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Treasurer Scott Morrison's Budget focusses on freeing up more land for building homes as part of the measures to address affordability issues in major capital cities.
As part of the move to free-up Commonwealth land, 127 hectares of defence land in the Melbourne suburb of Maribyrnong would be earmarked to allow for 6000 new houses, according to the Herald Sun. The suburb is just 10 km north of the city.
The median house price in Maribyrnong was $940,000, while for units it was $460,000, according to www.realestate.com.au which cited CoreLogic RP Data.
The range of measures announced in the Budget include working with states and territories to reform planning and zoning laws, and setting up a $1 billion National Housing Infrastructure Facility to “address infrastructure chokepoints that are impeding housing development in critical areas of undersupply”.
The decision to unlock defence land for housing development comes amid rising affordability in and around the Melbourne CBD and adds to the state government's earlier measures to ease the situation.
Aside from that, regional Victoria is also set to benefit from a $472 million growth fund to help communities adapt to the changes economy.
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j.ballantyne1990-6AQqhLzZaK

Budget 2017 to free up defence land in Melbourne's Maribynong for 6,000 homes

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The Port Douglas trophy home market is gathering pace with two multi-million dollar sales in a week.
The <a href="https://queenslandsothebysrealty.com/1P0336/44-island-point-road-port-douglas" target="_blank">award-winning Tanamera</a> sold after being passed in at auction at $3.25 million with Queensland Sotheby's agent Michael Vettoretto.
Set on the exclusive Island Point Road, the home had been offered at $9.25 million in 2013. It had last traded as a 2023 sqm parcel for $900,000 in 2001.
The Singapore-based owners Timothy and Jacqueline Madley spent four years designing and building the three level mansion.
They drew inspiration from years of travel across Asia and East Africa. The couple had never lived in the home.
Completed in the early 2000s, the four bedroom home is built into Flagstaff Hill on the highest vantage point in Port Douglas, offering panoramic views of Four Mile Beach to the Daintree Hills.
It features a tree house parent retreat with spa pool
The sale comes after Melbourne based property developer Michael Yates sold his Port Douglas trophy home for $6.8 million.
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Second Port Douglas trophy home sale in a week

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Major construction work has commenced on the first phase of West Franklin, an urban regeneration project located in the West End part of Adelaide’s CBD.
The work is being carried out by Built Environs, who were awarded the $90 million contract earlier this year by global property development company Greaton. Hundreds of construction jobs will be generated during stage one, with over seventy subcontracting firms employed.
Situated on the corner of Franklin, Elizabeth and Morphett Streets, the new West Franklin precinct comprises 560 apartments and penthouses spread across four towers.
Residential facilities include a 20 metre wet edge lap pool, gym, spa, sauna, resident dining and lounge rooms, sky park with BBQ facilities and landscaped gardens, resident cinema, golf simulator and roof top bar showcasing views of Adelaide CBD, the ocean and Adelaide Hills.
“Greaton is helping stimulate the Adelaide economy by bringing this landmark project to life and creating hundreds of local jobs. West Franklin is located in an area that has been dormant for many years. The sheer size of this project will help activate this entire precinct,” commented Nicho Teng, managing director of Greaton.
“We are creating a new affordable urban lifestyle in West End that has never been seen before. West Franklin is expected to become an iconic lifestyle destination that the West End community will be very proud to call home,” he said.
West Franklin apartments have been pitched at the affordable luxury market to appeal to a broad cross section of purchasers, with over 70 per cent of stage one already sold. Local Adelaide architects Brown Falconer were chosen to lead the exterior design and interior fit-out.
Due to be completed early 2019, the first stage of West Franklin features 272 residential apartments spread across two towers. They both share a common podium comprising 1,100 sqm of retail on the ground level, resident facilities and car parking.
“The commencement of work on site is an important milestone for both Greaton and Built Environs,” added Daryl Young, Built Environs managing director.
“After the design finalisation phase and procurement of our key sub contracts it is exciting to see action on site,” he said.
For more information, <a href="https://www.westfranklin.com.au" target="_blank">click here</a>.
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Construction starts on $300 million West Franklin development

