<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.

Joel Robinson

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

Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

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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Australia’s elder statesman of apartment development, Harry Triguboff, has no plans to retire as he prepares for his 50th year in the property market and says bricks and mortar remains the soundest form of investment.
The Meriton boss, who turns 80 next year, says he has dabbled in the stock market, but says it is very unpredictable.
“I still believe that bricks and mortar are the strongest investment,” he tells the inaugural edition of StrataCall magazine, an offshoot of the <a target="_blank" href="https://www.stratalive.com.au/">stratalive.com.au </a>website.
“Investing in property is simpler, safer and far more straightforward and logical."
Triguboff says now is “a perfect time" for first homeowners and investors to purchase property and describes the decision as “really a very easy equation’.
2013 is likely to be a busy year for Harry Tribugoff and Meriton following its <a href="https://www.propertyobserver.com.au/developments/debtless-meriton-halts-sydney-apartment-site-buying-spree-as-it-seeks-to-sell-700-older-apartments-harry-triguboff/2012110157564">acquisition of six sites across Sydney</a> this year at a combined cost in excess of $200 million.
The sites have the capacity for 2,000 apartments worth around $1.3 billion.
Meriton remains debt free, but Triguboff says this is not a good thing, though he sympathises with other developers who have struggled to manage their debts due to the economic downturn.
“Trying to grow too fast and carry huge debt is OK when the banks are not nervous; but once they start pulling in the purse strings, it takes very little for the whole deck of cards to come tumbling down,” he says.
Were Meriton to carry some debt, Triguboff says this would be a good sign that development approvals are going through, land is becoming available and Meriton is in a position to build.
“If you ever hear I am carrying debt, it will be very good news for the property market,” he says.
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lschlesinger-FZcF9M3vE6

Stick to bricks and mortar: Harry Triguboff’s advice to investors as he prepares for a busy 50th year in property game

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An 11.8% annual rise in rents and a 9.9% annual increase in occupancy costs has propelled the Perth CBD into the top 20 most expensive office rental markets in the world, according to the September quarter semi-annual global office report from CBRE.
Perth ranked 20th most expensive prime office market to rent space, with an average rent per square metre cost of $850 and total occupancy costs of $1,003.
Rents and occupancy costs in the Perth CBD have soared on the back of demand for office space from businesses with the ties to the mining investment boom.
The Property Council of Australia <a href="https://www.propertyobserver.com.au/office/perth-and-brisbane-dominate-record-demand-for-cbd-office-in-first-six-months-of-2012-property-council-report/2012080155827">recorded a vacancy rate of 4.2% in the Perth CBD</a> in July, down from 7.8% in July 2011, with the city managing a net absorption rate of 115,000 square metres over the first six months of the year – nearly half the national net absorption rate of 243,000 square metres.
Sydney remains Australia’s most expensive prime CBD office market, ranking 14th on the CBRE list, one position up from six months ago. Prime Sydney rents have hardly moved over the past year (up 0.8%) at $1,048 per square metre, while occupancy costs have risen by 1.3% to total average occupancy cost of $1,232 per square metre.
Brisbane ranked 30th on the global list, one up from its ranking at the end of March, with a total occupancy cost of $818, up 1.7%, with rents up 1.3%.
Melbourne ($637 per square metre total occupancy cost) does not feature in the top 50, with the list headed by Hong Kong followed by Central London’s West End, Tokyo, Beijing and New Dehli.
San Francisco, which ranked 26th most expensive office rental market in the world, experienced the largest year-over-year increase, at 36.4%, of the 133 markets monitored by CBRE, driven by its “hot technology sector”.
Top 50 Most Expensive Office Markets as of September 30, 2012
 
