Avant Townhomes is adding to Ivanhoe’s family-sized housing options with <a href="https://www.apartments.com.au/new-townhouses/three-82-ivanhoe-382-upper-heidelberg-road-ivanhoe-vic-3079">Three 82</a>, a collection of just 16 four-bedroom townhomes on Upper Heidelberg Road.

The <a href="https://www.apartments.com.au/developers/intrapac-property">Intrapac Property</a> townhome division has taken a contemporary approach to the traditional family home, pairing larger floorplans with the lower-maintenance format of a townhouse.

[smartcode_project:default project_id=152069 project_image_fid=374394]

Designed by <a href="https://www.apartments.com.au/architects/arcadia-studio">Arcadia</a>, with landscaping by Landsite, the homes feature generous open-plan living and dining areas that connect directly to outdoor spaces, with layouts also designed to maximise natural light and privacy.

Natural stone is used throughout the interiors, including in kitchens that pair stone surfaces with bespoke cabinetry, considered storage and SMEG appliances.

The four-bedroom layouts include built-in wardrobes and a main bedroom with its own ensuite, while family bathrooms service the additional bedrooms. Each home also includes a lock-up double garage and intercom entry.

[smartcode_project:default project_id=152069 project_image_fid=374399]

Energy efficiency has been incorporated into the design through solar panels, double glazing and reverse-cycle heating and cooling, with the homes targeting 7-star energy ratings.

Rather than incorporating extensive communal facilities, Three 82 has been conceived around private residential amenity, with the 16-home scale keeping the focus on individual homes and their own indoor and outdoor spaces.

The development is located at 382 Upper Heidelberg Road, around one kilometre from Ivanhoe Village's cafés and retail and a short drive from Eaglemont Station and Ivanhoe Station.

[smartcode_project:default project_id=152069 project_image_fid=374393]

Several of Ivanhoe's established schools are also nearby, including Ivanhoe Girls' Grammar and Ivanhoe Grammar School. The address also provides access to the suburb's parklands and the wider Yarra River corridor.

<a href="https://www.apartments.com.au/project-marketer/nelson-alexander">Nelson Alexander</a> has been appointed to handle sales.

Construction is underway and progressing well, with Three 82 currently tracking toward completion in Q2 2027.

[smartcode_project_cta:default project_id=152069]

Joel Robinson

Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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The W Hotel brand could set its foundations in Australia soon if local developer Jinshan Investments has its way.  
The developer has proposed to build a 30-storey W Hotel on 20 Bourke Street (pictured below), which is currently occupied by century-old music venue Palace Theatre.  
<img src="/images/stories/2013/07/w-hoteljuly30.jpg" width="470" height="277" alt="w-hoteljuly30">
The project will cost $180 million, and will see 205 hotel rooms and 145 luxury apartments managed by the Starwood Hotel group added to Bourke Street’s east end.  
According to a Resort Publishing report, Jinshan Investments purchased the Palace Theatre at auction last year after former owners Kefi Nominees went into administration. Kefi Nominees were granted a short-term lease to continue holding concerts.  
Music fans are opposing the proposed development. At present, an <a href="https://www.thepetitionsite.com/381/189/786/save-the-palace-theatre/" target="_blank">online petition</a> has garnered some 24,000 signatures to save the Palace Theatre. In addition, a Facebook page named “<a href="https://www.facebook.com/savethepalacemelb" target="_blank">Save the Palace Theatre – Melbourne</a>” has attracted some 28,000 “likes”.  
The Melbourne Heritage group has expressed its concern about the fate of the Palace Theatre.
In a <a href="https://melbourneheritage.org.au/2013/07/07/palace-theatre-on-bourke-st/">statement</a> posted on their website, they have called for the preservation of both the 1950s art deco façade and the 1916 interiors of the theatre because of its heritage significance.  
They also emphasised the cultural importance of the iconic venue, citing its evolution “from Edwardian theatre to revivalist church to nightclub to its latest incarnation as the Palace Theatre.”  
In addition, Planning Minister Matthew Guy has told ABC news that "the developer is dreaming if he thinks the government is going to approve this in the form in which it has been submitted. It is too tall, it is in the wrong location."  
While the Starwood Group said they were not in a position to answer queries with regard to the proposed closing of the Palace Theatre, they told Property Observer, “Starwood Hotels &amp; Resorts is very excited to be involved in the Bourke Street project and bringing the W brand back to Australia.”
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W Hotel set for site of Melbourne's iconic Palace Theatre

