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A commercial property occupied for many years as the local Westpac Bank at 115 Mentone Parade in Mentone has been sold in a transaction negotiated by agents Gray Johnson with a sale at circa $2.1 million.
The two level property has been purchased by a local general practitioner for his own occupancy.
The property was occupied for many years as a Westpac Bank. 
It has a former banking chamber at street level and an executive office above and has been leased for many years by Westpac.
Recently vacated by the bank their lease remains in place until December this year at a current annual rental rate of $116, 186 net plus GST.
The freehold property occupies a central position in the Mentone Parade shopping strip and abuts a Coles Supermarket.
With a street frontage of 9.2 metres the property also benefits from rear laneway access providing on the property car parking for six vehicles.
The site area is 495 sqm on which the building area is 325 square metres inclusive of the executive office area of 72 sqm on the first floor level.
Gray Johnson selling agent Rory White says the property with its very central location and street presence was marketed as ideal for a multitude of user and occupier potentials from retail to professional services.
 “On one side the neighbour is a prominent retail butchery while on the other side is the local Hocking Stuart real estate office.
“The purchaser will benefit from the remainder of the Westpac lease rental term while the settlement is on a ninety day basis.” Mr White says.
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Former Westpac Bank Branch sold to local Medico in Mentone

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More than 1,000 homes have now been completed under the NSW Government’s innovative Social and Affordable Housing Fund (SAHF).
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Minister for Families, Communities and Disability Services Gareth Ward said another 2,500 new homes are in the program’s pipeline, with about half already under construction.
“This program is all about collaborating with the community housing sector to deliver projects that support vulnerable people, particularly those at risk of homelessness,” Mr Ward said.
“About half of the homes completed so far are dedicated to people over 55 years of age, because they are a growing vulnerable cohort that require additional support.
The Government is delivering the $1.1 billion SAHF in collaboration with community housing providers. Residents who move into the properties receive a service package that includes access to services and support tailored to their individual needs.
Minister for Water, Property and Housing Melinda Pavey said the Land and Housing Corporation was complementing the SAHF with the largest renewal of social housing in Australia.
“We’re not just putting keys in doors; we’re delivering new, integrated communities. This investment will breathe new life into local economies to reenergise social housing and create vibrant communities, not just buildings.”
SGCH Group CEO Scott Langford said SGCH is delivering more than 500 properties under the SAHF and recently completed a 49-unit development in Liverpool.
“We are steadily delivering over 500 new homes under the SAHF, drawing on the strength of our partnerships with government, financiers and support providers,” Mr Langford said.
“Together, we are providing residents the stability of a safe, affordable home linked with supports, this combination serves as a springboard to opportunity.”
The SAHF is a key initiative of Future Directions of Social Housing in NSW building more and better housing that blends-in with local communities.
Photo above: Social houses in Parramatta, Sydney/ <a href="https://au.finance.yahoo.com/news/nsw-social-housing-020029321" target="_blank">Getty</a>.
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New South Wales's social housing set to surge

