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.

<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/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"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>.

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

Australia Post is one of the country’s most trusted institutions, powering one of the largest delivery networks in Australia. As online shopping continues to scale, Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online.

That scale of eCommerce activity has fundamentally changed expectations around how and when parcels arrive, and what happens when someone isn't home.

<h3>Problem solved with Parcel Lockers</h3>

The traditional alternatives to home delivery are far from ideal. Buildings can rely on reception teams to manage deliveries, which introduces ongoing staffing costs and liability concerns. Parcels can be left in common areas, which creates security and aesthetic issues. Or residents are redirected to nearby Post Offices for collection, which shifts the inconvenience rather than solving it.

<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/dVG5ChLHf7E?si=D9hQRGCBuzlSQBqK" title="YouTube video player" width="560"></iframe>

The data behind that frustration is significant. Nationally, around 9 per cent of deliveries are carded, meaning the recipient was not home and must collect the parcel from a Post Office. That figure reflects the national average reported between November 2025 and January 2026. In Melbourne, that figure rises to 20 per cent. In high-density living, it climbs again to 28 per cent. In other words, more than one in four deliveries in Melbourne apartment buildings results in a failed first attempt.

<h3>How Parcel Lockers work</h3>

The mechanics are simple. When a parcel arrives, the resident receives a notification either through the Australia Post app or via SMS. They scan a QR code, use their one-time PIN and the compartment opens. The parcel is secure, accessible and removed from the lobby floor.

Located in thoughtfully chosen, easily accessible areas, including external building interfaces, mixed-use precincts or shared communal zones, Parcel Lockers enhance convenience without requiring internal building access or additional operational oversight.

<h3>The scale of the network</h3>

This expansion represents Australia Post's largest investment in parcel infrastructure to date, building on momentum that began in 2011 when the first 24 Parcel Locker sites were introduced.

Today the Australia Post Parcel Locker network spans over 1,400 locations and more than 105,000 individual compartments, with major investment already underway to significantly expand the network further.

<h3>What it means for developers and building operators</h3>

A Parcel Locker bank is free to install and free for residents to use. That removes one of the primary barriers to adoption and shifts the conversation from cost to integration.

Australia Post's preference is to engage with developers during the design phase. That allows Parcel Lockers to be located in a considered, publicly accessible space that works for residents and the broader community. Retrofit is possible, and existing buildings can be assessed, but the strongest results occur when Parcel Lockers are treated as part of the core services plan rather than a bolt-on solution.

While the iconic Australia Post red is widely recognised, Parcel Lockers can also be delivered in more muted palettes such as beige or green to align with architectural intent.

For developers, they offer a tech-forward amenity that meets modern expectations, a reduction in courier congestion and building-management load supporting lower emissions and better ESG outcomes, and a meaningful marketability advantage in high-density, eCommerce-active areas, all at no cost for installation and maintenance, with Australia Post funding the program aside from power access.

<h3>Who's using them</h3>

Generational shopping behaviours show strong, sustained growth across all cohorts. Millennials (27–43) led online spend in 2024, contributing nearly $25 billion. Baby Boomers (60–78) increased their online spend by 17.6 per cent, becoming the fastest-growing adopters. Gen Z (13–26) and Gen X (44–59) continue to lean on delivery services as part of their everyday shopping habits.

Internationally, uptake is even more pronounced. Overseas markets are seeing rapid adoption by both developers and consumers, positioning Parcel Lockers as standard infrastructure in many new residential projects. For Melbourne's development community, this signals a shift in baseline expectations. Just as secure bike storage and dedicated parcel rooms have become more common, integrated Parcel Locker networks may soon be viewed as part of the essential service mix.

<h3>The bigger picture</h3>

Parcel Lockers aren't just a logistics fix. Developers invest heavily in lobby design, materials, lighting and landscaping to shape first impressions. Yet a stack of unattended parcels can undo that effort in an instant. Embedding parcel infrastructure early allows projects to respond to how people actually live today, supporting resident satisfaction, reducing operational strain and aligning with broader community and ESG outcomes.

As Belinda Quinn, Senior Transaction Manager – Retail &amp; Out of Home at Australia Post, puts it, residents increasingly expect delivery solutions that align with real life, are flexible, secure and available whenever they need them.

