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Stevens Buildings in Millers Point, the first residential apartment building to be constructed in New South Wales, has fetched $10.05 million in its auction through Property New South Wales.
The <a href="http://commercialpropertysearch.savills.com.au/160c629a-58c3-e711-80d1-005056816353/Sale/Millers-Point/73-Windmill-Street,-Millers-Point" target="_blank">Windmill Street building</a>, designed by architect Joseph Alexander Kethel, comprises 11 apartments with views of the Sydney Harbour Bridge, Garrison Church and Observatory Hill.
There are nine one bedroom apartments and two two bedroom apartments, with open balconies to each level. The ground floor apartments have their own courtyards.
It was built in 1900 as a boarding house on the site of the former ‘Live and Let Live Hotel.'
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/28/Stevens2.jpg" alt="">
The property (above) was marketed by Savills agents Rob Lowe and David Hickey in conjunction with Sotheby's.
They had a $9 million to $9.5 million guide for its auction, with it sold in one line. 
An entire row of period terrace duplexes has also been sold off by Property NSW on behalf of Family and Community Services as part of the Millers Point sales programme to fund social housing.
The building, 74-80a High Street, comprises eight two-bedroom period terrace duplexes divided into two blocks each comprising four apartments on a 539 sqm island site. 
74-80a High Street (below) was expected to fetch about $8 million to $8.5 million, and sold at $9.8 million.
The block is one of a group of early twentieth century workmen’s apartments built by the Sydney Harbour Trust in the early 1900’s.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/10/74-80aHighSt.jpg" alt="">
There is scope to transform the apartments to their original condition, subject to Conservation Management Plan (CMP). 
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j.ballantyne1990-6AQqhLzZaK

