Toorak's dress circle St Georges Road, home to some of the city's priciest homes, is set for a rare new apartment development.

Blood Diamond Group, an entity tied to Tina Brandi, wife of David Brandi who has been a prolific bidder on The Block over the years, has filed plans for an ultra-exclusive development across an amalgamated 3,662 sqm site at <a href="https://www.apartments.com.au/new-apartments/104-106-st-georges-road-toorak-vic-3142">104 and 106 St Georges Road</a>.

The proposal would replace two existing homes on the riverfront site with a five-level apartment building cascading down the steeply sloping land toward the Yarra River. Designed by Charles Wright Architects, the development has been carefully shaped around the site’s topography and river environs, with the upper levels stepping back to reduce visual bulk from both St Georges Road and the Yarra corridor.

Planning documents describe the proposal as “a site layout and building typology that is consistent with the emerging character of the area and which provides exceptional amenity for future residents without compromising that of neighbouring properties.”&nbsp;

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ea19a17e-7528-4fa8-b727-05f2f7c025e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20a_0.png?VersionId=rZ2IjdoUL_UrRl1sZ4wZHnQXbYUaEmUQ" />

The scheme comprises 12 apartments, including 10 three-bedroom residences, one one-bedroom apartment, and a substantial split-level five-bedroom penthouse. A 624 sqm communal rooftop terrace will crown the building, while three undercroft levels embedded into the hillside will accommodate apartments and basement parking.

The design leverages the site’s dramatic northern outlook across the Yarra River, with living areas and balconies oriented toward the water. A central atrium running the full height of the building is intended to draw natural light deep into the residences and improve internal amenity.

Landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo Design &amp; Landscape</a> will play a major role in softening the built form, particularly along the river edge where significant setbacks have been introduced. The proposal includes a minimum 30-metre setback from the Yarra River boundary, preserving a substantial landscaped buffer between the development and the waterway.

While a mature English Oak near the front of the site is proposed for removal, the plans retain a large English Elm closer to the riverfront, alongside other established vegetation in the lower section of the property.

<img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ed3bf19b-5bc7-482f-bde7-41f709a13c3a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20b.png?VersionId=SG_kBGu4rOaSPY8FtVcmPJfSCrstuOfg" />

Architecturally, the building adopts strong horizontal forms with expansive glazing and curved balcony edges facing the river. Planning documents note the upper levels “adopt a receding form” to ensure the building responds appropriately to the Yarra River environs overlay controls.&nbsp;

The surrounding streetscape is characterised by large contemporary homes embedded into the hillside, many presenting as modest one or two-storey forms to the street before expanding toward the river frontage below. The planning report notes this established pattern heavily influenced the massing strategy for Toorak Pavilion.&nbsp;

Until the recent sale of the landmark Clendon Road mansion Coonac for around $130 million, St Georges Road held the state's most expensive home, the $80,000,088 derelict "Ghost House" mansion that was bought by crypto king Ed Craven.&nbsp;

Blair House, also on St Georges Road, sold for $74.5 million in 2022.

Joel Robinson

First look: Toorak Pavilions slated for dress circle St Georges Road

Six months after a development site on Kangaroo Point’s Shafston Avenue sold for $6.55 million, plans have been lodged for a 23-storey apartment tower.

A company named JMT Mega Capital, understood to be interstate investors when the 1,222 sqm double block traded late last year through Patona Property, is proposing an 84-apartment development in place of the existing low-rise buildings.

The slender tower at <a href="https://www.apartments.com.au/new-apartments/212-220-shafston-avenue-east-brisbane-qld-4169">212–220 Shafston Avenue</a>, overlooking the Brisbane River, has been designed by <a href="https://www.apartments.com.au/architects/aplus-design-group">Aplus Design Group</a>. It will comprise a mix of one-, two- and three-bedroom apartments above six basement levels, topped by rooftop resident amenities.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="7e17ba9e-553e-42ef-92b6-22081671521a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_3.png?VersionId=hlVUf99vrOjUs.vhQs0qV0DhOncUy9T8" />

The development has been designed as a vertically articulated tower with recessed balconies, curved façades and planted edges intended to soften its scale within the evolving Shafston Avenue skyline. In the submitted Urban Design Report, Aplus Design Group said the tower had been “shaped with a slender vertical expression, articulated façades, recessed balcony zones, integrated planting and a clearly defined podium relationship, helping to reduce perceived bulk and create a more elegant contribution to the Shafston Avenue streetscape and broader Kangaroo Point skyline.”

