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

<html><body>
Marketing for Matt and Kim’s apartment on The Block Sky High kicked off last night.
Matt and Kim tweeted late last night that their apartment had officially been listed on <a href="https://www.realestate.com.au/property-apartment-vic-south+melbourne-114301027" target="_self">realestate.com.au</a>.
After some difficulties with the links, it was live this morning.
The listing says the apartment features “professional craftsmanship, exacting standards and the highest quality of materials, appliances, furniture and finishes together with superlative design to create an opulent home and entertainment paradise.”
It is only 16 days until all five apartments go under the hammer on July 27.
Listing agent Kent Morgan said he had the listing for some time, but wanted to wait until last minute to kick off the marketing campaign with a “save the best to last approach.”
The <a target="_blank" href="https://www.propertyobserver.com.au/news/matt-and-kim-s-auction-sign-finally-goes-up-at-the-block-sky-high/2013071063137">couples signboard was the last to go up </a>on Wednesday morning.
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ntrotman-Et3xWpamVh

Matt and Kim go online with The Block Sky High South Melbourne listing

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House prices are forecast to rise just 1.4% in the next year and 2.4% in the next two years, according to the expectations of around 300 property market participants surveyed as part of the June quarter NAB Residential Property Survey.
The strongest expectations are for Western Australia (3.3% over next two years) followed by South Australia/NT (2.6%), Victoria (2.5%) and NSW (2.4%).
Queensland is forecast to be the weakest mainland state with just 1.7% house price growth over the next two years.
<img height="273" width="470" src="/images/stories/2013/larry_uploads/nab_house_price_expectations.jpg" alt="nab_house_price_expectations">
Source: NAB
Weaker expectations about house price growth come despite improved affordability and lower interest rates, but amidst weaker overall sentiment about the property market.
The quarterly survey of 300 people (with a high proportion of estate agents, property owners and developers) recorded a 20 point drop in the overall NAB Residential Property Index from 35 to 15, following a rise of 27 points in the first quarter of the year.
It follows the July Westpac-Melbourne Institute consumer sentiment index, released yesterday, which also recorded a<a target="_blank" href="https://www.propertyobserver.com.au/trends/home-buyer-sentiment-falls-sharply-in-july-westpac-index/2013071063161"> sharp decline in home buying sentiment.</a>
In line with a stronger outlook on house prices, sentiment is highest in WA with a reading of 42, though this fell 29 points over the quarter.
Sentiment is weakest in South Australia/NT (-9 points) and Queensland (4 points).
“Longer-term confidence has also been undermined by the softening economy and the downside risks being posed by the economy’s structural adjustment,” says NAB chief economist Alan Oster.
“NAB’s own view of Australian house prices (based on its modelling) is slightly more optimistic than the average survey forecast.
“NAB sees capital city house prices rising by 3.1% in the year through to June 2014 and by 2.5% in the year through to June 2015,” he says.
<img height="156" width="470" src="/images/stories/2013/larry_uploads/NAB_forecasts_of_house_prices.jpg" alt="NAB_forecasts_of_house_prices">
“House price growth will however vary with Perth (5.1%), Sydney (4.1%) and Brisbane (3%) leading the way in 2014.
“Capital gains will be slowest in Melbourne (1.5%) and Adelaide (1%) reflecting excess supply in these locations and subdued state economic conditions.
“State variance will persist into 2015 with slower growth forecast in Perth (3.1%) as resource activity moderates, unemployment rises as population growth eases.
“Sydney (3.6%) will out-perform the national average underpinned by supply shortages and improved affordability.
“In Brisbane, house prices are expected to rise by 3.4%.
“In Melbourne (1.6%) and Adelaide (1.1%), price growth will continue to be constrained by excess supply.”
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lschlesinger-FZcF9M3vE6

Property prices to rise just 2.4% over next two years as sentiment weakens: NAB survey

