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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[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

<html><body>
Brantwood Hall, a block of 13 apartments in Edgecliff, in Sydney’s eastern suburbs, has been listed for October 27 auction.
The New South Head Road listing is under instructions from receivers. It’s tipped to fetch more than $5 million.
The four-floor Art Deco block comes with 12 apartments with one bedroom, living room plus sunroom each totalling about 58 square metres. There is also a three-bedroom penthouse with about 300 square metres of top-floor space including balcony. It has possible strata conversion potential, according to its Ray White Double Bay listing agent Craig Pontey.
Its current gross annual return is $270,000. After renovations with new kitchens in 1986 it was $110,000, reflecting just 3.6% annual growth during the past 25 years.
“The gross annual rental could be improved,” says conjunctional Ray White agent Violet Farebrother.
Woollahra Council rates are $2,058.27 a quarter. The water rates are $1,567.65 a quarter.
Buyers have been given comparables of similar blocks that have been sold recently or provide a good indicator of the market.
<img src="/images/stories/east1.jpg">
83 Oakley Road, North Bondi
Sale Date: July  2011
Sale Price: $2,800,000 (as advised by APM)
Land Area:  493 m2
Equated Market Net Yield: 3.02%
Description:   Improvements incorporate a refurbished block of 4 x two bedroom plus sunroom flats with single garage. Flat areas of approx. 103 m2 each.  Estimated gross annual income of $117,321, which may be dissected as $550 per week for each of the four flats and an additional $50 per week for the single garage. Equated net income of $84,696 per annum. This sale equates to $700,000 per flat or about 3% net yield per annum.
<img src="/images/stories/east2.jpg">
8 Stafford Street, Double Bay
Sale Date: June 2010
Sale Price: $5,275000
Land Area:  428m2
Equated Market Net Yield: 3.26%
Zoning: Residential 2(b)
Description:   Improvements incorporate a similar-type, older style, residential flat building providing 9 x 2 bedroom, strata title units. Gross annual income at time of sale was advised at $226,561 per annum, or an equated net yield of about $172,186 per annum. Our analysis indicates this sale occurred at the rate of about 3.26% net. Total accommodation floor area for the nine units was advised at 543m2 which indicates a sale price at the rate of about $9,714 per m2 of living area.
<img src="/images/stories/east3.jpg">
118 Warners Avenue, Bondi Beach
Sale Date: May 2010
Sale Price: $5,310,000
Land Area:  419 m2
Equated Market Net Yield: 3.64%
Description:   Improvements incorporate a refurbished block of 6 x three bedroom units (approx. 95m2 each) with 3 x open carspaces.  Some units with ocean views. Strata title block. Gross annual rental of $241,800 per annum. DA for conversion to 10 apartments (as advised by selling agent)
<img src="/images/stories/east4.jpg">
124 O’Brien Street, Bondi Junction
Sale Date: November 2009
Sale Price: $2,115,000
Land: 401 m2
Equated Market Net Yield:  3.94%
Description: Improvements incorporate an older style block of 4 x 2 bedroom plus sunroom flats (approx. 80m2 each) and 2 x single lock up garages. Gross annual rental as advised at $85,536 per annum. Under rented. Adopted gross market rental at $104,286 per annum. This sale equates to $528,750 per flat.
<img src="/images/stories/east5.jpg">
5 Salisbury Road, Kensington
Sale Date: May 2010
Sale Price: $4,205,000
Land: 675 m2
Equated Market Net Yield:  3.57%
Description: Improvements incorporate a circa 1960’s/70’s block of 9 x two bedroom units with 9 x lock up garages. Advised gross annual rental at $158,000 per annum. Under-rented. Adopted gross market rental at $187,714 per annum ($400 per week each). This sale equates to $467,222 per flat.
<img src="/images/stories/east6.jpg">
48 Wiley Street, Waverley
Sale Date: May 2010
Sale Price: $2,207,500
Land Area:  326 m2
Equated Market Net Yield: 3.78%
Description:   Improvements incorporate an older style block of 4 x 2 bedroom apartments with DA approval for strata subdivision. Sold with an advised gross annual income of $91,250.  Under-rented. Adopted gross market rental at $104,286 per annum. ($500 per week each). This sale equates to $551,875 per flat.
<img src="/images/stories/east7.jpg">
16 Figtree Avenue, Randwick
Sale Date: June 2009
Sale Price: $2,350,000
Land Area: 487 m2
Equated Market Net Yield:  3.97%
Description: Improvements incorporate a block of 4 x 3 bedroom flats (approx. 89m2 each) with 2 x single lock up garages and car-spaces. Gross annual rental as advised at $99,000 per annum. Under rented. Adopted gross market rental at $116,480 per annum ($560 per week). This sale equates to $587,500 per flat.
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jchancellor-FAypfDUnLy

