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In <a href="https://www.propertyobserver.com.au/residential/land/understanding-land-valuation/2011080851071" title="Understanding land valuation" target="_blank">part one </a>of a two-part series on land valuation, we examined the nuts and bolts of what you need to know. In part two, we talk about the people who are part of the process: valuers and real estate agents.
VALUERS 
Valuations are ordered when a definitive value for a property where finance, settling a dispute, or establishing the value of a deceased estate is required. 
There are many valuation firms that are hired both by buyers and buyers’ agents, vendors and developers and lending institutions, bringing an independent eye that can provide essential knowledge to ensure that all parties can make an informed decision about a particular property on the market and its deemed market value.  The valuation of residential property is a diverse field and includes suburban residential, prestige homes, beachfront dwellings, thousand-lot multi-stage residential subdivisions to smaller scale unit developments and commercial/retail. 
A certified practising valuer will conduct a full inspection of the nominated property, carry out research and analysis into the local market with comparisons to recent sales and submit a detailed report providing information and commentary on issues affecting the current market value of the property. 
Typically reports include:
<ul>
<li>An executive summary detailing the property and business.</li>
<li>A site appraisal specifying;</li>
<li>Land particulars </li>
<li>Improvements </li>
<li>Market comments </li>
<li>Income analysis </li>
<li>Sales evidence </li>
<li>Rationale </li>
<li>A valuation reporting summing up the analysis. </li>
</ul>
There are three ways a valuer may value the subject property:
<ol>
<li>Full value – this involves the valuer undertaking a full inspection of the property, including an internal inspection.</li>
<li>Kerbside – the valuer literally stops outside the property and does not undertake an internal inspection.</li>
<li>Desktop – this involves the valuer collecting comparable sales data based on the description of the property and where no physical site inspection takes place. 
</li>
</ol>
Depending upon who has ordered the valuation determines how they will use it.
For buyers who are not sure if they are paying too much or how much to offer, <a title="Property Checks" href="https://htw.com.au/services/researchcentre.aspx"></a>a pre-purchase valuation will give reassurance about the price and many other aspects of the property before an offer is made.  As a buyer, you can use the valuation to your advantage as a bargaining tool if the valuation comes in lower than the vendor is asking.  You may also be able to do your own research and provide the valuer with comparable sales that are favourable to you.  The valuation may also confirm that what you intend to offer or what the vendor is asking is market value – but it doesn’t hurt to always put in a lower offer – you just never know if the vendor will accept or not. 
When ordering your independent valuation, you may ask for it to be formatted so that it can also be submitted to the bank in their formatted criteria and ask for it to be assigned to say in two bank names, therefore when the time comes for the bank to order a valuation, you have one on file that hopefully matches what you are trying to achieve – lower than market value or at least on contract price.  You may also be able to ask the bank to provide you finance based on the higher valuation, rather than contract price, therefore providing you with a higher loan-to-valuation ratio. 
When selling, present the valuer with information including recent comparable sales and points about your property that presents it in the best light.  Ensure the presentation reflects the price you are trying to achieve, e.g. gardens are manicured, cleaned fixtures and fittings throughout the property, declutter or accessorise fashionably. 
On the flipside, if you want a new valuation on your existing asset base so you can draw upon the equity to further your portfolio, this is when it would be in your interest to get the valuation as high as possible.  
<ul>
<li>For developers and vendors, the report will give them an idea of how to market their property and at what price point.  Too high a price and they won’t get the buyers they require, too low a price and they won’t make the profit margin they projected.  Again, an independent valuation is a tool they can use to provide buyers proof that what they are asking is fair market price.</li>
<li>Lending institutions will always order a valuation when you are taking out a loan for a new purchase or if you want to draw equity from your existing portfolio.  They need to know that the money they are lending you is financially secured by that asset and this will form the basis of their LVR (loan to value ratio) and will also provide them with a realistic sale price should they need to sell the property quickly (normally referred to as a fire sale).</li>
</ul>
Find out which valuers sit on particular banks panels by either asking the bank, broker or asking the valuer themselves.  Also find out which areas they usually value and what types of properties they value.  A bank won’t accept a valuation if the valuation firm is not on their panel.  
REAL ESTATE AGENTS 
A real estate agent has the obligation to get the best price for the vendor and will use databases and their knowledge of the local market and recent sales to provide a “market appraisal” when you wish to sell your property.  These appraisals are intended as a guide only and are not the definitive price which may be achieved for that property. 
Appoint an agent who is acutely familiar with your suburb and who does not work outside the area.  An agent who works outside of the area may result in an appraisal that is too high and not achievable, or too low essentially providing a property below market value. 
Be wary of agents who quote an extremely high price and therefore providing you with an unrealistic expectation of the final sale value.  They may be doing this just to get your business and you may wonder why you do not have any viewings.  Vendors are soon conditioned to lower their asking price to meet the market feedback.  Again, conduct your own due diligence on pricing in your local area. 
On the other hand, agents who value too low not only hurt the vendor with the end result, but can ultimately bring down values of an area if the sale is then used as comparable data with professional valuation firms and professional property databases, such as RP Data. 
As a buyer, using the services of professional database firms and independent valuers as a tool for your negotiation with the vendor and agent, plus finding out the true motivation for that sale (e.g. bought elsewhere, divorce, financial stress) and using it to your advantage, may assist you in saving thousands of dollars and purchasing that property under market value. 
If your offer has been accepted at a particular price and the valuation comes in very low after the initial offer period, I would ask for strong evidence as to why you would continue with the purchase at original agreed price based on the valuation you have received. 
At the end of the day, true market value is achieved when both parties agree on the final sale price and a settlement occurs. 
Although investing can be fun, exhilarating, scary and heart-stopping, it’s still a business and should be treated as such because that investing business could be worth millions.  I myself have called our investing “B’dearys Vision”.  It gives it a name and therefore is treated as a business entity.  Just because you like the tiles in the bathroom or the swimming pool or the colour of the walls does not necessarily make it a great investment, and it may cost you dearly investing with your heart.
While every effort has been made to ensure accuracy of this article, please refer to your state or territory’s Valuer General’s Office or Office of State Revenue for more detailed information and seek independent advice pertaining to a particular purchase.
Swarnie Condon is passionate about property investment with a total of nine properties in her portfolio.  Swarnie is co-author of the book Journeys Along the Property Path and founding partner of<a href="https://www.ipip.com.au" title="Inspirational People in Property" target="_blank"> Inspirational People in Property</a>.  Swarnie provides free mentoring services.
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swarniecondon-aTY2bgqmPh