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Sales in North Sydney increased in total value in the quarter to April 2017, according to CoreLogic's latest Cityscope.
The property data firm says that sales recorded in the most recent quarter totalled $524.8 million from 68 sales, an increase in total value compared to the $376.3 million from 70 sales in the quarter to January 2017 but a decrease compared to the $566.9 million from 85 sales in the quarter to October 2016.
This quarter brings the twelve-month total value of sales to $1.915 billion, a decrease from the $2.075 billion recorded for the previous year.
The table below shows sales recorded for the past eight updates of North Sydney Cityscope.
<a href="https://www.propertyobserver.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%201.26.12%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/28/Screen%20Shot%202017-04-28%20at%201.26.12%20pm.jpg" alt="">
Notable sales for the April 2017 update of North Sydney Cityscope include:
<ul>
<li>2 Elizabeth Plaza, St Leonards, a 14-storey commercial building with ground and mezzanine retail space and four basement levels of parking for 157 cars, which sold for $81 million. The sale represented an initial yield of 6.20% on passing income of $5,022,000;</li>
<li>Ogilvy House at 72 Christie Street, St Leonards, an A-grade eight-storey office building with basement parking for 228 cars, which sold for $76 million. The sale represented an initial yield of 8.50% on passing income of $6,460,000;</li>
<li>30 Alfred Street, Milsons Point, a seven-storey building plus basement parking for 20 cars with net lettable area of 3,706 sqm, which sold for $50 million.</li>
</ul>
<a href="https://www.propertyobserver.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%201.26.40%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/28/Screen%20Shot%202017-04-28%20at%201.26.40%20pm.jpg" alt="">
Properties for sale in the areas covered by North Sydney Cityscope include:
<ul>
<li>Suite 102, 161 Walker House at 161 Walker Street, North Sydney, an office suite comprising 125 sqm on the first floor and one car space, for sale by auction on 9 May 2017 through Raine &amp; Horne North Sydney;</li>
<li>258 Military Road, Neutral Bay, a two-storey retail building on a site of 152 sqm, available through Richardson &amp; Wrench – North Sydney;</li>
<li>12 Ridge Street, North Sydney, a two-storey terrace house with a net lettable area of 140 sqm, available through LJ Hooker Commercial Sydney.</li>
</ul>
Leasing opportunities in the areas covered by North Sydney Cityscope include:
<ul>
<li>116 Miller Street, North Sydney, an eight-storey building with banking and retail space on the ground, which has office space ranging from 500 to 1,424 sqm for lease through Cadigal Office Leasing North Sydney;</li>
<li>141 Walker Street, North Sydney, a 24-storey office building with basement parking for 209 cars, ground floor retail space and landscaped terrace and forecourt, ground and upper ground level shops and restaurant and 22 floors of offices, which has office space of up to 4,697 sqm for lease through CBRE North Sydney and Dexus Property Group;</li>
<li>101 Miller Street, North Sydney, a 35-level commercial building with 5 levels of basement parking for 561 cars, which has office space of up to 15,500 sqm for lease through Mirvac Group and Colliers International North Sydney.</li>
</ul>
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North Sydney commercial property sales rise in first quarter of 2017: CoreLogic

