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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A Lend Lease consortium has been chosen by the Victorian government to build the $630 million new Bendigo Hospital.
The Exemplar Health consortium includes Capella Capital, Siemens and Spotless.
The hospital will be built via a Public Private Partnership (PPP) with Lend Lease investing 50% of the equity alongside Siemens.
The new Bendigo Hospital will feature 372 in-patient beds, 10 operating theatres, an integrated cancer centre, a mental health unit and a helipad in addition to a mix of commercial developments.
The works include a new hospital in addition to some minor refurbishment of heritage buildings.
“We are excited to be part of the winning consortium and are looking forward to working with the Government to achieve the best result for the community in Bendigo,” said Lend Lease group chief executive officer and managing director, Steve McCann
Commencement of site works is expected to begin shortly after May 2013.
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lschlesinger-FZcF9M3vE6

Lend Lease consortium to build Bendigo Hospital 

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Mirvac finance director Greg Dyer has resigned.
He has only been in the role for eight months and was appointed prior to<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/incoming-mirvac-ceo-susan-lloyd-hurwitz-to-start-in-november-as-board-backs-chairman-james-mackenzie/2012091156515"> Susan Lloyd-Hurwitz</a> taking over as CEO and managing director from Nick Collishaw in November.
In a statement Mirvac said he would remain to assist in transitional arrangements until September 2013.
He will step down from the board immediately.
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Mirvac finance director Greg Dyer resigns

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Sydney can look forward to a positive 2013 with increased buyer and seller activity thus far, according to the latest market report by Australian Property Monitors (APM). 
According to APM, there are 28,000 properties listed for sale in Sydney, nearly 17% less than a year ago and approximately 13% lower than the long-term trend. 
Furthermore, the average discount required to sell a Sydney property fell from 6.3% a year ago to 5.8% as of February 2013, below its long-term average of 6.5%. 
Average days on market in Sydney increased marginally from 94 days a year ago to 95 days as of February 2013 – the long-term average is 82 days. 
"Sydney has certainly been the strongest performer of all the major capital city markets," says APM senior economist Dr Andrew Wilson.
"The Sydney median house price is at record levels and is the only capital city to have its house price at record levels. Other capital city markets are yet to recover to their previous highs," he said in a <a href="https://media.theage.com.au/property/domain/sydney-and-melbourne-markets-on-the-rise-4157788" target="_blank">Fairfax Media video bulletin</a>.
APM has Sydney house prices up 1.5% over the three months to January with a median price of $658,000 and units up 1.7% to a median of $474,000.
Wilson says Sydney is being driven by high rents and a generally solid housing market, which "continues to drive forward and motor on as a leader of capital city house market performance".
“Weekend auction clearance rates have been impressive, tracking nearly 20% higher than those recorded over the same period last year,” says APM. 
“Early season clearance rates have been similar to those recorded during the boom period of autumn 2010 and are a positive indication of rising market confidence.”
Signs are also emerging of a more generalised lift in Sydney buyer activity, with increased sales in the prestige market. 
“Auction listing numbers are also on the rise and are clearly higher than for the same period last year. This indicates rising seller confidence in the Sydney market,” says APM.
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"Solid" Sydney property market the strongest capital city performer: APM

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This year is turning out to be a good one for property.
The cycle is moving on and, as growth returns to our property markets, memories of the last few difficult years will fade.  
However, it would be a pity to have lived through the challenging times we all experienced in the last few years without learning some lessons so that we are not destined to repeat the pain.  
So what did you learn from the downturn?  
Probably the most important lesson we can all learn is to never get too carried away when the <a href="https://www.propertyobserver.com.au/news/the-10-insights-into-the-2013-property-market-what-why-when-and-where-to-look/2012121658500" target="_blank">market</a> is booming or too disenchanted during property slumps. Letting your emotions drive your investments is a sure-fire way to disaster.  
To ensure you never get caught again, let’s look at five big lessons from the last few years.  
Lesson 1: Neither booms nor busts last forever
During a boom, everyone is optimistic and expects the good times to last forever, just as we lose our confidence during a downturn. Our property market behaves cyclically and each boom sets us up for the next downturn, just as each downturn paves the way for the next boom. 
Let’s face it: while the news is much more positive today, we know that over the next few years the buoyant market conditions will be followed by a property bust and then another boom. And over the next decade or so we’ll probably have a recession and we’ll most likely have another depression one day.
The lesson from all this is that even as you take advantage of our rising property markets, you should get prepared for the next phase of the property cycle. During the last cycle, most investors didn't really have their downside covered or their upsides maximized.  
Lesson 2: Beware of doomsayers
For as long as I have been investing - and that’s close to 40 years now - I have heard people with excuses as to why property prices will stop rising, or even worse, why property values will plummet. However, in that time, well located properties have doubled in value every eight to 10 years.  
Fear is a very powerful emotion, and one that the media use to grab our attention. Sadly, some people miss out on the opportunity to develop their own financial independence because they listen to the messages of those who want to deflate the financial dreams of their fellow Australians.  
Lesson 3: Follow a system
Smart investors follow a system to take the emotion out of their decisions and ensure they don’t speculate. This may be boring, but it’s profitable. Let's be honest, almost anyone can make money during a property boom because the market covers up most mistakes. But many investors without a system find themselves in financial trouble when the market turns.  
Warren Buffett said it succinctly: "You only find out who is swimming naked when the tide goes out." In other words, if you aren't following a system that works in all market conditions, you will be caught naked when the market changes.  
If you prefer to have consistent profits and reduced risk, follow a proven system. Make your investing boring so the rest of your life can be exciting. 
 