The people involved in land valuation

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An individual property can be viewed from different perspectives such as home owner, investment or development and therefore the value of that property will be determined accordingly from that perspective. Knowing how and who values your property will assist you in making an informed decision about the buying, selling and holding process. 

There are three main types of valuations: 

<ol start="1">
<li>Valuer-General / Council Valuations</li>
	<li>Certified Valuers / Bank Valuations</li>
	<li>Real Estate Agent Appraisals / Market Value 
</li>
</ol>
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Valuer General/ Council Valuations 

Dependent upon which state or territory you live in, it is usually the role of the Valuer-General to oversee and provide updated land valuations for all properties in a local government area and to maintain complete, accurate and as current as possible valuation rolls for that State or Territory. Valuations are conducted annually in SA, Queensland and ACT, every two years for Victoria, every three years for NSW, WA and NT, every six years in Tasmania with a third of councils every two years. 

The Valuer-General is responsible for:

<ul>
<li>the provision of fair, accurate and consistent land values for rating and taxing purposes</li>
	<li>the determination of compensation following the compulsory acquisition of land</li>
	<li>providing leadership to the valuation industry and profession</li>
	<li>providing statutory valuations as required under the Land Act for that state or territory </li>
</ul>
The results of these valuations are provided to:

<ul>
<li>the Office of State Revenue annually, which manages and determines a landowner's land tax liability. Your principal place of residence is generally exempt from land tax.</li>
	<li>councils and other authorities such as water boards and emergency services as a basis for the levying of rates and taxes.</li>
	<li>departments to determine state land lease rent</li>
	<li>landowners via their notice of valuation, which is issued when their local government area is revalued.</li>
</ul>
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The Register of Land Values contains the following information:

<ol>
<li>the ownership of the land</li>
	<li>the occupation of the land</li>
	<li>the value of the land</li>
	<li>reference to the title of the land</li>
	<li>the location or description of the land</li>
	<li>the area of the land, and</li>
	<li>any other information as required by Valuation of Land Act for that particular state or territory. 
</li>
</ol>
Land values and council rating

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Councils use these land values to assist in the calculation of rates for local residents in one of three ways.

