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>
The $2.5 billion Investa Office Fund, in partnership with the Investa Commercial Property Fund, has spent $462 million to buy Leighton's development at 567 Collins Street, Melbourne.
It is expected the deal on the 55,000-square-metre office tower will deliver a 6.7% cash-on-cash yield on its mid-2015 completion.
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The office will be the largest PCA premium grade tower constructed in Melbourne in the last 25 years.
Located between Spencer and King Streets, Leighton Properties recently announced a major new lease to Leighton Contractors in the 26 level tower. Leighton Contractors will establish its Victorian head office across 12,700 sqm of the campus component of the building.
They will join leading law firm Corrs Chambers Westgarth, which signed a lease in late 2012 for 8,800 sqm of the building’s skyrise.
Peter Menegazzo, the Investa group executive and fund manager of ICPF, said Leighton had done a wonderful job in designing a very high quality office building.
It is understood that with the tower almost 50% leased there has been an income guarantee given over any vacant space until mid-2019.
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</div>
</div>
The deal was brokered by CBRE’s Rick Butler and Mark Coster, with Jones Lang LaSalle’s James Kaufman and Simon Storry.
It's the biggest central business district property deal since the CFS Retail consortium bought the Myer store for $605 million in 2007.
Another blockbuster office sale in the works has been a 50% stake in 8 Exhibition Street, which The Australian Financial Review reports was struck at $160.05 million on a firm 6.5% cap rate.
GPT’s blue-chip unlisted office fund is acquiring a 50% stake in the $320 million Ernst &amp; Young tower in Melbourne from its owner, Cbus Property.
The 45,000-square-metre office tower rises from the historic five-storey Herald &amp; Weekly Times building, which Cbus redeveloped in 2005.
The AFR says the deal was brokered by Sydney-based Savills agent Ian Hetherington, with contracts exchanged over the weekend.
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Investa buys 567 Collins Street for $462 million and CBUS sells on Exhibition Street

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<img alt="melbourne" height="159" width="400" src="/images/stories/2013/03/march1rpdata/melbourne.gif">
The median gross rental yield landlords are securing for houses in Melbourne, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="sydney" height="170" width="400" src="/images/stories/2013/03/march1rpdata/sydney.gif">
The median gross rental yield landlords are securing for houses in Sydney, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="adelaide" height="166" width="400" src="/images/stories/2013/03/march1rpdata/adelaide.gif">
The median gross rental yield landlords are securing for houses in Adelaide, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="perth" height="170" width="400" src="/images/stories/2013/03/march1rpdata/perth.gif">
The median gross rental yield landlords are securing for houses in Perth, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="canberra" height="154" width="400" src="/images/stories/2013/03/march1rpdata/canberra.gif">
The median gross rental yield landlords are securing for houses in Canberra, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="brisbane" height="186" width="400" src="/images/stories/2013/03/march1rpdata/brisbane.gif">
The median gross rental yield landlords are securing for houses in Brisbane, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="hobart" height="160" width="400" src="/images/stories/2013/03/march1rpdata/hobart.gif">
The median gross rental yield landlords are securing for houses in Hobart, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="darwin" height="164" width="400" src="/images/stories/2013/03/march1rpdata/darwin.gif">
The median gross rental yield landlords are securing for houses in Darwin, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
For RP Data figures on yields landlords are securing for units in Australian capital cities, see our story <a target="_blank" href="https://www.propertyobserver.com.au/landlords/melbourne-units-deliver-lowest-rental-yields-rp-data-capital-city-analysis/2013030459690">here</a>.
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po-LsXgBTHBmX