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Australian Property Monitors senior economist Dr Andrew Wilson predicts Sydney residential price growth was set to exceed 7% and could reach 10% over the course of the year.
Dr Wilson expects prices will steadily increase until the Christmas break.
He has told his Fairfax Media blog readers that there is a real prospect that before year's end, the median price for Sydney houses will exceed $700,000.
He suggests the median price for Sydney units will exceed $500,000.
APM had Sydney house prices up 2.7% over the June quarter and 6.1% over the year to a median of $694,064.
APM had Sydney unit prices up 2.4% over the June quarter and 4.9% over the year to a median of $491,845.
 
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Real prospect Sydney's median house price will exceed $700,000 during spring selling season: APM's Dr Andrew Wilson

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A US bank says a bad GPS navigator was the reason it repossessed the wrong house.
Its homeowner Katie Barnett was away for a fortnight from her McArthur, Ohio, home which was wrongly repossessed.
She returned to the house, and climbed through the window, with the locks changed and many of their belongings taken in the foreclosure cleanout.
Ms Barnett is now battling the First National Bank of Wellston to give her $US18,000 ($19,400) for the lost items, but the bank wants her to show receipts for everything that's missing.
The bank says the house it meant to clean out was on the same street, just opposite.
Foreclosure properties in the neighbourhood include the $US29,900 three bedroom ranch on 2,4 hectares at 62529 Dunkle Creek Rd, Creola, OH.
Katie Barnett says she's even not a borrower with the First National Bank in Wellston who foreclosed on her house.
“They repossessed my house on accident, thinking it was the house across the street,” Barnett said.
“They told me that the GPS led them to my house,” Barnett said. “My grass hadn’t been mowed and they just assumed,” she told her local television station, 10TV.
<a target="_blank" href="https://money.msn.com/now/post--ohio-bank-repossesses-womans-home-by-mistake">MSN Money </a>says the same thing happened to <a href="https://www.lasvegassun.com/news/2010/jan/02/they-forclosed-wrong-house/">Nilly Mauck</a> of Las Vegas in 2010 and twice in 2012 to a <a href="https://abcnews.go.com/Business/wells-fargo-mistakes-home-neighboring-foreclosed-home/story?id=17185239">retired California</a> couple.
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GPS leads US bank foreclosure team to wrong Ohio house - or why you should always mow your front lawn

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Quest serviced apartment hotels has plans to build a serviced apartment hotel to accommodate for the growing demand for accommodation at Melbourne airport.
The building will be located on the corner of South Centre Road and Annandale Road, in the airport's business park precinct.
It is due for completion in October 2014.
The hotel (pictured below) will provide 97 serviced apartment rooms, for people involved in “airport or aviation related business and training activities.”    
<img alt="questjuly30one" src="/images/stories/2013/07/questjuly30one.jpg" width="470" height="235">
“Providing more accommodation choice for people who are doing business at the airport, or are undertaking aviation training in the airport precinct, will support the future growth of airport and aviation related businesses in our local region,” said Melbourne Airport chief, Chris Woodruff.
“With more than 14,000 people directly employed in airport related roles, and around 200 different businesses operating from the airport precinct, Melbourne Airport is a major centre of employment and economic activity in Melbourne’s North West,” said Quest executive Andrew Weisz.
“Development of a new domestic terminal is underway and a new runway and a new road system to significantly ease congestion on the terminal precinct are just examples of the projects we are currently planning,” Mr Woodruff said.
The Melbourne Airport achieved six percent total passenger growth for 2012/13.
“The draft master plan highlights the economic and social importance of Melbourne Airport and how its future growth will continue to drive the Victorian economy, including more than doubling spending by interstate and international visitors from $8.5 billion to $18 billion by 2033.
It forecasts an increase in the number of jobs directly related to airport operations from more than 14,000 now to 23,000; and more than doubling the airport’s contribution to gross state product from $1.47 billion to $3.2 billion over the next couple decades.
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Quest to build Tullamarine, Melbourne airport serviced apartments 

