<p><a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.</p>

<p>The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.</p>

<p>Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.</p>

<p>The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.</p>

<p>The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments</p>

<p><img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" /></p>

<p>Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.</p>

<p>But one of the biggest components of the proposal is what sits between the buildings.</p>

<p>Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.</p>

<p>The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.</p>

<p>Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.</p>

<p>SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.</p>

<p>The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.</p>

<p>The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.</p>

<p>Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.</p>

<p><img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" /></p>

<p>SP Setia plans to deliver the development across three stages.</p>

<p>Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.</p>

<p>If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

<p>Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.</p>

<p>Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.</p>

<p>The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.</p>

<p>“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.</p>

<p>"Eight residences is exceptionally boutique, but that's precisely what this site calls for.</p>

<p>“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”</p>

<p><img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" /></p>

<p>The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.</p>

<p>The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.</p>

<p>The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.</p>

<p><img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" /></p>

<p>The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.</p>

<p>It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.</p>

<p>Heritage has subsequently played a significant role in Cera Stribley's design.</p>

<p>The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.</p>

<p>Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.</p>

<p><img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" /></p>

<p>Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.</p>

<p>A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.</p>

<p>A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.</p>

<p>Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.</p>

<p>Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.</p>

<p>The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.</p>

<p>Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.</p>


Lowe Living unveils Middle Park apartment development

<p data-end="288" data-start="269"><strong data-end="288" data-start="269">Article summary</strong></p>

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289"><strong data-end="374" data-start="291">DVB Projects is preparing to launch its second Gold Coast apartment development</strong>, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443"><strong data-end="513" data-start="445">The 34-level tower will comprise just 49 ultra-luxury residences</strong>, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574"><strong data-end="646" data-start="576">The launch follows strong demand at DVB's nearby Sea Glass project</strong>, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718"><strong data-end="787" data-start="720">The development adds to the transformation of Old Burleigh Road</strong>, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<p data-end="1011" data-start="790"><a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.</p>

<p data-end="1296" data-start="1013">The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion</p>

<p data-end="1296" data-start="1013"><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" /></p>

<p>The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.</p>

<p>“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;</p>

<p>“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."</p>

<p>Brown says the site itself is "exceptional."</p>

<p>"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”</p>

<p><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." /></p>

<p>The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.</p>

<p>A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.</p>

<p>Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.</p>

<p><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" /></p>

<p>Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.</p>

<p>“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.</p>

<p>“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.</p>

<p>“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”</p>

<p><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" /></p>

<p>Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.</p>

<p>With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.</p>

<p>[smartcode_project_cta:default project_id=145141]</p>


DVB Projects to launch second Broadbeach apartment tower as demolition commences

<p><a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.</p>

<p>Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.</p>

<p>The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.</p>

<p>The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.</p>

<p>A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.</p>

<p><img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" /></p>

<p>The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.</p>

<p>"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.</p>

<p>"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."</p>

<p>The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."</p>

<p>Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.</p>

<p>Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.</p>

<p>The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.</p>

<p>The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.</p>


First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<p><a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;</p>

<p>Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.</p>

<p>[smartcode_project:default project_id=107520 project_image_fid=367193]</p>

<p>The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;</p>

<p>Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;</p>

<p>"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.</p>

<p>"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."</p>

<p>[smartcode_project:default project_id=107520 project_image_fid=367183]</p>

<p>Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;</p>

<p>"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;</p>

<p>Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.</p>

<p>The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;</p>

<p>[smartcode_project_cta:default project_id=107520]</p>


The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

<p>Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.</p>

<p>They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;</p>

<p>Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.</p>

<p>They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.</p>

<p>Even in the low seasons of May and June, occupancy levels reach around 40 per cent.</p>

<p><img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" /></p>

<p>Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor</p>

<p>Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.</p>

<p><img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" /></p>

<p>Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" /></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span><span><span><span><span><span>​</span></span></span></span></span></span></p>

<p>The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;</p>

<p>Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.</p>

<p>With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;</p>

<p>Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.</p>


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

<html><body>
<p>The Longhurst Group, has made its first purchase, buying the Edgecliff Centre, in Sydney's eastern suburbs for $138.75 million.</p>
<p>Longhurst, which is backed by local investors, is headed by former Mirvac executive, Paolo Razza.</p>
<p>The 1970s Edgecliff Centre consists of retail space plus a six-story office building, with a total floor area of 10,845 sq m. </p>
<p>The sale on the current income reflects a yield of 3.72 per cent. </p>
<p>It was sold by Hong Kong-based vendor, Lee Tai Enterprises. The adjoining East Point is owned by the Pollack family.</p>
<p>Longhurst has a further $500 million to invest.</p>
</body></html>