Sydney eastern suburbs blocks attract strata investor interest

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The availability of office space in the Perth CBD continues to tighten dramatically, with demand from the state’s resources sector accounting for more than half of the city’s leasing profile, according to Savills. 
Savills research shows there are 66 full floors available for lease (now and in the future) in the Perth CBD as at September 2011, representing 6.7% of the city’s prime office stock. 
Of this, only 18 floors are available for occupation in the next six months, primarily comprising the sub-lease space available in BankWest Tower, 108 St Georges Terrace and Raine Square which is due for completion later this year. 
The number of full floors available has fallen from 93 floors in June 2011 and has consistently tightened from the peak level of 128 floors in September 2009. 
While the Property Council of Australia figures put the Perth CBD vacancy rate at 7.8% as at July 2011, Savills latest analysis indicates the market has tightened significantly to 2.8% for the September quarter. 
Paul Craig, Savills WA Managing Director, said WA is now entering an extended period of mining prosperity, evidenced by US energy giant Chevron recently giving the green light to its final investment decision on the $29 billion Wheatstone LNG project.
“The mining, utilities and industry sector now accounts for 55% of the Perth CBD office leasing profile. With over $170 billion worth of resources projects planned or pipelined for WA, many mining companies are looking for space to expand as their businesses grow,” Craig says. 
“This emerging period of mining prosperity in WA is expected to have the longevity unlike what we have seen previously. It has the potential to continue for another two decades and readjust the entire WA economy at a higher level.” 
Craig says the outlook for WA is extremely bright despite the economic uncertainties in the US and Europe. 
“We are now seeing a significant increase in investment interest in the WA commercial property sector,” he says. “Given the longevity of the state’s new mining projects and associated infrastructure, and the lack of new Perth CBD office supply, investors are recognising it is an ideal opportunity to enter the WA market.”
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lschlesinger-FZcF9M3vE6

Resources sector dominates Perth office market

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Owners of older CBD office buildings will need to focus on improving their sustainability as well enhancing both their external and internal attributes to attract both tenants and future investors, according to new research by Colliers. 
A white paper called Getting Your Building Ready for the Next Decade and Beyond co-authored by Colliers and engineering firm Arup says “whole of building sustainability and workspace performance” is now a key to meeting tenant requirements and increasing property values. 
It comes as more than three-quarter of respondents to Colliers’ 2011 Global Investor Sentiment Survey (77%) said owning obsolete property is a greater concern than 10 years previously.
In Melbourne, about 80% of office buildings are more than 20 years old. According to Colliers, it’s a “relatively recent phenomenon” in Australia that large and growing number of office buildings in Australia are reaching the 20- to 40-year age bracket. 
Recently Charter Hall sold a 14 storey, 8,000-square-metre office building on Queen Street in the Melbourne CBD with a zero NABERS (National Australian Built Environment Reporting System) sustainability rating to a Singaporean developer for $25.5 million, nearly $7 million below the 2007 purchase price of $32 million.
Owners of older office building with similarly poor sustainability ratings will need to make improvements or face making a loss. 
Along with perennial factors such as location, floor plate size, core configuration, service provisions and amenities, sustainability has grown in importance since 2004, following the introduction of the green star rating system by the Green Building Council of Australia, the white paper says. 
“A bad [sustainability] score has the potential to eliminate a building from consideration,” say report authors Nerida Conisbee, national director of research at Colliers, and Adam Leggett, senior sustainability integrator at Arup. 
“More than ever building ownership requires a clear strategy to achieve its returns. There needs to be both an internal and external focus with a clear vision for the requirements of the target tenant groups and addressing external influences,” they say. 
Sustainability is especially important for offices given that state and federal government departments make up about a quarter of all office tenants and it is the government that is leading the push for high levels of sustainability in buildings. 
“High NABERS ratings and green star ratings are being sought on most new buildings and the carbon tax will further drive the requirement for this in existing buildings,” say Conisbee and Legett. 
“The federal government, through the COAG National Energy Strategy, are intending to set rising energy standards for all buildings. Commercial buildings disclosure is now in place for 2,000 square metre plus offices and will spread to other building sizes and types.” 
Aspects of buildings that owners should consider addressing include: 
<ul>
<li>
Façade performance - “often overlooked in pre-purchase consideration and upgrade decision making. Older buildings and even many newer buildings can have significant air leakage, known as infiltration, through the façade which can drastically increase energy consumption and reduce occupant comfort. </li>
</ul>
<ul>
<li>
Location – be mindful of the changes that are happening around the building. As an example the development of Docklands in Melbourne has had a transformative influence on the Western Core of the CBD with Barangaroo in Sydney expected to have a similar effect on neighbouring commercial zones. </li>
</ul>
<ul>
<li>
The semi-public realm around the building - enhanced by providing indoor and outdoor spaces, allowing space for rotating art displays and providing green features. This activation of the private and semi-public space can generate off-peak activity and create an engaging and valued building location. </li>
</ul>
<ul>
<li>
Technology upgrades - Using real-time displays, for example, increases knowledge about public transport arrival times and can encourage the exploration of public transport as a commuting mode. </li>
</ul>
The report recommends that building owners should undertake a strategic review “focusing on opportunities for increasing value and tenant attraction that might otherwise not be identified”. 
“The property agent role is crucial, as an understanding of the tenant profiles, market demand and experience of managing tenant moves will underpin any upgrade strategy,” the white paper says.
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Older office buildings must get with the times: Colliers

