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An oversupply of properties is making it cheaper to rent in inner Melbourne and Sydney where advertised stock increased nearly 60 per cent between March and June, the latest ANZ CoreLogic Housing Affordability report shows.
Loss of income and travel restrictions contributed to excess stock levels which saw inner Melbourne record a 57 per cent increase in advertised rental properties while Sydney’s city and inner south both recorded a 53 per cent jump. All other capital cities saw a drop in total rental listings.
ANZ Economist Felicity Emmett said the fall in demand for rental properties in inner Melbourne and Sydney was due to their ‘service economies’, as people working in industries hardest hit by COVID-19 were also most likely to rent.
“Nearly 40 per cent of people who work in the accommodation and food services sectors rent,” Ms Emmett said. “Between the weeks ending 14 March and 27 June, 21% of hospitality workers lost their jobs, compared to an average of 6% across all industries.”
“The lack of overseas migration has also contributed to falling demand as about 80% of newly arrived migrants rent. This drop-off in demand will impact regions popular with migrants, including inner city and south-eastern Melbourne, and inner south west Sydney.”
The oversupply of inner city stock has pushed rental values down as much as 7 per cent in suburbs such as Haymarket and Barangaroo in Sydney and Southbank in Melbourne.
CoreLogic’s Head of Research, Eliza Owen, says while reduced competition for rental properties is good news for tenants looking to negotiate rent reductions, landlords shouldn’t panic.
“The oversupply of rental stock since March has been largely confined to inner city areas in Melbourne and Sydney, while all other capital cities have experienced a decline,” Ms Owen said.
“There are still opportunities for investors where rental markets have continued to tighten and rental values have increased, including select suburbs across Perth and Hobart where Airbnb stock may be reverted back to the short term rental market as inter-state travel resumes.”
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j.ballantyne1990-6AQqhLzZaK

Rents dip in inner Melbourne and Sydney amid record oversupply: ANZ

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Melbourne's preliminary weekend clearance rate was 44.1 per cent after 197 reported price results from the 483 scheduled auctions.
The tally included some 193 withdrawn from auction, Domain reported.
It was the second July weekend with the rate in the 40s after the return to lockdown across the capital city. 
There were 85 reported online Melbourne auctions, with 60 selling, which was the highest recorded success rate for online to date, Domain research analyst Nicola Powell advised.
Melbourne's top sale was <a href="https://www.realestate.com.au/sold/property-house-vic-kew-133806986" target="_blank">45 Walpole Street, Kew</a> (pictured) which fetched $4.21 million prior to its scheduled online auction.
Melbourne also saw a $3.67 million St Kilda West home.
The four-bedroom, two-bathroom house at 8 York Street was announced on the market at $3.5 million, by the Marshall White Stonnington agent John Bongiorno.
Sydney's preliminary clearance rate on Saturday was 64.6 per cent, after 471 scheduled auctions and 270 reported results. The rate included 77 withdrawn auctions.
The nation's cheapest was the $300,088 pre-auction sale at 15/38 Barrett St, Robertson. It had last sold from $80,000 in 1983.
Brisbane's top sale was just over $1 million when 43 Saint Helens Rd, Mitchelton was sold at $1.09 million.
Sydney’s highest sale was a four-bedroom, four-bathroom home in Vaucluse, on the market for the first time in 65-years.
It sold for $5,695,000 through Sydney Sotheby’s agent Michael Pallier.
There were five registered bidders for 61 Village High Road.
‘The buyer was a local but what drove the price was an expat in Singapore who had never seen the house and had a family member bidding for them. The third bidder, who bid up to $5.5 million, wanted to buy it for his 18-year-old daughter as a long-term hold. He looked at it an hour before the auction.," Pallier told Nine Entertainment.
Canberra had the country’s highest preliminary clearance rate of 90.6 per cent – reflecting the sale of 29 out of 32 reported auctions by CoreLogic.
 