<ul>
<li>A combination of the land value of the property and a fixed amount per property.</li>
	<li>Entirely on the land value of the property.</li>
	<li>Entirely on the land value but subject to a minimum amount. </li>
</ul>
Fluctuations in land values don't necessarily lead to similar changes in rates. Rates depend on each councils rating structure and the limits to increases set by the various state and territory governments. The land value does not generally reflect the full sale price that could be obtained for the property. 

If you want to find out how your rates are calculated, contact your council. 

Land valuation process 

While states and territories differ in their approach and methodology, the general basis is that values are calculated using either the “unimproved land value” or the more common “site value” method. For the purpose of this article, I’ll use the NSW and Queensland methodologies for the explanation of each: 

NSW

<ol>
<li>Values refer to land value only, which does not include the value of your home or other improvements.</li>
	<li>Most land in NSW is valued using mass valuation, where properties are placed together and valued in groups called components. The properties in each component are similar or are likely to change in value in a similar way.</li>
	<li>Within each component, at least one representative property is valued individually each year to measure how much the value has changed from the previous year. The change in value is then applied to all properties within the component to determine their new value.</li>
	<li>Before undertaking valuations, valuers will inspect and analyse a large number of sales in a locality to gain in-depth understanding of what is happening in the real estate market. This information and the valuer’s expertise are then used to value the representative property.</li>
	<li>Where mass valuation is not appropriate, valuers will individually value the property.</li>
	<li>The most direct evidence for assessing land value is to compare the property being valued with the sale price of comparable vacant land sold around the time of the valuation date.</li>
	<li>During the valuation process, the valuer will examine the breadth of the real estate market including both vacant land and improved property sales. Valuers make allowance for the added value of any buildings or other structures on the land.</li>
	<li>Unsuitable sales, for example those between related parties, are not used to determine land values.</li>
	<li>When comparing property sales to the land being valued, the valuer may take a number of factors into consideration, including:</li>
</ol>
<ul>
<li>The location of the land, size and shape</li>
	<li>Soil type and land surface, such as slope</li>
	<li>Town planning controls and constraints on use, such as heritage restrictions</li>
	<li>Nearby development and amenities, such as parks, views, public transport and busy roads.</li>
	<li>Valuations are based on certain assumptions, including the property being vacant. The value of a home or other structures and improvements is not included. However, land improvements remain part of the land value, for example clearing, draining and filling of land. </li>
</ul>
Strata site land values 

<ol>
<li>The Valuer-General is responsible for determining the land value for the whole site of a strata scheme. The valuation will take into consideration the most valuable possible use for the whole site. This may exceed the current level of development on the site.</li>
	<li>The land value for individual strata units for council rating and land tax purposes is calculated using the land value for the whole site of the strata scheme and apportioned based on the unit entitlement listed in the strata plan.</li>
	<li>The Valuer General issues the secretary of the strata plan or the owners’ corporation with a Notice of Valuation showing the land value for the whole site of a strata scheme that will be used for rating purposes.</li>
</ol>
 

Queensland

From May 3 2011, the 58 rateable municipalities in Queensland have used the new site value methodology to value non-rural land and the unimproved value methodology to value rural land. 

Most landowners have seen very little difference in their new valuation as a result of the introduction of site value. Where there have been substantial site works made to land, landowners may see an increase in the value of the land. Approximately 95% of residential land in Queensland has not been significantly affected by the change in valuation methodology. However, the valuation of some residential land may have increased, such as land with water frontage. Other types of land also changed in value to reflect the difference in value between the land in its natural state (unimproved value) and its current state (site value).

