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>
Retailers selling products that can be bought cheaply online were among the worst-performing tenants of shopping centre landlord GPT in 2012.
Annual results for the year to December include a breakdown of how various retail categories performed in GPT shopping centres.
They show that the leisure category was a very poor performer in 2012, with sales down 7.5%. This includes sellers of books, CDs and games, all of which are cheaper to buy over the internet.
The other poor-performing category was department stores, including most notably David Jones and Myer, whose recent struggles in retailing have been well-documented.
In contrast, the top-performing tenants were those offering retail services such as banks, health fund stores, repairers with sales up 7.2% in 2012.
Second best performing, other retail and mobile phone sellers, which both recorded a 6.1% rise in sales and food catering, which rose 5.9%.
Other retailing includes travel agents, lotto, automotive accessories, cinemas, and other entertainment providers.
Click to enlarge
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GPT has a retail portfolio comprising 17 shopping including the recently expanded Highpoint Shopping Centre in Maribynong, Melbourne covering 123,000 square metres of retail space and Erina Fair on the Central Coast.
GPT put its 50% share in Erina Fair up for sale with a price tag of around $400 million.
Carmel Hourigan, head of investment management at GPT, says structural changes in retail spending have seen the leisure category continue to be impacted “in particular books, music and games”.
“On the positive, ‘other retail’ which includes cinemas and travel, has had another strong year at 6.1% moving average turnover growth."
To respond to the structural changes in retailing, Hourigan says GPT is changing the mix of tenants in its shopping centres by down-weighting apparel which represents a significant proportion of speciality gross lettable area and up-weighting to retail services, food Catering and other retail.
“We continue to see a number of key themes including, new concept stores, the introduction of additional international retailers, further focus on operational efficiencies as well as increased control over brand and distribution strategies by retailers.
GPT also implemented a number of digital initiatives in 2012 including launching mobile applications for both Highpoint and Melbourne Central, recording over 5,000 mobile app downloads in the first two months.
“Mobile applications for Charlestown, Rouse Hill and Wollongong Central will be rolled out during the first quarter of this year,” says Hourigan,
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Cinemas trump books and CDs: GPT highlights top-performing retail tenants and changes retail mix

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When you look at the facts, despite there being over one-and-a-half million property investors in Australia, most don’t own more than one or two properties, which means that most property investors don’t ever develop the financial independence they desire. 
In fact, only one in 200 property investors owns six or more investment properties, and you need at least that many to become financially independent. 
Now that’s something to think about, isn’t it? 
With our property markets now moving forward I would like to outline four of the common mistakes I’ve seen investors make, so you can avoid them and make the most of the new property cycle. 
1. Buying the wrong property 
While all properties increase in value over time, some increase in value significantly more than others. To build financial freedom you need to own the right type of property – one that grows in value sufficiently to enable you to borrow against your increased equity, giving you the funds to purchase further properties. 
However, when you ask investors why they purchased their property they’ll say things like: it was close to where they live, close to where they holiday or close to where they want to retire. These are all emotional reasons for buying property, and while possibly a good way to buy your home, they are not the right way to buy an investment property.
 2. Not having a plan 
Most Australians spend more time planning their holidays than they do planning their financial future. If you don’t have an investment plan, how can you hope to develop financial independence? 
I have found most Australians fall into four categories: 
a. They don’t invest at all.
The majority of Australians fall into this group – they just haven’t taken action yet. 
b. They don’t invest enough.
 Many Australians have bought a home and understand the power of appreciating real estate, but they want to pay off their home before they invest in more real estate. This means they are not using the untapped equity in their home to further their financial independence. 
c. They invest too much.
Some people invest too much – yes that’s possible! They have taken unnecessary risks and borrowed too much. Some of these investors came unstuck over the last year or two as property values fell, while others will run into trouble as interest rates rise in the future. 
d. Those who invest the right amount.
Then there are those who invest just the right amount. Not too little. Not too much. They invest the right amount – sounds a bit like Goldilocks, doesn’t it? 
These investors have an investment strategy and their investment property purchases are part of this plan. 
The problem is that if you don’t have a strategy it’s easy to get distracted by all the “opportunities” that keep cropping up. 
Unfortunately many of these “opportunities” don’t work out as expected. Look at all the investors who bought off the plan or in the so-called next “hot spot”, only to see the value of their properties underperform. 
 

