<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]

Joel Robinson

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

Apartment buyers in New South Wales are set to gain a decade of insurance-backed protection against major building defects, after the NSW Parliament passed the Fair Trading and Building Legislation Amendment Bill 2026.&nbsp;

The Bill establishes decennial defect insurance, known in the market as Latent Defects Insurance (LDI), as an alternative to the existing two-year strata building bond. It cleared the Legislative Council with amendments on Tuesday evening (August 4, 2026), with the Legislative Assembly agreeing to those amendments shortly after.

Under the reform, eligible developers can satisfy their statutory bond obligation by taking out an approved decennial-style policy that gives owners 10 years of cover for major structural defects from completion, claimable directly, without first having to pursue developers or builders through costly legal action.&nbsp;

[smartcode_project:default project_id=111820 project_image_fid=344699]

The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.

Resilience Insurance, which originated the cover in Australia and has delivered it in NSW since 2022, welcomed the passage and credited the NSW Government for delivering it.

“This is protection apartment buyers have needed for a long time, and the credit for delivering it belongs to the NSW Government,”&nbsp;said Corey Nugent, CEO of Resilience Insurance.

“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into. Reform like this is what good, evidence-based regulation looks like.”

Resilience has delivered LDI in NSW since 2022, protecting thousands of apartments, giving the State, and now the country, real-world evidence of how decade-long, no-fault protection works in practice.

[smartcode_project:default project_id=136442 project_image_fid=374084]

The reform also places NSW within a wider national shift.

NSW is the third jurisdiction to put decennial cover into law. The ACT legislated for it in 2024, with the scheme taking effect in late 2025, and Victoria passed its own framework on 17 June. Between them, the three cover the majority of Australia's apartment market.

The reform commences once the legislation is proclaimed, which is expected in the coming weeks. From that point, developers of Class 2 residential apartment buildings can meet their statutory obligation with an approved decennial policy in place of the bond.

Buyers who purchased into projects that took out the cover early are among the first in the country to take keys to apartments carrying decade-long structural protection.

“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.

“There are already thousands of apartments in NSW covered by this insurance, bought by developers who moved early. The question every buyer should be asking in a display suite is a simple one: does this building come with 10-year defect cover, and who stands behind it?&nbsp;

“We look forward to working with the Government and the Building Commission in coming weeks as the framework moves to implementation, and to sharing what we have learned over the past four years so the protection reaches owners as smoothly and quickly as possible.”

[smartcode_project:default project_id=134954 project_image_fid=4553]

Other states are working through their own reform programs. Western Australia has indicated that decennial cover is within consideration a later stage of its reform sequence, and Queensland has been examining the settings as it looks at the development pipeline ahead of the 2032 Olympics.

Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.

Fast Facts: What the reform means

<ul>
	<li>Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li>10 years of cover:&nbsp;Protection for major structural defects runs for a decade from completion, claimable directly and with no legal action required.</li>
	<li>An alternative to the bond:&nbsp;Eligible developers can meet their statutory obligation with an approved decennial-style policy in place of the 2% strata building bond.</li>
	<li>Part of a national shift:&nbsp;The ACT has had decennial provisions in force since 2025 and Victoria passed its framework in June. NSW now joins them.</li>
	<li>No-fault, first resort:&nbsp;Owners corporations claim directly from the insurer without first having to establish who is liable for the defect.</li>
	<li>Cost-competitive:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the 2% bond while offering broader, longer protection.</li>
	<li>Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

Fast Facts: What is Resilience LDI?

<ul>
	<li>Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li>Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li>Cost advantage:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.</li>
	<li>Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

NSW parliament passes 10-year defect insurance laws for new apartment buyers

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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This month is special to me, I celebrate a big birthday. I won’t tell you how old I am, but it’s one of those birthdays with a zero in it. 
As I’ve been investing in property, and some would suggest rather successfully, since my early 20s. I’d like to share some of the most valuable investment lessons I’ve learnt over the last four decades.
 
 
1. Have a plan 
Strategic investors have a plan, know where they are heading and follow a proven system to take the emotion out of their decisions and give them more consistent results. They make educated investment decisions based on research and buy a property below its intrinsic value, in an area that has above average long-term capital growth and then add value to manufacture equity.
 
