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

<html><body>
Interest rates appear to have bottomed out for the time being and debate continues with regard to the outlook for the property market.
Ultimately, however, there comes a time when the talking stops and it is time to act. But how do you manage your risk once you decide to take the plunge?
When you’re investing in any asset class, there’s no such thing as a sure bet — and residential property is no different. Whilst there’s potential for capital growth, there’s a flipside of a potential stagnation or decline in market value.
You can reduce these risks by implementing a simple strategy — diversifying your property portfolio. You can do this in two ways. First, buy properties in a range of locations; that is, different suburbs within a city, and/or different states.
Buying all your investment properties in the same suburb or neighbourhood means you’re intensifying your exposure to potential changes outside your control.
For example, if you buy all your properties in an area where shifting ground increase the prevalence of major cracking, you could be up for tens of thousands in repair bills, more than once.
Further, if you buy all the properties in a location that later loses popularity (such as a ‘boom’ town based on a single industry which later goes bust) reduced demand from buyers could affect the resale value of all your assets.
If you buy all your properties in an area which later plays host to a freeway that creates considerable nearby traffic noise, you’ll bear an increased risk that not one, but all your properties will stagnate or fall in value.
By diversifying across areas within a city, you can minimise the risk of substantial cash outlays and capital stagnation or loss. If one property takes a hammering, the pain won’t be as bad when your other properties are holding their own.
The second diversification strategy involves buying across different price ranges. This will provide more flexibility when the time comes to sell and free up equity; for example, when you’re nearing retirement and want to top up your super fund.
Let’s say you have $1 million to spend. You can purchase a single asset with the whole amount, or two assets worth, say, $650,000 and $350,000 each.
If you buy two assets, you need only sell one to free up cash, enabling you to keep the other and continue to amass a source of equity and income outside super.
This strategy can also spread your tax burden. If you bought one property worth $1 million and sold it for a profit, you’d be liable for capital gains tax (CGT) on the whole profit at once.
If you bought two properties and sold them in separate financial years, you could spread your CGT liability over two years.
Because houses are generally more expensive than units or townhouses, diversifying your portfolio across different prices ranges means buying across all three property styles.
Having said this, diversifying doesn’t mean compromising on the quality of your investment assets. When it comes to residential property, quality is definitely more important than quantity.
You can’t control changes in the local environment, infrastructure or demographics. But by diversifying your portfolio and choosing good quality properties, you can minimise the risks associated with these factors and come through the worst of storms relatively unscathed.
Mark Armstrong is a director of <a href="https://www.ipropertyplan.com.au/">iProperty Plan</a>, which provides independent analysis and tailored advice to investors and home buyers.
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Diversify your property portfolio to minimise risks: Mark Armstrong

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Melbourne has the most affordable metropolitan office leasing market relative to the cost of leasing in the corresponding CBD market, according to Colliers International.
The metropolitan office market includes St Kilda Road, Southbank, the city fringe and inner east (places like Richmond), south east (Hawthorn and Dandenong) and outer east (Notting Hill), north and west (Essendon and Footscray).
The Colliers Metro/CBD Office Affordability Index compares the average A-Grade net effective rents of each city’s metropolitan office markets, to that of their CBD counterpart.
An index score of 1.00 represents parity (i.e. the rent in metro markets is the same as in the CBD) while a lower index scores means cheaper metro rents relative to their CBD, making them more attractive to cost conscious tenants.
As the chart shows Sydney (0.85), Melbourne (0.73) and Brisbane (0.85) metropolitan office markets, as a whole, remain below the 1.00 parity level.
<img src="/images/stories/2013/04/chartoftheweekmay1one.jpg" width="470" height="436" alt="chartoftheweekmay1one">
However, all three have seen their index number steadily increase over the past 12 months. This has been due to the combination of softening effective rents in each of those CBD markets, in contrast to low incentive levels and rental growth in each of the metro markets.
The Adelaide Fringe (0.94) index has been more expensive than its CBD as it consists of boutique office space, which has traditionally been more tightly held and until recently had little to no incentive level.
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Melbourne has most affordable metro office market: Chart of the week