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A recent industry survey conducted by the Real Estate Institute of Queensland (REIQ) reveals that Property Managers across Queensland’s real estate industry have performed more than double the amount of ‘heavy lifting’ when it comes to rent negotiations between landlords and rental tenants.
This is outside of the Palaszczuk Government’s Residential Tenancies and Rooming Accommodation (COVID-19 Emergency Response) Regulation 2020.
REIQ CEO Antonia Mercorella says industry data like this is vital to help understand the essential nature of the real estate sector during unique circumstances such as the COVID-19 pandemic and its role in supporting the broader Queensland economy.
“This member survey aimed to identify a whole-of-industry snapshot in regards to the important role and to what scale our sector played in negotiating temporary reduced rents on behalf of more than 14,000 rental tenants with their landlords,” explains Ms. Mercorella. “Real estate professionals manage close to 600,000 Queensland households through property management services. The demand for more effective recognition of our industry during any future crisis of this nature is now more apparent, with property managers overseeing more than a double caseload of temporary rent reduction requests from tenants suddenly faced with the inability to fulfil their rent obligations.”
With over 1,200 REIQ property management member agencies surveyed throughout Queensland, the results show that only 6.05% of residential rental tenants qualified as “COVID-19 impacted” under the State Government’s COVID-19 Emergency Response Regulation. This represents approximately 3,950 renters from a State total in excess of 577,000 residential tenancies (Census, 2016). A tenancy is generally deemed to be “COVID-19 impacted” if a tenant is impacted by COVID-19 in certain ways and in addition, the tenant has suffered a loss of income of 25% or more, or the rent payable is 30% or more of a person’s income. A majority of negotiations achieved a satisfactory outcome regarding temporary rent reductions, with fewer than 800 referred to the Residential Tenancies Authority for further conciliation.
Furthermore, Property Managers proactively negotiated an additional 14% of temporary rent reduction requests beyond the COVID-19 Emergency Response Regulation, representing over 10,800 residential tenancies. That’s more than double the amount of qualified lease renegotiations recognised as ‘COVID-19 impacted.’ The bulk of these temporary rent reduction reviews took place across Brisbane (37.2%), Gold Coast (14.88%), Sunshine Coast (12.09%) and Cairns (6.51%) with the majority of tenants requiring a rent reduction of up to $100 per week (69.3%). A further 23.72% of rental tenants have required a temporary rent reduction of up to $200; 5.12% a reduction of up to $300; and, 1.86% a reduction of over $300 which represents just over 200 tenants.
“By the time the Prime Minister’s proposed protective measures for residential tenancies via a six-month moratorium on evictions reached the Palaszczuk Government, a highly-coordinated industry campaign for more fair and balanced protections for both tenants and landlords ensued,” says Ms. Mercorella. “However, the REIQ recognised that many rental tenants and landlords simply couldn’t wait. Large scale job losses were already in motion, with the entertainment, events, food and beverage, and tourism industries virtually grinding to a halt overnight. As a result, we were quick to work proactively with Property Managers across our member agencies to achieve an immediate framework of resources for tenants and property owners in significant financial distress to come together to negotiate temporary rent reductions in order reach an amicable outcome for both parties.
“The role our industry’s Property Managers have played throughout this pandemic is truly exemplary,” adds Ms. Mercorella.
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Only 6% of renters qualified as "COVID-19 impacted": REIQ

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The COVID-19 pandemic has had broad-reaching implications for the commercial property sector and will continue to do so for some time, according to the latest report from valuation firm Herron Todd White.
"Whilst neighbourhood shopping centres currently resemble ghost towns and are struggling with often only the anchor tenants trading, we also have real concern for local retail shopping precincts," the firm said.
"These local retail strips, particularly in inner city areas, are usually the life of a suburb, however with local cafes, bars, pubs, restaurants, clothing retailers, beauty services and gymnasiums almost all being forced to close, these strips are also near deserted."
The report illustrated that established retail strips built almost entirely around restaurants and late night trade such as Crown Street in Surry Hills, Oxford Street in Paddington, King Street in Newtown and Darling Street in Balmain are bearing the brunt of these closures.
Other usually strong retail precincts including the CBD, Bondi Beach and Manly have also been severely impacted by the abrupt halt of tourism and additionally in the case of the CBD, the closure of most offices.
Understandably, based on this lack of trade, tenants are seeking rental relief from their landlords.
"In addition to this, we are seeing significant increases in vacancy rates with tenants not renewing existing leases and properties that were available preCOVID-19 remaining on the market with agents reporting little to no interest," the firm continued.
"There have been very few transactions from which to gauge how the rental market is performing."
Some limited evidence has indicated significant reductions in the rental rates being achieved in Sydney.
A recent example of a property in Darlinghurst, that only managed to achieve 30 per cent of the rental it had previously received in 2019, was provided in the report.
"On a more positive note, there are some locations that seem to have weathered the storm better than others," the report said.
"Macleay Street, Potts Point has seen many retailers continue to trade throughout the pandemic and as a result, the increase in vacancy does not appear to be as significant as we have seen in other retail precincts."
"This can be explained by the demographic and typical trade base for these retail shops, which is generally considered to be mostly locals.Further, the high proportion of the population living in units in this area has meant that many have relied on local businesses throughout the pandemic."
Much like the near halt in retail leasing activity, sales activity is minimal with often only properties that were on the market prior to the pandemic being transacted.
That said, the majority of campaigns have been withdrawn from the market or moved from being an active auction campaign to an expressions of interest campaign.
Therefore, the firm found that it is very hard to gauge where the market currently sits.
"We do note that there have been a few recent investment sales, indicating that there is some demand for well-located retail assets with strong lease covenants that are considered low risk."
"In completing valuations of retail assets during this period of uncertainty, we are reflecting the current risk associated with vacancies and adjusting letting up periods based on the current market activity and enquiry level being reported by local agents."
"Looking ahead, we are of the view that investors will shy away from retail assets as they are considered to be highly volatile, with the risk of lengthy vacancies higher than usual and the overall lack of demand for space likely to result in a decline in values."
The firm concluded that there is a defined path to recovery for the retail sector, however the sector faced significant challenges in the immediate future.
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COVID-19 pandemic has deep implications for the Sydney's commercial property sector: HTW

