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 Australian dollar's fall below parity against the US currency will be welcome relief for expatriates thinking of buying back home.
It's still a bit soon, but they will certainly be taking a closer look at residential property following the recent decline in the dollar.
Even with access to very cheap interest rate opportunities overseas, the high dollar stopped many executives and white-collar professionals taking the time to search out for their likely new home during the summer of 2012/2013.
When the dollar was high, Rismark joint managing director Ben Skilbeck noted the high Australian dollar had also made local housing more expensive for expatriates, particularly at the luxury home end of the market.
An anticipated rush home by expatriates after job losses in Europe, Asia and the Middle East, didn't eventuate into an acquisitive trend after the global financial crisis.
Mosman agent Robert Simeon from Richardson &amp; Wrench told Property Observer when compared to pre-global financial crisis Australian expats activity in property markets had been "few and far between."
"Obviously any value declines with the AUD$ would make Australian residences a lot more appealing although there is not enough anecdotal evidence that expats find our real estate as appealing as previous sales activity would indicate," Robert Simeon said.
He said the Chinese market was now the dominant players in his market demographic so a declining AUD$ will not be a market salvation for our expat markets more particularly at the top end.
"When Australia's commercial and investment banks are doing well our top - end property markets respond accordingly," he said.
Last May when the dollar briefly fell to 98 cents, it was noted the fall was possibly not enough to encourage expat Australians to invest back in the local residential property market, according to Greville Pabst, chief executive of property valuers and consultants WBP Property Group.
Pabst noted a falling Aussie dollar was positive news for expatriates, with the improved conversion rate giving them “greater buying power”.
However, he suggested the Australian dollar needed to "deteriorate to or below 90 cents against the US dollar before we expect to see an influx of expatriate buyers."
“A fall of 10¢ in the dollar (AUD) equates to a saving of $53,500 for expats based on the purchase of a property at Melbourne’s current median house price of $535,000.
"This is a great incentive in anyone’s eyes," he said in May 2012. 
At noon today (Monday, May 20) the currency was trading at 97.66 US cents, having fallen more than five US cents between May 9 and May 17.
It reached parity with the US dollar in November 2010 and rose to a 29-year high of $1.108 on July 27 2011 before retreating.
Download our free eBook on <a href="http://propertyobserver.com.au/ebooks/free-ebook-20-top-tips-for-australian-expats-thinking-of-buying-homes-this-summer" target="_blank">20 top tips for Australian expats thinking of buying back home this summer</a>.
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jchancellor-FAypfDUnLy

Weakening Australian dollar set to see expats return to Australian property purchasing

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The premises of Rogues Jeanery on the trendy Acland Street shopping strip in St Kilda has sold at auction for $3.14 million.
The sale price reflects a yield of around 5% with current tenant is Rogues Jeanery Pty Ltd, returning $158,371 per annum plus GST.
The result reflected a land sales rate of $36,000 per square metre.
Rogues Jeanery (pictured below) has <a href="https://www.realcommercial.com.au/property-retail-vic-st+kilda-500697351" target="_blank">occupied the building since the mid-1980s </a>and its current lease expires in February 2018.
{yoogallery src=[images/stories/2013/05/may20rogues]}
The 110 square metre shop comprises two interconnected shops on two separate titles and has frontage onto Acland Street of 8.5 metres.
The auction campaign was handled by Mark Talbot and Geoff Emmett of Fitzroys. The annual rent review is given as 6%.
Talbot says the purchaser was attracted to the maximum future flexibility of the adjoining shops on two titles, as well as the solid income stream with annual rent review increases, and the location in one of Melbourne’s most sought after retail shopping strips.
Acland retail property is a tightly held asset with no shops currently listed for sale and just two shops available for lease in a new development on the <a href="https://www.commercialview.com.au/68-72a-acland-street-st-kilda/commercial-lease-details-4492671" target="_blank">corner of Acland Street and Carlisle Street.</a>
According to research by Beller Commercial, Acland Street has the highest rents among Melbourne retail strips and also the lowest vacancy, at just 2.5% with just two stores out of 80 vacant.
Acland Street has previously reported a zero per cent vacancy rate in similar surveys published over the years.
Averaging asking rents on Acland Street are around $1,000 per square metre, per annum.
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lschlesinger-FZcF9M3vE6

