A new 25-storey apartment tower proposed for Mercer Street would push Geelong’s western gateway skyline higher, with Morphy Birrell Property Group lodging plans for a project directly beside one of the city’s most significant heritage streetscapes.

The <a href="https://www.apartments.com.au/architects/fk-australia">FK</a>-designed development at <a href="https://www.apartments.com.au/new-apartments/65-67-mercer-street-geelong-vic-3220">65-67 Mercer Street</a> has now been referred to Victoria’s Planning Minister. The site sits opposite the Geelong rail corridor and immediately south of the heritage-listed St Peter and Paul’s Catholic Church and Ashby Hall precinct.

Rather than compete with the neighbouring ecclesiastical buildings, the proposal adopts a sculpted podium intended to reference the materiality and scale of the heritage context. Planning documents note the design draws cues from the “dark stone brick” church and surrounding masonry buildings, while the tower above transitions into a softer, curved form oriented toward Corio Bay and the Geelong waterfront.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="b797d10c-d4a6-47af-b8df-1aeaa3b382be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/public%20square.png?VersionId=QGIpcz1x1hKB6lQLl2iobyHqb6PS2Ztc" />

The development forms “Stage 5” of Morphy Birrell Property Group’s broader Mercer Street precinct strategy, following the completion of the 21-storey Miramar tower on Cavendish Street and several additional approved redevelopment stages nearby. Planning consultants Ratio said the proposal “represents an exemplary development outcome” aligned with the strategic ambitions for Central Geelong’s continued urban renewal.

The mixed-use project would replace an existing low-rise commercial building and surface parking area on the 3,320 sqm corner site. FK’s urban context report describes the proposal as a residential development comprising apartments, resident amenities, commercial space, and integrated landscaping positioned to maximise bay views and northern sunlight access.

Renders show a deeply articulated tower with curved balconies stepping above a lower masonry podium that frames a landscaped forecourt facing Mercer Street. The design intentionally preserves sightlines toward the adjacent church buildings, with the podium scaled to reinforce the heritage edge before the tower recedes upward.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="2bdca91e-66f7-4ac7-8baa-2f93bd5b564e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/geelong%20site.png?VersionId=QOhbino4ZgzKYw5dW3QE14E.2yq.Sv87" />

The planning report highlights the site’s strategic location within 400 metres of key Geelong destinations including Cunningham Pier, the Geelong Station precinct, Deakin University, and the convention centre. Bus services run directly along Mercer Street, while the Corio Bay foreshore sits around 100 metres north of the site.

The proposal arrives amid accelerating redevelopment across central Geelong, where planning policy continues to encourage higher-density housing close to transport infrastructure and the waterfront. Mercer Street in particular has emerged as a focal point for taller apartment development due to its proximity to Geelong Station, the bay, and major civic infrastructure.

Joel Robinson

Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct

Development giant&nbsp;<a href="https://www.apartments.com.au/developers/hamton">Hamton</a> and joint venture partner Hostplus have revealed the next residential stage of their $3 billion Moonee Valley Park masterplan, lodging plans for 512 more apartments within the precinct on surplus racecourse land at 110 Wilson Street, Moonee Ponds.

The proposed development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/trackside-house-110-wilson-street-moonee-ponds-vic-3039">Trackside Gardens</a>&nbsp;in the planning application, follows the <a href="https://www.apartments.com.au/news/vic/first-look-exclusive-hamton-and-hostplus-reveal-sixth-stage-of-moonee-valley-park-masterplan">recent unveiling of the sixth-stage Cox Place Precinct</a> and continues the long-running transformation of the Moonee Valley Racecourse into one of Melbourne’s largest urban renewal projects.

Positioned on the north-eastern edge of the racecourse adjacent to CityLink, Trackside Gardens will comprise three residential buildings rising between 61.8 metres and 86.4 metres within a heavily landscaped precinct shaped by Hamton’s Nature Based Cities framework.

The project forms part of the broader Moonee Valley Park redevelopment being delivered by Hamton, Hostplus and the Moonee Valley Racing Club, which is reshaping the 40-hectare racecourse site into a mixed-use neighbourhood with housing, retail, commercial space, hotels, parkland and community infrastructure.

Trackside Gardens sits separately to the recently proposed Cox Place Precinct, a five-building stage comprising around 1,100 residences, two build-to-rent buildings, two build-to-sell towers, retail, office space, and a hotel overlooking the racetrack. Together, the projects continue to accelerate housing delivery across the precinct.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="5fc1941e-52d3-41c6-abc4-0f13fe8ae5ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/DA%20Edits%20%281%29.png?VersionId=7qwRHq5dcvXWNot2hNOgoQhN2GIWudNK" />

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a> with landscape architecture by Tract, Trackside Gardens has been conceived as a botanical-style residential precinct prioritising canopy planting, communal green space, and vertical landscaping.

“The architectural vision for the proposed development centres around buildings in a botanical park setting that champions the important role of nature,” the planning submission states.