$10 million paid for Sydney's first apartment block at Millers Point

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The Fletchers Balwyn-headquartered real estate agency has been fined $880,000 for underquoting on 22 properties in 2015, the strongest penalty ever for the outlawed practice in Victoria.
Justice Bernard Murphy said the size of the punishment ought deter other agencies from similar behaviour, which he described as widespread.
The 22 offences took place after Bradley Brown, the agency's chief executive officer, sent an email in 2014 to group sales staff informing them that Consumer Affairs had written to Fletchers seeking documents. He advised them to stay on top of their quote range, that in a rising market there was danger in underquoting and that Fletchers faced risks of large fines and bad press.
Fletcher and Parker (Balwyn) Pty Ltd was fined $40,000 for each underquoted property by sales representatives in its Canterbury and Blackburn offices in 2015.
At the time of the contravening conduct the maximum penalty for each contravention was $1.1 million.
Its leading agent Tim Heavyside was "involved" in 15 of Fletchers’ 22 contraventions, the judgement noted.
The Fletcher agency began in the then newly developing suburb of North Balwyn in the late 1930s.
The $880,000 penalty was reportedly more than double the commission it made from the sales, costing around one third of the company’s recent annual profit.
The Federal Court's Justice Murphy highlighted one sale where the seller of a Balwyn North property asked her agent why her house was marketed between $1.1 million and $1.2 million when the agency estimated it would sell for between $1.5 million and $1.65 million.
She was told the quote was low because “it brings in a broader market range” and "people with a low budget will often come up, and it will also catch the people with bigger budgets as well”.
The agency had a cavalier attitude to its responsibilities, Justice Murphy said. The evidence included the quote of the week at one 2015 sales meeting as “market the f— out of it and then underquote the shit out of it – good vendor management."
A sales agent Michael Richardson went as far as to acknowledge that “if [Fletchers] tell a buyer what (the vendor) actually want it destroys the campaign”.
Cristina Fotia, part of the sales team at Fletchers, sent an email to Blackburn office staff which included statements that: “A wise man once taught me when I first started real estate… “Quote them low watch them go” and “Safe to say we are doing a good job at it!!”;
One of the properties Fletchers sold was a three-bedroom house in <a href="https://www.realestate.com.au/sold/property-house-vic-vermont+south-120549605" target="_blank">Dorene Court, Vermont South</a> (below). It sold for $1.6 million in September 2015 after first hitting the market with an advertised guide of $900,000-plus.
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Another property in Monash Street, Box Hill South, sold for $1.731 million in May 2015 after being advertised for $1.1 million-plus (below). Fletchers advertised the property online on real.estate.com.au, in the Weekly Review magazine and in the Places magazine with a price quote of “$1.1 million plus”.
In the authority Fletchers based the estimated commission payable on the Box Hill South sale prices of $1.65 million and $1.75 million. Jacqui Versteegen, a member of the Fletchers sales team, sent an email to Fletchers’ sales and marketing group regarding the Monash Street Property and provided a price guide “POA (over $1.350M)”.
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Michael Richardson, an employed sales agent and auctioneer in the Fletchers’ sales team, advised the Monash Street vendor that senior staff from Fletchers’ Canterbury office believed potential buyers should be provided a price quote of “$1.25 million plus”.
Richardson said that buyers in Surrey Hills had been adding on $200,000-300,000 to an advertised sale price and that at a quoted price of $1.25 million plus Fletchers wanted buyers to think $1.45 million/$1.55 million. Mr Richardson said that was the best way to “get a record price”. He said that he wanted six bidders that were willing to bid strongly around that mark and the competition would push the price up.
Fletchers admitted misleading or deceptive conduct in relation to the sale of 22 properties in 2015, being properties situated at: 
(a)    6 Monash Street, Box Hill South;
(b)    2 Troy Court, Forest Hill;
(c)    8/842 Toorak Road, Hawthorn East;
(d)    9 Marina Street, Vermont; 
(e)    3 Gunyah Road, Blackburn North;
(f)    8 Polydor Place, Blackburn North; 
(g)    34 Moona Street, Burwood East; 
(h)    38 Bentley Street, Surrey Hills; 
(i)    9 Dorene Court, Vermont South; 
(j)    3/12 Arcadia Street, Box Hill South; 
(k)    4 Kitchener Street, Box Hill South; 
(l)    3/43 Glen Ebor Avenue, Blackburn; 
(m)    54 Linda Avenue, Box Hill North; 
(n)    46 Barter Crescent, Forest Hill; 
(o)    20 Gordon Crescent, Blackburn; 
(p)    307 Station Street, Box Hill South; 
(q)    2/15 Olympiad Crescent, Box Hill North; 
(r)    1/445 Mitcham Road, Mitcham; 
(s)    45 Tannock Street, Balwyn North; 
(t)    87 Stevenson Street, Kew; 
(u)    18 Lynden Street, Camberwell; and
(v)    3/12 Charlotte Street, Blackburn South. 
Victorian Consumer Affairs has agreed not to proceed in relation to Fletchers’ conduct in respect to the sale of three properties, situated at 33 Gray Street, Doncaster, 10/8 The Avenue, Windsor and 2 Bermuda Drive, Blackburn South.
The underquoting took place before new price guidance rules were introduced by the Victorian Government.
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“Market the f— out of it and then underquote the shit out of it – good vendor management”: Fletchers sales quote

