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Darwin homeowners and landlords are preparing for a significant surge in activity when the Northern Territory’s borders reopen in July, according to Glenn Grantham, the general manager of Raine &amp; Horne Darwin. 
“Even before the border announcement this week, we received six rapid-fire bookings for a holiday rental apartment in the Darwin CBD,” Mr Grantham said.
“Typically, at this time of year, this penthouse apartment in the stunning Oasis building books for weekends only. The six bookings are for weeklong stints.
“All six bookings have been made by southern state holidaymakers, who are seeking a winter getaway.
“With international borders currently closed, Darwin fits the bill perfectly for tourists. However, holiday accommodation will be tight.”
Darwin has a vacancy of 2%, the city’s best in seven years, while the number of vacant properties available for rent is about 50% lower than June 2019, according to data from Raine &amp; Horne Darwin.
Given this major supply shortage, Mr Grantham expects some severe price pressure on Darwin’s already competitive average rental yield of 5.8% for the remainder of 2020.  
The possibility that construction work on Charles Darwin University’s CBD Campus will begin as early as July will also add to the pressure on Darwin’s tight rental market.
“This construction project will require interstate tradespeople, who will be seeking permanent rentals,” added Mr Grantham.
Mr Grantham advised that, based on personal experience, most interstate buyers generally holiday in Darwin before migrating permanently.
“With the surge in first-time visitors and based on the city’s real estate history, plenty of these tourists will make a permanent shift to Darwin.
“The ‘try before you buy’ approach will work well again for the property market as tourists will land in Darwin in the dry season, which is a beautiful time of year with average days of 32°Celsius and no humidity.
“For those vendors considering a sale, be prepared for an influx of interstate purchasers between now and September,” Mr Grantham advised. 
The border is scheduled to reopen on July 17 of this year.
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NT border reopening to drive demand for Darwin property

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The NSW Government has announced that the new $80 million Western Sydney Construction Hub will be located at the existing Kingswood TAFE NSW campus.
Minister for Skills and Tertiary Education Geoff Lee revealed the location with Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres during a visit to the Western Sydney campus.
“The Western Sydney Construction Hub will be located on the existing TAFE NSW campus in Kingswood. It will deliver specialised training for 700 new students each year in key trade areas such as carpentry, electrical, construction and plumbing,” Mr Lee said.
“As a dedicated Centre of Excellence for construction trades, the new facility will significantly enhance education and training in the region and showcase the best of what TAFE NSW has to offer in delivering world-class, practical training linked to jobs.
“We know our State needs a strong pipeline of skilled workers to meet the demand of our infrastructure boom, and that’s why we’re significantly investing in TAFE NSW.”
Mr Ayres said the new Western Sydney Construction Hub will equip students with job- ready skills at a time when the area is experiencing an unprecedented spend in infrastructure projects.
“With its world-class facilities, expert teachers and on-site industry engagement, the Western Sydney Construction Hub will help to deliver the skilled workers needed for major construction projects such as the Western Sydney Airport and Aerotropolis, and the Sydney Metro Western Sydney Airport,” he said.
The centre will be located on vacant land and is in close proximity to public transport, employers and other community amenities.
It is scheduled to be completed in 2023.
 
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Western Sydney Construction Hub to be built in Kingswood

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The majority of development applications in the eastern suburbs relate to renovations and extensions, according to the latest Herron Todd White (HTW) residential report. 
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The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
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The report notes renovations are generally made by owner-occupiers looking to enhance their current home to meet their changing needs and include examples such as renovations of terraces in Paddington and Woollahra, to second storey additions to semi-detached homes in Maroubra and Randwick, to huge extensions and renovations to large prestige homes in Vaucluse and Bellevue Hill.
"While we do see full renovations of units and townhouses in the eastern suburbs, it is more often the case that a part renovation is undertaken to get an uplift in rent for investors, or an uplift in price for owners looking to sell after the renovation," the valuation firm said. 
These renovations often focus on the works that will give you more bang for their buck such as a new kitchen, bathroom renovation or new floor coverings.
"Given the local government areas of Woollahra, Waverley and Randwick have a significant proportion of development applications relating to renovations and extensions, we took a look at the number of new development applications lodged so far this year and how that compared to last year," the valuation firm said. 
In the period to the middle of May this year, Woollahra LGA saw 150 new development applications lodged. This was slightly down on the 170 lodged over the same period last year. 
Waverley had 150 in both years, while Randwick dropped from 270 last year to 215 this year. 
"These numbers may reflect the stronger property market conditions in the first quarter of 2020 compared to 2019, with owners looking to sell rather than stay and renovate, but may also indicate that some owners may be placing larger renovation projects on hold under the current COVID-19 environment," the valuation firm said. 
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The report notes a good example of uplift in value from renovating in the eastern suburbs is a property at the southern end of the region in Chifley. 
The original two storey, semi-detached, four- bedroom, two-bathroom dwelling (pictured below) situated on a thoroughfare opposite Long Bay Correctional Facility, sold in September 2018 for $1.15 million.
<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/2020/6/10/chifley%20before.jpg" alt="">
 