“The proposal incorporates principles of biophilic design, with landscape and environmentally sustainable development influencing the ultimate design response of the buildings and prioritising the ground plane to ensure a high amenity for both occupants and visitors.”&nbsp;

Trackside Gardens will deliver 512 apartments across the three buildings, alongside 518 basement car spaces and 523 bicycle spaces. Around 20 per cent affordable housing is proposed across the broader North East Precinct, equating to around 158 dwellings.&nbsp;

The affordable housing component will be concentrated within the Wilson East building, while the remaining apartments are expected to be delivered as build-to-sell residences.

Trackside Gardens has been designed around Hamton’s Nature Based Cities initiative, founded by Executive Chair Paul Hameister OAM in partnership with the University of Melbourne, Urbis, Ark Resources and Tract. The initiative promotes integrating higher-density urban development with significant biodiversity, tree canopy and landscape outcomes.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="89353449-7b3c-42fd-8fd8-8bf64a5ef80f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_4.png?VersionId=X8jRt0P2L7fIWjLhfX6gPknXToXIBeLj" />

A comprehensive landscape strategy would introduce deep soil planting, vertical greening, communal gardens, and new pedestrian links throughout the site.

Planning documents state the development is targeting a 5 Star Green Star Buildings rating, a 7.5-star average NatHERS rating, and “Exemplary” Nature Based Cities certification.&nbsp;

The proposal joins an expanding pipeline of approved and proposed buildings within Moonee Valley Park, including the recently launched Eveline apartments and the approved Grandstand North and South towers.

Hamton has increasingly focused on precinct-scale, nature-led communities across Melbourne’s middle-ring suburbs, with projects spanning Hawthorn, Kew, and Moonee Ponds.

Hampton unveils Trackside Gardens, latest stage of $3 billion Moonee Valley Park masterplan

The Paul Gedoun-led <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Group</a> has achieved another milestone in its $1 billion transformation of Rainbow Bay on the southern Gold Coast with the completion of the company’s third project in four years, the $160 million <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a> residences.

Delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a> and designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker Architects</a>, Esprit buyers have now moved into the 94 apartments across two interconnected buildings at 217-227 Boundary Street.

The successful settlement of Esprit marks another astounding chapter in the S&amp;S story, which launched its highly successful Flow apartments three years ago and created its own ultra-luxury branded fingerprint on an area craving new luxury residences.

Most early purchasers have secured gains of well over $1 million since the project launched in 2021.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172129]

S&amp;S Projects Founding Director Paul Gedoun said the completion of Esprit reflects sustained demand for premium apartments in tightly held coastal locations.&nbsp; 
&nbsp;&nbsp; &nbsp; 
“Esprit has attracted buyers seeking a combination of quality design, considered amenity and a location that is becoming increasingly difficult to replicate,” said Gedoun.

“We identified some years ago that Rainbow Bay is a unique market where supply of luxury residences is limited, and we see the settlements in Esprit further underpinning this thinking - that for both owner-occupiers and investors.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172174]

A key feature of the development is ‘Club Esprit’, a 1,000sqm residents-only rooftop level combining wellness and recreation, believed to be a first for the Gold Coast, and which is fast becoming a signature of the S&amp;S brand.

Positioned to capture views across Snapper Rocks, Rainbow Bay and the Tweed River, the rooftop includes a 25-metre lap pool, gym, yoga lawn, sauna and steam facilities, ice bath, private dining spaces, outdoor cinema and landscaped areas for residents.&nbsp;

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> Director Jayde Pezet, who led the sales campaign for Esprit and S&amp;S’s Flow and Awaken apartments, said the project’s performance reflects both the strength of the product and the depth of demand for premium apartments on the southern Gold Coast.&nbsp;

“In some cases, we’ve seen values double since launch, which is a clear reflection of how tightly held Rainbow Bay has become and the level of demand for well-executed projects in this market,” said Pezet.&nbsp;

“Buyers recognised early what S&amp;S Projects was delivering here, and that conviction has been rewarded as the project has progressed towards completion.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=214819]

Esprit offers a mix of two- three and four-bedroom apartments and sits within walking distance of the beachfront, cafés and local amenities, reinforcing its appeal as both a lifestyle and investment destination.

The project is the third completed by S&amp;S Projects in Rainbow Bay, following Flow Residences and Awaken Residences, which together have contributed to the suburb’s emergence as one of the Gold Coast’s most sought-after coastal pockets. &nbsp;

S&amp;S Projects is continuing its investment in the area with Radia, a $215 million development currently under construction.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172175]

Gedoun said the completion of Esprit signals continued confidence in the southern Gold Coast market.&nbsp;

“We’ve seen strong interest in well-located, high-quality apartments, particularly in areas where future development opportunities are limited."

“That’s been a key factor in the performance of Esprit and the broader Rainbow Bay market”.

[smartcode_project_cta:default project_id=102921]

Owners move in as Esprit completes at Rainbow Bay

Few developers can boast a portfolio across South East Queensland's luxury markets quite like <a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a>.

The builder-developer, founded in 2004 by Managing Director Brook Monahan, has projects in planning, on the market, and under construction, from Burleigh Heads and Broadbeach to Kangaroo Point and South Brisbane.