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GUEST OBSERVATION
Only 40 per cent of students in China who previously intended to study overseas still plan to, while just under 50 per cent of those who had studied overseas plan to return to their study after the borders reopen.
These are results from our unpublished survey of 1,012 students we conducted in China between June 5 and 15. We asked them whether they would continue with their plan to study abroad post COVID-19. 
These findings are not surprising. Due to growing tensions between China and the West – even before COVID-19 – middle-class parents in China had become increasingly concerned about the safety of, and possible discrimination against, their children abroad, including in the US and Australia.
The pandemic seems to have accelerated this trend.
<a href="https://theconversation.com/newsletter"><img src="https://images.theconversation.com/files/320030/original/file-20200312-116261-a6ugi0.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=90&amp;fit=crop&amp;dpr=2" alt="Sign up to The Conversation" width="100%"></a>
<h2>What students say about studying in Australia</h2>
Of the 1,012 students we surveyed, 404 had registered to study abroad in the next three years (in the US, UK, Australia, Canada, Japan, New Zealand and Singapore) and 608 had been studying overseas (including in Australia, US, UK, Canada, New Zealand and Japan) before COVID-19 .
In the questionnaire, we presented interviewees with considerations and asked them to nominate which ones would influence their decision about whether to study in Australia after COVID-19, as well as in other countries.
The first group (group A) includes 304 students who had studied in Australia but who were not able to return due to travel restrictions.
Of these, 50 per cent were undergraduates, 42 per cent graduates, 5 per cent doctoral students, and 3 per cent vocational education or high school students.
The second group (group B) includes students who had never studied abroad before but had registered their intention to in the next three years, including in Australia, before COVID-19.
The second group also answered Australia-specific questions.
Not many students in either group considered issues such as more expensive air travel, less freedom in China and online lectures as critical factors influencing their decision to study in Australia.
But the two groups reacted to some factors quite differently. The students who had studied in Australia before considered the following factors as more critical to their decision:
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returnees with Australian degrees are not more competitive in China’s job market compared to graduates from top-tier universities in China
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life is more convenient, safe and easier at home and I don’t want to go abroad to endure the hardship as a foreign student
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improved political stability and economic prospects in China
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less of a chance of landing a good job with an Australian degree in China
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no need to go abroad if lectures are delivered online.
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The group of students who hadn’t yet studied in Australia but planned to, considered the following factors as critical:
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media reported cases of Chinese being “discriminated against” or “abused” in Australia
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deterioration in Sino-Australia relations
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not many outstanding returnees from Australia are visible in the media to represent the success of Australian education
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Australian universities lowered the entry standard for foreign students due to COVID-19
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Australian degrees are perceived to be less valuable compared to degrees from other English-speaking countries, especially the US and the UK, by HR personnel in China.
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<h2>What the students said</h2>
Not surprisingly, both groups considered the Chinese government’s warnings against visiting, or studying in, Australia important. A decision to study and live abroad is often made by the whole family in China. Official voices weigh significantly in such decisions.
A student who had done some of her master degree in a Melbourne university said:
After the Chinese New Year, Australian borders were closed to Chinese students due to COVID-19. Direct travel was not allowed. So I travelled to Thailand and spent 14 days in a small hotel in Bangkok before I landed in Melbourne. I had to be self-quarantined for 14 days in my rented room.
Then I found all lectures were moved online and the situation of COVID-19 became serious in Melbourne. The PM urged international students to go home. My parents were so worried. They paid for an over-priced air ticket and a quarantine-hotel in Shanghai for me for 14 days before I could go back to my hometown.
When the [Chinese] government announced the travel and study warnings, I couldn’t convince my parents that things aren’t that bad in Australia. They listened to the government and believed the ‘official voices’ rather than their own daughter.
There <a href="/news">have been cases</a> (though isolated ones) of Asians or Chinese people being bullied in Australia due to COVID-19. Unfortunately, social media in China <a href="https://www.smh.com.au/politics/federal/chinese-students-will-not-go-there-beijing-education-agents-warn-australia-20200610-p55151" target="_blank">often distorts such cases</a> and amplifies the (mis)perceptions. And the tensions between China and Australia have enhanced these negative perceptions.
Sending their children abroad was once a privilege for elites with intellectual, economic or political power in China. But this is now quite common among middle-class Chinese families.
Chinese families spend a large amount of money on their children’s education. Better opportunities (either in the host country or on returning home) after study abroad is an underlining reason Chinese families invest in their children.
Australia has attracted many Chinese students in recent decades. But if Chinese students with Australian degrees are less appreciated or less competitive compared to those who study in other countries or in local universities, families will look for other options.
A Chinese student who had been studying at a Sydney university told us:
We are the clients and the degrees are a commodity; we pay for our degrees. What if the commodity loses its value? The clients will surely walk away.
COVID-19 has had a negative impact on the number of Chinese students likely to study in Australia. But the downward trend started way before the pandemic.
Australian universities need to adjust their strategies for a future that will not only deliver value for Chinese students, but also strengthen a positive perception about this value.<img src="https://counter.theconversation.com/content/141871/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/marina-yue-zhang-543587" target="_blank">Marina Yue Zhang</a>, Associate Professor of Innovation and Entrepreneurship, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767" target="_blank">Swinburne University of Technology</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/students-in-china-heed-their-governments-warnings-against-studying-in-australia-141871" target="_blank">original article</a>.
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Students in China heed government's warnings against studying in Australia