For example, industrial estates that have been heavily filled, retained or levelled have seen the value of these improvements included in the land’s value. 

The new site value methodology has resulted in some properties, mainly commercial properties with significant leasing arrangements, having a reduction in their statutory land valuation as a result of the intangible elements no longer being considered in their valuation.

Swarnie Condon is an author of <a href="https://www.ipip.com.au/" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" target="_blank" title="Journeys Along the Property Path">Journeys Along the Property Path: 12 real life stories of 12 property investors</a>, published by Inspirational People in Property.

 
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Understanding land valuation

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By the year 2000, we were on the lookout for our next dream home. We looked at several suburbs, but decided we wanted to build. Our focus turned to a new estate at Glenwood in north-west Sydney.
Again, I scoured the Homes Pictorial, which had progressed with the times and the listings were now in colour! We found a block that was 700 square metres and put our $500 holding fee on it. However, it was not all smooth sailing.
The sales agent made an error and got confused with the lot numbers, as there were five vacant lots in a row. The lot that we had decided on had actually already been bought just the day prior. I remember sitting at work and bawling my eyes out – I couldn’t believe it. I yelled and ranted at the agent and I wanted to sue! The principal of the agency was most apologetic and he refunded our money, and our search began again.
It was not long before I spotted another block for $210,000. I asked John to go and have a look, which he did. He took his dad along for assurance. The call in the afternoon said it all: it was ours for $205,000 and John had already put down a deposit.
There had been no discussion with me (you’ll read my payback about non-discussions further in our story) but I assumed that because he and his dad had seen it, it must have been great. In fact, it was a much better position than the block we lost just a couple of weeks earlier. It was meant to be.
It was time to sell our Guildford property to fund the construction of our new dream home. It sold for $218,000. We found a suitable builder (after visiting every single display home I could find) and moved in with my parents for nine months while our dream home was being built. During this time, our second daughter, Tia, was born.
We chose a lovely home from the Henley range of properties. By chance, a week after we signed the building contract, Henley hit the headlines on all the popular current affairs shows with their incredibly poor workmanship. John and I could only look at each other and wonder: what have we done?
Fortunately, we had no problems with <place>Henley</place> and we have a fantastic home that we plan to live in for many years to come.
The facts
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="95">
Purchase price 2001
</td>
<td valign="top" width="95">
Current value 2010
</td>
<td valign="top" width="91">
Rental start
</td>
<td valign="top" width="90">
Rental current
</td>
<td valign="top" width="90">
Yield current
</td>
</tr>
<tr>
<td valign="top" width="95">
$420,000
</td>
<td valign="top" width="95">
$650,000
</td>
<td valign="top" width="91">
N/A
</td>
<td valign="top" width="90">
N/A
</td>
<td valign="top" width="90">
N/A
</td>
</tr>
</tbody></table>
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Missing out on our block was the best thing that ever happened