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Lesson 4: Get rich quick = get poor quick
Real estate is a long-term investment, yet some investors chase the “fast money”. You’ve probably met people like that - they look for that deal that will make them fabulously rich. When you see them a year later, they’re usually no better off financially and still talking about the next deal that will make them rich.  
They are often influenced by the latest get-rich-quick artist with a great story about how you can join them and become stupendously wealthy. Their stories can be very compelling, even hard to resist. They often pander to the wishes of people who would like to give up their day job to get involved in property full time, but in reality it takes most people many years to accumulate sufficient assets to do this.  
Patience is an investment virtue. Warren Buffett said it right when he explained that: “Wealth is the transfer on money from the impatient to the patient.”  
Lesson 5: it’s about the property
You’re in the business of property investment, yet during the last boom many investors forgot the age-old property fundamentals of buying the best property they could afford in proven locations.
Instead, they got sidetracked by glamorous finance or tax strategies, and some lost out.
Smart investors do it differently.
They make educated investment decisions based on research and buy a property below its intrinsic value in an area that has above-average long-term capital growth and then add value creating some extra capital growth.
These are just five of the many lessons that I trust you learned from the recent property downturn.  
We know that in some regions the pendulum swung too far into the positive during the last property boom, driven by greed, and then swung too far into the negative during the downturn, driven by fear.  
Learn the lessons that this downturn has taught us and the rollercoaster ride will not be as dramatic next time because you won’t let emotions drive your investment decisions. Both fear and greed will drive you down the wrong path.  
Promise yourself that as the property market rises you won't get too excited, then when the next downturn hits (and you know it will) you can just confidently smile because you learnt the lessons that this downturn has taught you.  
Decades from now you will be able to tell your children and grandchildren that you survived the Australian property slump following the Global Financial Crisis and it taught you well.
Michael Yardney is a director of <a rel="nofollow" href="https://www.metropole.com.au/">Metropole Property Strategists</a>.
 
 
 
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Five investing lessons you should never forget: Michael Yardney

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The past week has seen a five-day reduction in the amount of time Melbourne houses are spending on the market, according to the latest information from RP Data.
In the week to March 31, Melbourne houses spent an average of 45 days on the market before being sold, while in the previous week Melbourne houses spent an average of 50 days on the market.
A five-day reduction also occured in Brisbane, where houses spent an average of 77 days on the market before being sold, down from 82 the week prior.
Click to enlarge
<a href="/images/stories/2013/04/rpdatatomapril4.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/04/rpdatatomapril4thumb.gif"></a>
‘Time on market’ (TOM) is simply the average number of days between when a property is first listed for sale and the contract date.
The statistics are calculated across results received by RP Data overthe past week and include properties transacted over the past four weeks.
The data is based on private treaty sales only and records without a valid sale price have been excluded from the vendor discount analysis.
The analysis also excludes results where there are less than 10 observations.
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Melbourne houses selling five days faster: RP Data

