<p><a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>’s 640 Bourke Street stands as a testament to&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic-3000">Melbourne</a>’s ability to bridge its storied past with a bold vision for the future.&nbsp;</p>

<p>Rising above the heritage-listed Eliza Tinsley building, the development reflects a broader shift toward adaptive reuse in the city, where historical assets are retained and reinterpreted as part of new residential development.</p>

<p>Designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> incorporates the Eliza Tinsley building as its foundation, housing a grand gallery and lobby space that serve as both a functional and symbolic centrepiece. The heritage façade informs the tower’s design, creating a connection between Melbourne’s past and its contemporary skyline.</p>

<p>"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.</p>

<p>[smartcode_project:default project_id=509 project_image_fid=365684]</p>

<p>Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.</p>

<p>Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.</p>

<p>"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;</p>

<p>This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;</p>

<p>“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;</p>

<p>[smartcode_project:default project_id=509 project_image_fid=365687]</p>

<p>Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;</p>

<p>Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.</p>

<p>"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.</p>

<p>At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.</p>

<p>[smartcode_project:default project_id=509 project_image_fid=365689]</p>

<p>The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.</p>

<p>"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;</p>

<p>640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.</p>

<p>"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."</p>

<p>One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.</p>

<p><em>Renders shown are Artist's Impressions correct as of May 2026.</em></p>

<p>[smartcode_project_cta:default project_id=509]</p>


Joel Robinson

Heritage-led design anchors Far East Consortium’s 640 Bourke St, Melbourne

<p><a href="https://www.apartments.com.au/developers/mayd-group">MAYD Group</a> has set a new residential price record in Queensland with the $30 million sale of the penthouse at its <a href="https://www.apartments.com.au/new-apartments/one-burleigh-88-the-esplanade-burleigh-heads-qld-4220">ONE Burleigh</a> development in Burleigh Heads.</p>

<p>The sale equates to around $37,500 per sqm.</p>

<p>The two-level, 800 sqm penthouse, featuring five bedrooms, five bathrooms, five car spaces, and a private infinity pool overlooking the Pacific Ocean, was acquired by a Gold Coast-based entrepreneur, highlighting continued demand for ultra-premium beachfront product.</p>

<p>Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.</p>

<p>“There’s very limited opportunity to secure this level of scale and absolute beachfront position in <a href="https://www.apartments.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>,” Tehle said.</p>

<p>“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”</p>

<p>[smartcode_project:default project_id=146358 project_image_fid=323057]</p>

<p>The sale comes as construction progresses on ONE Burleigh, a boutique development of 17 full-floor residences at 88 The Esplanade, scheduled for completion in early 2027.</p>

<p>Developed by MAYD Group and designed by <a href="https://www.apartments.com.au/architects/mas-architecture-studio">MAS Architecture</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/sici-design">Sici Design</a>, the project has been positioned as a collection of house-sized beachfront apartments, each occupying an entire floor with around 381 sqm of internal and external living space.</p>

<p>When construction commenced, MAYD director Todd Mould pointed to the long-term resilience of premium coastal real estate as a key driver behind the project.</p>

<p>“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.</p>

<p>“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”</p>

<p>[smartcode_project:default project_id=146358 project_image_fid=323055]</p>

<p>Each residence has been configured with four bedrooms, multiple living zones, a private office, and expansive ocean-facing terraces. Interiors draw on a restrained material palette, including travertine stone, timber joinery, and integrated premium appliances.</p>

<p>Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.</p>

<p>“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”</p>

<p>Residents will have access to a suite of wellness-focused amenities, including pools, sauna facilities, and dedicated relaxation spaces, reflecting a broader shift toward lifestyle-driven apartment design on the Gold Coast.</p>

<p>[smartcode_project:default project_id=146358 project_image_fid=323052]</p>

<p>The project occupies a southern Esplanade site with uninterrupted beachfront frontage, an increasingly rare offering in Burleigh Heads, free from the Norfolk Pines that line much of the coastline and often limit direct ocean outlook.</p>

<p>Mould said the design intent was to balance that outlook with a sense of retreat.</p>

<p>“Living at ONE Burleigh is about how your day naturally unfolds, morning light across the ocean, coffee on the balcony, and being in Burleigh but elevated above the noise.”</p>