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GUEST OBSERVATION
The Morrison government has announced $2 billion – to be augmented by another $500 million from the states – for a skills package to boost training and job creation.
A $1 billion JobTrainer program will provide training or re-skilling for up to 340,700 school leavers and job seekers. Places for courses will be available from September.
This is to be funded on a 50-50 basis with the states. The government says there has been early support from most states after Scott Morrison raised the plan at national cabinet last week.
To get the JobTrainer funding the states will need to sign up to an agreement to reform their vocational education and training systems. Morrison has previously said the VET system needs to be simplified and better attuned to the skills employers are seeking.
The start of the courses would come just before with the scaling back of government COVID support measures. Not only are a huge number of unemployed in the job market but school leavers looking for jobs will find it extremely difficult.
The package also includes an extra $1.5 billion to expand and extend the wage subsidy for apprentices and trainees. This follows $1.3 billion announced in March.
The subsidy now supports 47,000 employers with 81,000 apprentices and trainees - the expansion will take this to nearly 90,000 businesses and 180,000 apprentices.
Eligibility will be widened from small businesses to medium-sized businesses with 199 or fewer employees. The subsidised apprentices will have had to be in place from July 1.
The program will also be extended by six months to the end of March.
The subsidy covers half the apprentice’s wages up to $7,000 a quarter.
Already $365 million has been paid out under the program.
The JobTrainer courses will be free or low cost and aimed at areas of need. These areas will be identified by the National Skills Commission in consultation with the states.
Morrison said: “COVID-19 is unprecedented but I want Australians to be ready for the sorts of jobs that will come as we build back and recover. The jobs and skills we’ll need as we come out of the crisis are not likely to be the same as those that were lost.”
Current sectors looking to expand their workforces include health care and social assistance; transport, postal and warehousing; manufacturing; and retail and wholesale trade.
The courses will be delivered by public, private and not-for-profit providers.
Speaking on Melbourne radio on Wednesday, Morrison again made it clear the government will avoid a hard cut off of assistance at the end of September. He said it would continue to provide income support to those who needed it.
“And obviously in Melbourne in particular, that demand is going to be very great now for some period of time.”<img src="https://counter.theconversation.com/content/142763/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/michelle-grattan-20316">Michelle Grattan</a>, Professorial Fellow, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/government-announces-2-5-billion-package-to-support-training-and-apprenticeships-142763">original article</a>.
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Government announces $2.5 billion package to support training and apprenticeships