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Westpac says uncertainty around the economic and fiscal outlook is ever present, but the downside risks have diminished somewhat relative to a year ago, with the world economy surprising to the upside.
The comments came ahead of the pending release by the Treasurer of the Federal Government's Mid-Year Economic &amp; Fiscal Outlook (MYEFO) on Monday next week, December 18.
The 2017 half yearly budget update will likely see minimal changes to the economic and fiscal forecasts and projections, Westpac economist Andrew Hanlan suggests.
"That is a welcome change from the experience for much of the post GFC period, when Treasurers so often had to mark down the revenue outlook.
In the May 2017 Budget, the budget deficit was forecast to moderate from $29.4bn, 1.6% of GDP, in 2017/18 to be approaching balance in 2019/20 and then edge into surplus in 2020/21, a forecast $7.4bn, 0.4% of GDP. 
Economic growth in 2017/18, in nominal terms, is set to exceed the Budget forecast, at a likely 4.5% vs an expected 4.0%. The mix of activity differs, with consumer spending softer, offset by investment by businesses and government.
Commodity prices over past months proved to be more resilient than anticipated, boosting national income. More recently, commodity prices have moderated, suggesting that the MYEFO commodity price assumptions for the out years will be largely as in the Budget.
The MYEFO profile for nominal GDP growth for the three years from 2018/19 is expected to be: 3.75% (downgraded from 4.00%); 4.50% (unchanged); and 4.75% (unchanged). The downgrade to 2018/19 reflects the risk that real GDP growth is revised to 2.75% from 3.0%, incorporating a weaker starting position for the household sector. 
The revenue profile across the four years will be boosted by the stronger starting position for the economy, by an expected: $2.4bn, $1.4bn, $1.0bn and $1.1bn.
The expenditure profile is expected to be unchanged, with a modest $1bn undershoot on expenditures in 2017/18 to be offset by the cost of new policy measures.
On these figures, the cumulative deficit for the four years is $40bn, $6bn lower than at Budget time, with the profile of: -$27bn (a $2bn upgrade); -$20bn, -$1.5bn and +$8.5bn.
"The case could be made for modest personal income tax relief, potentially to be announced in the May 2018 Budget," Andrew Hanlan said.
"This could be along the lines of those announced in the May 2016 Budget, shifting the income tax thresholds, costing $4bn over four years.
"There is also the scope to amend the ten year company tax cut plan, which is already incorporated into the fiscal estimates."
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Westpac sees fewer downside risks and scope for tax cuts

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Westpac will provide interest refunds to 13,000 owner-occupier borrowers who have interest-only home loans.
 The refunds amount to $11 million for 9,400 of those customers. The remediation follows an error in Westpac's systems which meant that these interest-only home loans were not automatically switched to principal and interest repayments at the end of the contracted interest-only period. To remediate the affected customers, Westpac will now:
<ul>
<li>Refund the additional interest paid from when the loan was contracted to convert to principal and interest repayments</li>
<li>Discount the interest rate for the remaining term of the loan.</li>
</ul>
This remediation has been designed so that customers pay no more interest over the life of the loan than they would have if the system error had not occurred. ASIC will monitor Westpac's remediation. ASIC and Westpac are yet to conclude an appropriate remediation program for investor customers with interest-only loans affected by the same system error. This has been a long-standing error between 1993 and August 2016.
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Westpac yet to deal with IO investor refunds after systems error

Financial stability, speculative mania and an eAUD? RBA's Philip Lowe

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A home that hit the headlines earlier this year when it sold under the hammer but actually didn't sell, has now sold four months on.
The hammer fell on a run down Redfern home when builders Sean Piper and Martin Allen outbid everyone to land the property for $1.36 million at its July auction.
After the price passed $1.35 million, Cooley Auctions auctioneer Jake Moore had indicated the reserve had been reached. It hadn't. He slammed the gavel down and shouted "sold" at $1.36 million.
But then the perplexed listing agent Cheryle Lanthois from Carrington Real Estate belatedly intervened. The house apparently had not been “sold” at all.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/13/boronia2.jpg" alt="">
“I’m sorry, I’ve made a mistake. The written reserve was $1.4 million — I had it as $1.3 million. Come inside and we’ll negotiate with the vendor,” Moore told the top bidders.
“We’re not negotiating — that’s it,” Piper said, the Sunday Telegraph noted.
Mr Moore: “I sold it under the written reserve — it’s my fault. It’s not the owner’s fault, it’s not Cheryl’s fault, it’s my fault.”
Lanthois confirmed that the vendor wasn’t selling at $1.36 million, but holding out for $1.4 million.
Discussions went on after the Boronia Street auction, with the eventual line from Carrington Real Estate agent Cheryle Lanthois saying the property had passed in because the reserve hadn't been met.
Piper and Allen understandably weren't best pleased and didn't want to go as far as the $1.4 million reserve.
After all the toing and froing, the home went on to sell late last month through different against BresicWhitney for $1.34 million, marginally less that the price the hammer fell at.
The Boronia Street home was a run-down three-bedroom terrace with peeling paint, squeaky floorboards, mouldy walls and outdoor dunny. 
 