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It was the height of the boom in 2004, and as we walked our little girls around Glenwood, watching new houses being built, we discussed whether they will ever be able to afford a house when they grow up. In our suburb alone, prices were conservatively in the high $600,000s. During this walk we had a discussion that changed our lives. John knew a fellow policeman who was investing in property – so if they could do it on a policeman’s wage, why couldn’t we?
Not long after this conversation, on my regular train commute to work, my thoughts were consumed with property. I looked up and saw a ‘for sale’ sign on a property that was located literally opposite the Harris Park train station.
When I tried to search for that particular property on the internet, I couldn’t find it, but the first listing that popped up grabbed my attention. It was in dire need of help – bright blue, smoke-grimed walls, crappy carpet and hodge-podge kitchen – and it was cheap at $190,000.
At the time, prime-time TV was all about renovation rescue shows and I was caught up in the hype of it all. I thought, “Let’s go and renovate!” It wasn’t the thought of making lots of money that was driving me – just the idea of renovating.
I just really wanted to buy something and when I viewed the property, I saw the renovation potential. I perused the local newspapers to see how many other properties were on offer in that price range and to see how much a one-bedroom unit rented for. There wasn’t much to go by, so I called the agent to view the property and subsequently made an offer of $180,500, and it was accepted.
Before I put any money down, though, I had to convince John that it was a good buy. He came down and viewed the unit. I don’t think he was that enthused – he knew I just wanted to buy something for the sake of buying something. Still, he gave me the green light. Even my mortgage broker tried to talk me out of it, but I was adamant: this was going to be our first step towards financial freedom through property investing. I just knew it!
So where did we go wrong?
This renovation-rescue, one-bedroom unit was under 50 square metres, which made it more difficult to secure funding. Banks prefer to see properties that are at least 50m2 in size, as it means that a wider pool of people – including singles and couples – could potentially live in the property. We paid approximately $2,500 in lender’s mortgage insurance for the privilege of buying under 50m2. It was also in a 1970s red brick building and we purchased at the top of the <city><place>Sydney</place></city> boom, which crashed all of two months later.
We spent $5,000 on renovations, including replacing carpet, painting, light fittings and kitchen cupboard handles. John’s nightmare renovation task was to the paint the very 70s vermiculite ceiling – as he learnt, that stuff has limitless potential to soak up paint and our money.
As it turned out, it wasn’t the most astute investment decision we could have made. Over the past five years, the property actually decreased in value by about $5,000 – even with the renovations. Only in the past six months have we seen capital growth. But every cloud has a silver lining and in this instance, our mistakes have been softened by the property’s strong performance in the rental market. It’s always had good tenants and it takes care of itself, so we don’t have to think about it. Utopia would be for a developer to knock the whole block down, so there could be further potential there.
The facts
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="95">
Purchase Price 2004
</td>
<td valign="top" width="95">
Current value 2010
</td>
<td valign="top" width="91">
Rental start
</td>
<td valign="top" width="90">
Rental current
</td>
<td valign="top" width="90">
Yield current
</td>
</tr>
<tr>
<td valign="top" width="95">
$180,500
</td>
<td valign="top" width="95">
$200,000
</td>
<td valign="top" width="91">
$150
</td>
<td valign="top" width="90">
$290
</td>
<td valign="top" width="90">
8.35%
</td>
</tr>
</tbody></table>
This is an exerpt from  <a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" href="https://www.ipip.com.au/" title="Journeys Along the Property Path" target="_blank">Journeys Along the Property Path: 12 real life stories of 12 property investors</a>, published by Inspirational People in Property. Two of the authors are fighting breast cancer, and IPIP has aligned with the McGrath Foundation to raise money to fund McGrath breast care nurses in communities across Australia and raise awareness of breast cancer, particulary among young women. The <a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" href="https://www.facebook.com/inspirationalpeopleinproperties" title="Keep up with the campaign" target="_blank">initiative </a>aims to sell 9,000 books to raise $90,000 to support the McGrath Foundation. 
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How a simple conversation sparked a property addiction