jonathanchancellor-7SQnKwU6yx

Edgecliff Centre sold at $138 million to Longhurst Group

<html><body>
<p>As expected SQM Research's figures showed vacancy rates declining in August in every capital city, and rents jumping in the big cities. </p>
<p>Hobart's vacancy rate fell to just 0.5 percent, while both Sydney (1.7 percent) and Melbourne tightened (1.9 percent) despite talk of an oversupply.</p>
<p>Asking rents for units were up by +4.5 percent in Melbourne and +4.0 percent over the year to August, suggesting that "landlords are in control of the market" according to SQM. </p>
<p>Vacancy rates also declined in August in Brisbane, Adelaide, Perth, Darwin, and Canberra. </p>
<p><a href="/images/2016/09/23/SQM1.jpg" target="_blank">Click to enlarge</a></p>
<div id="x_post-body-4621751620857808479" class="x_post-body x_entry-content">
<div class="x_separator"><img src="/images/2016/09/23/SQM1.jpg" alt=""></div>
<div> </div>
<div>Smoothing the data on a 4mMA basis shows that Canberra's market has also tightened substantially, with asking rents soaring by +12 percent. </div>
<div> </div>
<div>The smoothed figures show that Darwin is on the mend, but Perth still has a 5 percent vacancy rate to chew through before rents can rise again. </div>
<div> </div>
<div><a href="/images/2016/09/23/SQM2.jpg" target="_blank">Click to enlarge</a></div>
<div> <img src="/images/2016/09/23/SQM2.jpg" alt="">
</div>
<br>According to Louis Christopher of SQM Research:<br><br><div><em>"Sydney is likely to remain a landlords' market, as the city's growing population creates demand for new stock".</em></div>
<div> </div>
<div>Only in one sub-region of Sydney has SQM recorded an increase in advertised vacancies. </div>
<div> </div>
<div>
<p><span><em>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>.</em><br></span></p>
<p><em>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>.</em></p>
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pwargent-M4siyDbqQY

Vacancy rates drop everywhere, big city rents jump

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<p>If online listings are any guide, the rental market in Sydney has been tightening lately, with fewer rentals being advertised across a high number of suburbs.</p>
<p>According to the REINSW inner Sydney vacancy rates were unchanged in August at 1.9 per cent, but middle ring Sydney tightened by 0.3 per cent to 1.6 percent, while outer Sydney's vacancy rate of 1.7 per cent was the lowest since November 2015.</p>
<p><a href="/images/2016/09/23/B1-1.jpg" target="_blank">Click to enlarge</a></p>
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<div class="x_separator"><img src="/images/2016/09/23/B1-1.jpg" alt=""></div>
<br><div>Smoothing the figures on a 4mMA basis to nip out a bit of the noise shows that Sydney vacancy rates have been fairly flat over the past year in the middle and outer ring, but are some way tighter in the inner suburbs.</div>
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<div> </div>
<div>The vacancy rate in Newcastle has sneaked back up to 3 percent.</div>
<div> </div>
<div>The Tenants' Union (TU) Rent Tracker found that Sydney unit rents moved 5 percent higher over the past year, while house rents were 3 percent higher. </div>
<div> </div>
<div><a href="/images/2016/09/23/Rents1.jpg" target="_blank">Click to enlarge</a></div>
<br><div class="x_separator"><img src="/images/2016/09/23/Rents1.jpg" alt=""></div>
<br><div>Rents have moved sharply higher in Randwick and Woollahra over the past year according to the TU, but regional areas have been found to be "much more stable".</div>
<div> </div>
<div>The TU believes that the CPI measures understate Sydney's rental price growth. Their long run data also shows Sydney rents rising much faster than inflation.</div>
<br><div class="x_separator"><a href="/images/2016/09/23/A4.jpg" target="_blank">Click to enlarge</a></div>
<div class="x_separator"><img src="/images/2016/09/23/A4.jpg" alt=""></div>
<div class="x_separator"> </div>
<div class="x_separator"><span>According to the TU over the last 20 years new rents have generally increased at an average of around 8 per cent across Sydney and 5 per cent across the rest of New South Wales.</span></div>
<div class="x_separator"><span> </span></div>
<div class="x_separator">
<p><span><em>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>.</em><br></span></p>
<p><em>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>.</em></p>
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Sydney vacancy rates tighten again