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The office vacancy rate in Melbourne's city fringe locations fell to 3.47 percent in March from 4.96 percent in September 2016, according to Colliers International’s Metro Office report.
“This is the lowest vacancy rate that Colliers International has ever recorded for the City Fringe market, and is the outcome of strong demand and very low levels of supply," said the report.
More than 23,000 sqm of office space was absorbed in the year to March 2017, about 9,000 sqm higher than the long-term annual average net absorption rate.
"While creative type tenants have always been attracted to the City Fringe market, tenant take up was seen across a variety of industry types, including National Home Doctor Service (Health), Grey Innovation (Technology), BSGM (Construction) and The Promotions Factory (marketing/manufacturing),” the report stated.
<a href="https://www.propertyobserver.com.au/images/2017/05/02/Screen%20Shot%202017-05-02%20at%2012.38.21%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/02/Screen%20Shot%202017-05-02%20at%2012.38.21%20pm.jpg" alt="">
Colliers says that it’s not surprised that these strong demand levels and reduced options for tenants in the city fringe has given rise to good rental growth – both face and effective.
“Effective rents grew a record 22.7 percent in the year to March 2017. This effective rental growth is made up of a 13 percent rise in face rents, and a significant reduction in average A Grade incentives from 21 percent to 14 percent."
The secondary grade market is also benefiting from this strong demand with rents growing by 10 percent year on year, with incentives now averaging 18 percent.
Incentives in both the prime and secondary grade markets are low by Melbourne-wide standards (the CBD is averaging 29 percent), indicating the popularity of the city fringe market with tenants.
Owners of secondary grade stock have been taking advantage of the strong market conditions and, where space does come vacant, refurbishing their stock to attract the growing number of tenants who want non-conventional office space in the most sought after city fringe locations.
"The owners of Building 8, 658 Church St and 570 Church St in Richmond have recent leasing success stories following significant vacancy and subsequent refurbishment of their buildings,” the report said.
<a href="https://www.propertyobserver.com.au/images/2017/05/02/Screen%20Shot%202017-05-02%20at%2012.38.30%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/02/Screen%20Shot%202017-05-02%20at%2012.38.30%20pm.jpg" alt="">
Both buildings were fully let post upgrade works, with incoming tenants paying significantly more rent than the outgoing tenants in order to secure the space.
It is expected that over the remainder of 2017 and into 2018, rents will continue to rise, Colliers says.
“Following the record rental growth over the year to March 2017, we expect that effective rental growth over the year to March 2018 will be 7.5 percent. While lower than the rate we have seen in this past year, this is still well above the long term average growth rate of 4.7 percent per annum.
"Developers, however, have been taking notice of the increase in demand, and the next supply cycle is well and truly underway."
There are currently 17 buildings in planning/mooted stage in the city fringe, a far cry from previous years where residential development dominated the landscape.
A total of 111,500 sqm is planned for construction to 2020, and a further 89,000 sqm in the ‘mooted’ stage.
The next year of supply will be relatively modest, with 10,500 sqm due to complete, said the report.
However, over 2018 and 2019, approximately 95,000 sqm of new supply will come on to the market, according to Colliers.
<a href="https://www.propertyobserver.com.au/images/2017/05/02/Screen%20Shot%202017-05-02%20at%2012.38.43%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/02/Screen%20Shot%202017-05-02%20at%2012.38.43%20pm.jpg" alt="">
“It is anticipated that at this point in the cycle, incentives will begin to rise.
"Interestingly, the City Fringe market will also reach an important milestone over the next supply cycle– it will become a million square metre market.
There is currently just over 965,000 sqm of office stock in the City Fringe, and by the middle of 2019 we expect supply to tip over the 1,000,000 sqm mark."
The long-term average vacancy rate for the city fringe is 6.2 percent.
"We expect the vacancy rate to stay well under this level until March 2020, when large chunks of supply will tip the vacancy rate up to 7.7 percent,” the report stated.
Colliers says that the Melbourne CBD will also be in the midst of a supply cycle at this time, which will place further pressure on landlords to do competitive deals.
Strong demand in the city fringe hasn’t been confined to the leasing market. Of the $1.37 billion of deals in the Melbourne Metro market in 2016, 70 per cent - or $967 million worth of sales – were transacted on city fringe assets.
"Unsurprisingly, this level of activity had an impact on yields, and we saw 100 bps of compression over the year to March 2017."
A Grade yields now average six per cent in the city fringe.
"Current yield spreads of 327 bps are above the long-term average spread of 315bps, so we expect there is still room for yield compression in this cycle, particularly given the strong leasing conditions,” said the report. 
As an example, Property Observer found a 267 sqm penthouse-level office at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502375694">Level 11, 552 Lonsdale Street</a>, Melbourne (above) listed for sale.
Similarly, a 3153 sqm office at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502349974">114-128 Flinders Street</a>, Melbourne (below) has been listed for sale.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/02/114-128%20Flinders%20Street.jpg" alt="">
A 79 sqm office at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-501693013">Suite 4.04, 838 Collins Street</a>, Melbourne (below) was recently sold in April this year.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/02/Suite%204.04%20838%20Collins%20Street.jpg" alt="">
Similarly a 291 sqm freehold office at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502333430">21-23 Anthony Street</a>, Melbourne (below) was recently sold in April this year.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/02/21-23%20Anthony%20Street.jpg" alt="">
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Melbourne city fringe office vacancy rate declines: Colliers

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A modern, single-level, warehouse at Richmond on Melbourne’s CBD fringe sold recently at auction for $791,000 through Teska Carson.
The <a href="https://www.realcommercial.com.au/property-retail-vic-richmond-502315910" target="_blank">30 Baker Street</a> property is within a short distance of Victoria Street retail and entertainment strips, trams and trains.
The property was offered with with vacant possession and includes a 130 square metre warehouse building currently used as a fully-fitted automotive workshop. 
The site is zoned Mixed Use.
According to marketing agents, Teska Carson’s Anthony Choi and Fergus Evans, the property was one of the "best city fringe offerings to hit the market recently".
Choi said the area had benefitted from a number of high profile residential and commercial developments, driven by population growth and the attraction of Richmond’s well documented retail and entertainment offerings, as well as its proximity to the CBD.
"Richmond has consistently been one of the city’s most desirable inner-city locations and that popularity has driven a strong commercial and residential development market," Evans said.
 
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Warehouse on Melbourne CBD fringe fetches $791,000

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A major construction milestone has been reached at Investa Office Fund’s new commercial office development, located at 151 Clarence Street in Sydney’s CBD.
The Barrack Place project will see a total of 40,000 cubic metres of concrete used and will generate a total of 2,000 jobs. It is being developed in collaboration with contractor Built, who are conducting the first concrete pour on the 18-level tower.
The concrete pour marks the end of a 12 month excavation process, which saw the existing B-Grade building on-site demolished. The next stages of the construction will see concrete pours for the footings, slabs and lift-cores, followed by floor by floor structures.
“Barrack Place will deliver something new to the Sydney CBD office market and will provide an important connection to Martin Place through to the Western Corridor,” remarked Mark Tait, group executive and head of commercial development, Investa.
“The open courtyard through site-link and retail precinct offering is set to create a new city destination. It will also complete at a time when the CBD market is lacking brand new quality office stock, so we expect tenant demand to continue to be strong,” he said.
Designed by Architectus, Barrack Place will deliver a 22,000 square metre workplace to the Sydney CBD. Its design places flexibility at its core, aiming to cater for open-plan offices and dynamic workspaces, which are complemented with smart building technology.
“Barrack Place has provided us with the opportunity to demonstrate the future of construction showcasing new levels of Building Information Modelling,” added Brett Mason, managing director, Built.
“We have worked closely with the project team to develop a highly detailed virtual model that goes beyond 3D modelling, to 6D modelling that links programme, cost control and facilities management modules,” he said. 
“This allows us to steer the most efficient construction process with one source of truth, removing cost, co-ordination and duplication inefficiencies. The model will also continue to inform the ongoing performance and optimisation of the building long after project completion.”
Engineering group Arup has already pre-committed to 35 per cent of Barrack Place on the podium levels from Level 1 to 6, and discussions continue with prospective tenants in the marketplace.
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Investa commences concrete pour at 151 Clarence Street 