<p>The result further reinforces Burleigh Heads’ emergence as one of the Gold Coast’s most tightly held and supply-constrained beachfront markets, where boutique, owner-occupier-focused developments are increasingly setting new price benchmarks.</p>

<p>[smartcode_project_cta:default project_id=146358]</p>


MAYD Group sets Queensland record with $30 million penthouse sale at ONE Burleigh in Burleigh Heads

<p>Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.</p>

<p>Developer BIG Projects brought in the renowned Sydney-based design studio YSG Studio to craft the interiors for The Frederick, BIG Projects' new Mermaid Beach project and YSG Studio's first move into the multi-residential development space.</p>

<p>[smartcode_project:default project_id=110588 project_image_fid=5346]</p>

<p>It was a strategic move for BIG Projects to bring in a Sydney eye to the development.</p>

<p>“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of BIG Projects.</p>

<p>“We wanted YSG Studio to capture the essence of Nobby’s, to design a building that embraces life, light and connection, while creating a genuine sense of place.”</p>

<p>There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;</p>

<p>[smartcode_project:default project_id=110588 project_image_fid=5347]</p>

<p>Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."</p>

<p>“Nobby’s has such an iconic energy, it’s one of those rare pockets of the Gold Coast where the community, the beach, and the streets all feel connected,” Ghoniem says.</p>

<p>"Responding to the neighbouring coastline, soothing curves add a relaxing regional overlay, while unique detailing really sets it apart. It’s a place that feels lived in from the moment you step inside.”</p>

<p data-end="236" data-start="64">A standout feature of The Frederick is its rooftop terrace, an uncommon inclusion for a boutique, low-rise building, where amenity is typically concentrated at ground level.</p>

<p>[smartcode_project:default project_id=110588 project_image_fid=5360]</p>

<p data-end="523" data-start="308">Positioned to capture panoramic views from the hinterland to the ocean, the rooftop has been designed as a series of intimate zones. It includes a pool, sauna, sun decks, workspaces and dedicated entertaining areas.</p>

<p data-end="670" data-start="525">“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.</p>

<p data-end="760" data-start="672">Architecture for the project was led by Plus Studio, with landscape design by LDG Landscape Architecture.</p>

<p data-end="951" data-start="762">SRQ Projects Director Nick Clydsdale, who is handling sales at The Frederick, says the majority of enquiry is coming from South East QLD and Victorian buyers who have been actively searching between Broadbeach and Mermaid Beach for some time.</p>

<p data-end="951" data-start="762">"They’ve reviewed a number of projects, however this one has stood out for its unique detailing and compelling design,"&nbsp;Clydsdale says.</p>

<p data-end="951" data-start="762">Site demolition is slated for this month, with construction commencing soon after. BIG Projects is targeting a late 2027 completion.</p>

<p>[smartcode_project_cta:default project_id=110588]</p>


Sydney’s YSG Studio makes Gold Coast multi-residential debut with BIG Projects at The Frederick

<p>Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.&nbsp;</p>

<p>Set within one of Melbourne’s most sought-after precincts and designed by <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser and Partners</a>, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.&nbsp;</p>

<p>The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.&nbsp;</p>

<p>The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.&nbsp;</p>

<p>Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 - $11 million.&nbsp;</p>

<p><img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="aa11211b-5581-43f9-940c-fc84d30a0e61" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/C_04.png?VersionId=Yhf5p_1EgGDu_zOIMFgvA8Ug8j3sTFQs" /></p>

<p>Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.&nbsp;</p>

<p>Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.&nbsp;</p>

<p>The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.&nbsp;</p>

<p>ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;</p>

<p>Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments &amp; Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.&nbsp;</p>

<p><img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="647e13d7-b4bc-433a-9bc9-fe3c3dd4f2ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/V_06.png?VersionId=ou4NUCWUgA3NAy.6CQJlEdKX50j3dOk6" /></p>

<p>For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;</p>

<p>“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.</p>

<p>"With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.</p>

<p>“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity."</p>

<p>Givoni says the project is a&nbsp;highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.</p>