Investor snaps up Rogues Jeanery shop premises on St Kilda's Acland Street on 5% yield

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The instances of homes selling at a loss has begun to ease, according to an RP Data capital markets report.
Over the three months to September 2012, 13.5% of all homes sold were transacted at a price which was less than their initial purchase price, the report says.
"Since that time, the proportion of homes selling at a loss has eased. Over the three months to December 2012, 12.5% of all homes sold transacted at a price which was less than their initial purchase price," the report says.
"At the same time a year earlier, 10.8% of homes sold for less than their purchase price."
There has also been a rise inthe proportion of homes selling for more than double their initial purchase price.
Over the December quarter, 32.1% of homes sold transacted for more than double their purchase price, up from a low of 30.9% of homes over the September 2012 quarter.
<img alt="rpdatasummermay16one" src="/images/stories/2013/05/rpdatasummermay16one.jpg" width="470" height="253">
The report also found that homes in coastal and 'lifestyle' housing markets are much more likely to sell at a loss.
"Over recent years, the market performance in these regions has been hampered by much lower housing demand as interstate migration has slowed and the tourism market has also eased," the report says.
Three of Queensland’s major coastal markets have had the largest proportion of homes selling at a loss over the three months to December 2012.
On the Gold Coast, 39.4% of all homes sold at a loss over the quarter followed by 34.5% of sales on the Sunshine Coast and 33.8% of homes in the Far North region.
<img src="/images/stories/2013/05/rpdatalossmay15one.jpg" width="400" height="677" alt="rpdatalossmay15one">
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Gold Coast remains the epicentre as the number of homes selling at a loss drops across Australia: RP Data

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Hi Margaret,   

I would like to ask you how one can go about converting residential property into commercial property such as a medical centre.  

What are the pros and cons of doing that?

Thanking you.

Regards,

Opinder

<hr>
Hi Opinder,

The answer to this question may vary a little from state to state – each state has their own department of planning and, sadly, not all states are on the same page with the same rules.  

Having said that, and generally speaking, the ability to convert a standard residential property into a commercial property is going to depend upon the current zoning.  Note that this is different from electing to run a home business from a residential property – in some councils that may also need some kind of approval, however the purpose of such a venture does not specifically change the purpose for the building itself.

Where you wish to turn a house into a doctor’s surgery or some other business, the zoning must be appropriate for the new use.  This is because there are many considerations to make: – will there be sufficient parking so that the neighbours properties aren’t affected by cars in the street? Will the business affect the peaceful habitation of homes in the area? Will the presence of customers have any kind of impact which may be detrimental to the area? and so forth.  

[smartcode_project:default project_id=8669]

In some cases there may already be a commercial zoning or a ‘mixed business’ zoning in place, and in these cases often doctors’ surgeries and the like are allowed.  However, where the zoning is purely residential, then the intended use will either be not allowed, or you will have to apply to council for a change in zoning.  

In these circumstances it’s often better to engage a town planner to assist you with the application.  The money you spend on such a professional will most likely save you countless hours of your time.  The town planner can usually give you a good indication of your chances of success before you incur much time, or spend much money.

Margaret Lomas is a best-selling author and writes and hosts the popularProperty Success With Margaret Lomas and heads up the panel onYour Money, Your Call, both on Sky News. She is the founder of <a href="https://destiny.com.au/dotnetnuke/en-au/home.aspx" rel="nofollow" target="_blank">Destiny</a>.

Have a property question? <a href="mailto:askmargaret@propertyobserver.com.au" target="_blank">Ask Margaret!</a>
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Ask Margaret: how can I convert residential property into commercial property?