The scheme comprises 84 apartments, including 25 one-bedroom units, 34 two-bedroom apartments and 25 three-bedroom residences. A total of 104 car spaces are proposed across six basement levels, including resident, visitor and accessible parking.

Residents will have access to rooftop communal open space and shared amenities, while the development also incorporates deep planting zones and subtropical landscaping throughout the podium and tower levels. The project includes 35 per cent communal space coverage across the site and a 17.5 per cent deep soil zone allocation to support urban greening outcomes.

The application exceeds the mapped building height under the Kangaroo Point Peninsula Neighbourhood Plan and is being assessed under Brisbane City Council’s impact assessment pathway. The design team argues the additional height is supported by the site’s strategic inner-city location, existing high-density zoning, and proximity to transport and employment hubs.

“The design has been developed to make better use of a well-serviced urban site within an established high-density residential setting, while improving the street presentation and overall quality of the public realm interface,” the report states.

<img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="1ab44b1e-ff45-4bf3-8da8-8aa0cd79db33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_10.png?VersionId=tSxeGekZOqj1e9g3PEn_yFoC3taKDp3U" />

The proposal adds to a growing pipeline of apartment developments reshaping Kangaroo Point ahead of the 2032 Brisbane Olympic Games, with demand continuing to strengthen for new housing supply in well-connected inner-city precincts.

Mosaic has nearly sold out its under-construction <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford by Mosaic</a>&nbsp;and <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a>,&nbsp;while Pikos recently completed <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye Residences</a> nearby. Pikos is also delivering <a href="https://www.apartments.com.au/new-apartments/gaia-kangaroo-point-108-lambert-street-kangaroo-point-qld-4169">Gaia</a>, over 230 three- and four-bedroom apartments on Lambert Street.

First look: 23-storey Kangaroo Point apartment tower planned for Shafston Avenue riverfront precinct

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.