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With restrictions easing on 15 May, Queensland saw relaxations for the real estate industry, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
"There’s plenty to dig into for this month’s topic but first, a quick update on how our market is tracking," the valuation firm said. 
In-house auctions can now be conducted with ten members of the public present and a maximum of three agency representatives running the auction. 
Open home inspections can be carried out with a maximum of ten people allowed access. Names, addresses and mobile numbers must be taken by agency staff of any attendees for contact tracing purposes too.
"The easing of restrictions has seen an increase in listings and more activity at open homes. We have, however, yet to see evidence of changing transaction volumes or price movements. 
"That said, it is worth noting that Brisbane’s economy remains well placed for the future given the state’s low infection rate and slow-but-steady opening of businesses," the valuation firm said. 
"We note with some interest that subject to there being no second wave of infection, analysts remain optimistic of Brisbane’s property market remaining stable and likely for long-term recovery from this point on," the valuation firm said. 
"So, how should you spend that lazy $700,000?
"First up, let’s talk about who is buying at this price point. We are seeing activity from owner-occupiers, investors, upgraders, families and some first homeowners.
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"That’s right! Pretty much every buyer type is represented in some form," the valuation firm continued. 
Next, let’s see where you might spend this handsome chunk of change.  $700,000 will get you within reasonable proximity of the CBD, the report noted. 
For example, the desirable northern suburbs of Hendra, Wooloowin and Clayfield all have entry- level pre- and post-war dwellings on 405 square metres in secondary locations within this price point. 
"If you want to be within these desirable addresses and need something a bit newer, consider a new or near-new townhouse with three-to-four bedroom, two-bathroom, two-car accommodation," the valuation  firm said. 
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In locations such as Gordon Park, Stafford and Kedron, a detached dwelling on 405 square metres would be a good option. 
"In fact, we consider this a very strong market sector at present with good capital growth potential. If you have the money and are keen to invest, put these suburbs on your shortlist," the valuation firm said. 
Windsor, Wilston and Newmarket are well-serviced, inner-north addresses popular with families. There are some stunning residences here, however at this price point you’re likely to buy a modern townhouse that will have good value growth potential over the long term, the report noted. 
Heading south and the Carina and Carindale areas provide opportunity. A 1970 to 1980 high-set style dwelling with three-bedroom, one-bathroom accommodation and in good condition will be within your price range.
"If you need another bedroom, it’s still possible to buy at $700,000, but you might need to settle for a secondary position," the valuation firm said. 
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"Other addresses south of the river and within striking distance of this price point are Coorparoo, Camp Hill and Hawthorne, but you may have to settle for something on a busy road or small lot and you’re likely to find just two-bedders within the budget. Suffice it to say, you’re looking for an eager seller if this is your patch and price point," the valuation firm said. 
As mentioned earlier, the Coronavirus crisis has not resulted in a measurable fall in property prices across the Brisbane market generally and $700,000 is a solid value band, the report noted. 
As such, don’t expect to score a bargain due to the pandemic. A lack of listings means buyer choice is limited. In addition, many properties are trading off-market.
"So, what might offer excellent bang-for-buck at $700,000 in Brisbane?
"Our advice is usually to purchase as close as possible to the CBD for your budget. And in most cases, choose detached housing over and above attached housing and units. But at $700,000, your options are limited when it comes to suburbs within a five-kilometre radius of town," the valuation firm said. 
As such, choose fringe to mid-ring suburbs within close proximity to school catchments, amenities and public transport. You will also get larger housing lots for your budget in suburbs a bit further out, the report noted. 
"Our initial thoughts at this price point would be a reasonable quality home in Carina or Wynnum. Something on a circa 600 square metre allotment with an older highset dwelling to a good standard," the valuation firm said. 
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Gordon Park, Stafford and Kedron and their detached dwellings on 405 square metre lots are good options too. This is a buoyant part of the market at the moment and has good potential to achieve capital growth.
A current listing is a three bedroom house in Kedron with a price guide of $649,000.
Set on a 415sqm block, the <a href="https://www.realestate.com.au/property-house-qld-kedron-133701926" target="_blank">12 Howell Street</a> home (pictured below) comprises three bedrooms, open plan living and dining space, covered deck and double garage. 
It is situated within walking distance to local schools, shops and cafes. 
<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/2020/7/13/kedron.jpg" alt="">
Also – for cash flow investors, have a look in the mid-to-fringe areas for duplex, dual occupancy or multi-unit/flat properties. These structures are still available within the dollar amount and the gross returns can be very strong.
"If you have your heart set on buying an apartment, then act with caution," the valuation firm said. 
New apartments in mid-ring localities as well as investment product throughout Brisbane should be viewed as medium-to-high risk even though they offer a lower price point in comparison to single unit dwellings. There’s still a large supply hanging over from previous years’ excess development and a softening in values is evident for off-the-plan purchases.
In short, capital growth in investor style units is highly unlikely in the short term, the report suggested. 
For example,<a href="https://www.realestate.com.au/sold/property-apartment-qld-cannon+hill-132163162" target="_blank"> Unit 511/22 Andrews Street, Cannon Hill </a>(pictured below) just sold for $375,000.
<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/2020/7/13/cannon%20hill.jpg" alt="">
 It was previously purchased for $417,500 in October 2017. That’s a pretty hefty discount of 9.7 per cent over an almost three-year period, the report noted. 
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Instead of new, consider an older apartment with renovation potential in a good location with transport and amenities nearby.
Finally, $700,000 invested in Brisbane property will probably achieve a gross rental yield of around four to five per cent. 
For example, detached houses and townhouses in Gordon Park, Stafford and Kedron achieve circa $550 per week.
"The future of property at this price point looks stable over the next couple of market cycles, although caution is required in the short-to-mid term under current market conditions. There’s still too much uncertainty out there at present," the valuation firm said. 
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What a lazy $700,000 can buy in Brisbane: HTW residential 