After a full renovation, the property (pictured below) resold in November 2019 for $1.9 million, more than covering the cost of the renovation.
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Another example at 9 Jane Street in Randwick saw a detached, single level cottage (pictured below) sell originally for $2.1 million in June 2019, then undergo a full renovation, before selling again in April for an undisclosed price above $3 million.
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"Both of these examples also benefited from an improving market between purchasing and selling. This is an important consideration for anyone looking to flip, as in a falling market it may be difficult to cover your total costs after completing the renovation," the valuation firm said. 
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Eastern Sydney sees decline in development applications for renovations: HTW residential 

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The Northern Beaches area is heavily owner- occupier driven and most renovations occur for this purpose, whether that be for first-home buyers looking to add value or families looking to upsize but remain in their existing homes, according to the latest Herron Todd White (HTW) residential report. 
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The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
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The report notes Freshwater is one of the most active suburbs for home renovations at the moment.
"The suburb has one of the highest number of outstanding development applications in the Northern Beaches Council with around 30, particularly high considering the size of the suburb," the valuation firm said. 
Entry level into the Freshwater market for housing is typically $1.5 million to $2 million, depending on the position in the suburb, land characteristics and accommodation size.Generally speaking, construction works typically return their cost and often a profit.
"It is prudent to analyse sales in the local area of finished, renovated homes if creating equity is a major factor in your decision to renovate. 
"The sales will assist in determining what the market is willing to pay for certain products, help set a construction budget and provide design ideas and concepts that the local market is receptive to," the valuation firm said. 
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A recent example of this is <a href="https://www.realestate.com.au/sold/property-house-nsw-freshwater-133208874" target="_blank">70 Soldiers Avenue, Freshwater</a> (pictured above) which sold for $2.725 million on 9 April 2020.
This circa 1960s, four-bedroom, three- bathroom property recently underwent a full renovation and is a good benchmark for owners looking to renovate their existing homes in the suburb.
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Freshwater - the most active suburbs for home renovations in the Northern Beaches: HTW residential 

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The prestige market on the Upper North Shore is seeing plenty of renovation activity, although this is not uncommon for this area of course, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggests that in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month's HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
"It can traditionally be very hard to find a property that ticks all of your boxes at this higher end of the market, so usually buyers or owners are willing to renovate as needed and are more likely to have the funds to do so.
"This has become even more pronounced with the dramatic drop in the amount of stock coming onto the market during this COVID-19 period," the valuation firm said. 
Home-owners who were looking to potentially upgrade prior to March this year may now be nervous due to the current uncertainty in the market and decide to renovate instead. 
The report notes these same owners may now have slightly more time on their hands too, allowing them to investigate the renovation and associated DA process.
Renovations on the Upper North Shore, assuming undertaken to a quality standard, traditionally provide the added value of the completed work at a minimum.
"Of course there is always the odd property where over-capitilisation has occurred, but it is hard to go wrong in this sector of the market if owners follow the basic renovation rules," the valuation firm said. 
An example of a recent purchase and renovation job re-sold in March this year for a substantially higher price.
The period property At 36 Powell Street, Killara (pictured below) sold in May 2015 for $2.75 million and was in dated condition throughout.
<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/2020/6/10/killara%20before.jpg" alt="">
After some small extension work, floor plan re-configuration and a full internal renovation, the property re-sold in March this year for $6.1 million (pictured below).
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"Of course there has been some market growth over this period too, but it is still a good example of the added value of quality renovation works.
"Situated on a good sized block with a highly desirable north-to-rear aspect and located in a well-regarded street, this was always going to see a substantial increase in value," the valuation firm said. 
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Upper North Shore Sydney sees increasing renovation activity: HTW residential 