<table width="463" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td nowrap width="47" valign="bottom">
Rank
</td>
<td nowrap width="287" valign="bottom">
Market
</td>
<td nowrap width="129" valign="bottom">
Occ. Cost (US$)
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom"></td>
<td nowrap width="287" valign="bottom"></td>
<td nowrap width="129" valign="bottom"></td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
1
</td>
<td nowrap width="287" valign="bottom">
Hong Kong (Central), Hong Kong
</td>
<td width="129" valign="bottom">
246.30
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
2
</td>
<td nowrap width="287" valign="bottom">
London - Central (West End), United Kingdom
</td>
<td width="129" valign="bottom">
219.81
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
3
</td>
<td nowrap width="287" valign="bottom">
Tokyo (Marunouchi Otemachi), Japan
</td>
<td width="129" valign="bottom">
197.27
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
4
</td>
<td nowrap width="287" valign="bottom">
Beijing (CBD), China
</td>
<td width="129" valign="bottom">
184.95
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
5
</td>
<td nowrap width="287" valign="bottom">
New Delhi (Connaught Place - CBD), India
</td>
<td width="129" valign="bottom">
183.30
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
6
</td>
<td nowrap width="287" valign="bottom">
Beijing (Finance Street), China
</td>
<td width="129" valign="bottom">
179.57
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
7
</td>
<td nowrap width="287" valign="bottom">
Hong Kong (West Kowloon), Hong Kong
</td>
<td width="129" valign="bottom">
174.13
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
8
</td>
<td nowrap width="287" valign="bottom">
Moscow, Russian Federation
</td>
<td width="129" valign="bottom">
172.82
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
9
</td>
<td nowrap width="287" valign="bottom">
London - Central (City), United Kingdom
</td>
<td width="129" valign="bottom">
131.76
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
10
</td>
<td nowrap width="287" valign="bottom">
São Paulo, Brazil
</td>
<td width="129" valign="bottom">
130.07
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
11
</td>
<td nowrap width="287" valign="bottom">
Mumbai (Bandra Kurla Complex), India
</td>
<td width="129" valign="bottom">
122.19
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
12
</td>
<td nowrap width="287" valign="bottom">
Rio de Janeiro, Brazil
</td>
<td width="129" valign="bottom">
121.40
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
13
</td>
<td nowrap width="287" valign="bottom">
Paris Ile-de-France, France
</td>
<td width="129" valign="bottom">
119.78
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
14
</td>
<td nowrap width="287" valign="bottom">
Sydney, Australia
</td>
<td width="129" valign="bottom">
119.04
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
15
</td>
<td nowrap width="287" valign="bottom">
Shanghai (Pudong), China
</td>
<td nowrap width="129" valign="bottom">
116.36
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
16
</td>
<td nowrap width="287" valign="bottom">
New York (Midtown Manhattan), U.S.
</td>
<td width="129" valign="bottom">
114.30
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
17
</td>
<td nowrap width="287" valign="bottom">
Shanghai (Puxi), China
</td>
<td width="129" valign="bottom">
108.25
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
18
</td>
<td nowrap width="287" valign="bottom">
Geneva, Switzerland
</td>
<td width="129" valign="bottom">
105.28
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
19
</td>
<td nowrap width="287" valign="bottom">
Singapore, Singapore
</td>
<td nowrap width="129" valign="bottom">
104.66
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
20
</td>
<td nowrap width="287" valign="bottom">
Perth, Australia
</td>
<td width="129" valign="bottom">
96.91
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
21
</td>
<td nowrap width="287" valign="bottom">
Caracas, Venezuela
</td>
<td width="129" valign="bottom">
95.68
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
22
</td>
<td nowrap width="287" valign="bottom">
Washington, DC (Downtown), U.S.
</td>
<td nowrap width="129" valign="bottom">
94.51
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
23
</td>
<td nowrap width="287" valign="bottom">
Dubai, United Arab Emirates
</td>
<td width="129" valign="bottom">
92.56
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
24
</td>
<td nowrap width="287" valign="bottom">
Seoul (CBD), South Korea
</td>
<td width="129" valign="bottom">
91.28
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
25
</td>
<td nowrap width="287" valign="bottom">
Mumbai (Nariman Point - CBD), India
</td>
<td width="129" valign="bottom">
90.80
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
26
</td>
<td nowrap width="287" valign="bottom">
San Francisco (Downtown), U.S.
</td>
<td width="129" valign="bottom">
90.00
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
27
</td>
<td nowrap width="287" valign="bottom">
Zurich, Switzerland
</td>
<td nowrap width="129" valign="bottom">
87.98
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
28
</td>
<td nowrap width="287" valign="bottom">
Boston (Downtown), U.S.
</td>
<td width="129" valign="bottom">
87.50
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
29
</td>
<td nowrap width="287" valign="bottom">
Istanbul, Turkey
</td>
<td width="129" valign="bottom">
82.78
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
30
</td>
<td nowrap width="287" valign="bottom">
Brisbane, Australia
</td>
<td width="129" valign="bottom">
79.04
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
31
</td>
<td nowrap width="287" valign="bottom">
Luxembourg City, Luxembourg
</td>
<td width="129" valign="bottom">
77.94
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
32
</td>
<td nowrap width="287" valign="bottom">
Los Angeles (Suburban), U.S.
</td>
<td width="129" valign="bottom">
76.84
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
33
</td>
<td nowrap width="287" valign="bottom">
Stockholm, Sweden
</td>
<td width="129" valign="bottom">
76.35
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
34
</td>
<td nowrap width="287" valign="bottom">
New York (Downtown Manhattan), U.S.
</td>
<td width="129" valign="bottom">
74.93
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
35
</td>
<td nowrap width="287" valign="bottom">
Seoul (Yeouido), South Korea
</td>
<td width="129" valign="bottom">
74.27
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
36
</td>
<td nowrap width="287" valign="bottom">
Milan, Italy
</td>
<td width="129" valign="bottom">
74.21
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
37
</td>
<td nowrap width="287" valign="bottom">
Guangzhou, China
</td>
<td nowrap width="129" valign="bottom">
72.88
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
38
</td>
<td nowrap width="287" valign="bottom">
Bogota, Colombia
</td>
<td width="129" valign="bottom">
70.76
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
39
</td>
<td nowrap width="287" valign="bottom">
Calgary (Downtown), Canada
</td>
<td width="129" valign="bottom">
70.59
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
40
</td>
<td nowrap width="287" valign="bottom">
Aberdeen, United Kingdom
</td>
<td nowrap width="129" valign="bottom">
70.20
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
41
</td>
<td nowrap width="287" valign="bottom">
Manchester, United Kingdom
</td>
<td width="129" valign="bottom">
69.80
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
42
</td>
<td nowrap width="287" valign="bottom">
Edinburgh, United Kingdom
</td>
<td width="129" valign="bottom">
69.02
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
43
</td>
<td nowrap width="287" valign="bottom">
Taipei, Taiwan
</td>
<td width="129" valign="bottom">
68.57
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
44
</td>
<td nowrap width="287" valign="bottom">
Birmingham, United Kingdom
</td>
<td nowrap width="129" valign="bottom">
68.36
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
45
</td>
<td nowrap width="287" valign="bottom">
Toronto (Downtown), Canada
</td>
<td width="129" valign="bottom">
68.00
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
46
</td>
<td nowrap width="287" valign="bottom">
Vancouver (Downtown), Canada
</td>
<td nowrap width="129" valign="bottom">
67.20
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
47
</td>
<td nowrap width="287" valign="bottom">
Frankfurt am Main, Germany
</td>
<td width="129" valign="bottom">
66.31
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
48
</td>
<td nowrap width="287" valign="bottom">
Bristol, United Kingdom
</td>
<td width="129" valign="bottom">
65.10
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
49
</td>
<td nowrap width="287" valign="bottom">
Oslo, Norway
</td>
<td width="129" valign="bottom">
64.91
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
50
</td>
<td nowrap width="287" valign="bottom">
Glasgow, United Kingdom
</td>
<td width="129" valign="bottom">
64.31
</td>
</tr>
</tbody></table>
Source: CBRE Global Research and Consulting