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On the back of strong market activity in the latter part of 2019, the market has remained resilient under exceeding pressures, generating a 0.4 per cent increase in dwelling values in May, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
The report notes since 22 April, South Australia has recorded only two new COVID-19 cases, both of which were imported.
With tight border security and strict social distancing measures implemented early, the state has essentially eradicated the virus locally.
 Social distancing restrictions have continued to ease and from 29 June, venue capacities will be increased to one person per two square meters without a limit on capacity. This has been positive news for the labour market after the unemployment rate climbed to 7.9 per cent in May.
 Auction data for the week ending 21 June indicated a clearance rate of 65 per cent from 41 auctions; at the same time last year, the clearance rate was 53 per cent from 106 auctions. 
The data suggests that stock levels are low as vendors remain reluctant to dip their toes back into the market whilst buyer activity remains strong.
"Agent feedback supports this trend with many reporting limited stock but buoyant sales activity over the past four weeks," the valuation firm said. 
The most recent CoreLogic data suggests that the tide however could be turning. In the second week of June, the Hedonic Price Index suggested property values in South Australia have entered the initial stages of a decline cycle. This data will continue to be reviewed in the short to medium term to gain a greater understanding of where the market is heading.
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The report notes in a market with a median house price of $480,000, a lazy $700,000 goes a long way. This price point is considered to be representative of the middle and inner rings where suburban median house prices range between $600,000 and $800,000. 
"Owner-occupiers and cashed up investors are most active at this price point with low interest rates making a $700,000 purchase more accessible to the broad market," the valuation firm said. 
Gross yields of four per cent are typical at this price level, which is considerably below the seven to nine per cent achievable in the outer ring. What this market lacks in rental return is made up for in capital gains as the inner and middle rings have historically been the best performing for capital gains.
Turn of the century character dwellings are considered the best performing property type at this price point, the report noted. 
Properties of this nature are forever exceeding expectations when it comes to achievable price levels, are popular with the rental market and provide the greatest prospects for capital growth over the long term.
Well serviced suburbs within the inner portion of the middle ring, five to seven kilometres from the CBD, are considered to provide the best prospects for growth at this price point in the long term. 
Prospect to the north, Felixstow to the north-east, Cumberland Park to the south and Lockleys to the west have the attributes fitting the required mould.
Prospect is located five kilometres north of the Adelaide CBD and is characterised by early 1900’s dwellings on a mixture of allotment sizes ranging from low to high density. 
The suburb runs north-south and has a number of sub markets. Price levels can vary street by street with the most noticeable differential being the portion of the suburb located north of Regency Road.
The suburb is serviced by the Prospect Road retail and food and beverage precinct and is located in close proximity to the northern Adelaide Parklands.
Prospect has seen strong growth over the past four years and currently has a median house price of $710,000, the report noted. 
Characterising this price point is the sale of <a href="https://www.realestate.com.au/sold/property-house-sa-prospect-133353898" target="_blank">36 Da Costa Avenue </a>(pictured below) which achieved a sale price of $685,000 after an eight week marketing campaign.
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This property provides a well presented and updated brick bungalow disposed as three bedrooms and one bathroom on a 500 square metre allotment.
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Felixstow is located 6.5 kilometres north-east of the Adelaide CBD and is characterised by 1950’s to 1970’s brick dwellings on medium to low density allotments. 
The suburb is currently going through a period of urban renewal kicked off by the sale of 83 housing trust homes in late 2018. This suburb is located in proximity to the Marden Shopping Centre and Klemzig O-Bahn Busway interchange.
Of most appeal to this suburb is the recently refurbished Felixstow Reserve and proximity to Linear Park. Felixstow has a current median house price of $600,000.
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Selling for $695,000 and $701,000 respectively are: <a href="https://www.realestate.com.au/sold/property-house-sa-felixstow-132517970" target="_blank">5 Kapoola Avenue</a> (pictured above), a development site comprising a single level brick dwelling on 850 square metres; and <a href="https://www.realestate.com.au/sold/property-house-sa-felixstow-133351886" target="_blank">38a Laver Street</a> (pictured below), a circa 2016 four-bedroom, two-bathroom dwelling on 440 square metres, representative of the property types available at this price level.
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Cumberland Park is located six kilometres south of the CBD and is characterised by early to mid- century dwellings on medium to large allotments. This suburb is located in proximity to a number of major transport routes providing direct access to the CBD, Adelaide Hills, Fleurieu Peninsula and metropolitan beaches.
 The report notes the suburb has become popular with young families and has a current median house price of $713,000. 
The sale of<a href="https://www.realestate.com.au/sold/property-house-sa-cumberland+park-133277574" target="_blank"> 6 Narinna Avenue </a>(pictured below) for $730,000 is representative of this price level. The property comprises a partially renovated circa 1960’s cream brick dwelling disposed as three bedrooms and two bathrooms. The property has well landscaped yards and a land area of 734 square metres.
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Established in the mid 1950’s, Lockleys is located seven kilometres west of the CBD and comprises a mixture of mid to late 19th century homes and newer infill development. Henley Beach Road intersects the suburb, providing direct access to both the CBD and metropolitan beaches.
 Located adjacent to Kooyonga Golf Club and sharing its northern boundary with Linear Park, the suburb has historically been popular with older professionals.
Price levels can vary between the northern and southern portion of the suburb, which has a current median house price of $650,000.
Both 10 Kingswood Crescent and 31A Lorraine Avenue, which achieved sale prices of $710,000 and $715,000 respectively, are representative of the infill development occurring.
Both properties comprise single level detached dwellings disposed as three bedrooms, two bathrooms and a double garage on 400 square metre allotments.
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"With low stock levels, demand at this price point should remain resilient in the short to medium term. This should provide confidence for both vendors and purchasers looking to throw their hats into the ring whilst navigating through COVID-19 turbulence," the valuation firm said. 
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What a lazy $700,000 can buy in Adelaide: HTW residential 