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I bought my second investment property in early 2005. This purchase was a two-bedroom, two-bathroom apartment bought off the plan at the Surfair Resort on <placename>Marcoola</placename><placetype>Beach</placetype> on the Sunshine Coast in <state><place>Queensland</place></state>.
Friends recommended that we go to a development group, and we didn’t really know what we were doing, but we trusted in their recommendation as they had bought several properties through this same group.
The absolute beachfront, brand-new complex promised a 7% rental guarantee for the first two years, so we placed our deposit down and waited for it to be constructed. The apartment was $301,000, which included a furniture package and car space. We haven’t done too badly with this investment overall in terms of capital growth, but the purchase process was fraught with dramas, basically due to our lack of knowledge and the fact that we didn’t know what to ask.
Firstly, we trusted the group marketing the property. We failed to conduct proper due diligence, and it wasn’t until after settlement that we discovered the exorbitant management fees of 49.5%.   Being a real resort for holidaymakers, they charge these high fees in order to cover their marketing and management expenses.
Through this experience we learnt how chilling it can be to trust these property marketers. About a week before settlement, they called and casually asked what we had borrowed and what money we had for settlement.   We assumed that this would have been the balance of the purchase price less deposit, so we were shocked to hear them say, “Oh no, the money you put down already was purely for the builder to fund the building of the complex. We still need you to come up with the full purchase price plus costs, and the deposit will be refunded after settlement.”
This was incredibly dodgy as at no time was this ever mentioned to us until suddenly and very casually, a week before settlement.
In any case, our brilliant mortgage broker did what she had to do and in five days, she was able to come up with the extra funds we required. I called the property marketers office to have my say, only to be greeted by the receptionist. I politely told her that my comments were not directed to her personally but “#?A$%^&amp;!@” and could she please pass those comments on.
I later found out that this marketer had said to my broker that I was the client bitch from hell – what’s that saying about the pot and the kettle?! In any event, we settled and we haven’t dealt with those people ever again.
After the first year, it was time to prepare our tax and we thought we would be covered with our 7% rental guarantee, but this was not the case. We were advised that we had to deduct the cost of the furniture and the GST from the purchase price – or something to that effect! Therefore the 7% guarantee was actually calculated on $265,000, not $301,000 using the gross rental amount.
Also, because the apartment is part of the rental pool, we only get the seasonal rental, so it’s not exactly great on the cash flow. We do have the option of permanent rental, but the rental pool option allows us to stay there on holidays for free, so it’s not all bad. We let our friends stay there so they too can enjoy the resort and have a great holiday.
The Facts
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="84" valign="top">
Purchase Price 2005
</td>
<td width="82" valign="top">
Current Value 2010
</td>
<td width="94" valign="top">
Rental Start
</td>
<td width="94" valign="top">
Rental Current
</td>
<td width="75" valign="top">
Yield Current
</td>
</tr>
<tr>
<td width="84" valign="top">
$301,000
</td>
<td width="82" valign="top">
$350,000
</td>
<td width="94" valign="top">
N/A - part of rental pool
</td>
<td width="94" valign="top">
N/A - part of rental pool
</td>
<td width="75" valign="top">
Differs each year
</td>
</tr>
</tbody></table>
 
This is an exerpt from  <a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" href="https://www.ipip.com.au" title="Journeys Along the Property Path" target="_blank">Journeys Along the Property Path: 12 real life stories of 12 property investors</a>, published by Inspirational People in Property. Two of the authors are fighting against breast cancer, and IPIP has aligned with the McGrath Foundation to raise money to fund McGrath breast care nurses in communities across Australia and raise awareness of breast cancer, particulary among young women. The <a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" href="https://www.facebook.com/inspirationalpeopleinproperties" title="Keep up with the campaign" target="_blank">initiative </a>aims to sell 9,000 books in nine days to raise $90,000 to support the McGrath Foundation.
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Our first resort investment was not all smooth sailing