<hr class="system-pagebreak">
The latest semi-annual prime office occupancy costs survey reveals the dominance of the Asia-Pacific region in the top 10 most expensive business locations worldwide continued, led by Hong Kong-Central – the world’s most expensive market - and five other Asian markets.
Despite economic headwinds, occupancy costs increased by an average of 2.1% worldwide over the past year, led by the Americas, with a 5.2% annual increase and Asia-Pacific with a 2.6% increase. Europe, the Middle East and Africa continued to be hindered by economic recession in much of Europe and recorded a 0.4% decrease in prime occupancy costs. Prime office occupancy costs increased in 74 markets, decreased in 37 office markets and had no change in 22 markets.
“The global office market recovery cooled over the past year, hampered by the ongoing European debt crisis, a deceleration of growth in emerging markets and ubiquitous  uncertainty created by the ‘fiscal cliff’ in the US," says Dr Raymond Torto, CBRE’s global chief economist. “However, tight market conditions, strong demand for high quality space and low levels of new construction continue to drive up occupancy costs in many prime office markets across the globe.”
 CBRE tracks occupancy costs for prime office space in 133 markets around the globe.
Of the top 50 most expensive markets, 19 are in EMEA (Europe, Middle East and Africa), 18 are in Asia-Pacific and 13 in the Americas.
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Perth CBD moves up to 20th most expensive market to rent office space in the world: CBRE

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Melbourne's median house price increased by a "relatively subdued" 0.5% for the first 10 months of 2012, according to Australian Property Monitors. 
"Melbourne’s housing market saw increased activity from first-home buyers and a lift in buyer activity in the prestige market," says APM. 
"Investors and first home buyer are set to remain relatively inactive as a consequence of Australia’s least competitive capital city rental market."
APM notes a "looming oversupply" of apartment stock coming on line and as a consequence forecasts high vacancy rates, stagnant rental growth and falling unit prices in the Victorian capital. 
 