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Melbourne auction weakness remains while Brisbane comes up the cheapest

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A five-bedroom, two-bathroom Clontarf hillside house has been sold for $2,765,000.
It sold through Cunninghams agents Mark Connor and Kylie Mousey earlier this month. 
The <a href="https://www.realestate.com.au/sold/property-house-nsw-clontarf-133854002" target="_blank">11 Kanangra Crescent </a>residence is set on a 726 sqm block.
It features an family home over two levels.
It offers harbour views from its alfresco dining areas and a pool. 
Cunningham Real Estate marketed the property's potential knock down.
The DA approved plans are for a 388 sqm residence with a pool. 
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The property last sold for $2.48 million in 2017. 
According to Realestate.com.au, 45 other five-bedroom houses recently sold in Clontarf. 
Similar houses recently sold in the area include a four-bedroom, two-bathroom home on Alma Street which sold for $2.51 million in April and a five-bedroom, four-bathroom home on Moore Street which sold for $3.2 million in March. 
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DA approved trophy home plans in Clontarf

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HIA has welcomed the announcement by the Federal Government of the $2 billion JobTrainer package, which includes an extension of the vital Supporting Apprentices and Trainees wage subsidy until March 2021.
“The Supporting Apprentices and Trainees wage subsidy was the first employment assistance package introduced by the Government as COVID-19 began to take hold. It was well targeted and critical to providing both employers and apprentices the certainty they needed in those early days of the crisis,” said HIA managing director Graham Wolfe.
“While the HomeBuilder incentive has underpinned activity in the second half of 2020, there are many hurdles for businesses into the months ahead.
“Moving early and confirming that apprentices will now be supported beyond the original September timeframe to March 2021 simply makes sense.
“Today’s announcement extends the subsidy to medium-sized businesses with less than 200 employees also giving them greater certainty.
“The partnership between the Federal Government and the States and Territories announced today, giving more Australians access to free, or low cost, training places in areas of identified skills needs through a $1 billion co-funded JobTrainer fund, is also a welcome move,” said Mr Wolfe.
“Undertaking training may be a practical option for many people. Whether that’s reskilling or upskilling, looking at the opportunity to take on a building apprenticeship now offers a chance for workers to enter new careers and be paid while they learn.
“HIA will monitor the new National Partnership Agreement that will facilitate this training opportunity and work with the National Skills Commission to ensure building and construction trades are recognised as critical areas for the future.” 
“While this subsidy will make a real difference to current apprentices and trainees, it is important to provide a clear signal to the school leavers’ class of 2020 that moving into an apprenticeship in 2021 is the right decision. HIA looks forward to working with the Government to identify ways to bring in new students in 2021 and showcase the wealth of opportunities that exist in our industry.”
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JobTrainer package provides certainty for apprentices: HIA

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A new 50-year vision for Greater Sydney’s network of parklands and green open spaces has been launched by the NSW Government, heralded by an initial $10 million investment to revitalise one of the city’s forgotten harbour-side parks.
Planning and Public Spaces minister Rob Stokes said <a href="https://www.planning.nsw.gov.au/-/media/Files/DPE/Strategy-documents/50-Year-Open-Space-and-Parklands-Vision-2020-07.pdf?la=en" target="_blank">the draft</a> vision, which is now open for public comment, puts NSW on a path to the first-ever metropolitan-wide plan for the city’s open spaces and parklands.
“Our city’s parks are one of our greatest assets and belong to all of us; it’s time for a clear, single vision to protect, manage, enhance and expand them for generations to come,” Mr Stokes said.
“The COVID-19 pandemic has highlighted how we need to change the way we look at our public spaces – not as parks in a city but rather as Sydney as a city within a park.”
The Vision will be championed by a new Greater Sydney Parklands (GSP) government agency that brings together the Centennial Park and Moore Park Trust, Parramatta Park Trust, and Western Sydney Parklands Trusts, as well as the parklands of Callan Park and Fernhill Estate. 
Michael Rose, Chairman of the Committee for Sydney, has been appointed the chair of GSP board.
“In the past, the individual parkland trusts have had a sole focus on the land within their boundaries. Now we have a once-in-a-generation opportunity to look beyond those boundaries to plan for our parklands and open spaces over the next 50 years as a connected and vital network that forms the backbone of our city,” Mr Stokes said.
“This new city-wide agency will work in partnership with communities and local councils across Greater Sydney to champion the new Vision and ensure we’re working holistically to expand and improve our open spaces and parklands.”
Combined, the agency will oversee more than 6,000 hectares of parklands across Sydney, which host almost 40 million visits each year.
Callan Park in Sydney’s inner west is the first park to be identified through the GSP
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for urgent restorative work, with $10 million in funding allocated to enhance the connection with the waterfront and Bay Run. A new Landscape Structure Plan has been released for public comment, which will inform how the funding is spent.
“This investment in Callan Park is just the start and demonstrates our committment to revitalising and growing our city’s great public open spaces, starting with one of its great forgotten jewels,” Mr Stokes said.
The draft 50-year vision for Greater Sydney’s Open Space and Parklands will be open for consultation until September 11, 2020.
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Callan Park first in 50-year vision for Sydney's open space and parklands renewal