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The CoreLogic Perceptions of Housing Affordability survey conducted by Galaxy Research reveals the emergence of an increasingly dependent generation, with young people battling housing affordability resigned to living with their parents for longer.
The Perceptions of Housing Affordability report shows that almost two-thirds of those living at home (62 percent) can’t afford to move out, while 21 percent of those aged 18 or over and living in the family home expect to remain with their parents until they are at least 30 years old.
This phenomenon could see the rise of ‘Cubby House Syndrome’, whereby parents try and fashion some sort of independent living arrangements for their adult children on their existing premises.
Coined by CoreLogic chief executive officer Lisa Claes, ‘Cubby House Syndrome’ could be the reluctant compromise for young people unable to follow the traditional rite of passage of buying their own home.
“Protracted affordability pressures means the outlook is bleak for many young people who want to fly the nest, so parents and their offspring need to be increasingly resourceful and innovative in the way they approach this challenge,” she said.
“On the plus side, parents may have space like a garage or rumpus room at their disposal, and with a little creativity, could make use of it to give young people some semblance of independence, even when they can’t afford to fly the nest completely. ‘Cubby Houses’ could well be the new granny flats.”
While 62 percent say having a well-paid job is the best help to get on the property ladder, 30 percent say they are holding out for an inheritance to help them buy their first home, or relying on some assistance from their family.
“If you’re not downsizing your property, freeing up equity and able to give your kids a helping hand that way, and then look at the land you have at your disposal,” says Claes.
“Extending your home outwards is another option. For frustrated Millennials, it could be a happy medium between living at home with your parents and moving out to struggle street.”
Getting on the property ladder remains a priority for young Australians, despite growing fears that the dream of home ownership is drifting further out of reach.
The Perceptions of Housing Affordability report indicates almost two-thirds (62 percent) of Australians believe housing affordability is worse than it was a year ago, with a similar number (58 percent) believing the outlook for next year will remain the same or deteriorate further.
While the vast majority (89 percent) of non-homeowners believe it’s important to own a property, 87 percent are concerned they cannot afford to do so.
Furthermore, more than three-quarters (76 percent) of existing homeowners are concerned about moving to their next property, rising to 88 percent among apartment owners.
Nationally, saving for a deposit is perceived to be the biggest impediment to buying a property, followed by stamp duty costs, and the threat posed by foreign buyers.
Stamp duty was of greatest concern in NSW, South Australia and the Northern Territory (48 percent), with fears about finding a deposit most impacting residents of Queensland (48 percent), Western Australia (47 percent) and Tasmania (46 percent).
Meeting repayments was of greatest concern in NSW (41 percent) and Western Australia (40 percent), while NSW (46 percent) and Victoria (44 percent) also highlighted foreign buyers as an impediment to housing affordability.
The impact of negative gearing as an impediment to home ownership was felt most strongly in New South Wales (33 percent), followed by Tasmania and the ACT (31 percent), and Victoria (30 percent).
Overall, respondents highlighted removal of stamp duty (73 percent) and government assistance (71 percent) as being the most helpful strategies to solving the problem while highlighting the need for job creation in areas with more affordable house prices (63 percent) and improving transport links (61 percent).
However, despite housing affordability concerns and perceived impediments to buying a property, respondents revealed a lack of knowledge pertaining to available options to help them enter the property market.
Just half (51 percent) of respondents were aware about stamp duty concessions in place, 42 percent knew there are ways to buy a property with less than 20 percent deposit, and 25 percent understood there are restrictions on foreigners buying property in Australia.
For prospective homebuyers, price (79 percent) is the most important factor in choosing where to live, followed by transport links (52 percent) and proximity to work (45 percent). 
However, buyers are willing to compromise, with 33 percent stating they would make concessions regarding a more affordable property, and 27 percent saying they would be flexible with moving further away from work.
In contrast, location remains a sticking point, with only 14 percent willing to move interstate and 21% willing to move to a less desirable area to find affordable housing.
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Rising house prices putting millennials at risk of ‘cubby house syndrome’

