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

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A Blair Athol, SA petrol station investment set on a leading corner position has been listed for auction.
Located at <a href="https://www.burgessrawson.com.au/buying/SA/North-and-North-East-Suburbs/BLAIR-ATHOL/Retail/3P1500#.WD5IG5IisZE" target="_blank">367-369 Prospect Road, Blair Athol</a> the property has a new 15 year lease until 2031, plus options to extend.
Improvements have been made including the convenience store, attached canopy and double skin fibreglass tanks.
It sits on a 1567 square metre corner site with combined 73 metres of exposure in the retail strip.
The annual rent is $140,000 per annum.
The auction is December 7 through Jamie Perlinger and Scott Meighan.
A service station operated by United in Tamworth is also set to go under the hammer.
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Blair Athol investment to go under the hammer

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A United service station investment offering in Tamworth is scheduled for December 6 auction.
Located at <a href="https://www.burgessrawson.com.au/buying/NSW/New-England-~-North-West/Tamworth/Retail/3P1496#.WDzz7ZIisZE" target="_blank">419-437 Goonoo Goonoo Road</a> the property has a new 18 year triple net lease to 2034 with opportunities to extend it.
The convenience store has been improved.
It is situated on an important gateway location on New England Highway within a busy large format retail and fast food precinct.
It sits on a 2616 square metre site with integrated access to Stocklands large format centre, with 416 on-site car space.
The rent is $200,000 per annum.
The auction is being conducted by Burgess Rawson agents Jamie Perlinger and Scott Meighan.
A service station operated by United in Blair Athol, SA is also set to go under the hammer.
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Tamworth service station listed for auction

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An undisclosed buyer has paid over $3 million for the second penthouse in Parramatta businessman has just purchased Coronation Property's 8 Phillip Street’ in Parramatta.
Local businessman Bob Reiman purchased the first penthouse within the 55-storey tower for $3 million on launch day, Saturday 19 November.
Stage 1, consisting of 150 apartments, sold out within the first hour.  After the release of stage 2 189 apartments had sold at the end of the first day, including the first penthouse, exceeding $160 million in sales. 
Over 72 percent of sales were to owner-occupiers.
Jason Soulos, Sales Director, <a href="https://coronation.com.au/projects/phillip-street/" target="_blank">Coronation Property</a> said the latest penthouse buyer had been looking to move out of his house and into an apartment for the lifestyle benefits, but didn’t want to compromise on space. 
"He also didn’t want to leave Parramatta and had been searching for two years to find something large enough with a high level of design and quality finishes,” he said.
“Essentially he was motivated by the sheer size of the penthouse as its 189 square metre proportions are basically double the size of a typical three-bedroom apartment. 
"He also loved the attention to detail and premium fitout delivered by Woods Bagot and likes to entertain, so immediately saw his penthouse as an entertainers’ paradise.
"It looks likely we will release stage 3 in February next year, four months ahead of schedule.  We strongly suggest those interested in this luxury tower submit their expressions of interest before the stock is released in the new year, to avoid missing out.”
Joe Nahas, managing director, Coronation Property said that the group’s latest premium, mixed-use development was a distinctly unique offering in Australia, let alone for Parramatta.
“While residents of 8 Phillip Street will have hotel facilities right at their fingertips, the residential component of the building will be very private and accessed via its own lobby,” he said.
“There are very few developments that integrate the same level of contemporary design and lifestyle offering that 8 Phillip Street will deliver, together with spectacular boutique hotel facilities… in the heart of Sydney’s growth area.”
Studio apartment prices start from $492,000.
Designed by international design firm Woods Bagot, 8 Phillip Street will feature more than 300 one, two and three bedroom residences, a rooftop bar, and architecture and outdoor design elements by project partner Jamie Durie.
The project gallery is on level one at 8 Phillip Street, Parramatta and features a to-scale three bedroom apartment complete with ensuite, main bathroom, powder room, laundry, kitchen, dining and living room complete with a balcony overlooking greater Sydney. 
The project gallery and display apartment is open from 11am – 4pm on Thursdays to Sundays or by appointment.  Appointments can be made by calling 1800 753 163 or enquiring via <a href="mailto:sales@coronation.com.au" target="_blank">sales@coronation.com.au</a>.
Meanwhile developer Meriton's Altitude towers at Parramatta will have two sky penthouses.
They will occupy the top floor of the Altitude residential tower - Parramatta’s tallest yet building soaring to 54 levels.
The move will place the owners of the luxurious and expansive penthouses more than 170 metres above the ground in the cultural heart of Parramatta.
James Sialepis, Meriton’s director of sales, the four-bedroom penthouses have prices at $2.350 million and $2.050 million.
Altitude is on a former David Jones site in Church Street, bought for $36.5 million in 2010.
The project consists of a 377-apartment residential tower and a 36-floor Meriton Serviced Apartments hotel with 254 suites and which opened this month.
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Penthouse sale smashes two-week-old $3 million record price paid for a penthouse in Parramatta