<hr class="system-pagebreak">
3. Not reviewing their property portfolio 
Sure, property is a long-term investment and the costs of buying and selling real estate are considerable, but that doesn’t mean you should fall into the trap of not reviewing your property portfolio. 
Of course you can’t easily “swap” properties or reweight you property portfolio like you would shares. But that doesn’t mean you shouldn’t regularly review your portfolio to see what you can do to improve or upgrade your properties. 
When was the last time you checked to make sure you were getting the best rents or that your mortgage was appropriate for the current times? 
Maybe it’s time to refinance against your increased equity and use the funds to buy further properties?
And sometimes it is appropriate to consider selling an underperforming property to enable you to buy a better investment. 
It’s a bit like going to a financial planner to review your share portfolio or super fund. He’d say something like, ‘We are starting an economic cycle so now is a good time to see which sectors will perform best over the next few years and which shares will outperform’. So you would sell some shares and reweight your portfolio into sectors that will outperform. 
It’s much the same with your property portfolio. 
Do you own the type of properties that will allow you to take advantage of the next property cycle? Remember, over the next few years some properties will strongly outperform others. 
If you own secondary properties or real estate in areas that are unlikely to benefit from strong capital growth, it may be worth selling up and replacing them with the type of property that will help you develop long-term financial independence. 
And the last common mistake I see investors make is…
4. Not managing their risk
Many investors don’t understand the risks associated with property investment and therefore don’t manage them correctly.
One common error I see investors make is not having sufficient financial buffers to see them through from one property cycle to the next.
Smart investors don’t only buy properties; they buy time by having financial buffers.
They have sufficient financial buffers in their lines of credit or offset account to not only cover their negative gearing and see them through the down times like we experienced in the last few years.
Another way smart property investors protect their assets is to buy them in the correct ownership structures to legally minimise their tax and protect their assets. I have found that most wealthy property investors own nothing in their own names, but control their assets through companies or trusts.
Australia has now moved into the next stage of the property cycle
The three major property research houses – RP Data, Australian Property Monitors and Residex – as well as the Australian Bureau of Statistics, broadly tell the same story: the property markets turned in the middle of last year.
According to APM’s monthly index, Sydney and Melbourne prices have appreciated at annual rates of 6% and 7% respectively since June 2012. RP Data offers a similar picture, with monthly dwelling values in Sydney and Melbourne rising at 7% and 6% if projected on an annual basis since they bottomed in May 2012.
Yet in this cycle, just as in the past, some property investors will do very well, but many won’t. Let’s make sure we learn lessons from the past to help us secure our futures. I’ll be sharing exactly what I’ll be doing together with a group of leading property experts at my <a target="_blank" href="https://propertymarketupdate.com.au/">National Property Market &amp; Economic Update</a> one-day training events around Australia in March and April. Get full details <a target="_blank" href="https://propertymarketupdate.com.au/">here</a>.
Michael Yardney is a director of <a href="https://www.metropole.com.au/">Metropole Property Strategists</a>, which creates wealth for clients through independent, unbiased property advice and advocacy. He is best-selling author, one of Australia's leading experts in wealth creation through property and writes the <a href="https://propertyupdate.com.au/category/property-investment/">Property Update</a> blog. Subscribe today and you'll receive a free video training - The Golden Rules of Property Investment.
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Four mistakes to avoid in property investment: Michael Yardney

