<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.

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.

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.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

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.

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

<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" />

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.

But one of the biggest components of the proposal is what sits between the buildings.

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.

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.

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.

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.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

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.

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.

<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" />

SP Setia plans to deliver the development across three stages.

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.

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.

&nbsp;

&nbsp;

Joel Robinson

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

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.

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.

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.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“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.”

<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" />

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.

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.

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.

<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" />

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.

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.

Heritage has subsequently played a significant role in Cera Stribley's design.

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.

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.

<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" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

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.

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.

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.

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.

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.

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.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<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.

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

<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" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“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;

“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."

Brown says the site itself is "exceptional."

"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.”

<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." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

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.

<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" />

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.

“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.

“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.

“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.”

<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" />

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.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<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.

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>.

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.

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.

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.

<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" />

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.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

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."

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.

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.

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.

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.

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

<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;

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.

[smartcode_project:default project_id=107520 project_image_fid=367193]

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;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"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.

"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."

[smartcode_project:default project_id=107520 project_image_fid=367183]

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;

"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;

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.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

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

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 Hooters restaurant chain outlet in Surfers paradise has sold to a local investor for $2 million on a yield of around 7.5 percent.
The property, Lot 11 2893-2903 Gold Coast Highway, has a 10 and 5 and 5 year lease and generates net rental income of approximately $156,825 per annum with 4 percent annual increases on gross income.
Steven King of Ray White Commercial Gold Coast said six registered bidders made up the audience, with a late bidder entering the fray after we had paused at $1.75 million and offering a successful bid of $2 million.
“Hooters is situated in a high profile iconic location between Broadbeach and Surfers Paradise fronting the Gold Coast Highway and the light rail network,” he said.
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po-LsXgBTHBmX

Surfers Paradise Hooters site sold for $2 million

<html><body>
Confidence means a lot to real estate markets. And it’s been a long time since Australian real estate has had such a concerted shot in the arm as on Tuesday this week.
Against the predictions of virtually every economist in the land, proving yet again how little they understand, the RBA dropped its official interest rate to depths not seen before. Most of the major lenders have dropped their mortgage rates accordingly.
The same economists who incorrectly predicted the RBA board’s decision will also tell you that record low interest rates equals a property boom. Goodness knows where that comes from – certainly not from any historical precedent and certainly not from the experience of recent years where only Sydney has had a market worthy of being described as a boom (no, not even Melbourne’s performance warrants the boom tag). 
I note that RBA Governor Glenn Stevens doesn’t see the rate cut reigniting boom scenarios. "In reaching today's decision, the board took careful note of developments in the housing market, where indications are that the effects of supervisory measures are strengthening lending standards and that price pressures have tended to abate," he said in a statement. "At present, the potential risks of lower interest rates in this area are less than they were a year ago." 
So I don’t expect the rate cut, replicated by three of the four major banks, to generate anything dramatic in the market. But it will generally help the psyche of property consumers. And the next affordability index will likely show a further improvement.
On the same day, Federal Treasurer Scott Morrison delivered his first Budget, which reiterated strongly that negative gearing won't change, nor will investors be slugged more on capital gains tax.
“We will not remove or limit negative gearing,” Morrison said in his Budget speech. “Those earning less than $80,000 make up two-thirds of those who use negative gearing. They are teachers, nurses, police officers, office workers and tradesmen. We do not consider that taxing them more on their investments is a plan for jobs and growth.”
Amen to that. The tragic thing about those who justify their anti-gearing stance on the grounds that it’s all about housing affordability is that scrapping negative gearing won’t make housing cheaper. Even Bill Shorten says it won’t force down the value of homes, therefore affordability won’t improve. Shorten, like so many others, doesn’t understand the affordability issue and is targeting the wrong culprits.
Another event on Tuesday was publication of building approvals data which showed there’s still some life in building approvals, although the monthly bounce may be an aberration because the longer-term trend is down (from record high levels, it must be said).
This closely followed the release of price data for April, which shows that the home value index has risen in the past three months of the year in seven of the eight capital cities.
That includes a 3.9 percent rise in Sydney. That would tend to rubbish claims of a collapse in values and a bursting of the bubble. I say “tend” because this is one set of figures from one source and it’s not uncommon for another major source to publish figures that are largely contradictory.
Based on the CoreLogic numbers, however, Adelaide’s prices rose 4. percent in the past three months and Brisbane was up 2.8 percent. I’ve been predicting good growth in those two cities, but I’m not getting overly excited because of what I said in the previous paragraph.
But, according to these figures, even Perth and Darwin showed glimmers of price growth in the latest quarter.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
 