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If the queues at Bunnings are anything to go by, home renovation seems to be on the rise in western Sydney, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggests that in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month's HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
"Niggling jobs that have been put on the backburner are now being addressed, be it patching a hole in the wall, reconfiguring the rear garden or even a second storey extension," the valuation firm said. 
Western Sydney is a diverse area for real estate and this allows residents a larger choice in property.
 Families who have outgrown their existing property have a number of options such as upgrading to a new property in the growth areas or buy an existing dwelling and renovate, the report noted. 
The north-west and south-west growth precincts have seen substantial development of new dwellings on smaller allotments over the past five years, with many buyers upgrading to these ready- made new products rather than undergoing an extensive renovation on their current dwelling.
"Given the lower price points in western Sydney compared to eastern Sydney, it is vital to analyse the current renovated sales to ensure you are not overcapitalising.
"This is particularly important for investors as it is dead money that could have been used elsewhere.Owner-occupiers may not be as concerned as over time these costs will be absorbed as the market improves," the valuation firm said. 
For years, investors have been actively buying older run down properties in western Sydney and updating the dwellings to not only add value but increase rental return.
The addition of a well-placed granny flat in the rear yard further increases the yield for the investor.
An example where this has worked is at <a href="https://www.realestate.com.au/sold/property-house-nsw-whalan-132604618" target="_blank">12 Aitape Crescent, Whalan</a> (pictured below) in the Blacktown LGA.
This three-bedroom, one- bathroom dwelling sold for $366,000 in February 2019 and after undergoing a full renovation, sold for $520,000 in February 2020 through Raine &amp; Horne Penrith.
<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/2020/6/10/whalan%20before.jpg" alt="">
Before
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"Regarding the cost to renovate, it seems that engaging a skilled tradesperson to complete some work is not a cheap exercise.
"One has only to look at the number of shiny, dual cab utes on development sites to see that skilled tradespeople are in hot demand, mostly thanks to the amount of infrastructure and construction within the Sydney metropolitan area," the valuation firm said. 
In Prestons, the difference between a renovated and unrenovated entry level home is demonstrated by the results of two sales 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/2020/6/10/prestons%201.jpg" alt="">
<a href="https://www.realestate.com.au/sold/property-house-nsw-prestons-132770486" target="_blank">18 Cedar Road</a> (pictured above), an unrenovated property, sold for $676,000 in January, while <a href="https://www.realestate.com.au/property-house-nsw-prestons-133243622" target="_blank">32 Grevillea Crescent</a> (pictured below), with a basic internal renovation, mainly to the kitchen and bathroom, sold for $740,000 at the end of March.
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Whilst not a large uplift, it would easily cover the cost of completing the renovation works, the report noted. 
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Western Sydney home renovation on the rise: HTW residential 