 
 
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Hammered as Redfern derelict terrace sells for less

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An as new home on the Mornington Peninsula has been listed for sale.
The <a href="https://www.realestate.com.au/property-house-vic-blairgowrie-127044246" target="_blank">Blairgowrie home</a> has been listed by JWH Electrical owners and managers Jeremy and Brooke Hallett.
Architecturally designed with local rammed earth to draw on the natural environment, the home has four bedrooms, two bathrooms and a media room.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/13/Blair1.jpg" alt="">
The open plan kitchen and living space opens to decking.
A heated plunge pool sits around the side of the house at the Ridley Street address.
Liz Jensen of Kay &amp; Burton Portsea is asking for offers between $1.9 million to $2.09 million.
The 770 sqm parcel last traded vacant for $425,000 in 2015.
 
 
 
 
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Luxury Blairgowrie, Mornington Peninsula home for sale

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The Mordialloc boatyard owned by Jack Pompei has sold for $2.85 million, set to be transformed into a residential and commercial development.
The Herald Sun said a local developer secured it through Teska Carson.
The land has been owned by the Pompei family for 80 years.
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The 937 sqm site over looking Mordialloc Creek has a 57m frontage to Main St and includes an 850 sqm, old brick warehouse — the home of Pompei’s Marine since the 1940s.
The late Jack Pompei was awarded an Order of Australia Medal in 1987 for his work in marine search and rescue on Port Phillip Bay, where he was estimated to have rescued more than 600 people.
The nearby bridge over Mordialloc Creek was renamed Pompei Bridge in 2009.
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Local developer buys Mordialloc Pompei boatyard for $2.85 million

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Average home prices across all eight capitals fell 0.2 per cent in the September quarter, the first decline since the March quarter of 2016, according to the Australian Bureau of Statistics’ Residential Property Price Index.
Sydney apartments, townhouses and semi-detached homes fell 1.4 per cent in the quarter, the ABS figures showed.
House prices also turned negative with values falling 1.3 per cent.
Average capital city prices were up 8.3 per cent on the same period a year earlier.
Hobart posted the strongest annual gains being up 13.8 per cent, while prices in Melbourne were up by 13.2 per cent and Sydney had a 9.4 per cent gain.
House prices in Melbourne rose 1.6 per cent in the September quarter.
Perth (-0.9 per cent) and Darwin (-2.5 per cent) continued their decline.
Hobart's dwelling values jumped 3.4 per cent in quarter, greater than in any other city.
Apartment values fell in Melbourne (-0.4 per cent), Perth (-1.3 per cent), Darwin (-2.8 per cent) and Canberra (-1.1 per cent) in the September quarter.
 
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Property prices fall in September quarter: ABS