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By April 2008, the focus seemed to be on the market of Melbourne, which was starting to come out of doldrums after the overstocked Docklands area had been absorbed by immigration, migration and investors.
It seemed to me that although I couldn’t afford absolute beachfront near Melbourne itself, maybe if I looked down the peninsula town by town, I would find something suitable. So that’s exactly what I did with my research: seaside suburb by seaside suburb, I scanned the listings.
Eventually I came across the suburb of Seaford. I found a newly constructed townhouse and encouraged my husband, John, to fly down for a look. We had bought all of our other properties (apart from Harris Park) sight unseen. This time, I can’t really explain why, I just didn’t have the confidence to buy without viewing the townhouse and surrounding areas first.
The townhouse turned out to be quite small compared with the pictures on the internet, and John wasn’t keen to buy it. As he was staying overnight, he had some time to expand his search and he drove a little further down to the main hub of beachside Frankston. He thought this was probably better suited for investment.
After many weeks of searching and chatting with agents, putting in offers and not really getting anywhere, I was becoming obsessed with buying something in Frankston. All the talk suggested it was good to buy with the infrastructure and freeway plans.
I would surf realestate.com.au and domain.com.au every half hour to see if a new listing had come up. Finally, one Saturday afternoon, I decided to look one last time before I went off to have a nanna nap.
A new listing! The property looked fairly new and not that bad looking, located near Monash University and reasonably priced at $285,000.
I quickly called out to John and with the amazing power of Google Earth, we looked at the positioning of the property and were just amazed. It was directly across the road from Monash – and I mean, you literally walk out of the driveway and across the road and presto, you are at the university.   The next block over from the university was the hospital and one street away was a train station, which was only one stop from Frankston train station.
We called the agent, who happened to be in the car on his way to the vendor’s house to pick up the paperwork to list the property. The listing was so brand-new that the vendor hadn’t even officially signed the paperwork with the agent yet.
As we sat on the phone with the laptop in front us, with Google Earth showing us the highlights of Frankston, we probed the agent as to what that building was, what that large parcel of land was, asking how far away this and that was. John had a vague idea of some of the area, but looking from the heavens above gave a whole new perspective.
It turned out that this four-year-old, three-bedroom townhouse-style unit had been recently fully furnished with student desks, new mattresses, outdoor furniture and all that three young students could want or need. They were renting it on three separate leases, meaning the rent was great at $375 per week.
We looked at each other and covered the phone. “What do you think?” I asked John, “Should we put in an offer?” We shrugged and thought what the heck, so we offered $275,000. The agent couldn’t believe it – he was literally pulling into the driveway of the vendor’s house and wasn’t convinced we were serious. An hour-old listing and a 15-minute conversation with a buyer in another state and he had an offer on the table and was five feet away from the vendor’s front door.
I couldn’t stand it, it was so exciting and nerve-wracking at the same time. A few minutes later, the agent came back, our offer declined, so we raised our offer to $280,000.   After that I had to go next door for the comfort of neighbours and left the phone with John. Ten minutes later he came in and said it was ours at $282,500. It wasn’t much off the sale price, but it seemed like an opportunity and there was no time like the present to buy.
We were flying down in a few weeks’ time for a property conference in Melbourne, so we used this opportunity to complete a pre-settlement inspection. We met our lovely Chinese students, all studying to be accountants. They could barely utter a word of English, but I’m sure their studies are more important than partying.
The only downfall with student accommodation can be the potential lengthy vacancy periods at the end of a school year. In our second year of ownership, this has proved to be the case as we had two out of the three rooms vacant. It took nearly 10 weeks to have all three rooms tenanted, ready for the new school year.
 
The Facts
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="131">
Purchase Price 2008
</td>
<td valign="top" width="131">
Current Value 2010
</td>
<td valign="top" width="131">
Rental Start
</td>
<td valign="top" width="131">
Rental Current
</td>
<td valign="top" width="131">
Yield Current
</td>
</tr>
<tr>
<td valign="top" width="131">
$282,500
</td>
<td valign="top" width="131">
$320,000
</td>
<td valign="top" width="131">
$375
</td>
<td valign="top" width="131">
$405
</td>
<td valign="top" width="131">
7.45%
</td>
</tr>
</tbody></table>
 
This is an exerpt from  <a target="_blank" title="Journeys Along the Property Path" href="https://www.ipip.com.au" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">Journeys Along the Property Path: 12 real life stories of 12 property investors</a>, published by Inspirational People in Property. Two of the authors are fighting against breast cancer, and IPIP has aligned with the McGrath Foundation to raise money to fund McGrath breast care nurses in communities across Australia and raise awareness of breast cancer, particulary among young women. The <a target="_blank" title="Keep up with the campaign" href="https://www.facebook.com/inspirationalpeopleinproperties" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">initiative </a>aims to sell 9,000 books in nine days to raise $90,000 to support the McGrath Foundation.
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Buying a student investment property in 10 minutes