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The general sales activity and enquiry in Lismore, Richmond Valley and Kyogle areas have remained quiet, however, there does not seem to be any sense of a catastrophic drop in prices expected, according to the latest Herron Todd White (HTW) residential report. 
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The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
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"Following the COVID-19 restrictions in place from early March 2020, the question frequently asked is “How will the property market react during and after COVID-19?” 
"Nothing much has changed since our foray into this loaded question last month, apart from the fact that at least some restrictions are slowly being lifted," the valuation firm said. 
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"Providing locals are able to get back to work or retain employment and regain some sense of normality, a few brave souls have hinted at a launching pad for the local property market to rise!
"Think about it; the unprecedented low interest rates are unlikely to rise quickly due to a willingness by government and lenders alike to encourage the country to get going again...and this could be a scenario for some time yet," the valuation firm added. 
If a potential property investor, first home buyer or upgrader has all the boxes ticked for the lender, today could be a very good time to buy, the report noted. 
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Rental accommodation queries remain relatively strong.
With interest rates now at record low levels, there are a number of opportunities some may not have considered outside of the desire to buy a new build. 
Renovation could potentially feature in the minds of investors, developers, first home buyers and even upgraders. Borrow a few dollars to put some new life back into the tired and dated home.
The report suggests the cost is naturally going to be a key ingredient in the decision making as well as the end value of the final product.
"The option to do this in the Lismore region is to find an established, three-bedroom, two-bathroom dwelling within the $300,000 to $400,000 price bracket," the valuation firm said. 
For, Casino and Kyogle, a similar real estate product would be in the region of $250,000 to $350,000.
A three bedroom house in Casino was sold for $295,000 in April. 
The home at <a href="https://www.realestate.com.au/sold/property-house-nsw-casino-132689386" target="_blank">15 Beith Street</a> (pictured below) comes with L-shaped lounge and dining, modern kitchen, home office and garden shed.
It is located close to the Golf Course. 
<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/2020/6/10/casino.jpg" alt="">
"There is no particular area of Lismore, Casino or Kyogle that has the upper hand on renovation activity.... diamonds in the rough can be found anywhere if you look hard enough," the valuation firm said. 
"Renovating an established dwelling rather than commencing a new build can achieve a lot....if done properly." 
A budget of less than $100,000 could provide an updated kitchen, bathroom, ensuite, general interior and exterior painting and floor coverings.
"Provided the renovation work emphasises the positive features that are already there OR introduces new features that the market place desires (do your homework for the areas you wish to invest or live in as each locality is different), then the cost to added value ratio could yield some reasonable capital gain....and nicer digs to reside in!" the valuation firm said. 
However, the trick is not to over capitalise. 
A good option is to seek out those large homes with only two bedrooms and a large living space, the report noted. 
Cut the living room to provide a third bedroom and the rental would naturally improve to reflect that of a three-bedroom home.
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Older style, turn of the century homes are quite popular for those with an interest in timber and the old world appeal.
One good example is a property at <a href="https://www.realestate.com.au/sold/property-house-nsw-girards+hill-129516530" target="_blank">62 Cathcart Street, Girards Hill</a> (pictured below), out of the flood area and an easy walk into the CBD.
The property is a beautiful, circa 1880s timber home with expansive verandahs and fully renovated interior that maintains the heritage character set amongst well established landscaping, trees and mature gardens.
<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/2020/6/10/girards%20hill%201.jpg" alt="">
It sold for $880,000 in mid 2019, the price being a record for the suburb of Girards Hill in recent years.
However, the cost to renovate and maintain such prized, older-style, weatherboard homes needs to be strictly monitored as one could easily get carried away.
"In summary, from a conservative perspective, the purchase of an established house with opportunities to renovate would be a more viable option and purposeful stepping stone to something newer in the future without the millstone of large debt around the neck.
"There are land and house packages available today which are competitively priced but are still above the expected price for an established dwelling of average to moderate appeal.
"Besides, the established house does provide the opportunity for the owner to put their stamp of identity on the renovation project whereas a house and land package is simply that - what you see is what you get and any subtle changes to the design could bring on a wallet attack." 
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Tips for renovating established dwellings in Lismore/Casino/Kyogle: HTW residential 