How Australia Post is solving the parcel problem for apartment living

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Without giving the results away, the auction prices on the Channel Ten renovation series The Renovators were pretty ordinary, because the houses had been seriously overcapitalised within a short period of time.
Flipping property in quick time is a complicated task that tests even the experts.
So spending 20% of the purchase costs on renovation was always going to be a hard ask on resale.
The rule of thumb is to keep the reno spend to less than 10% of the value of a home.
The prices paid by the producers of the Channel Ten series were not excessive, but they went awry in their allowances.
They took the purchase price and then the stamp duty costs into their calculations before adding the 20% renovation outlay.
There were also extra prizes thrown into the mix, making the auction results that little bit more disappointing.
The respected renovation blogger Alex Brooks from RenovationPlanning.com.au says it's easy to spend more on the renovation than the increase it will deliver to the property.
Indeed she suggests that if the renovation will put your house near the top end of local market prices, you’d be better off selling and upgrading rather than paying more in building costs than you will gain in prices.
However, if the house was undercapitalised, it could be perfect for renovation. Brooks suggests undercapitalised houses are worth about 10% less than the area's median house price.
Obviously if the house only needs or gets cosmetic improvements without major structural changes, you are less likely to overcapitalise.
But of course the whole point of the television series was to stretch it out for the full three-month airing timetable duration.
Cutting corners and keeping it cheap wouldn’t have been the drawcard.
Selling Houses Australia, on The LifeStyle Channel presented by Andrew Winter, typically has three days to transform a home - on a budget of only 1% of the property's market price.
While the ratings for The Renovators was well short of expectations, that hasn’t stopped agents experiencing a dramatic increase in buy, renovate and sell project enquiries.
But buyers’ agent Patrick Bright suggests many are blissfully unaware of the true costs involved in renovating property.
“Whilst they are great entertainment, the biggest downfall from programs like The Renovators and The Block is that they don’t reveal to viewers the real cost of labour to make these improvements as well as the total costs associated with buying and selling real estate like stamp duty, legals, marketing and selling agents costs,” he says.
“The concept of buying, renovating and selling property as soon as the paint is dry can be profitable if executed correctly, however for most people is almost a guaranteed way to make a loss,” says Bright.
“Most would-be renovators who try to copy the formula seen on TV hoping to make a quick profit will end up bitterly disappointed and lose a lot of money.”
Following three months of hard work, August, Peter, Luke, Melissa, Natalia and Michael's houses will have their auctions broadcast tonight.

The winner will be the contestant with the property that has increased the most in value. They will take home the combined profit of each of the six houses after auction, which somehow just doesn’t seem fair.
For expert commentary and analysis on lessons to be learnt from property reality TV, <a target="_blank" href="https://register.propertyobserver.com.au/lights-camera-auction/">download our e-book Lights, Camera, Auction!</a>
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jchancellor-FAypfDUnLy

The Renovators broke the cardinal rule of overcapitalisation in pursuit of prolonging the reno drama

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As we look back on 2011, Property Observer is republishing some of our most noteworthy stories of the year.
 