"Melbourne house prices should increase by up to 3% in 2013."
This is below expectations for many other capital cities.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2012/12/apmdec131.gif" rel="shadowbox"><img src="/images/stories/2012/12/apmdec132.gif"></a>
 
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2012/12/apmdec17.gif" rel="shadowbox"><img src="/images/stories/2012/12/apmdec17thumb.gif"></a>
<img src="/images/stories/2012/12/apmdec171.gif">
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cknowlton-QnEa6ntUYP

Melbourne house prices in 2013 - zero to 3% forecast range: APM

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Inspired by Gold Coast’s Palazzo Versace hotel – which recently sold for $68.5 million – Property Observer has compiled a round-the-world guide to fashion designer hotels. 
The trend first started in 2000 with the opening of Palazzo Versace and has now extended to Milan, Paris, Jamaica and London, to name a few destinations. 
Luxury fashion designers that have jumped on the fashion branded hotel hype include Armani, Oscar de le Renta, Bulgari, Moschino, Missoni and many more.
<a href="https://www.lebellechasse.com/" target="_blank">Hotel Bellechasse, Paris</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/bellechasse.jpg">
Rooms in the luxury Hotel Bellechasse are all individually decorated by French fashion designer Christian Lacroix. Hotel Bellechasse offers stylish and arty accommodation in the chic and trendy seventh arrondissement.
 
<hr class="system-pagebreak">
 
 <a href="https://www.palazzoversace.com.au/" target="_blank">Palazzo Versace, Australia</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/palazzoversace.jpg">
The luxury five-star accommodation was the world’s first fashion-branded hotel owned by Italian fashion company Versace. With picturesque waterfront settings, Italian furnishings and vaulted ceilings hand-detailed in gold, the Palazzo Versace has an ambiance of pure glamour.
 
<hr class="system-pagebreak">
<a href="https://dubai.armanihotels.com/" target="_blank">Armani Hotel Dubai</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/armanidubai.jpg">
The Armani Hotel in Dubai is personally designed by Giorgio Armani and consists of 160 guest rooms. The luxury hotel promises a home away from home experience, with the hotel design an expression of Giorgio Armani’s passion for the sensual. Each element in the design plays a precise role, with Armani reluctant to leave a single detail to chance.
 
<hr class="system-pagebreak">
 
<a href="https://www.hotelmissoni.com/hotelmissoni-edinburgh" target="_blank">Hotel Missoni Edinburgh</a>
 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/hotelmissoni.jpg">
Hotel Missoni Edinburgh is the only five-star luxury hotel on historic Royal Mile in the heart of the Scottish Capital. The 136 guest rooms and suites are owned by world-renowned Italian fashion house Missoni, which embraces the phrase “bold, passionate and fashionable.”
 
<hr class="system-pagebreak">
<a href="https://www.hotelmissoni.com/hotelmissoni-kuwait" target="_blank">Hotel Missoni Kuwait</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/missonikuwait.jpg">
The Hotel Missoni in Kuwait encompasses 18 floors of Missoni’s iconic contemporary design, with colours of desert and sea, gold, sand, turquoise and mosaic.
 
<hr class="system-pagebreak">
 
<a href="https://www.bulgarihotels.com/en-us/milan/the-hotel/overview" target="_blank">Bulgari Milano, Milan</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/bulgari.jpg">
Since 1884, Bulgari has been setting the pace for Italian style in jewellery, watches, accessories, fragrances, skincare and leather goods. Now branching into the trend of fashion hotels, Bulgari renovated the 18th-century Milanese Palazzo hotel in Milan. It includes a 4,000-square-metre private garden that is visible from the ample windows in the 58 rooms, offering guests serenity and relaxation in busy Milan.
 
<hr class="system-pagebreak">
<a href="https://www.bulgarihotels.com/en-us/shanghai/overview" target="_blank">Bulgari Hotel, Shanghai</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/bulgari2.jpg">
Located in the riverside complex of historic Zhabel District, the Bulgari Hotel Shanghai is designed by world-class architecture design team Foster and Partners. The luxury hotel contrasts ancient and modern architectural themes, a reflection of the Suhe Creek surroundings. The Bulgari hotel in Shanghai is set to open in 2015.
 