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You need to look 'behind the curtain' and not allow yourself to become concerned by recent headlines. Just remember: media companies need to make sure their newspapers sell.
Last week, share market speculators drew breath rather sharply as China's three-month growth in GDP to March came in at "just 7.7%".
True, this was down from the expected 7.9%, but it was still in line with China's overall growth throughout 2012.
However, let's get real: compared with anywhere else in the world, 7.7% is clearly an enviable figure.
How will China affect the mining sector?
You can undertake any amount of micro-economic analysis you like, in attempting to predict alternative scenarios for China's future. But let's just stick with the underlying fundamentals.
Right now, China is so far only about 50% urbanised — exactly where the US was in 1920. And China's current steel consumption is 500 kg/person — the precise amount the US was consuming, at the same point in its urbanisation program.
It took the US from 1920 until 1975, before it reached the 75% level of urbanisation, and from there on, it has more or less plateaued.
During this period, US steel consumption peaked at 700 kg/person. And then fell back to 400 kg/person.
Given the lengthy time span, and the potential level of steel consumption involved, I will leave you to reach your own conclusions about China's likely impact on our mining sector — even if you choose to discount this potential going forward.
And what about the US economy?
Yes, there have been mixed messages flowing out of the US. But again, let's focus upon the underlying determinants of consumer confidence.
According to The Saturday Age (20 April, page 2), the US housing market is now once more recording healthy price gains.
The well-regarded Case-Schiller home price index (pictured below) confirmed that prices rose on average by 8.1% in 20 major cities during January. As you can see, there were some standout examples.
<img src="/images/stories/2013/04/langmay1one.jpg" width="400" height="578" alt="langmay1one">
However, in addition to this fillip to consumer confidence, US companies emerging from the GFC have engineered substantial gains in productivity.
And therefore, while the US recovery may appear to be a little slow, the necessary ingredients are there for it to be sustained.
Bottom line: So far this year, Australia has seen an unprecedented surge in overseas buyer interest for commercial property — particularly from Asia.
However, you only need to look at the yield disparity between the rest of the world and Melbourne and Sydney, to fully appreciate why (see chart below).
<img src="/images/stories/2013/04/langmay1two.jpg" width="400" height="509" alt="langmay1two">
Furthermore, overseas interest rates are far lower than ours — making the numbers even more attractive. And so, as this demand grows, prices will inevitably rise.
Chris Lang is an advisor to commercial property investors, sell-out author and regular speaker on how to invest in commercial property. You can visit his website <a rel="nofollow" href="https://property-edge.com.au/" target="_blank">Property Edge Australia</a> to help you get the most out of your commercial property investing.
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Don't be put off by negative press when considering commercial property prospects: Chris Lang

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{yoogallery src=[images/stories/september21pettit]}
Ken Woolley's latest Modernist Pettit + Sevitt project home, built recently with 21st Century thinking, has been listed for May 25 auction.
Initially listed in 2011 with $1.18 million plus hopes, it comes with revised $850,000 plus expectations.
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-kellyville-nsw-2155/152446" target="_blank">The five-bedroom, two-bathroom Lowline house project</a> by the veteran architect was built in the Sydney hills district suburb of Kellyville at the request of Val Sevitt, the widow of company co-founder Ron Sevitt.
<a href="https://www.pettitandsevitt.com.au/" target="_blank">It is three decades after the original building company closed its doors</a>. The original 1960s house design (pictured below) has been updated to meet modern building requirements.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/05/pettitandsevittmay1one.jpg" alt="pettitandsevittmay1one" width="400" height="273">
Pettit + Sevitt relaunched in 2009 under the directorship of Ron Sevitt’s widow, Val Sevitt, and her children, Colin Sevitt and Carol Perry.
At one stage Pettit + Sevitt was building 400 of Lowline houses a year with about 3,500 built in the 1960s and '70s.
The latest offering has been listed through McGrath agent Mark Vinogradov.
Image courtesy of the Powerhouse Museum.
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jchancellor-FAypfDUnLy