<p>"We are really looking forward to the market’s response,” he said.&nbsp;</p>


ALTA Property to deliver $200 million Queens Road apartment tower

<p>Construction is set to begin at <a href="https://www.apartments.com.au/new-townhouses/orchard-mews-glen-iris-18-scott-grove-glen-iris-vic-3146">Orchard Mews</a> in Glen Iris, with&nbsp;PC Whitehall &amp; Sons&nbsp;now appointed as the townhome development moves into its next phase.</p>

<p>The development by&nbsp;<a href="https://www.apartments.com.au/developers/montcoeur">MontCoeur</a>,&nbsp;located at 18 Scott Grove, is now around 30 per cent sold, with completion targeted for late-2027.</p>

<p>Orchard Mews comprises a curated collection of three- and four-bedroom customisable townhomes, positioned within one of <a href="https://www.apartments.com.au/developments/glen-iris-vic-3146">Glen Iris</a>’ more tightly held residential streets. The low-density project has been designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo</a>, bringing together a team known for high-end residential projects across Melbourne.</p>

<p>[smartcode_project:default project_id=150128 project_image_fid=366285]</p>

<p>The development is defined by its focus on flexible living and long-term usability. Each residence includes multiple living zones and a customisable multipurpose room, allowing buyers to tailor spaces to suit changing needs, whether as a home office, additional bedroom, wellness area or entertainment space.</p>

<p>Architecturally, the townhomes emphasise natural light and spatial volume, with dual-aspect layouts and double-height living areas incorporated into the design. Interiors feature natural stone benchtops, premium appliances, and a neutral material palette intended to support everyday functionality rather than statement-driven finishes.</p>

<p>All residences are all-electric and include private lifts and secure double garages, reflecting a broader shift toward sustainability and future-focused housing in Melbourne’s established suburbs.</p>

<p>[smartcode_project:default project_id=150128 project_image_fid=366277]</p>

<p>Outdoor connections are also central to the offering, with a mix of private courtyards and terraces extending internal living spaces and integrating with the landscaped surrounds.</p>

<p>The Scott Grove address places Orchard Mews within close proximity to some of Melbourne’s key lifestyle and education amenities, including Scotch College, Sacré Cœur, Cabrini Hospital and the retail hub of Chadstone. Public transport access is also nearby, with trams and Gardiner Station providing connectivity to the CBD and surrounding suburbs.</p>

<p>[smartcode_project_cta:default project_id=150128]</p>


Construction to commence at luxury Glen Iris townhome project, Orchard Mews

<p>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.</p>

<p>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;</p>

<p>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.</p>

<p>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.</p>

<p>Even in the low seasons of May and June, occupancy levels reach around 40 per cent.</p>

<p><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" /></p>

<p>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</p>

<p>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.</p>

<p><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" /></p>

<p>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.<span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><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" /></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span><span><span><span><span><span>​</span></span></span></span></span></span></p>

<p>The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;</p>

<p>Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.</p>

<p>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;</p>

<p>Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.</p>


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

<html><body>
<p><strong>EXPERT OBSERVATION</strong></p>
<p><span><span><span><span>HIA welcomes the release of </span><span>crucial final touches to the Federal Government’s HomeBuilder scheme. </span></span></span></span></p>
<p><span><span><span><span>The addition of this extra detail will clarify questions builders and home buyers have been asking since the scheme was announced on 4 June.</span></span></span></span></p>
<p><span><span><span><span>The HomeBuilder grant has already boosted interest in buying a new home or carrying out a renovation project. Builders are feeling positive about the next six months of activity and equally important is the potential the scheme has to generate activity in 2021. The new details will make this interest even stronger.</span></span></span></span></p>
<p><span><span><span><span>The Government has announced three key refinements to HomeBuilder:</span></span></span></span></p>
<ul>
<li><span><span><span>allowing the necessary time for home buyers to arrange their finance approvals, building approvals and meet other legal requirements before work is required to commence, rather than the fixed three month timeframe initially announced; </span></span></span></li>
<li><span><span><span>clarification that a sales contract for a home purchased off the plan will be eligible in the same way as a building contract, and</span></span></span></li>
<li><span><span><span>aligning the process with the current timing of payments for first home owner grants for new homes. </span></span></span></li>
</ul>
<p><span><span><span><span>These updates will give greater certainty to home buyers and their builders about what projects potentially qualify for the grant. </span></span></span></span></p>
<p>Recognising that a fixed three month timeframe to commence building work did not reflect how dependent home builders are on other players, like the banks, the councils and building certifiers, is extremely important and a welcome update.</p>
<p><span><span><span><span>While the state and territory revenue offices now need to outline the final details of how applicants will apply for the grant and timing of payment, the new information clearly addresses key concerns HIA had raised with Government.</span></span></span></span></p>
<p><span><span><span><span>HIA has been working closely with state and territory revenue offices and we look forward to receiving these details soon, which will assist home buyers and builders begin taking full advantage of the grant. </span></span></span></span></p>
<p>The HomeBuilder grant provides the incentive and the support needed to maintain housing activity in the second half of 2020.</p>
<p><em>Kristin Brookfield is the HIA Chief Executive Industry Policy</em></p>
</body></html>