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Property investors can use their self-managed super fund (SMSF) to buy a holiday home and use it themselves, provided they structure the investment correctly, according to Andrew Bloore, CEO of software group SuperIQ.
Speaking at the recent Institute of Chartered Accountant’s National SMSF Conference, Bloore says he has seen examples of where someone has wanted to buy a chalet in the snow, but have said: “No, I can’t use it because I am leasing it to myself”.
Under limited recourse borrowing arrangements (LBRA), DIY super investors can hold residential or commercial property in their funds, but cannot lease the property to themselves or to a related party such as a family member or fellow fund member.
The exception is if it the property is classified as “business real property” – which is property used wholly and exclusively in the running of a business, such as a house that is used as a doctor’s office.
“So in the case of the ski chalet, what they have done is set up a business entity, which enters into a lease arrangement [with the fund], and it goes into the business of daily rentals of that property,” Bloore explains.
“It hires people and rents out the premises so it is now very clearly a business premises.
“The rental agreement is with the business entity, not with the super fund,” he says, “so it meets all the conditions of the business real property.”
Bloore says investors can use the SMSF rules to their advantage if they structure things correctly and think outside the square.
“Structuring will make all the difference as to how you buy and hold an asset in your super fund,” he says.
This is article is for illustrative purposes only and should not be construed as financial advice.
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Holiday properties possible through SMSF: Expert