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The Pittwater trophy home Ventnor, one of the oldest buildings on the northern beaches, has been listed for sale.
Dating back 155 years on one of the peninsula’s biggest blocks, the 1860's residence in Elvina Bay was built around the American Civil War.
It was first owned by William Oliver, who was granted 12 hectares of land in 1842. He cleared the area for an orchard.
The home features a cast-iron combustion stove, sandstone verandas and Victorian-era fireplaces.
Realestate.com.au found historic reports that said Oliver cut oak timber, favoured as fuel for bakers’ ovens, and created orchards in the area.
Oliver and his wife Mary held the land until 1882 and were buried in the cemetery behind the church they helped build in Church Point.
Their son Frederick, who died in 1867 after falling off his horse, is buried further inland from the Elvina Bay house and his sandstone gravesite is still in place, beside a popular walking track.
<div class="wp-caption"><img class="size-full wp-image-256461" src="https://www.realestate.com.au/blog/wp-content/uploads/2017/12/01160016/capi_2644fecf6b62f5b19891153c3d4deff0_3b72eb639c88fd759cb76247122bd1c4.jpeg" alt="A shot of Ventnor from the water. Elvina Bay. NSW" style="font-size: 12.16px;" data-capiid="3b72eb639c88fd759cb76247122bd1c4"></div>
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Set on a 3165 sqm waterfront parcel, the home is in Elvina Bay, a small inlet only accessible by boat. The home comes with a private jetty and boatshed and sits in grassed gardens framed by established trees. Complete with brick chimneys, deep verandahs and corrugated iron roof, the single-level home has three bedrooms. The home was identified as being culturally significant by a local heritage study in the 1980s. Its heritage status has since been removed.
The home is on 3163 sqm of waterfront land with a private jetty, boatshed and wide Pittwater views in two directions.
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<img class="size-full wp-image-256459" src="https://www.realestate.com.au/blog/wp-content/uploads/2017/12/01160010/capi_2644fecf6b62f5b19891153c3d4deff0_17140e82eb996b84f7a2dfcc3fd73e6f.jpeg" alt="Ventnor 39 Sturdee Lane, Elvina Bay. NSW real esta" style="font-size: 12.16px;" data-capiid="17140e82eb996b84f7a2dfcc3fd73e6f">  
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The single-storey home with corrugated iron roof was identified as of cultural significance by a local heritage study in the 1980s but its heritage status has been lifted.
Ken Jacobs, of Christie’s International, said while there were many period details intact in the house, the property had also been remodelled and extended over the years.
P.M.C Hill and Christie's International are marketing the home with $3.5 million hopes.
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Ventnor, one of Pittwater's oldest homes for sale

Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/central-element">Central Element</a>&nbsp;is doubling down in Drummoyne, lodging plans for a boutique apartment development on St Georges Crescent, only one-kilometre down the road from its first Drummoyne development, Bianca.

The new project at 15A-21 St Georges Crescent,&nbsp;a&nbsp;1,701sqm north-facing site overlooking Iron Cove, will have 45 apartmnts across 10 levels. Eight of the units will be dedicated to affordable housing.

The site sits within walking distance of Drummoyne Village, Birkenhead Point, ferry services and the Bay Run, and offers harbour views towards the Sydney Harbour Bridge and CBD skyline.

Designed by MHN Design Union, the development will deliver a mix of one, two and three-bedroom apartments, alongside resident amenity including a gym, landscaped communal open space and three levels of basement parking.

The project has been lodged under the NSW Government's Low and Mid-Rise Housing reforms, with Drummoyne Village identified as a town centre capable of accommodating additional housing supply.

Central Element acquired the site earlier this year as part of its continued expansion across Sydney's eastern suburbs, lower north shore and inner west.

The developer's current pipeline includes luxury apartment projects Pearl Bondi and a separate development on Lamrock Avenue in Bondi, a residential project in Barry Street, Neutral Bay, and a mixed-use seniors living community in Greenwich.

Central Element Managing Director Nathan Chivas said the project would address a shortage of new owner-occupier housing opportunities in Drummoyne.

"While we're seeing a significant shift across Canada Bay as major infrastructure investment, population growth and planning reform drive a new chapter for the region, in suburbs like Drummoyne there remains a genuine shortage of new boutique luxury housing opportunities for owner occupiers," Chivas said.

"Sites of this nature are increasingly difficult to secure, particularly those that combine a north-facing aspect with direct water outlook. Our St Georges Crescent project responds directly to the market demand, offering a level of exclusivity, outlook and lifestyle in the highly sought after suburb."

The development application has been lodged with the City of Canada Bay Council, with the project expected to launch to market in early 2027.