<hr class="system-pagebreak">
 
<a href="https://milan.armanihotels.com/" target="_blank">Armani Hotel Milan</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/armanimilan.jpg">
The Armani hotel in Milan consists of 95 guest rooms, and rack rates range from $576 to $1,292 a night. The five-star exclusive luxury hotel in Milan offers a “lifestyle manager” who will give you a call or send an e-mail to see if there’s anything he can do for you before you arrive.
 
<hr class="system-pagebreak">
 
<a href="https://www.bulgarihotels.com/en-us/bali/the-resort/overview" target="_blank">Bulgari Resort, Bali</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/bulgaribali.jpg">
The Bulgari Resort in Bali is a mix of traditional Balinese forms and high Italian style. Located 150 metres over the sea, the luxury resort is the second from Bulgari hotels and resorts and offers views of the Indian Ocean.
 
<hr class="system-pagebreak">
 
<a href="https://www.hotelpetitmoulinparis.com/" target="_blank">Hotel du Petit Moulin, Paris</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/hotelpetit.jpg">
The Hotel du Petit Moulin is another luxury hotel decorated by Christian Lacroix. Comprising of 17 guest rooms, the reception was once the oldest bakery in Paris, and the 1900 façade is a historic monument.
 
<hr class="system-pagebreak">
 
<a href="https://www.claridges.co.uk/" target="_blank">Claridge’s London</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/claridges.jpg" width="470">
Claridge’s London is an iconic five-star hotel in Mayfair and was American fashion designer Diane Von Furstenberg’s first interior design project. The elegant hotel has long-standing connections with royalty and is sometimes referred to as an extension of Buckingham Palace.
 
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<a href="https://www.icastelli.net/location-698-1-castello_di_montegridolfo_hotel_palazzo_viviani" target="_blank">Palazzo Viviani at Castello di Montegridolfo, Italy</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/vivani.jpg" width="470">
Italian fashion designer and dressmaker Alberta Ferretti renovated a 13th-century castle into the Palazzo Viviani. Located in the hills of Emilia Romagna and close to Rimini, this luxury hotel is a mix between medieval charm and modern comfort.
 
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<a href="https://uxua.com/" target="_blank">Uxua Casa, Brazil</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/09/uxa.jpg" width="470">
The Uxua Casa is designed and owned by Diesel’s ex creative director, Wilbert Das. Made up of 10 individual guesthouses, the walls are made from mud and branches, nestled among tropical gardens and colourful buildings. Das wanted the interiors to be organic, rustic and sensual.
 
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<a href="https://dubaipropertiesgroup.ae/en/properties/the-tiger-woods-dubai" target="_blank">Elie Saab Hotel at The Tiger Woods, Dubai</a>
<img src="https://www.urban.com.au/images/stories/2012/09/woods.png" width="470">
Lebanese fashion designer Elie Saab designed the luxury hotel that overlooks the world’s first Tiger Woods-designed golf course. The luxury boutique hotel includes 89 suites and 14 bungalows and showcases a 929-square-metre swimming pool.
 
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<a href="https://www.schlosshotelberlin.com/" target="_blank">Schlosshotel im Grunewald</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/12/schloss.jpg">
Set in the Grunewald gardens and built by Kaiser Wilhelm II, the 53-room hotel received a modern facelift by German fashion designer, artist and photographer Karl Lagerfield. The hotel includes Turkish baths and a Vivaldi restaurant surrounded by high, gold-painted ceilings.
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ntrotman-Et3xWpamVh

As Palazzo Versace sells, check out 15 global flashy fashion-branded hotels

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The REIV has released its rental data for November, and it shows the vacancy rate for Victoria has increased from 1.9% to 2%, with Melbourne’s increasing from 1.9% to 2.2% and a mild tightening in regional Victoria from 2 to 1.8%.
While this is an improvement for those looking to rent a home, higher vacancy rates can reduce the returns for the tens of thousands who own and rent out investment properties.
There was a minor variation in the median rent charged for houses in Melbourne, with an increase of $10 per week to $380. The median rent for units was stable at $350 per week.
The level of vacancies in Melbourne is relatively even across the city. A vacancy rate of between 2 and 2.2% was found across the city. When compared with previous months there was a substantial tightening of the vacancy rate in the inner city, where it fell from 2.6% in October to 2.2%. This shows that the new apartments being purchased by investors are slowing being absorbed into the market.
In contrast the vacancy rate in the outer suburbs nearly doubled from 1.1% to 2%. This easing has not yet been apparent in rents being charged as they remained stable.
Within regional Victoria the vacancy rate tightened in Geelong from 2.8% to 2.1%, was stable in Ballarat at 1.5% and eased slightly in Bendigo from 0.7% to 1%.
The overall rental market is well balanced at the moment, and it is unlikely that there will be any substantial increases in overall rents charged while the vacancy rate remains between 2% and 3%.
Enzo Raimondo is CEO of the <a rel="nofollow" target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
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enzoraimond-7fvRFHPR52