Melbourne houses deliver lowest rental yields: RP Data capital city analysis

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Buying apartments and townhouses off the plan often attracts exemptions or reduced stamp duty for property purchases in states across Australia.
Each Australian state and territory has its own concessions and incentives, but if you are a first-home buyer chances are you are eligible for some sort of stamp duty discount or waiver.
The schemes mostly provide assistance for individuals buying their first homes, but seniors wishing to downsize might be eligible in some places as well.
From time to time, schemes have been unveiled for upgrading buyers aimed at stimulating the construction of new homes. Some schemes have required purchasing off the plan before construction commences, and others subsidise part of the stamp duty after construction commences. The schemes typically have eligibility requirements regarding the top price that precludes consideration.
Some governments require stamp duty payments after exchange documents are signed, but others delay the payment of stamp duty until the registration of the strata plan. A useful website for reference is <a target="_blank" href="http:www.stampdutycalculator.com.au">stampdutycalculator.com.au</a>, which calculates the amount of stamp duty payable on a state-by-state basis depending on whether you are an owner-occupier, investor or first-home buyer.
Also check state government websites for the latest information in your area.
Here is a list of specific off the plan grants available as at March 1, 2013.
NSW
A first-home buyer who purchases a $550,000 new home will get $35,240 in assistance. This includes a $15,000 grant for firsthome owners who purchase or build a new home valued at up to $650,000. The grant is available until December 31, 2013, reducing to $10,000 from January 1, 2014. Non-first-home buyers, including investors, who buy a new home are eligible for $5,000, whether the new home is off the plan or newly built, with a value up to $650,000. The $5,000 grant is also available to buyers of vacant land that is intended to be the site of a new home, valued up to $450,000. First-home owners are also eligible for a maximum stamp duty saving of $20,240 for homes up to a value of $550,000, with duty concessions for new homes valued between $550,000 and $650,000. The transfer duty exemption cap on vacant land is $350,000, with duty concessions for vacant land valued between $350,000 and $450,000.
QLD
A $15,000 first-home owner construction grant (FHOCG) is available. The FHOCG applies to new property bought or built at a value under $750,000. First-home buyers also pay no duty on purchases up to $500,000, with a phasing-out rebate applicable for values up to $600,000.For non-first-home buyers, the Queensland government offers a concessional stamp duty rate of 1% up to a value of $350,000, with stamp duty charged at normal rates for the remaining value of the home purchase. The buyer must occupy the home for a period of 12 months – an applicant may lose the concession if he or she sells or leases part or all of the home before moving in or within a year of moving in.
SA
South Australian first-home buyers buying off the plan have the chance to secure up to $23,500 from the state government, provided they buy or build a new home. The $23,500 handout comprises a doubled first-home owner grant of $15,000 for contracts entered into up to a value of $575,000, plus a further $8,500 housing construction grant (HCG) available until June 30, 2013. The HCG is available to all buyers of new homes for properties valued up to $400,000, phasing out for properties valued up to $450,000 where contracts are entered into between October 15, 2012, and June 30, 2013, inclusive. If you are purchasing a new or substantially refurbished apartment:
• within the area of the Corporation of the City of Adelaide;
• on any land within the area where the Bowden Redevelopment project (Bowden Village); or
• on any land located within the area known as 45 Park, Gilberton;
You may be eligible for an off the plan stamp duty concession of up to $21,330 (capped at stamp duty payable on a $500,000 apartment), if your contract to purchase was entered into between May 31, 2012, and June 30, 2014. This concession is in addition to the first-home owners’ grant. If eligible, no stamp duty will be payable where the apartment has a market value of $500 000 or less. Where an apartment purchased has a market value greater than $500 000, the buyer will be entitled to a stamp duty concession of $21,330. A calculator is available on the RevenueSA.sa.gov.ua website to determine the stamp duty payable and concession that could be applicable. A partial concession will be available for contracts entered into between July 1, 2014, and June 30, 2016. South Australian first-home buyers of established homes are entitled to a $5,000 first home owner grant, which expires on June 30, 2014.
WA
A $7,000 first-home owner grant remains in place for a newly constructed or established home. It does not apply to vacant land purchased to build a new home. The total value of the home must not exceed $750,000 if the property is located south of the 26th parallel of South Latitude, or $1 million if located north of the 26th parallel of South Latitude. First-home buyers eligible for the $7,000 grant pay no stamp duty on homes valued up to $500,000 and up to $300,000 for vacant land.
ACT
A $7,000 first-home owner grant remains in place for both existing and new homes where the price of the property or construction of the home does not exceed $750,000.
TAS
A $7,000 first-home owner grant remains in place for both existing and new homes, with no cap on the value. Tasmanian first-home buyers buying or building a new home (including off-the-plan) are eligible for an additional $8,000 under the First Home Builder Boost Scheme, which applies from January 1, 2013 to June 30 2014 if they qualify for the first-home owner grant.
NT
A $12,000 first-home owner grant is available up to a maximum of $600,000 if the home is an established home in the urban area. An urban area means all land located wholly within the boundaries of:
• the Darwin, Palmerston or Litchfield municipalities;
• Wagait Shire;
• the Darwin Waterfront Precinct;
• the “prescribed area” for the Darwin Rates Act.
Outside of urban areas, the grant amount is $25,000.
VICTORIA
The Victorian state government does not provide any extra incentives for first-home buyers purchasing off the plan.
A $7,000 first-home owner grant is available for those buying established homes or newly-constructed homes, including those bought off the plan. The price of the property or construction of the home must not exceed $750,000.
For great tips on buying off the plan, download Property Observer’s free ebook – <a target="_blank" href="https://propertyobserver.us2.list-manage.com/track/click?u=24bd0766a834290948593f5aa&amp;id=14e9848476&amp;e=7a53fc6dd9">14 tips for buying off the plan: The 2013 guide for investors and owner-occupiers.</a>
Photo by Caleb Roenigk, courtesy of Flickr
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State-by-state incentives for FHBs buying off the plan