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Australian apartment building approvals experienced a sharp downturn in March, as approvals dropped by 28.4 percent throughout the month, supporting a fall in total dwelling approvals of 19.9 percent.
Matthew Pollock, national manager of housing at Master Builders Australia, remarked that the statistics highlight the need for the Federal Budget to support a greater level of investment into Australia’s housing sector.
“These latest results suggest the housing boom which has been driven primarily by apartment construction in Sydney and Melbourne is beginning to run out of steam,” he said.
Apartment approvals in New South Wales fell by 27 percent, to 2,526, the lowest level since January 2016. Victoria did not fare much better, with apartment approvals down by 13 percent in March.
However, the value of alterations and additions increased by 1 percent in March and has risen for seven straight months.
“The record rates of new home building last year and this year are a result of the industry playing catch-up after a decade of underinvestment into our housing stock,” Pollock added.
“New home construction will need to be maintained at 200,000 new dwelling per year for at least the next five years if we are to meet the needs of a larger population and ensure supply constraints do not push up future house prices.”
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Budget must support new home building as building approvals fall

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Despite commodity prices increases, many homes in areas of the country linked to the resources sector continue to sell for less than their previous purchase price, according to CoreLogic's latest Pain and Gain report.
The property data firm says that across the major regions analysed, the proportion of loss-making resales over the December 2016 quarter was recorded at: 44.3 percent in Fitzroy, 8.2 percent in Hunter Valley (excluding Newcastle), 58.4 percent in Mackay, 30.3 percent in Outback SA, 42.6 percent in Townsville and 50.1 percent in Outback WA.
Although the proportion of resales at a loss remains high in most regions, the figure has actually reduced over the quarter in all regions except Outback WA.
Many of these regions continue to experience soft labour markets, low housing demand and high levels of housing stock available for sale, the report said.
It is also apparent that plenty of home owners are willing to sell, however, there remains a lack of willing buyers.
Those that are able to find a buyer are, in many instances, taking a substantial loss from the original purchase price.
CoreLogic says until resources investment lifts or these areas find ways to diversify their economies, it expects ongoing weakness and more home owners reselling for losses.
"It is encouraging to see a slightly lower proportion of resales at a loss over the past quarter however, instances of loss remain higher in these regions than they are across the rest of the country," the report says.
<a href="https://www.propertyobserver.com.au/images/2017/04/21/Screen%20Shot%202017-04-21%20at%2011.43.31%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/21/Screen%20Shot%202017-04-21%20at%2011.43.31%20am.jpg" alt="">
While towns linked to the resources sector are seeing heightened volumes of homes reselling at a loss, coastal lifestyle markets have generally seen a reduction in homes reselling at a loss.
Over the December 2016 quarter, the proportion of homes resold at a loss across the regions analysed was recorded at: 1.3% in Illawarra, 1.7% in Newcastle Lake Macquarie, 6.9% in Richmond-Tweed, 5.3% in Mid North Coast, 2.6% in Geelong, 24.5% in Bunbury, 24.8% in Cairns, 10.2% in Gold Coast and 9.3% in Sunshine Coast.
The proportion of homes resold at a loss fell across most of these regions over the past quarter, the exceptions were Illawarra, Newcastle and Lake Macquarie, Bunbury and Cairns.
In several regions the proportion of loss-making resales is substantially lower than it has been over recent years.
Over the quarter, Richmond-Tweed recorded its lowest proportion of loss-making resales since July 2010.
The Mid-North Coast recorded its lowest proportion of loss-making resales since April 2005.
Geelong recorded its lowest proportion of loss-making resales since February 2012.
It is anticipated that the improvement in overall housing market conditions in major coastal/lifestyle markets will continue in 2017.
<a href="https://www.propertyobserver.com.au/images/2017/04/21/Screen%20Shot%202017-04-21%20at%2011.45.02%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/21/Screen%20Shot%202017-04-21%20at%2011.45.02%20am.jpg" alt="">
From a national perspective the largest proportion of loss-making resales were located in the following regions:
<ul>
<li>• Mackay (Qld) (58.4%)</li>
<li>• Outback - WA (WA) (50.1%)</li>
<li>• Fitzroy (Qld) (44.3%)</li>
<li>• Townsville (Qld) (42.6%)</li>
<li>• Outback – Qld (Qld) (36.7%)</li>
<li>• Wide Bay (Qld) (30.7%)</li>
<li>• Outback – SA (30.3%)</li>
<li>• Darwin (NT) (28.0%)</li>
<li>• Outback – NT (NT) (28.0%)</li>
<li>• Cairns (Qld) (24.8%)</li>
</ul>
The lowest proportion of loss- making resales were recorded in the following regions:
<ul>
<li>Southern Highlands and Shoalhaven (NSW) (1.1%)</li>
<li>Illawarra (NSW) (1.3%)</li>
<li>Newcastle and Lake Macquarie (NSW) (1.7%)</li>
<li>Sydney (NSW) (1.9%)</li>
<li>Geelong (Vic) (2.6%)</li>
<li>Melbourne (Vic) (4.0%)</li>
<li>Mid North Coast (NSW) (5.3%)</li>
<li>Coffs Harbour-Grafton (NSW) (5.8%)</li>
<li>Bendigo (Vic) (5.9%)</li>
<li>Ballarat (Vic) (6.0%)</li>
</ul>
<a href="https://www.propertyobserver.com.au/images/2017/04/21/Screen%20Shot%202017-04-21%20at%2011.46.01%20am.jpg" target="_blank">Click to enlarge</a>
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Homes in mining hotspots are still reselling for a loss: CoreLogic