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More Sydney CBD office landlords should be considering sub-dividing vacant floor space with the added incentive of a higher return, a study by Savills Research suggests.
The property group found high levels of activity at the smaller end of the market found with almost half of the lease deals that have occurred in the Sydney CBD office market in the past 24 months having been sub-1,000 square metres.
Of the 221 leasing deals brokered in the last 24 months 100 (or 45.2%) have been for space between 500 and 1,000 square metres and a further 67 deals (or 30.3%) have been for space between 1,000 and 2,000 square metres.
Savills only included leasing deals greater than 500 square metres in its survey.
Strong demand for smaller office spaces comes as many prime Sydney CBD office floors sit vacant.
Savills found that almost 25% of 279 floors that were available as at the end of June 2013 have been on the market for 12 months or longer
“There are a number of prime full floors currently available that have been on the market for more than two years,” says Simon Hemphill, divisional director of research NSW at Savills.
Savills notes that there is also the added incentive that a smaller suite, based on the economies of scale, will attract a higher premium than that of a larger floor plate.
“Subdividing floors present benefits to both landlords and tenants alike.
"Landlords see a reduction in their vacancy periods as these tenants have the ability to move much sooner than tenants occupying greater than 1,000 square metres. It also allows growing tenants to occupy better grade buildings and take advantage of the quality services on offer,” says Josh Pails, associate director of office leasing at Savills.
Likely tenants of office space below 1,000 square metres include the property and business services sector - the most active industry in office leasing, accounting for 39% of all leases signed in the last two years - and the IT &amp; communications industries
Savills Research found the majority of lease deals signed in the last two years sub-1,000 square metres had occurred in the ‘core’ precinct, followed by the ‘western’ precinct of the Sydney CBD.
‘The Core precinct continues to be the most desirable location in Sydney CBD but the migration of tenants towards Western precinct that started a few years ago has heralded a decline in leasing activity in the Midtown precinct.” says Hemphill.
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Subdivision a possible solution for Sydney CBD landlords with vacant office space

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The housing market in Australia is in much better shape than it was a year ago, according to First National Real Estate’s <a href="https://issuu.com/stewartbunn/docs/2013_pmomyu_final?workerAddress=ec2-54-235-15-206.compute-1.amazonaws.com" target="_blank">2013 property market outlook mid-year update</a>.
<img src="/images/stories/2013/07/numberonejuly11.jpg" width="35" height="45" alt="numberonejuly11">Nationwide, the measure of house prices has increased by around 4% since 2012, following a decline for the previous 18 months.
<img src="/images/stories/2013/07/numbertwojuly11.jpg" width="35" height="41" alt="numbertwojuly11">Home lending approvals and auction clearance rates have both risen.
<img src="/images/stories/2013/07/numberthreejuly11.jpg" width="35" height="46" alt="numberthreejuly11">Equity prices are up over 20% since mid-2012.
<img src="/images/stories/2013/07/numberfourjuly11.jpg" width="35" height="45" alt="numberfourjuly11">Consumer confidence levels are well above long-run averages.
<img src="/images/stories/2013/07/numberfivejuly11.jpg" width="35" height="38" alt="numberfivejuly11">Auction clearance rates are consistently higher than 60% nationally, and around 70% in Melbourne and Sydney.
Market snapshot as of May 19:
 <img alt="listofthedaygraphjuly11" height="212" width="470" src="/images/stories/2013/07/listofthedaygraphjuly11.jpg">
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The 5 key property benchmarks that First National agents sense are shaping the national residential market

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Surry Hills has been described by estate agent John McGrath as the hottest suburb in Sydney.
It emerged in a tweet from Neale Whitaker who was at a property seminar. No ordinary spruiking event as this one was sponsored by Coco Republic. 
<a target="_blank" href="https://twitter.com/nealewhitaker" style="font-size: 0.8em;"><img height="76" width="470" src="/images/stories/2013/07/tweetofthedayjuly11.jpg" alt="tweetofthedayjuly11"></a>
A check by Property Observer of the RP Data indicators suggests the suburb has a median house price of $940,000, which is up 5% annually, and 12% over the past five year.
But it appears private treaty vendors are required to discount by 13.2% which appear a little higher than other neighbouring suburbs. <a target="_blank" href="/news">Darlinghurst's</a> required discount is 6% and <a target="_blank" href="/news">Redfern</a> is 9%, according to RP Data.
Last year <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/sydney-s-surry-hills-ranked-23rd-most-stylish-neighbourhood-in-the-world/2012101157094">Surry Hills was ranked as the 23rd most stylish neighbourhood in the world</a>, according to lifestyle magazine Complex, which was founded by American fashion designer Marc Ecko.
The ranking says <a target="_blank" href="/news">Surry Hills</a> is Sydney's main hub for fashion, with a number of notable businesses including Dear Pluto, Reuben Hills, Via Alley, Holy Kitsch! and Bourke Street Bakery.
“Crown Street, the heart of the neighbourhood, is where you'll find all of the restaurants, bars, and coffee shops,” author Julian Kimble writes.
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Surry Hills the hottest Sydney suburb