j.ballantyne1990-6AQqhLzZaK

Final touches add certainty to HomeBuilder scheme: HIA's Kristin Brookfield

<html><body>
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
<p>Exclusive funds management company, CF Property Capital, has announced its Chiodo Diversified Property Fund has hit $50 million in funds under management (FUM), receiving a 5-crown rating from Financial Express.</p>
<p><span>With over 300 notable investors involved, CF Property Capital started raising funds in late 2016.</span></p>
<p><span>CF Property Capital’s Executive Director, Ilya Frolov said, </span>“In the Investment Centre of the Money Management Fund Database, we’re the only 5-crown rated property fund (listed and direct) to be returning a positive return on investment this year."</p>
<p><span>“This year we’re planning to finalise and complete three projects, which means dividends back to our investors as well recycling the funds into new projects and developers,” says Frolov.</span></p>
<p><span>Despite Covid-19 affecting the industry and investor confidence, Ilya is expecting a rebound later this year.</span></p>
<p><span>“We’re seeing an impact that sits somewhere between 5 per cent per quarter that is locked down. If the lockdown is released and people can get back to some form of normality, the property prices will stay at the 5 per cent drop."</span></p>
</div>
</div>
</div>
</div>
<div class="page" title="Page 2">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>“We’re also looking at the immigration situation closely and travel restrictions, which are highly correlated with the demand for new and existing residential properties. Once international travel restrictions and immigration borders are open, we will most likely see a rebound to above pre-COVID-19 figures.”</span></p>
<p><span>Principal Paul Chiodo said CF Property Capital has proven itself to be a consistent and fruitful investment option compared to most alternatives, nationally.</span></p>
</div>
</div>
</div>
</div>
</body></html>