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

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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The expiry of Tasmania's first home buyer incentives for purchasers of established dwellings in 2014 saw first home buyer demand decline, according to QBE’s latest housing report.
First home buyer demand in the state has since bottomed out and is now in a recovery phase, the report said.
Loans to first home buyers increased by an annual 6% in 2015/16 and the rising trend has been accelerating, with loans to first home buyers in June quarter 2016 being 24% higher than the same period a year earlier.
It is likely that some of this demand stems from increased interstate migration. In contrast, purchase activity by upgraders and downsizers has been easing, with loans to non–first home buyers having fallen by 4% in 2015/16.
Demand from investors has also been decreasing, with the total value of loans to investors having fallen by an annual 13% in 2015/16. As with the other states, tightened lending policy by the banks is containing investor demand, although the decline in 2015/16 has been lower than the national decline.
Rental growth has been largely flat and vacancy rates are close to balance at just under 3% through 2015/16.
House prices in Hobart were flat in 2014/15, but picked up in 2015/16, with the median house price increasing by 5.2%. Tasmania’s net interstate migration outflow has been steadily declining since peaking in 2011/12, and interstate migration is on track to record a net inflow in 2015/16.
Part of the driver of this recovery is likely to be increased “tree changers” downsizing from the more expensive mainland capitals, while there are also likely to be many returnees from the mining states who contributed to the higher net interstate migration outflows of recent years.
House price growth has been unevenly spread across the Local Government Areas of Hobart. Median house price growth has been particularly strong in Hobart (10.1%), Clarence (8.4%) and Kingborough (6.9%). Glenorchy (1.1%) and Brighton (2.8%) saw more moderate house price growth while Sorell (–3.3%) experienced a decline in its median house price. The overall Greater Hobart median grew 5.2% over 2015/16.
<a href="/images/2016/10/14/Table%2012.jpg" target="_blank">Click to enlarge</a>
<a href="/images/2016/10/14/Table%2012.jpg" target="_blank"><img src="/images/2016/10/14/Table%2012.jpg" alt=""></a>
The Tasmanian economy has been weak in recent years. A high Australian dollar and slow population growth have added to general economic weakness. However, improved household spending, non–residential building activity and improving exports suggest a stronger economic recovery.
The weakening Australian dollar should support growth in tourism while the agricultural and mining industries should also benefit. The state unemployment rate fell from 7.8% at March 2014 to 6.6% at March 2016. Greater Hobart has a lower unemployment rate than the rest of the state, having fallen from 6.7% to 6.1% over the same period.
Greater Hobart has also been the main destination for migrants from overseas, interstate and the rest of Tasmania, with its population rising by 0.8% in 2014/15 while the population of the rest of Tasmania was flat.
On the supply side, completions at the state level have continued to rise while underlying demand has been slow. This has seen Tasmania’s dwelling surplus climb from 4,800 dwellings to an estimated 5,300 dwellings at June 2016. Given the disparity between population growth, it is likely that the oversupply is greater in regional Tasmania.
Reflecting lower income levels and fewer drivers of employment, Hobart has the lowest median house price compared to the other state capitals. Its relative affordability compared to other capital cities is a significant driver of demand as interstate migrants seek a more affordable market.
The current low interest rate environment is expected to improve affordability and spur purchaser demand, the QBE report said. Poor affordability in Melbourne and Sydney is expected to fuel further migration to Tasmanian cities, a trend already evident with the net interstate inflow forecast to increase further to 1,000 persons in 2016/17 and 2017/18.
Click to open chart in new window
<img src="/images/2016/10/14/Chart%2030.jpg" alt="">
Overall, the gradual recovery in the local economy and interstate migration is expected to underpin price growth, while the presence of an excess dwelling stock at the state level will likely limit price growth to more moderate levels. Hobart’s median house price is forecast to rise from $377,900 at June 2016 to $425,000 by June 2019, reflecting growth of around 4% per annum or a cumulative 12.5%.
With a significantly smaller unit market, and thus a smaller sample of sales volumes to measure the median, movement in the median unit price in Hobart can be much more volatile from quarter to quarter. Overall, however, median unit prices have been in a gradual decline since its peak median price of $420,000 in June 2011.
With falling investor demand, the unit market could experience the greatest impact as investor purchasers have traditionally been more prevalent buying units.
This softness is expected to continue to dampen demand, limiting median unit price growth to a forecast 1%–2% per annum through to 2018/19. This is forecast by QBE to push the median unit price to $315,000 at June 2019; a cumulative growth of 4.5% over the forecast period.
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Hobart first home buyers in recovery stage: QBE Housing Outlook

