Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

&nbsp;

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&nbsp;

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

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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Rothesay, the very grand 1896 Victorian Italianate home in Bellevue Hill, which was passed in at $12 million at last month’s auction, has now been sold at an unconfirmed $13 million-plus price.
It last traded in 1998 when the founder and executive chairman of the St Hilliers group, Tim Casey, and his wife, Anne Marie, daughter of the thoroughbred trainer Bart Cummings, bought Rothesay for $4,606,000 in 1998 from the Jagelman family.
Having been extensively remodelled, Rothesay was listed with price hopes of more than $13 million through Ray White Double Bay selling agents Michael Finger and Craig Pontey.
The sale will sit within the top 10 sales across Sydney this year.
<a target="_blank" href="https://www.propertyobserver.com.au/auctions/italianate-mansion-rothesay-passed-in-for-%2412-million-at-auction/2011111052315">The three-level residence</a>, crowned by a classic Italianate turret, has Thomas Hamel interiors and gardens by William Dangar.
Last year Casey's St Hilliers was ranked 91 in BRW's list of Top 500 Private Companies.
The company, founded by Casey in 1989, ranks as one of Australia's leading providers of property and construction services.
 
 
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jchancellor-FAypfDUnLy

Grand Bellevue Hill mansion Rothesay sells for more than $13 million

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The wide diversity of people’s trades and professions ensures that everyone can earn a living in their own way. 
Each of us has something different to offer, from the carpenter to the doctor. We have our tools of the trade and we have our special skills, and we use these in daily life to earn our bread and butter. 
When the carpenter uses his hammer, the doctor his stethoscope or the writer his pen, they offer specialist skills which others do not have. They also have the benefit of years of experience and are talented in what they do. They have all learnt their skills “the hard way”. That is, they have gained experience by learning from their mistakes along the way. 
It is not enough to hold a hammer in your hand or wear a stethoscope around your neck unless you know how to use it. And in the case of politicians if their tongue is their skill, let them be silent unless they know when and how to use it. 
One of the greatest skills of all is the art of negotiation. 
We learn instinctively to negotiate from the time we are born and we build and hone this skill as time go by. But let’s face it: negotiation is not everyone’s forte. You have to learn how to negotiate. You need to have competed and lost and won many times over before you have the advantage over an opponent through experience. 
In real estate transactions win-win negotiation is paramount. When the stakes are high and you have to admit you may not be the best negotiator in your own interest I recommend you engage a buyers’ advocate (or buyers’ agent) to do the job for you. 
buyers’ agents know their stuff. They have learned the hard way how to close a winning deal and they have earned that special skill of successful negotiation.
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a target="_blank" href="https://www.primepropertybuyer.com/">Prime Property Buyer</a>.
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tmansfield-Rk8rBecHRA