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Retail property landlords have something to cheer about as retail trade rose by 1.3% in February after rising by an upwardly-revised 1.2% in January, the strongest start to a calendar year in more than a decade.
“Retail trade lifted by 2.5% over the first two months of 2013 marking the strongest start to a calendar year since 2001,” said CommSec economist Savanth Sebastian.
“The latest retail sales data is clearly encouraging. The low interest environment, coupled with buoyant share markets, and ongoing improvement in consumer confidence is supporting retail activity,” he said.
Sebastian notes the broad-based strength in retail activity with sales rising in 19 out of the 20 categories.
“In fact the only weakness in February was in specialised food retailers like butchers and bakers, however even that weakness followed the biggest gain in 16 years,” he says.
“Interestingly non-food retailing - which has been finding conditions particularly difficult over the past year - is now recording a healthy turnaround, having posted strong back to back gains in the past couple of months to be up 4.1% on a year ago.
“Over the past year the retail industry had to contend with an array of negative headwinds, however the latest result may just be the first sign of a revival in fortunes for the beleaguered sector.”
ANZ was more circumspect on the performance of the retail sector for 2013 to date.
"At this stage, it’s too early to tell whether the recent strength in retail sales will continue. Nevertheless, interest-rate sensitive parts of the Australian economy are now showing clearer signs of responding to lower interest rates," the bank said.
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Retail sales growth best since 2001 unless you’re a butcher or baker: CommSec

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The Australian housing market revival has continued into 2013 with “solid indications of rising buyer activity and increased confidence from sellers” says Australian Property Monitors (APM) in its latest market report.
“The revival of Australia’s housing markets in 2012 has been confirmed as leading indicators such as auction clearance rates point to a market heating up.
“Historically low interest rates are the fuel to this emerging fire which is no real surprise given the typical impact of low mortgage rates on buyer activity in previous housing growth cycles," says APM.
It adds that housing markets are “off and running in 2013, building on the buyer momentum generated through 2012 but now translating to more generalised and comprehensive market outcomes”.
Fairfax-owned APM has house prices up 1.5% over the three months to January to a median of $544,000 with units up 0.3% to a median of $413,000.
The Gold Coast has shown the greatest gain over this period with house prices up 2.2% though the key Gold Coast unit market has recorded no gains.
All othe capital city markets have recorded gains of 1% or more in their median house prices over the January quarter, with the unit market more patchy.
APM is confident of a return of first-home buyers in 2013, which along with investors were "significant contributors to the housing market revival of 2012".
“First-home buyer activity was largely generated by changes to various state government incentive schemes that acted to draw forward demand from this group.
“After a subdued start to the year, first home buyer activity is set to rise sooner rather than later, driven by low interest rates, a solid economy, and rising house prices and rents.
“Investor activity is also set to intensify in 2013, driven similarly by low mortgage and deposit rates, prospects of improved capital gains, and solid yields from most local markets," says APM.
APM also notes that the sharemarket is also a solid leading indicator of housing market activity, particularly in relation to prestige properties.
“With the All Ordinaries now holding above 5,000 for the first time in three years, a rising bull market will activate prestige markets that are finally showing early signs of emerging from a sustained period in the doldrums.
APM also notes an improved global economic outlook with the US housing market finally showing signs of life.
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Australian housing market “heating up” with FHBs and investors activity to pick-up: APM