<html><body>A COVID-induced spike in real estate enquiry has experts predicting a strong Whitsundays in the ‘new normal’. Reports across the country state city-dwellers are making a COVID-19-change and are trading their CBD cubicle for a remote office with room to enjoy tranquility. This newfound flexibility is believed to be behind the near-record number of online searches for Whitsunday property in recent months.  The lure of acreage seems to be the strongest, with leading real estate website <a href="http://domain.com.au/" target="_blank">Domain.com.au</a> experiencing a 507 per cent increase in searches for rural residential property in Cannonvale, and surrounding areas.  <a href="https://ecomms.raywhite.com/collect/click.aspx?u=V1I3c3ZNeXdEbDVDRmVndkZYMmJYT01wQzNoTU43Zk10SDRYRmRwZDB3QUdIb2k1M0RZNzZRK25pSWxLSXpSU0NJK0xDcnZJZlljMThnNFFMZEt1ckE9PQ==&amp;rh=ff006465a85cb54541341c264f419930d26ae172" target="_blank">Ray White Whitsunday</a> Sales Associate Brett Dwyer said he had been surprised by the increase in enquiry.  “It seems like anyone that has had the Whitsundays as their 'one-day' dream address has decided that now is the time to move, and the latest stimulus announcements have magnified this further,” Mr Dwyer said. <a href="https://ecomms.raywhite.com/collect/click.aspx?u=V1I3c3ZNeXdEbDVDRmVndkZYMmJYT01wQzNoTU43Zk10SDRYRmRwZDB3RGsyVUtad1h5clQ5dktQcnFTbGtrSzU4SnR4UC82dmkzamRXZ3k3UXZtWHc9PQ==&amp;rh=ff006465a85cb54541341c264f419930d26ae172" target="_blank">Hidden Valley Whitsundays</a>, a new estate outside of Cannonvale may well be the epicentre of new interest, receiving over $1.3 million of land offers in May alone.  Hidden Valley Project Manager Brett Evans was less surprised that southern eyes were looking north for an escape.  “I lived in the Whitsundays for years but I live in the city right now and I can tell you where I’d rather be when things get crazy. We all felt the walls closing in down here,” Mr Evans said. “After a few weeks of empty grocery shelves and being outsmarted by grade one home-schooling, we were definitely ready to hook the boat up and head north.”  With ten lots in the first stage of Hidden Valley sold to local buyers, it seems it’s not just the southern city-dwellers feeling claustrophobic. Locals are also looking for the security that comes with a few extra acres.  “The prospect of a more self-sufficient lifestyle and the security that comes with a few extra acres seem to be really strong motivators, which is understandable,” Mr Dwyer said. “Who hasn’t found themselves in lockdown staring at the neighbours’ fences on either side and thinking that a little extra space, a veggie garden and a few chickens sounds pretty good?”  Senior Analyst for <a href="https://ecomms.raywhite.com/collect/click.aspx?u=V1I3c3ZNeXdEbDVDRmVndkZYMmJYT01wQzNoTU43Zk10SDRYRmRwZDB3QUdIb2k1M0RZNzZWNkdQbFYzNnBuVktEOWJQZHIzaGVjYjV4Q0UwUkRxV0h1V2RROEp6eDRSWUlxNlIzZzljZUFwR2FjbmR2TFdtUT09&amp;rh=ff006465a85cb54541341c264f419930d26ae172" target="_blank">Ray White Northern Corridor Group</a>, Ashley Rees, said supply of quality acreage land could soon become an unexpected issue in the region.  “When the pandemic began, stock levels were already 14 per cent lower than they were at the same time last year,” Mr Rees said. “Add the new pressure of buyers cashing out of a strong southern market, to this renewed local demand, and we may soon find buyers struggling to find quality options.  “The Whitsundays has always offered an unbeatable lifestyle, but has been hamstrung by the lack of diverse employment options.  “For many it seems, the newfound acceptance of remote working in a post-lockdown world may have removed the last great barrier to living in this tropical playground.”</body></html>