Inner-Melbourne vacancy rate tightens substantially in November

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I’m expecting a more buoyant market in both Sydney and Brisbane in 2013, especially with the latest official interest rate cut taking rates to the historical low benchmark of 3%. This is the same interest rate as during the GFC, and many in the financial markets predict more to come next year.

Interest rates have a profound effect on property markets, although the impact of a collective 1.25-percentage-point cut in official rates this year has been tempered by the banks not passing them on in full.

As the holidays draw near, I suggest spending some of your spare time considering how you can leverage current market conditions to build wealth for the future. I feel we’re in the final stages of a buyers’ market and prices are only going to rise (not dramatically, but in a reasonable fashion) from here.

With home loan rates, especially fixed rates, in the low 5% bracket, you don’t need a sky-high yield to make your next investment property pretty much pay for itself. There’s also the opportunity to upgrade your home at a time when the higher up you go on the price scale, the better the savings.

It’s worth noting, however, that falling interest rates indicate a flat economy. Generally speaking, retail spending is down as more people focus on saving and reducing debt. Plus, we have a very high dollar and the global economic outlook is still of concern. Overall though, Australia is still strong.

If you’re worried about the economy, have a read of the latest monetary policy decision on the Reserve Bank’s website at <a href="https://www.rba.gov.au" target="_blank">www.rba.gov.au</a>. It should put your mind at ease as it clearly explains why the RBA is cutting rates – and it’s certainly not because the economy is falling into a hole!

If you’re personally in a good financial position with a secure job, then don’t let the economy hold you back from buying property. 

The latest RP Data-Rismark survey shows property values in Sydney and Brisbane are up 0.6% and 0.8% for September-November. Year-on-year, they’re up 1.3% and 0.3% respectively.
These are small gains, but they represent a change in the market. On a national level, capital city prices are still -5.6% off their historical peak in November 2010 but they’re up 2% from their historical low in May this year – indicating we’ve left the bottom of this particular property cycle.

During September-November, weekend clearance rates in Sydney remained above 60% for nine consecutive weeks. This is a significant development. After breaking down McGrath’s clearance rates for the last four Saturdays in Sydney, it becomes clear that the under-$750,000 market is still strongest, with our company averaging a 69% clearance rate in this bracket, followed by 65% for the $750,000 to $1.5 million sector.
 
<hr class="system-pagebreak">
 
Australia’s largest mortgage broker, AFG, reports November as the biggest month for new loans all year. In its latest report released this month, 7,831 new loans were sold in November – almost 1,000 more than in the first month of the spring selling season (September). For a long time now, people have been sitting on the sidelines watching what happens. I think more people are coming off the bench now as interest rates become too good to resist.

In NSW, 41% of new loans in November went to investors, and 33% in Queensland. Among today’s investors are many people using self-managed super funds to buy residential real estate. This has been a strong trend, particularly in Sydney, in 2012 and it will only continue as more people get comfortable with the relatively new idea of managing their own super.

Investors won’t have much competition from first home buyers in NSW and Queensland in 2013 following the abolition of government incentives. In November, AFG arranged 96 home loans for first timers in Queensland, compared with 265 in October. In NSW, AFG organised 219 home loans in September for first-home buyers but in October and November combined, this number dropped by more than half.

Looking ahead, there is no doubt the Brisbane property market is well positioned for a new cycle of growth. More than a quarter of Australia’s population growth over the next 25 years is expected to be in the region from <a target="_blank" href="/news">Noosa </a>to <a target="_blank" href="/news">Coolangatta</a>, which will push Brisbane ahead of Melbourne as the country’s second biggest city. If supply remains below demand, this sort of population growth will have a big impact on property prices.