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The vacancy rate for rental accommodation in Perth has climbed to 3.2%, up from a tight 1.9% at the end of last year.
There are now more than 4,000 properties available for lease in the metropolitan area.
Supply now matches demand and long queues at home-opens are a thing of the past. Preliminary data by REIWA suggests that despite the turn-around, there seems to be no significant impact on median rents at this stage. House rents are stable while flats and units have lifted by a modest $5 per week.
The median rent across Perth is now around $475 per week, but for multi-residential property its closer to $455 per week.
We still have strong population growth and the overall cost of living in Perth is higher than on the east coast, so many people still need access to affordable housing and this seems to be placing greater demand on flats, units, apartments and villas.
Property managers know that what their owners are looking for are reliable tenants who will pay the rent on time, look after the property and not disrupt the neighbours. These attributes should always take priority in applications from tenants.
This is why it pays to be organised if you are looking for a rental. Simply having your bond money, completed tenancy application and references ready to submit is attractive to property managers who might be juggling multiple applications.
Being organised gives you the best shot, particularly if you approach an agency directly and leave your details with them.
Not all agencies keep a register, but those which do generally welcome the approach from keen applicants and it often means that when a property comes into their care which might be suitable, you might get a call right away rather than having to look online or attend a viewing.
When signing a new lease owners cannot ask for or accept more than two week’s rent in advance, however they can accept additional payments if offered after the first two weeks. The bond is generally not more than four week’s rent.
Owners cannot increase the rent during a fixed-term lease, unless the contract stipulates that a rent review can occur during the period of the lease. When this happens it cannot be less than six-monthly. The increase, or a method to calculate the new rent after six months, is agreed to at the start of the lease.
For a lease with no agreed termination date, known as a periodic tenancy, rents can only increase every six months and the owner must give 60 days notice of this.
Good tenants should be respected and valued. Wise owners wouldn’t dream of losing them for short term gain.
David Airey is president of the <a href="https://reiwa.com.au/home/default.aspx" target="_blank" rel="nofollow">Real Estate Institute of Western Australia.</a>This article was originally published on <a href="https://reiwa.com.au/Faq/Pages/Feature.aspx" rel="nofollow" target="_blank">reiwa.com</a>.
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Perth vacancy rates up so it pays for landlords to be organised: David Airey

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A proposed two level Potts Point penthouse sold for $20 million off the plan in boom times, but the developer collapsed before construction started.
Then a reshaped penthouse was relisted at $13 million earlier this year after being shrunk to just the top level.
Now its been halved with two $6 million buyers being recently found.
<a target="_blank" href="https://www.propertyobserver.com.au/developments/10-wylde-street-potts-point-penthouse-sold-by-investec/2013070963128">The offering sits atop a seven story complex which will replace the former Oakford Apartments motel on its scheduled 2015 completion by Investec</a>.
Its appears many empty nesters can't get what they want for their redundant houses so there is a growing reluctance to spend excessive amounts of their downsizing into apartments.
There was, as readers have recalled below, the consolidation of a mega penthouse at Bondi which was<a target="_blank" href="https://www.propertyobserver.com.au/trophy-homes/caledonia-investments-fund-manager-will-vicars-confirmed-as-%2421-million-pacific-bondi-beach-penthouse-record-price-setter/2013060962114"> big news last month</a>.
{module Are the days of mega-penthouse prices over in Sydney?}
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Are the days of mega-penthouse prices over in Sydney?