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The Wollongong pub The Figtree Hotel sold at mid-week auction for $5.375 million.
The owner of the nearby Unanderra Hotel, Andrew Denmeade, bought the property.
It has a gaming room, a sports bar, a bistro and a drive-in bottle shop.
There is development potential for the 9300 sq m offer that sold through Ray White Hotels' Andrew Jolliffe.
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The Figtree at Wollongong sold

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Merivale boss Justin Hemmes has paid $37.05 million for The Tennyson Hotel in Sydney's south.
The auction conducted by auctioneer Damien Cooley for Ray White attracted 250 people including the who's who of the pub industry.
<img src="https://www.urban.com.au/images/2016/12/02/Screen%20Shot%202016-12-02%20at%2011.54.15%20AM.png" alt="">
The Tennyson, whose design is illustrative of a Sidney Warden-designed inter-war functionalist structure, fetched a record hammer price for hotels. 
The Ray White Hotels Asia Pacific director Andrew Jolliffe listed the Top 100 gaming property, The Tennyson Hotel at Mascot.
 Set on Botany Rd, the Tennyson Hotel is a popular hotel with 30 gaming machines.
"Notwithstanding the latest ranking at 87 in NSW, the hotel requires an upgrade," Jolliffe advised. 
The leading hotel architect Paul Kelly has designed a renovation which has DA approval.
"Only a very small number of Top 100 gaming hotels have changed hands over the past few years," commented Jolliffe.
"The reality is that this should be a Top 50 Gaming hotel," he added.
<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/2016/11/03/Aerial%20Hero%20Image.jpg" alt="">
The two-level large format hotel is on the busy Botany Road and High St corner.
Its allotment is 1400sqm.
Jolliffe's client, JDA Hotels recently contemplated an unsolicited offer, advised John Feros of JDA Hotels.
<img src="https://www.urban.com.au/images/2016/12/02/Screen%20Shot%202016-12-02%20at%2011.53.59%20AM.png" alt="">
The hotel, even in its currently unrenovated state, attracts in excess of $8m in annual receipts from predominantly high gross profit margin revenue centres.
 
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Merivale's Justin Hemmes pays $37.05 million for Tennyson Hotel

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An absolutely wild $8.63 billion in stamp duty and land transfer duty receipts was raised over the year to September for the NSW Government, according for the Office of State Revenue (OSR). 
This is a totally unprecedented windfall for any state or territory in Australia.
Note how annual stamp duty receipts (red line) have remained above $8.6 billion even in the face of lower volumes (dotted blue line) this year.
Simply, this is due to higher dwelling prices in Sydney. 
<a href="/images/2016/12/NSW.jpg" target="_blank">Click to enlarge</a>
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<div>NSW's budget surged into a massive $4.7 billion surplus in 2015-16.</div>
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<div>This result was miles ahead of forecasts and leaves the state Government with net debt of less than zero.</div>
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<div>The state government is now in a cash positive position for the first time ever.  </div>
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<div>To complete the virtuous circle, billions of these funds need to be rolled into urgently required infrastructure projects, not least to plug the hole that will be left by declining housing construction from 2018 forth. </div>
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<div>With commodity prices recovering, financial markets have priced in a change in the outlook, with Australia's 10 year government bond yield now sitting back at 2.37 percent, having slumped quite sharply since May. </div>
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PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
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pwargent-M4siyDbqQY