Whitsundays proving to be a post-COVID-19 hotspot

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COVID-19 has affected everything from our work life, social life and our home life, leading to many of us making changes across one or more of these areas. Specifically, some empty nesters have found themselves back to running a full house with young adult children choosing to move home because of the pandemic.  
TAXIBOX, a mobile self-storage company has revealed the top suburbs across Sydney, Melbourne and Brisbane requiring storage, with locations popular amongst younger demographics such as Surry Hills, Paddington, Glebe, St Kilda and Woolloomooloo entering the list for 2020. With the pandemic leading to rising unemployment and many Australians, especially those in Melbourne who are re-entering lockdown and feeling the pinch – data indicates that the younger demographics (across all three states) are in the greatest need for storage.  
With the average cost of rent for a unit over 863 per cent higher than renting a TAXIBOX, Millennials that decide to pack up and store their possessions to move back in with mum and dad have the opportunity to save on average over $2,000/month (for Sydney dwellers) and over $1,500/month (for Melbourne and Brisbane residents).
 So what suburbs across the three states are in most need of storage solutions and how has this changed from 2019? Below are the top five locations across Sydney, Melbourne and Brisbane according to TAXIBOX data.  
Sydney 
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Bondi – 2026
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Bondi – 2026
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Surry Hills/Darlinghurst – 2010
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Newtown – 2042
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Paddington – 2021
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Maroubra – 2035
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Glebe – 2037
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Marrickville -2204
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Woolloomooloo - 2011
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Randwick - 2031
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Melbourne 
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Richmond - 3121
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Brunswick - 3056
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Clifton Hill - 3068
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Prahran - 3181
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St Kilda - 3182 
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Clifton Hill - 3068
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Brunswick - 3056
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Northcote - 3070
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Prahran - 3181
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Richmond - 3121
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Brisbane 
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West End – 4101
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West End – 4101
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Carina - 4152
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Carina – 4152
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Alderley - 4051 
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New Farm – 4005
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Corinda – 4075
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Morningside – 4170
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Nundah – 4012
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Kallangur - 4503
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Millennials move home and turn to storage lockers

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A new report by ING reveals almost half (46 per cent) of Aussie millennial home buyers say COVID-19 has made home ownership more achievable and a third (32 per cent) say they’ll buy a home within the next one to two years.
According to the report, millennials say they have used lockdown to get on top of their property goals by redirecting travel budgets to a home savings account (59 per cent), taking on a side hustle (37 per cent), and moving back in with their parents (36 per cent).
In order to save and buy a house sooner, half (50 per cent) of all millennial home buyers say they would consider living on the city fringes and the outer suburbs (45km or more from the city), the report found. More than one in five (22 per cent) say they plan to buy a smaller property in a cheaper area and rent it out until they can afford their forever home, while one in 10 (9 per cent) say they would consider buying a property with a friend or family member to get on the ladder quicker.
What’s more, millennials seem to be using different tactics and making significant lifestyle sacrifices to save for their future home. Almost half (48 per cent) say they will limit their personal shopping, reduce dining out experiences (42 per cent) and recreational drinking (28 per cent), give up their gym membership (21 per cent), and date less (24 per cent).
ING’s Head of Home Loans, Julie-Anne Bosich says: “What this research suggests millennials and Australians in general haven’t given up on the great Australian dream of owning their own home, they’re just re-thinking how they go about getting there and re-evaluating where they might want to live.”
“It suggests many people, especially millennials are being savvy by taking advantage of record low interest rates, government assistance and a weakened housing market to get on the property ladder.”
“The ING Future Focus: Homeownership report gives an overview of how the pandemic has changed how Aussies feel about their homes and home ownership and offers practical, money saving design tips for those wanting to make better use of space.”
Key findings from Future Focus: Homeownership Report include: 
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<li>The Australian Dream revived and re-defined: most millennial Aussies are setting their sights on owning one home (75 per cent), over flipping houses (8 per cent) and buying an investment property (10 per cent).<img src="blob:https://www.urban.com.au/069ff86b-b910-4d98-a3e4-46b67035260d" alt="page1image5863472" width="17.280000" height="0.480000">
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The new home ‘essentials’: Millennials looking to buy are prioritising fast internet (40 per cent), an outdoor space like a balcony, garden or patio (37 per cent) and space to exercise (27 per cent). They’re also buying for comfort (32 per cent), stability/security (21 per cent) and protecting their future (15 per cent).
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The home turned ‘Lifestyle Hub’: Since lockdown, a quarter of Aussies (30 per cent) say they now see their home as a ‘lifestyle hub’ and despite public spaces now open, many plan to continue exercising (39 per cent), dining (30 per cent), socialising (29 per cent) and working (25 per cent) more frequently at home.
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Buying property with a partner: Millennials (60 per cent) are notably more likely than Gen Z (41 per cent) or Gen X (35 per cent) to enter the property market with a partner, however one in five millennials (22 per cent) plan on doing it alone.
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Millennials set to take advantage of COVID weakened housing market: ING