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Melbourne’s cheapest auction sale price on the weekend was in the south east suburb of Glen Huntly, according to Australian Property Monitors.
It sold for $288,000, through Tom Grieve and Lachlan Chirgwin of Ray White.  
The ground floor 1/13 Wattle Avenue apartment features one bedroom, one bathroom and car port and sits on 45 square metres.
The block's last reported one bedroom sale was in 2009 when competition between investors and first home buyers pushed the sale price of 12/13 Wattle Avenue to $307,500.
“Modern with the opportunity to bring it into today, this ideal starter or investment is just moments to train, bus, parkland, outdoor pool and Glen Huntly and North Road shops,” pitched the agents at Ray White.
The unit caught the eye of four registered bidders. It was bought by an investor looking to renovate.
Its potential income was estimated as $270 weekly after renovation, which would reflect a yield of about 4.88%.
The cream rendered apartment is fully enclosed by fences and features access by intercom and automated double gates.
The bedroom boasts a view through the windows and glass door, into the front garden set off with a mature silver birch.
Neighbouring Caulfield and Carnegie, the median unit price in Glen Huntly sits at $422, 500, according to RP Data.
Glen Huntly’s median unit value has risen over the past five years by 17%.
Its median asking rental is $360 per week, according to RP Data, which reflects a 4.4% gross rental yield.
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Glen Huntly $288,000 sale the cheapest weekend Melbourne auction result

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Melbourne estate agents Brad Teal Real Estate sold eight out of nine properties at auction over the past weekend - a clearance rate of 89%.
This was well above the overall 71% clearance rate for Melbourne as measured by the Real Estate Institute of Victoria (REIV) from 506 auctions.
Director Brad Teal tweeted its auctions success to his 309 followers: 
<a target="_blank" href="https://twitter.com/BradTealRE"><img alt="brad_teal_tweet" src="/images/stories/2013/larry_uploads/brad_teal_tweet.jpg" width="470" height="85"></a>
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Brad Teal sells eight out of nine in Melbourne: Tweet of the Day

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Dr Kim Hawtrey, associate director at BIS Shrapnel and author of its Building in Australia 2013 report, says Australia faces a critical 12 month period as the Australian economy transitions away from mining investment into non-mining sectors.

<a target="_blank" href="https://www.propertyobserver.com.au/residential/residential-building-recovery-to-transition-from-high-rise-to-bungalows-as-nsw-picks-up-victorias-slack-bis-shrapnel/2013072863615?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">“We’re in for a real nail biter,” </a>says Hawtrey.
Do you think Australia can do it successfully?
Today we ask:
{module Can the Australian economy successfully transition away from mining investment into non-mining sectors (including the residential building sector) over the next 12 months?}
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Can we transition from mining to non-mining in the next 12 months?

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The outlook for the residential building sector is mixed with growth expected in the previously underperforming states of NSW, Queensland and WA, but Victoria to weaken as the Melbourne apartment market cools.
Overall, residential building is forecast to decline 2% in the 2013 financial year, before picking up 9% in 2014/15 and 4% in 2015/16.
Nationally, the recovery will see private detached house starts grow by 2% in 2013/14 and 12% in 2014/15. Another lift of 6% will follow in 2015/16.
At the same time private multi-residential dwelling starts will initially fall by 5% in 2013/14 as the Melbourne apartment market cools, before a bounce back of 5% begins in 2014/15 and a further 1% rise the year after.
However, then a cyclical decline will set in with a 5% contraction in 2016/17 followed by an 8% fall in 2017/18.
“[2013/14] will be a year of change in the mix – from Victoria to NSW, and from high rise to bungalows – before gaining strong traction the following year, in 2014/15,” says Dr Kim Hawtrey, associate director at BIS Shrapnel and author of its Building in Australia 2013 report.
The report forecasts a critical 12 month period for the Australian economy as it transitions away from mining investment into non-mining sectors.
“We’re in for a real nail biter,” says Hawtrey.
“We see an upswing in building but it will be uneven and slower to get going than usual.
“The next 12 months will be a critical test of how quickly the construction sector can take on more of the heavy lifting, and the Australian economy will remain balanced on a knife edge.”
The strongest upswings will occur in the prevously underperforming NSW new home building market and in the the two ‘mining’ states of Western Australia and Queensland.
However, Victoria, South Australia, Tasmania and the ACT are all expected to post declines in 2012/13 and this will continue into 2013/14.
Victoria will undergo an “inevitable correction following several record years of phenomenal home building".
“These markets are generally in oversupply, notably Victoria,” says Hawtrey. 
Overall, BIS Shrapnel says that building, especially home construction, is not responding to low interest rates as might be expected.
“Home building has been punching below its weight and normally low mortgage rates would be stimulating the sector toward clear recovery by now.
"But the antibiotics are taking longer to work this time around.
“High household debt, concerns about the global economy, planning restrictions in some states and lack of land supply are among the factors that explain this new phenomenon," says Hawtrey.
Figures for the financial year to date has residential outperforming expectations over 2012/13, with strong results in the September and December 2012 quarters boosting the calendar 2012 result to 147,970 commencements.
The emergence of tentative growth in NSW, Queensland, Western Australia and the Northern Territory as well as a softer than anticipated fall in Victoria are behind the positive results.
Leading indicators suggest that growth in these markets will continue and this fits with BIS Shrapnel’s expectations based off its longer term analysis.
However, despite the low interest rates (set to remain low for the immediate future) and improved housing affordability, BIS Shrapnel notes that the recovery in residential building activity has not been as strong or as quick to set in as some commentators would have expected.
“Although the Australian economy has shown more resilience than many other developed economies, it has faced its own struggles,” says Hawtrey.
“Outside the resources sector, activity has been subdued, with many industries struggling with the higher dollar and the public sector pulling back on spending.
“As investment in the mining sector begins to decline economic growth will weaken and unemployment will pick up. This has already begun to happen and is weighing heavily on confidence.
BIS Shrapnel expects that a fall in residential building in Victoria’s will “basically neutralize the rise in NSW” resulting in an overall 9% pick-up in residential construction in 2014/15 and 4% in 2015/16.
“Momentum will build in the undersupplied states of New South Wales, Queensland and Western Australia driving the national total, whilst declines in Victoria will level out, and South Australia and Tasmania will return to growth off their low levels,” says Hawtrey.
The overall outlook for building (residential and non-residential) is weak with the value of national building commencements is forecast to grow 3% in 2013/14.The sector will then stabilise in 2015/16 (0%) and record falls in 2016/17 and 2017/18.</body></html>