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Service station yields have continued to firm over the past five years, more particularly for national branded retailers and the sale of quality investment product, according to the June Herron Todd White (HTW) commercial report. 
The report took a look at the service station investment across the nation. 
"Second tier, independent branded service stations and regionally-based assets continue to attract investment within a softer yield range," the valuation firm said. 
The two most recent and prominent service station portfolio auctions for 7-Eleven realised an average analysed yield for the New South Wales holdings of below 4.5%.
These sales comprised a varying degree of asset quality, however all featured 12-year initial lease terms with all outgoings except land tax and management recoverable by the landlord.Each lease had fixed three per cent annual increases and four additional five-year options.
"There have been limited recent service stations sales since the COVID-19 pandemic, however we would anticipate investor interest to remain in quality service station assets despite these uncertain times," the valuation firm said. 
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Investors continue to show interest in service stations with record low yields and strong levels of interest at recent portfolio auctions.
The mix of available service stations has varied from neighbourhood, national brand sites to purpose- built, multi-brand, multi-retail offerings.
The report notes the market continues to seek service stations with strong lease covenants (typically in excess of 12 years) to a quality national tenant, fixed annual increases and future development potential.
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Service station ownership in New South Wales is highly concentrated within a select group of operators.The four largest providers are Ampol (formerly Caltex), BP, Shell-Coles Express and 7-Eleven.There is a higher level of independent operators in regional and coastal areas outside of Sydney.
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2018 was considered the peak year for sales in this sector.A strong development pipeline for new service station sites has been underway for the past few years with a number of operators undertaking asset recycling style portfolio auction programs to release funds for these projects.
The service station market is still considered a safe bet, even with falling demand via more fuel-efficient motor vehicles, social pressure to reduce our carbon footprint and the falling world oil price, the report noted. 
Major fuel retailers are seen as able to maintain fuel and shop margins in an ever increasingly competitive market space and manage the environmental aspects of the day to day operation of the asset and the future potential redevelopment of the site.
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"Risks to the retail fuel market segment are still considered long term with electric and other low-emission options within the next ten to 15 years," the valuation firm said. 
Location is a fundamental that will continue to underpin quality service station investment assets.
A recent sale is the BP service station at 133 Pittwater Road, Manly (pictured above), which was redeveloped in 2019 with new tanks, lines, canopy, convenience store, pumps and forecourt.
It has a passing net rental of $295,000 per annum plus GST.The selling agent reports that the property listing attracted more than 200 enquiries with a final sale price in early April 2020 of $7.2 million exclusive of GST.
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This sale equated to an analysed yield of 4.1%.
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A BP service station at 14 Bernera Road, Prestons (pictured above) sold in April 2020 for $8 million exclusive of GST, equating to an analysed yield of 5.53%.
The site is a 3612 square metre, rectangular shaped, internal allotment with single street frontage to Bernera Road.
The property is located within an established industrial precinct of Prestons.
Improved on the site is a modern, circa 2015 built, BP service station with a sublease to Pie Face and a separate Burger Edge food and beverage outlet.
The property sold subject to an existing head lease to BP Australia until 31 December 2030 with three further five year options.
The property has an advised net income of $442,617 per annum net plus GST with annual CPI or four per cent increases.BP is responsible for all outgoings.
"It would appear that despite the COVID-19 pandemic, investments that reflect good management, strong lease covenants and future redevelopment upside are still considered attractive with no evidence to date reflecting a softening in demand in this sector," the valuation firm said. 
"As the New South Wales economy returns to something approaching business as usual in the coming months, the biggest challenge for the balance of 2020 may not be oil demand and prices, but reducing the level of unemployment in the economy." 
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Investor interest remains in quality NSW service station assets: HTW commercial 