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Five of Australia’s eight capital cities have shown continued growth in their housing markets in February, following the mild recovery of 2012, according to February’s RP Data Rismark home value index.
The February 2013 figure shows a slight slowing in the capital dwelling values with a  rise of 0.3% following a 1.2% jump in January.
RP Data says Melbourne, Australia’s second largest housing market, largely drove the monthly result with dwelling values up 1.5% with even stronger growth at Canberra (up 1.9%) and Darwin (up 2.3%).
But Melbourne still remains in negative territory over the year.
There was a limited rise in dwelling values in Sydney, up just 0.1% in February, but up 2.7% over the year.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/03/rpdatamarch1two.gif" rel="shadowbox"><img src="/images/stories/2013/03/rpdatamarch1twothumb.gif"></a>
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/03/rpdatamarch1one.gif" rel="shadowbox"><img src="/images/stories/2013/03/rpdatamarch1onethumb.gif"></a>
Results for the past quarter have shown Hobart to be the best performing capital city with a 4.2% rise in values.
Darwin performed the weakest with a 2.5% decrease in property values, but showed the highest rental yields with a gross rental yield of 6.2% for houses and 6.3% for units.
 Melbourne showed the lowest rental yields with a 3.6% gross rental yield for houses and 4.4% for units.
 Sydney retained its mantle as the most expensive Australian city with a median dwelling price of $540,000, while Hobart proved to be the most affordable capital city with a median dwelling price of $310,000.
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Melbourne assists capital city home values record modest growth in February: RP Data Rismark

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The Coles merchandise director John Durkan and his wife Bernadette have bought Greystones, the 1914 Brighton house.
It was bought from the shoulder and elbow orthopaedic surgeon Simon Bell and his wife Jennifer Coghlan-Bell.
<a target="_blank" href="https://www.propertyobserver.com.au/victoria/greystones-the-1914-brighton-house-listed/2012100356935">Listed with a price guide of $7.3 million plus</a>, it is understood Kay &amp; Burton agents Ian Jackson and Stewart Lopez secured around $7.5 million for the Park Street offering.
Set amid established English gardens, the 1914 six-bedroom, five-bathroom house sits on 2,219 square metres.
It has been home to the Bells for the past 20 years.
The house comes with a large cellar, sauna, studio with a gymnasium and a rooftop retreat that offers views across the bay to the city skyline.
John Durkan was at Safeway before the British shopping industry expert was recruited to Coles by Coles's chief executive, Ian McLeod.
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Greystones at Brighton sells to Coles merchandising boss John Durkan 