With a pipeline exceeding $2 billion, Mosaic remains highly selective when it comes to development sites, having spent years refining its strategy around feasibility research and product planning. The group is set to continue growing into 2026 and beyond.

In Brisbane, Mosaic currently has three projects in the market. It is in the final release stage at <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford</a> in Kangaroo Point, which is approaching complete sellout ahead of its late 2027 completion.

[smartcode_project:default project_id=134792 project_image_fid=328123]

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, The Bedford comprises 128 two- and three-bedroom residences. A selection of ultra-luxury Masterpiece Series Skyhomes, positioned across the top levels, offer expansive floor plans and sweeping views of the river and city.

High-end inclusions, such as natural stone benchtops, bespoke cabinetry, and Miele appliances, feature throughout all apartments, alongside the Rooftop Recreation &amp; Retreat Sky Terrace. This includes a resort-style pool with sun deck and loungers, spa, cold plunge pool, sauna, steam room, private dining room with a full kitchen, residents' lounge, multiple barbeque and relaxation zones, an outdoor viewing deck, and landscaped gardens with water features, all oriented to sweeping city and river views.

A gym with indoor and outdoor zones, and a golf simulator, further enhances recreational choice within the building.

[smartcode_project:default project_id=134792 project_image_fid=328119]

A defining feature of the development is its integrated mixed-use component, which will deliver Kangaroo Point's first major supermarket, alongside a café and liquor store, bringing long-awaited convenience to the peninsula.

Monahan says The Bedford represents the culmination of a near-decade-long journey, after first identifying the A-grade Prospect Street site in 2016. While they came close to acquiring it at the time, the site was ultimately purchased by Woolworths' development arm, Fabcot. The opportunity resurfaced in 2024 when the site, vacant for nearly three decades, was brought back to market.

Monahan says Mosaic projects often begin years before any formal plans are drawn. Their new South Brisbane development is no exception, with the site first earmarked in 2018.

"We aren't opportunistic," Monahan says. "Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

[smartcode_project:default project_id=141711 project_image_fid=353495]

A similar story unfolded at <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a> in Kangaroo Point, opposite The Gabba. Like The Bedford, it is also approaching sellout of its 125 two- and three-bedroom apartments. The majority of sales are attributed to returning customers and referrals, with a balanced mix of investors and a strong majority of owner-occupiers.

BDA Architecture was again engaged to design the 22-storey building, which will feature a suite of wellness and lifestyle amenities, including a golf simulator and cinema, a commercial-grade gym, and a rooftop recreation level with a pool, steam room, sauna, cold plunge, teppanyaki bar, private dining spaces, and landscaped terraces.

Construction is on track for completion in mid-2027.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Mosaic's latest offering is its most ambitious yet, boasting a rare, north-facing riverfront position on Montague Road in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale by Mosaic</a> is a 39-storey tower comprising just over 200 residences and Masterpiece Series Sky Homes. Designed in partnership with Bureau Proberts, it will feature nearly 3,000 sqm of genuine, internationally benchmarked six-star, hotel-style amenities, including a wellness precinct, pool, gym, massage and treatment rooms, cinema, golf simulator, and extensive outdoor dining areas across a two-level rooftop deck.

Early works are underway, with full construction expected to commence in the second half of 2026, and an anticipated late 2029 completion.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Since 2012 alone, Mosaic has completed more than $2 billion in projects and is set to deliver another $2 billion worth of developments, comprising hundreds of luxury apartments, each defined by Mosaic's signature standards of quality, detail, and delivery.

"We never arrive, there is no finish line," says Monahan. "Our ambition is to keep evolving what luxury means, creating design- and lifestyle-led residences in incredible locations, places people genuinely aspire to and want to live, homes that are loved deeply and endure long beyond their moment."

Mosaic's Midas Touch

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> (Urban) has broken ground at Keira Place, its new major mixed-use residential precinct in the heart of Wollongong CBD.

Held at 120-122 Smith Street, the groundbreaking marked the commencement of construction on Stage 1 of <a href="https://www.apartments.com.au/new-apartments/keira-place-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, with the opening of the new display suite. 
&nbsp; 
Keira Place is a State Significant Development that will deliver new housing supply, affordable homes and inclusive living options within walking distance of Wollongong’s CBD, coastline, transport, hospital and education precincts.

[smartcode_project:default project_id=144442 project_image_fid=369868] 
&nbsp; 
Stage 1 is now under construction and will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, along with activated ground-floor retail and commercial space. 
&nbsp; 
Urban Co-CEO Patrick Elias said the groundbreaking represented a significant milestone for Wollongong and reflected Urban’s long-term commitment to regional cities.

“Today’s groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong’s city centre,” Elias said. 
&nbsp; 
“Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection.”

[smartcode_project:default project_id=144442 project_image_fid=369869] 
&nbsp; 
Hon. Paul Scully MP, Minister for Planning and Public Spaces, Member for Wollongong said Keira Place is exactly the kind of development Wollongong needs – delivering new homes close to transport, employment and services, while supporting the continued growth and renewal of the CBD.