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<p>The Reserve Bank (RBA) released the minutes of its September board meeting earlier this week. At the meeting, the last for Governor Glenn Stevens, the RBA board decided to keep official interest rates on hold at 1.5 percent.</p>
<p>The minutes included quite a lot of commentary around the housing market which follows.</p>
<p>‘Conditions in established housing markets had generally eased over 2016. Growth in housing prices had declined at the national level and across most capital cities over the past year, although there remained considerable variation by location. Housing prices had been declining in year-ended terms in Perth for some time. In the rental market, inflation had remained around historical lows and had also eased across most capital cities, most notably in Perth, where rents had continued to decline. The aggregate rental vacancy rate had drifted higher and was close to its long-run average.’</p>
<p>‘Other indicators for the housing market had also generally pointed to weaker conditions than a year earlier. In the established housing market, the number of auctions had declined and remained lower than a year earlier, even though auction clearance rates had increased of late (particularly in Sydney). In the private treaty market – where, nationally, over 80 per cent of transactions occur – turnover had also declined since the previous year and the average number of days that a property was on the market had been on an upward trend. Members noted that sales of new properties were included in the turnover data, but that there might be measurement problems related to the long lag between purchasing and settling new properties bought off the plan, which could lead to revisions. Finally, in recent months the value of housing loan approvals had been broadly steady and housing credit growth had been lower than a year earlier, consistent with the earlier tightening in lending standards and low turnover.’</p>
<p>While the commentary is accurate, the recent strength in auction clearance rates, ongoing growth in home values, a rebound in dwelling approvals and lack of new stock entering the market for sale will likely pique the RBA’s attention.</p>
<p><a href="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.54.50%20AM.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.54.50%20AM.jpg" alt=""></p>
<p>There were 2,062 capital city auctions over the week ending September 11 with CoreLogic collecting results for 1,882 of these auctions or just over 91% of all auctions. The final clearance rate was recorded at 75.4 percent, down from 77.1 percent across 1,899 auctions the previous week. Last week in Melbourne, there were 974 auctions compared to 830 auctions the previous week.</p>
<p>Last week’s auction clearance rate was recorded at 78.3% which was marginally lower than the 79.3% the previous week. In Sydney, the auction clearance rate was recorded at 80.6% last week which was virtually on par with the 80.7 percent recorded over the previous week.</p>
<p>Sydney recorded a similar number of auctions last week (758) compared to the previous week (747). Auction clearance rates were also lower over the week in most of the other capital cities. In Melbourne, auction clearance rates have now been above 75 percent for 5 consecutive weeks and they have been above that level in Sydney for 7 weeks.</p>
<p><strong>Number of homes for sale</strong></p>
<p><img src="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.55.05%20AM.jpg" alt=""></p>
<p>Over the past 28 days, there were 43,999 newly advertised properties for sale nationally which was -1.7% lower than a year ago and 230,683 total listings which was -1.5% lower than a year ago.</p>
<p>Newly advertised listings were also lower over the year across the combined capital cities (-3.6%) however, total listings were noticeably higher (+4.1%). The only capital cities in which new listings were higher over the year were: Brisbane (+2.0%), Perth (+16.3%) and Canberra (+14.4%).</p>
<p><img src="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.55.13%20AM.jpg" alt=""></p>
<p>In terms of total stock available for sale, the only capital cities in which there were fewer listings than a year ago were: Sydney (-2.4 percent), Hobart (-26.6 percent) and Canberra (-5.1 percent). Nationally, the number of newly advertised properties for sale is at its highest level in 15 weeks and total listings are at their highest level in 9 weeks.</p>
<p>A lack of new stock available for sale in Sydney in particular appears to be creating market urgency and has driven a rebound in home value growth along with surging auction clearance rates.</p>
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j.ballantyne1990-6AQqhLzZaK

NSW September stock down 15 percent on last year: CoreLogic

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<p>A potential oversupply, and settlement risks around on off-the-plan apartment purchases has not deterred the number of dwellings approved for construction across Australia’s capital cities according to CoreLogic research.</p>
<p>A review by CoreLogic research analyst Cameron Kusher based on data to July 2016, shows there were 17,380 capital city dwelling approvals; the highest number of approvals since October 2015 and the third highest monthly number of capital city dwelling approvals on record. Mr Kusher said, “Despite a recent slowdown in capital city dwelling approvals there was a substantial rebound in July 2016.”</p>
<p>Looking at the split between houses and units over the month, there were 6,482 houses and 10,898 units approved for construction across the combined capital cities. There have now been more units approved for construction than houses across the combined capital cities for 22 consecutive months. Over the 12 months to July 2016, 57.9% of all capital city dwelling approvals were for units.</p>
<p>Over the past year, there have been 76,356 capital city houses and 104,835 capital city units approved for construction. In each of: Sydney, Melbourne, Brisbane and Canberra there have been more units than houses approved for construction over the past year.</p>
<p><a href="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.55.34%20AM.jpg" target="_blank">Click to enlarge</a></p>
<p style="text-align: left;"> </p>
<p><img src="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.55.34%20AM.jpg" alt=""></p>
<p>Sydney - there were 54,667 dwelling approvals over the past year which is 7.3 percent higher than the previous year. This figure comprised of 16,360 house approvals (+3.2 percent yoy) and 38,307 unit approvals (+9.1 percent yoy).</p>
<p>Melbourne – over the year to July 2016 there were 57,428 dwellings 4,000 approvals which was -0.2 percent lower over the year. 25,880 of these approvals were for houses and 31,548 were units, with the year-on-year 3,000 changes recorded at +11.2 percent and -7.9 percent respectively.</p>
<p>Brisbane – The 30,901 dwelling approvals over the past year consisted of 11,210 houses and 19,691 units. Overall approvals are 4.0 percent higher over the year with house approvals -1.4 percent lower and unit approvals 7.4 percent higher.</p>
<p><a href="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.55.26%20AM.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.55.26%20AM.jpg" alt=""></p>
<p>Adelaide – there were 6,119 houses and 3,899 units approved over the past year resulting in 10,018 total approvals. Over the past year, dwelling approvals are 10.9 percent higher with house approvals up 9.3 percent and unit approvals 13.5 percent higher.</p>
<p>Perth – the number of annual dwellings approvals fell by -24.3 percent over the year to 20,963. Over the year, the 14,202 house approvals were -26.7 percent fewer than the previous year and the 6,761 unit approvals were -18.6 percent less than a year ago.</p>
<p><a href="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.55.47%20AM.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.55.47%20AM.jpg" alt=""></p>
<p>Hobart – there were only 989 new dwellings approved for construction over the year, 799 of which were houses and 190 units. House approvals were -22.7 percent lower year-on-year and unit approvals were down -10.8 percent.</p>
<p>Darwin – there were 1,304 dwelling approvals over the past year which was -12.7% lower year-on-year. Over the year, the 657 house approvals was -22.8 percent lower than the previous year and the 647 unit approvals were 0.6 percent higher than the previous year.</p>
<p>Canberra – there were 1,129 houses and 3,792 units approved for construction over the past 12 months. There were -8.1 percent fewer house approvals than over the previous year while unit approvals were 24.7 percent higher over the year.</p>
<p>While policy makers and analysts voice concerns about the level of housing construction currently underway, particularly for units, Mr Kusher said we’re seeing approvals in capital cities remain unquestionably strong. “It will be interesting to see just how many of these approvals immediately progress to commencement and ultimately through to a completion given tighter lending conditions imposed on both developers and purchasers for off-the-plan units.”</p>
<p>“The data also reiterates why purchasers of off-the-plan units in major capital city housing markets should be very selective with regard to the types of units they purchase.”</p>
<p>“Importantly, oversupply concerns are most visible across specific and well defined geographic areas and product types,” Mr Kusher said.</p>
<p><a href="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.56.01%20AM.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%2010.56.01%20AM.jpg" alt=""></p>
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Capital city dwelling approvals rebounding: CoreLogic