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Well-renovated character homes in Byron are particularly desired in the market and could be targeted by a buyer renovating for profit, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
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"One month on and what was a blurry view of the post-COVID-19 property market is slowly coming into sharper focus, however with updates on travel restrictions, infection rates and government assistance packages coming at us thick and fast, the situation could be best described as fluid.
"A month ago, we were staring down the barrel of a lock down into September. The latest, good news is that intrastate travel in New South Wales will now be allowed from the start of July. This will be a welcome relief for the cash strapped tourism sector in Byron Bay and the surrounding shire," the valuation firm said. 
The report notes whilst the lucrative overseas market and interstate market is still out of reach, any visitor numbers are better than no visitor numbers for now. That is the good news.
There is, however, mounting evidence that residential sale prices in the shire may have softened since the start of the COVID-19 pandemic.
The following three examples show that some sellers have had to accept lower sale prices post-COVID-19 after listing their properties pre- COVID-19.
Exact property addresses are not given to protect the vendor’s and buyer’s privacy, however these are confirmed sales unless stated otherwise.
1. Acreageproperty, Binna Burra. Listedin February 2020 for $1.35 million. Sold in April 2020 for $1.2 million, an 11.1 per cent difference between list price and sale price.
2. Acreage Property, Nashua. Listed in February 2020 with a price guide of $1.29 million to $1.41 million. Sold in April 2020 for $1.08 million, a difference between price guide and sale price of 16.3 to 23.4 per cent.
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3. Duplex unit, Byron Bay (under contract). Listed in February 2020 with a price guide of $1.1 million to $1.2 million.Price guide adjusted in April 2020 to $995,000 to $1.065 million and is now under contract for $1.02 million, a difference between February price guide and sale price of 7.2 to ten per cent.
"Buyers and sellers should not be alarmed by these examples, but they should be alert to the fact that some properties are selling at prices well below the seller’s expectations," the valuation firm said. 
In the current market, sellers should be keeping right up to date on what is happening in their locations and be prepared to listen to the market rather than their hearts.
Buyers too, need to do their research, as there appears to be the opportunity to purchase at the lower end of some sellers’ price expectations, the report noted. 
"The bottom line is that there appears to be increased volatility across the market and at the moment, residential property can be expected to sell within a wider than usual price range," the valuation firm said. 
The report suggests buying a property at the lower end of the price range increases the opportunity to renovate for profit.
Renovating for profit is, however, traditionally fraught with danger due to cost overruns, over capitalising and market movement. It is best left to experienced renovators; novices need to tread carefully.
The Byron Shire is largely established with only a small number of residential estates offering new builds in the hinterland localities of Mullumbimby and Bangalow.
There are many older units and houses in beachfront towns and hinterland localities that could be described as ripe for renovation.
The report notes well-renovated character homes (timber houses from 1900 to the 1960s) are particularly desired in the market and could be targeted by a buyer renovating for profit.
A renovated three bedroom house in Ocean Shores has recently been sold for $745,000.
The <a href="https://www.realestate.com.au/sold/property-house-nsw-ocean+shores-132825202" target="_blank">51A Balemo Drive</a> home (pictured below) comes with multiple living spaces, modern kitchen, and undercover outdoor space. 
It also features solar hot water system, yard with established trees and scope for potential granny flat. 
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One of the more fashionable and profitable ways for owner-occupiers to add value to their properties in recent years has been the addition of a second dwelling or studio to their land.
The construction of a council-approved, self- contained bungalow or studio in a backyard has given many Byron Shire residents a steady income stream or somewhere for the extended family to live.
Notwithstanding the current over supply of rental properties brought about by COVID-19 (see last month’s Month in Review comments), there has been a shortage of properties to rent in the Byron Shire over the past few years and many homeowners and investors have sought to capitalise on this with a bungalow or studio addition.
Typically, a small two-bedroom studio or bungalow will cost around $175,000 to build, all in.
It will rent (depending on location) for approximately $375 per week or $19,500 per annum, gross rent.
A one bedroom home in <a href="https://www.realestate.com.au/property-house-nsw-mullumbimby-427810226" target="_blank">Mullumbimby</a> (pictured below) is currently on the rental market with a price guide of $365 per week.
The new home features open plan living, kitchen with gas cooking, separate bedroom and carport. 
It is located within walking distance to town centre. 
<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/2020/6/10/mullumbimby.jpg" alt="">
"While you still have to factor in increased mortgage payments, management fees, vacancies, insurance premiums, etc., this represents a gross return of 11% on your investment.
"So, who wants to build a bungalow in Balgalow?" the valuation firm said. 
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How to increase the opportunity to profitably renovate in Byron: HTW residential

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Feedback from the Clarence Valley market suggests that the sales volumes are down, enquiry is down and holiday rental demand is down, according to the latest Herron Todd White (HTW) residential report. 
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The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
"Agents are reporting that some have taken their listed properties off the market, previously listed holiday properties are being leased out permanently, adding more supply and reducing rents," the valuation firm said. 
Agents are noting though that they are seeing less volume, there are more quality enquiries for sales properties.Value levels seem to have remained relatively stable until now.
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The HTW report notes prior to the Coronavirus, renovation was quite strong in the area due to the market rewarding updated, well-presented properties.
Renovation works are expected to be less common due to the Coronavirus.Renovations may occur in the main parent home as children lose their jobs and want to return home under the safety of greater equity held by their parents in these uncertain times which have negatively impacted employment.
"Due to the current uncertainty, those with financial resources are more likely able to renovate however working people with a mortgage may decide to defer spending money on renovation due to uncertainty about employment and secure income," the valuation  firm said. 
Investors likely are holding off renovating until such time as employment and tenants are in a stronger position to support payments of rent. 
Saying that, bank interest rates are still low and the area is seen as a long term growth area due to the new highway under construction and new jail. 
Renovations are likely still viewed positively by the market, particularly to out of town buyers from capital cities due to their more secure employment and income, the report noted. 
Renovation work in Grafton and Maclean on older style dwellings around $250,000 to $300,000 are not uncommon and some added value is expected to be rewarded by the market, although there are likely some Heritage issues to contend with in these areas.
A recent sale was a lowest weatherboard home situated within walking distance to Grafton CBD. 
The two bedroom, one bathroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-grafton-132698134" target="_blank">129 Fry Street </a>(pictured below) was sold for $278,000.
The home features lounge room with ornate ceilings, brick fireplace, timber floors and large backyard. 
<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/2020/6/16/grafton.jpg" alt="">
A current listing is a two bedroom Grafton house priced at $260,000.
The 134 Dobie Street home (pictured below) comes with two bedrooms and spacious living room, air conditioning and ceiling fans. 
It features hardwood timber flooring thourghout which is sought after by renovators.
<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/2020/6/15/grafton%203.jpg" alt=""> 
"In the future, renovation work may likely be reduced due to the uncertainty around employment, expendable income and secure tenants," the valuation firm said. 
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Renovation work expected to reduce in Clarence Valley: HTW residential 