"This project reflects the Minns Labor Government's commitment to increasing housing supply in well-located areas." 
&nbsp; 
Wollongong Lord Mayor Cr Tania Brown said Keira Place would deliver lasting community benefits for the city. 
&nbsp; 
"Keira Place is a welcome addition to Wollongong's CBD delivering new housing, affordable homes and activated street-level spaces that will benefit our community for years to come," Brown said. 
&nbsp; 
"Urban Property Group's investment reflects the confidence that quality developers have in Wollongong's future, and I look forward to seeing this precinct come to life."

[smartcode_project:default project_id=144442 project_image_fid=369867] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a>, with interiors by <a href="https://www.apartments.com.au/interior-designers/dko">DKO,</a> Keira Place prioritises liveability and long-term performance, with landscaped shared spaces, generous apartment layouts and a pedestrian-friendly streetscape along Smith Street. 
&nbsp; 
Residents will have access to landscaped podium areas, communal rooftop amenities with views to Mount Keira and the Wollongong skyline, and convenient ground-level retail.

The development will have 10-year Latent Defects Insurance by Resilience Insurance.

[smartcode_project_cta:default project_id=144442]

Groundbreaking marks start of construction at Keira Place in Wollongong CBD

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>
Middleton Grange has had the biggest housing stock decline in New South Wales, according to Investar’s latest report.
The property data firm says that housing stock in Middleton Grange has fallen by 71 percent from a year ago.
This is followed by Burradoo with a 63 percent decline in stock and Stanhope Gardens 62 percent down.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="106">
Suburb
</td>
<td valign="top" width="106">
Postcode
</td>
<td valign="top" width="106">
Median price
</td>
<td valign="top" width="106">Current sales stock</td>
<td valign="top" width="106">
Sales stock 1 year ago
</td>
<td valign="top" width="106">
Sales stock decline
</td>
</tr>
<tr>
<td valign="top" width="106">
Middleton Grange
</td>
<td valign="top" width="106">
2171
</td>
<td valign="top" width="106">
$797,000
</td>
<td valign="top" width="106">30</td>
<td valign="top" width="106">
106
</td>
<td valign="top" width="106">
71%
</td>
</tr>
<tr>
<td valign="top" width="106">
Burradoo
</td>
<td valign="top" width="106">
2576
</td>
<td valign="top" width="106">
$1,490,000
</td>
<td valign="top" width="106">22</td>
<td valign="top" width="106">
61
</td>
<td valign="top" width="106">
63%
</td>
</tr>
<tr>
<td valign="top" width="106">
Stanhope Gardens
</td>
<td valign="top" width="106">
2768
</td>
<td valign="top" width="106">
$840,000
</td>
<td valign="top" width="106">20</td>
<td valign="top" width="106">
54
</td>
<td valign="top" width="106">
62%
</td>
</tr>
<tr>
<td valign="top" width="106">
Smithfield
</td>
<td valign="top" width="106">
2164
</td>
<td valign="top" width="106">
$749,000
</td>
<td valign="top" width="106">21</td>
<td valign="top" width="106">
52
</td>
<td valign="top" width="106">
59%
</td>
</tr>
<tr>
<td valign="top" width="106">
Cambridge Park
</td>
<td valign="top" width="106">
2747
</td>
<td valign="top" width="106">
$560,000
</td>
<td valign="top" width="106">22</td>
<td valign="top" width="106">
52
</td>
<td valign="top" width="106">
57%
</td>
</tr>
<tr>
<td valign="top" width="106">
Fairfield West
</td>
<td valign="top" width="106">
2165
</td>
<td valign="top" width="106">
$697,000
</td>
<td valign="top" width="106">20</td>
<td valign="top" width="106">
47
</td>
<td valign="top" width="106">
57%
</td>
</tr>
<tr>
<td valign="top" width="106">
Kellyville Ridge
</td>
<td valign="top" width="106">
2155
</td>
<td valign="top" width="106">
$940,000
</td>
<td valign="top" width="106">20</td>
<td valign="top" width="106">
46
</td>
<td valign="top" width="106">
56%
</td>
</tr>
<tr>
<td valign="top" width="106">
Castle Hill
</td>
<td valign="top" width="106">
2154
</td>
<td valign="top" width="106">
$1,350,000
</td>
<td valign="top" width="106">56</td>
<td valign="top" width="106">
128
</td>
<td valign="top" width="106">
56%
</td>
</tr>
<tr>
<td valign="top" width="106">
Condell Park
</td>
<td valign="top" width="106">
2200
</td>
<td valign="top" width="106">
$844,500
</td>
<td valign="top" width="106">18</td>
<td valign="top" width="106">
41
</td>
<td valign="top" width="106">
56%
</td>
</tr>
<tr>
<td valign="top" width="106">
Tura Beach
</td>
<td valign="top" width="106">
2548
</td>
<td valign="top" width="106">
$489,000
</td>
<td valign="top" width="106">41</td>
<td valign="top" width="106">
92
</td>
<td valign="top" width="106">
55%
</td>
</tr>
</tbody></table>
A four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-middleton+grange-124615266" target="_blank">107 Robey Avenue</a>, Middleton Grange (above) has been listed for sale.
A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-middleton+grange-124347794" target="_blank">173 Middleton Drive</a>, Middleton Grange (below) has been recently sold for $780,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/1/173%20Middleton%20Drive.jpg" alt="">
Similarly a four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-middleton+grange-123503734" target="_blank">4 Elevon Street</a>, Middleton Grange (below) has been sold for $790,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/1/4%20Elevon%20Street.jpg" alt="">
Similarly a three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-middleton+grange-124502198" target="_blank">24 Stanley Avenue</a>, Middleton Grange (below) was recently sold for $725,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/15/24%20Stanley%20Avenue.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-burradoo-124982886" target="_blank">3 Moyne Close</a>, Burradoo (below) has been listed for between $1.3 million to $1.43 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/15/3%20Moyne%20Close.jpg" alt="">
A five bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-burradoo-123905358" target="_blank">22 Charlotte Street</a>, Burradoo (below) was recently sold for $1.37 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/15/22%20Charlotte%20Street.jpg" alt="">
 