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A building company has been fined $90,000 for breaching the Work Health and Safety Act 2011 after a worker suffered a fatal fall from scaffolding on a Lidcombe construction site.
Hadcon Constructions Pty Ltd was contracted to build a six-storey residential apartment at Lidcombe when the fatality occurred. Upon investigation, SafeWork NSW found the scaffolding had been altered since installation and was inadequately secured.
Minister for Better Regulation, Kevin Anderson, said his thoughts were with the worker’s family.
“This is a tragic incident and my thoughts are with the family. Incidents like this should not happen – everyone deserves to return home to their family at the end of the working day,” Mr Anderson said.
“When working from heights, safety measures and precautions must be strictly enforced, such as only allowing licensed scaffolders to erect, alter or dismantle scaffold.
“Far too often we see tradespeople who are not licensed scaffolders removing or altering parts of the scaffolding in the course of their work, compromising the integrity of the structure – this is how serious accidents can occur.”
The NSW Government recently launched the Speak Up, Save Lives app, which allows workers to anonymously submit dangerous activities on site directly to SafeWork NSW.
“The Speak Up, Save Lives App means workers can report issues before incidents occur. If you spot anything risky, play your part in protecting your own safety as well as that of your work mates by immediately reporting it to SafeWork.”
Following the NSW Government’s introduction of the strongest workplace legislation in the country earlier this month, anyone who puts workers’ lives at risk through unsafe work activities will receive heavy on-the-spot fines or potential jail time.
For more information on SafeWork’s operations and work health and safety advice, visitwww.safework.nsw.gov.au. Hadcon Constructions Pty Ltd has the right to appeal the decision.
Photo above: Scaffolding collapse at Macquarie Park last April/ <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-04-03/scaffolding-collapse-at-macquarie-park-1/10965318?nw=0" target="_blank">ABC</a>. 
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$90,000 fine for fatal scaffolding fall: NSW

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CBRE Hotels has reinforced its Capital Markets investment sales team with the appointment of former iPG Hotels director, Raymond Tran as director. 
Based in Sydney, Mr Tran brings over 23 years of experience in hotel operations, project management, asset management and investment sales working with a number of hotel brands including Minor Hotels, Choice Hotels International, Marriott International and Accor. 
CBRE Hotels Managing Director Michael Simpson said; “We are pleased to welcome Raymond to CBRE Hotels. He has an extensive track record and is well-known for his diverse experience and multi-faceted skill set.”
“Raymond is also regarded as the leading hotel market expert within the Asian real estate community in Australia.”
Mr Tran said; “I’ve been very fortunate throughout my experience to have a full view of the hotel industry working as a hotel operator, a broker and most recently on the ownership side.”
“I am very excited to be back working on the investment and brokerage side of the industry and thrilled to be part of the CBRE Hotels team,” he added. 
The CBRE Hotels team is the largest in the Pacific region, with representation in Sydney, Melbourne, Brisbane, Perth and Auckland.
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CBRE Hotels appoints Raymond Tran

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Joel Robinson

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

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Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

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Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

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<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

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The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

[smartcode_project_cta:default project_id=140818]

Staff reporter

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