2. Take a long-term perspective 
The property market moves in cycles and in every decade there are a few years of flat or falling property prices. However, well-located real estate has increased in value by an average of over 8% per annum over the long term. 
Imagine if you could buy the house your parents bought at the price they paid 30 or 40 years ago; how many properties would you have bought then knowing what those properties would be worth today?
 
3. Treat your property investment like a business 
 
The successful investors I know have grown a substantial asset base by treating their investments like a business. They do this by surrounding themselves with a great team of advisors, getting the right type of finance, setting up the correct ownership and asset protection structures and knowing how to legally use the taxation system to their advantage. 
 
4. There is not one property market 
While many people generalise about “the property market”, there are many sub-markets around Australia. Each state is at a different stage of its property cycle and within each state the markets are segmented by geography, price points and type of property. 
For example, the top end of the market will perform differently to the new homebuyers market or the investor segment or the median priced established property sector. And while at any time there are hundreds of thousands of properties for sale in Australia, most are not investment grade properties.
 
5. The crowd is usually wrong 
“Crowd psychology” influences people’s investment decisions, often to their detriment. Investors tend to be most optimistic near the peak of the cycle, at a time when they should be the most cautious and they’re the most pessimistic when all the doom and gloom is in the media near the bottom of the cycle, when there is the least downside. 
Market sentiment is a key driver of property cycles and one of the reasons why our markets overreact, overshooting the mark during booms and getting too depressed during slumps.  Remember that each property boom sets us up for the next downturn, just as each downturn sets the scene for the next upswing.
 
6. There will always be reasons not to invest 
Every year brings its own set of crises and lots of reasons not to invest. You can go back as far in history as you like and there won’t be a crisis-free year. Sure some years are worse than others, but there is always bad news and much of it is unexpected. Where investors get into trouble is that rather than focusing on their long-term goals, they see these crises as once in a generation events that will alter the course of history, when in reality they are just the normal path of history.
 
7. The devil is in the detail 
With so much market analysis available to us today, it’s easy to get caught up in the detail and scared into inaction. It’s better to keep an eye on the big picture and look at the property markets through a telescope and not a microscope.
 
8. Remember it’s about property 
 
You’re in the business of property investment, yet at times investors forget the age-old rule of buying the best property they could afford in proven locations. Instead they get sidetracked by get-rich-quick schemes or glamorous finance or tax strategies and lose out. 
Fact is, property is not a get-rich-quick scheme. Don’t get carried away by the next hot spot or latest fad – make your investing boring, so that the rest of your life can be exciting. Warren Buffett was right when he said; “Wealth is the transfer of money from the impatient to the patient.”
 
9. Use debt as a tool 
 
While many people worry about debt, smart investors use “good debt” and leverage to build their asset base. They then protect their assets by buying time though having a “rainy day” cashflow buffer set aside in a line of credit or offset account.
 
 
10. The two big drivers of property values 
 
 
 
While in the short term our property markets will be driven by market sentiment, interest rates, supply and demand and microeconomic factors; in the long term, the value of well-located properties will rise, propelled by the twin factors that have always driven long-term property prices – population growth and the wealth of the nation. Both of which will increase substantially over the next few decades. 
Learn from these lessons and the rollercoaster ride of your property investment career may not be as dramatic. Remember, both fear and greed will send you down the wrong path, but sense and sensibility will keep you heading in the right direction – toward real estate riches.
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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The 10 lessons successful property investors need to learn