Renovators are at risk of losing hundreds of thousands of dollars because reality home improvement TV shows don’t reveal their full costs, according to Sydney buyers’ agent Patrick Bright.
“Reality home improvement programs like the last series of The Block and the current series of The Renovators were giving viewers a false perception of the costs involved to renovate property,” Bright says.
With three months of renovations, The Renovators claimed to be the most expensive ambitious home-renovation show put to air.
The ratings for The Renovators was well short of expectations, but it hasn’t stopped Bright's company, EPS Property Search, experiencing a dramatic increase in buy, renovate and sell project enquiries, with many people unaware of the true costs involved in renovating property.
“Whilst they are great entertainment, the biggest downfall from programs like The Renovators and The Block is that they don’t reveal to viewers the real cost of labour to make these improvements as well as the total costs associated with buying and selling real estate like stamp duty, legals, marketing and selling agents costs,” he says.
“The concept of buying, renovating and selling property as soon as the paint is dry can be profitable if executed correctly, however for most people is almost a guaranteed way to make a loss,” says Bright.
“In these television programs contestants end up with regular $10,000 bonuses as well as big prizes such as a $30,000 cash boost or a pool package for the property, which significantly add value to the renovation project but are not taken into consideration on the profit and loss ledger come sale time.”
“Most would-be renovators who try to copy the formula seen on TV hoping to make a quick profit will end up bitterly disappointed and lose a lot of money.”
He says the programs don’t show the hidden costs associated with renovating, which quickly add up, such as finance costs, holding costs and council fees.
Bright also says both shows highlight that renovating and making a profit is not easy to do, even with significant resources and support.
The shows  highlights the importance of sticking to an appropriate budget based on purchase price and end value so you can make a profit, he says.
The shift to more at-home entertaining and creating stylish rooms in existing homes - rather than upgrading to a new, more expensive home – has been noticed by TAFE colleges, which have witnessed a surge in interior decoration and design courses.
Bright's comments coincide with figures released by the Housing Industry of Australia that show that the total renovation investment nationally surged in the first half of 2011 and is forecast to reach close to record levels in the next two years.
The HIA data shows renovations activity is growing, with the total investment in renovations increasing in both the March and June quarters of 2011, driven by both small and large renovation jobs.
“The high transaction costs involved in moving home was the main factor driving households to invest in their existing property,” says HIA chief economist Dr Harley Dale.
“Total renovations investment is forecast to grow by 2.3%  to $31.6 billion in 2011-12 and to increase by a further 4.6%  to $33 billion in 2012-13, which would be approaching a record high,” Dale adds.
Bright, whose buyers’ agency project manages property renovations for clients, says once a property has been renovated there is a choice for owners to sell the property or turn it into a higher-yielding investment property and take advantage of the manufactured capital growth. His latest book, The Insider’s Guide to Renovating for Profit, is due out later this year.
The auction finale of The Renovators will go to air Wednesday night.
There have been reports that <a target="_blank" href="https://www.propertyobserver.com.au/auctions/entertainment-the-winner-in-the-renovators-as-some-of-the-six-struggle/2011093051757">many of the houses failed to sell in excess of their purchase and renovation costs</a>.
Meanwhile the NSW state government is set to unveil reforms to the Home Building Act, with key changes including raising the threshold for written contracts from $1,000 to $5,000 and  raising the home warranty insurance threshold from $12,000 to $20,000.
Fair Trading Minister Anthony Roberts says the amendments will "pump some adrenalin in the industry".
"We want to remove the dead hand of government off as many small tradespeople and builders as possible," he says.
For expert commentary and analysis on lessons to be learnt from property reality TV, <a href="https://register.propertyobserver.com.au/lights-camera-auction/" target="_blank">download our e-book Lights, Camera, Auction!</a>
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The Renovators gives would-be fixer-uppers false profit hope: Buyers' agent

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The outer-Melbourne suburb of Point Cook is set for a new 750-lot development, and developer Wolfdene will release the first 25 in stage 1 Saturday, October 8 at 11am.
Lots in first release of the Saratoga development will range from 392 square metres to 579 square metres and will range in price from $235,000 to $295,000. Oliver Hume Real estate, which is marketing the land, is offering house-and-land packages, or buyers can choose their own builders and designs.
Saratoga aims to combat the notion that new suburbs and developments lack community with a luxury recreation centre designed by SJB architects. The centre will include a swimming pool, gym, wine bar, cafe and meeting spaces.
“Our aim at Saratoga is to create a modern form of private estate living, a sanctuary from the hustle and bustle of city life. It’s a place where people can build their ideal home on one of the many quiet, leafy streets within a few short paces of their own vibrant community hub where they can socialise, exercise or enjoy a coffee,” says Wolfdene managing director Michael Goldthorp.
The entrance to the site is set to be marked by a sculptural feature designed by SJB and designed to include natural elements and the history of Point Cook, which was a pastoral holding dating back to the mid-19th century.
“We’ve created a gateway feature that combines an arrival experience with the sense of a journey as you make your way through the site,” says SJB director Tony Battersby. “The area is completely flat with no elevation, so we are looking at ways of creating a topography where previously there was none, altering the landscape to create unusual forms and incorporating pieces of urban art within a new landscape.”
Point Cook is 25 kilometres from Melbourne CBD, and its population is growing rapidly. Currently home to about 30,000 residents, the suburb is expected to have more than 40,000 by 2016 and 60,000 in 2025.
A display village with 40 different types of homes is expected to be finished in late 2012.
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Point Cook's 750-lot Saratoga development to launch this week

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As we look back on 2011, Property Observer is republishing some of our most noteworthy stories of the year.
 