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Residential building recovery to transition from “high rise to bungalows” as NSW picks up Victoria’s slack: BIS Shrapnel

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According to the RP Data-Rismark Home Value Index results for June 2013, combined capital city home values increased by 3.8% over the 2012/13 financial year. 
The growth in home values has been moderate, as we have noted in recent weeks, the response to the low mortgage rate environment has not been as strong as in the past.  This begs the question: where to from here?
<img alt="cap city values" src="https://blog.rpdata.com/wp-content/uploads/2013/07/cap-city-values.jpg" width="470" height="171">
The June results of the RP Data-Rismark Home Value Index showed a variety of performances across the capital cities and as I see it, the performances of individual capital city housing markets are likely to continue to diverge based on their own unique circumstances. 
We also know that<a href="https://www.propertyobserver.com.au/economy/july-19-observer-cameron-kusher/2013071963428" target="_blank"> activity is being driven by investors</a> (who can be fickle and exit the market quickly) and upgraders whose activity is most likely linked to the recent pick-up in consumer sentiment and in some instances the recent pick-up may not continue based on the direction of the economy from here.
Broadly speaking, I can’t see anything in the current housing or broader economic conditions that will see the market’s performance return to what we saw prior to the financial crisis for a number of reasons.
Firstly, household debt to disposable income currently sits at 147.3%. 
No doubt Australian households have a large amount of debt, most of which (133.2%) is housing debt.  If you look at the chart below, you will see that the debt to disposable income ratio has been virtually unchanged since the end of 2005, which is seven and a half years ago now! 
Clearly households have reached the limits to how much debt they can take on.  Whether this limit continues into the future remains to be seen but at the moment it is clear we largely don’t want to take on more household debt and around 90% of this debt is related to housing.
<img alt="household debt to disposable income" src="https://blog.rpdata.com/wp-content/uploads/2013/07/household-debt-to-disposable-income.jpg" width="470" height="173">
Secondly, and which directly relates to the first point, households have increased their level of savings and shown less of a propensity to spend. 
The national accounts data includes an item for the household saving ratio and looking at this over time (below) provides valuable insight. 
Over the past 12 months, the household savings ratio has been recorded at 10.5% and over the past five years it has been recorded at an average of 9.8%. 
The level of household savings currently is at its highest level since late 1987 (25 years ago now) and the recent trend of higher savings has reversed a 30 year trend over which time savings by households continued to deteriorate.
<img alt="household saving ratio" src="https://blog.rpdata.com/wp-content/uploads/2013/07/household-saving-ratio.jpg" width="470" height="172">
 