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<p>A Coles-anchored shopping centre at Narromine, near Dubbo in central New South Wales, has recently been snapped up by a private investor for $4.18 million.</p>
<p>The deal illustrates the appeal of performing neighbourhood-style shopping centres in regional locations with investors looking to reap gains from retail. </p>
<p>Kierath’s Shopping Square at 76 Dandaloo Street features a 2,141 sqm Coles Supermarket on a long-term lease as well as a Liquorland, six specialty tenancies and an ATM.</p>
<p>The fully-leased property sits on a 5,143 sqm site in the commercial hub of Narromine, a 20-minute drive from Dubbo. </p>
<p>The sale was through Sentinel Property Group, which acquired the shopping centre in 2015 as part of three regional NSW shopping centres in Bathurst, Narromine and Wellington purchased in one line from Charter Hall Retail REIT.</p>
<p>Sentinel managing director Warren Ebert said neighbourhood-style shopping centres in regional locations such as Narromine have been a focus of the company’s growth strategy in recent years.</p>
<p>“We identified this asset class at a time when it was unloved by others but it is now very much back in favour and attracting increased attention from investors,” he said.</p>
<p>“Half of our responsibility to our investors is to buy at the right time, and the other half is to sell at the right time. Given the market demand that is now chasing this style of shopping centre, we felt it was the opportune time to divest our Narromine asset for the benefit of our investors.”</p>
<p>The Narromine shopping centre was an asset of the open-ended pooled Sentinel Countrywide Retail Trust, which also owns shopping centres in Broken Hill, Dubbo, Bathust and Wellington in NSW and Atherton, Townsville and Emerald (x2) in QLD. Sentinel also owns retail assets throughout Australia through both pooled and stand-alone Trusts.</p>
<p> The Narromine sale was Sentinel’s eighth sold property in the last two years. .</p>
<p>Established in 2010, Sentinel (<a href="https://www.sentinelpg.com.au/">www.sentinelpg.com.a</a>u.) is among Australia’s top unlisted commercial property fund managers, with a portfolio of 43 retail, industrial, office, land, tourism and agribusiness assets valued at more than $1 billion.</p>
<p>It has occupied the No. 1 spot on the PCA/IPD (Property Council of Australia/Investment Property Databank) Non-Core Property Fund Index 42 of the last 49 months.</p>
<p>The index, introduced in October 2011, is backed by the global equity indexes of Morgan Stanley Capital International (MSCI) and is based on total fund performance.</p>
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prateek24-ezbwHMbNAk

Fund manager Sentinel divests from shopping centre in central NSW for $4.18 million