&nbsp;

Joel Robinson

Central Element seeks second Drummoyne apartment development

The NSW Government has unveiled plans that could deliver around 1,300 new homes across Nowra and Kiama, continuing its push to unlock housing in well-located regional centres along the South Coast.

The proposals, now on public exhibition, would pave the way for around 830 homes in Nowra and a further 450 homes in Kiama, while also introducing affordable housing requirements and increased building heights in key locations.

The larger of the two proposals is centred on Nowra, where the NSW Government is seeking to rezone land within the Mandalay and Riverfront precincts.

The Mandalay sub-precinct, located close to Shoalhaven Memorial Hospital, Nowra Library and the city's aquatic centre, could accommodate around 530 new homes. Around 30 per cent of housing delivered on Homes NSW-owned land would be dedicated to social and affordable housing, equating to roughly 100 homes. Building heights would increase from the current two-storey limit to between three and six storeys.

A separate rezoning proposal for the Nowra Riverfront Precinct would unlock a further 377 homes while creating stronger connections between the Shoalhaven River and the CBD. The plans include building heights ranging from five to 12 storeys, floor space ratios of up to 2:1 and a requirement for two per cent affordable housing.

Together, the two proposals would deliver more than 900 homes across the broader Nowra area, reinforcing the city's role as one of regional NSW's key growth centres.

The housing push builds on previous infrastructure commitments in the Shoalhaven, including government funding aimed at supporting thousands of future homes in West Nowra through upgrades to water and wastewater infrastructure.

Further north, the NSW Government is also progressing plans for the former Kiama Depot site, a two-hectare parcel near Kiama's town centre.

The rezoning proposal would transform the former industrial site into a residential community capable of delivering up to 450 homes. Buildings would range between six and eight storeys, with at least 10 per cent of homes allocated as affordable housing. The proposal also includes approximately 600 parking spaces and improved walking and cycling connections.

Planning Minister Paul Scully said the proposals are designed to increase housing supply in locations close to jobs, transport and services.

"For too long, families have struggled to find somewhere to live, and activating underutilised sites allows us to deliver the new homes these families need," Scully said.

"The Minns Labor Government is getting on with the job of unlocking well-located sites close to transport, jobs, and town centres and building the homes our communities need.

"These rezonings are about removing barriers to housing delivery and making sure land is put to better use so more people can find a place to call home within the communities they choose."

The latest rezonings form part of the Minns Government's broader strategy to accelerate housing delivery across NSW, particularly in established centres where existing infrastructure can support additional population growth.

Community consultation on the proposals is now underway, with feedback set to inform the final planning controls before the rezonings are determined.

Around 1,300 new homes earmarked for Nowra and Kiama as NSW Government pushes housing supply

<a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> has commenced construction on its latest Gold Coast apartment development, Maris, on the site of the former Sundale Motel in Southport.

The start of construction by <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a> follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since launch. Every purchaser has been local, an&nbsp;indicator of confidence in both the development and Southport's evolution into a thriving CBD.

<a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> will deliver 192 residences across 20 levels. The project forms part of MRCB's Australian and New Zealand development pipeline now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

[smartcode_project:default project_id=134403 project_image_fid=350663]

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70 per cent of residences sold.

Maris has been designed to meet evolving buyer demand, offering architecturally designed layouts suited to long-term liveability. The approach reflects a growing preference for quality and adaptability among Gold Coast buyers.

Positioned next to the Broadwater in the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD, Maris sits directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

[smartcode_project:default project_id=134403 project_image_fid=372756]

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Binah, a New South Wales headquartered company co-founded by Amen Zoabi and Khalil Hafza in 2008, has expressed its excitement at establishing its first partnership with MRCB.

Binah's Managing Director Khalil Hafza said partnering with MRCB on Maris is a significant moment for Binah.

"MRCB's financial strength and a track record that speaks for itself give this project a solid foundation, and this marks the beginning of what will be a long and successful relationship.

"With the right people, systems and partnerships behind it, Maris is set to become a significant addition to the Gold Coast's premium residential market."