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The old Carlton police station at 334-344 Drummond Street has sold for $3,641,000.
The property ceased being an active station in 2010, having served the community for 130 years.
It is speculated that notorious 1920s gangster Squizzy Taylor was connected to the site making the occasional visit back in his heyday. Taylor is the subject of the upcoming Underbelly series on Channel 9.
Sitting on 992 square metres, the new of its two buildings is the 1890s six-cell bluestone jail designed by John Dow.
The symmetrical brick Victorian restrained Classical-Revival style building on the street was designed by Public Works Department architects William Steel and George Watson in 1878.
It was listed through <a href="https://www.jelliscraig.com.au/property/CARLTON-334-344-Drummond-Street/5395129/#.UcumruBAt6o" target="_blank">Simon Shrimpton of Jellis Craig</a>.
"This impressive heritage listed complex with bluestone cellblock and Pinkys Lane rear access was once character-filled from Squizzy Taylor to gangland identities, and now awaits transformation from underbelly to uber-stylish," he said.
Shrimpton says the purchaser is looking to renovate and rework the Drummond Street site.
Property Observer <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/victoria/old-bluestone-carlton-police-station-with-squizzie-taylor-links-listed-by-state-government/2013041860481" target="_blank">reported</a> on the listing earlier this year where the price guide was reported around $3 million.
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Squizzy Taylor's Carlton lockup sold for $3,641,000

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Consumer sentiment has remained mostly steady during July but remains downbeat overall compared to the same period in 2012, according to the latest Westpac Index of Consumer Sentiment.
But even though the overall confidence level has remained steady, there has been some movement within certain subsectors – with large decreases among renters, while those in the "managers and professionals" group recorded large increases.
The index fell 0.1% from 102.2 to 102.1 in July.
Westpac senior economist Matthew Hassan said in the report the survey suggests economic news such as the official cash rate remaining steady at 2.75%, and the falling dollar, could have boosted optimism about the future.
"The improved view on economic prospects, for example, may reflect shifting expectations for the US economy that have become more visible with the US Fed now contemplating 'tapering' its QE policy stimulus," he said.
"It may also reflect clearer signs of an upturn in parts of the local economy, the <a target="_blank" href="https://www.smartcompany.com.au/economy/056426-property-warms-up-as-mining-goes-off-the-boil">housing sector </a>in particular."
However, there were some disappointing results. Consumer confidence is weaker than at the start of the year – about 7.6% below the March peak.
The index tracking thoughts on "family finances versus a year ago" fell 5.6%. But the index tracking thoughts for economic conditions over the next five years rose 9.2% to above the average level over the past two years.
Hassan points out the downfall in consumers' thoughts about their own finances "highlights the fragility of sentiment".
"It is also somewhat concerning given that these components tend to be better predictors of shifts in actual spending," he said.
Of similar concern, Hassan said, is a downgrade in the "time to buy" index, which measures whether now is a good time to buy a household item. That index has fallen 1.7% overall, but the "time to buy a dwelling" index, and the "time to buy a car" index have fallen 8.4% and 10.3% respectively.
Given the lackluster demand, Hassan says it's time for another interest rate cut – and the bank expects one.
"We expect the Bank to cut rates by 25 basis points at its August meeting with two further 25bp reductions coming in the December and March quarters", he said.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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Consumer sentiment downbeat compared to same time last year: Westpac index

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Mining investment is set to peak as a share of the Australian economy this year, according to an HSBC report.
The report's authors, economists Paul Bloxham and Adam Richardson, say the last set of available RBA forecasts and the numbers from the last Australian capital expenditure survey suggest that mining investment will plateau over the coming year, rather than peak and fall sharply.
"Beyond this period, we expect mining investment will fall and be a drag on economic growth," the report says.
"However, this does not imply that mining is necessarily an overall drag on the economy. After all, this capacity has been built for a reason – to boost Australia’s resources exports."
<img src="/images/stories/2013/07/chartoftheweekjuly10one.jpg" width="470" height="416" alt="chartoftheweekjuly10one">
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