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Often when I write about property investment I am quick to put forward the idea that a home purchase and an investment property purchase are two very different types of ‘buy’.
I traditionally believe that one of the best strategies is to purchase residential property for one dedicated purpose – either as investment or a home to occupy – and then never splice the two.
The truth is, I have not exactly practiced what I preached.
See, I made my start in property <a href="https://www.propertyobserver.com.au/residential/seven-smart-moves-when-buying-your-first-investment-property-cameron-mcevoy/2013011058681" target="_blank">investment</a> in the same way as many others have done; purchasing a property as a home, and then building equity in that property to put down as a deposit on an investment property purchase.
Since then, however, I have moved out of that first home and turned it into an investment property itself.
The key thing to note, however, is that when purchasing that first home – a very modest unit in Sydney’s west – I had purchased knowing 100% what the future use for this property would be; i.e. an investment property. It was never my ‘dream home’ and in truth, it was never planned that way.
What I am getting at is this idea of the purpose of use for a residential property.
Home buyers are very different to investment buyers; each type buying very different types of properties – even if those exist in the same street!
In an ideal world, most investors would have already purchased a home that remains a home, for the entirety of the ownership of that property, and would merely use the equity that builds up in the home to fund future properties.
However, this only works for those among us who have a personal life that is perfectly planned for the future. Not many of us have that.
Additionally, personal circumstances can and do change. Unexpected elements such as moving to another country for work, or starting a family earlier than planned, or needing to move interstate in the future for other reasons; these can mean that the home you purchased in suburb X, with the intention of living in it for the next twenty years, could become an investment property due to personal life elements changing your ‘grand plan’.
Or, you may simply want to get on the investment property ladder, but at the same time, need somewhere to live for a few years whilst saving, and park your money in.
Whatever the reason, I thought today I would create a list of factors to consider if your strategy is to purchase a property that you will call ‘home’ for a few years, and then become an investment property thereafter.
Location, location, location!
‘Yes’, I hear you say, ‘Isn’t location always a factor when buying either type of property?’. Of course, it is; however the definition of a ‘prime’ location differs for homes and investment properties.
Home buyers will look at locations in great school catchment areas; close to shopping amenities, and close to transport for commuting to work. But, so will investors. The difference comes from the other elements. Prestige, for example, is a differentiator.
Home buyers will carefully track the street itself, comparing property types on that street, recent sales, and the ratio of renters-to-owners on that street.
Investors, however, will be looking at properties from the ‘business end’. In other words, if the key drivers such as transport, education, shopping, and work proximity are all promising, the prestige of the street will not be as important as the yield they can earn in that street.
So, <a href="/news">home buyers</a> should focus less on the affluence of the street of their short-term home, and more on making sure the numbers add up.
What would your potential home earn per week in rent? What are others in the street of a similar type renting for?
The right property type for that suburb/neighbourhood
Traditional home buyers can (and do) buy the property that suits their lifestyle needs, in an area that they want to live in. Makes sense.
The problem with this tactic for investors, though, is that a property that works well as a home for you, may not work as an investment property, for the demographic of that area.
For example, let’s say you are looking for a home and  interested in a particularly ‘pleasant’ street in a suburb. The street is lined with modest older small 2-3 bedroom, single-level houses, with no pools, low maintenance gardens etc.  Yet within that street is a two story modern mansion; 5 bedrooms, 3-car garage, pool, deck, etc.
As a long term home buyer, it can be a great move to take the best house on the street.
If you need all that space for instance, and really like the area, then it works. However, this is clearly not a good strategy if the home is only a short-term one, before becoming an investment property.
Whilst you will most likely find a renter for that house, the rental return you’ll get for that property may only be slightly higher than most others on the street, yet the amount of mortgage you’ll need to pay off will be exponentially greater.
This means that unless your strategy is to turn your home into a highly negatively geared investment property (which few investors these days actually want to do), it would be a poor investment.
Instead, look to buy a problem that is acceptably habitable for a home for a while, but is in-line with the demand renters have for the area.
Additionally, overcapitalising on a 3-bedroom house in an area that is mostly studio apartments and small one-bedroom units could be a mistake.
 
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No bells and whistles (apartments/units)
Similarly to the above, your dream home may have that $50K granite, steel, and glass kitchen, but as an investment, such a kitchen in most areas is a bad idea.
It is this kind of logic that most investors employ. Think about it; if you compare the penetration of investment properties to owner-occupied homes in well-to-do areas such as Toorak VIC, Peppermint Grove WA, and Vaucluse NSW, with other more modest areas in those cities, you’ll note that there are far less people renting in those areas.
Why? These residential properties typically make for very poor investments.
The above is an extreme example, but on a more modest scale, and especially for first home buyers looking to flip their property to ‘investment’ down the track, look for properties with no bells and whistles.
You may even go one step further to buy a run down or ‘TLC’ property, live in it whilst doing renovations over a couple of years, and then move out to rent it for a higher rate.
Even in these instances, do not over-capitalise on renovations. Opt for neutral themed colours, and durability over delicacy.
Go for tough basic white tiled bathrooms instead of Italian marble etc. Where possible, consider tough/durable wear and tear carpeting instead of plush European fabrics.
Paint neutral colours that are light and bright, and use high-durability paint.
No bells and whistles (houses)
In regional areas and outer fringe suburbs of metropolitan cities, many investors opt for houses over units.
First-home buyers do too; and if you’re to flip yours to investment in a few years, the most obvious point to make here is to seek low maintenance houses.
Yards are critical here; if the back and front yard is large, make sure they are easy to mow lawns, little to sparse shrubbery, and few trees.
Try to avoid houses with tall trees lining the border fences; these can cause problems down the track with neighbours (roots uplifting fences, branches and leaves falling on neighbour properties).
If you are set on a house that does have small-mid sizes trees near fencing, research them. Find out their species and see how big they will grow.
If you are living in the house a few years; it may be worth investing in a tree relocation. This is where you move a small-medium tree (that you know will grow large and provide good shade) from the fence corners, into the middle of the yard.
This can be expensive but worth it; as it grows it’ll supply shade from family tenants’ children to play in the yard, adding appeal to the rental market. The roots won’t cause problems for neighbours either.
Personally I am do not favour investment houses that have swimming pools and high-maintenance wooden back decks, though I know some investors who have added value and argue that in the right areas, these can be profitable and low-maintenance in terms of rental return. Proceed with caution there.
The ‘last’ point – finance first!
Finally, and taking things back to a due-diligence point before purchase, talk to your lender or broker about the future use of the property to ensure you have the best loan type and structure for this property.
This is the most important part of it all. You’ll need a lender that can be flexible enough to accommodate both worlds.
For example, a 30-year mortgage with offset facility from day #1; but exists as a principal-and-interest loan for the first five years, then matures to an interest-only loan from years #6 to #30.
This would allow the flexibility of chipping away at the capital for a few years, then switching to interest-only when you move out a few years later, with the offset facility enabling you to ‘park’ money against that property once you’ve moved out of it, which will help bring the property from negative-geared to neutrally-geared (if desired).
Alternatively, and if you are dedicated to growing a larger property portfolio, it’d be best to set up the loan from the outset as interest-only, with offset facility from day #1 onwards.
Another important finance note is to consider how this property will ‘sit’ in your investment portfolio, over time.
Will it remain your most expensive property? Will you only acquire additional cheaper properties; or in fact will every purchase after this one, be a more expensive property?
How you answer these questions could help determine your ‘exit’ strategy, later in life.
Knowing that tax-wise, you can only nominate one property at a time to be your ‘home’. If this is to be your most expensive property purchase, you’ll want to nominate this property as being your ‘home’ at time of sale, avoiding the payment of capital gains tax.
You may also want to investigate how a strategy such as (as I like to call it) the ‘golden six year rule’ could work for you, throughout a 20-30 year holding period, for this property.
Cameron McEvoy is a NSW-based property investor and maintains a blog, <a href="https://propertyspectator.blogspot.com.au/" rel="nofollow" target="_blank">Property Correspondent.</a>  
 