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The Mirvac Group has booked a $273 million write-down provision, as new chief executive Susan Lloyd-Hurwitz reviews the group’s poorly performing residential developments especially in Queensland and Western Australia.
“Price points and sales rates over the past six months, including the recent spring and summer sales periods, have shown that the velocity and extent of a market recovery are not likely to eventuate as previously expected,” she told the ASX market update. 
Seeking $89 million, Mirvac will sell off some struggling englobo projects to generate cash inorder to avoid putting more capital into these under-performing projects.
The decision aims at avoiding $476 million of future cash commitments. 
Queensland represents 72% of the provision and Western Australia represents 27%.
The poorly performing Queensland projects include Gainsborough Greens, Mariner’s Peninsula, and the balance of its Waterfront Newstead, Mackay and Hope Island inventory.
Smaller provisions were made on other Queensland projects in Hamilton, Waterfront Newstead Park and Brookwater.
In Western Australia, provisions were made on the second stage of Beachside Leighton and a Burswood project.
Earlier write-down provisions on some pre-GFC projects were taken under Susan Lloyd-Hurwitz's Nick Collishaw as the projects pre-date his 2008 appointment.
“Today’s announcement is disappointing, however our December project assessment process has shown that specific markets have remained subdued and are not expected to improve to the extent previously expected.
“The majority of the projects impacted today were initiated when the world was a very different place with significantly higher growth expectations. As a sector we have shifted to a new environment of
lower growth and it is our responsibility to ensure that the capital we invest going forward reflects this new paradigm."
Mirvac confirmed that it was on track to deliver fiscal 2013 operating earnings per security in line with guidance at 10.7 to 10.8 cents and a distribution per security of 8.5 to 8.7 cents.
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jchancellor-FAypfDUnLy

Mirvac to ditch under-performing development projects

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Gerry Harvey has been one of the most divisive figures in Australian online retail, and he’s not going away.
It was way back in 2008 when he first told SmartCompany <a target="_blank" href="https://www.smartcompany.com.au/retail/why-online-retailing-is-a-dead-end-gerry-harvey" rel="nofollow">online retailing was a “dead end”,</a> (a story mentioned in <a target="_blank" href="https://ten.com.au/ten-late-news.htm" rel="nofollow">last night’s interview</a>). Yet last night the industry veteran spoke to Network Ten about his online plans, and even claimed the company could be the biggest online retailer in the country.
“I think one day you’ll find that Harvey Norman is the biggest online retailer in Australia,” he said. “But it’s not going to happen overnight.”
It was two years ago Gerry Harvey started work on the company’s online retail venture, and even managed to put together a good-looking site. But the business is a fair way off from making a significant impact on the Australian online retail scene.
It’s been a while since Harvey has put his name in lights given the backlash from his campaign to charge GST for offshore purposes. Last night’s interview is a media comeback for the veteran who’s known for making outrageous statements.
Here are five of the best gems from Gerry Harvey’s latest interview on online retailing:
1. Harvey Norman will be the biggest online retailer
It’s hard to imagine Harvey Norman being the largest player in Australian online retail, but that’s what Gerry thinks will happen. As he said last night: “I think one day you’ll find that Harvey Norman is the biggest online retailer in Australia. But it’s not going to happen overnight.”
He’s definitely right there. In fact, the most recent numbers from Harvey himself suggest the company is earning only 1% of its money from the online store, or roughly $18.2 million based <a href="https://www.smartcompany.com.au/retail/052012-the-2012-retail-online-sales-report-card-part-2-what-the-big-boys-aren-t-telling-us" rel="nofollow">on our own estimates</a>.
Compared to a company like Kogan, or Catch of the Day, that means Gerry is a long way off.
2. He only Googles something every few days
Harvey is famous for not using a computer in his office, but this comment from last night’s interview is a whopper: not only does Gerry not shop online, but he only Googles something “every few days”.
For an entrepreneur who says online retailing is the future, admitting you don’t shop online isn’t necessarily a good look.
3. He still wants that online shopping tax
Many of the retailers campaigning for a GST on online sales have backed down due to customer backlash, but not Harvey. Last night he admitted he still wants that tax to change: “If you buy online in Australia you pay GST. If you buy online you don’t pay GST, clearly unfair, clearly the law has to change.”
He’s not alone. The Australian Retailers Association along with other lobby groups have been calling for a change to the law. It seems this fight isn’t over yet.
4. The company is simply treading water
It’s no secret Harvey Norman hasn’t been doing very well lately. But this admission is a frank look at how badly it is doing. Harvey said last night the company is being affected by the fact it’s simply not expanding.
“We’re not opening shops, we’re treading water; we’re not expanding.”
Retail has shifted fundamentally, and it seems Harvey Norman is at a crossroads. With shares at just $2, it seems Gerry Harvey is being forced to consider online retailing as a method of growth.
5. Get rid of leisure computers
This gem is just weird. In December 2011 Gerry Harvey launched a new online store for console and computer games, saying it would be one of the best sources for imported cheap games. (A small industry of importers has arisen to offer cheaper prices).
But last night, Harvey said he’d get rid of all “leisure computers” if he could: “They [youth] spend their time on crap like games. If I could get rid of computers – leisure computers – then I probably would.”
That’s a shocking admission for an entrepreneur who runs a company selling video games, along with a website dedicated to selling them.
But maybe he has a point – he said in the interview he’d rather spend time outside than “sitting on a computer for days”.
Patrick Stafford is deputy editor of <a href="https://www.smartcompany.com.au/" rel="nofollow" target="_blank">SmartCompany</a>.
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How Gerry Harvey plans to turn Harvey Norman into Australia's biggest retailer