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j.ballantyne1990-6AQqhLzZaK

Middleton Grange scores highest housing stock decrease in New South Wales: Investar

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Average sales turnover has declined slightly over the 12 months to December 2016, according to JLL’s latest retail report.
This annual report highlights the retail market industry and the views of retail centres managers view points on how the retail industry is doing.
Turnover in sub-regional centres declined by 0.3% although specialty turnover improved marginally by 0.4%.
The continued poor performance of discount department stores (Kmart being the exception) has impacted sub-regional centre sales.
This is reflected in recent results for the first half of the 2016-17 financial year compared with the corresponding period the previous year:
<ul>
<li>Big W comparable store sales declined by 6.3%;</li>
<li>Target comparable store sales declined by 18.2%;</li>
<li>Kmart comparable store sales increased by 5.7%;</li>
<li>Coles food &amp; liquor comparable sales increased by 1.3%;</li>
<li>Woolworths comparable store sales increased by 1.9%.</li>
</ul>
Vacancy rates in sub-regional centres were also higher in 2016 than in 2015 despite improvement in the second half.
This may have had a slight negative impact on performance during 2016.
Annual neighbourhood centre sales declined by 1.3%.
While competition between supermarkets has been particularly strong and was often noted as a concern by Centre Managers, some centres have seen a range of non-retail services such as medical centres, financial services and travel agencies that do not report sales replace retail stores.
This change in tenancy mix may have impacted overall turnover but may have been a positive for the centre in terms of providing the services customers want at their local centre.
<a href="https://www.propertyobserver.com.au/images/2017/03/28/Screen%20Shot%202017-03-28%20at%2010.48.02%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/28/Screen%20Shot%202017-03-28%20at%2010.48.02%20am.jpg" alt="">
Retail trade across Australia grew by a modest 3.5% in 2016.
When new centre openings, expansions of existing centres and the continued expansion of global retailers such as Costco, ALDI and fast fashion labels is taken into account, competition for the retail dollar is very strong.
The key area of weakness has been department stores, which managed growth of just 0.6% in 2016.
Discounting amongst supermarkets has kept growth in the supermarket sector to a low 2.6% in 2016, despite relatively strong growth in new supermarkets as the major players fight for market share.
The level of new supply across the neighbourhood, sub-regional and regional centre markets of Australia’s major capital cities was relatively high in 2016 at 347,000sqm.
Even more supply is in the short-term pipeline, with completions expected to peak in 2017 at 416,000sqm.
This will serve to heighten competition in the retail sector.
<a href="https://www.propertyobserver.com.au/images/2017/03/28/Figure%202.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/28/Figure%202.jpg" alt="">
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Average retail sales turnover declines slightly over past year: JLL

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A new two-level David Jones store is one of the headline attractions of the recently opened Macarthur Square shopping complex redevelopment.
Commenced in 2015, the $240 million project in south-west Sydney’s Campbelltown also includes international retailer H&amp;M, a new look Coles, fresh food market hall, more than 40 new specialty stores, an alfresco and casual dining precinct, along with 500 additional car spaces.
The Lendlease-managed centre is jointly owned by Australian Prime Property Fund Retail (APPF Retail) and the GPT Wholesale Shopping Centre Fund.
The redevelopment increases the centre’s  gross lettable area (GLA) from 94,300 square metres to approximately 107,000 square metres.
Gary Horwitz, head of retail at Lendlease, said the redevelopment is a response to the changing nature of shopping centres.
“Our customers have told us they want to visit a world class shopping centre without having to travel to the city,” he said.
“The redevelopment of Macarthur Square has allowed us to grow with the region and adapt to the changing demographics and needs of our local customers, ultimately delivering an outstanding, all-encompassing, and sustainable retail experience.
“The centre’s design and retail mix reflects the natural environment and tastes of the region, while customer aspirations are brought to life with an exciting range of popular fashion brands anchored by David Jones and H&amp;M.”
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Macarthur Square shopping centre unveils $240 million redevelopment

