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.

Joel Robinson

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

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

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 narrowest cap between the reported weekly sales of houses and units was Melbourne, at just $7000 difference, according to the latest RP Data release.
Melbourne had a $427,000 median house price and $420,000 for unit prices. The next closest gap was Brisbane. Darwin had the biggest gap between the housing options.
<img alt="rpdatamediansapril30onethumb" src="/images/stories/2013/04/rpdatamediansapril30onethumb.gif" width="470" height="276">
 
<img alt="rpdatamediansapril30twothumb" src="/images/stories/2013/04/rpdatamediansapril30twothumb.gif" width="470" height="205">
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Narrow gap in Melbourne amid capital city private treaty medians: RP Data

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Hi Margaret,
I have a number of properties in my portfolio and I know that you do too.  Can I ask – do you have yearly pest inspections done on each property?  My agent says I need to do this, but this is quite costly and usually it doesn’t turn up anything.  Are they required, or is the property manager on a commission with the pest inspection companies?
Sarah
 
 
Hi Sarah,
Mostly we need to be able to trust our property managers to advise us on what we need to do with our properties, and when, but you don’t have to take all of their suggestions on board and carry them out.  In the end you are the owner and common sense should always prevail.  Whether you get yearly inspections done, or not, is up to you and will depend upon many things including the age of the property and its history of pest activity.
My suggestions are:
<ul>
<li>Ensure that, before buying, you get a pest inspection done.  Your legal person or real estate agent should be able to point you to a qualified professional</li>
<li>Read and be familiar with it – it will outline the risks for the future.  You might even use this as a negotiating tool</li>
<li>Some properties at higher risk may need regular inspections and I highly recommend yearly in this case</li>
<li>Others, and depending upon your report, you can probably do every 2 or 3 years, but always read the reports thoroughly.</li>
</ul>
Some property managers will automatically suggest pest inspections be done yearly, and while I don’t think they are on any commissions for this, they may not always be necessary.  I always tell all of my property managers not to arrange anything without my prior approval, and I treat each property differently, according to its age, the level of risk it has and the findings in that original pest report.
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 rel="nofollow" target="_blank" href="https://destiny.com.au/dotnetnuke/en-au/home.aspx">Destiny</a>.
Have a property question? <a target="_blank" href="mailto:askmargaret@propertyobserver.com.au">Ask Margaret!</a>
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Ask Margaret: do I need annual pest inspections on my investment properties?

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Recently one of my sons who has taken a keen interest in property investment asked: “Dad, what’s the worst advice you’ve ever been given on real estate investing and what’s the best advice you could give me?”  
The worst advice:
I explained that the worst real estate investment advice I was given was that property investment is easy.  
This was clearly wrong because most property investors fail!  
Look at the facts: 50% of those who get into property investment sell up in the first five years and of those who keep their properties, the vast majority never ends up owning more than one or two properties. This means they don’t ever achieve the financial independence they desired.  
However, over the years I have found that property investment is simple, but not easy.  And that’s not a play on words.  
It’s simple if you follow a proven formula but it’s really hard to become wealthy in property if you do what everyone else is doing. While many investors chase cashflow or the next hot spot, I’ve found successful investors build their asset base.  
Over the years I have developed a four-stranded strategic approach to property investment that ensures the properties I buy will outperform the market averages.
<ol start="1">
<li>
I buy a property below its intrinsic value.
</li>
<li>
In an area that has a long history of strong capital growth
</li>
<li>
I look for a property with a twist – something unique or special or different or scarce about it.
</li>
<li>
And a property where I can manufacture capital growth through refurbishment, renovations or redevelopment.
</li>
</ol>
This means I minimise my risks and maximise my upside as each strand represents a way of making money from property. Combining all four is a powerful way of putting the odds in my favour. If one strand lets me down, I have two or three others supporting my property’s performance.
The best advice I’ve been given:
When I first became involved in property investment I didn’t understand the cyclical nature of the property market – my only experience was a rising property market.  
An early mentor taught me to prepare for the lean times by having a cashflow reserve to see me through the down times of the property cycle or to handle unforeseen expenses.  
Rather than use my full borrowing capacity and buy the most expensive property I could afford, I learned the concept of setting aside a buffer.  
While I was initially concerned that I was not using my full borrowing capacity, having this safety net helped me get through the high interest rate period of the early 1990s, while many other investors had to sell up their properties.  
It’s a lesson I’ve never forgotten and has let me sleep peacefully at night through five property cycles.  
Another piece of good advice – treat your property investments like a business
Over the years I’ve seen a small group of property investors, those who treat their investments like a business, become very, very rich by growing a multi-million dollar investment property portfolio.  
They do this requires understanding of “the system”, getting the right type of finance, setting up the correct ownership and asset protection structures and knowing how to legally use the taxation system to your advantage.  
Let's face it: the majority of Australians will be always be employees but we all have the ability to become financially free by becoming property investors who treat their investments like a business. And you can set up your own property investment business while you are still an employee or self-employed.  
In fact, that’s what I did and what almost every wealthy property investor I know has done.  
They built their wealth by growing their real estate portfolio one property at a time. While this was going on they lived off the income they earned from their day job.  
They started off with one property, then leveraged off its capital growth to invest in another and another until one day they found themselves with a true property investment business.  
One that gave them financial freedom and choices in their lives.
Michael Yardney is a director of <a href="https://www.metropole.com.au/" rel="nofollow">Metropole Property Strategists</a>. 
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The best and worst property investment advice I've received: Michael Yardney