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The Lowy family has sold its 7% stake in Westfield Retail Trust worth $664 million as part of a strategy to diversify its investments globally.
Investment bank UBS sought buyers for 214.8 million Westfield Retail Trust units on behalf of Frank Lowy’s investment company, The Lowy Family Group.
The units in the shopping ­centre landlord were being offered at $3.09 each Thursday afternoon, a narrow 2.8% discount to Westfield Retail Trust’s $3.18 closing price.
As the largest shareholder in the Westfield Group, the Lowy family stressed its continuing commitment remained unchanged in the Westfield Group.
Westfield Group created WRT in 2010 with a stake in 47 Australian and New Zealand Westfield shopping centres  now worth around $13.5 billion.
The Lowy family statement said the sale was part of a "broader investment strategy to diversify its investments internationally.”
"As the largest shareholder in the Westfield Group, the Lowy family’s interest and continuing commitment remains unchanged.
"Through WDC, LFG retains a significant investment in Westfield’s superior shopping centre portfolio in Australia and New Zealand.”
The sale comes a day after its results.
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Lowy family secures Westfield Retail Trust buyers

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Lend Lease has confirmed it intends to sell its aged care business for $270 million to Australian Aged Care Partners, which is controlled by funds managed by Archer Capital.
Archer Capital Partner executive Ben Frewin said it had been evaluating investment opportunities in the aged care sector over the past three years.
Lend Lease will receive cash proceeds of $200 million plus a $70 million promissory note by the end of March this year.
Lend Lease’s aged care business owns and manages 30 aged care facilities with 2,338 beds under management across New South Wales, Victoria, Queensland and South Australia.
There is also a development pipeline of 563 additional beds.
The business was acquired in the Primelife acquisition in 2009.
The Lend Lease chief executive officer Steve McCann said the aged care business was more closely aligned to healthcare services than property and was considered non-core for Lend Lease.
Australian Aged Care Partners will retain the current management team and all employees at each of the facilities.
David Armstrong will be appointed to the position of chief executive officer. David Armstrong is formerly the managing director and a founder of DCA Aged Care.
Suzanne Petterson, general manager of Lend Lease Aged Care’s operations, will be appointed to the position of chief operating officer.
 
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Lend Lease sells its aged care business to Archer Capital for $270 million

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A Pommie migrant, I first set foot on Aussie shores in Sydney in 1999, and the hot topics of the day were the invasion of East Timor and… housing affordability. A lot has changed in that time, for me especially as I’m currently living in East Timor. But Sydney’s housing affordability debate drags on in its predictable manner.
One unwelcome change for residents during that time is that property located close to the city, as well as being expensive to buy, is now also expensive to rent. The debate has worn so depressingly thin that it was a welcome change to see some levity breathed into it by SQM’s Louis Christopher last month.
<img alt="wargjan31" src="/images/stories/2013/02/wargjan31.jpg" width="393" height="300">
Of course, there is a serious underlying point here, and Christopher impressed by delivering some decisive but well-chosen words, quoted in this Property Update article <a href="https://propertyupdate.com.au/the-property-affordability-debate-is-back-again/" target="_blank">here.</a>
Sydney market sectors
Economists are forever guilty of taking a necessarily top-down approach to their studies and continually overlook the primacy of the individual. I’ve been guilty of the same thing as I’ve spent much of my time overseas over the past year or two.
The Sydney premium property sector will continue to march to its own drum, little affected by wages growth, rather by swings in confidence in the economy and the extent or otherwise of the share market recovery – buyers in this sector tend to have material levels of equity and investment assets.
The median-priced sector of the market continues to suffer from a shortage of quality, well-located dwellings. Every time I’ve let any of my properties around the eastern suburbs, the city or the inner-west in recent years they've been re-let instantly and sometimes even before being advertised. In such a tight market, it’s small wonder that rents have jumped upwards over the last half decade.
The sector of the market which is inevitably struggling is that of first home buyers. I wouldn’t want to generalise too much but statistics of late seem to imply that first home buyers are increasingly opting out of buying, or simply can’t afford to opt in.
London
Housing affordability issues in popular capital cities are nothing new. I remember when I went to train as a Chartered Accountant in London’s West End on the princely trainee salary of £18,000pa. I rented a flat for £400pcm located precisely 96.4km from the office, condemning me to 3 hours+ a day of travel.
Worse, even after the government swiped its share of my salary, I had to hand over £3,600 of my net pay to Great Eastern Rail and the London Underground just to get me to work! If you’re familiar with the tube I don’t need to tell you about the 'pleasures' of the Central Line from the City to Bond Street in rush hour.
On the day I qualified as a CA, my salary doubled to £35,000 and of course I’d dearly have loved to buy myself a 1 bedroom flat in Marylebone W1 so I could walk to the office.
I might just as well have wished to go for tea with the Queen at Buckingham Palace (actually that’s a terrible example, as I did end up doing that – rather, I might just as well have wished to fly myself to the Milky Way or Planet Zog). Clearly it was never going to happen so when I could afford to do so, I invested my money elsewhere.
 