Sydney remains the BHP of Australian real estate – the big blue-chip market that generally outperforms the rest, particularly in the recovery period of a national market cycle. In 2013, I’m predicting a 2 to 5% price rise in the under-$750,000 market and a 5 to 8% rise in the $750,000 to $1.5 million bracket. I also think rents will continue their northward march, probably by 4 to 5%.
John McGrath is CEO of <a target="_blank" href="https://www.mcgrath.com.au/">McGrath Estate Agents</a>.
This article originally appeared on <a target="_blank" href="https://blog.mcgrath.com.au/">John McGrath's blog.</a>
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jmcgrath-6XcGQCVx3d

The end of the buyers' market drawing near, with Australian property prices set to rise in 2013

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Strata office space in the Melbourne CBD is being acquired by small businesses as their business premises for as little as $95,000, according to property services group DTZ.
DTZ strata agents Craig Hembrow and Danny Clark has sold 12 strata offices in the last few weeks totalling $2.7 million, with sales occurring in buildings on Little Collins Street, Collins Street and Queen Street.
Buyers include professional businesses, consultancies and small businesses in the medical, accounting, financial or business support services.
“These transactions have considerably tightened the market in properties in the sub 200 square metre range, to the point that some buyers are giving up due to frustration over a lack of available market stock” says Clark.
“This is partly attributable to a convergence of buyer and vendor expectations”.
Popular buildings for strata office purchases include 343 Little Collins Street on the Elizabeth Street corner, the Art Deco Manchester Unity building at 220 Collins Street on the Swanston Street corner and the modern 2 Queen Street building on the Flinders Street corner.
According to DTZ, limited supply is available in the prime East End of the CBD which is generally attractive to medical, corporate consulting, and financial services businesses.
Recent sales include a 32-square-metre office at 343 Collins Street, which sold for $95,000 – a rate of $2,981 per square metre rising up to $376,000 for a 63-square-metre strata office at 2 Queen Street.
Strata office sales 
<div style="text-align: left;" align="center">
<table style="width: 470px;" border="0" cellspacing="0" cellpadding="0">
<thead><tr>
<td style="text-align: left;" width="180">
Address
</td>
<td style="text-align: left;" width="85">
Sale Price
</td>
<td style="text-align: left;" width="85">
Area (sq.m.)
</td>
<td style="text-align: left;" width="57">
Rate per m2
</td>
<td style="text-align: left;" width="221">
Sales Transaction
</td>
</tr></thead>
<tbody>
<tr>
<td style="text-align: left;" width="180" valign="top">
204/220 Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$309,570
</td>
<td style="text-align: left;" width="85" valign="top">
60
</td>
<td style="text-align: left;" width="57" valign="top">
$5,159
</td>
<td style="text-align: left;" width="221" valign="top">
Investment returning 6.91% return
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
303/343 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$110,000
</td>
<td style="text-align: left;" width="85" valign="top">
35
</td>
<td style="text-align: left;" width="57" valign="top">
$3,142
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
408/343 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$125,000
</td>
<td style="text-align: left;" width="85" valign="top">
39
</td>
<td style="text-align: left;" width="57" valign="top">
$3,205
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
409/343 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$126,000
</td>
<td style="text-align: left;" width="85" valign="top">
39
</td>
<td style="text-align: left;" width="57" valign="top">
$3,230
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
702/343 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$95,400
</td>
<td style="text-align: left;" width="85" valign="top">
32
</td>
<td style="text-align: left;" width="57" valign="top">
$2,981
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
709/343 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$285,000
</td>
<td style="text-align: left;" width="85" valign="top">
82
</td>
<td style="text-align: left;" width="57" valign="top">
$3,476
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
207/2 Queen Street
</td>
<td style="text-align: left;" width="85" valign="top">
$376,000
</td>
<td style="text-align: left;" width="85" valign="top">
63
</td>
<td style="text-align: left;" width="57" valign="top">
$5,968
</td>
<td style="text-align: left;" width="221" valign="top">
Investment returning 7.71%
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
1111/227 Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$230,000
</td>
<td style="text-align: left;" width="85" valign="top">
46
</td>
<td style="text-align: left;" width="57" valign="top">
$5,000
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
208/430 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$255,000
</td>
<td style="text-align: left;" width="85" valign="top">
39
</td>
<td style="text-align: left;" width="57" valign="top">
$6,538
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
405/220 Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$275,000
</td>
<td style="text-align: left;" width="85" valign="top">
27
</td>
<td style="text-align: left;" width="57" valign="top">
$10,185
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
101/2 Queen Street
</td>
<td style="text-align: left;" width="85" valign="top">
$303,000
</td>
<td style="text-align: left;" width="85" valign="top">
49
</td>
<td style="text-align: left;" width="57" valign="top">
$6,183
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
102/2 Queen Street
</td>
<td style="text-align: left;" width="85" valign="top">
$217,000
</td>
<td style="text-align: left;" width="85" valign="top">
35
</td>
<td style="text-align: left;" width="57" valign="top">
$6,200
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
</tbody>
</table>
</div>
 Source: DTZ
In August, Savills research confirmed private investors were the most active purchaser category in the strata office market in the prior 12 months, having purchased 42 properties worth a total of more than $26 million.
The recent Urbis Melbourne strata office market report calculated that there are some 1,800 strata units within the Melbourne CBD, with an average sales turnover approaching 130 units per annum – this represents 7% per cent of total stock.
The report notes that prior to 2000, the market was characterised by the creation of strata units from the conversion of older, conventional office buildings, with few purpose built facilities.
However, since 2000, some 500 strata units have been supplied, all in purpose built facilities, with most in the Docklands precinct.
These include Aquavista at 401 Docklands Drive, Docklands (205 units, built 2007) and Site One at 757 Bourke Street, Docklands (53 office units, built 2007).
Strata developments currently under construction include Lifestyle Working Collins Street, at 838 Collins Street featuring 137 units and 35 Exhibition Street, featuring approximately 40 units, both of which are due for completion in 2013.
According to the Urbis report, yields for prime strata office suites are currently in the range of 6.5% to 7%, with secondary yields generally in the range of 7.0% to 8.0%, on net rents.
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Small business snapping up Melbourne CBD strata offices for as little as $95,000: DTZ