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Two major research sources agreeing on price movements is surprisingly rare in Australian real estate. 
But it has happened in the past week, with the Australian Bureau of Statistics and Australian Property Monitors saying similar things about capital city prices. 
It’s noteworthy because this kind of alignment in the figures from different sources is rare. Each quarter I compare figures from four regular sources of national price data, and usually the points of difference are more numerous than the areas of agreement. 
Often figures from one source totally contradict those from an alternative source. It makes it hard for investors to decide what markets are really doing – and it illustrates how invalid it is for media to place such emphasis on figures from one source, particularly for short time periods. 
But, this time, the ABS and APM agree that the average result for house prices across the eight state and territory capitals in 2012 was a rise of 2.1%. 
For the December quarter, the ABS records an average rise of 1.6%, while APM says 1.9%. 
They agree that Darwin is the market leader and have almost identical stats for the Northern Territory capital: the ABS says it rose 2.6% in the December quarter and 10.1% for the year, while APM records a 2.7% rise for the quarter and 10.2% for the year. 
They also agree that Perth is the second-ranked city on capital growth, up solidly in the quarter and about 6% in the positive for 2012. 
Both sources record a solid rise by Sydney, up 2%-ish in the December quarter and 3-4% for the year. 
They have similar figures for Canberra, Adelaide and Brisbane also. 
The ABS has Melbourne still slightly down on the price levels of a year ago, and APM has Melbourne slightly up (both less than 1%). 
The only major point of difference between the two sources is Hobart. The APM figures are a lot more bullish than those from the ABS. 
APM records a 4.7% rise in Hobart price levels in the December quarter, leaving them less than 1% below the levels of a year earlier. I found that surprising, as Tasmania is the recession state and Hobart lacks any discernible drivers of price growth that I can see. 
The ABS figures for Hobart make more sense: down 1.4% in the December quarter, leaving Hobart price levels 6% lower than a year earlier. 
Overall, the figures published by both sources confirm the recovery in capital city prices experienced in the latter part of 2012, pretty much as expected. 
They both have Darwin as the runaway leader among the capital cities on price growth, followed by the rapidly improving Perth, with Sydney also doing well. 
It’s a pity neither publishes collated data for major regional cities, as it would show that only Darwin among the capital cities is in the same league for capital growth. And Darwin is essentially a regional centre masquerading as a capital city. 
Numerous regional centres had double-digit growth in median house prices in 2012 and many of them have superior long-term growth rates to most capital cities, particularly when compared with Sydney and Melbourne.

Terry Ryder is the founder of <a target="_blank" rel="nofollow" href="https://www.hotspotting.com.au/">hotspotting.com.au</a> and can be <a target="_blank" rel="nofollow" href="https://www.twitter.com/hotspotting">followed on Twitter</a>.
To help find the next Gladstone-like property investment hotspot, <a href="/news">sign up for Terry's free webinar on Tuesday, February 12 at 12.30</a>
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terryryder-YECXbqmri2