Buyers' agents are experts in negotiation

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Whether it was due to political pressure or a desire to protect their brands by avoiding a pre-Christmas shellacking, the major banks and their subsidiaries all passed on the full RBA rate cut last week.
At 7.35pm on Thursday, Westpac announced that it was passing on the rate cut in full, following on from the Commonwealth Bank announcement just over an hour earlier.
Bankwest came to the party at 9.15pm with St George the last of the major bank brands at 10.13am on Friday morning, setting perhaps a new benchmark for time taken to make an interest rate announcement.
The Commonwealth Bank sent out a single abrupt paragraph:
“The Commonwealth Bank announced today that it will lower its Standard Variable Home Loan Interest Rate by 0.25% per annum to 7.31% per annum, effective for new and existing customers from 19 December 2011.”
This was in contrast to lengthier announcements from the other major banks, which, while highlighting the deteriorating situation in Europe and the impact on their funding costs, said they had made the “difficult” decision to pass on the full rate cut in the interests of their customers.
The kindest words came from NAB’s Lisa Gray, who said the bank wanted to “put money back in the hands of our customers and assist with supporting the Australian economy this Christmas”.
However, ANZ boss Mike Smith was clearly not happy about the amount of political pressure being placed on the banks to pass on the rate cuts in full:
“If there is one lesson the first round of the global crisis taught us, it is that a strong banking sector and well-managed government finances are the best protection the economy can have to avoid a co-ordinated downturn,” he wrote in the Financial Review.
“We simply have to have a broader and more informed public discussion about these issues as they affect all parts of the economy, including ­banking.”
Smith’s comments follow the ANZ announcing it will no longer adjust its mortgage rates following official RBA cash rate decisions.
“Bank funding costs are now largely unrelated to movements in the Reserve Bank’s official cash rate. We have therefore taken a decision to announce future pricing changes for retail and small business variable interest rates on the second Friday of each month,” said ANZ chief executive Australia Philip Chronican. 
“This provides a measure of predictability for customers on when rate changes will occur and it provides us with the flexibility to reflect movements in funding costs across the full spectrum of funding sources – not solely in response to the Reserve Bank’s cash rate.” 
A move out of step with the RBA was flagged Alan Kohler, who said he had suggested just such an idea to the major banks. 
Writing for <a target="_blank" href="https://www.businessspectator.com.au/bs.nsf/Article/RBA-monetary-policy-cash-rate-Reserve-Bank-news-ce-pd20111208-PBR86?OpenDocument&amp;emcontent_Kohler">Business Spectator</a> on Thursday Kohler said: “Here’s a mad suggestion for the bank managers: level with your customers. Explain how your funding costs work and then when there’s a change in the price of the 26% or so of funds that come from wholesale financial markets, change the interest rate on your loans then, rather than waiting for the first Tuesday of the month, when the RBA board meets. “I have suggested this to each of the banks and to their lobbyists, and each of them agreed it would be a good idea. But then they shrug with a helpless smile. Banks hunt in packs, you see.” 
Kohler later tweeted following the ANZ announcement: “ANZ has taken my advice, and will set rates on 2nd Friday of each month, not just when the RBA moves.” 
Here’s a rundown of the interest rate changes announced by the banks and when they kick in: 
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="205" valign="top">
Bank
</td>
<td width="205" valign="top">
New standard variable rate
</td>
<td width="205" valign="top">
When it kicks in
</td>
</tr>
<tr>
<td width="205" valign="top">
ING Direct*
</td>
<td width="205" valign="top">
6.22%
</td>
<td width="205" valign="top">
December 13
</td>
</tr>
<tr>
<td width="205" valign="top">
ME Bank
</td>
<td width="205" valign="top">
6.74%
</td>
<td width="205" valign="top">
Immediately
</td>
</tr>
<tr>
<td width="205" valign="top">
Heritage Bank
</td>
<td width="205" valign="top">
6.94%
</td>
<td width="205" valign="top">
December 16
</td>
</tr>
<tr>
<td width="205" valign="top">
Bankwest
</td>
<td width="205" valign="top">
7.20%
</td>
<td width="205" valign="top">
December 19
</td>
</tr>
<tr>
<td width="205" valign="top">
NAB
</td>
<td width="205" valign="top">
7.22%
</td>
<td width="205" valign="top">
December 16
</td>
</tr>
<tr>
<td width="205" valign="top">
ANZ
</td>
<td width="205" valign="top">
7.30%
</td>
<td width="205" valign="top">
December 16
</td>
</tr>
<tr>
<td width="205" valign="top">
St.George
</td>
<td width="205" valign="top">
7.30%
</td>
<td width="205" valign="top">
December 19
</td>
</tr>
<tr>
<td width="205" valign="top">
CBA
</td>
<td width="205" valign="top">
7.31%
</td>
<td width="205" valign="top">
December 19
</td>
</tr>
<tr>
<td width="205" valign="top">
Westpac
</td>
<td width="205" valign="top">
7.36%
</td>
<td width="205" valign="top">
December 19
</td>
</tr>
<tr>
<td width="205" valign="top">
Bank of Queensland
</td>
<td width="205" valign="top">
7.36%
</td>
<td width="205" valign="top">
December 16
</td>
</tr>
</tbody></table>
 
*applies to its Mortgage Simplifier product
</body></html>

lschlesinger-FZcF9M3vE6

Unhappily perhaps, banks pass on full rate cuts 

<html><body>
The Woolworths St Albans supermarket in Melbourne’s north west has sold at auction to a private investor for $7.24 million, significantly above expectations, demonstrating the <a href="https://www.propertyobserver.com.au/retail/woolworths-coles-key-to-attracting-sydney-retail-investors-htw/2011120952767">appeal of suburban shopping centres anchored by Woolworths or Coles.</a>
The sale reflects a yield of 5.7% on annual rental of over $481,000
More than 100 bids were submitted.
Agents Kliger Wood Real Estate and TBM Commercial, who marketed the store, had expected a price around the $6 million mark
Kliger Wood director Eugene Wood says the supermarket offered investors long-term income security with a leading national retailer as the sole tenant.
“The St Alban’s store is a strong performer having recorded consistent annual sales growth since 2006.
“The property was also extensively refurbished about five years ago and services a growing residential area from a prominent and easily accessible site.
“We were expecting offers in the region of $6 million as commercial investments of this scale and sole tenancy profile will attract the attention of larger private investors or superannuation funds.”
Woolworths is the sole tenant on the 6,348 square metre property located within a Business 1 zone and in close proximity to the St Albans railway station and a major bus interchange. It includes a liquor outlet which has a building area of 2,520 square metres.
The lease which is to Woolworths Limited commenced in June 2004 for a 15-year term plus 10-years, followed by four further option terms of five years, which would provide a lease currency until June 2049.
There is a base rent payable monthly in advance which is currently set at $472,183 gross with a turnover rent which is calculated at a reducing percentage per benchmark levels of retail turnover.
The turnover rent is also subject to a review calculated every five years to the average of the previous three years base rent plus turnover rent.
The breakeven point for the turnover rent is currently set at $23,609,184 and the turnover rent contribution in the financial year ended June 30, 2011 was $9,352.
 