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Approvals to build new houses and apartments fell 5.5% in March in seasonally-adjusted terms and 1.2% in trend terms.
Trend falls of 3.7% and 3.6%  were recorded in NSW and Victoria respectively, according to the ABS, which highlighted the trend figures as being less volatile than seasonally-adjusted numbers.
The fall in NSW approvals will be noted given the state has been incentivising the purchase of new homes with its $15,000 first-home buyer (FHB) grant since October 1 last year.
Victoria will introduce its $10,000 FHB for new homes only from July 1.
Private sector house approvals were up 0.4% to 7,586 dwellings with the more volatile unit approvals down 8.3% to 4,859 dwellings.
In trend terms approvals were down 1.2% with private sector house approvals up 0.2% and unit approvals down 3.1%.
The number of dwellings approved have fallen in the first 3 months of 2013, in trend terms, following a period of growth throughout 2012.
Westpac commented that dwelling approvals "continue to make a disconcertingly soft start to 2013" with the fall in March fall "against expectations of a modest 1.5% gain and suggests the recovery apparent through much 2012 has lost momentum".
Westpac notes the volatile nature of unit approvals, but estimates that 'low to mid rise units', which is less volatile than the 'high rise' sub-segment, has seen five consecutive monthly declines in approvals.
"That suggests the March decline is not simply due to volatility but reflects a broader loss of momentum."
The ABS dwelling approvals also decreased in March in Tasmania (-3.5%) but increased in Queensland (2.4%) which also has a $15,000 FHB new home grant, Western Australia (0.7%) and South Australia (0.2%) in trend terms. Dwelling approval trends have been rising for over a year in Western Australia (14 months) while falling for the last year (12 months) in Tasmania. In trend terms, approvals for private sector houses rose 0.2% in March, having been essentially stable since September last year.
Private sector house approvals rose in Western Australia (2.3%) and New South Wales (0.6%).
In New South Wales the trend has been rising since March last year (12 months).
Private sector house approvals trends fell in Victoria (-0.9%), South Australia (-0.7%) and Queensland (-0.7%). Only Queensland has maintained a fall over the last year (13 months). The trend value of total building approved rose modestly (0.1%) in March and has now risen for 14 months. The value of residential building fell 2.4% while non-residential building rose 3.6%.
The ABS says it focuses on movements in the trend "as seasonally adjusted month to month movements can be highly volatile and are not necessarily indicative of the underlying strength in approvals data":.
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Dwelling approvals "lose momentum" with surprise fall of 5.5% in March led by NSW and Victoria: ABS