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This will be a short column today looking at what is happening to the “liquidity” of Australia’s housing market right now. We measure liquidity many ways, including by reference to actual turnover, the flow of homes coming on to the market each week, the stock of homes that are relisted for sale (think of this as an inventory metric), and auction clearance rates. 
Today I will focus on new listings, re-listings and auction clearance rates. All of this data is kindly supplied by RPData.com. The first chart below shows the rolling monthly new listings of homes across Australia reported on a weekly basis. There are two things we can learn from this information. First, there was an unseasonably strong spike in new listings at the start of 2011, which, as we know, coincided with the east coast floods and the general weakening in market activity. Click to enlarge
 <a href="/images/stories/oct131.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/oct131thumb.gif"></a>
The second thing we can see is that the vendor dynamics changed abruptly in June 2011, wherein new listings fell away strikingly. While this was partly seasonal, it was also probably fuelled by the negative sentiment that was building around house prices at the time combined with the RBA’s jawboning on interest rates. We know, for example, that between February and June 2011 Australians typically expected the RBA to hike interest rates another two to three times, which would have pushed official headline mortgage rates over 8.5% (i.e., highly restrictive territory). 
The final point of note in this chart is that despite the data running through the first week of October, we have yet to identify the traditional spring surge in listings. While there will inevitably be some uplift evinced, it would seem that many vendors don’t need to sell their homes, which makes sense given Australia’s relatively low mortgage default rate (about 0.8% of all borrowers). This has been doubtless reinforced by the lacklustre auction clearance rates. 
The more intriguing question is whether the big shift in consumer sentiment that I have been forecasting for a while now — i.e., from expecting several rate hikes to no hikes or a cut — will feed back into more positive housing market dynamics (I expect it will). 
We have seen from the latest ABS and AFG data some healthy housing finance flows over June, July and August. As previously reported, we have also witnessed a gradual increase in the share of first-time buyers returning to the market. There is no question that affordability has improved: house prices have not risen in over a year while disposable incomes have been expanding at an 8% per annum pace. Finally, we know that the use of fixed-rate loans is increasing sharply given that you can now fix for three years at low rates below 6%. 
The second chart I want to highlight is the stock of unsold homes, or re-listings, over time. I have juxtaposed this against the national auction clearance rate. The lessons are clear: the decline in the clearance rate from over 70% in 2009 to around 50% today has correlated with an inexorable rise in the volume of homes that are available for sale (since more are getting passed in). So while new listings coming to market are low, the overall inventory of properties available for purchase is high. This accords with the soggy price action that we have seen throughout 2011, with combined capital city dwelling values down about 3% to 4% in the year to date. Click to enlarge
 <a href="/images/stories/oct132.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/oct132thumb.gif"></a>
What happens for the remainder of the year really hinges on interest rates. If the RBA cuts or stays on hold with an easing bias, we expect to see a noticeable uplift in housing virility. If in the now increasingly unlikely event — at least according to the financial markets and most economists — the RBA were to consider raising rates again, conditions would obviously remain very limp indeed.
Christopher Joye is a leading financial economist and works with <a target="_blank" title="Rismark International" href="https://www.rismark.com.au/">Rismark International</a>. Rismark and RP Data provide house price analytics products, and solutions that enable investors to go long and/or short the housing market. The above article is not investment advice.
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chrisjoye-JYhJsTrNRC

Spring market lacklustre, and improvement is in the hands of the RBA

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Asking rents for units are approaching those for houses in most capital cities, according to Australian Property Monitors.
The rental market growth for units outperformed houses during the year to September, APM senior economist Dr Andrew Wilson says.
During the September quarter median asking rents for houses fell nationally by 0.2% while asking unit rental prices picked up by 1.1% in the quarter.
In Melbourne the current median asking rent for units is $350, compared with houses at $360.
In Sydney it is $460 for units and houses at $495.
In Brisbane unit median rent it $360 and house median rent is $370.
In Perth units are $370 and houses are $380.
In Canberra units are $430 and houses are $465.
Wilson suggests unit rental prices increasing at a greater rate in most capital cities compared with houses indicates increased competition from discontented first-home buyers entering the rental market, particularly in late 2010 and early 2011.
“As a consequence, the median weekly asking rentals for units is now fast approaching that of houses in many capital cities, as the overall demand for units for both lifestyle and affordability reasons continues to be greater than the demand for more expensive and generally outer-suburban houses,” says Wilson.
“With the prospect of continued stable interest rates, an expected increase in buyer activity will take the pressure off the rental market by decreasing competition for available rental properties and motivating investors to re-enter the market,” he says.
Wilson says first-home buyers are currently unable to access the market due to affordability and stock availability constraints and as a consequence choose to rent until affordability improves.
 
<img src="/images/stories/apmoct132.gif">
<img src="/images/stories/apmoct134.gif">
Source: APM
Canberra and Sydney led the way in annual growth of house rentals, increasing by 3.3% and 3.1% respectively over the year.
Brisbane and Darwin recorded the largest increase in median weekly asking rentals for units over the year to September, both increasing by 5.9%.
They were followed by Perth, where unit rentals rose by 5.7% over the year, then Canberra up 4.9%, Sydney up 4.5% and Adelaide up by 1.9%.
Melbourne unit rentals were unchanged for the year to September.
Hobart was the only capital to buck the trend, recording a 6% drop in annual median weekly asking rentals for units.
<img src="/images/stories/apmoct131.gif">
<img src="/images/stories/apmoct133.gif">
Source: APM
Wilson suggests the subdued growth in rental prices evident in the September quarter should continue into the December quarter as affordability constraints and cost-of-living pressures put a cap on the capacity of tenants to meet rental increases and concerns over the economy continues to foster a relatively conservative attitude by landlords.
The softening in property prices evident through 2011 has meant that gross rental yields increased marginally despite subdued capital city rental growth over the September quarter.
The gross rental house yields range from Melbourne’s 3.87% to Hobart at 5.01%. Units gross rental yields range from Melbourne’s 4.43% to Canberra at 5.49%.
House rental yields should strengthen marginally as continued weak buyer demand places downward pressure on property prices at a greater rate than rental growth.
“Similarly unit yields should increase as rental growth outpaces prices growth for the remainder of 2011,” Wilson says.
Investors who are drawn to the market by optimising rental growth should check out our<a target="_blank" href="https://www.propertyobserver.com.au/landlords/choose-the-right-person-to-manage-your-rental-property/2011101251903"> guide to choosing the right property manager for your investment.</a>
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Unit rents approach house rents in most capitals