A trio of Queensland property groups have unveiled plans for a $300 million mixed-use redevelopment of the former Noosa Bowls Club site, a proposal that would deliver more than 200 new homes in one of the Sunshine Coast's most supply-constrained markets.

Kilter Property, Frank Developments and Calile Malouf Investments are behind the plans for the 1.8-hectare site at <a href="https://www.apartments.com.au/new-apartments/99-noosa-drive-noosa-heads-qld-4567">99 Noosa Drive</a>, which would transform the long-vacant site into a new residential precinct featuring 208 apartments, retail, hospitality and public space.

The proposal comes as Noosa continues to grapple with housing affordability and a shortage of permanent accommodation, particularly for key workers. The site's location in Noosa Junction, close to shops, public transport and employment, aligns with the direction of Noosa Council's Housing Strategy, which encourages higher-density housing within established activity centres rather than continued urban expansion.

The draft plans include 48 affordable-by-design apartments and 48 rooming accommodation units aimed at key workers. Around 2,000 sqm of ground-floor retail and food and beverage space would activate the street frontage, alongside a new public town square and landscaped open space.

<img alt="Noosa" data-entity-type="file" data-entity-uuid="2dd02f53-1360-4e51-801e-bfd61a6c980e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-26%20at%208.44.34%E2%80%AFPM.png?VersionId=x1iNs3BSMN6Jy7YUwaBZMHRrrKX2hMpy" />

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Frank Developments Founder and Director Frank Licastro said the development would continue the company's focus on architecturally-led residential projects while addressing one of the region's biggest challenges.

"Not only will this project exude a sense of luxury, it will also enhance not only the built environment but also the surrounding community," Licastro said.

"Noosa's success relies on the people who live and work here. Providing well-designed accommodation for key workers is critical to supporting the local economy and ensuring the Shire can continue to thrive."

Kilter Property Co-Founder Huw Williams said the focus was on delivering additional permanent housing while creating a mixed-use destination that benefits both residents and the wider community.

"Our focus is on delivering a well-considered mixed-use project that provides more permanent housing options, supports local workers and businesses, and delivers an exceptional product for the local market," Williams said.

"The redevelopment vision aligns with the long-term evolution of Noosa Junction as a vibrant activity centre, creating a destination that enhances the area's character while delivering significant economic and community benefits."

Calile Malouf Investments, best known for its role in Brisbane's James Street precinct and The Calile Hotel, will bring its place-making experience to the project. The company recently commenced construction on The Calile Noosa hotel and says the residential development will complement its growing investment in the region.

CMI Director Cal Malouf said the aim was to create a walkable precinct combining housing, retail and hospitality while remaining true to Noosa's character.

"We see a similar opportunity in Noosa to deliver a vibrant, walkable destination that combines exceptional housing, hospitality and retail in one integrated project," Malouf said.

Brisbane-based Cavill Architects has been appointed to design the project.

Joel Robinson

Noosa Bowls Club to be redeveloped into mixed-use apartment precinct

One of Brisbane's last major riverfront redevelopment opportunities has taken a significant step forward, with Lendlease selected as the Queensland Government's preferred development partner for the former Visy site in South Brisbane.

The seven-hectare industrial site, positioned between South Bank and West End and 1.3 kilometres from the Brisbane CBD, will be transformed into a mixed-use precinct expected to deliver more than 4,000 new homes alongside extensive public open space and riverfront parkland.

The project is one of the largest urban renewal opportunities currently planned in Brisbane and is expected to play a key role in accommodating the city's growing population ahead of the 2032 Olympic and Paralympic Games.

Plans for the precinct include a network of riverfront promenades and boardwalks, new public plazas, parkland, amphitheatre-style gathering spaces and shared pedestrian and cycling links designed to reconnect the long-isolated site with the Brisbane River.

The Queensland Government is targeting delivery of the first homes and key public spaces before the 2032 Games, allowing the precinct to begin contributing new housing and public amenity well before the broader masterplan is complete.

The redevelopment is also expected to support more than 3,000 jobs across planning, construction and ongoing operations.

For Lendlease, the appointment adds another major urban regeneration project to its Queensland portfolio. The developer has operated in the state for more than 70 years and has delivered a number of large-scale mixed-use precincts in partnership with government.