For once, the statistics agree that property prices are rising: Terry Ryder

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The office vacancy rate in the Sydney CBD, Australia’s biggest capital city office market, fell from 8.1% to 7.2% over the six months to January 2013, moving against the national trend of a rising office vacancy rate, according to the latest Property Council’s Australian Office Market Report.
Nationally, Australian office vacancies now stand at 8.4%, up from 7.8% in July 2012, driven by a “dramatic” fall in demand for office space.
Vacancy rates eased in Perth and Brisbane as demand for office space from mining companies and other businesses that service the resources sector “moved down a gear”.
Perth remains the tightest CBD office market, though its vacancy rate eased from 4.2% to 5.7%, with demand for office accommodation in Perth in the last six months the weakest since 2009.
“The Perth office market was affected by cost-cutting in resources companies, particularly the iron ore sector, last year. This resulted in less demand for office space by firms providing professional services to the sector”, says Property Council executive director,Joe Lenzo.
The Melbourne vacancy rate fell 5.6% to 6.9% over the period with and only premium and A grade stock experiencing substantial positive demand.
<a href="https://www.propertyobserver.com.au/office/melbourne-landlords-with-poor-quality-office-space-placed-on-notice-charter-keck-cramer/2013020659190?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">Consultants at Charter Keck Cramer</a> anticipate a fall in demand for office space in the Melbourne CBD and Docklands over the next two years, with better quality office space best placed to attract tenants.
In Brisbane, the vacancy rate spiked from 8.0% to 9.1% bringing to an end “a sustained two-year run of strong demand and exceptional take-up levels in the market”.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/02/pcafeb7.gif"><img src="/images/stories/2013/02/pcafeb7thumb.gif"></a>
 
PCA Queensland executive director Kathy MacDermott says the slowing resources sector has triggered a fall in demand to a four-year low with net absorption during the six-month period totalling a mere 2,406 square metres.
The against-trend fall in Sydney’s vacancy rate was masked to an extent by a high rate of withdrawals, but also from demand across the top end of the market.
 
<hr class="system-pagebreak">
 
Net absorption of office space in the Sydney CBD – the amount of space leased minus the amount of space vacated over a given time frame – totalled 8,466 square metres, but withdrawals were at a five-year high, with 87,903 square metres taken off the market.
Withdrawal of stock was strongest in the B- and C-grade markets – with 35,095 square metres and 36,257 square metres taken off ine respectively – as owners looked to refresh their offerings.
These were offset by 48,637 square metres of additions to the total commercial office stock.
“The premium market continues to enjoy strong demand – with 9,957 square metres of net absorption in the past six months – and its vacancy rate falling from 7.8 % to 6.3% in the past six months,” says Property Council NSW executive director Glenn Byres.
The A-grade office vacancy rate fell from 7.5% to 7.4% with net absorption totalling 10,166 square metres.
Commenting on the Sydney performance, Knight Frank managing director for NSW Richard Horne says there has been a marked improvement in sentiment and activity in the Sydney office market in the last four months.
“A large number of new mandates – both onshore superfund money and Asian-based offshore funds – are circling the market.
“These groups are mainly focused on the CBD, although selective suburban markets are starting to be considered. The sharp drop in borrowing costs have made our market very attractive on a world scale," he says.
“Knight Frank recently marketed 9 Hunter Street where interest was stronger than we've seen for many years, with 8 serious bidders. This bodes well for a strong year ahead,” he says.
The PCA report showed that demand for Australian office space in the six months to January dropped to less than half the 20-year average and was just one third of that recorded in the first six months of 2012.
On a more positive note, PCA chief executive, Peter Verwer, points out that overall vacancies sit below the historical average and the GFC peak with only four major markets recorded vacancies of more than 10%.
The four markets with vacancy rates above 10% are the Gold Coast, where the vacancy rate fell marginally from 21.5% to 20.3%; Canberra, which rose from 9.8% to 11.9% (and could rise higher in an election year), the Sunshine Coast, up from 13.6% to 14.1% and Crow’s Nest/St Leonards on the Sydney north shore, which rose from 10.7% to 12%.
“The capital cities of mining states went off the boil in the second half of 2012 and vacancy rates rose in two out of three markets across the country,” says Verwer.
“These vacancy numbers reflect the impact of insipid service sector growth and a resources industry engine that has moved down a gear”.
“Sluggish economic growth and weak demand for commercial space reinforce the need for a better targeted fiscal stimulus and further interest rate cuts,” Verwer says.
 