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The reluctance of home owners to sell – and home buyers to purchase – has cut possibly 18% off estate agent incomes in the past financial year.
“It is no wonder that many property professionals are experiencing financial challenges,” RP Data research analyst Cameron Kusher says.
 <a title="Click to enlarge" rel="shadowbox" href="/images/stories/rpdataoct131large.gif"><img src="/images/stories/rpdataoct131.gif"></a>
Click to enlarge
His latest research shows the dollar value of residential property transactions across Australia over the 2010-11 financial year fell 18%.
Queensland, with a 27% drop, had the largest fall in the total value of sales, followed by Western Australia, with a 22% drop.
South Australia recorded the only increase – a very mild 1.3% gain.
The total dwelling sales over the 2010-11 financial year equated to $193 billion – the lowest since 2008-09 during the global financial crisis, when total values fell by about 14%.
Houses accounted for $142 billion and units for about $51 billion.
<img src="/images/stories/rpdataoct132.gif">
Kusher says that the annual change in annual dwelling sales value and the annual volume showed the two measures almost in perfect unison.
“For the 10-year analysis, the correlation between the two is 95% and shouldn’t come as a surprise, because sales volumes are currently sitting at a similar level to what was recorded during the depths of the financial crisis.”
<img src="/images/stories/rpdataoct133.gif">
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Agents' income down as dwelling transactions slip to GFC levels

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Outrigger Hotels and Resorts has purchased the management rights of the hotel property currently operating as the Holiday Inn Surfers Paradise.
The sale includes the real estate assets comprising reception, extensive conferencing areas, and restaurant and bar.
The 414-room property will be re-branded to Outrigger Surfers Paradise.
Outrigger Hotels &amp; Resorts is a 64-year-old privately-held US company whose association with the Gold Coast dates back to its decision to expand the brand from the US into Australia in 1998.
“The company’s decision to invest in Surfers Paradise’s tourism sector is also a major show of confidence it has for the Gold Coast and builds upon the presence of its Australian head office in Surfers Paradise,” Outrigger regional general manager Grant James says.
“The Gold Coast has fared much better than other regions in Queensland, which can be evidenced by our other Gold Coast resort at Coolangatta eclipsing revenue and occupancy forecasts for the 2011-12 period,” James says.
His belief had been shaped by data from Tourism Australia’s National Visitor Survey stating that domestic tourism was on the rise, with June recording a jump in domestic travellers by 8%.
The addition of Outrigger Surfers Paradise boosts the hotelier’s portfolio to four in Australia. The company owns about 1,000 rooms in Australia, and 11,200 rooms internationally.
Located on a prominent site on Gold Coast Highway and fronting View Avenue, the hotel is 100 metres from the beach and one block from Cavill Avenue.  Built in 1986, the 23-level hotel opened as Holiday Inn. In 1988 the hotel was purchased by All Nippon Airways and operated as ANA Hotel. The Raptis Group purchased the ANA Hotel in 2005.
In early 2009, Raptis Group’s subsidiary companies (Colryan Pty Ltd and Seasilver Hotels Pty Ltd), which owned the hotel management rights and its associated real estate assets, were placed into receivership with Ernst &amp; Young the receivers and managers.
The management rights sale was negotiated by Gold Coast based MR Sales.
Upon settlement, Outrigger Hotels and Resorts will own the management rights for approximately 10 years with a 10-year option.
In accordance with Outrigger’s corporate policy, the sale price remains confidential.
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US-based hotelier renews investment in Surfers Paradise