 
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Know the purpose of the properties you buy: Cameron McEvoy

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AMP Capital will use $200 million of new equity raised from investors in its Shopping Centre Fund to help fund the redevelopment of Macquarie Centre in North Ryde into the second biggest mall in Sydney as well as upgrade the Ocean Keys mall in Perth.
In October last year, AMP Capital announced it would spend $390 millions redeveloping Macquarie Centre from 97,000 square metres to 135,000 square metres gross leasable area with more than 375 speciality retailers. 
On completion in the last quarter of 2014, Macquarie Centre, with will be the second largest shopping centre in Sydney and a top 10 centre by size in Australia.
The biggest shopping centre in Sydney is Westfield Parramatta at 137,000 square metres. 
Macquarie Centre is 100% owned by AMP Capital managed funds after it acquired Westfield Group and Westfield Retail Trust’s 50% interest for $426 million in October last year.
AMP Capital will spend $100 million redeveloping Ocean Keys in Clarkson, Perth, also due for completion at the end of 2014.
The centre will get a new Target store, an additional 48 specialty stores, a new dining precinct, a multi-deck car park, commercial offices and 10 residential apartments attached to the centre.
The $200 million equity raising came from Australian institutions and a new mandate from a European pension fund. 
“We were very happy with the level of interest we have seen in the fund and the speed at which we secured funding from both domestic and international investors," said AMP Capital Shopping Centre fund manager Conrad Sinclair.
The capital raising launched in November last year.
“Despite softer retail conditions investors have recognised the very high quality of the portfolio and ability to add further value over the long term as well as AMP Capital’s ability to deliver these outcomes.  Their investment allows them to participate in the growth of leading shopping centres with significant development opportunities.
The AMP Capital Shopping Centre Fund is a $2.3 billion sector specific shopping centre fund with exposure to 11 assets in five geographic sectors across Australia and New Zealand.
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AMP raises $200 million to develop Sydney's second biggest shopping mall in North Ryde

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The difficult operating environment being faced by some businesses is also evident in the commercial property sector, the RBA has acknowledged in its latest Financial Stability Review.
Buried deep within the hefty bi-annual report, the RBA also notes that the banking system has “sizeable exposures” to commercial property.
“The pace of the recovery in commercial property rents and prices slowed in 2012, and conditions generally remain weaker than prior to the crisis across the main market segments,” says the RBA.
“In the CBD office market, where conditions had improved the most over the past few years, rents have fallen in recent quarters and vacancy rates have begun to increase again.
“The increase in office vacancy rates over the second half of 2012 was driven by weaker tenant demand across most capital cities, and followed large supply additions in the first half, particularly in Perth and Brisbane.
“While there is some new supply in the pipeline, private non-residential building activity has been fairly weak compared with the run-up prior to the financial crisis, and the outlook for construction in the near term is subdued: non-residential building approvals in the second half of 2012 were below their average level since the early 1990s as a per cent of GDP, and survey measures of investment intentions are weak,” says the RBA.
<img src="/images/stories/2013/comm_prop_charts.gif" width="636" height="550" alt="comm_prop_charts"> 
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