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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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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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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

Investors may soon find themselves with fewer reasons to buy established property and more incentives to look towards the new apartment market.

Proposed changes to negative gearing and capital gains tax concessions would see new and off-the-plan apartments retain access to the tax benefits, while established properties would miss out, creating a clear advantage for buyers purchasing newly built housing.

The policy direction aligns with what many developers have been saying for several years. Australia needs more housing supply, and governments are increasingly looking for ways to encourage investment into new stock rather than existing homes.

The challenge for investors is that suitable product is becoming harder to find.

For much of the last decade, one-bedroom apartments were the cornerstone of investor demand. They offered a lower entry price, strong rental appeal, and were a common feature across most apartment developments.

Today, the development pipeline looks very different.

Across both New South Wales and South East Queensland, developers are increasingly targeting owner-occupiers and downsizers, delivering larger two, three and four-bedroom apartments in response to changing buyer preferences. While one-bedroom apartments still exist, they now form a much smaller portion of many new projects.

That shift has created a shortage of investor-friendly stock, particularly in well-located projects close to transport, employment hubs and lifestyle amenity.

At the same time, rising apartment prices have pushed many new developments beyond the reach of traditional investors. On the Gold Coast and across South East Queensland, it's becoming increasingly difficult to find new apartments priced around the $1 million mark, particularly those offering strong rental fundamentals and long-term growth prospects.

We've rounded up four new apartment developments where investors can still secure a foothold in the market for around $1 million or less.

<h2 data-end="1140" data-start="844">Flourish Soleira</h2>

<h2>Priced from: $1.07 million</h2>

Popular Palm Beach developer Sherpa is soon to officially launch its newest local apartment development, Flourish Soleira.

The one-bedroom apartments in the building were only offered to first home buyers rather than investors, and all of those have been snapped up. The two-bedroom apartments will start from $1.07 million, and the three-bedrooms, still a good investment given the popularity of Palm Beach for owner-occupiers, starting at $2,045,000.

&nbsp;

[smartcode_project:default project_id=150017 project_image_fid=370964]

Flourish Soliera will comprise 153 apartments across two buildings, connected by a skybridge, the first ever delivered in the suburb.

True to Sherpa's booming Flourish brand of apartment projects, Flourish Soleira will have extensive rooftop amenity across both buildings including a&nbsp;wellness centre with gym, work from home, yoga, pilates, a&nbsp;heated pool, private dining rooms, pizza oven and barbecues, basketball court, and golf simulator.

<h2>Corallo, Palm Beach</h2>

Priced from: $841,500

Nearby Flourish Soleira is Changfa Group's beachfront-inspired Corallo development. They still have some one-bedroom apartments remaining, priced from $841,500.

The 105-apartment project on Palm Beach Avenue is otherwise dominated by larger two and three-bedroom residences, many of which are aimed at owner-occupiers and downsizers.

[smartcode_project:default project_id=112194 project_image_fid=808]

For investors, the appeal lies in Palm Beach's continued transformation from a laid-back beachside suburb into one of the Gold Coast's most sought-after residential markets. Residents at Corallo will be within walking distance of Palm Beach's surf beaches, the recreational amenity of Tallebudgera Creek, and the increasingly popular collection of cafes, restaurants and boutique retailers along the suburb's central dining precinct.

<h2>Corner House, Stones Corner</h2>

<h2>Priced from: $880,000</h2>

One of only two Brisbane apartment developments to make the list with prices under $1 million is DeMartini Fletcher's Corner House development in Stones Corner.

One-bedroom apartments start from $880,000 within the 88-apartment development, providing investors with exposure to one of Brisbane's most established inner-south locations.

[smartcode_project:default project_id=149098 project_image_fid=330594]

Stones Corner has long been supported by strong tenant demand due to its proximity to major employment and education destinations. The suburb sits less than five kilometres from Brisbane's CBD and is within easy reach of the Princess Alexandra Hospital, Greenslopes Private Hospital, Queensland Children's Hospital and several university campuses.

The project's location within a walkable urban village environment, surrounded by retail, dining and public transport infrastructure, continues to attract both professionals and healthcare workers seeking accommodation close to work.

Parkdrive Apartments, Chermside

Priced from: $749,000

The most affordable apartments across Brisbane's new and off the plan market are in Chermside where developer AusDev is selling one-bedroom apartments from $749,000, and two-beds from $929,000, at its recently launched Parkdrive development.

The development is strategically positioned in one of Brisbane's largest employment and retail precincts, placing residents within easy walking distance of Westfield Chermside, The Prince Charles Hospital, St Vincent's Private Hospital Northside and the suburb's major bus interchange.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Already under construction and scheduled for completion in early 2028, Parkdrive benefits from Chermside's ongoing evolution into Brisbane's northern metropolitan centre. The suburb continues to attract significant public and private investment, supporting population growth and underpinning long-term rental demand.

For investors focused on yield and tenant depth, the combination of healthcare, retail and transport infrastructure within close proximity provides a strong foundation for occupancy and rental performance.

Joel Robinson

Investors to turn to new apartments after Federal Government changes spark hunt for Queensland's best $1 million apartments

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]

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.

Staff reporter

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