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Brisbane property sale numbers have increased slightly in the past three months and sales figures have significantly increased, according to research from CoreLogic’s Brisbane Fringe Cityscope.
The property data firm says that the last three months to the beginning of February 2017 recorded 37 sales for a total of $313.1 million.
This consists of $262.6 million for commercial, $3 million for commercial strata, $3.5 million for retail, $7.4 million for retail strata and $36.7 million for other.
In comparison, the last three months to the beginning of November 2016 recorded 31 sales for a total of $88.8 million.
This consists of $4.6 million for commercial, $9.9 million for commercial strata, $1.6 million for retail, $66.9 million for retail strata and $5.8 million for other.
The 12 months leading up to early February 2017 recorded 128 sales for a total of more than $728.2 million, over $80 million more than the same time last year.
The table below shows sales recorded for the past eight updates of Brisbane Fringe Cityscope:
<a href="https://www.propertyobserver.com.au/images/2017/02/15/Corelogic-5.jpeg" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/15/Corelogic-5.jpeg" alt="">
Together the top sales recorded this quarter total over $181 million, these sales include:
<ul>
<li>Kings Row Office Park, 40-52 McDougall Street, Milton, comprising multiple office buildings between two and six storeys and over 400 car parks, was bought for $94.9 million by Shayher Alliance Pty Limited. The buildings were constructed between 1989 and 1996. Anthony Ott and Peter Chapple of Savills Brisbane negotiated the sale.</li>
<li>33 Park Road, Milton, a four-storey office building, was sold with a residential building at 14 Gordon Street (not covered by Cityscope) for $48.2 million to Wholesale Australian Property Fund. The sale represented an initial yield of 7.37% on passing income of over $3.55 million. Peter Court and Mike Walsh from JLL Brisbane sold the property in conjunction with Seb Turnbull and Luke Billiau of CBRE Brisbane.</li>
<li>200 Creek Street, formerly known as Medtronic House, a 10-storey office building with basement car parking, sold in January 2017 for $38.7 million to Sentinel Regional Office Trust. The sale represented an initial yield of 9.58% on passing income of over $3.7 million. Luke Billiau and Seb Turnbull of JLL Brisbane sold the property in conjunction with Peter Court and Mike Walsh from JLL Brisbane.</li>
</ul>
<a href="https://www.propertyobserver.com.au/images/2017/02/15/Corelogic-6.jpeg" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/15/Corelogic-6.jpeg" alt="">
Properties for sale include:
<ul>
<li>337 Water Street, Fortitude Valley – a two-storey, 320 square metre office building with six car parks. For sale with an asking price of $1.65 million; agent, Cushman &amp; Wakefield Brisbane (Sam Callanan and Michael Gard).</li>
<li>12 Cribb Street, Milton – a five-storey office building with basement car parking. For sale by expressions of interest; agents, Savills Brisbane (Peter Chapple and Nick Russell) and JLL Brisbane (Christian Sandstrom and Sam Bryne). The property was initially advertised with an approximate fully leased income of over $1.55 million net (as at December 1, 2016)</li>
<li>John Oxley Centre, 337A Coronation Drive, Milton – a U-shaped building with five storeys of offices and two levels of basement car parking for 319 vehicles. For sale by expressions of interest; agents, JLL Brisbane (Seb Turnbull and Geoff McIntyre) and CBRE Brisbane (Bruce Baker and Flint Davidson).</li>
</ul>
Properties under contract (conditional or unconditional) include:
<ul>
<li>Green Square South Tower, 505 St Pauls Terrace, Fortitude Valley – a four-storey building with ground floor retail space and upper level office space. Due diligence is being conducted by AXA Investments Managers; agents, Colliers International Brisbane (Tom Barr and Don MacKenzie) and Colliers International Melbourne (John Marasco).</li>
<li>164 Wharf Street, Spring Hill – a three-level office building comprising two levels of offices above ground floor car parking. Under conditional contract; agent, Savills Brisbane (Jack Morrison and Nick Russell).</li>
<li>100 McLachlan Street, Fortitude Valley – a four-storey commercial building completed in late 2013 as stage 3 of the M&amp;A development. Under contract for $30 million to an offshore purchaser; agent, Cushman &amp; Wakefield (Nick Spiro). The sale represented a yield of 6%.</li>
</ul>
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Brisbane commercial property sales on the rise in 2017: Cityscope

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Celebrity chef Jamie Oliver has purchased six Jamie’s Italian Australian restaurants from Keystone Hospitality Group and will travel to Sydney in May to meet suppliers and launch a new menu.
According to a report in the Daily Telegraph, Jamie Oliver said its a happy ending for the restaurant portfolio.
“This is a process that I’ve never been through so it’s all very new, but it’s a really happy ending," he said.
"I wish I could have done it sooner but we got there and it’s safe to say that every cloud has a silver lining."
"I am glad the buyout of the six restaurants, which were sold for an undisclosed sum, had gone smoothly and am looking forward to arriving in Sydney on May 8.
“I believe in Australia and I’m invested in it in so many ways. I can’t wait to get over there,” he said.
The six restaurants were put on the market in July 2016 when owner <a href="/expert-insights/investing/keystone-selling-all-jamies-italian-in-one-line">Keystone Hospitality Group was placed into receivership</a>.
 