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Dexus has delivered on its promise of an improvement in its operating performance reporting an 83.3% rise in interim net profits to December 31 of $267 million.
The vastly improved result follows the commercial property developer, owner and manager reporting a 67% slump in full year profit in August last year.
The six month result was in line with guidance given to the market at the end of 2012.
Dexus executive general manager for office and industrial Kevin George described the office market as “tempered”  but says there are “positive signs” in core markets and “solid interest” in "high quality buildings".
In the tough business conditions, George says a number of firms are seeking to modernise and “gain workplace efficiencies which has flowed through to increasing enquiries in our portfolio”.
George added that suburban tenants are looking to relocate to CBD offices due to competitive conditions and a reduced rental price differential.
The $5.5 billion Dexus office portfolio delivered a return of 10.3% over the six month period.
Over the reporting period Dexus disposed of its US industrial property portfolio worth US$561 million at a 13% premium to its book value and made a number of Australian office acquisition to rebalance the group’s portfolio to its target of 80% weighted to Australian offices and 20% to Australian industrial property.
“The US portfolio sale considerably improves the quality of the group’s earnings profile as the proceeds are re-allocated to the Australian market,” said Dexus chief executive Darren Steinberg.
Dexus spent $504 million of the money generated from the US sale to acquire stakes in three Sydney CBD office buildings including a 25% stake in Grosvenor Place at 225 George Street, which will settle at the end of February.
Dexus has a total commercial property portfolio valued of $7.1 billion with offices making up the bulk of this, worth $5.5 billion.
It completed 239,000 square metres of new leasings over the six month period with the occupancy rate across the portfolio increasing from 93.4% to 94.7% Dexus will pay shareholders an interim distribution of 2.89 cents per security, an 8.2 per cent rise on last year.
Steinberg said the company still expected to post full-year earnings of 7.75 cents per security and an annual distribution of 5.8 cents. 
"We are well positioned for growth with a strong and conservative balance sheet, and confident that we can continue to deliver superior risk-adjusted returns for our investors from our quality Australian real estate portfolio," he said.
A thousand square metres of office space will become available at level 17 in the flagship green building, One Bligh Street in the Sydney CBD during the 2013 financial year.
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Dexus profits up 83% as suburban office tenants relocate to the CBD

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We are, by many accounts, living in the Asian century; a time when the nations of the world’s largest continent, led by China, will dominate the global economic, social and cultural landscape. In light of the enormous strides since just the turn of the millennium by the likes of China, South Korea and India, and the rise of brands like Samsung and Lenovo, it’s not a forecast I wish to contest (although forgive me if I don’t extrapolate too much from the success of Gangnam Style!)
From a property investor’s perspective, the more pertinent and contestable issue is whether and how Asian-based or –migrant buyers will impact the Australian residential property market and how one can profit from this phenomenon.
There are, of course, hundreds of developers out there currently marketing Australian properties to overseas buyers. We know this because non-resident, non-citizens (overseas buyers) and temporary Australian residents have to seek approval from the Foreign Investment Review Board to invest in Australian property. In 2011-12 some 10,118 real estate approvals were granted worth $59.1 billion in total. This was up 42% on the previous financial year.
But to understand what really is going on, one needs to dig a little deeper. First off, only around a third, or $20 billion, of real estate investment in 2011-12 relates to residential property. And around a fifth of that figure – $4.1 billion – is made up of temporary residents in Australia buying property. These people are required to sell up when they leave (unless they subsequently obtain Australian citizenship or permanent residency).
The balance of the residential real estate investment – around $15.5 billion in 2011-12 – essentially relates to off-the plan developments, either by individuals or by development companies marketing to overseas buyers.
The $15.5 billion is a big sum of money, and while annual figures jump around a fair bit, the trend is up, growing at around 7.5% a year since 2008-09. This number is especially big if you are a developer struggling to market your property to locals, a not uncommon issue today.
To my mind, there is a significant amount of two-tier marketing going on. This is the unsavoury practice of promoting a product (in this case property) to foreigners and/or out-of-towners in the wilful knowledge that they don’t know what they are getting because they are unfamiliar with local underlying prices, trends or conditions. It’s by no means a new concept in real estate. There are countless Victorians and New South Welshmen and women who have been sold lemons in the Gold Coast property market over the years. Due to adverse publicity, it’s become increasingly difficult to fool Australian interstaters, so developer attention has turned to those living overseas.
Putting aside this ethically questionable behaviour, I’ll return to the central question: can individual investors profit from this scenario? Well, one strategy might be to ‘follow the money’; to also buy off-the-plan property and see its value grow in line with Asian demand.
Unfortunately, this strategy doesn’t work. Why? While ostensible demand maybe growing, it’s being more than matched by the supply of off-the-plan properties. Quite simply, there is no scarcity value for high-rise towers or fringe suburb McMansions.
Incidentally, notwithstanding the number of zeros in $15.1 billion, it’s a drop in the ocean in terms of the annual turnover of the Australian property market. In the year to November 2012, the ABS recorded $500 billion in mortgage financing for property purchases (excludes refinancing). So at best, the overseas market represents a low single digit percentage of the overall residential market.
Will that change in the future? I doubt it. Rightly or wrongly, there is almost political unanimity for keeping a tight rein around what overseas citizens and temporary residents can purchase. Indeed, the greater likelihood is a tightening of the rules, which could have detrimental impact on the off-the-plan property market.
We may be in the Asian century, but property remains predominantly a domestic affair.
Monique Sasson Wakelin is a director of W<a href="https://www.wakelin.com.au" target="_blank">akelin Property Advisory</a>, an independent firm specialising in acquiring residential property for investors. She can be followed on <a href="https://www.twitter.com/@WakelinProperty" target="_blank">Twitter.</a>
For more on the allure of Australian property to Asian buyers, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-australias-allure-for-asian-residential-property-investment">download our free eBook. </a> The eBook is also available for<a target="_blank" href="http://propertyobserver.com.au/ebooks/australias-allure-for-asian-residential-property-investment-free-ebook"> free download in Chinese.</a>
 