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Thirdly, consumers are changing the way they spend and doing it with their own money rather than with credit cards. 
Over the 12 months to May 2013, the number of credit card accounts increased by just 2.1%, in comparison debit card accounts increased by 6.2%. Total credit card transactions increased by 6.9% over the year but cash advances fell by -2.4%.  Total debit card transactions increased by 13.9% over the year.  Credit cards had an average outstanding balance of $3,236 and the average credit limit was $9,091. 
On an historical level both are quite high however, the average outstanding balance was down -3.5% over the year which was the biggest year-on-year fall on record and the average credit limit was -1.0% lower on  the year a near record fall.
<img alt="credit card stats" src="https://blog.rpdata.com/wp-content/uploads/2013/07/credit-card-stats.jpg" width="470" height="175">
The previous run-up in home values had been assisted by significant changes to economic conditions such as financial deregulation, significant falls in mortgage rates, a large reduction in unemployment, much lower inflation and strong growth in housing credit.
Mortgage rates are below historic levels currently however the impact of shifting from 17% at the start of the 1990’s to around 7% at the end of the decade is not as significant as a further 1% to 2% reduction.
<img alt="variable mortgage rates" src="https://blog.rpdata.com/wp-content/uploads/2013/07/variable-mortgage-rates.jpg" width="470" height="173">
It’s a similar story for unemployment which shifted from around 11% in 1992 to around 6.5% by the end of the decade.  In fact, an anticipated increase in unemployment from the current low levels is one of the major factors contributing to the changes to consumer behaviour.
<img alt="unemployment chart" src="https://blog.rpdata.com/wp-content/uploads/2013/07/unemployment-chart.jpg" width="470" height="174">
In 1990, annual inflation was running at 7%, by the end of the decade it had fallen to around 2% and today it sits at 2.5%.  The lower level of inflation since the end of the last recession has clearly contributed to the lower mortgage rates which in-turn has assisted the run-up in home values.
<img alt="inflation" src="https://blog.rpdata.com/wp-content/uploads/2013/07/inflation.jpg" width="470" height="173">
Credit growth throughout the early 2000’s was sitting at an annual rate of 16% to 20% as the housing market surged.  Ever since 2004, growth in housing credit has been slowing and over the past year credit has grown at a near record low level of 4.5%.
<img alt="housing credit growth" src="https://blog.rpdata.com/wp-content/uploads/2013/07/housing-credit-growth.jpg" width="470" height="173">
In my opinion, none of these economic measures are likely to shift as significantly as they have in the past and therefore any changes are not as likely to be as conducive to significant growth in home values as they have been in the past.
 
<hr class="system-pagebreak">
Now looking at individual capital city markets we can see my anticipated variances in performance over the coming year.
I suspect Sydney will continue to be one of the standout performers and will continue to see values grow, this is largely due to the fact that value growth has failed to beat inflation over the past decade and dwelling construction remains insufficient.
<img alt="sydney values" src="https://blog.rpdata.com/wp-content/uploads/2013/07/sydney-values.jpg" width="470" height="172">
Melbourne continues to surprise however, it has not had a significant period of value correction as what has been seen across other major capital cities such as Sydney, Brisbane and Melbourne. 
We also know that housing supply is much more sufficient across the city than it is across most other major capital cities.  Although values are currently rising on the back of low mortgage rates I do question the sustainability of the current rises, particularly once mortgage rates start to rise again
<img alt="melbourne values" src="https://blog.rpdata.com/wp-content/uploads/2013/07/melbourne-values.jpg" width="470" height="171">
Brisbane home values are currently -10.8% lower than they were at their peak and to date, values have increased by just 1.6% from their recent low point.  Brisbane has experienced a long period of correction in values, with values currently at a similar level to what they were in late 2007. 
Given this, we do anticipate a pick-up in value growth in Brisbane on the back of the recent increase in sales activity.
<img alt="brisbane values" src="https://blog.rpdata.com/wp-content/uploads/2013/07/brisbane-values.jpg" width="470" height="171">
 