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Centuria’s fast expanding property funds management business is targeting Asian investors looking to qualify for the $5 million significant investor visa (SIV) with all its unlisted property trusts now compliant with the program.
It comes as Centuria settled on its acquisition of the 17-level 175 Castlereagh tower from Stockland for $56 million and launched its latest single property syndicate for its 10 Spring Street acquisition.
ASX-listed Centuria, which plans to launch a listed property trust later this year headed by former Mirvac boss Nick Collishaw, bought the 10 Spring Street office tower from John Swire &amp; Sons for $91.6 million with its 10 Spring Street Fund offering investors a forecast distribution of 8%.
The 175 Castlereagh fund launched in February offering a return 9% in its first year growing to 9.25% in year two and closed oversubscribed.
Centuria entered into a conditional contract to acquire the building from Stockland in January and settled this week on an initial yield of 7.7%.
A brochure advertising the 10 Spring Street Fund, which has a minimum $100,000 requirement to be held for 5.5 years and closes on June 13, says it is a "complying investment for investors seeking nomination by the NSW State Government for a Significant Investor Visa (SIV)", which requires a minimum $5m investment.
Jason Huljich, CEO of Centuria Property Funds, tells Property Observer, in the last few months, there has been a noticeable increase in enquiries from investors with significant visa aspirations.
He explains that investors do not need to invest the entire $5 million in one hit, but can spread it around over a number of investments.
Investors cannot qualify for a visa by making a direct $5 million property investment but can invest in unlisted managed fund that holds Australian direct property assets.
“Many of the investors in our 175 Castlereagh fund were high net worth individuals who invested above the $100,000 minimum requirement,” Huljich says.
No SIVs have yet been issued by the Department of Immigration, but<a href="/news"> Property Observer reported last week</a> that 222 invitations had been issued to investors, 212 of them to Chinese investors.
Almost half (101) of these invitations are for applicants looking to invest in NSW, with 81 in Victoria and 29 in Queensland.
Commenting on the decision to buy 175 Castlereagh Street, Huljich said Centuria liked the mid-town location right next to the new 43 level ANZ building at 161 Castlereagh nearly completed by GPT, which is sparking a revival in what has been a somewhat unloved part of the Sydney CBD.
“It’s tidying up the area and also adding retail to the mix,” he says.
The building was valued at $53 million by Stockland last year covering 12,000 square metres of office space over 13 levels plus four levels of underground parking and ground floor retail.
”Stockland had spent a lot of money refurbishing 175 Castlereagh and it now has a NABERS Five Star energy rating," sasy Huljich.
The building is anchor tenanted by a number of NSW state government departments, which have just renewed their leases for three and four year terms, lifting the weighted average lease expiry (WALE) term from 1.4 years to in excess of three years.
The 2012 Stockland property portfolio review says the building brings in passing rent of $521 per square metre placing it in the mid-range of Stockland’s office portfolio.
Stockland has its headquarters just down the road at 133 Castlereagh and also owns 9 Castlereagh, the Harry Seidler designed 31 level A grade office tower, valued at $172.5 million.
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Centuria targets significant investor visa aspirants with Sydney office property syndicate investment opportunities

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With a slight easing in Sydney, Canberra dwellings are currently spending the shortest average time on market at 70 days, according to the latest information from Australian Property Monitors.
<img src="/images/stories/2013/04/daysonmarketapmapril29onethumb.gif" alt="daysonmarketapmapril29onethumb" width="470" height="642">
Source: Australian Property Monitors
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Canberra and Sydney swap places as fastest selling capitals: APM days on market heat chart

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Australia’s economy will stay soft for “another year or two” as the mining investment boom peaks and begins an orderly decline leaving the economy "with no clothes", says BIS Shrapnel chief economist Frank Gelber.
A turnaround, he writes in his weekly column in The Australian, will only occur when first residential and then non-mining business investment rises to stimulate the economy.
Gelber does not expect non-mining profits to pick up and add to budget revenue until the 2014-15 tax year.
As a result, he says, “the miracle economy" supported by "transitory" revenues from the mining sector "has no clothes” - a reference to the Hans Christian Andersen fairy tale, where an emperor is swindled into walking around in the nude, thinking the fine clothes he is wearing are "invisible to anyone who was either stupid or not fit for his position".
Everyone goes along with the charade out of fear until a small child points out the emperor has "nothing on".
In the context of his column, Gelber is pointing out an obvious truth about the economy that many continue to deny: that the mining boom investment miracle is at an end.
Gelber expects there will be no easy fix to the budget deficit, with whoever wins power in September unlikely to take the extremely unpopular decision of raising taxes to the extent of putting the government finances back in the black.
He says an expected budget deficit of around $10 billion will not be a problem in itself, but what will be an issue is a rising budget deficit with the government locked into further increases in expenditure in the future.
Gelber expects a combination of continued budget deficits, expenditure cuts and tax increases over the next election cycle.
In particular he expects significant cuts to infrastructure spending over the next few years as well as significant cuts to public service employment.
He also warns of the risk of a more significant fall in mining investment further down the track, but says Australia is safe “for another two to three years with projects already committed”.
“The question is about the next round of projects and work done in the second half of this decade,” he says.
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End of mining boom will leave Australian economy “with no clothes”: Frank Gelber