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<div>
<p>Fairly in line with market forecasts dwelling prices rose by +2.0 percent in the June 2016 quarter according to the ABS with Sydney (+2.8 percent),  Melbourne (+2.7 percent), and Brisbane (+1.1 percent).</p>
<p>Of the smaller capitals, Canberra also showed a solid increase of +2.2 percent. </p>
<p>The ABS indexes run back to September 2003 with the median house price (+98 percent) and attached dwelling price (+93 percent) having increased since that time. </p>
</div>
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<div align="justify"> </div>
<div align="justify"><a href="/images/2016/09/23/A5.jpg" target="_blank">Click to enlarge</a></div>
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<span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><br></span></span></span>
<div align="justify">This latest move takes the total value of residential dwellings to beyond $6 trillion, an increase of +$1.6 trillion or +36 per cent since June 2012.</div>
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<div align="justify"><a href="/images/2016/09/23/A1.jpg" target="_blank">Click to enlarge</a></div>
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<div><span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><span style="color: #7f7f7f;"><img src="/images/2016/09/23/A1.jpg" alt=""></span></span></span></span></div>
<div>
<span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><br></span></span></span>
<div align="justify">The market is now accelerating in the third quarter according to Alan Oster, Chief Economist of National Australia Bank (you see what I did there?).</div>
<div align="justify"> </div>
<div align="justify">Auction clearance rates have again approached record highs again in Sydney, and Oster predicts a substantial +4 percent gain in the harbour city for Q3, as well as +3.5 percent for Melbourne. </div>
<div align="justify"> </div>
<div align="justify">Large capital cities lead</div>
<div align="justify"> </div>
<div align="justify">House prices rose by +3.2 percent in Sydney in the June quarter, with attached dwelling prices showing a much steadier trajectory (both up and down) through the course of this cycle in rising by a further +2.0 percent. </div>
<div align="justify"> </div>
<div align="justify">After six months of house price declines Sydney's all dwellings index hit a fresh all-time high, being +83.7 percent higher than in December 2008.</div>
<div align="justify"> </div>
<div align="justify">Brisbane notched up its sixteenth consecutive quarterly gain with prices rising by +1.1 percent.</div>
<div align="justify"> </div>
<div align="justify">Since Q3 2012 prices in Brisbane have recorded a studious recovery to rise by +18 percent, while Adelaide (+13 percent) and Hobart (+13 percent) have followed a similar, if slightly more subdued, trajectory. </div>
<div align="justify"> </div>
<div align="justify">In the resources capitals prices have declined since the beginning of 2015 (click charts to expand).</div>
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<div align="justify"><a href="/images/2016/09/23/A3.jpg" target="_blank">Click to enlarge</a></div>
<span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><br><img src="/images/2016/09/23/A3.jpg" alt=""><br></span></span></span>
<div align="justify"> </div>
<div align="justify"><strong><span style="text-decoration: underline;">State versus state</span></strong></div>
<div align="justify"> </div>
<div align="justify">At the state level over the year to June the mean price has continued to rise in New South Wales (+$35,400), Victoria (+$31,100), Queensland (+$10,100), and South Australia (+$16,800). </div>
<div align="justify"> </div>
<div align="justify">On the other hand the median price in Western Australia has retraced by $37,300 with a notable collapse having taken place up in the Pilbara, and there was also a decline in the Northern Territory mean price of $20,500. </div>
<div align="justify"> </div>
<div align="justify"><a href="/images/2016/09/23/A7.jpg" target="_blank">Click to enlarge</a></div>
<div align="justify"> </div>
<div align="justify"><img src="/images/2016/09/23/A7.jpg" alt=""></div>
<div align="justify">The total value of dwelling stock has increased significantly over the past four years in New South Wales (+$819 billion), Victoria ($+453 billion), and Queensland (+$169 billion).</div>
<div align="justify"> </div>
<div align="justify"><a href="/images/2016/09/23/A2.jpg" target="_blank">Click to enlarge</a></div>
<div align="justify"><img src="/images/2016/09/23/A2.jpg" alt=""></div>
<span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><br></span></span></span>
<div><strong><span style="text-decoration: underline;">Supply response</span></strong></div>
<div align="justify"> </div>
<div align="justify">Finally, the total number of residential dwellings increased by +46,900 in Victoria and +40,600 in New South Wales over the 2016 financial year. </div>
<div align="justify"> </div>
<div align="justify">There are now more than 9.7 million dwellings in Australia.</div>
<div align="justify"> </div>
<div align="justify">Over the past four years Victoria (+7.9 percent) has been far more successful at increasing the total size of its dwelling stock than New South Wales (+4.9 percent). </div>
<div align="justify"> </div>
<div align="justify">From a lower base the uplift has been considerably more pronounced in the Northern Territory (+10.4 percent) and the ACT (+10.4 percent).</div>
<div align="justify"> </div>
<div align="justify"><a href="/images/2016/09/23/A6.jpg" target="_blank">Click to enlarge</a></div>
<div align="justify"><img src="/images/2016/09/23/A6.jpg" alt=""></div>
<span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><br></span></span></span>
<div align="justify"><strong><span style="text-decoration: underline;">The wrap</span></strong></div>
<div align="justify"> </div>
<div align="justify">Overall, there were solid price gains in Q2 which generally matched market expectations.</div>
<div align="justify"> </div>
<div align="justify">The ABS figures are retrospective, so market participants will be watching the market closely to see whether recent gains are sustained.</div>
<div align="justify"> </div>
<div align="justify">In the 2015 calendar year in part due to cooling macroprudential regulatory measures the Sydney auction market softened considerably in the lead up to Christmas, before limping over the line. </div>
<div align="justify"> </div>
<div align="justify">There are still a dozen weekends to go yet this year. </div>
<div align="justify"> </div>
<div align="justify">
<p><span><em>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>.</em><br></span></p>
<p><em>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>.</em></p>
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Capital city prices rose in Q2: Pete Wargent