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The rate of vendor discounting for houses in Melbourne rose to 8.7% over the week to May 12, up from 8% the week prior.
Conversely, the rate of vendor discounting for houses in Sydney dropped from 6.9% to 6.7% over the week, and in Brisbane the rate dropped from 8.7% to 7.6%.
<img alt="rpdatadiscountingmay13one" src="/images/stories/2013/05/rpdatadiscountingmay13one.gif" width="470" height="318">
<img alt="rpdatadiscountingmay13two" src="/images/stories/2013/05/rpdatadiscountingmay13two.gif" width="470" height="335">
The rate of vendor discounting is the average percentage difference between the original listing price and the final selling price.
The statistics are calculated across results received by RP Data overthe past week and include properties transacted over the past four weeks.
The data is based on private treaty sales only and records without a valid sale price havebeen excluded from the vendor discount analysis.
The analysis also excludes results where there are less than 10 observations.
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Vendor discounting climbs slightly in Melbourne: RP Data

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You often hear that location is paramount when choosing a great investment property. But what makes a good location?  
While a lot of factors come into play, easy access to facilities must be near the top of the list.  
Walking distance to transport, shops and the café lifestyle is one the strongest trends attracting buyers and tenants. This is particularly so among the growing demographic living in apartments in our inner suburbs.  
Australian cities have been ranked by WalkScore
Well, now you can find out how ‘walkable’ your suburb is.  
Walkscore.com measures the number of typical consumer destinations within walking distance of a dwelling. It issues scores ranging from 0 (car dependant) to 100 (most walkable) and has recently ranked more than 100 Australian cities and 3,000 suburbs.
With a ‘walk score’ of 63, Sydney comes out on top in the ranking of <a href="https://www.walkscore.com/rankings/australia" target="_blank">The Most Walkable Australian Cities and Suburbs</a>.  
While a number of real estate websites have incorporated WalkScore and more are likely to follow, the ‘walkability’ index has a number of shortcomings.  
Consider the low-scoring regional dweller who enjoys walking their dog on a rural path. Not to mention that what one person considers a ‘walkable’ trip may seem an epic hike to another.  
Walk Score’s ranking of the top 10 largest Australian cities:  
Here is how our cities ranked:
1. Sydney (Walk Score: 63)
2. Melbourne (Walk Score: 57)
3. Adelaide (Walk Score: 54)
4. Brisbane (Walk Score: 51)
5. Perth (Walk Score: 50)
6. Newcastle (Walk Score: 49)
7. Wollongong (Walk Score: 48)
8. Gold Coast (Walk Score: 48)
9. Central Coast (Walk Score: 41)
10. Canberra (Walk Score: 40)  
While this is interesting, what is more important is that in every city some suburbs are more ‘walkable’ than others.  
You can check out the complete list of ranked cities and suburb <a href="https://www.walkscore.com/rankings/australia" target="_blank">here</a>.
Walk scores are turning up in a number of property portals and agent websites and you can expect to see more in the future.  
What does all this mean?
Over the past decade, <a href="https://www.smh.com.au/nsw/walkability-can-step-up-house-prices-20120330-1w3he" target="_blank">home values in Sydney’s ‘walkable’ neighbourhoods</a> have outperformed the rest of the city and can attract a 20% premium.  
It was much the same overseas where studies indicate that properties with above-average levels of ‘walkability’ command a premium over homes with average levels of ‘walkability’.  
It gets even better…  
‘Walkable’ neighbourhoods offer a number of health and economic benefits. For example, a 10-year long study of Australians by the <a href="https://www.sciencedaily.com/releases/2013/03/130307124427.htm" target="_blank">University of Melbourne</a> found that ‘walkable’ neighbourhoods with proximity to shops, parks and public transit improve people’s health and wellbeing.  
As our population grows and our cities become denser, I see the importance of easy access to amenities and ‘walkability’ becoming more important.  
With more of us trading backyards for balconies and living in apartments, we’re spending more time in cafés and restaurants rather than entertaining at home.
Add to this the fact that 22% of our population are living alone, then the opportunity to stroll up the road to visit their favourite café for a coffee or a meal is particularly important to them.
So when you’re looking at buying your next home or investment property consider its proximity to amenities. As our lives become more hectic and our cities become more congested, many of us will be prepared to pay a premium to be close to - but not right next to - transport, shops and amenities.
Michael Yardney is a director of <a href="https://www.metropole.com.au/" rel="nofollow" target="_blank">Metropole Property Strategists</a> who create wealth for their clients through independent, unbiased property advice and advocacy. Subscribe to his <a href="https://propertyupdate.com.au/category/property-investment/" rel="nofollow" target="_blank">Property Update</a> blog.
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'Walkability' will become more important as cities become denser: Michael Yardney