 
</body></html>

St Albans Woolworths sells for $7.24 million

<html><body>
Sydney shopping centres anchored by either Woolworths or Coles have proven attractive to retail property investors in 2011, according to the December property market report by Herron Todd White. 
The report notes that outside of the Sydney CBD market investor interest returned over 2011, with a number of transactions on investment-grade properties. 
“This heightened activity follows on from a strong 2010, which saw the re-emergence of private investors and property syndicates, previously priced out of the market,” the December report notes. 
“The increase in investor interest has been focused firmly on properties in the $5 million to $25 million range, which feature a strong anchor tenant, generally a Woolworths or Coles supermarket.” 
Recent shopping centres transactions outside of the Sydney CBD include the sale in October of Dee Why Market for $22 million, on an initial yield of 8.8% and 248 Church Street Parramatta for $19.55 million, on an initial yield of 7.9%. 
The Dee Why Market is anchor tenanted by Woolworths, while Parramatta centre is anchored by rival Aldi. 
Both these sales, says HTW, have “reaffirmed the strength of this sector”. 
“Outside of this price range, sales activity has been limited.” 
Currently up for sale is the 3,900 square metres Woolworth’s Neutral Bay store on the Sydney North shore bringing in net income of $1.9 million per year and fully leased by the supermarket until 2014. The expressions of interest campaign run by Savills agents Simon Muirhead and Ben Stewart ends on December 14. 
Herron Todd White valuers are by no means the only ones to note the value Coles and Woolworths bring to shopping centres. 
In its October annual report, Charter Hall Retail REIT said it would continue to re-weight its shopping centre portfolio in <a href="https://www.propertyobserver.com.au/retail/charter-hall-has-a-taste-for-coles-and-woolies/2011100451775">favour of Australian shopping centres anchored by Coles and Woolworths</a> after the supermarket groups helped the REIT deliver profits of $62.9 million for the year off a portfolio valued at $1.93 billion. 
Similarly, in August Mirvac said its retail portfolio has defied the current retailing gloom by delivering solid growth, with food majors <a href="https://www.propertyobserver.com.au/news/coles-and-woolies-help-mirvac-deliver-30-profit-increase/2011082351258">Coles and Woolies accounting for a quarter of rental income.</a> 
The picture is less rosy in the Sydney retail strip market where increased vacancy and concerns over the rental growth outlook has restricted the level of demand from investors. 
“Demand from owner occupiers also remains low, with the dual impact of weak retail sales and high lending costs preventing new start ups and limiting expansion plans. 
“There are however a few exceptions to this rule. Quality properties in locations with minimal vacancy remain in high demand. For example a strata retail suite in Potts Point sold for $850,000, equating to $9,043 per square metre. 
“At the top end of the market the dual impact of a lack of properties being actively marketed and a reduction of potential buyers has resulted in a continued lack of property transactions.
“Over the past 11 months the most expensive retail property sold in Sydney was for ($42.8 million) Bridgepoint, Mosman. 
The report notes that while the Westfield Sydney City technically opened in December 2010, the majority of the stores including the much hyped ‘Zara,’ opened their doors in the first half of 2011. 
“Westfield, coupled with the redevelopment of the Mid City Centre in 2010, has revitalised the Pitt Street Mall precinct, luring high end and international retailers to Sydney. 
“Despite the initial relocation of many prime retailers into the new developments from properties surrounding Pitt Street Mall, super prime retail rents remain firm, with new retailers eager to benefit from location near these new centres.” 
According to a September report by Cushman &amp; Wakefield, retailers on Pitt Street Mall are paying <a href="https://www.propertyobserver.com.au/retail/pitt-street-mall-closing-in-on-fifth-avenue-retail-rents/2011090151391">33% more per square metre than 12 months ago</a> with the average rent equating to more than $10,000 per square metre.
 