The Block stars Josh Densten and Jenna Whitehead are turning their flair for interior design into a fulltime business with the launch of decorating/renovation business Bicker Design.
Josh and Jenna, <a href="https://www.propertyobserver.com.au/victoria/take-two-auction-frenzy-as-only-one-offering-left-on-the-block/2011082351266" target="_blank">whose double-fronted Victorian cottage sold for $1 million</a> through Ruth Roberts of Woodards a few days after The Block auction, have been swamped with enquiries from Australians who want their advice and expertise on furnishings, colour, design and sometimes complete renovation.
“It’s been really overwhelming because we’re trying to take on a little bit too much. It’s been really busy,” says Jenna.
“Josh was going to go back to work and I was going to manage the business, but it’s been busy enough that we don’t have to go back to work.”
Jenna says the response from home owners keen to ask for their expertise has taken the couple by surprise, but they did not have the luxury of planning if they wanted to capitalise on their newfound celebrity.
“We started our new business about a couple of months ago and we just thought we’d strike while the iron was hot,” she says.
“It’s been a lot harder, because people that start businesses take a bit of time and plan and all the rest, but we jumped right in.”
The couple are providing advice for four properties at the moment, as well as renovating their own Melbourne house. Some of their clients ask for emailed consultation on colour, furnishings and decoration, while others need in-person consultation and advice on structural renovation. The couple's website is <a href="https://bickerdesignco.com.au/">https://bickerdesignco.com.au/</a>
Jenna mentions a three-bedroom Carlton apartment that the couple are styling from scratch.
“It’s a pretty big job to style the whole house,” she says. “It’s new, so they had no furniture whatsoever. We had to source everything, every little nook and cranny. It’s been fantastic. It’s been kind of like The Block again because we’re trying to get it done for them really, really quickly.”
“There’s a lot of lead time with furniture that we didn’t have on The Block – on the show you just dropped the name The Block and you could get everything right away but in the real world there is a lot of wait time!” she laughs.
Jenna says their business name was inspired by their on- (and off-) screen persona.
“We thought Bicker Design Co because we bickered throughout the show and that’s what people knew of us,” she says.
She says the show has been invaluable in launching the next stage of their careers. She is enrolled in an interior design course at RMIT next year, and Josh may return to construction if things quiet down at Bicker Design. But that does not seem likely to happen anytime soon.
“We showed all of Australia what we do and if they get in contact with it they already like it.”
For expert commentary and analysis on lessons to be learnt from property reality TV, <a href="https://register.propertyobserver.com.au/lights-camera-auction/" target="_blank">download our e-book Lights, Camera, Auction!</a>
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Block stars Josh and Jenna take reno from small screen to real world

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The Lend Lease Group syndicate is up against a Brookfield Multiplex-led consortium as the final two tenders to develop the Waterbank prime riverside site in Perth.
"East Perth Redevelopment Authority is in the final stages of evaluating two submissions from Lend Lease and Brookfield Multiplex Constructions with Frasers Property Australia, to develop Waterbank and deliver a new precinct for local residents and visitors to the city," says  Western Australian Planning Minister John Day.
The government's urban development agency is in the final stages of evaluating bids for the right to develop a four-hectare site known as Waterbank near the city centre.
Waterbank is the first stage of a planned $2.6 billion development of Perth's riverside area, which would involve building 3,400 homes and more than 80,000 square metres of retail and commercial space.
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Lend Lease and Multiplex vie for Perth Waterbank tender

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Cashed-up self-managed super funds are expected to develop an appetite for fixer-uppers following the release of draft rules that allow them to renovate properties they hold provided they don’t borrow the money to make the improvements. 
According to Aaron Dunn, managing director at The SMSF Academy, the draft ATO ruling has “many positive implications, in particular it allows trustees to use cash in the fund to improve an acquired asset”.
 