Stamped out NSW duties

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GUEST OBSERVER
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Throughout November, capital city dwelling values rose by 0.2 percent. 
While the headline results remained in positive growth territory, the monthly capital gain reading was also the softest result since December 2015 when capital city dwelling values were unchanged over the month. The combined regional areas of Australia showed a weaker result with house values falling by 0.2 percent over the month. 
The soft performance across the combined capital city reading was attributable to a 1.5 percent fall in the Melbourne index, while all other capital cities recorded a positive month-on-month result.
<a href="/images/2016/12/01/Screen%20Shot%202016-12-01%20at%2010.08.49%20AM.png" target="_blank">Click to enlarge</a>
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Delving into the Melbourne results in more detail showed that unit values were down a larger 3.2 percent in November, while Melbourne house values declined by 1.3 percent over the month. 
The November figures show that capital city dwelling values rose by 1.7 percent over the three months of spring; a substantial improvement over last year. Spring 2015 saw capital city dwelling values fall by 0.2 percent, with auction clearance rates dipping below 60 percent in late November and early December. 
In contrast, auction clearance rates held firm in the mid-70 percent range throughout spring this year, with Sydney clearance rates holding around the 80 percent mark over the past three months. 
On an annual basis, every capital city except for Perth is now showing a positive annual trend in dwelling value growth. The highest annual growth rate is evident in Sydney and Melbourne where dwelling values are now 13.1 percent and 11.3 percent higher respectively, reflecting a steeper upwards trajectory in growth over the second half of the year. The Hobart and Canberra markets have also seen some acceleration in growth rate trends with dwelling values up 8.5 percent, and 8.4 percent respectively over the past twelve months.
<a href="/images/2016/12/01/Screen%20Shot%202016-12-01%20at%2010.10.01%20AM.png" target="_blank">Click to enlarge</a>
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For the first time since February 2015, Darwin’s annual growth rate has moved back into the black and recorded a 1.1 percent rise in dwelling values over the past year. Results for smaller cities such as Darwin, can tend to show higher levels of volatility. 
The November results also show a rise in transaction numbers across the Darwin market over recent months, supporting the moderate improvement in market conditions that the hedonic index is showing. 
Currently the national growth cycle has been in play for 4.5 years, with capital city dwelling values rising by 42.2 percent over the cycle to date. 
Disaggregating this growth figure highlights the diversity in market conditions with Sydney and Melbourne at one end of the spectrum experiencing an increase in dwelling values over this period of 67.3 percent and 46.3 percent respectively, while at the other end of the spectrum, Perth and Darwin values have broadly declined since 2014. Perth values are 6.9 percent higher since the cycle commenced in June 2012, while Darwin values are 13.8 percent higher over this period. 
It appears that higher unit supply is progressively weighing down the capital gains across Melbourne’s unit sector, with annual capital gains tracking at 3.9 percent for Melbourne units compared with a 12.2 percent annual gain in Melbourne house values. 
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A similar trend can be seen in Brisbane, where the supply of units across key inner city regions is also high. Brisbane house values were up 4.3 percent over the past twelve months compared with a 0.9 percent fall in unit values. 
With the unit supply pipeline remaining substantial, we expect to see a continuation of weaker market conditions across those unit markets where high supply levels are dampening the prospects for higher value growth.
<a href="/images/2016/12/01/Screen%20Shot%202016-12-01%20at%2010.11.05%20AM.png" target="_blank">Click to enlarge</a>
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Rental yields reached a new record low in November across the combined capitals index due to dwelling values continuing to rise at a faster pace than weekly rental rates. The average gross rental yield across combined capital city dwellings is now recorded at 3.2 percent, down from 3.5 percent a year ago and 4.1 percent five years ago. 