[smartcode_project:default project_id=134403 project_image_fid=350664]

MRCB International CEO Ravi Krishnan said the project's progression to construction reflects both sustained demand and tightening conditions across the apartment sector, as well as MRCB's continued confidence in the Gold Coast market.

"Commencing construction at Maris is a significant step and reflects the depth of demand for quality apartments in well-connected urban locations," said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

[smartcode_project:default project_id=134403 project_image_fid=372761]

Krishnan said Southport's ongoing transformation, supported by infrastructure investment and long-term planning, was underpinning renewed buyer confidence.

"We're seeing a clear shift back towards well-located urban centres where infrastructure, connectivity and amenity are already established," said Mr Krishnan. "Southport is evolving into a more mature CBD environment, and that is being reflected in buyer behaviour."

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

Construction commences on MRCB’s $200m Maris Residences in Southport

Moonee Valley Park’s latest residential release <a href="https://www.apartments.com.au/new-apartments/the-eveline-at-moonee-valley-park-moonee-ponds-100-thomas-street-moonee-ponds-vic-3039">The Eveline</a>, has achieved a new benchmark for off-the-plan apartment sales in the suburb, with the sale of The Alexandra penthouse selling for $5,435,000.

Positioned on the top floor of a 16-level residential building, the three-bedroom, three and-a-half-bathroom penthouse features uninterrupted city skyline views across the future Valley racetrack.&nbsp;

The landmark sale comes as momentum at the precinct continues to build, with the Moonee Valley Racing Club progressing works on its new racetrack ahead of the 2027 Cox Plate. The transformative development will see MVRC reimagine the beloved Valley as a vibrant year-round entertainment and lifestyle destination.

Alongside a world-class racing experience, the historic precinct will be activated with events, hospitality and public green spaces designed to attract broader audiences, while breathing new life into one of Melbourne’s most iconic destinations.&nbsp;

[smartcode_project:default project_id=142519 project_image_fid=372786]

Development partners <a href="https://www.apartments.com.au/developers/hamton">Hamton Property Group</a> and Hostplus have delivered five residential stages over the past four years, the most recent in November 2025 with Trackside House and Stonepine House. The flourishing community is now home to almost 500 families.&nbsp;

The latest residential release, The Eveline, has recorded strong demand since launching publicly last July, securing more than $200 million in sales to date, satisfying its pre sales hurdle for construction to commence.&nbsp;

Hamton Founder and Executive Chairman, Paul Hameister OAM said, the sales&nbsp;team have been overwhelmed by demand for these unique homes in this unique project.

"Buyers continue to be predominantly hyperlocal and attracted by the 40 hectare botanic masterplan in Melbourne’s inner north west," Hameister said.

[smartcode_project:default project_id=142519 project_image_fid=372788]

Hamton’s Sales and Marketing Director Fergus Humphries said the team has achieved more than 70 sales over the past eight weeks, including the penthouse purchase by a local buyer.

"These results reinforce that, even in a challenging market, purchasers continue to be drawn to quality projects that offer more than just a home, they offer a lifestyle.”

Designed by Cera Stribley, the penthouse has been created with entertaining in mind, spanning close to 400 sqm of indoor and outdoor living space, including multiple terraces designed to capture sweeping views across Melbourne’s skyline, the new Valley racecourse and sunset views over Moonee Ponds.

Moonee Valley Park is one of Melbourne’s largest urban renewal projects, transforming the iconic racecourse site into a vibrant mixed-use neighbourhood integrating homes, parklands, retail, racing and community amenities.

[smartcode_project_cta:default project_id=142519]

Moonee Valley Park penthouse sets suburb record as sales surge clears construction benchmark

A company linked to one of Australia's largest privately owned cattle businesses has lodged plans for a new residential tower in <a href="https://www.apartments.com.au/developments/newstead-qld-4006">Newstead</a>, continuing the rapid transformation of one of Brisbane's most sought-after, inner-city precincts.