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The property market in Albury-Wodonga and surrounding region on both sides of the border appears to be holding quite well, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
"The cases of COVID-19 have been very, very low and the community has been adhering to all pandemic measures.
"Most agents are reporting a hold and wait type behaviour across the board, which resulted in significantly reduced sales activity for April and May, with an uptick in this third week of May as restrictions ease and the reopening of schools is now approaching for both New South Wales and Victoria," the valuation firm said. 
"With the number of final inspections on new homes and construction reports on proposed new dwellings increasing, we will continue to observe and analyse the likely effects on the tourism industry and the investor market in our region." 
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If the carpark at Bunnings is any indication, home improvement has been front of mind for many with the expected result surely being property of all types receiving TLC, running second only to the amount of extra dog walking being witnessed across the country.
"Pre-pandemic vendors making the extra effort in property presentation were certainly reaping the rewards, so post-pandemic we might be set for a very good looking property offering in spring with gardens spruced, DIY updates of bathrooms and painting refreshes creating the longest lines at home improvement centres," the valuation firm said. 
Overall the renovation market in our area is quite targeted, due to property owners’ mobility in the market created by our housing affordability, the report noted. 
The risk of over-capitalising property is real if the price point and location are not spot on.
The house flippers are mostly purchasers with skill sets to renovate on a budget and this has been very evident in North Albury reaching further north now to Lavington and also parts of south Albury.
A renovated three bedroom unit in Lavington has recently been sold for $226,000.
The <a href="https://www.realestate.com.au/sold/property-unit-nsw-lavington-132385398" target="_blank">2/585 Heathwood Avenue </a>home (pictured below) comes with open plan living, contemporary kitchen and three bedrooms.
The unit is located in a well-maintained complex of only two. 
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The report suggests the other active market segment for renovations are high end additions and renovations of character dwellings in central, small pockets of North Albury and all of old East Albury.
A three bedroom house located in Albury's iconic Jones Street is currently on the market with a price guide of $649,000.
The <a href="https://www.realestate.com.au/property-house-nsw-albury-133673950" target="_blank">722 Jones Street home </a>(pictured below) comes with renovated bathroom, update kitchen, and open plan dining and lounge. 
It also features enclosed sunroom, triple length single garage and undercover carport. 
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With only a select few master builders available, waiting times for these projects can be expected, up to two years for some builders, so substantial planning and patience is required in these good locations.
Renovation is not for the faint-hearted and the decision to renovate may sit below upgrading to a newer home, moving to a better location, building from scratch or demolishing and rebuilding.
The rewards are there for the very astute home owner or investor, however regional cities do not enjoy the same capital growth as the metropolitan property markets, so often a smart update rather than a full renovation can assist owners to enjoy some uplift to take the next property step or secure a better tenancy.
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"On inspection, we often hear the lamentation that home improvement takes money and time and striking that balance can be challenging.
"Hopefully over the past couple of months property owners have had the time and been able to save some money by taking on projects themselves or calling in the professionals," the valuation firm said. 
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Smart update or full renovation in Albury-Wodonga? HTW residential 

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Joel Robinson

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

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

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

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[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.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Staff reporter

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