Sydney and Melbourne share the lowest yield profile for detached housing, with an average of 2.8% in both cities, while the gross yield on Sydney units has fallen well below Melbourne’s at 3.8 percent. 
With rental markets remaining soft, it is likely there will be further yield compression across those markets where residential property values are rising. 
The only market segments where yields have improved over the past 12 months were the Hobart and Canberra unit markets where rental rates have shown a higher growth rate than unit values. 
It appears as though the low yield profile is no deterrent to investors, with ABS housing finance data showing a consistent rise in finance commitments for investment purposes since May this year. 
Clearly investors are continuing to see housing as the preferred investment option, despite low yields and a mature growth cycle. 
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Settled transaction numbers nationally have reversed their downward trend over recent months with CoreLogic estimates of settled sales rising to the highest level in a year. Even though transaction numbers have improved, settled sales remain 9.6 percent lower than a year ago. Every state and territory has shown a reduction in settled sales over the year, however the largest fall has been in Victoria with a 14.9 percent year-on-year decline. In contrast, CoreLogic mortgage valuation platforms experienced record daily volumes earlier this week, reflecting the robust level of late season market activity. 
As the last month of spring, November has seen listing numbers ramp up more substantially with the total number of homes advertised for sale over the past month now tracking higher than a year ago. The latest CoreLogic listing counts show there were approximately 113,500 properties advertised for sale over the past 28 days across the capital cities, which is 2.4 percent higher than the same time a year ago. 
Despite higher listing numbers at a combined capitals level, the hottest markets are still showing listing numbers lower than a year ago. Sydney listings are 9.4 percent lower than last year, while advertised stock levels in Melbourne are 2.9 percent lower. Hobart listings have fallen sharply compared with last year, to be 29 eprcent lower, whilst Canberra stock is 7.6 percent lower than a year ago. 
Lower stock levels in these markets are likely to be one factor contributing to the upwards pressure on dwelling values. Vendors are still very much in the driver’s seat in these markets and buyers have little in the way of leverage to negotiate, or time to consider their purchase decision. 
The strong selling conditions can also be seen in the average selling time, which is tracking at 31 and 32 days in Sydney and Melbourne respectively. Canberra and Hobart are showing the third and fourth fastest average selling times across the capital cities, at 44 and 48 days respectively. 
<a href="/images/2016/12/01/Screen%20Shot%202016-12-01%20at%2010.12.12%20AM.png" target="_blank">Click to enlarge</a>
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With real estate agent activity across CoreLogic platforms easing over the past two weeks, it suggests that we may have moved through the peak of new listings activity. Additionally, as we move into the first month of summer, the housing market is likely to remain active for another two weeks before we start to see the normal seasonal slowdown in buyer numbers. 
After four and a half years of strong value growth, Mr Lawless said it’s hard to imagine a reacceleration in property values could be long lived. 
Affordability constraints are creating high barriers to entry, particularly in Sydney, and lenders are becoming more cautious in their lending practices. The supply pipeline is substantial for inner city units, which is likely to dampen value growth in these precincts as well as dent buyer confidence and push vacancy rates higher. 
Additionally, buyer enthusiasm could be muffled by speculation that interest rates may rise late next year, with fixed rates already starting to edge higher. 
With household debt at record levels, Australians are very sensitive to the cost of debt, and an expectation that the period of record low mortgage rates is approaching an end may reduce buyer demand. 
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Tim Lawless is head of the CoreLogic research and analytics team and can be contacted <a href="https://blog.corelogic.com.au/author/timlawless/" target="_blank">here</a>.
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tlawless-5VLUrbAk9s

