smart city strategies. Some have already incorporated these in their planning and development mechanisms. Brisbane, Ipswich, Sunshine Coast and Townsville are among those.
And why the struggle on other measures?
The study identified barriers to achieving urban smartness in Queensland.
The poor performance on productivity and innovation indicators may be a result of the state not being a notable contributor to the global knowledge and innovation economy. Fostering, attracting and retaining innovation industries and talented knowledge workers has been a major challenge for all urban localities in Queensland. State government efforts to advance Queensland in the global knowledge and innovation economy need sustained reinforcement to achieve this goal.
The weaker performance on sustainability and accessibility indicators relates to the lower level of adoption of sustainable solutions in energy, buildings, commuting and vehicles. While investing in technology is one approach to these challenges, societal behavioural change is also required.
Recent studies of Australian and UK cities revealed that technology uptake by citizens and cities does not necessarily lead to sustainable commuting patterns and urban outcomes. Hence, searching for solutions beyond technology adoption is critical for cities — particularly when the evident risks of climate change in Queensland are considered.
Ways to improve urban smartness
We found major regional disparities in Queensland. Along with much-needed state government investment and support, perhaps an expansion of Commonwealth funding and programs, particularly to regional cities, could help narrow the gap. The diagram below illustrates the current gap in the four performance categories.
<img src="https://images.theconversation.com/files/244945/original/file-20181111-116820-1mm5ckz.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Comparison of performance categories. Authors' own work
The Commonwealth City Deals and Smart Cities and Suburbs programs might be an opportunity to consolidate existing smart city efforts in Queensland’s top-performing cities.
We argue that a smart city should be seen as more than a marriage of technology and the city. Firstly, the technocentric approach takes its toll on the environment.
Secondly, it prioritises technology-based quick fixes, while neglecting deeper solutions that have nothing to do with the technology.
We advocate a smart city to be seen as
"an urban locality functioning as a healthy system of systems with sustainable and balanced practices of economic, societal, environmental and governance activities generating desired outcomes and futures for all humans and non-humans."
There is a demonstrated need for smart city projects to generate a range of desired outcomes – economic, societal, environmental and governance – in a sustainable, balanced and inclusive manner. An integrated, holistic approach is the way forward in Queensland and across Australia.
Tan Yigitcanlar, Associate Professor of Urban Planning and Development, Queensland University of Technology
Laurie Buys, Professor, Creative Industries Faculty, Queensland University of Technology
Md. (Liton) Kamruzzaman, Associate professor of Urban Planning, Monash 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/just-how-city-smart-are-local-governments-in-queensland-106601" target="_blank">original article</a>.
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Just how ‘city smart’ are local governments in Queensland?

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An A-grade Pyrmont office building has sold for $143 million to AEW.
JLL and Colliers International managed the deal for 19 Harris Street on behalf of a private client of UBS Asset Management, AEW who purchased the property on behalf of its Value Investors Asia fund series.
An international expressions of interest campaign was launched in July 2018 for the seven story building, which garnered interest from local and offshore investors.
“Properties such as 19 Harris will benefit from significant rental growth in this sub-market as leases reach their expiry,”  JLL's James Aroney said.
“The high calibre of tenants, the quality of the asset and the vibrant city fringe location made it an attractive investment opportunity.”
 The building is set to benefit from the redevelopment of the Bays Market District, less than 1km away in Blackwattle Bay, which will add to the area’s retail and social amenity.
Thomson Reuters is the anchor tenant of 19 Harris Street, and L’Oreal Australia is also among the 12 occupants of the fully leased asset.
The building has a net lettable area of 12,568 sqm and campus-style flexible floor plates of around 2000 sqm.
 The deal represents a sale rate per square metre of $11,378 and a passing yield of 4.87 per cent. The weighted average lease expiry (WALE) is five years.
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Pyrmont Office building sold for $143 million

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A penthouse is for sale in St Kilda with headline grabbing $40 million hopes in the luxury redevelopment of the Novotel hotel.
The Melbourne property developer Tim Gurner has the high hopes in his $580 million, three building project.
The seven bedroom, 1000-square-metre penthouse will include a 10-car garage.
There'll be two pools, guest quarters, gym, sauna, wine cellar and cigar room.
<div id="listing-recommendation-midcontent" class="experiment">
<div class="__domain_group_fe_co_wp_listing_recommendation_experiments___2_0_0" data-renderizr-id="fe-co-wp-listing-recommendation-experiments_1">Domain advised the final price for the penthouse "has not been set but is expected to be between $30 million and $40 million."</div>
<div class="__domain_group_fe_co_wp_listing_recommendation_experiments___2_0_0" data-renderizr-id="fe-co-wp-listing-recommendation-experiments_1"> </div>
<div class="__domain_group_fe_co_wp_listing_recommendation_experiments___2_0_0" data-renderizr-id="fe-co-wp-listing-recommendation-experiments_1">Infact Property Observer understands planning documentation is not yet complete.</div>
<div class="__domain_group_fe_co_wp_listing_recommendation_experiments___2_0_0" data-renderizr-id="fe-co-wp-listing-recommendation-experiments_1"> </div>
<div class="__domain_group_fe_co_wp_listing_recommendation_experiments___2_0_0" data-renderizr-id="fe-co-wp-listing-recommendation-experiments_1">Gurner had previously signalled hopes that three or four penthouses would sell for up to $30 million.
</div>
</div>
Fender Katsalidis will design the residences, alongside Koichi Takada Architects and interior design David Hicks.
Some 70 per cent of the project will be priced from $1.3 million to $4 million.
Gurner tipped the apartments to set a new global benchmark in luxury living.
“My brief to the design team was very simple – to look at the best amenity and service of five and six-star hotels from around the world and then step it up to offer a level of luxury, amenity and service that has never been seen before,” he said.
“St Kilda is undergoing a major revitalisation with a number of significant redevelopments underway that will place it firmly on the map as an international tourist destination, just as LA’s Venice Beach, Sydney’s Bondi Beach and Monaco’s coastline are known around the globe."
Gurner expects it to be sold to a local wealthy buyer.
Another Melbourne penthouse is for sale for $45 million in the new The Muse builidng on the plusher St Kilda Road.
The Melbourne record for an apartment sale was set at $25 million when the penthouse of skyscraper Australia 108 sold off the plan in 2015.
The Novotel development site was pulled from the market the Sydney property developer Greg Shand agreed a deal with Mr Gurner to develop the site.
The Novotel will operate as usual until building works begin.
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$40 million aspirations for Gurner's St Kilda Novotel penthouse

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Savills have secured commitments from three new tenants for an Adelaide co-working space.
RPO Pty Ltd, Improvement (Foundation) Australia Ltd and Fitzpatricks Private Wealth S.A Pty Ltd are to be the latest residents of Level 3, 12 Pirie Street, Adelaide.
They each signed twelve-month lease agreements.
Adam Hartley and Zandra McGee of Savills Office Leasing arranged the three lease terms for spaces ranging between 16 sqm and 82 sqm.
“The companies were attracted to the space because of its “trendy”, spacious and corporate fit-out as well as the convenience that co-working spaces have to offer,” Ms McGee said.
Rates range from $863 per sqm to $1,650 per sqm, and Ms McGee said tenants are happy to pay for the convenience and flexibility that spot co-working offers.
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Savills secure three new tenants for Adelaide co-working space

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.

[smartcode_project_cta:default project_id=147685]

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."

[smartcode_project:default project_id=1979 project_image_fid=363268]

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."

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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.

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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."

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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.

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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."

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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.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

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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."

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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.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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Staff reporter

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