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<p>Unlawful and unethical marketing strategies, which are at the heart of a large percentage of auction campaigns, will be the demise for many vendors.</p>
<p>A failure for vendors and a bigger failure for the real estate industry. </p>
<p>No price guide. Is it the new under-quoting?</p>
<p><strong>Ignorance or blatant disregard?</strong></p>
<p>To begin, when agents seemingly don't understand nor can confidently form an opinion about property prices, they should seriously get out of the industry and go back to selling cars.</p>
<p>Pushing vendors for an auction campaign and all because agents fail to understand the dynamics of real estate and appraising property is not the method to achieve the best outcomes. Confusion and misdirection does not lead to clarity.</p>
<p>In my many dealings with local agents, I have found that many agents not onl do not understand how to appraise property, they also don’t understand property marketing 101. Both are essential in the process to achieve the best result for vendors.</p>
<p>For many, the quickest and easiest method is to “take the property to auction.” Real estate agents see this as the fail-safe method. The good old, “I can’t be blamed for the low price – its market forces…” excuse.</p>
<p>In my opinion, achieving the best outcomes for the vendor is not about; speed of sale nor how easy it would be for the agent to manage the sale.</p>
<p>The above therefore translates to being a major issue for vendors. My reasoning will be summed up in this article, and under the following four points. </p>
<p><strong>Why so many agents push for auction campaigns</strong></p>
<p>1)     When many agents push for “auction campaigns.” What do they really want to achieve?</p>
<p>a.     Tie-up the vendor and have them commit to accept a price on the day. All due to the vendor’s large expenditure in their auction marketing campaign.</p>
<p>b.     They don’t want to work for the vendor for long and rightfully earn the commission.</p>
<p>c.     There is a belief that when a property is auctioned off; the market dictates the best price on the day. This, in turn, forces the vendor to accept anything on the day. Even if it is below what buyers were willing to pay. See tweets by @REshortsell</p>
<p>2)     Agents have in the past, purposely and will continue to under-quote the property to draw a crowd. To the <strong>vendor</strong> this appears as;</p>
<p>a.     A good turnout. Therefore, whatever the final bid is, determines the so called value of the property on the day.</p>
<p>3)     Agents have purposely under-quoted to draw a crowd, and to the <strong>buyer</strong> this appears as;</p>
<p>a.     A need to bid and bid emotionally, due to an overwhelming fear of missing out on the property. Thus creating, the control needed for the agent to show the vendor the bidder’s participation; to give the illusion of success.</p>
<p>4)     Agents want a quick turnaround and a quick commission fix.</p>
<p>a. Auction campaigns run for four weeks and the agents are guaranteed a commission at the end with great certainty. This is all due to the pressure placed on the vendor, as noted above. Pressure also added by the large marketing fees paid to run the auction campaign.</p>
<p><strong>Now to the nut-and-bolts: Why this article? Why today?</strong></p>
<p>I attended an recent auction in Parramatta. This auction was one promoted by a local, prominent and brand-name agency. What I was witness to will make Fair Trading NSW take special notice.</p>
<p>I will detail the conversations and the agent’s arrogance below. One may also note, his ignorance or even deliberate arrogance in regards to the auction process.</p>
<p><strong>Conversation with the listing agent: words to the effect;</strong></p>
<p>Me: Do you mind telling me the price-guide?</p>
<p>Agent: I can’t disclose the price-guide because the vendor won’t allow me to.</p>
<p>Me: If you can’t disclose the guide, then what is your opinion of value of the property?</p>
<p>Agent: I can’t say as there are no comparable sales in the area. [Keep in mind; this is advertised as two bedroom penthouse unit in Parramatta with a large balcony]</p>
<p>Me: Really, no comparable sales?  Couldn’t you base it on square meters, location and perhaps aesthetic value?</p>
<p>Agent: No! There are no comparable sales and I don’t know what it would sell for. [I heard something similar with respect to well documented auctions at Millers Point…]</p>
<p>Me: In the agency agreement; you must have given the vendor a price-guide, right?</p>
<p>Agent: Yes, we have to [by law].</p>
<p>Me: So, you must, as an agent, be able to form an opinion of the value of the property; I’m not going to hold you to it.</p>
<p>Agent: I don’t have to disclose what I gave to the vendor to you. And besides, there are no comparable sales. If you wanted a price-guide, you should have called me before the auction.</p>
<p>Me: I did call you twice; you told me the new legislation doesn’t allow real estate agents to give price-guides. Why is that?</p>
<p>Agent: It’s against the law and Fair Trading NSW guide lines tells us not to give guides.</p>
<p>Me: Is that so… But you gave the vendor a guide right? Can you show me the agency agreement, or tell me what you wrote on it?</p>
<p>Agent: No, I don’t have to show it to you.</p>
<p>The agent turns away and focuses on other potential, interested and registered bidders.</p>
<p>Buyer: Will the building next to this one, block out the view, when it is completed?</p>
<p>Agent: No it is against the law to block out the views, that’s why they are building it in two sections.</p>
<p>I smiled and shook my head as I walked away in total disbelief of the conversation I just had and the one I overheard. A conversation not dissimilar to the one’s where agents “spruikers” tell investors that they have insurance cover for 7 years, in high-rise apartment blocks. And pigs fly…</p>
<p><strong>The outcome:</strong></p>
<p>There was a crowd of approximately 26 people. The opening bid was $850,000. Subsequently, the property was passed in at $860,000 with only one bidder; whom strangely bid against himself.  </p>
<p>Overhearing the agent’s discussions with both the vendor’s representative and bidder at the time; we found out:</p>
<p>1)     The reserve had been set at $950,000 by the vendor and on the day.</p>
<p>2)     The agent's sale expectations was closer to the $1,000,000 + due to other sales.</p>
<p>3)     The agent also miraculously, appeared to know (had a revelation one might say) what other similar units in the area were being sold for.</p>
<p>Surprise, surprise. It appears the agent did give the vendor an estimated value of the property. One that was a lot higher than what it was passed in at.</p>
<p>For now we are noticing more and more; agents like this one, hide behind their misinterpretation of the FT NSW guide lines and what the guide lines were purposed for.</p>
<p>Furthermore, when more and more buyers are educated to counter the foolish, unethical and illegal tactics used by agents in their auction campaigns; buyers gain the advantage. Agents in turn, place their vendors at a high risk of losing $10’s if not $100’s of thousands of dollars.</p>
<p>Foolishly, both the agent and auctioneer, further allowed the property to be passed in at a low price. A price lower than the reserve. No vendor-bid was given, to help in maintaining a better chance of achieving the desired result, when the sale reverts to a private-treaty sale.</p>
<p>Why did they get a low offer in the first instance? This was all because the agent wanted to draw a crowd. No <strong>price-guide</strong> is the new <strong>under-quoting</strong>.</p>
<p>Well, in this auction, the “dumb and dumber” tactics backfired and more will continue to fail like this auction campaign.  Perhaps it’s time vendors made agents more accountable, particularly when they are charged high marketing fees.</p>
<p>Nonetheless, the losers in all this and like many other auctions, are the vendors. The vendor placed his trust in a professional that would guide them on the best method of sale.</p>
<p>The agent failed to both: to provide the best service to the client and present an ethical marketing campaign to engage the consumers (the buyers). Buyers want transparency, not the smoke and mirrors approach adopted by foolish agents.</p>
<p>Not quoting a price guide and going to auction with so many other comparable properties on the market, was a recipe for failure.</p>
<p>The campaign failed: it did however, draw a very large crowd but a crowd that was not willing to play the agent’s game. They could see right through the unethical conduct of the agent.</p>
<p>In this case, I am familiar with the vendors. I know for a fact they would not be bullied by the agent into accepting a lower than anticipated [quoted] price.</p>
<p><strong>Reasons for marketing property by an auction campaign</strong></p>
<p>The main principles for taking property for auction resound so clearly, as I write this article and sip down to the end of my coffee.</p>
<p>1)     Uniqueness (truly no comparable sales).</p>
<p>2)     Motivation:</p>
<p>a.     Forced sale by court order.</p>
<p>b.     Quick and urgent sale for personal reasons.</p>
<p>c.     Time constraint.</p>
<p>3)     Development potential: building or land.</p>
<p>4)     An unfinished project even.</p>
<p>Now there are many more, however, the above is a good beginner’s guide. For the same reasons above, there are also alternate methods of sale and ones that can achieve a better outcome. This is a better outcome in relation to both the price and the way the sales process is handled.</p>
<p>George Rousos: Real estate trainer, course developer and compliance coach at Industry Training Consultants, shares an alternate approach to a public auctions.<strong> </strong></p>
<p><strong>My tip for real estate agents</strong></p>
<p>If in total doubt and a value can’t be determined to be within the guide lines set out by FT NSW; call a licensed valuer. A licensed valuer can assist agents that have issues with forming a realistic price-guide.</p>
<p>Transparency is what buyers are looking for. If some agents believe they can fool buyers; think again. Buyers more than ever, are equipped with tools to help determine price values. In some areas, buyers are also contracting the services of “buyers advocates” to assist them.</p>
<p>However, it must be said that some agents just don’t believe they need, nor want professional help. Some simply feel they are above the law and protected by their real estate office-brand. Some simply run on an overdose of “auction and how to crunch the vendor” seminars.</p>
<p><em><span>EDWIN ALMEIDA</span> is licensee in charge of <a href="https://www.just-think.com.au/" target="_blank">Just Think Real Estate</a>.<a href="https://www.just-thin.com.au/"><br></a></em></p>
<p><em>He is also the creator of <a href="https://www.youtube.com/user/JustThinkProperty" target="_blank">Oz Real Estate.TV</a> and a presenter for <a href="https://propertyinvestingvault.com/" target="_blank">propertyinvestingvault.com</a>.</em></p>
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ealmedia-arK4DBYLjS