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For those looking for an opportunity to enter the property investment market, now might be a good time. Australia’s national rental vacancy rate sits at a low 2.2% and has been stable over the past 12 months.
“It’s a very tight market,” says Real Estate Institute of Australia chief executive Amanda Lynch. “It’s difficult to get rental accommodation, and as a result landlords can choose the best tenants.”
Additionally, <a target="_blank" href="https://www.propertyobserver.com.au/residential/unit-rents-approach-house-rents-in-most-capitals/2011101251906">rental yields are rising across most capital cities, particularly for units.</a>
That’s good news for current and potential property investors. Nevertheless, investing in property is not always a smooth ride. A good rental property agent can be the deciding factor in success or failure in the property investing game. For investors considering managing their own property, Lynch offers a word of caution.
“Property management can be a much bigger job than people realise,” she says. “The main reason you would use a rental agent is for peace of mind. It can mean phone calls at all times of the day and night, having to get quotes yourself for any maintenance required or dealing with unpaid rent.”
But how do you choose the best possible rental agent, and what is the difference between a good and bad agent?
Over the past 20 years, Andrew Jones and his family have entrusted eight investment properties into the hands of property managers. Not all of them have been successful relationships.
In one recent incident, the tenants in the family’s Lake Macquarie, NSW property fell behind on their rent for several months and were evicted. It was only following the eviction that the family discovered the tenants had kept several birds and rabbits in the house, causing damages totalling $15,000.
“If the agent had carried out regular inspections on the property – as they had told us they had – the pet issue would have been noted and addressed well before we received the bill,” Jones says. “Having learnt from this, I would strongly recommend maintaining a good relationship with your agent and don’t be afraid or embarrassed to seek feedback on your property on a regular basis.”
High on Jones’s checklist of what makes a good rental agent are attributes such as professionalism, experience and proactivity. Local knowledge is also important, he says. “‘Out of towners’ or ‘rookies’ can’t always give you the accurate feedback or service you require to maximise the return on your investment.”
Jones recommends property investors just starting out do their own research on their chosen area and ask prospective rental agents for appraisals. “Choose the agent you think best suits your location, the size and type of property you own and don’t always go with the agent that tells you the highest rental amount they can achieve. If your property is overpriced you may end up spending four weeks longer looking for a tenant, only to find you have to drop the price anyway.”
Rob Farmer, CEO of rental specialist agency RUN Property, reels off five key attributes of a good rental agent: people person, good negotiator, calm under pressure, eye for detail, and an understanding of property investment.
“Real estate agencies are often owned by real estate salespeople, who are good salespeople but they don’t have the operational management and attention to detail required in property management,” Farmer says.
He recommends investors ask friends and family to recommend agents and interviewing all prospective property managers. “Also interview the manager of the property management division,” he adds. “It is just as important to have a good property management company as well as a good manager. If your property manager leaves or you have a problem you need to know you have a quality company standing behind them.”
Mary Anne Cronin, an agent with Raine &amp; Horne Bondi Junction, says choosing the best possible tenant is an important measure of a good rental agent. “We interview all our prospective tenants,” she says.
“If you’re dealing with properties with a rental average of $1,000 to $1,500 per week, as we are, it’s essential to ensure the tenants are the right match for the property.
“It’s about matching the right people to the property and that they are going to appreciate it. So if the property has a garden, you have to make sure the tenant will appreciate and look after it.”
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cknowlton-QnEa6ntUYP

Choose the right person to manage your rental property

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The number of commitments for owner-occupied housing finance lifted by 1.2% in August to 50,965, the Australian Bureau of Statistics says.

While the figures are the second straight rise for the owner-occupied sector, they are lower than expectations for a 2% rise.
Westpac has described the August report as "lacklustre", saying the level of housing finance to owner-occupiers is down 0.9% from the end of 2010, and 4.6% for new lending.
"More broadly, the housing sector is facing a number of headwinds: interest rates, stretched housing affordability and household's desire to pay down debt. These forces are offsetting the positives of rising household incomes, relatively low unemployment and a shortage of housing stock," the bank says.
And the total value of dwelling finance commitment excluding alterations and additions rose by 1% to $20.848 billion.
The seasonally adjusted series for the value of owner-occupied commitments rose 0.6%, while the value of investment housing commitments seasonally adjusted rose 1.8% in August 2011.
This article originally appeared on <a href="https://www.smartcompany.com.au/economy/20111012-housing-finance-commitments-lift-shares-down-on-euro-woes-middday-roundup" target="_blank">SmartCompany</a>.
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Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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

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