SMSFs with cash reserves are likely to find older properties in need of renovation more attractive propositions, Dunn says, while those funds that need to borrow to invest are likely to find newer properties, including those available off the plan, more attractive. 
Under the draft ruling released by the ATO, money borrowed by SMSFs under limited recourse borrowing arrangement (LRBA) provisions can be used not only to acquire a property but “also in carrying out repairs and maintenance to the asset whether necessary at the time of its acquisition or at a later time”. 
However, “no amount that has been borrowed by the SMSF trustees under the LRBA may be applied to improve the single acquirable asset”. 
If a trustee of an SMSF uses borrowed money to improve their property, they will contravene the rules covering LBRA provisions. 
The ATO provides examples to demonstrate the difference between repairing or maintaining a property and improving one: 
Repair or maintenance examples (borrowing allowed)
 
<ul>
<li>A fire damages a part of the kitchen (cooktop, benches, walls and ceiling). Restoration of the damaged part of the kitchen would constitute repair of what is a subsidiary part of the asset being the house and land. </li>
</ul>
<ul>
<li>The guttering on the house is replaced and the house is repainted. A fence is replaced. A fire alarm is installed to comply with new council requirements. This would be repair or maintenance. </li>
</ul>
<ul>
<li>A cyclone damages the roof of the house. Replacement of the roof in its entirety is a repair. </li>
</ul>
Improving examples (borrowing not allowed)
 
<ul>
<li>If the kitchen was also extended by extension of the house this extension would be an improvement. </li>
</ul>
<ul>
<li>The addition of a new pool or a new garage would be an improvement. </li>
</ul>
<ul>
<li>The addition of a second storey to the house at the time of also replacing the roof would be an improvement.</li>
</ul>
Rural property example
Repair or maintenance examples (borrowing allowed)
 
<ul>
<li>Replacing a section of the cattle yards or the existing fencing is a repair. 
</li>
<li>Ensuring the bores, windmills, tanks and troughs continue working is repair or maintenance. This would include laying new pipes between the tank and trough. 
</li>
</ul>
 
Improving examples (borrowing not allowed)
 
Each of the following additions is an improvement:
<ul>
<li>a new set of cattle yards; 
</li>
<li>a new bore, tank, windmill and trough; 
</li>
<li>a dam; 
</li>
<li>a further two kilometres of fencing. 
</li>
</ul>
 
Comments on the proposed ruling can be submitted up until October 28.
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Older properties take on new sheen for SMSFs following tax reno ruling