Bottletree Holdings, an entity associated with Stanbroke Managing Director Brendan Menegazzo, has submitted a development application for a 28-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/9-longland-street-newstead-qld-4006">9 Longland Street</a>, a site that made headlines last year when it changed hands in an off-market transaction that reportedly set a benchmark land rate for the suburb.

The proposal would replace an existing two-storey commercial building on the 1,510 sqm corner site with a Bureau Proberts-designed tower comprising 76 apartments, ground-floor retail, office space and a suite of resident wellness amenities.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="c710a836-568e-4382-bc91-3c34b8e80a8b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.41.45%E2%80%AFAM.png?VersionId=Vy.mQWBc7GA_a.vIBdxKqRC9XGjWalo2" />

According to planning documents lodged with Brisbane City Council, the development would comprise a mix of 36 two-bedroom apartments, 24 three-bedroom apartments and 16 four-bedroom residences, positioning the project firmly at the premium end of the market. The apartments would sit above a podium containing retail and commercial space, with three levels of communal recreation facilities spread throughout the tower. The proposal also includes 198 car spaces and 95 bicycle spaces.

Bureau Proberts has drawn heavily on Newstead's industrial heritage in developing the architectural response.

"Occupying a prominent corner in the heart of Newstead, the proposal draws from the area's industrial lineage of robust brick warehouses to deliver a distinctly contemporary response," the architects said in the design statement.

"It is conceived as a subtropical sanctuary and elevated private retreat embedded within one of Brisbane's most vibrant lifestyle precincts."

The design seeks to reinterpret the traditional Queensland vernacular through wraparound verandahs, deep shading elements and permeable facades that respond to Brisbane's subtropical climate.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="25524f59-395c-4825-8fad-9b639822fa8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.09%E2%80%AFAM.png?VersionId=dlWlbpCc_g3Y6yTLGqRVKvGJvO2ubMJ3" />

Planning documents describe the building as embodying the principles of "buildings that breathe", a design approach increasingly favoured in Brisbane's apartment market as developers focus on natural ventilation and outdoor living spaces.

The tower itself would rise above a heavily landscaped podium designed to reference the woolstore architecture that helped define Newstead and neighbouring Teneriffe for generations. At ground level, fine-grain retail tenancies would activate Longland Street, Wyandra Street and the existing Wyatt Street laneway, further extending the pedestrian network that has become a hallmark of the Gasworks precinct.

The application notes that more than 54 per cent of the site would be dedicated to landscaping and deep planting, while approximately 1,750 sqm of communal recreation space would be delivered across multiple levels.

<img alt="Planning" data-entity-type="file" data-entity-uuid="fed3b189-1054-4b68-af5f-b0befc4a66e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.19%E2%80%AFAM.png?VersionId=gqeE3cjsbnLAfeTUKA1HtPZfqDs6S4Xa" />

Bottletree paid $22 million for the 1,510 sqm development site, equating to more than $14,500 per sqm, a reflection of the strong demand for development opportunities in Newstead. The suburb continues to attract both developers and buyers, underpinned by the ongoing evolution of the Gasworks and Teneriffe precincts into some of Brisbane's most sought-after lifestyle destinations.

Brisbane City Council's Sustainable Growth Strategy and Inner City Strategy both identify Newstead as a priority growth precinct capable of accommodating additional housing density due to its proximity to employment hubs, public transport and lifestyle infrastructure.

The proposed tower joins a growing pipeline of high-end apartment developments in the suburb. Fortis recently launched <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a>, a 65-apartment owner-occupier-focused development on Kyabra Street, while Consolidated Properties Group is preparing to launch <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a 227-apartment waterfront project on Skyring Terrace.

Meanwhile, builder-developer BPG is planning its own Newstead project on Maud Street, comprising just over 100 apartments and more than 1,380 sqm of dedicated wellness and resident amenity spaces, further highlighting the shift towards lifestyle-driven apartment developments in Brisbane's inner-city market.

Staff reporter

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