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Westfield Group's joint chief executives Steven and Peter Lowy have come under fire from two US proxy shareholder groups after they earned a combined 2012 remuneration package in excess of $18 million.
The two Lowy brothers were appointed co-chief executives in 2011 following the decision of Frank Lowy to assume a non-executive role.
Peter Lowy received a 2012 salary of $2.5 million – unchanged since 2008 – along with a $3.36 million cash bonus. Combined with equity and cash awards, his total remuneration was $8.91 million.
Steven Lowy received a 2012 salary of $2.5 million – unchanged since 2008 – along with a $4 million cash bonus. Combined with equity and cash awards, his total remuneration was $9.4 million.
Both salaries are expected to be endorsed by shareholders at Westfield’s AGM on May 29.
However, CGI Glass Lewis, which acts on behalf of US institutional investors, said the aggregate salaries paid to Steven Lowy and Peter Lowy was more than twice the median of the entity’s market index peers” according to reports in the Australian Financial Review.
CGI Glass Lewis questioned the need for such “significant” pay packages and demanded a “thorough and convincing explanation for such high remuneration” - as yet not provided.
Another US proxy investor firm ISS, a subsidiary of global investment advisory giant MCSI called for more clarity around long-term incentives, of which only 22 Westfield executives participate, including the co-chief executives are eligible.
Long-term incentives are awarded based on Westfield meeting certain performance hurdles, which if met are paid out in 2016 and 2017.
Despite their objections, both US firms have urged their investors to vote in favour of the remuneration report at its AGM on May 29.
Westfield is one of the top performing A-REITS, beaten only by Goodman Group and Lend Lease Group on a return on equity measure.
Since their appointment the co-CEOs’ remuneration has not been increased to reflect their new roles while no adjustment will be made to their remuneration in 2013.
Their base salaries have been frozen since 2008.
The Westfield remuneration committee re-weighted their pay packet in 2012, reducing their cash salaries with a corresponding increase in their deferred equity to be issued to them under the short-term incentive plan.
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Westfield co-CEOs under fire over $18 million executive pay packets

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Prominent Melbourne law firm Slater and Gordon has cut its conveyancing fees for Victorian first-home buyers rushing to buy an existing home before the $7,000 grant for existing homes ends on June 30.
The firm’s standard conveyancing fee is $695, meaning eligible first-home buyers will receive a $347.50 discount if they buy a home before July 1.
From July 1, the government will provide a $10,000 incentive but only for those first-home buyers purchasing a new home.
All first-home buyers can also access a 40% stamp duty discount.
Adam Zuchowski, a Melbourne-based lawyer with Slater &amp; Gordon Conveyancing, predicted increased activity at the entry level of the property market.
“We have experienced a significant increase in conveyancing files since the [May 7] announcement was made,” he said.
Zuchowski said most first-home buyers were buying existing dwellings.
“Clearly there is a benefit for those first-home buyers who are able to negotiate a purchase prior to July 1 and I anticipate there will be a significant number of Victorians who will be wanting to take advantage of that,” he said.
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Slater and Gordon cut conveyancing fees to Victorian FHBs facing grant deadline

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All seven hardware store premises listed for sale in Sydney and Melbourne Burgess Rawson portfolio auctions have sold to investors with yields ranging from 5.79% to 10.28%.
Six of the seven stores are Home Timber and Hardware, 67% owned by Woolworths and 33% by US-based Lowes - the same partnership that owns the Masters business - and one was the Bunnings (pictured below) in Warragul, Victoria.
{yoogallery src=[images/stories/2013/05/may17bunnings]}
The successful sales under the hammer comes as demand rises among private investors for commercial property assets with strong lease covenants.
Total enquires for the Melbourne portfolio exceeded 650 for the first time ever for a Burgess Rawson portfolio auction.
Burgess Rawson’s previous best was 641 in April 2009 where five more properties were offered than this 14 property campaign.
The top price paid under the hammer was $4.63 million on a yield of 8.54% for the Bunnings in Warragul, a regional town 104 kilometres southeast of Melbourne.
It was bought by a Brisbane-based investor, who had missed out on previous Bunnings properties.
Burgess Rawson director Billy Holderhead said Bunnings assets were always “really popular” among investors both in upturns and downturns.
“Masters has made it a much competitive environment for Bunnings, rents have increased fairly significantly.
“In some situations leases have been renegotiated to be a little more landlord friendly,” he told Property Observer.
The Warragul Bunnings is at 10 June Court with a lease running until 2022 with two renewal options of five year's each.
It brings in annual rent of around $395,992.
The modern 5,094 square metre building includes a drive through plus nursery and secured yard on a 10,510 square metre site.
The vendor was a Bunnings private syndicate.
The highest yield of 10.28% was achieved for the Home Timber &amp; Hardware store in the Tasmanian port town of George Town, on a brand new seven year lease with 21 years of renewal options.
The two level store has 1,070 square metres of retail space on a 1,777 square metre site with further development potential.
The stores sold for $458,000 below pre-auction expectations of around $500,000 plus.
 