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The renovated 1960s suburban at<a target="_blank" title="15 Anthony Road" href="https://www.realestate.com.au/property-house-nsw-castle+hill-107810196"> 15 Anthony Road, Castle Hill</a>, is no longer stuck in a timewarp.
And its <a href="https://www.propertyobserver.com.au/renovating/reno-tv-series-the-renovators-offerings-scheduled-for-late-september-auction/2011091251509" target="_blank">upcoming September auction</a> will give some guidance on the future direction of the Sydney market.
Having been listed with low $600,000 expectations in January this year, it cost $607,500 when bought by the producers of the latest renovation television series, The Renovators.
The four-bedroom house sits on the largest land holding in the series of 765 square metres.
It had last been marketed through LJ Hooker with the suggested “Renovate or Detonate!” LJ Hooker suggested the new owner to possibly build a duplex.
The ensuing single-storey house renovation over the past three months had a budget of $126,000, thereby requiring $760,000 to break even, after including conveyancing costs. It has been listed by Martin Baldacchino at Century 21 The Complete Real Estate Castle Hill.
It’s been the most actively traded of the show’s six offerings and amply highlights the ups, down and plateaus of Sydney’s property market over the decades.
It had previously sold at $460,000 in 2006; when the then vendors tried without luck to secure $549,000 having bought in boomtime 2003 at $520,000.
In 1994 it fetched $213,500 and four years earlier in 1990 it was sold at $205,000.
The Century 21 estate agents selling the six Sydney homes featured in the realty series The Renovators have been instructed not to issue price guidance.
And unlike The Block a request by Property Observer failed to secure any depreciation reports for the renovated properties, which will be sold with furniture.
The six were bought by the series producers for a $3.3 million total between December 2010 and March this year. The renovation budgets totalled at least $740,000.
The cheapest acquisition was the $299,500 fibro cottage at <a target="_blank" title="85 Harold Street" href="https://www.realestate.com.au/property-house-nsw-blacktown-107825221">85 Harold Street, Blacktown</a>, which now has expansive outdoor living areas and modern indoor features. Its renovation budget was $62,000. It had previously traded at $270,000 in 2006 and had been listed with a $329,950 four months before its sale to the television series company. It’s been listed by Penny Stylianou at Century 21 John Ross Combined.
The weatherboard, at <a target="_blank" title="51 Franklin St" href="https://www.realestate.com.au/property-house-nsw-parramatta-107820796">51 Franklin Street, Parramatta</a>, was next cheapest at $460,500. It is now a modern family home with three bedrooms, two bathrooms with an entertaining space and backyard area. It had been marketed for December 18  2010 auction by LJ Hooker as “not listed as heritage by Holroyd Council.” Its renovation budget was $95,000.
The inner-city terrace, at <a target="_blank" title="12 Hegarty Street" href="https://www.realestate.com.au/property-terrace-nsw-glebe-107810276">12 Hegarty Street, Glebe</a>, cost the dearest price at $720,000 and also sits on the smallest block of just 89 square metres. It is now a renovated 1890s three-bedroom, two-bathroom property featuring open-plan living. It was bought just a week after coming onto the market through Belle agent Mark Tooth and James Cahill in late January this year. It has been listed through Thomas Skelly at Century 21  Cordeau Marshall. The renovation budget was $150,000. 
“This property is to be sold at auction and I have been instructed to get market feedback from all genuine buyers who attend our open house inspections, so that a very realistic reserve price can be set for the auction day,” Skelly says.
After costing $572,000 in March, the shop, at <a target="_blank" title="146 Addison St" href="https://www.realestate.com.au/property-house-nsw-marrickville-107822406">146 Addison Road, Marrickville</a> has been transformed into a three-bedroom, one-bathroom abode. It had previously sold at $68,000 in 1985. Its renovation budget was $119,000.
After costing $642,500, the half-done house at <a target="_blank" title="5 Frederick St" href="https://www.realestate.com.au/property-house-nsw-st+peters-107828496">5 Frederick Street, St Peters</a>, has an Edwardian facade with modern home behind it. Its renovation budget was $134,000.
Louisa Gatto, its Century 21 Natoli Real Estate listing agent, says our instructions are that the property will be sold at auction.
“We aren’t giving a price guide on this property as there are no recent sales in the area that are comparable.
“The home is unique in design and will be sold fully furnished with quality inclusions,” she says.
Price guides were provided by agents marketing the properties featured on the Channel 9 series The Block, along with depreciation reports.
For expert commentary and analysis on lessons to be learnt from property reality TV, <a target="_blank" href="https://register.propertyobserver.com.au/lights-camera-auction/">download our e-book Lights, Camera, Auction!</a>
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DIY price estimates for The Renovators' six offerings

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All six properties in Channel Ten series The Renovators have now been completed and set for late September auction finale through Century 21.
The DIY home renovation show hosted by Brendan Moar, with judges Robyn Holt, Peter Ho and Barry du Bois, has overseen the transformation of six properties.
The competitive reality renovation game show premiered in July.
The shop, at <a href="https://www.realestate.com.au/property-house-nsw-marrickville-107822406" title="146 Addison Road Marrickville" target="_blank">146 Addison Road, Marrickville</a> has been transformed into a three-bedroom, one-bathroom abode.
The weatherboard, at <a href="https://www.realestate.com.au/property-house-nsw-parramatta-107820796" title="51 Franklin Street, Parramatta" target="_blank">51 Franklin Street, Parramatta</a>, is now a modern family home with three bedrooms, two bathrooms with an entertaining space and backyard area.
The inner-city terrace, at <a href="https://www.realestate.com.au/property-terrace-nsw-glebe-107810276" title="12 Hegarty Street, Glebe" target="_blank">12 Hegarty Street, Glebe</a>, is a renovated three-bedroom, two-bathroom property featuring open-plan living.
The ‘60s suburban at <a href="https://www.realestate.com.au/property-house-nsw-castle+hill-107810196" title="15 Anthony Road" target="_blank">15 Anthony Road, Castle Hill</a>, is no longer stuck in a timewarp.
The half-done house at <a href="https://www.realestate.com.au/property-house-nsw-st+peters-107828496" title="5 Frederick Street" target="_blank">5 Frederick Street, St Peters</a>, has an Edwardian facade with modern home behind it.
The fibro cottage at <a href="https://www.realestate.com.au/property-house-nsw-blacktown-107825221" title="85 Harold Street, Blacktown" target="_blank">85 Harold Street, Blacktown</a>, has expansive outdoor living areas and modern indoor features. All properties are in Sydney.
Leading independent auctioneering company Cooley Auctions has been selected to perform the on-site auctions on Tuesday, September 27, Wednesday, September 28 and Thursday, September 29.
“We can’t wait to get in there and achieve the highest price possible for these properties,” Cooley Auctions director Damien Cooley says.
Network Ten announced in August that it had commissioned a second season of the series, but indicated that it would modify the program's format in order to address poor ratings.
<a target="_blank" href="https://www.propertyobserver.com.au/renovating/diy-price-estimates-for-the-renovators-six-offerings/2011091351521">The agents marketing the properties will not disclose price estimates.</a>
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Reno TV series The Renovators offerings scheduled for late September auction