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Property investors unlikely to profit from increase in Asian buyers: Monique Sasson Wakelin

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<img width="470" height="191" src="/images/stories/2013/02/estimage2.jpg" alt="estimage2">
Market price estimates that now appear on Domain property listings are causing havoc among listing agents.
Vendors are threatening to withdraw their advertising unless the service to buyers is ceased. The market price estimates that are appearing on Domain within paid vendor offerings are often advising market price estimates that are at distinct odds with the selling agency/vendor expectations.
A<a target="_blank" href="/news"> Dee Why</a>, Sydney, property (pictured below) <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/NSW/Dee-Why/?adid=2010280218">listed with $880,000-plus hopes has been given a $725,000 to $800,000 market price estimate</a> by the Domain website, sponsored by the RAMS "Borrow up to 97%" marketing campaign.
Click to enlarge
<a href="/images/stories/2013/02/deewhy1.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/02/deewhy1thumb.jpg"></a>
It's the market price estimate from Australian Property Monitors, the Fairfax own data company, that are being published on the Fairfax-owned Domain site across the country in a new initiative.
A <a target="_blank" href="/news">Curl Curl</a>, Sydney, property (pictured below) listed with $1.5 million-plus hopes has been given <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/NSW/Curl-Curl/?adid=2010282290">a $1.2 million to $1.3 million market price estimate.</a>
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The biggest asking price to APM price estimate discrepancy found by Property Observer was in <a target="_blank" href="/news">Fitzroy North </a>in Melbourne.
The four-bedroom May Street cottage (pictured below) has been given a $1.2 million to $1.3 million price estimate in the lead up to its March 16 auction through Nelson Alexander. However, <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/VIC/Fitzroy-North/?adid=2010280999">Domain's APM market price estimate</a> for buyers is $845,000 to $925,000.
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<a href="/images/stories/2013/02/fitzroynorth1.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/02/fitzroynorth1thumb.jpg"></a>
 