</body></html>

Woolworths, Coles key to attracting Sydney retail investors: HTW

<html><body>
<table width="285" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="bottom" nowrap width="69">
Postcode
</td>
<td valign="bottom" nowrap width="123">
Suburb
</td>
<td valign="bottom" nowrap width="93">
Median house price
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
5081
</td>
<td valign="bottom" nowrap width="123">
<a href="/news">MEDINDIE</a>
</td>
<td valign="bottom" nowrap width="93">
$1,505,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
5061
</td>
<td valign="bottom" nowrap width="123">
<a href="/news">UNLEY PARK</a>
</td>
<td valign="bottom" nowrap width="93">
$1,457,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
5067
</td>
<td valign="bottom" nowrap width="123">
<a href="/news">ROSE PARK</a>
</td>
<td valign="bottom" nowrap width="93">
$1,192,750
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
5065
</td>
<td valign="bottom" nowrap width="123">
<a href="/news">TOORAK GARDENS</a>
</td>
<td valign="bottom" nowrap width="93">
$1,128,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
5068
</td>
<td valign="bottom" nowrap width="123">
<a href="/news">LEABROOK</a>
</td>
<td valign="bottom" nowrap width="93">
$1,072,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
5006
</td>
<td valign="bottom" nowrap width="123">
<a href="/news">NORTH ADELAIDE</a>
</td>
<td valign="bottom" nowrap width="93">
$1,045,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
5022
</td>
<td valign="bottom" nowrap width="123">
<a href="/news">TENNYSON</a>
</td>
<td valign="bottom" nowrap width="93">
$1,045,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
5065
</td>
<td valign="bottom" nowrap width="123">
<a href="/news">TUSMORE</a>
</td>
<td valign="bottom" nowrap width="93">
$1,030,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
5070
</td>
<td valign="bottom" nowrap width="123">
<a href="/news">JOSLIN</a>
</td>
<td valign="bottom" nowrap width="93">
$980,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
5061
</td>
<td valign="bottom" nowrap width="123">
<a href="/news">MALVERN</a>
</td>
<td valign="bottom" nowrap width="93">
$970,000
</td>
</tr>
</tbody></table>
Source: RP Data
 
 
</body></html>

awalsh-7Ub9EypybQ

Top 10 most expensive suburbs in SA for house prices: RP Data

<html><body>
RBA governor Glenn Stevens says the RBA has been forced to set the cash rate at lower than it would have been otherwise due to the banks increasing their profit margins on home loans since the onset of the GFC.
“I've said this countless times, and it's usually ignored, but, yes, the spread between the cash rate and major home loan rates has risen by something like 100 basis points since about 2007," Stevens said as part of a speech in honour of former University of Sydney economist Warren Hogan.
"For that reason, the cash rate is roughly lower than it would have been otherwise, to offset that.
"We have broadly offset that change in the margin by setting our instrument appropriately."
Since 2007, the banks have been able to increase their home loan margins by increasing rates independent of official RBA increases or by not passing on full rate cuts.
This was most in evidence in December 2009 when Westpac raised interest rates by 0.45% on its variable rate mortgages, 20 basis points above the RBA’s official rate increase of o.25%.
Yesterday, ANZ said it would no longer wait until monthly RBA announcements, but would instead make future pricing decisions on the second Friday of every month.
Stevens’ comments follow the major banks taking two full days to eventually decide to pass on the full rate cut to borrowers.
However, all the major banks hinted that they were under pressure to pass on future rate cuts in full by making reference to the increasing cost of raising wholesale funding overseas and in particurlar the problems being experienced in Europe.
During his speech, Stevens delved into what he called the extensive program of regulatory reform under way in Europe and said the most far-reaching proposals recently endorsed at the G-20 summit to protect banks “too big to fail at an international level”, otherwise known as “Globally Systemically Important Financial Institutions, or G-SIFIs”.
“Some 29 individual banks have been identified as fitting the criteria to be labelled G-SIFIs at present, though the list is not a fixed one: banks can enter and leave it over time.
“There will, in due course, be a framework for globally systemic insurance companies with parallel criteria. The intention of the policy is to make the failure of such entities less likely by requiring additional capital, and to make the consequences of failure less dramatic by developing better tools to resolve entities that have failed or are on the point of failure.”
To make this work Stevens says would require “considerable co-operation across jurisdictions at moments where everyone's instinct is to protect creditors and counterparties in their own jurisdiction”
He also suggested that a new era of tighter bank regulation might be dawning as there was now a “certain tendency towards the financial repression that was a feature of the post-war world in which Warren Hogan first studied economics”.
“A legacy of the 1930s was a much tighter regulatory regime for banks, elements of which lasted for decades.”
</body></html>