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Sydney CBD prime office property yields are set to firm by close to 100 basis points over the next three years.
However, according to BIS Shrapnel, it will take until late this decade for average prime commercial yields to approach to their pre-GFC (2007) low and the property forecasting company does not expect average prime yields to reach the lows achieved in the late 1980s boom at all this cycle.
BIS Shrapnel’s just released Sydney Commercial Property Prospects 2013 to 2023 report concludes that the main phase of yield compression between now and 2015 will occur during 2014 and 2015.
The next 12 months will see relatively little tightening in yields because the leasing market remains quite soft.
The missing ingredients are sustained rental growth, underpinned by strong leasing conditions, and investor expectation of capital gain.
There has been a lot of discussion recently about if and when Sydney prime office market yields will firm to underpin strong price rises.
And whether the weight of money chasing property assets will cause yields to firm.
Over the last 12 to 18 months, office sales in the Sydney CBD have ticked along at a reasonable pace, but they have not delivered conclusive evidence of an across-the-board reduction in yields.
Many market commentators believe a significant firming is imminent given the historically high margin between office property yields and 10 year bonds, viewed as the risk free rate for investment returns.
However, BIS Shrapnel believes it will take more than this.
Unlike retail and industrial property, we have never been able to identify a significant independent influence from long term bonds on the formation of Sydney CBD prime office yields.
And while BIS Shrapnel agrees that the current strong investor demand for quality commercial assets, particularly in CBD locations, from both foreign and domestic players is likely to contribute to some yield tightening, they note that most investors are currently focused on yield, not capital gain.
BIS Shrapnel considers that a significant improvement in yields will await a more substantial rise in rents and growing expectation of capital gain.
Right now, the Sydney CBD office leasing market remains quite weak, with low levels of net absorption, a vacancy rate around 7% and only modest rental growth.
The last time prime property yields in the Sydney CBD firmed significantly was between 2006 and 2007, notably a period when the CBD vacancy rate fell below 4% and growth in gross effective rents was close to 30%.
On BIS Shrapnel’s forecasts, a steady recovery in the CBD leasing market over the next two to three years will see vacancy rates fall below 5%, triggering a strong recovery in rents.
In an environment of rising rents, competition for properties is expected to increase, with investor focus moving toward total returns (both yield and price growth).
As expectation of capital gains increases, prime yields are forecast to fall more sharply.
By 2015, BIS Shrapnel forecast CBD prime average yields will fall to 5.8%, down from 6.7% at December 2012, underpinning a strong rise in property prices.
And later in the decade, as the market experiences a second phase of stronger leasing and investor demand, the yield tightening will continue.
Lee Walker is senior project manager - property at <a target="_blank" href="https://www.bis.com.au/">BIS Shrapnel</a>.
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Sydney CBD prime office yields won't approach pre-GFC lows until late in the decade: BIS Shrapnel's Lee Walker