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Pessimism about the job market is on the rise and could further curtail already cautious borrowers taking on more debt in 2013, forcing the RBA to cut interest rates even further, according to Westpac.
All the unemployment indicators from the December Westpac-Melbourne Institute survey of consumer sentiment point to a rise in the unemployment rate next year, with the likes of AMP Capital chief economist Shane Oliver tipping the unemployment rate to reach 6% in 2013.
Oliver is tipping the cash rate to fall to 2.5% in 2013 and says it could go even lower if sectors like housing, tourism and retail take longer to recover and take up the slack created by an expected slowdown in mining investment.
Employment is crucial to the housing market in both a practical sense – borrowers need income to pay off their mortgages – and in terms of feeling confident about taking on more debt to renovate, upgrade and in some cases, purchase an investment property.
However, despite the official unemployment rate falling from 5.4% to 5.2% and the RBA cutting the cash rate by 25 basis point to 3% in the week when the December consumer sentiment survey was carried out, job market expectations deteriorated.
<img src="/images/stories/2012/12/westpacdec14.gif">
As the graph below shows, survey respondents in full-time work (of which many would have mortgages or may be looking to buy) are more pessimistic about the jobs market than those unemployed, retired or not working.
<img src="/images/stories/2012/12/westpacdec141.gif">
Furthermore, as the graph below shows, sentiment about unemployment is similar across all household types – renters, mortgage holders and those who own their property outright.
<img src="/images/stories/2012/12/westpacdec142.gif">
Sentiment about the jobs market is weakest in the resource states of Queensland and WA due to expectations of a slowdown in mining-related projects and most bullish in NSW.
<img src="/images/stories/2012/12/westpacdec143.gif">
“Despite another rate cut and improving sentiment towards housing, consumers remain cautious and particularly concerned around the outlook for the economy and for employment,” says Westpac chief economist Bill Evans.
“The Reserve Bank has two more months to assess the impact of its interest rate moves before its next meeting (the RBA does not meet in January).
“Evidence to date is that low rates are not generating much traction with households. Hence there is likely to be a decision to further ease rates in February or March,” he says.
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Households growing concern about job market point to further rate cuts: Westpac

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Sydney's median house price grew 1.5% in the 10 months to October, according to Australian Property Monitors.
"Sydney’s low and mid-price range housing markets will continue to attract solid buyer activity through 2013, particularly in the inner west, Canterbury-Bankstown and Hills suburban areas," says APM. 
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/12/apmdec14.gif" title="Click to enlarge"><img src="/images/stories/2012/12/apmdec14thumb.gif"></a>
<img src="/images/stories/2012/12/apmdec141.gif">
Source: APM
 
 
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'Reasonable momentum' for Sydney's housing market in 2012: APM

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Melbourne had the highest gross value of unit sales in 2012, according to RP Data.
The mining boom town of South Hedland showed the highest increase in median unit values in the past five year. 
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/12/rpdec133.gif" title="Click to enlarge"><img src="/images/stories/2012/12/rpdec133thumb.gif"></a>
Source: <a target="_blank" href="https://www.myrp.com.au/">RP Data</a>
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