21st Century Pettit + Sevitt Kellyville Lowline home listed for May auction

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Expect a stampede of property investors storming the Treasury building in Canberra if the government ever ends negative gearing tax allowances as some in the industry have proposed.
The latest ATO figures for the 2010-11 tax year show just how reliant property investors are on being able to offset rental losses against their taxable income and reduce their tax bills.
Around two-thirds of 1,811,174 property investors - 1,213,597 taxpayers – claimed losses on their investment properties for the 2010-11 tax year up from 1,110,290 who claimed losses in the 2009-10 tax year.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/atoapril30one.gif"><img src="/images/stories/2013/04/atoapril30onethumb.gif"></a>
Dividing the total rental income loss claimed by taxpayers by the number of taxpayers, reveals that the average loss recorded for negatively-geared property investors was $10,947 in 2010-11, up from $9,132 in 2009-10.
The figures show there was a small rise in gross rental income from $28 billion to $30.7 billion but a rise in tax deductible rental interest payments (up from $18.4 billion to $22.7 billion), capital works deductions and other allowable rental deductions.
The highest proportion of tax payers claiming rental deductions are those earning between $37,000 and $80,000 per year, making up more than a third of all negatively-geared property investors.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/atoapril30two.gif"><img src="/images/stories/2013/04/atoapril30twothumb.gif"></a>
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Two-thirds of property investments negatively geared: ATO figures

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GPT’s Highpoint Shopping Centre in Melbourne West is fully leased following its $300 million redevelopment into the third largest shopping centre in Australia, the listed property developer has reported in its March quarter market update.
The redevelopment included the addition of a new fashion precinct and the opening of Top Shop and Zara stores alongside a new David Jones department store in mid-March, adding 30,000 square metres of space and ranking it third behind Chadstone Shopping Centre in Malvern East and Westfield Fountain Gate in Narre Warren.
However, GPT reported weaker conditions in the retail market and modest growth in retail sales with specialty sales growth of just 1.3% over the quarter.
Positive leasing outcomes increased retail occupancy to 99.7%.
Retail property ($4.87 billion) comprises more than half of GPT’s property portfolio worth $8.64 billion.
Across its office portfolio, nearly 23,000 square metres of space was leased during the quarter and occupancy remained steady.
GPT’s other major project is its 161 Castlereagh Street office tower in Sydney, which reached practical completion in March with the surrounding plaza and retail precinct on track for completion in mid-2013.
The tower to be known as ANZ Bank Centre will have 55,000 square metres of office space across 43 levels as well as 3,200 square metres of ground floor retail space.
It is the sixth tallest building in Sydney, designed by Francis-Jones Morehen Thorp (FJMT), a Sydney based architectural firm and constructed by Grocon.
Head of investment management, Carmel Hourigan said the performance across the asset portfolios had been solid for the quarter.
“Occupancy remains high at 98.3% and we have a long weighted average lease expiry at 4.9 years,” Hourigan said.
GPT declared a distribution of 5.1 cents for the March quarter, up 10.9% on the equivalent period in 2012.
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Highpoint Shopping Centre fully-leased but retail sales growth “modest”: GPT