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Another Tasmanian store, the Becks Timber &amp; Hardware premises at Shearwater sold for $890,000 on a yield of 8.66%.
Holderhead said the yield would have been above 10% when the business was privately owned. It forms part of the Woolworths/ Lowes enterprise with a brand new seven year lease with multiple renewal options and a new lease  of $71,000 net per annum.
Shearwater is a popular holiday destination 17kms from Devonport and one of Tasmania's fastest growing towns.
A third Tasmanian hardware store – Becks Timber &amp; Hardware – sold for $890,000 on an 8.66% yield.
All three Tasmanians hardware stores were bought by Melbourne-based buyers, who bought them sight-unseen.
Holderhead says there were Tasmanian bidders, but they were unsuccessful.
The other hardware businesses to sell were the Home Timber and Hardware in Canberra, which sold for $4.57 million on a 7.68% yield, a Home, Timber and Hardware in Queanbeyan, NSW which sold for $3.275 million on a yield of 7.79% and the Home, Timber and Hardware in Footscray which sold for $3.11 million on a 5.79% yield.
In addition, the Port Adelaide state office of hardware chain John Danks &amp; Son Pty Ltd, also tenanted as part of the Woolworths/Lowes partnership, sold for $712,000 on a yield of 8.01%.
In total 12 out of 14 properties in the portfolio auction sold under the hammer totalling $21,395,000 following Tuesdays seven property sell-out, bringing in $24,846,000.
In the Melbourne auction, the average premium on reserve expectations for the properties sold yesterday was 14% (or $1,913,000 overall), with three properties achieving 35% or more in excess of the vendor’s pass mark.
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Bunnings Warragul store snapped up by Brisbane investor for $4.6 million as Coles versus Woolies DIY battle pushes up rents

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Sydney has been named Australia’s most walkable city by US-based Walk Score in its first ranking of Most Walkable Australian Cities and Suburbs.
Walk Score’s ranking of the top 10 largest Australian cities includes:
1. Sydney (Walk Score: 63) 2. Melbourne (Walk Score: 57) 3. Adelaide (Walk Score: 54) 4. Brisbane (Walk Score: 51) 5. Perth (Walk Score: 50) 6. Newcastle (Walk Score: 49) 7. Wollongong (Walk Score: 48) 8. Gold Coast (Walk Score: 48) 9. Central Coast (Walk Score: 41) 10. Canberra (Walk Score: 40)
<a href="https://www.walkscore.com/rankings/australia" target="_blank">The complete list of ranked cities and their suburbs </a>is available at walkscore.
“There are more than 50 walker’s paradise suburbs in Australia, 31 of which are in Sydney alone,” said Walk Score CEO Josh Herst.
“Australia’s most walkable cities and suburbs make it easier for residents to leave their cars at home more often which is great for your wallet, health, environmental impact, and quality of life.”
Walk Score’s walkability ranking is the only international, quantitative rating of neighbourhood walkability. Cities and suburbs are rated on a scale of 0-100, with locations receiving a score of 90-100 deemed a “Walkers’ Paradise.”
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<a target="_blank" href="https://www.propertyobserver.com.au/residential/walkability-will-become-more-important-as-cities-become-denser-michael-yardney/2013051661402?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=observers">Walk Score</a> delivers more than 9 million scores for apartment and home addresses per day across a network of more than 15,000 real estate sites.
According to independent research conducted by CEOs for Cities, one point of Walk Score adds up to US$3,000 to home values.
Australians can find their Walk Score by entering an address at <a target="_blank" href="https://www.walkscore.com.">https://www.walkscore.com.</a>
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