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Celebrity chef Jamie Oliver buys back restaurants from Keystone Hospitality Group

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Melbourne’s Little Lonsdale Street has set a cracking pace for the CBD’s 2017 investment statistics, with two key sales and a major listing.
563-567 Little Lonsdale Street (below) recently sold at auction for $6.63million ($19,776 per sqm) which was quickly followed by 361-365 Little Lonsdale Street (above), which sold off-market.
Colliers International’s David Sia, Oliver Hay and Daniel Wolman brokered the deal for 361-365 Little Lonsdale at $11.125million, a land rate of $18,480 per sqm, on behalf of a Hong Kong vendor.
David Sia said a private Malaysian investor purchased the leased property at a yield of 1.6 percent.
“The sale was indicaticative of long-term holders seizing the premium values achievable in the current commercial climate,” he said.
Both 563-567 and 361-365 Little Lonsdale are zoned Capital City 1 and have substantial development upside, Sia said.
Colliers International listed 102 Little Lonsdale earlier this month, a history-rich 1894 property (below) with boutique office potential.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/29/102%20Little%20Lonsdale%20Street%20Melbourne.jpg" alt="">
“This iconic residence is a premium chance to secure a truly one-of-a-kind CBD asset,” Mr Hay said.
“Each sale is indicative of a bullish market, confident in the consistent value-drivers of underlying CBD real estate,” he said.
102 Little Lonsdale Street will go to auction on April 19 at 1pm on site.
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Little Lonsdale off to big start

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Symond Arcade, on Churchill Street, named after the father of Aussie Home loans founder John Symond – who built it – has sold to a private investor for $30 million or so.
Whispers suggests it could have gone as higher.
The <a href="https://www.commercialrealestate.com.au/property/12-14-churchill-avenue-strathfield-nsw-2135-2013436106">arcade</a> is located directly next to Strathfield Plaza.
The block of 12 shops and 14 offices next to Strathfield Plaza had been scheduled to go to auction on Tuesday.
But it was pulled at the last minute when the Freyer family accepted an offer – understood to be well over the $25 million reserve price.
It sold far in excess of that, so the owners were happy, listing agent Robert Pignataro of Strathfield Partners said.
Robert said the 3 per cent yield represented by the sale price was typical of yields in the Strathfield area, where retail investments were usually between 3 and 4 per cent.
The property currently has a net rental income of about $918,691, with tenants responsible for all outgoings.
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Strathfield's Symond Arcade sold for $30 million plus

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Autobarn is set to join the line-up of retailers at the Millers Junction precinct in Altona North after securing a showroom for $2.36 million.
Located at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-altona+north-501461087" target="_blank">302-330 Millers Road</a>, Millers Junction is a mixed use development comprising large format retail, commercial space and grocery, food and beverage outlets.
CBRE’s Chris Parry negotiated the sale of the 700 square metre showroom, which forms part of the development’s second stage.
It will feature 74 architecturally designed units consisting of office warehouses, showrooms, plus food and beverage space.
Stage one of the development comprises a fully leased large format retail centre, including retailers such as Bunnings, JH Hi-Fi, ALDI, Officeworks, PETstock and Repco.
Parry said the sale highlighted Millers Junction’s increasing appeal as a sought after retail hub in Melbourne’s west.
“Millers Junction showcases the maturing market in Melbourne’s western suburbs, with the region’s strongly growing population supporting the development of additional and more sophisticated retail, employment and lifestyle precincts,” he said.
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Autobarn drives into Millers Junction with $2.36 million showroom purchase

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There is a shortage of rental units available relative to demand in Coffs Harbour, according to Herron Todd White’s latest report.
The property valuation firm says that Coffs Harbour has a steady rental vacancy trend with a strong demand for new units.
<a href="https://www.propertyobserver.com.au/images/2017/02/10/Screen%20Shot%202017-02-10%20at%201.13.06%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/10/Screen%20Shot%202017-02-10%20at%201.13.06%20pm.jpg" alt="">
This is supported by an increasing trend in new units being constructed as well as a steady volume of unit sales.
Coffs Harbour unit market is at its peak and new properties are occasionally being sold at prices that exceed their potential resale value.
A two bedroom unit at <a href="https://www.realestate.com.au/property-unit-nsw-coffs+harbour-418533814" target="_blank">13/27 Victoria Street</a>, Coffs Harbour (above) is available for rent for $255 per week.
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/property-unit-nsw-coffs+harbour-407605913" target="_blank">1/8 Toormina Place</a>, Coffs Harbour (below) is available for rent for $295 per week.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/21/1_8%20Toormina%20Place.jpg" alt="">
A two bedroom unit at <a href="https://www.realestate.com.au/property-unit-nsw-coffs+harbour-124804886" target="_blank">5/32 Karuah Avenue</a>, Coffs Harbour (below) has been listed for $285,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/28/5_32%20Karuah%20Avenue.jpg" alt="">
Similarly a two bedroom unit at<a href="https://www.realestate.com.au/property-unit-nsw-coffs+harbour-124994266" target="_blank"> 1/39 York Street</a>, Coffs Harbour (below) has been listed for $230,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/28/1_39%20York%20Street.jpg" alt="">
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Coffs Harbour experiences shortage of units as demand increases: HTW