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A management rights position is available in a prime location in Main Beach on the Gold Coast for a 16-level high-rise comprising 43 apartments. 
It is a caretaking only operation – no trust account, no computer, no licence, according to the description, with income made up predominately of BC salary, with a small amount of additional income (maintenance etc) 
A refurbished <a href="https://www.realcommercial.com.au/property-hotel+leisure-qld-main+beach-502143702" target="_blank">three-bedroom, three-bathroom ground floor apartment</a> is available to the caretaker for $1,035,000. 
There is also a letting agreement in place. The building has nine eternally managed units and 17 lock-ups, offering an opportunity to grow the business. 
The listing agent is Alex Cook of Resort Brokers Australia.
<img src="/images/2016/10/17/MainBeach2.jpg" alt="">
Management rights is a business wherein a resident manager owns a unit in a complex and is involved in the caretaking and letting of strata titled units within that complex for a salary and an agreed time period.
According to industry body Australian Resident Accommodation Managers Association (ARAMA) there are several parts of the business:
•The resident manager owns a unit in the complex as well as owning the business. Hence they have a financial interest in the scheme and they conduct business from the site.
•The resident manager has a written caretaking contract with the body corporate or owners’ corporation to provide caretaking services for the complex for an agreed salary and for an agreed time period.
•The resident manager has a written authorisation from the body corporate or owner’s corporation to operate a letting business onsite for those investor owners who choose to use their services.
•The resident manager has a written appointment from each owner for whom he/she acts, to provide the services of letting agent for the property.
•The Management Rights model can apply to short term letting which includes holiday letting, corporate letting, groups, conferences and also to long term letting which includes student accommodation and residential tenancies.
To illustrate the business, Property Observer focussed on several management rights offers in Queensland and NSW:
Surfers Paradise opportunity
A management rights business has come up for sale for an <a href="https://www.realcommercial.com.au/property-hotel+leisure-qld-surfers+paradise-502141122" target="_blank">asking price of $1.45 million</a> (below), which includes manager’s real estate.
<img src="/images/2016/10/19/Screen%20Shot%202016-10-19%20at%201.47.17%20PM.png" alt="">
The property is a high-rise holiday building comprising 15 one-bedroom units in the letting pool and comes with long agreements, expiring 2033.
Other features include indoor and outdoor heated pools, sauna and BBQ.
The manager’s residence is a two-bedroom unit.
The property makes a net profit of $219,000.
The building is next to the light rail and near the centre of Surfers Paradise and the beach.
According to the description, the opportunity would suit first time operators. 
The listing agent is Warren Oliver of MRSales.
Tweed Heads South
Osprey Villas is offering a management rights opportunity in NSW’s Tweed Heads South for offers in the range of $720,000. 
On offer is a 23-plus year caretaking and letting agreement and a business that is profitable, according to the description on <a href="https://www.realcommercial.com.au/property-hotel+leisure-nsw-tweed+heads+south-502142050" target="_blank">www.realcommercial.com.au</a> (below).
<img src="/images/2016/10/19/Screen%20Shot%202016-10-19%20at%201.48.23%20PM.png" alt="">
The property comprises a four-bedroom, two bathroom managers residence with LUG and private courtyard. 
The property is in a beautiful, peaceful setting adjoining a lovely park and close to beaches. 
According to the description, there is opportunity for growth via securing outside agent appointments.
Experienced managers will be around to assist with training and transmission.
The listing agent is Ian Dore of Resort Brokers Australia
Main Beach, Gold Coast
A management rights position is available in a prime location in <a href="https://www.realcommercial.com.au/property-hotel+leisure-qld-main+beach-502143702" target="_blank">Main Beach</a> (below) on the Gold Coast for a 16-level high-rise comprising 43 apartments. 
<img src="/images/2016/10/19/Screen%20Shot%202016-10-19%20at%201.49.18%20PM.png" alt="">
It is a caretaking only operation – no trust account, no computer, no licence, according to the description, with income made up predominately of BC salary, with a small amount of additional income (maintenance etc) 
A refurbished three-bedroom, three-bathroom ground floor apartment is available to the caretaker for $1,035,000. 
There is also a letting agreement in place. The building has nine eternally managed units and 17 lock-ups, offering an opportunity to grow the business. 
The listing agent is Alex Cook of Resort Brokers Australia.
 
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Main Beach on Gold Coast offers management rights opportunity

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The restaurant premises in the Elizabeth Bay Encore complex have been listed for auction.
<a href="https://www.realcommercial.com.au/property-retail-nsw-elizabeth+bay-502126566">Shop 1 at 21 Elizabeth Bay Road</a> comes with 16 metre frontage and 150sqm in/outdoor space.
There is a grease trap and ventilation and a quality stainless commercial kitchen.
It has been listed for November 10 auction through LJ Hooker Commercial agent James Griffiths.
It was initially Simmone Logue's outlet, but has seen many tenants since.
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jchancellor-FAypfDUnLy