<hr class="system-pagebreak">
Adelaide home values have shown only moderate levels of growth recently, increasing by 2.7 per cent since values bottomed in July of last year.  I anticipate that increases in home values across the city will remain modest over the coming year.
<img alt="adelaide values" src="https://blog.rpdata.com/wp-content/uploads/2013/07/adelaide-values.jpg" width="470" height="169">
Home values in Perth have reacted strongly to the ongoing lowering of mortgage rates. 
Home values across the city have increased by 6.0% over the past year and are now just -1.6% lower than their historic peak.  The key challenge for the Perth market will be the slowing of the mining and resources sector and what impact that has on the housing market. 
Over recent months we have seen the rate of home value growth and rental growth start to slow and I anticipate the slowdown is likely to continue over the coming months.
<img alt="perth values" src="https://blog.rpdata.com/wp-content/uploads/2013/07/perth-values.jpg" width="470" height="171">
Hobart is the only capital city housing market that has recorded a fall in values over the past year.  With a high unemployment rate and little in the way of economic or population growth it is difficult to see how the housing market in Hobart can, at this stage, build any sort of sustainable recovery.
<img alt="hobart values" src="https://blog.rpdata.com/wp-content/uploads/2013/07/hobart-values.jpg" width="470" height="172">
Darwin has been the standout housing market over the past decade and this has continued with values rising by 6.1% over the past year.  Despite the recent strength, values in Darwin remain -11.1% lower than they were at their peak.  Much like Perth, the Darwin housing market is likely to be impacted by the slowdown in the resources sector.  This is already being seen with slowing rates of rental growth and home values having fallen by -0.4% over the first six months of 2013.
<img alt="darwin values" src="https://blog.rpdata.com/wp-content/uploads/2013/07/darwin-values.jpg" width="470" height="169">
Canberra home values have not recorded the same extent of value falls as most other capital city markets. 
Over the past year, home values in the city have increased by 1.1% however, as the below graph shows there are signs of a recent slowing of market conditions. 
With a looming federal election and likely cuts to the public service we would expect this will adversely affect demand for housing in the city and subsequently may result in some value falls.
<img alt="canberra values" src="https://blog.rpdata.com/wp-content/uploads/2013/07/canberra-values.jpg" width="470" height="171">
Cameron Kusher is senior research analyst at <a href="https://www.myrp.com.au/" rel="nofollow" target="_blank">RP Data</a>.
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Melbourne property continues to surprise without a significant period of correction: RP Data's Cameron Kusher

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People confused about superannuation often ask me how they can make the right decisions about their retirement savings.
As I pointed out <a href="/news">in last week’s column</a>, there are no secret formulas for having enough investments so you can fund a comfortable retirement.
What you should be aiming for is to be able to create an income in retirement that covers around 75% of your working life income.
That’s about the only universal formula for retirement savings, and even then, the mix depends on whether you retire as a couple, retire owning your own home, and how much investment risk you can bear in retirement.
Most retirement strategies are technical and financial. And so they should be.
But retirement savers also need to get their own personalities into the strategy.
For instance, you should <a href="/news">understand your risk profile </a>– preservation, moderate, balanced, growth, aggressive – which helps you decide how much weighting to give to shares, cash, property and fixed interest investments such as bonds.
Then you need to get more personal and understand the impact of your life stage on the financial picture.
With life stages comes decisions and priorities. Here is a guide, based on age, that will help you understand what you should be paying attention to:
-          Aged 25 to 35: you’re in an accumulation phase, taking advantage of higher disposable income and fewer family-related expenses. You have a long investment life ahead of you, so you can and should tend towards ‘aggressive’ asset allocations. Why? You’re young enough to weather downturns in share markets and therefore benefit from long term gains.
-          Aged 35 to 45: you should be paying down a mortgage fast, taking advantage of low interest rates to increase home equity and get ahead of the payment schedule (home owners need less cash in retirement than renters or those with a mortgage). You should be paying more attention to your superannuation and although you’re no longer in your twenties, you should keep your investments in ‘growth’ and weighted to equities.
-          Aged 45 to 55: you should be making additional contributions to your nest egg, taking advantage of tax benefits for salary sacrificing to super. Make eliminating all debt a priority, you don’t want to carry it into retirement. If you haven’t already, meet with a financial planner to begin discussing retirement options
-          Aged 55 to 65: you should shift the majority of your investment to preservation assets – cash, fixed income – and use your last working years to increase personal contributions to super. Consider a strategy for “transition to retirement” which includes a capital preservation strategy rather than chasing growth. Focus on making the right tax decisions and decide which lifetime annuity product suits you best.
Of course, life stages are not definitive on their own. But alongside your risk profile, your goals and your savings strategy, they become useful ways of ensuring your actual life is catered for and you’re always on the right track.
Include yourself in the picture, and good luck.
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