<hr class="system-pagebreak">
 
The role of immigration
Last month, Britain’s Daily Telegraph ran <a href="https://www.telegraph.co.uk/news/uknews/immigration/9831912/I-feel-like-a-stranger-where-I-live" target="_blank">an article</a> which stated that London has become a city only for immigrants and the very wealthy.
Through a case study, the article noted that whites are being forced out of the city due to the 1 million muslims and many other races having “taken over” the traditional working class suburbs. Although the ‘locals’ have tried to mix with immigrants, the immigrants’ refusal to change their culture (particularly when wearing the niq?b or burqa) has led to racial tensions, the article reports.
Is Sydney heading down a similar route (assuming the article is accurate and in some way reflective of wider trends, that is)? One hopes not, although some of the internet forum comments have been worrying of late.
What I do think is likely is that the Census-reported home ownership rates in Sydney of 67% will fall closer to the significantly lower ownership rates seen in other developed cities such as London and New York.
Embracing the outer suburbs
I’m no town planner and I don’t pretend to have all of the answers to these things, but it's obvious that the city needs more affordable supply and equally obvious that middle-income Sydneysiders are not keen to embrace the western suburbs, which exacerbates the affordability issue.
This is exactly what was alluded to in the tweet to Louis Christopher where he was asked if he would live in Fairfield thereby risking “getting shot”. If we continue to think of the western suburbs in that way, well, yes, the affordability level of Sydney’s inner-suburb housing market is doomed.
The dangers and hardship of living ‘out west’ in Sydney are wildly overstated. Currently I’m living smack in the middle of the Comoro community, one of East Timor’s notorious distrito, and I walk to Timor Plaza through the shacks every day. Sure I could live on a hotel-style resort next to the US Embassy, but I moved to Timor to experience East Timorese culture not to mix with the US paramilitary, decent blokes though they are.
In the past year, we’ve had civil unrest and uprisings, some brutal knife attacks by the beach and slashings, terrifying off-shore earthquakes and, occasionally, people do indeed get shot. Even Nobel Peace Prize winner Prime Minister Ramos Horta was shot in the stomach. But I’m not going to add much by simply avoiding living in the local community, so I live in the heart of the community and take care late at night.
First homebuyers
I’m not unsympathetic to the plight of first home buyers. In fact, I still rent myself and I’m in my mid-30s. I’ll probably buy a residence in the next year or two, but I'm unlikely to be buying in Sydney.
People ask me about shortcuts to home ownership. There aren’t any - unless you are gifted a deposit. There are so many two-income households these days that prices have been forced northwards by other self-interested homebuyers. Capitalism is characterised by individualism and self-interest; we've known that for centuries now.
If you earn the median Sydney household income of $75,000 then to save a deposit you need to find a way to save $13,000 of it per annum to have a chance of save a 10% deposit over 3 years (by no means an easy feat the way rents have been going). That means no holidays to Hawaii. No plasma screen TVs. No Foxtel. No i-Tunes or i-Phone apps. It’s not easy, but since when has life ever been easy?
Even if the much-vaunted house price crash eventuates and Sydney’s prices drop by 20%, 30% or 40%, first homebuyer problems and the housing affordability debate will never – and I do mean never – go away. If a correction does happen, banks won’t be dishing out 100% mortgages: that’s one certainty you can bank on.
Australia versus the world
In East Timor, we’ve experienced a nasty bout of inflation which has pushed prices up sharply, although around half of the population of 1.2 million continues to earn US $1 per day.
I’m certainly no Michael Palin but was lucky enough to travel to 25 countries last year, including Egypt (revolution, violence, massive civil unrest), India (countless millions slum-dwelling), Portugal and Greece (25% unemployment), China (incredible poverty, no freedom of speech under Communist regime), Sri Lanka (human rights abuses, Tamils, too many guns), Vietnam (wide-scale post-Communist impoverishment), Malaysia (seemed quite nice), Thailand (although still mainly agricultural, recovering reasonably well from the Asian crisis and the collapse of its currency - despite illegal immigration issues) and Hong Kong ($1 million+ for an apartment in the sky), among others.
Australia has an amazing quality of life with capital cities that are expensive. I’ve seen a lot of the alternatives, and without exception, they've all been worse. I’ll leave the final word today to none other than <a href="https://www.news.com.au/money/david-and-libby-koch/yes-australia-is-the-best/story-fn7kicty-1226557982973" target="_blank">Mr. David Koch and wife Libby</a>:
"We’re sick of the whingers. This is the best country in which to live, work and play. Financially and economically, we are the envy of the world. Think about it; no economic recession for 21 years, avoided Asian financial crisis in the '90s, avoided global financial crisis in 2008-12, low unemployment, low inflation, solid economic growth and strong financial system."
Pete Wargent holds a range of finance and property qualifications and is the author of <a href="https://petewargent.blogspot.com.au/" target="_blank">Get a Financial Grip – a simple plan for financial freedom.</a>
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pwargent-M4siyDbqQY