Elizabeth Bay restaurant premises for sale

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Following the construction commencement on Melbourne’s most significant architectural landmark, Collins Arch, developer Cbus Property has secured its second office tenant.
The 447 Collins Street address will now be home HWL Ebsworth Lawyers when the twin tower structure is completed, in addition to inaugural tenant King &amp; Wood Mallesons.
Some 30 percent of Collins Arch’s 49,000 square meters of commercial space is now committed signalling strong market demand for the Cbus Property $1.25 billion flagship development.
Taking up the entire city block between Collins Street, Williams Street, Market Street and Flinders Lane, Collins Arch is positioned in the sweet spot of Melbourne’s legal precinct.
It will be Melbourne’s first WELL rated commercial building when completed in 2019.
“We are delighted to have committed to what we believe will be the most impressive building to be constructed in Melbourne in recent memory, clearly a future landmark,” said Mr Juan Martinez, Managing Partner of HWL Ebsworth Lawyers.
The leasing announcement follows the commitment of Collins Arch’s first tenants, King &amp; Wood Mallesons which secured almost 20 per cent of the precinct’s available office space across five floors in a major global deal.
HWL Ebsworth Lawyers has secured almost 6,500 square metres of NLA commercial space across levels eight to 10.
“This prestige site is easily the most envious location for office space in Melbourne right now, if not Australia,” said Andrew Beasley, national director of office leasing at Colliers International.
Construction has already commenced on Collins Arch, which will also include a five star hotel and luxury residential apartments that are currently accepting expressions of interest.
The development, designed by leading architecture firm Woods Bagot in partnership with internationally acclaimed SHoP Architects, features a west tower for offices and a residential eastern tower, joined by Melbourne’s first sky bridge, to be a standout on the Melbourne skyline.
Collins Arch is one of Australia’s largest mixed-use developments, located on a unique 6000 square metre island site set to feature an unparalleled 3500 square metres of public realm incorporating 1500 square metres of proposed park on Market Street subject to authority approval.
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WELL rating attracts law firms to Collins Arch

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An commercial building in Mermaid Beach has been scheduled for sale auction.
Located at <a href="https://www.realcommercial.com.au/property-offices-qld-mermaid+beach-502141774">2490 Gold Coast Highway, Mermaid Beach</a> the property has been Pancakes on the Rocks, but it is to be sold with vacant tenancy.
The building is 513 sqm with a land size of 1,026 sqm making it suitable for an owner occupier, investor or developer or multitude of businesses including gymnasiums, doctors, dentists, solicitors, accountants, showroom occupiers and restaurateurs (STCA).
The building also holds a liquor licence and is in possession of a commercial grade kitchen with grease trap, however existing additional equipment can be purchased by negotiation.
The property includes 22 on grade car parks including 11 undercover ones with a high exposure as well as approvals for mixed use zoning.
The property will be auction on November 9 by Colliers International agent Marc Carbone.
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Vacated Pancake on the Rocks, Mermaid Beach premises for sale

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An irreplaceable gem of Melbourne CBD, the Tavistock House, is now offered for auction for the first time in more than two decades.
The property located at <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-502136982" target="_blank">Tavistock House, 383-387 Flinders Lane, Melbourne</a> is an iconic triple-storey corner freehold building with triple frontage.
It is offered with up to 12 months settlement and is surrounded by major corporate headquarters, Melbourne’s finest restaurants, luxury retail, high end hotels and entertainment as well as all forms of public transport.
It is set in the heart of Melbourne’s most famous, financial, retail and dining precinct - and on the cusp of CBUS’s $1.25bn development at 447 Collins Street.
It has a strategic corner land holding of 442 sqm with triple frontage of over 42 meters.
It is part leased to established tenants with tremendous potential for future uplift and an excellent opportunity to part owner occupy, develop or convert (STCA).
It is for auction on 18 November 18 by Collins International agents Matt Stagg, Oliver Hay, Daniel Wolman and David Sia.
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Melbourne's Tavistock House offered for first time in 20 years

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A commercial freehold building in the heart of Sydney CBD has been brought to the market by CBRE.
Located at 296 George Street, the building is opposite Wynyard Station with its corner position well suited to a retail business.
The ground and first two levels are for lease while the basement level is occupied by Lee's Malaysian Restaurant (includes adjoining 300 George Street strata lot).
The building’s land area is about 82 sqm. 
Julian Choo and Tim Grosmann of CBRE are looking after the sales campaign.
The property last exchanged hands in 2013 for $5.8 million though it was listed for $6 million, according to RP Data. It spent 169 days on the market then. The vendor was Advance Bank of Australia.
<img src="/images/2016/10/17/SydCBD2.jpg" alt="">
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Commercial building suited to retail in Sydney CBD comes to the market