Sydney dwelling values up 13 percent over the year while Perth remains in decline: Tim Lawless

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A renovated hotel with a turnover of $28,000 per week in Victoria's historic gold-mining town of Beechworth has recently sold for an undisclosed sum.
The <a href="https://www.realcommercial.com.au/property-hotel+leisure-vic-beechworth-501480123" target="_blank">Hibernian Hotel at 34 Camp Street</a> comprises seven self-contained apartments and tea rooms.
The apartments have a turnover of $3,000 per week while the tea rooms are rented out for $20,000 per annum. The property occupies a land area of nearly 2,054 sqm.
The property was sold by Chapman Gould &amp; May.
Listed in 2015, it was on the market for 632 days.
Its last listed price was $2,250,000.
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Beechworth hotel with $28,000 pw turnover sold

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Pinned to the wall beside my computer is a report I wrote in June 2015 entitled “Top 20 worst predictions about Australian property markets”.
It contains a stunning line-up of doomed forecasts from the previous six or seven years about our property markets. They all have two things in common: they all predicted massive price decline, and none of them was correct.
But they’re still out there and media never tires of them. Forecasts of price collapse are a dime a dozen in mainstream media. 
In many cases, I suspect, the forecasters don’t really believe their own statements. The objective is to generate publicity, truth notwithstanding. Apart from anything else, no one (apart from me) ever checks to see how the forecasts of the past have turned out, so the fallout for false prophets is zero.
So if American spruiker Harry S Dent pops up in Australia next year and predicts a 50 percent collapse in property values, he’ll get masses of free publicity for his seminar tour or book launch, despite having made that prediction twice before (in 2011 and 2014) and been proven wrong by subsequent events.
Predictions of real estate Armageddon in Australia have become common. One of the most recent was widely reported around Australia in early September. This headline appeared in The Australian: “Australia six weeks from a housing collapse, US report warns.” Time is well and truly up on that forecast and we do not appear to have a housing collapse.
The Washington-based International Strategic Studies Association said: “We estimate that Australia has about six weeks or so to turn this situation around, otherwise there would be a massive hit on property valuations and the building trades.”
Its president delivered quite a rant on the subject. You have to wonder why serious newspapers would report such nonsense, particularly given the failure of other similar predictions since the start of the century.
Here’s another example: in October 2015 the Sydney Morning Herald made a huge front-page splash with this headline: “7.5 percent - house prices tipped to slump.” The 7.5 percent was in huge type and dominated the page.
The article said “Australian house prices” would fall 7.5 percent in 2016 and the decline risked causing a recession. It quoted reports from several investment banks – Macquarie, Credit Suisse and Bank of America Merrill Lynch – which all made dire forecasts.
One said property investment in Australia was “riskier than the equity market”, especially in Sydney. Another said the RBA would be forced to lift interest rates in 2016 to tackle high inflation. How wrong did they get that?
When will media ever learn that economists are not real estate specialists and seldom get it right when they drift outside their comfort zones (getting it wrong on the economy) and delve into property prognostication? They regard Australia as a single property market and their understanding of the different market dynamics around Australia could be written on the back of a postage stamp – in crayon.
Other media outlets made big of the same material. The news.com.au website ran this headline: “Five months until property bubble bursts”. The article began: “FIVE months. That’s how long before house prices start to fall, according to the latest major investment bank to call the peak in Australia’s housing cycle. ‘Credit growth, auction clearance rates, house prices, settlement volumes and the dollar value of settlements are all showing signs of slowing, albeit from lofty levels,’ analysts from investment bank Macquarie said in a note today, The Australian reports.”
In November last year the Australian Financial Review ran a major article based on the forecasts of ANZ economists, who predicted that Australian house prices would fall in 2016 by “less than 10 percent”. There, again, we had that fatal formula for failed forecasts: economists, a perspective that Australia is a single market and a gloomy outlook based on a misreading of the signals.
Around the same time, the clown prince of failed forecasting Professor Steve Keen was at it again, still predicting a property crash – as he famously did in 2008 and every year since – and once gain getting it wrong.
Also around the same time, Smart Property Investment ran this headline: “Outer suburb markets could halve in value”, referring to the outer ring suburbs of Sydney. A year later, it’s pretty clear than suburban values have not dropped 50 percent.
In January this year the same magazine reported more dodgy predictions from economists under the headline “Investors warned about looming price declines”. Leading that particular charge was the man with worst record of all in real estate forecasting, AMP Capital chief economist Shane Oliver.
Oliver is probably the only guy who has made negative forecasts about housing prices than Steve Keen, and with an equivalent track record of success. It was Oliver who famously declared in 2005 that there would be no growth in Australian property prices any time in the next 10 years. Oh dear.
He’s made many similar statements over the years, with the same level of success. But he was back for more in January this year, stating that the Sydney market had become so stretched that prices were likely to fall. 
Also mentioned in that SPI article was Fitch Ratings, which claimed that “house price growth is set to decline significantly in 2016, with the possibility of entering negative territory …”
According to Fitch Ratings Australia managing director Ben McCarthy, the downturn would be caused by “reduced demand in Sydney and Melbourne as population growth declines and the market reaches limits of affordability and investor demand and interest recedes".
If there’s a group that has even less success at calling property market outcomes than bank economists, it’s the ratings agencies whose track record is just dismal – and whose motivations are particularly shallow.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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terryryder-YECXbqmri2

Forecasts of housing price collapse are a dime a dozen

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<div>APRA released its quarterly property exposure figures today for the period ended 30 September 2016.</div>
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<div>If there has been a slowdown in lending, sheesh, it's hard to make out from the chart. </div>
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<div>Total domestic residential property exposures increased by +7.9 percent from a year ago to a new high of $1.46 trillion.</div>
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<div>Exposures are now some +130 percent higher than they were in 2008.</div>
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<div>The growth in exposure to investors has been stopped in its tracks, however, with new loans to investors down 14 per cent from a year ago. </div>
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<div>However, owner-occupier loans stepped in to breach the gap, with exposures rising by +12.9 percent over the year to September, and the value of new loans to homebuyers rising by some +14 percent. </div>
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<div>In short, lenders have switched focus from investors to homebuyers.</div>
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 <div>The regulator has taken a number of measures to limit riskier lending.</div>
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<div>For example, loans of 90 percent or higher loan-to-value ratio (LVR) are now just 8.5 percent of the market, down from 22 percent in 2009. </div>
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<div>Thus, most borrowers are using substantial deposits, whether borrowed from parents or from existing loans (some may even be saving deposits, who knows?!). </div>
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 <div>Low-doc loans and loans approved outside serviceability are also now a small segment of lending.</div>
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<div>There has been a sharp pullback in the number and value of interest only loans over the past year, with this sector of the market dropping by 15 per cent from a year ago. </div>
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 <div>Buried in the small print there were some upward revisions to previously reported interest only loans reported by one institution. </div>
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<div>While exposures to investors has decreased, there does not seem to be much clarity surrounding the categorisation of outstanding loans (as evidenced by previous revisions), and as such in aggregate there may be more investors in the market than implied.  </div>
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<div>The average loan size over the year increased from $244,000 to $255,000. </div>
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PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
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