CF Property Capital receives 5-Crown rating forecasting market rebound

<html><body><div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
<p>Residential construction plays a vital role in supporting jobs both on and off building sites across Australia.</p>
<p>It has the second largest economic multiplier of the 114 industries that make up the Australian economy, according to new analysis.</p>
<p>Nine jobs are supported across the economy for every $1 million spent on residential construction, the report, Building Jobs: How Residential Construction Drives the Economy, found.</p>
<p>The data came from the National Housing Finance and Investment Corporation’s (NHFIC) research unit which found residential construction c<span>ontributes around five per cent to annual gross domestic product (GDP) accounting for about 134,000 jobs.</span></p>
<p>Of the total of nine jobs, around four can be considered on-site jobs, while the remaining five can be considered off-site, people who supply materials and other off-site services.</p>
<div class="page" title="Page 7">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>The average cost of building a home in Australia is around $320,000.</span></p>
</div>
</div>
</div>
</div>
<p>Commenting on the research, NHFIC CEO Nathan Dal Bon said this meant that every new home built generated an average of three jobs throughout a range of industries, based on the average dwelling construction cost.</p>
<p>“Understanding how residential construction activity may affect jobs and flow through to the broader economy is increasingly important and timely, given the impact of COVID-19,” Mr Dal Bon said.</p>
<p>It comes at a time when data shows substantial job losses have already occurred in the construction industry following the onset of COVID-19.</p>
<p>Recent ABS payroll data showed that employment fell by 5.8 percent between March and May.</p>
<p>The NHFIC’s research unit, established this year by the Federal Government, has dual roles. It is to undertake independent housing related research and also to monitor housing demand, supply and affordability across Australia.</p>
<p>The Building Jobs report, which draws on the most recent available data from the 2017-18 Australian Bureau of Statistics (ABS) input-output tables released last month, found that $1 million of output in residential construction supports around $2.9 million of industry output and consumption across the broader economy.</p>
<p>Relative to other industries, residential construction activity has strong economy spillovers in terms of economic output and jobs, particularly when there is spare capacity. </p>
<p><img src="https://www.urban.com.au/images/2020/6/19/4_Construction.png" alt=""></p>
<p>The employment impact on construction services such as plumbing, electrical, bricklaying and carpentry is almost four times that of any other industry connected to the residential construction industry, the report found.</p>
<p>Recent insights from internal discussions within the Reserve Bank of Australia highlighted its such a vitally important industry in the Australian economy in terms of its contribution to jobs and economic growth.</p>
<div class="page" title="Page 86">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>Demand for new housing remains weak. </span></p>
<p><span>Builders of detached housing expect the recent weak demand to weigh on construction activity and cash flow beyond their current pipeline of around four to nine months.</span></p>
<p>The pipeline of residential construction work in the major east coast markets is at the longer end of this range, the RBA noted.</p>
<p>Builders and developers report that domestic banks and non‐bank financiers have become more conservative in their lending. </p>
</div>
</div>
</div>
</div>
<p>It assumed 20 per cent of the labour force in the construction sector will be unable to work at some point in the June and September quarters.</p>
<p>The RBA economist Richard Evans anticipated the negative confidence shock higher than that experienced in the global financial crisis.</p>
<p>There was a late April RBA memo indicating demand for new housing had declined substantially since mid-March and was expected to decrease further.</p>
<p>"There have been sharp falls in sales, enquiries and foot traffic following the introduction of stricter containment measures," it noted.</p>
<p>There were increases in contract cancellation rates, particularly for new detached houses and greenfield land, so financial risks had increased for builders and developer as a result of the decline in demand for new housing.</p>
</div>
</div>
</div></body></html>

Residential construction is vital to the Economy: NHFIC

<html><body><div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
<p>The NSW Government has announced that the new $80 million Western Sydney Construction Hub will be located at the existing Kingswood TAFE NSW campus.</p>
<p>Minister for Skills and Tertiary Education Geoff Lee revealed the location with Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres during a visit to the Western Sydney campus.</p>
<p>“The Western Sydney Construction Hub will be located on the existing TAFE NSW campus in Kingswood. It will deliver specialised training for 700 new students each year in key trade areas such as carpentry, electrical, construction and plumbing,” Mr Lee said.</p>
<p>“As a dedicated Centre of Excellence for construction trades, the new facility will significantly enhance education and training in the region and showcase the best of what TAFE NSW has to offer in delivering world-class, practical training linked to jobs.</p>
<p>“We know our State needs a strong pipeline of skilled workers to meet the demand of our infrastructure boom, and that’s why we’re significantly investing in TAFE NSW.”</p>
<p>Mr Ayres said the new Western Sydney Construction Hub will equip students with job- ready skills at a time when the area is experiencing an unprecedented spend in infrastructure projects.</p>
<p>“With its world-class facilities, expert teachers and on-site industry engagement, the Western Sydney Construction Hub will help to deliver the skilled workers needed for major construction projects such as the Western Sydney Airport and Aerotropolis, and the Sydney Metro Western Sydney Airport,” he said.</p>
<p>The centre will be located on vacant land and is in close proximity to public transport, employers and other community amenities.</p>
<p>It is scheduled to be completed in 2023.</p>
<p><span> </span></p>
</div>
</div>
</div></body></html>

Western Sydney Construction Hub to be built in Kingswood

<html><body>
<p>Dexus has announced that it has conditionally exchanged contracts to sell 45 Clarence Street, Sydney to Peakstone.</p>
<p>The sale will realise net proceeds of $530 million, which is consistent with the property’s book value at 31 December 2019.</p>
<p>It was bought in 1998 at $165 million.</p>
<p>45 Clarence Street is a 28-level, A-grade office tower across 32,000 square metres, located in the western corridor of Sydney’s financial district and was built in 1990.</p>
<p>On 31 December 2019, the property was 100% occupied and had a weighted average lease expiry of 3.3 years.</p>
<p>The sale was concluded following the receipt of an off-market unsolicited offer from Peakstone, a Singapore headquartered manager of Asian capital, and is subject to the purchaser receiving FIRB approval.</p>
<p> “This transaction reinforces the resilience of prime quality office asset values in the Sydney CBD and enables us to recycle capital into higher returning opportunities that we expect will become more prevalent over the coming period,” said CEO Darren Steinberg.</p>
<p>The transaction follows the completion or exchange of more than $800 million of property divestments across the group during FY20.</p>
<p>The net sale proceeds will initially be used to repay debt.</p>
</body></html>