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Sydney the only partial bright spot as CBD office vacancies rise, with mining demand down: PCA

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Absentee landlords have been placed on fresh alert against overseas criminals selling their properties after a plot to sell two investment properties in late January was foiled by vigilant Perth estate agents.
Both properties are owned by investors who live in South Africa, and the case follows the foiling of similar scams in <a href="https://www.propertyobserver.com.au/residential/another-nigerian-perth-scam-house-sale-averted/2012101557180" target="_blank">October</a> and <a href="https://www.propertyobserver.com.au/residential/vigilant-applecross-perth-estate-agency-prevents-another-fraudulent-house-sale-nigerian-scam/2012060454969" target="_blank">June</a> last year.
In the last few years scammers have managed to sell two properties they didn't own – one in Karrinyup in 2010 and another in Ballajura in August 2011.
WA Today.com.au reports that scam artists attempted to sell a property worth $700,000 in the northern suburbs of Perth and another in the southern Perth suburbs worth $800,000.
In one case, the agent became suspicious after receiving a phone call from the scammer, who had an African accent, wanting an urgent sale for the property that had just sold two months earlier, said Consumer Protection and WA Police in a joint statement.
“In the second case, the agency had received a request to sell the property supported by copies of fake passports, forged signatures and a letter of verification purportedly from the Australian High Commission in Pretoria, South Africa."
Documents obtained by WA Today.com.au show a date on the letter to the high commission of January 31.
“The alarm was raised when the agency’s sales manager identified warning signs of property fraud he had learned in presentations and educational material provided by Consumer Protection, WA Police and REIWA. In this case, scammers requested an urgent sale and promised the agency future sales – similar tactics used in previous scam attempts.”
The latest attempts are being investigated by the WA Police Major Fraud Squad with a view to identifying the offenders.
“The investigation will analyse similarities between these incidents and past successful and attempted property frauds, such as the links to Africa and the methods of contact. It’s clear that the criminals are again active and could be targeting other agencies now and in the future, so everyone in the property industry needs to be extra vigilant,” said Detective Senior Sergeant Dom Blackshaw.
While the frauds were detected fairly quickly, Commissioner for Consumer Protection Anne Driscoll expressed concern and disappointment that these attempts were not detected much earlier by property management staff.
“It’s vital, where possible, that these fraud attempts are picked up by real estate agents before the scammers even get to first base and certainly well before any documents and personal details of the real owner are sent to these criminals,” Driscoll said.
“It’s important that real estate agents and their employees independently confirm any change in contact details for the properties they manage. It is clearly stated in the scam prevention guidelines issued to agents that confirmation of changes should first be sent to original contact addresses, both physical and email, that are on file. This will alert the real owners should there be an attempt to steal their identity and ultimately their home.
“Agents should be particularly vigilant when a request for change in details comes from an absentee owner, but all transactions should be thoroughly scrutinised to ensure they are only dealing with the true owner. Agents must rely on good procedures to detect these fraud attempts early."
Two weeks ago <a href="https://www.propertyobserver.com.au/residential/how-to-stop-property-scammers-selling-homes-they-don-t-own-david-airey/2013012358923" target="_blank">REIWA president David Airey wrote </a>that the state government has implemented a system "whereby the seller of a property must produce evidence of identity in much the same way as you do when you open a bank account or sign a mobile phone contract".
"This means a 100-point check in most cases, through which the seller has to produce a series of different identity documents such as a passport, driver’s license, rates notice, bank statement and birth certificate. It is almost impossible for such multi-layered counterfeit to occur and hugely reduces the risk of property fraud," wrote Airey.
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Absentee landlords on alert as Perth estate agents foil fresh scammers