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The former Palm Beach retreat of the bankrupted Tony Morris, the former GP Noble entrepreneur acquitted in a 2012 UK trial over fraud allegations, has been quietly sold for $4.5 million.
It was sold by his former wife, Vanessa Morris. The couple had paid $7.45 million in 2006.
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/mrs-morris-stops-palm-beach-clifftop-sale-of-ex-gp-noble-boss-tony-morris-former-australian-home/2012051154666">The couple were married at nearby Jonahs in 2008 in a Moroccan-themed wedding party – she was in a dress by Monique Lhuillier</a>.
<img src="/images/stories/aman.jpg">
There was a <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/mrs-morris-stops-palm-beach-clifftop-sale-of-ex-gp-noble-boss-tony-morris-former-australian-home/2012051154666">rejected application in May 2012 to the Australian Federal Magistrates Court by Morris’s bankruptcy trustee Andrew Wily to sell it</a> – for reputedly about $4.6 million.
It was sold earlier this year through LJ Hooker Palm Beach who had an initial price guide of over $5 million.
Valuations for the property in late 2011 ranged from $6.2 million to $6.5 million, hence the hesitation to accept the highest $4.6 million offer, which Title Tattle recalls didn't cover the bank debt.
The mortgage was running at $25,000 a month, with the National Australia Bank owed about $5.2 million and accumulating penalty interest.
It has been bought by the Gregory family who'd maintained an Avalon weekender.
Tony Morris, the ex-principal of GP Noble, had been extradited in 2011 from Sydney to defend the charges of <a target="_blank" href="https://www.propertyobserver.com.au/news/ex-gp-noble-principal-tony-morris-cleared-of-fraud-charges-and-palm-beach-possibly-beckons/2012071355564">which he was acquitted</a>.
In a 2010 interview with Channel Seven at his clifftop home Morris has said he was innocent.
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The clifftop Aman at Palm Beach sells for $4.5 million - a 40% price drop

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The Westfield Group has hailed the success of its Westfield Sydney flagship store, which it says has “changed the face of retailing in downtown Sydney".
The shopping centre, which was completed on Pitt Street Mall in April last year counts Gap, Zara, Calvin Klein, Diane von Fürstenberg, Prada, Versace and Chanel among its tenants along with a fine dining food court on level six and the opportunity for high tea at the The Victoria Room Tea Salon on level four.
It achieved annual specialty sales of $15,660 per square metre, the highest in the group’s global portfolio of 104 shopping centres spread across Australia, the US, the UK, New Zealand and Brazil, according to Westfield’s 2013 shareholder review.
This compares with average annual speciality sales across the Australia and New Zealand portfolio of around $9,900 per square metre.
The success of Westfield Sydney was replicated at its other recent flagship store addition, Westfield Stratford City, a $2.7 billion development in east London, which managed $1.4 billion in retail sales in 2012, its first year of full trading.
<img alt="westfieldapril30flicker" height="264" width="470" src="/images/stories/2013/04/westfieldapril30flicker.jpg">
Westfield has attributed the success of both stores to a new retail strategy based around “four key areas” incorporating: "the quality of design and the standard of services; the growing internationalisation of retail brands; the higher standard of food integrated with fashion and entertainment; and the creation of great customer experiences".
This strategy is highlighted colourfully across the pages of the shareholder review with the front page made up of a collage of international luxury brands and the inside pages including a full page photo of R&amp;B star Rhianna singing at a concert at Westfield Stratford City, where she turned on the Christmas lights in November last year.
It also noted by Westfield chairman Frank Lowy, who says that a decade ago, the group “embarked on a major shift towards developing much higher quality shopping centres capable of delivering unique experiences in everything from fashion to food, entertainment and major events”.
“This move anticipated not just the emerging demand by consumers for better designed buildings and improved customer services, but also the demand by retailers, and especially international and luxury brand retailers, for space in high-profile and prestigious locations in some of the world’s leading cities.
“Through our development of iconic malls, we combine these elements to make the mall an essential part of the city and the community’s social and economic fabric.
“Our focus is to invest our capital and expertise in assets that can continue to adapt in these key areas and thereby be the destination of choice for shopping, dining, entertainment, events and socialising” says Lowy.
However, he also noted the subdued performance of Westfield in Australia relative to the other markets it operates in, including a more favourable performance in the UK and US, “with the United States well into a recovery from the period of the global financial crisis”.
The 2013 Westfield shareholder review highlights the group’s $64.4 billion in assets under management in 105 shopping centres in Australia, the US, New Zealand, the UK and Brazil.
The shopping centres comprise a total of 22,800 retail shops, which record around 1.1 billion annual customer visits generating $40 billion in retail sales every year.
Average specialty rent during the year for the Australian/New Zealand portfolio grew by 2.5% with average rent in Australia now at $1,521 per square metre and New Zealand at NZ$1,123 per square metre.
In Australia over 2,400 leasing deals were completed.
Excluding new projects, these represented 15.6% of specialty area, and were completed at rents 2.5% lower than expiring rents.
Westfield has a $12 billion development pipeline and $1.4 billion in projects under construction, including the Westfield World Trade Center in New York.
Projects due to commence this year include Miranda in Sydney, and at Bradford in the United Kingdom.
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With specialty sales at $15,660 per square metre, Westfield Sydney and its luxury brand tenants set global performance benchmark