Dexus announces conditional contract to sell 45 Clarence Street to Peakstone

<html><body>
<p>Sherry and empanada bar operator, Double Tree International (Australia) Pty Ltd, has agreed terms on a new lease at South Yarra.</p>
<p>In a deal brokered by Teska Carson leasing agent, Reece Israel, the 47 sqm ground floor tenancy at <a href="https://www.realcommercial.com.au/leased/property-ground-floor-16-toorak-road-south-yarra-vic-3141-503307798" target="_blank">16 Toorak Road</a>, was let at $30,000 per annum on a three year term with two further three year options.</p>
<p>Mr Israel said the property benefitted from its prominent Toorak Road frontage.</p>
<p>He said the fully functioning kitchen with a large pizza oven had been a key factor for Double Tree.</p>
<p>"This is a great location for a food and beverage retailer with its close proximity to various transport options and excellent street exposure, while the premises is well suited to the client’s operational requirements,’’ Mr Israel said.</p>
<p>The lessor is a Melbourne based private investor. </p>
<p> </p>
</body></html>

Sherry and empanadas come to Toorak Road, South Yarra

<html><body>
<div title="Page 1">
<div>
<div>
<p>A new commercial building situated in a prominent corner position in the inner-Brisbane suburb of Ashgrove has sold in a deal representing a tight yield for Queensland.</p>
<p>The fully-leased medical and retail property at 9 Ashgrove Road, which also has frontage to Crawford street, was sold for $8.88 million at a passing yield of five per cent, with a passing net income of $444,300 per year.</p>
<p>It was purchased by GDA Diversified Property Trust having been listed by Eloper Group in a deal negotiated by Blake Goddard and Matt Barker of Knight Frank in conjunction with Michael Hedger, Darren Collins and Jack Morrison of CBRE.</p>
<p>Completed in May 2019, the Ashgrove building offers 618 sqm of medical/retail accommodation over two levels on an 800 sqm site with secure basement car parking for 26 vehicles.</p>
<p>It is 100 percent leased to three tenants including the Bank of Queensland, Ashgrove GP clinic and RecoverWise Physic, with 75 per cent of the income generated via the medical tenants, which are well- established in the precinct.</p>
<p>Mr Goddard said the campaign generated a suburban record for price per square metre of net lettable area of $14,369 and yield for an asset of this nature.</p>
<p>Mr Collins said the best interest came from the passive investors including numerous parties who work in the medical industry and were attracted to the strong lease covenants on this 100 per cent leased asset with an 8.5 year WALE (by income).</p>
</div>
</div>
</div>
<div title="Page 2">
<div>
<div>
<p>It is set just 4.5km from the Brisbane CBD.</p>
</div>
</div>
</div>
</body></html>