RBA governor Glenn Stevens says cash rate is lower to offset bank margins

<html><body>
Sales of houses and units bounced back in October following falls in September, according to latest HIA - JELD-WEN New Home Sales Report. 
Detached house sales increased by 5.1% in October 2011 following a 3.3% decline in September while sales of multi-units rose by 9% in October following a 5.5% dip in September. 
The volume of detached house sales improved in four out of five mainland states in October 2011, rising by 20.8% in Queensland (helped by the $10,000 Queensland Government building boost), 4.9% in Western Australia, 1.4% in South Australia and 1.1% in New South Wales. Sales fell by 1.2% in Victoria.
<img src="/images/stories/hiadec9.gif">
Overall, the total number of new homes (detached and non-detached) sold in the month of October 2011 increased by 5.5%, although sales remained down by 8% over the three months to October.
HIA chief economist Harley Dale described the “modest” improvement in October as encouraging start for the December quarter. 
“With falling interest rates, a competitive building market, and a greater availability of skilled trades amidst soft housing conditions, now is certainly a good time to build a new home for those who are financially set to take that decision,” says Dale. 
“As it stands the profile for new home sales remains very weak, despite this latest monthly increase. In October 2011 the volume of detached house sales was 29% below the average of the last 15 years."
 “Any logic behind achieving a swift return to budget surplus in 2012-13 is spurious given current global economic conditions.”
 
 
 
 
</body></html>

New home sales recover ‘modestly’ in October: HIA

<html><body>
Recently I spent a few weeks in America and attended the annual National Association of Realtors (NAR). NAR is the largest real estate conference in the world and had more than 19,000 people attend.  The delegates come from far and wide and whilst there were only a few Aussie', I met delegates from Canada, Brazil, Asia and England. 
When you think the largest Australian real estate conference has been 2,000 and 3,000 delegates – this is one mammoth event! 
As this was my first time of attending the conference, I wanted to look at how other countries ran and operate their property management companies and departments. Along with seeking new ideas that could be implemented within the Australian market, to see how they have implemented technology into their businesses and hear about what hasn't worked during the past 12 months. 
The American realtors have had an enormously tough market in the past few years, however did you know that up until the end of October there have been more than 4.1 million sales so far for the year? That equates to 13,452 per day and is an increase of 11.3% from the same time last year. Furthermore, in 2012 they expect real estate sales to be in excess of 6 million. 
What I found amazing about these figures was the media fails to share this.  Surely this information is a good sign of a country working albeit slowly to a recovery in the real estate market? 
Property management is undertaken very differently throughout America. Similarly to Australia, every state of America has different legislation to abide by. In some states, the property manager isn't legally allowed to attend court to claim a tenant’s bond, or take action for rent arrears. The property manager prepares the file but the owners must employ an attorney (or solicitor as we know it) to present the case. 
Some of the other differences I noted were: many companies still only disburse monies to owners once a month. Tenants all pay their rent on a common due date, the agency management fee is somewhere between 8% and 10%, and most of the agencies own the maintenance businesses that undertake the repairs for the owners. 
Over the past 10 years in Australia we have seen the growth of stand-alone property management businesses. They specialise and are seen as experts in their field – yet in the States, many of the businesses are struggling to grasp the technology available, have systems and procedures to follow or to be seen as a true expert! 
I am very proud to say property managers in Australia are certainly well ahead of the rest of the world.
Leah Calnan is the director of <a href="https://www.metropm.com.au/" title="Metro Property Management homepage" target="_blank">Metro Property Management</a> in Victoria and is the chairwoman of the REIV Property Management Chapter.
 
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leahcalnan-pwE6GD6KY9

Australia is a world leader in property management 

<html><body>
<img src="/images/stories/mahaquote.gif">
- Maha Sayour, the sister of Kings Cross identity John Ibrahim, told police during raids when $2.86 million in cash was found hidden in the ceiling of her South Wentworthville house.
She has pleaded not guilty to dealing recklessly with the proceeds of crime after the stockpile of banknotes was seized.
None of the 13 finger and palm prints found on the money bags matched hers. In a video recording played to the court, Sayour is heard telling police that her brother John gave her $500 a week to help with the mortgage. 
She also said that she had been renovating the house for several years and had "one kitchen for looking and one kitchen for cooking".
The house cost $159,950 in 1991.
 
</body></html>

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