Aussie housing is expensive. It's worth it: Pete Wargent

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The film producer turned passionate property developer Rebel Penfold-Russell has listed six prestige apartments in her North Bondi development, Coast.
The six near-beachfront apartments each come with $5.5 million plus asking prices - and there's a video uploaded to <a href="https://www.youtube.com/watch?v=ALUQkmvYjdE" target="_blank">youtube</a> on the construction of the Ramsgate Avenue project with music by her son, Emrys Quin.
Coast, on the Ben Buckler North Bondi headland, has been recently completed, the first new apartment project in 40 years on the iconic Ben Buckler Bondi Headland.
<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/2013/02/bondifeb28one.jpg" alt="bondifeb28one" width="470" height="257">
It comes with three-bedroom-plus apartments over four levels to a SJB Architects design. One Bondi Beach regular who witnessed the construction stage from "pull? down slum block to giant hole in the ground to the building phoenix rising" says it is a wonderful building that "salutes Bondi's vision."
''Bondi's buildings all used to be salt-encrusted, rundown old buildings with broken wiring and concrete cancer, with very few good restaurants around,'' Penfold-Russell told Fairfax Media.
''But it's smartening up, not in a pompous exclusive way, but it now has a lot more good property, great retail and fabulous restaurants.
''Bondi is so vibrant and vital, it's exuberant with a youthful feel, it's magnificent.
''There's everything you want to eat there as well as drink, and there's great retail in lovely little enclaves," she said.
<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/2013/02/bondifeb28two.jpg" alt="bondifeb28two" width="470" height="255">
The block cost $6.05 million in 2007 inaddition to the initial holding that cost $3.85 million in 2004.
Davis Langdon prepared a 2010 cost estimate which concluded at a total capital investment value of $10,502,989 summarised as follows:
Demolition &amp; Hazardous Materials removal $137,687
Site Preparation (incl Bulk Excavation) $73,510
Site Services $80,000
New Construction $6,097,582
External Works $189,223
<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/2013/02/bondifeb28four.jpg" alt="bondifeb28four" width="470" height="256">
Roadworks Excluded
Design Contingency $391,391
Preliminaries &amp; Supervision $1,249,820
Sub-total – Construction Works $8,219,213
Statutory Fees Excluded
Design &amp; Management Fees $650,000
Development Management Fees $150,000
Construction Contingency $391,391
Escalation (to completion – say end 2013) $792,385
Selling &amp; Marketing Costs $300,000
Finance Costs Excluded
Sub-total – Applicable Development Costs $2,283,776
TOTAL ESTIMATED CIV $10,502,989
Its been a <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/rent/apartment-north-bondi-nsw-2026/16625" target="_blank">rental investment in recent years </a>through McGrath who will also be its upcoming sales marketing agents.
<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/2013/02/bondifeb28five.jpg" alt="bondifeb28five" width="470" height="256">
The project included the now demolished 160 Ramsgate Avenue, a two storey building containing eight units, with no on-site parking provisions, and on the northern side, 158 Ramsgate Avenue where there was a two and three storey building containing five units and parking for three cars.
The filmmaker, who lived in Double Bay as a teenager, then Potts Point has made her permanent family home at North Bondi since the late 1980s. She'd bought an apartment at Bondi Beach while studying at NIDA in the 1970s for about $52,000.
Property Observer was there at the 1988 auction when the interior decorator Ann Gyngell and advertising executive Jamie Packer, as he was then known, accepted a $1.51 million offer at the W.J.Bridges auction of their Ramsgate Avenue, Bondi Beach, spec investment property which is now a contemporary abode.
The vendors were family friends - her husband Bruce Gyngell and his father, media tycoon Kerry Packer kicked off television in Australia - who had bought it for$1.15 million less than a year prior to the August 1988 auction.
Theo Onisforou and Richard Eskell dropped out of the auction bidding, and the battle emerged between the Double Bay newsagent Allan Stevens and Penfold-Russell, who was represented by Goodhope Realty's John McGrath.
As the price moved to 1988 boom levels, Jamie celebrated with a few chocolate biscuits laid on by the estate agency.
Penfold-Russell triumphed on the day, and has been a passionate advocate for Bondi ever since.
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Film producer turned developer Rebel Penfold-Russell selling six North Bondi apartments for $5.5 million-plus each

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Leighton Properties announced that it had formally signed Leighton Contractors to almost 13,000 square metres of its 567 Collins St building in Melbourne.
It was announced today as the Lord Mayor of Melbourne, Robert Doyle, turned the first sod on the development in the location in the western end of the CBD on the edge of Docklands.
Hamish Tyrwhitt, the Leighton Holdings chief and Mark Gray the Leighton Properties managing director and Peter Hicks, the Leighton Contractors chief financial officer presided over the formal groundbreaking ceremony. Presumably a few lawyers were there too since the other anchor tenants are Corrs Chambers Westgarth.
On its mid-2015 completion, the 567 Collins Street tower with 55,000 square metre space will be the largest PCA premium grade tower constructed in Melbourne in the last  25 years.
<img height="586" width="470" src="/images/stories/2013/02/leightonfeb27one.jpg" alt="leightonfeb27one">
Its will occupy a site of 3,942 square metres with a 74 metre frontage to Collins Street between Spencer and King Streets.
The 26 level tower is about 50% leased following the announcement of a major new lease to Leighton Contractors.
Leighton Contractors will establish its Victorian head office across 12,700 sqm of the campus component of the building.
Leighton bought into the site in 2008, but it remained one of Collins Street's ugliest development sites for another five years.
The site - a former car park - had struggled to attract a tenant initially under the ownership of the Stamoulis family, which bought it from the government for $8.5 million in 2003.
At one point around 2008, its then owner developer, APN Funds Management was close to securing law firm Allens Arthur Robinson (AAR) as a major tenant.
Its had a permit for a high-rise building issued since 1988.
 
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