Inner-Brisbane commercial building sold on tight yield during COVID-19

<html><body>
<p>Rough sleepers across NSW are to benefit from the largest housing response dedicated to rough sleepers in NSW history with a program to secure homes rapidly from the private rental market underway.</p>
<p>Minister for Families, Communities and Disability Services Gareth Ward said the $36 million <em>Together Home</em> project would deliver stable housing and wrap-around support for hundreds of people experiencing homelessness.</p>
<p>“Part of this initiative is about finding people a place to call home, but the critical next step is supporting them with the services they need improve their health and wellbeing, and to rebuild their lives,” Mr Ward said.</p>
<p>“Our housing, homelessness and health providers will be working around the clock in coming months to help people take the first steps towards breaking the cycle of disadvantage and staying off the streets for good.”</p>
<p><em>Together Home</em> will be delivered by the NSW Government, in collaboration with 19 community housing providers, specialist homelessness services and healthcare workers. </p>
<p>The NSW Government has invested more than $70 million to prevent and respond to homelessness during the pandemic, on top of the more than $1 billion invested this financial year in housing and homelessness support.</p>
<p>The following Community Housing Providers will help deliver <em>Together Home</em>:</p>
<ul>
<li>        <strong>Argyle Community Housing</strong> – South Western Sydney, Murrumbidgee, Far West and Western NSW</li>
<li>        <strong>Bridge Housing</strong> – Sydney, South Eastern Sydney and Northern Sydney</li>
<li>        <strong>Community Housing Limited</strong> – Mid North Coast, Northern NSW and New England</li>
<li>        <strong>Compass Housing Services</strong> – Hunter Central Coast</li>
<li>        <strong>Evolve Housing</strong> – South Western Sydney, Western Sydney and Nepean Blue Mountains</li>
<li>        <strong>Homes North</strong> – Mid North Coast, Northern NSW and New England</li>
<li>        <strong>Homes Out West</strong> – Murrumbidgee, Far West and Western NSW</li>
<li>        <strong>Housing Plus</strong> – Murrumbidgee, Far West and Western NSW</li>
<li>        <strong>Hume Community Housing</strong> – South Western Sydney</li>
<li>        <strong>Link Housing</strong> – Sydney, South Eastern Sydney and Northern Sydney</li>
<li>        <strong>Metro Community Housing</strong> – Sydney, South Easter Sydney and Northern Sydney</li>
<li>        <strong>Mission Australia Housing</strong> – Mid North Coast, Northern NSW and New England</li>
<li>        <strong>North Coast Community Housing</strong> – Mid North Coast, Northern NSW and New England</li>
<li>        <strong>Pacific Link Housing</strong> – Hunter Central Coast</li>
<li>        <strong>Southern Cross Community Housing</strong> – Illawarra Shoalhaven and Southern NSW</li>
<li>        <strong>St George Community Housing</strong> – Sydney, South Eastern Sydney and Northern Sydney</li>
<li>        <strong>Illawarra Community Housing Trust</strong> – Illawarra Shoalhaven, Southern NSW</li>
<li>        <strong>Wentworth Community Housing</strong> – Western Sydney, Nepean Blue Mountains</li>
<li>        <strong>Women’s Housing Company</strong> – Sydney, South Eastern Sydney Northern Sydney and South West Sydney.</li>
</ul>
</body></html>

Community housing providers to assist NSW rough sleepers 

<html><body><div title="Page 1">
<div>
<div>
<p>The Commonwealth Bank of Australia has achieved the highest number of Green Star certifications for a non-property organisation, reaching 30 certifications across its bank branches.</p>
<p>Commonwealth Bank became one of the first users of the Green Building Council of Australia’s Volume Certification Program, and since 2016 has certified 30 branches to a 5 star rating or above.</p>
<p>CEO of the Green Building Council of Australia, Davina Rooney, said this significant achievement has helped to advance better design and construction outcomes throughout Australia.</p>
<p>“Commonwealth Bank was one of the first users of Green Star and one of the early adopters of our volume certification program,” Ms Rooney said.</p>
<p>“They have paved the way for other financial institutions, as well as industrial facilities, retail stores and restaurants to achieve volume Green Star certification across a number of projects.”</p>
<p>“Commonwealth Bank’s adoption of Green Star, along with their participation in the Global Net Zero Carbon Buildings Commitment puts the bank at the forefront of green leaders worldwide.”</p>
<p>Jennifer Saiz, Executive General Manager Group Property and Security, Commonwealth Bank, said: “We aim to drive positive change through good business practice and one way we achieve this is through our sustainable branches.</p>
<p>“We are proud to be the first Australian financial institution to achieve a 5 Star Green Star certification for our retail design standards and we are thrilled that 30 of our branches have now achieved Green Star certification,” Ms Saiz said.</p>
<p>Volume certification allows the certification of a group of projects sharing similar features.</p>
<p>Ms Rooney said more companies are choosing volume certifications as it enables elements of a design to be certified once and then replicated on future projects to achieve a Green Star rating.</p>
<p>“Volume certifications for Green Star are growing rapidly as more companies see the value in reducing costs, future-proofing assets, and helping more people enjoy the many benefits working in a Green Star environment,” Ms Rooney said.</p>
<p>Commonwealth Bank’s office fitouts and bank branches use low chemical paints, Forestry Standard certified timber and water-efficient fixtures and fittings. They have also seen energy cuts of 40 per cent compared with typical branches.</p>
</div>
</div>
</div></body></html>