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Clouds of Montville Eco Resort, a Victorian-style resort on the Sunshine Coast Hinterland, has come to the market for $2.65 million.
Set on an area of 1.92 ha, <a href="https://www.realcommercial.com.au/property-hotel+leisure-qld-montville-502143778" target="_blank">the resort</a> comprises 10 apartments and four cottages (with approval for two more), a spa and sauna, swimming pool, a nine-hole frissbee golf course and other facilities.
The current owners had previous experience in hospitality, and made improvements to all aspects of the property and business, including the systems and websites which improved gross takings, says the description.
The owners are keen to sell the resort due to a family member's illness. Prior to them, the previous owners set up the resort over a period seventeen years.
The well presented property is also close to shops, markets, restaurants, art galleries, parks and waterfalls.
The listing agent is Jim Hughes of LJ Hooker.
<img src="/images/2016/10/14/Montville2.jpg" alt=""> 
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Clouds of Montville Eco Resort in Sunshine Coast on the market for $2.65 million

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A retail space on Brisbane's Queen Street Mall has been listed for sale.
The property at <a href="https://www.realcommercial.com.au/property-retail-qld-brisbane+city-502068218" target="_blank">114 Queen Street </a>has a floor size of 564 sqm.
It has a $22 million asking price, which reflects a 5% plus yield.
It is leased to Flight Centre.
<img src="/images/2016/10/03/114%20Queen%20Street.jpg" alt="">
The property has a net income of $1,146,236 per annum with fixed annual increases of 5 percent.
It is located close to Brisbane's newest $3 billion landmark, Queens Wharf Casino Precinct development.
Billed as Australia's busiest mall which attracts over 27 million visitors each year.
It is being offered through CBRE Brisbane agents Tom O'Driscoll and Andrew Adnam.
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Chance to buy on Brisbane's Queen Street retail mall

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With Australian retail yields near historic lows, compared with fixed interest investments and retail property around the globe, retail property in the country continues to attract investors, says Cushman and Wakefield.
The commercial real estate firms Q3 Retail Snapshot summarises its findings for the Australian economy and the retail sector.
ECONOMY
The Australian economy performed more strongly than expected in Q2 2016, expanding 2.9 percent in annual average terms. This result outperforms the Q1 outcome of 2.7 percent and is similar to the trend rate of 3 percent. 
Population growth, a slowly improving tourism sector and increased export volumes have helped to reduce the impact from declines in resource-based states. August saw a further 25 bps cut to the cash rate, to 1.50 percent, in an effort to boost lacklustre inflation. This coupled with a weaker exchange rate is providing a boost to housing and corporate activity. 
<a href="/images/2016/10/14/marketindicators-retail.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/10/14/marketindicators-retail.png" alt="">
RETAIL MARKET REVIEW 
In the year to June 2016, Moving Annual Turnover (MAT) grew 3.8 percent, a modest decline on 4.1 percent in Q1, with both quarters below the long term average of 5.2 percent. Below average economic and income growth since the GFC have contributed to sub-trend retail sales MAT growth. Sales for discretionary items remain solid but a little below average, supported by South-East Australia’s housing boom. Consumer sentiment continues to trend at neutral levels. 
<a href="/images/2016/10/14/retailsnapshot1.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/10/14/retailsnapshot1.png" alt="">
<a href="/images/2016/10/14/retailsnapshot2.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/14/retailsnapshot2.png" alt="">
INVESTMENT REVIEW
Robust investment volume continued in Q3 2016, with a total of $2.1 billion invested over 47 transactions. Investment volume declined quarter on quarter, but the number deals increased resulting in smaller average deal size. In line with this, activity in the quarter was focussed on smaller, neighbourhood centres whereas in the previous quarter volume was driven by larger CBD centres and portfolio deals. 
A major contribution to quarterly result was the joint venture purchase of David Jones at 65-77 Market Street, Sydney by Scentre Group and CBUS from Woolworths Holdings for $360 million at an approximate initial yield of 4.50%. This transaction was part of nearly $1 billion invested in New South Wales retail over the quarter – almost 50% of the national total. Retail yields across most centre categories compressed further as evidenced in average transaction yields. Although foreign investment activity was more muted in Q3 at $445 million, offshore capital continues to target retail assets. 
OUTLOOK 
While Australian retail yields are near historic lows, compared to fixed interest investments and retail property around the globe, Australian retail property remains relatively attractive. This has resulted in strong demand for retail assets from both local and international investors as well as limited availability of quality assets. With interest rates generally expected to remain lower for longer, we expect ongoing investor demand to remain solid leading to further, but modest yield compression. 
<a href="/images/2016/10/14/retailtransact.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/14/retailtransact.png" alt="">
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