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The British news publisher Guardian News will set up in Sydney’s Surry Hills to launch its Australian operation, Guardian Australia.
Editor-in-chief Katharine Viner and colleagures are set to move into 35 Reservoir Street, <a target="_blank" href="/news">Surry Hills</a> with a five year lease.
The 550-square-metre site has been leased for a gross rental of a reported $500 a square metre from the landlord, Teachers Health Fund.
The site can accommodate 40 journalists, the rival The Australian Financial Reweview says.
James McCourt of Karbon Property and Frank Scarf from Arissa negotiated the lease.
Metro Commercial recently had a first floor 484 square metre space in the building with separate high class corporate boardroom, a  fit out of 37 workstations and seven individual offices along with kitchenette and chill out area leading to balcony area.
It was available at $495 a square metre plus gst.
Teachers Health Fund is a national private health insurer, providing products and services to over 110,000 members throughout Australia.
The fund was established in 1954 by the New South Wales Teachers Federation.
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The Guardian Australia rents Surry Hills space

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Receivers from KPMG have listed the Mercure Hotel Horsham and the Mercure Hotel Bairnsdale for sale.
The two hotels, both built in 2009, are listed for sale either jointly or separately with expectations around $11 million.
The Mercure Hotel Horsham is located at 118 Baillie Street in Horsham, around 300km north-west of Melbourne and 426km south-east of Adelaide.
The 52-room hotel stands on a 3,900 square metre site and includes function rooms and restaurant-bar facilities.
The 51-room Mercure Hotel Bairnsdale stands on a 3,515 square metre site located at 355 Main Street in Bairnsdale, around  280km east of Melbourne in the East Gippsland region. It included manager’s accommodation, a gym, a restaurant and bar.
Colliers International’s Jeremy Gruzewski and Hamish Burgess have been appointed by the receivers and managers to sell the freehold going concern in both hotels by expressions of interest closing April 19.
Gruzewski says both hotels are fully equipped and operational.
The two hotels were listed for sale following two companies, Bairnsdale Property Pty Ltd and Horsham International Property Pty Ltd owned by hotelier and developer William Berry Thompson, being placed into administration earlier this year, Fairfax Media reported.
“The Mercure Hotel Horsham benefits from tourist visitors and a strong corporate clientele who are attracted to the near-new hotel facilities and accommodation,” says Burgess.
“Horsham and its surrounding area is known for its dynamic arts community, well known regional golf club, fishing in the Wimmera River and abundance of scenic bushland, mountains and waterways. 
“The area is also supported by two nearby wineries, Barangaroo Boutique Wines and Norton Estate Wines, which are located approximately 10 minutes south-west of Horsham. 
He says the Mercure Hotel Bairnsdale derives strong patronage from both corporate clientele and tourists.
“Bairnsdale is the largest city in the East Gippsland region and is situated on the Mitchell River which flows into the extensive Gippsland Lakes system. 
“While the town is known as an attractive tourist destination, the majority of the Mercure Hotel guests are corporate visitors from Melbourne, the greater Gippsland area and Southern New South Wales," he says.
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