One agent told Property Observer after it was brought to his attention that "it would not surprise me if vendors withdrew their property listing from the Domain property portal".
'It was very client unfriendly – and not helping the mum and dad vendor one bit," he said. The fine print accompanying the APM estimate says its a market price estimate calculated by APM's Automated Valuation Model (AVM) and is not conducted by a certified practicing valuer. "The AVM evaluates property characteristics, comparable sales and local market activity and cannot take into account modifications made after the last sale date."
It says the model evaluates multiple and unique combinations of property characteristics for each local area to calculate the most accurate price estimate possible.
"Adaptive hedonics allows the model to use the underlying attributes of each property, in each location, to create highly specific price estimates."
Where a recently reported sale price for a property is available, the model will use this record as the basis for calculating the price estimate.
The sale price is indexed forward from the date of the historic sale, determined by prevailing local market price trends, and converted into current-day value.
Where a recently reported sale price for a property is not available, a pool of neighbouring comparable properties is selected and used as the basis for calculating the price estimate.
The following property attributes are assessed and evaluated:
<ul>
<li> Property location: latitude &amp; longitude,</li>
<li> Property attributes: number of bedrooms, bathrooms and car parking,</li>
<li> Additional features : land size, air conditioning, pool, polished timber floors, walk in wardrobes and entertaining areas,</li>
<li> Geospatial: proximity to bodies of water and transport links, road classification and views.</li>
</ul>
"This pool of comparable properties is then ranked and weighted with each historic sale price indexed to current day value," APM says.
APM stress the figure does not take into account the potential impact of external influences such as a change in economic conditions, future planned infrastructure and environmental conditions.
"The model cannot take into account the effect of renovations or changes to the structure of a property made after the official reported sale date."
APM recommends our customers refer to the comparable sales data provided, inspect similar properties on the market as well as supplement this information with additional market research and advice from property professionals prior to making any decisions.
APM stresses it is "NOT an EXACT valuation for the property."
"It is highly accurate in the majority of cases but does not wholly replace the judgement of an individual making a carefully considered decision with the best information at their fingertips."
Queensland listings are similarly being given market price estimates well under the declared asking price. A four-bedroom Noosaville house (pictured below),<a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/QLD/Noosaville/?adid=2010280260"> which has an $829,000 asking price, has been given a $660,000 to $730,000 market price estimate.</a>
Click to enlarge
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A Brighton apartment (pictured below) with an $830,000 asking price through Knight Frank has been <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Brighton/?adid=2010280929">given a market price estimate of $660,000 to $730,000</a>.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/02/brighton1.jpg"><img src="/images/stories/2013/02/brighton1thumb.jpg"></a>
A five-bedroom Somerville house that Nicholas Lynch is trying to sell for between $850,000 and $930,000 has been given an APM market price estimate of $690,000 to $765,000.
At Frankston South, a four-bedroom house comes with a price range of $980,000 to$1.09 million through Nicholas Lynch. But the market price estimate by APM is $805,000 to $875,000.
A five-bedroom Davidson house, given a $935,000 to $1.015 million market price estimate has been actually listed at $1.05 million through Christine Harrison at Smart &amp; McKenzie Real Estate.
Market price estimate reports are typically bought by buyers seeking some price guidance, but only recently added to the Domain listings website in a marketing initiative between Fairfax Media and mortgage lender RAMS.
The most irate are agents whose listings with asking prices come with price estimates at a much lower guidance.
But agents also suggest the upwards variance could also play havoc with buyers and sellers.
At North Balgowlah a two-bedroom cottage has $825,000-plus hopes, but the market valaution from APM is $985,000 to $1.065 million.
There's a $765,000 suggested market price valuation on a Willaroo Avenue, Woronora Heights listing. It comes with $599,000 plus price indication.
A Balwyn North listing was given a estimate just above its $1.05 million-plus asking price.
At Morrisons Avenue, Mount Martha the price estimate and asking price narrowly overlap.
Market price estimates have been an emerging important buying tool for several years, with a degree of caution required especially with houses that have undergone substantial renovations that the price grooming capabilities of the research websites have failed to incorporate into their calculations.
Most market price estimates have been available only on a one-off payment, but some property websites in the competitive world of data sales have been made available for free.
Property Observer <a target="_blank" href="https://www.propertyobserver.com.au/residential/diy-website-property-valuations-mostly-askew/2012042754446">conducted a survey in April last year</a> that concluded that buyers and sellers placing belief in free online web price estimates when estimating envisaged house price values are more often than not being misdirected – with serious over- and under-estimating being given.
A survey of weekend auction results across Sydney and Melbourne showed estimates by real estate portal <a href="https://onthehouse.com.au/" target="_blank" rel="nofollow">OnTheHouse.com.au</a> were askew 67% of the time.
Of the 80 auction results analysed, 54 estimate were incorrect, with some actual sale prices up to 55% off the pre-auction valuation range given by OnTheHouse.com.au.
Just 26 sales actually fell within the wide estimate band.
UPDATE:  
Domain scrapped its Australian Property Monitors market price estimate offering the day after publication of this article.
The market price estimates <a href="https://www.propertyobserver.com.au/news/domain-pulls-apm-market-price-estimate-campaign/2013021559360?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">were being published until mid-morning Friday February 15 on vendor-paid Domain property listings</a>, but they were taken down after causing havoc among listing agents.
The offering is tipped to return to the Domain website in future weeks or months, but in a different format.
It would be likely that free private access to the market price estimate was available without any very public damaging disclosure.
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Unders and overs: APM's askew market price estimates upsetting Domain agents' listings aplenty