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Sure, we all enjoy watching those renovation shows that keep popping up – The Block, Top Design, and the new kid on the block, The Renovators. Celebrities such as Scott Cam and Jamie Durie guide us through renovations week after week and we’re glued to the set.
Where’s the "wow" factor?
The TV shows focus on the emotions and challenges of participants and the final project always has a "wow" factor. But have you noticed the lack of "wow" factor when it comes to turning profits? It seems there’s more blood, sweat, and tears than dollars by the end of the show.
As much as we love watching these shows, potential investors shouldn’t get discouraged by the lack of financial results seen on TV. There are still plenty of good buys and opportunities for property investors to renovate and make a profit if they educate themselves first.
Show me the money! 
Investors should take to heart the importance of buying the right property – in the right place, for the right price, with the right renovation rules – to make sure they make a pretty profit, as well as create a pretty house. Sometimes women make the mistake of getting emotional about a property and start thinking everything they do will add value instead of crunching the numbers first to make sure the project is profitable. Why not get a valuation of a property before renovating to make sure you don’t overspend?
In addition, don’t be taken in by the escapism of the not-so-real reality renovation shows where contestants are often rewarded for creative, over-the-top, and at times, expensive ideas. Sometimes it’s the simple and practical renovations that make the most sense. For example, painting, replacing handles on cabinet doors, or cutting back overgrown gardens aren’t glamorous, but give you a lot of bang for your buck.
And remember, while renovation TV shows are entertaining they do not show the practical steps of research and analysis that is needed in order to make a profit. For example, property investors must learn how to choose the right suburb, set a budget, utilize floor space by reconfiguring a layout, what order to complete projects, and how to choose the right trades people.
Keep in mind, unlike renovation shows on TV, the goal of many property investors is not to immediately turn around and sell property, but to hold on to properties as capital investment and to generate income from rent. In this case, renovating properties can be a good idea in this tighter, more profitable rental market as a way to increase the rent and generate more income. In fact, some investors spruce up a property, raise the rent, get a new valuation from the bank, and then borrow against the increased value to fund another property purchase.
Remember, there’s money to be made in any market, but the key is to buy well and renovate sensibly.
Rachel Barnes is a founder of <a target="_blank" title="Property Women" href="https://www.propertywomen.com.au/go/property-observer/">www.propertywomen.com.au</a>, a website for and by women investing in property.
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rachelbarnes-ioa7Ca3tf5

Reality TV more property entertainment than education

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The Western Australian government has offered a massive parcel of prime Perth CBD property for sale with hopes that it will realise more than $1 billion.
Expressions of interest for the 5.2-hectare riverfront site have been called internationally, with the government amalgamating many holdings into a single package to sell to one buyer.
It is being touted as the West’s version of Barangaroo in Sydney.
“It will be sold to a single buyer, but that is likely to be a consortium of developers,” says WA Planning Minister John Day.
According to the minister, the site will be developed into low-level office buildings, a retail strip that will connect the CBD to the Northbridge entertainment precinct, residential apartments and a prestige hotel.
“We need to bring more people to live in the Perth CBDm so there should be a large residential component,” he says.
Local interest is expected from Brookfield Multiplex, Lend Lease and Mirvac, and Singapore’s Fraser Group and cashed-up Dutch and Canadian superfunds, which already have a strong presence in Perth, are expected to put their feelers out.
Known as the Perth City Link project, it is the WA’s largest development plan. It will include the sinking of the inner-city rail line to build residential apartments overhead. The state will also pick up the cost of creating a public square within the project.
The Perth City Link is part of the large-scale redevelopment of the waterfront that includes the Riverside project near the city causeway.
Expressions of interest close in November.
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