Commonwealth Bank leads the way in Green Star certifications

<html><body><div title="Page 4">
<div>
<div>
<div>
<p>Commentary on the future direction of the residential property sector has been diverse.</p>
<p>As Gary Brinkworth, the boss of the Herron Todd White valuation firm recently noted, some observers are expecting a subtle slowdown, while others predict a catastrophic collapse.</p>
<div title="Page 4">
<div>
<div>
<div>
<p>He suggests these views fail to understand the complexity of the Australian residential property sector and that having specialist knowledge at a localised level was key to good decision making.</p>
<p>It adds its can be difficult to keep up as markets adapt to the challenges around COVID-19.</p>
<p>"Some locations have seen monumental disturbance to their usual state of affairs, while others have barely registered a ripple.</p>
<p>"COVID-19 has amplified the diversity of Australia’s resident property markets by location, price point and property type," he added.</p>
<p>Well informed valuers, like well informed estate agents, are well informed on sales activity and price direction.</p>
<p>Brinkworth acknowledged Herron Todd White in Sydney made the decision in early March that all staff would work from home.</p>
<p>The decision was made to ensure that any potential exposure to the virus did not place further risk on other staff and their clients, whose homes they inspect daily.</p>
<p>They changed the way they conduct inspections - with hand sanitiser, face masks and disposable gloves becoming just as importan as their tablets and laser measurers.</p>
<div title="Page 5">
<div>
<div>
<div>
<p>HTW has also developed a contactless inspection tool which allows occupants to take internal photos which feed straight into their valuation system, allowing valuations when a COVID-19 related concern means a property cannot be fully assessed.</p>
<div title="Page 5">
<div>
<div>
<div>
<p>This has allowed mortgage applications to proceed instead of being delayed by weeks or even months until internal access became available.</p>
<p>His team, while noting some statistics may not yet be showing a decline in values across the Sydney market, have seen evidence from selling agents indicates that values are falling, particularly in some areas and for some price sectors, although not necessarily uniformly within these sub-markets.</p>
<div title="Page 5">
<div>
<div>
<div>
<p>The rental market has seen a more immediate impact however, with listings increasing and rents falling, which will certainly have an impact on yields and prices.</p>
<p>Looking around the regions the Northern Beaches has appeared to absorb much of the negative sentiment and restrictions surrounding the pandemic, although "there is a strong chance you will be paying less than you would have three months ago for the same product."</p>
<div title="Page 6">
<div>
<div>
<div>
<p>The slowdown in volumes of transactions in inner Sydney and the Eastern Suburbs made it difficult to ascertain any emerging pattern emerging, but HTW advised in previous downturns, the inner city market segment most vulnerable to volatility is the upsizer price bracket, typically from $2 million to $3 million.</p>
<div title="Page 6">
<div>
<div>
<div>
<p>It also noted properties falling in the Airbnb sector are being impacted, for obvious reasons. </p>
<div title="Page 8">
<div>
<div>
<div>
<p>HTW have been still seeing reasonably strong activity in the west, particularly at the entry level.</p>
<div title="Page 9">
<div>
<div>
<div>
<p>Like the eastern suburbs, the North Shore prestige market is more accustomed to off-market transactions, so recent restrictions around open for inspections and public auctions have not impacted this part of the market as much as lower price points.</p>
<p>Overall HTW conclude the long term outcome of the COVID-19 pandemic for the property market is uncertain.</p>
<p>The Sydney property market is resilient, as seen by the recovery from the 2017 to 2019 downturn. </p>
<div title="Page 9">
<div>
<div>
<div>
<p>However, HTW anticipate a slower return to normal, depending on just where unemployment numbers end up and the extent of a decrease in short term immigration numbers.</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div></body></html>

Latest Investing Insights

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

Editor's Picks

Developments

New apartments

New townhouses

News

Latest Investing Insights

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

Editor's Picks

Receive the latest news stories to your inbox

Developments

New apartments

New townhouses

News