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Planning Minister Matthew Guy has approved a $190 million office building at 272 Queen Street in the Melbourne CBD.
The 50 storey building, which includes a 11 storey podium with a mix of ground floor retail has been proposed by local private developer Dale Rose.
Guy says the project would create around 580 direct jobs and 3,000 indirect jobs during construction.
“This prominent corner of our central business district will be transformed into a majestic location for a range of businesses, with employment opportunities for up to 2,000 people," says Guy.
“The redevelopment site is located in an evolving area where planning policy encourages development that supports a vibrant and economically competitive central city while making efficient use of existing infrastructure.
“This proposal ticks all the boxes and sets a high benchmark for building design and performance, while increasing competition within the commercial market."
The granting of planning approval for the CBD tower comes as the planning minister comes under fire from Melbourne Lord Mayor Robert Doyle for approving a new tower development on Southbank more than 100 metres taller than the council's preferred height for the site.
The 238-metre tower is due to be built at 54 Clarke Street Southbank. 
The Melbourne city council is consider challenging the approval at Victoria's planning tribunal, The Age reported.
The Melbourne CBD is expected to have around 30,000 extra office workers by 2026.
It is estimated that inner Melbourne, including the central business district, will need to accommodate an extra 30,000 people by 2026.
The Victorian government is currently developing a new metropolitan planning strategy to deal with the growth of inner Melbourne.
To have your say on the development of Melbourne’s future go to <a href="https://www.planmelbourne.vic.gov.au">www.planmelbourne.vic.gov.au</a>
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Matthew Guy approves new 50-storey Melbourne CBD office tower

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Investment in Australian commercial real estate fell in the final quarter of 2012 but the outlook remains bright for 2013 as global investor confidence rises.
Over the December 2012 quarter, Australian investors – both offshore and local – invested $3.9 billion in commercial property, compared with US$4.2 billion in the September quarter – a decline of 6%, according the latest global real estate report from Jones Lang LaSalle (JLL).
For the calendar year, investment in Australian commercial real estate was up 6% to US$16.5 billion compared with US$15.5 billion in 2011.
Sydney ranked 14th biggest capital city commercial property investment market, attracting around US$6 billion from investors, with London ranking first (around US$30 billion) and New York second (US$25 billion).
The report notes that Australia was boosted by a number of record sales in the hotel sector including the largest ever single asset sale (Shangri-La Sydney) and hotel portfolio sale (Marriott portfolio).
“Capital was primarily sourced offshore, accounting for nearly 80% of the overall dollars invested. 2012 will provide a good barometer for the Australian hotel investment landscape in 2013,”says JLL.
JLL is anticipating that global real estate investment volumes will grow in 2013 by a further 10 % to 15% on 2012 levels, with Australia continuing to be the destination of preference for many institutional investors.
Australia was a solid performer in the Asia Pacific region over the year – substantially better than China (a 26% decline in investment), Singapore (-8%) and Hong Kong (+2%), on a par with Japan but below the standout regional market, South Korea, where investment increased by 14% to US$11.3 billion.
The USA was the top global commercial property investment destination with US$163.7 worth of assets changing hands in 2012, an increase of 11% on 2011.
JLL’s head of investments in Australia, John Talbot, said that globally, and in Australia, the final quarters of 2012 were marked by subdued leasing markets but high levels of investment activity.
“Evidently, global investors are willing to look through a temporary slowdown in rental growth and take a longer-term perspective on real estate returns.
“Within the Asia-Pacific region, Australia continues to be the destination of preference for many institutional investors.
“As we move into 2013 there is no evidence that the attractions of Australian assets are weakening.
“Through 2013, we expect to see continued pressure on yields at the upper end of the market as domestic investors return, challenging offshore investors for ownership of premium grade assets across all real estate sectors,” he says.
Cross-border purchases totalled nearly US$20 billion in 2012, equivalent to 21% of all acquisitions. Australia, Japan, China and Hong Kong accounted for 80% of the region’s cross-border acquisitions, while Singapore was the source of one-third of all cross-border capital in the region.
“Opportunities continue to exist for private debt funds to fill the void left from the exodus of European lenders in Asia Pacific, and senior lenders remain very competitive, with lending margins tightening over the past year,” says JLL.
“Meanwhile, banks are still cautious around the impact that Basel III regulatory changes may have on their commercial real estate portfolios.”
Globally, commercial real estate investment volumes totalled $436 billion in 2012, according to JLL preliminary numbers, a slight increase over 2011’s $435 billion and a 36% increase over 2010.
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Australia’s status as commercial property investment hotspot brightens: Jones Lang LaSalle