No price guide is the new underquoting: Edwin Almeida

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<p>Investment firm Sentinel Property Group has divested from another shopping centre with the sale of a Coles-anchored centre at Wellington in central New South Wales for $3.6 million.</p>
<p>The Wellington sale follows on the heels of Sentinel’s sale of the Narromine centre in July for $4.18 million and the Jimboomba centre in south east Queensland for $27.48 million.</p>
<p>Brisbane-based Sentinel purchased the Wellington shopping centre in May 2015 as part of three regional NSW shopping centres in Bathurst, Narromine and Wellington purchased in one line from Charter Hall Retail REIT.</p>
<p>The fully-leased property at 128-140 Percy Street in Wellington, nearly 50 km south of Dubbo, is anchored by a 2,217 sqm Coles Supermarket and an ATM.</p>
<p>Sentinel managing director Warren Ebert said the company has been capitalising on the rising market demand for neighbourhood-style shopping centres in regional locations.</p>
<p>“Well-located shopping centres in strategic regional hubs and anchored by major supermarket chains are emerging as one of the most highly sought-after of all retail asset classes,” Ebert said.</p>
<p>“There is currently limited availability of this style of property, which is intensifying demand from a wide range of buyers. Fortunately, we have plenty of stock as we were buying when others were not and this presents the opportunity to deliver strong capital growth returns to our investors.”</p>
<p>The Wellington shopping centre was an asset of the open-ended pooled Sentinel Countrywide Retail Trust, which also owns shopping centres in Dubbo, Bathust and Broken Hill in NSW and Atherton, Townsville and Emerald (x2) in QLD. </p>
<p>Investors in the Trust receive net returns of 9.50% per annum, paid from rental income, as well as capital growth returns on divestment, said the media release.</p>
<p>The sale of the Wellington shopping centre was negotiated by Darren Beehag of Burgess Rawson and brings to 10 the number of properties sold across the entire Sentinel portfolio, from the 51 the company has purchased since it was established in 2010.</p>
<p>Sentinel has a national portfolio of 41 retail, industrial, office, land, tourism infrastructure and agribusiness assets exceeding $1 billion. </p>
<p>Sentinel Property Group has sold off the Jimboomba Junction Shopping Centre in Queensland’s Logan City for $27.48 million in an off-market deal, continuing with its recent divestment of assets.</p>
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Sentinel divests from Coles-anchored shopping centre in NSW's Wellington for $3.6 million