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Serviced apartment group Quest has announced plans to build ten new apartment buildings in NSW by 2014. 
These are in addition to three new properties that will open in Queensland, one in outer Melbourne, one in regional Victoria and another in the Adelaide CBD this year. 
New serviced apartments will be built in Albury, Shellharbour, Nowra, Orange and Liverpool with five further locations yet to be revealed. 
The announcement was made by Quest chairman Paul Constantinou alongside NSW premier Barry O’Farrell at the opening of the group’s latest property at Sydney Olympic Park. 
The increase in accommodation will be aimed at extended-stay business travellers. 
The new buildings will increase Quests total stock of rooms by over 70%, taking pressure off existing apartments targeting business travellers of four or more nights per stay. 
“This investment follows the increasing need by business travellers for accommodation in the State’s regional and suburban hubs where traditional accommodation options are no longer meeting their needs,” says Constantinou. 
“This year, we will commence construction at five new locations - in Albury, Shellharbour, Nowra, Orange and Liverpool. We will continue this expansion, with another five properties to commence in the following year.”
 Quest currently has 21 properties in NSW, providing accommodation to approximately 120,000 extended stay business travellers. 
On completion of these projects, Quest aims to have a total of 2,365 rooms in NSW hosting around 200,000 travellers annually. 
Quest will build serviced apartments in regional areas where the NSW government is spending on infrastructure. 
“Quest is building properties in areas where there has been significant investment in public and private infrastructure such as roads and rail, hospitals, educational institutions and retail precincts.” 
“This commitment to investment in thriving regional and suburban locations across NSW demonstrates business confidence in long term growth across the State,” said O'Farrell. 
The group has been active in recent years with its expansionary plans.
In July last year, Quest agreed  to lease all <a href="https://www.propertyobserver.com.au/leisure/quest-to-operate-131-serviced-apartments-in-kyren-groups-%24100-million-adelaide-cbd-development/2012072655740" target="_blank">131 apartments</a> that form the residential component of the Kyren Group's $100 million mixed-use building in the Adelaide CBD. 
In May last year Quest signed a lease with the Deague family’s Asian Pacific Group for a $50 million refurbishment of the <a href="https://www.propertyobserver.com.au/leisure/quest-to-operate-serviced-apartments-in-rothelowman-designed-frankston-property/2012050854596">Peninsula Centre in Frankston</a>.  This project consists of 81 serviced apartments within the 150 apartment building, to be completed in early 2013.
Established in 1988, Quest currently has 140 properties across Australia, New Zealand and Fiji.
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equinn-i7Kmo9afeu

Quest to build 10 new serviced apartment buildings in NSW over next two years

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Melbourne office landlords with better quality floor space are best positioned to weather what is expected to be a softer office rental market over the next two years. 
Consultants Charter Keck Cramer (CKC) are anticipating weaker demand for office rentals in the Melbourne CBD and Docklands markets over 2013 and 2014, with not yet fully committed new supply adding to the pool of available space. 
“Melbourne’s central city office market (CBD and Docklands primarily) have been holding up well in the context of the numerous headwinds that have buffeted the economy and global property markets,” writes CKC director Robert Papaleo in a new commentary piece. 
“Although central city office rents are not growing and vacancy rates are trending up, new supply has continued and investors have keenly sought prime assets at lower yields. 
“The softening demand environment and other indicators clearly signal however that conditions in 2013 and 2014 will shift in favour of tenants in an increasingly competitive marketplace where better quality floor space will become more cost-effective,” he says. 
Papaleo says there now a “clear window of opportunity” for both landlords and tenants to respond proactively to the reality of this emerging situation. 
“Owners that act early and decisively will cap their exposure to the downside risk of further weakening in the rental market. 
“Tenants that properly understand their own requirements (and lease obligations) relating to their accommodation will be best placed to take advantage of changing market conditions and the inevitable opportunities as they arise,” he says. 
A further indication of weaker demand conditions going forward is a rise rental incentives being offered by landlords. 
These can include such things as a certain number of rent free months or contributions made by the landlord to the cost of office fit-outs. 
Papaleo says rent incentives have been a “notable feature of office lease negotiations since 2009 in response to GFC induced fears”. 
These incentives eased through 2011 due to a brighter outlook, but rose again through the second half of 2012. 
“The market is implicitly recognising, through higher incentives, that the impending new supply is expected to have a detrimental effect on vacancies. 
“Firstly, there is a relatively high level of uncommitted floor space in some new buildings under construction which will be compounded by vacant floor space being left behind by those tenants moving into the new buildings. 
“This situation is in contrast to what happened in the last supply cycle (2002 – 2008). 
“In the last cycle, demand from anchor tenants was so strong that it was able to (almost completely) underwrite new floor space prior to its completion whilst other tenants were expanding to absorb much of the space being left behind which prevented extended vacancy. 
“Strong market conditions also implied that it was viable for owners to withdraw vacant backfill floor space for upgrading and refurbishment. 
“The weakening rental scenario this time around however will not afford owners the luxury of withdrawing space through 2013 and 2014 which will leave owners fully exposed to vacant floor space,” he says.
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Melbourne landlords with poor-quality office space placed on notice: Charter Keck Cramer