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Investor confidence has returned to the long-troubled NSW pub sector, according to CBRE.
CBRE sold or placed under contract around $40 million worth of pubs over the Christmas/New Year period with a further $30 million worth of hotels is to be offered to the market in coming weeks.
CBRE Hotels will soon commence marketing four high profile properties: the Bristol Retro Arms in the Sydney CBD,The Welcome Hotel at Rozelle in Sydney, the Banjo Paterson at Jindabyne and the Swansea Hotel at Lake Macquarie. 
"We have certainly noticed a shift in buyers and sellers attitudes as well as that of other stakeholders, including banks, who have a renewed appetite to lend on well-located properties with established trading histories," says’ CBRE’s Joel Fisher said. 
"This is expected to aid a continued recovery in the market and underpin a pick-up in sales activity over the next 12-24 months."
The Hotels team at CBRE has associated the recent uptick to “historically low interest rates and the perception that legislative risks have been watered down… Enabling purchasers to make more considered and educated decisions about both their investments and current valuations.”
The Banjo Paterson Inn in Jindabyne will be listed by CBRE and is expected to generate considerable interest due to last year’s strong ski season.

“The hotel offers its own microbrewery as well as a successful adjoining motel and there is future upside via a current DA (development approval) for a residential redevelopment of the property.”

Also on the market, The Welcome Hotel – located in Rozelle, Sydney’s inner west, is expected to gain significant interest as it is regarded as one of the best hotels in NSW by the SMH Good Pub Food Guide.

“The hotel has a strong established trading record and offers significant upside potential, which will help underpin buyer interest.” 

“A significant draw card for purchasers will be the fact that the property is positioned to capitalise on Sydney’s increasing inner city population base, with a range of high density residential projects proposed in the surrounding suburbs,” Fisher says.
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Sydney CBD pubs listed for sale as confidence and investors returns to sector

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Chatswood's office vacancy rates has fallen to its lowest level in over five years, according to the Property Council of Australia's (PCA) latest Office Market Report.
The vacancy rate in Chatswood fell nearly 5 percentage points in the six months to January, as it tightened from 13.7% to 8.9%. This was as a result of net absorption of 13,662 square metres in the period.
The declining Chatswood vacancy rate helped push the overall vacancy rate on the North Shore down from 9.4% to 9% in the six months to January 2013 -  its lowest level since July 2007. 
“Strong demand in Chatswood has helped fuel the cut in vacancy rates across the North Shore,” says Property Council NSW, executive director, Glenn Byres. 
Vacancies rose in the two other key North Shore markets.
In North Sydney they rose from 7.4% to 7.8% and in Crows Nest / St Leonards they increased from 10.7% to 12%.
Supply levels in Crows Nest / St Leonards increased with the addition of 16,320 square metres of office space in the period.
“New supply totalling 17,694 square metres hit the market in the past six months, 2,323 square metres of stock was withdrawn – and net absorption increased by 18,995 square metres.
"There is only 350 square metres of stock is due to enter the North Shore market in 2013, followed by a further 4,400 square metres of new stock in 2014," Byres says.
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Chatswood office vacancy rate at lowest in five years

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An opportunity has arisen for private investors and self-managed super funds to purchase the premises of a Bank of Melbourne retail outlet offering a potential yield of 6.8%. 
The bank branch, located at 297 Wyndham Street in the Shepparton CBD is close to retail premises tenanted by Westpac, Commonwealth Bank, ANZ, Gloria Jeans and Rivers stores. 
It is expected to fetch around $600,000.
Recently refurbished, the property is leased to The Bank of Melbourne at $40,979 per annum for five years with two further five year renewal options with fixed annual rent increases of 3%. 
Zoned business 1, this property has a total land area of 270 square metres and building area of approximately 150 square metres including five metres of street frontage to Wyndham Street.
It is being marketed by Raoul Holderhead and Jamie Perlinger from Burgess Rawson. 
Bank branches proved popular with investors last year with Burgess Rawson selling 12 of them on yields ranging from 5.75% to in excess of 8%.
Prices ranged from just $202,000 paid for a Bendigo Bank branch in Elmore on a yield of 6.6% to $5.9 million paid for the Commonwealth Bank branch in Balmain in inner Sydney, also on a yield of 6.6%. 
“Banks have emerged from a period of rationalisation and are increasingly viewed as stable long term covenants that occupy prime retail locations,” says Burgess Rawson. 
“Furthermore banks appear to be shoring up strategic locations and committing to longer lease terms.” 
A less than two hour drive from Melbourne, Shepparton is located within The Goulburn Valley, which is known as the food bowl of Australia.  
The property will be auctioned as part of the Burgess Rawson investment portfolio auction on February 27.
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