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The ANZ-Property Council Survey for the September quarter showed a modest improvement in sentiment across Australia’s property sectors, although it remains deep in negative territory as COVID-19 and the associated shutdown of economic activity cuts across the economy.
The impact of COVID-19 is immense. Nationwide, almost all respondents report being negatively hit.
Encouragingly, 60% of businesses expect the impact to improve over the coming quarter, however keep in mind that this survey closed on 1 July, before Melbourne’s shutdown was announced.
In the residential sector, overall sentiment remains negative across all states and territories.
Price expectations fell further into negative territory, while the employment outlook remains challenging. The outlook for construction and forward orders, however, are both now positive and improving, clearly helped by the HomeBuilder scheme.
In a special question on the Commonwealth Government’s HomeBuilder program, respondents within the residential sector were broadly positive about the scheme, with 60% reporting that it would have a positive impact on their business.
In commercial property, sentiment remains deeply negative across all sectors except industrial, where confidence is now back in positive territory. Sentiment in the office sector declined and was broadly flat in the tourism sector where confidence is the weakest.
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Coronavirus continues to weigh on property sentiment: ANZ

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."

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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.

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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."

[smartcode_project:default project_id=114246 project_image_fid=370116]

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.

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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.

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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.

[smartcode_project_cta:default project_id=134477]

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.

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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.

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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."

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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."

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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.

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