<html><body>
By 2006, I was really starting to get into the whole property investing thing. I was constantly on the internet looking, looking, looking and slowly but surely, the addiction was starting to surge through my veins.
I researched Mount Isa for about three months, watching the market to really see how it performed. I’d started to educate myself through reading property magazines, and I began to really look at investing differently, but I still had a long way to go in terms of my knowledge and understanding what it all meant.
I started to call agents to chat to them about the area and get an idea of where prices were heading. One day, I spied a lovely duplex on a real-estate website: it was fully furnished with renovated bathrooms and kitchens, and both sides of the duplex were tenanted. It was on a large 920-square-metre block, and it was relatively affordable at $240,000.
I spoke with the agent at length, and we chatted about the price.  After our conversation, I sent an email to the agent with my offer –which was slightly less than what we discussed on the phone – at $233,500, and it was accepted straight away. I couldn’t believe it. I threw my hands over my face and had an “OMG!” moment.
So, what was the drama about this purchase? Well, it also happened to be the case that I had quit my job that morning after a disastrous five-month temp job and my husband, John, was away on business. He wasn’t too happy and needless to say, I’m now banned from putting in offers without him being in the room.
I really didn’t have to move forward with this purchase, as no money had actually changed hands and no contracts had been signed, but I convinced John that the dual-income property was a good buy, as it had a rental yield of just over 9%. We needed a balance for our negative cash flow position, so this was perfect.
Once a building inspection was completed, we found a few things that needed to be fixed, so we negotiated another $3,000 off the price.
I recall the agent that I dealt with said just before my offer “'I think you’ve missed the boom, love,” and I said: 'Oh, I don’t think so!"  I could see that Mount Isa would continue to boom for some time, and so far, the increase in growth in a relatively short time and the rental return has been this property’s biggest asset.
The Facts
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="187" valign="top">
Purchase Price 2006
</td>
<td width="123" valign="top">
Current Value 2010
</td>
<td width="104" valign="top">
Rental Start
</td>
<td width="112" valign="top">
Rental Current
</td>
<td width="131" valign="top">
Yield Current
</td>
</tr>
<tr>
<td width="187" valign="top">
$230,500
</td>
<td width="123" valign="top">
$360,000
</td>
<td width="104" valign="top">
$410
</td>
<td width="112" valign="top">
$655
</td>
<td width="131" valign="top">
14.77%
</td>
</tr>
</tbody></table>
 
On our way to a holiday in Cairns, just one week before settlement, John took a side trip flight to Mount Isa to check out the duplex. Luckily, he was happy with what he saw.
However, this is our problem-child property, and we have experienced the full gamut of issues, including residents not paying rent and skipping off in the middle of the night; storm damage to the property that required extensive repairs of approximately $10,000; tenants that we suspect have had “special dealings” in the backyard of maybe an organic nature; and both air-conditioning units blowing up within a week of each other, which required complete replacement of a new system to the tune of $18,500.
Also, the initial real estate agent’s dodgy pest inspection report failed to reveal that there were termites! Slugged with a repair bill of $3,500 one month after settlement, this was an expensive mistake to make, as we could have uncovered the damage if we had done our own inspection.
This is where I can absolutely recommend that landlord’s insurance comes into play, because we’ve made five claims already. Our property manager, Tracey Lowe at RealWay Property in Mount Isa, has been invaluable in helping us manage this dear property and its many incidents – we love her. To show her that we do appreciate her work, I’ve sent her flowers and a bottle of champers. She takes good care of us.
We’ve also had a few offers to purchase the property from us. Once, the real-estate agent went down to give me a market appraisal and she came back saying she actually couldn’t give me a fair appraisal because she wanted to buy it off me for about $300,000. We declined.
The second offer came from the two tenants that were renting one side of the duplex, who asked if we were interested in purchasing, but we also declined. We know that the rental return will continue to grow and help our portfolio balance out and our investing strategy is definitely geared for the long term.
This is an exerpt from  <a target="_blank" title="Journeys Along the Property Path" href="https://www.ipip.com.au">Journeys Along the Property Path: 12 real life stories of 12 property investors</a>, published by Inspirational People in Property. Two of the authors are fighting against breast cancer, and IPIP has aligned with the McGrath Foundation to raise money to fund McGrath breast care nurses in communities across Australia and raise awareness of breast cancer, particulary among young women. The <a target="_blank" title="Keep up with the campaign" href="https://www.facebook.com/inspirationalpeopleinproperties">initiative </a>aims to sell 9,000 books in nine days to raise $90,000 to support the McGrath Foundation.
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There's nothing like your first problem-child investment

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

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>.

Swarnie Condon

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