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After your spot of shopping on Collins Street, why not pop into the Bank of Melbourne branch at the Paris end for a free valuation of your investment property or a quick read of the latest investment tips from Alan Kohler or Robert Gottliebsen? Or even just sit back and watch Sky Business for a while?
Just don’t expect either of these two economic gurus to be standing around answering personal investment questions when you step into the recently opened 'Investore' at the Bank of Melbourne branch at 233 Collins Street.
<img src="/images/stories/2013/02/investore1.jpg" width="470" height="583" alt="investore1">
Despite the store beckoning you to enter with a collage poster featuring a slice of Alan Kohler's face alongside that of Robert Gottliebsen's, they won't actually be there. 
They will seemingly limit their involvement in the venture to providing half of their faces to the promotional material and allowing visitors to read their investment tips for free.
It’s a rather unusual venture with a Fairfax brand, Domain, sitting alongside a News Limited one, The Eureka Report.
The Investore, as explained by an onsite Bank of Melbourne employee, is not a pop-up shop but a permanent investment lounge with computers and rows of iPads where visitors can obtain free property reports provided by Domain's Australian Property Monitors and read unlocked stories and reports on the Eureka website from Kohler, Gottliebsen and other investment writers.
<img src="/images/stories/2013/02/investore2.jpg" width="470" height="283" alt="investore2">
It’s all part of efforts by the Bank of Melbourne to add extra value to its customers and build the brand and, one imagines, take on the likes of Bankwest, which was the first to pioneer the idea of a funky bank branch offering free coffee, the chance to buy property investment books and this writer's personal favourite, the coin counter.
Certainly, Bank of Melbourne been trying to separate itself (in the minds of customers) from its big four bank parent Westpac, with signs in Bank of Melbourne windows promising lower mortgage rates than the big four banks.
In addition to the free property reports and a browse of the Eureka website, there’s also the chance to sign up for free property and investment seminars presented by Business Spectator editor James Kirby and Consumer Affairs Victoria.
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Bank of Melbourne offers free property reports and investment tips but don’t expect a chat with Alan Kohler

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Over the past several months, I have been recommending you refrain from trying to pick the bottom of the commercial property market.
And certainly you should not wait for overwhelming evidence of prices being "on the up".
Anyway, last month you were probably given the best confirmation you needed in an article by Carolyn Cummins (The Age, BusinessDay: January 24, 2013).
In the article, she talked about high-net-worth investors having now joined institutional investors and sovereign funds at the top end of the commercial property market.
Driven by lower interest rates, demand has increased for healthcare properties and large-scale shopping centres, plus traditional offices and industrial property.
How will this affect smaller private investors?
On the face of it, you can be forgiven for thinking that this would have virtually no impact whatsoever. But just stop and think that through for a moment.
As demand picks up at the top end for commercial properties, prices will inevitably begin to rise.
Therefore, the properties in the $40 million to $60 million price bracket are quickly pushed into the $50 million $70 million bracket. As a result, the $40 million $60 million buyers are forced to start bidding on the $30 million to $50 million properties.
As such, these price increases will quickly work their way down through the entire commercial property market — much like the "ripple effect" of a pebble in a pond.
Therefore, it is only a matter of time before you soon feel the effect of price increases occurring down in the $1 million to $2 million price range.
Bottom line: By the time you reach the middle of 2013, you should see the start of this upward trend in prices for the lower end of the commercial property market.
As you can appreciate, that will then only be accentuated when renewed confidence returns in earnest within the Australian economy as a whole.
And this was further emphasised in last week’s front-page article in the Financial Review: "Switch is on from bonds to shares".
Therefore, now is the time to make your move — rather than be left to merely follow the herd.
Chris Lang is an advisor to commercial property investors, sell-out author and regular speaker on how to invest in commercial property. You can visit his website <a target="_blank" href="https://property-edge.com.au/">Property Edge Australia</a> to help you get the most out of your commercial property investing.
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