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The Dahlsen hardware family run by former BRW rich lister John Dahlsen  is selling its historic Ballarat hardware site after being muscled out by Coles-owned Bunnings and Woolworth’s fast expanding Masters DIY chain. 
The store on the site was run as Dahlsens Hardware by a local family for the past seven year but the site was previously home to the oldest hardware chain in Ballarat, Coltmans Mitre Ten, dating back to the gold rush, which was later sold to Dahlsens. 
<img src="/images/stories/2013/05/dahlsensmay2one.jpg" width="470" height="323" alt="dahlsensmay2one"> 
John Dahlsen, a fifth generation Dahlsen, is the chairman of the hardware chain started when John Christian Dahlsen opened of timber yard business in 1877 after travelling to Gippsland in search of gold. 
Of late it has been exiting from the retail side of the DIY market, unable to compete with the market power wielded by Coles and Woolworths. 
Last month, Dahlsen sold <a target="_blank" href="/news">hardware store premises in the Gippsland town of Sale</a>, leased by Bunnings, for $6.36 million to a Melbourne-based private family on a yield of 7.5%.
<img src="/images/stories/2013/05/dahlsensmay2two.jpg" width="470" height="274" alt="dahlsensmay2two">
Bunnings recently relocated from its original Wendouree premises to a new, 8,400 square metre purpose-built store in Creswick Road.
Woolworths in its joint enture with US home improvement chaing Lowe's plans to open a new Masters store at a site also in Wendouree. 
Last year, competition regulator the ACCC, blocked Woolworth’s attempt to acquire three hardware stores in Ballarat over concerns it would reduce competition in the local DIY market.
Market sources suggest Dahlsens expects around $7 million-plus for the 15,400 square metre site at 55-63 Albert Street, Sebastopol which incorporates 5,365 square metres of building space, 8,240 square metres of hardstand and a sealed car park for 125 cars. 
The sales campaign is being led by Colliers International agents Charles Kennedy, Andrew Lewis and Tom Noonan on behalf of the Dahlsen family. 
Noonan says strong interest is expected from major retailers looking to position themselves close to other strong national retailers including Woolworths and Aldi, as well as a number of development groups.
“Retail offerings of this scale are not common in regional markets such as Ballarat, and the recent portfolio sale of Shepparton CBD retail properties which included 16,766 square metres of additional zoned retail land to the Lascorp Development Group, showed the continued interest from Melbourne-based groups looking to capitalise on the significant growth prospect in Victoria regional areas,“ he said.
Charles Kennedy says the property is in a key location in a major Ballarat retail precinct, within a strong growth corridor and a strengthening commercial activity zone.
“Dahlsens have chosen to get out of retail/DIY hardware in this area and concentrate on operating on a trade-only basis, as a result the company’s large site in Ballarat’s Sebastopol area is now being offered for sale,” Kennedy says.
The property will be offered with vacant possession and will be sold by expressions of interest closing May 17.
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Coles vs Woolies DIY battle sees Dahlsens sell gold rush era hardware site in Ballarat

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<img src="/images/stories/2013/05/melbourneunitsmay1.jpg" width="400" height="159" alt="melbourneunitsmay1">
The median gross rental yield landlords are securing for units in Melbourne, according to <a rel="nofollow" target="_blank" href="https://www.myrp.com.au/" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.9% for the month ending April 30, 2013.
<img src="/images/stories/2013/05/adelaideunitsmay1.jpg" width="400" height="162" alt="adelaideunitsmay1">
The median gross rental yield landlords are securing for units in Adelaide, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.9% for the month ending April 30, 2013.
<img src="/images/stories/2013/05/hobartunitsmay1.jpg" width="400" height="158" alt="hobartunitsmay1">
The median gross rental yield landlords are securing for units in Hobart, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.9% for the month ending April 30, 2013.
<img src="/images/stories/2013/05/sydneyunitsmay1.jpg" width="400" height="172" alt="sydneyunitsmay1">
The median gross rental yield landlords are securing for units in Sydney, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.9% for the month ending April 30, 2013.
<img src="/images/stories/2013/05/perthunitsmay1.jpg" width="400" height="158" alt="perthunitsmay1">
The median gross rental yield landlords are securing for units in Perth, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.9% for the month ending April 30, 2013.
<img src="/images/stories/2013/05/brisbaneunitsmay1.jpg" width="400" height="165" alt="brisbaneunitsmay1">
The median gross rental yield landlords are securing for units in Brisbane, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.9% for the month ending April 30, 2013.
<img src="/images/stories/2013/05/canberraunitsmay1.jpg" width="400" height="167" alt="canberraunitsmay1">
The median gross rental yield landlords are securing for units in Canberra, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.9% for the month ending April 30, 2013.
<img src="/images/stories/2013/05/darwinunitsmay1.jpg" width="400" height="139" alt="darwinunitsmay1">
The median gross rental yield landlords are securing for units in Darwin, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.9% for the month ending April 30, 2013.
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