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<p>The need to “dig deep” isn’t just something footy players seek to do in the final quarter of a game – it’s an important mindset for property investors.</p>
<p>Among the many problems on the property playing field is the constant reporting of generalised data. A single figure can describe the entire market in a city of millions.</p>
<p>Unless consumers are willing to delve a little deeper, they will miss the myriad different stories lurking beneath the veneer of that single growth figure.</p>
<p>Some of those stories are strong growth scenarios that investors might want to know about. Equally there are danger signals alerting the switched-on practitioner to traps they should avoid.</p>
<p>There are dozens of examples in the latest quarterly edition of Market Monitor published by the Real Estate Institute of Queensland, with a particular focus on Brisbane and the Gold Coast, two places that are attracting plenty of attention from investors nationwide.</p>
<p>The annual growth in the median house price for the Brisbane City LGA is a moderate 5 percent. I’ve heard talking head TV personalities quote numbers like that and tell people that not much is happening in that market and investors should look elsewhere.</p>
<p>The dig-deeper philosophy would alert the more alert to places that are doing significantly better than the average. Brisbane City is a very big municipality, way bigger than equivalent LGAs in Sydney and Melbourne, and covers a large chunk of metropolitan Brisbane. </p>
<p>There are around 130 suburbs in the Brisbane City LGA and that 5 percent annual growth figure does a thoroughly inadequate job of describing the state of play in its various markets.</p>
<p>Within that sprawling municipality Banyo, Carina Heights, Robertson, Wilston, Yeerongpilly and Seven Hills all have something in common – they’ve recorded growth above 15 percent in their median house prices in 12 months (although the 23-25 percent growth for Robertson and Yeerongpilly may be misleading because of small sales samples). </p>
<p>Others with double-digit annual growth include Bulimba, Calamvale, Carindale, Clayfield, Coorparoo, Everton Park, Graceville, Greenslopes, Grange, Hemmant, Highgate Hill, Holland Park West, Inala, Jindalee, Lutwyche, Macgregor, Mackenzie, Manly, Mansfield, New Farm, Norman Park, Sunnybank Hills, Wishart and Wooloowin. </p>
<p>They cover widespread price ranges, from Inala (median $350,000) to New Farm ($1.5 million).</p>
<p>There are numerous positive growth stories there that investors might want to know about - but are unlikely to discover if their idea of research is skimming the daily newspaper. </p>
<p>There are some well-hidden negative news items as well. Some of the leadership in the REIQ are in denial about Brisbane’s inner-city apartment over-supply. If you read the executive summary, this is what you would find: “The unit market in the Brisbane CBD has continued to face the question of oversupply and so far the data does not support that verdict.”</p>
<p>But the small print data in the report portrays a quite different picture.</p>
<p>The vacancy rate for inner-city apartments is close to 4 percent (and figures from other sources suggest it is considerably higher). It will rise when new high-rise projects are completed.</p>
<p>While Brisbane City’s median house price is up 5 percent in annual terms, there is no change is the median unit price. And several individual inner-city markets have recorded a decline in the past year, including the CBD (down 1.5 percent), East Brisbane (down 4.1 percent), Bowen Hills (down 7.8 percent), New Farm (down 3.8 percent), West End (down 1.6 percent) and Fortitude Valley (down 5.9 percent).</p>
<p>Median prices can be unreliable and misleading, especially for unit markets, but there’s a fairly distinct pattern there.</p>
<p>An analysis of the Brisbane unit market by Urbis indicates that sales levels have fallen for three consecutive quarters and sale prices have been “steadily decreasing” since the end of last year.</p>
<p>Few of these inner-city apartment markets have recorded any rental growth in the past 12 months and several have delivered falling rents. In the Brisbane CBD the median unit rent has dropped from $600 per week to $570, while New Farm/Teneriffe is down from $510 to $500 and Kangaroo Point has dropped from $495 to $475.</p>
<p>The median rents for the Fortitude Valley and South Brisbane precincts are unchanged.</p>
<p>There are similarly divergent stories to be discovered within the many different markets collectively known as the Gold Coast.</p>
<p>Market Monitor says the median house price is up 6.7 percent in 12 months, but there are plenty of suburbs with growth above 10%. A small number – including Broadbeach Waters, Hope Island and Reedy Creek – are credited with growth in the 16-20 percent range, while the most expensive housing market on the Gold Coast, Mermaid Beach, has allegedly increased 30 percent in 12 months.</p>
<p>The single generalised figure for the Gold Coast apartment market portrays a 3.3 percent rise in the median price, but numerous individual markets have done much better. Hope Island median unit price is apparently up 20 percent in 12 months.</p>
<p>But the big beachside high-rise precincts continue to struggle. Surfers Paradise has recorded a small annual rise in its median price, but it remains 4% lower than five years ago. The Mermaid Beach median unit price is down 1.4 percent in 12 months and 4.1 percent lower than five years ago. Broadbeach is up marginally in 12 months but 13 percent lower than in 2011.</p>
<p>Against that trend, both Main Beach and Southport have recorded meaningful annual rises in their median unit prices and are a little ahead of the price levels of five years ago.</p>
<p>The contrasting situations seen in different sub-markets entail an important lesson for property investors. Ignore the shallow one-figure-for-each-city nonsense published by mainstream media and dig deeper to find the information you need to know to buy wisely and safely.</p>
<p> </p>
<p><em>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></em></p>
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