Lendlease Development CEO Claire Johnston said the project represented one of Brisbane's most significant redevelopment opportunities.

"The transformation of the former Visy site represents a rare opportunity to reimagine one of Brisbane's most significant riverfront locations, deliver thousands of much-needed homes, and create long-term legacy," Johnston said.

"In partnership with the Queensland Government, we have the opportunity to create a new riverside destination that will help shape Brisbane's growth and how people experience the city for decades to come.

"This is exactly the type of large-scale, city-shaping development that will provide lasting benefits for Queensland, bringing together housing, jobs and world-class public spaces."

Deputy Premier and Minister for State Development, Infrastructure and Planning Jarrod Bleijie said the riverfront transformation would deliver a thriving new community precinct.

“The Crisafulli Government is delivering this golden opportunity to unlock a riverfront jewel for all Queenslanders,” Deputy Premier Bleijie said.

“This is a once-in-a-generation moment to reshape a significant slice of Brisbane and deliver lasting benefits – thousands of new homes, and public spaces for all Queenslanders to enjoy well beyond the 2032 Olympic and Paralympic Games – unlike Labor’s plan which would have delivered zero benefits and zero new homes.

“Queensland is well and truly open for business and through partnership with the private sector, we are accelerating delivery while ensuring strong housing, community and economic outcomes."

Early works on the precinct are expected to commence in April 2027.

Lendlease selected to deliver transformative South Brisbane riverfront precinct

Eddy Haddad's <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> is levelling up its approved Wollongong development, as the coastal city south of Sydney continues to prove popular in the high-density development space.

Level 33, a longtime developer in the Wollongong area, has gone through the NSW Government's Housing Delivery Authority to upsize its approved two-tower development on the corner of Crown Street and Gladstone Avenue, just 100 metres from Wollongong Station.

The developer currently has approval for 252 apartments across two buildings rising to 19 storeys. It is now seeking approval for 33 and 38-storey towers that would deliver 467 apartments, including 67 affordable homes.

Designed by <a href="https://www.apartments.com.au/architects/bka-architecture">BKA Architecture</a>, the development would comprise apartments above a three-level podium with around 1,100 sqm of retail space, along with basement parking for 448 vehicles.

According to the Urban Design Report by BKA, the proposal has the capacity to "reinforce the precinct's identity by strengthening links between health, education, and transport services, while also contributing to Wollongong's ongoing evolution as a key regional centre."

Wollongong is somewhat in vogue. Between Level 33 and Urban Property Group, the two developers have several thousand apartments planned across the city.

Level 33 is currently delivering Easterly Wollongong, one of its most boutique projects to date with just 21 high-end apartments, as well as Atchison &amp; Kenny, a 329-apartment development due for completion later this year.

The developer plans to redevelop the 13,088 sqm WIN Grand megasite into <a href="https://www.apartments.com.au/new-apartments/crown-square-216-238-keira-street-wollongong-nsw-2500">Crown Square</a>, a new $500 million precinct with nearly 600 apartments. It also has more than 900 apartments planned for the former Bunnings Warehouse site at the intersection of Gipps and Flinders streets.

Urban Property Group is also playing a major role in the city's transformation. Its five-tower Keira Place precinct will deliver more than 800 homes, and it has recently lodged plans for a further 300 apartments near Wollongong Station.

First look: Level 33 upsizes Wollongong apartment towers

Just a week after filing plans for the final stage of its major Keira Place masterplan, <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has unveiled another significant housing proposal in Wollongong, this time targeting a prominent site opposite North Wollongong Station.

The developer has lodged a State Significant Development Application for a 38-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/4-4a-flinders-street-north-wollongong-nsw-2500">4-4A Flinders Street</a>, around one kilometre north of the <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place precinct</a> currently taking shape on the edge of the CBD.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="2b6428f1-6405-4038-8476-897de440e90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium.png?VersionId=QLqEvK0OuCEwRC47oHNftrw2B1YqaHF8" />

Designed by Studio.SC, the proposal comprises a 38-storey mixed-use development containing 303 apartments, including 45 affordable housing units, alongside 174 co-living residences. The scheme also includes ground-floor retail space, extensive landscaping and public domain improvements.

Studio.SC noted in the proposal it "outlines a vision for a landmark transit-oriented mixed-use development centred around North Wollongong Station, designed to support the city’s future growth while responding to the NSW Government’s housing and planning reforms."

The architecture firm said the proposal responds to the opportunities and constraints shaping future growth within the 400-metre catchment of the station and represents "a coordinated and future-focused approach to urban intensification, contributing to the long-term evolution of North Wollongong as a connected, walkable and high-density station precinct."