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Hotels are hot property for investors at the moment, outperforming all other property classes in Australia, says a recent report by Savills.
With international and domestic visitors growing 11.5 percent and 5 percent respectively in CY 2016, the hotel industry has not seen growth at this level since the Sydney 2000 Olympics, according to Savills Australia’s Hotels market report. 
Sydney and Melbourne are the standout performers, with their strong market KPI’s against a backdrop of compressing yields.
Chinese tourists take the lead in international visitors, growing at 22 percent, helped by more flights between the two countries and a relatively low Australian dollar making the country a more affordable destination, says Michael Simpson, Savills managing director of Hotels. 
“In a very positive sign for the depth of the market, the outstanding international inbound growth has been experienced across a wide range of markets, with inbound visitor growth from many established Asian markets, as well as the US, above 15 percent,” said Simpson.
In further proof of the strength of the market, Tourism Research Australia’s 10-year forecast expects international visitor nights and domestic visitor nights to grow at 5.6 percent and 3.1 percent annually respectively. Australia can expect to see increased room night demand nationally for the foreseeable future.
The Australia-wide market achieved a ‘revenue per available room’ (RevPAR) for CY 2016 of $139, which represented YOY growth of 2.2 percent.
All Australian cities posted RevPAR growth except Perth, Brisbane and Darwin with RevPAR declining in those cities by 9.3 percent, 8.7 percent and 9.6 percent respectively. The decline in performance of these markets is primarily due to the impact of the end of Australia’s resource boom, and rise in room supply.
For the remaining markets, Savills says growth in market KPI’s can be attributed to an increase in leisure demand from domestic and international markets, stimulated by a lower Australian dollar and stronger economic activity underpinned by construction and infrastructure projects.
<a href="https://www.propertyobserver.com.au/images/2017/03/28/SavillsHotels.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/28/SavillsHotels.png" alt="">
China is the engine room for visitor night growth in Australia right now, says Simpson. 
Australia received more than 7.4 million international visitors (up 11.5 percent) and 251 million international visitor nights (up 3.8 percent) for the year ended September 30, 2016.
Tourism Research Australia recently released international visitor numbers for CY 2016 which totalled 8.3 million, representing a healthy year-on-year (YOY) growth of 11 percent. 
The New Zealand market continues to contribute the highest number of visitors to Australia. However, the China visitor market recorded YOY growth of 21.9 percent, enabling it to exceed 1 million visitors, who more importantly spend an average of 40 nights in Australia when touring Down Under. 
As a result, China produced 43 million room nights representing almost three times the volume produced by New Zealand. The Chinese visitors also tend to spend more per capita compared to other visitors.
<a href="https://www.propertyobserver.com.au/images/2017/03/28/SavillsHotelDeals.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/28/SavillsHotelDeals.png" alt="">
Simpson went on to say that Sydney’s strong performance is set to continue with occupancies reaching capacity during peak holiday and corporate activity periods, providing the opportunity for hoteliers to grow ADR.
“Sydney’s Luxury segment capitalised on the strength of the market achieving an occupancy of 85.9%, and ADR of $339 (up 7 percent), delivering a RevPAR of $291 (up 5.7 percent), which exceeded Melbourne’s Luxury segment RevPAR of $271.
“The key factors underpinning Sydney’s current and expected future performance are a combination of buoyant economic metrics, strength in banking, finance, insurance, professional services and construction/ infrastructure projects, which are collectively fuelling a tsunami of economic activity and room night demand in Sydney.
“For the next 10 years, Sydney occupancy will remain in the 80th percentile,” said Simpson.
Melbourne was the second highest performing market in CY 2016 with an increase in occupancy for the fourth consecutive year. Conversely, Average Daily Rate (ADR) declined marginally, suggesting that while occupancy remained strong, hoteliers were unable to grow rate during non-peak periods. As a result RevPAR remained relatively stable in CY 2016, when compared to CY 2015.
Simpson said the inability to significantly grow ADR in CY 2016 is also demonstrated by Melbourne’s Luxury segment which reflected steady YOY market KPI’s, achieving an occupancy of 89.5 percent, ADR of $302 and delivering a static RevPAR of $271.
“Melbourne’s construction boom of residential apartments, commercial space and continuing development of Docklands, has also encompassed new hotel development,” he said.
“Despite the strength and enduring nature of Melbourne’s events calendar and symbiotic corporate activity Melbourne enjoys with Sydney, we anticipate that Melbourne market KPI’s will be under pressure to match Sydney’s performance in coming years given the relative challenge of delivering new supply in Sydney.” 
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