The site occupies a strategic corner bounded by Flinders Street, Station Street, Stafford Street and the Princes Highway, directly opposite North Wollongong Station.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="7863adad-1f71-4022-b850-f44b252738fd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium%20a.png?VersionId=WsU7av0g8_8R2tGHWxgHeFSlhu7yeY1V" />

The proposal follows Urban Property Group's recent submission for the second and final stage of Keira Place, which would deliver a further three buildings comprising 657 homes opposite Beaton Park. It builds on the first stage, which features 150 apartments across two towers and recently commenced construction.

Urban Property Group CEO Patrick Elias said breaking ground on the first stage marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/urban-property-group-unveils-trio-of-towers-for-next-stage-of-new-wollongong-precinct-keira-place">Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place</a>

First look: Urban Property Group plans next major Wollongong tower

<a href="https://www.apartments.com.au/developers/arada">Arada Australia</a> has wasted little time expanding its ambitions in Campsie, lodging plans for a second major project in the rapidly transforming town centre just months after unveiling its three-tower One Campsie proposal on Beamish Street.

The UAE-backed developer has now taken aim at one of the suburb’s most strategically positioned sites, filing a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/10-north-parade-campsie-nsw-2194">33-storey mixed-use tower</a> at 10 London Street and 43 North Parade, directly opposite the future Campsie Metro Station. The proposal is currently on public exhibition and represents another significant vote of confidence in Campsie's emergence as one of Sydney’s key transit-oriented growth centres.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the development would deliver 156 apartments above a podium containing retail and commercial space, creating a new residential and commercial gateway to the town centre. The scheme also includes a four-level above-ground parking podium and a dedicated residential amenity floor featuring wellness and recreation facilities. At least 10 per cent of the apartments would be allocated as affordable housing for a period of 10 years.

The proposal occupies a 1,631 sqm site bounded by London Street, North Parade and Dispensary Lane, immediately adjoining the future Metro station precinct and just metres from Beamish Street’s retail and dining strip. According to the Urban Design Report, the project seeks to deliver "a great place that prioritises human-scaled experience and provides spatial improvements to the area."

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="175a8324-015b-4856-abe3-ce6f23199fa7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium%20campsie.png?VersionId=742UGwXFhFBX4GEl6wX4PYIWREAgn6il" />

Woods Bagot describes the tower as a key marker within Campsie's next phase of growth.

"Located directly opposite the new Campsie Metro Station on North Parade, 10 London Street is a thoughtfully composed 33-storey mixed-use tower that contributes to the ongoing transformation of the town centre," the Architectural Design Report states. The report says the project is intended to provide "high-quality homes within a vibrant, connected urban environment, while helping define Campsie's future skyline."

A strong emphasis has been placed on the public realm. The ground floor incorporates over 500 sqm of retail space and active frontages along both London Street and North Parade, while the podium is wrapped by extensive landscaped planting intended to soften the building's scale and strengthen the pedestrian experience. The development would also widen surrounding footpaths and improve connections between the Metro station and the broader town centre.

Above the podium, residents would have access to more than 1,400 sqm of communal amenities, including a pool, gym and landscaped recreation spaces. A distinctive green-wall treatment extending across four podium levels forms a major architectural feature, helping differentiate the project within the emerging high-density precinct.

The tower's design is closely tied to the broader Campsie Town Centre Master Plan and the arrival of Sydney Metro. The Urban Design Report notes the proposal "directly supports the Campsie Town Centre Master Plan by delivering new homes in a location explicitly identified for growth, improved accessibility, and high-quality urban renewal." It adds that the project contributes to the master plan's vision for a strengthened town centre supported by thousands of new homes around the future Metro station.

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="bfd17654-253e-489a-bade-6278d63db412" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/base%20campsie.png?VersionId=3roJPMQGs36dazpkhvpvbDDP73Ld.Ica" />

The application follows Arada Australia's recently lodged One Campsie project at 124–142 Beamish Street and 16–18 Ninth Avenue, where the developer is seeking approval for 346 apartments across three towers rising 24, 32 and 39 storeys. Together, the two proposals would cement Arada Australia as one of the most influential developers shaping Campsie's future urban form.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-arada-files-for-trio-of-apartment-towers-in-campsie-town-centre">First Look: Arada Australia files for trio of apartment towers in Campsie town centre</a>

Arada Australia entered the Australian market in 2024 and has rapidly assembled a significant development pipeline across Sydney. Alongside its Campsie holdings, the developer is soon to launch <a href="https://www.apartments.com.au/new-apartments/wattle-green-2-fishburn-crescent-castle-hill-nsw-2154">Wattle Green</a> in Castle Hill, and has expanded its local operations following its acquisition of construction firm Roberts &amp; Co.

Located around 14 kilometres south-west of the Sydney CBD, the site sits at the centre of one of Sydney's fastest-changing middle-ring precincts. The Metro conversion of Campsie Station, combined with Canterbury-Bankstown Council's master planning framework, is driving significant residential intensification around Beamish Street and North Parade, with thousands of new homes expected over coming decades.

Staff reporter

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