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terryryder-YECXbqmri2

Rate cut gives real estate a shot in the arm: Terry Ryder

<html><body>
Confidence means a lot to real estate markets. And it’s been a long time since Australian real estate has had such a concerted shot in the arm as on Tuesday this week.
Against the predictions of virtually every economist in the land, proving yet again how little they understand, the RBA dropped its official interest rate to depths not seen before. Most of the major lenders have dropped their mortgage rates accordingly.
The same economists who incorrectly predicted the RBA board’s decision will also tell you that record low interest rates equals a property boom. Goodness knows where that comes from – certainly not from any historical precedent and certainly not from the experience of recent years where only Sydney has had a market worthy of being described as a boom (no, not even Melbourne’s performance warrants the boom tag).
I note that RBA Governor Glenn Stevens doesn’t see the rate cut reigniting boom scenarios. "In reaching today's decision, the board took careful note of developments in the housing market, where indications are that the effects of supervisory measures are strengthening lending standards and that price pressures have tended to abate," he said in a statement. "At present, the potential risks of lower interest rates in this area are less than they were a year ago."
So I don’t expect the rate cut, replicated by three of the four major banks, to generate anything dramatic in the market. But it will generally help the psyche of property consumers. And the next affordability index will likely show a further improvement.
On the same day, Federal Treasurer Scott Morrison delivered his first Budget, which reiterated strongly that negative gearing won't change, nor will investors be slugged more on capital gains tax.
“We will not remove or limit negative gearing,” Morrison said in his Budget speech. “Those earning less than $80,000 make up two-thirds of those who use negative gearing. They are teachers, nurses, police officers, office workers and tradesmen. We do not consider that taxing them more on their investments is a plan for jobs and growth.”
Amen to that. The tragic thing about those who justify their anti-gearing stance on the grounds that it’s all about housing affordability is that scrapping negative gearing won’t make housing cheaper. Even Bill Shorten says it won’t force down the value of homes, therefore affordability won’t improve. Shorten, like so many others, doesn’t understand the affordability issue and is targeting the wrong culprits.
Another event on Tuesday was publication of building approvals data which showed there’s still some life in building approvals, although the monthly bounce may be an aberration because the longer-term trend is down (from record high levels, it must be said).
This closely followed the release of price data for April, which shows that the home value index has risen in the past three months of the year in seven of the eight capital cities.
That includes a 3.9% rise in Sydney. That would tend to rubbish claims of a collapse in values and a bursting of the bubble. I say “tend” because this is one set of figures from one source and it’s not uncommon for another major source to publish figures that are largely contradictory.
Based on the CoreLogic numbers, however, Adelaide’s prices rose 4.5% in the past three months and Brisbane was up 2.8%. I’ve been predicting good growth in those two cities, but I’m not getting overly excited because of what I said in the previous paragraph.
But, according to these figures, even Perth and Darwin showed glimmers of price growth in the latest quarter.
 
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j.ballantyne1990-6AQqhLzZaK

Going against economists show how little the RBA understands:Terry Ryder

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<h3>All sellers, or estate agents acting on their behalf, must make a 'due diligence checklist' available to prospective buyers at open for inspections. The checklist aims to help buyers indentify whether any issues that may affect the property and impose restrictions or obligations on them, if they buy it</h3>
<h2>Do I have to use an agent to sell my property?</h2>
Most sales are conducted through an estate agent or agent’s representative, but you can choose to sell without their assistance.
<h2>What sellers can expect from an agent</h2>
Agents are obliged to act responsibly and ethically when dealing with both buyers and sellers. Strict laws govern their licensing, authorisation and conduct.
Anyone in the business of buying, selling or leasing property on behalf of another person must either:
<ul>
<li>hold an estate agent’s licence </li>
<li>be employed and authorised by a licensed estate agent as an agent’s representative. </li>
</ul>
An agent’s representative must have written authority to act on behalf of their employer. The licensed estate agent is responsible for the employee’s professional conduct.
Only deal with a licensed estate agent or an authorised agent’s representative. You can check whether a person is a licensed estate agent or an agent’s representative by searching the Victorian Business Licensing Authority’s public register of estate agents.
If you list your property with an agent, you are engaging the agent to help sell your property. The agent will charge a fee for this service, usually in the form of a commission.
The agent is bound by professional conduct regulations to:
<ul>
<li>always act in your best interests </li>
<li>follow your lawful instructions </li>
<li>engage in good estate agency practice. </li>
</ul>
Estate agents must:
<ul>
<li>advise a seller that all commissions and other outgoings are negotiable </li>
<li>at an auction, disclose any bid made by the seller to advance the price of the property </li>
<li>communicate to you all verbal and written offers from prospective buyers, unless you instruct otherwise in writing </li>
<li>state an estimated selling price in the sales authority that does not misrepresent the price at which the agent genuinely believes the property may be sold. </li>
</ul>
You can expect the agent to:
<ul>
<li>advise on a method of sale </li>
<li>provide a marketing plan, and advertise and market the property </li>
<li>advertise an up-to-date price for the property reflecting rejected offers. It is not compulsory for a price to be advertised </li>
<li>organise and attend open house and other inspections </li>
<li>attract prospective buyers </li>
<li>organise and conduct an auction (if you choose this method of sale) </li>
<li>arrange the signing of the contract </li>
<li>collect and hold the full deposit. </li>
</ul>
Estate agents must not:
<ul>
<li>mislead or deceive any party </li>
<li>make or accept dummy bids </li>
<li>at an auction, accept any late bids after the fall of the hammer </li>
<li>keep any rebates or discounts they receive for advertising or other services they buy on your behalf. They must immediately pass these on to you </li>
<li>charge you more for advertising or other outgoings than you authorised in writing or they paid for the service. </li>
</ul>
<h2>
<a name="choosing-an-estate-agent" href=""></a>Choosing an estate agent</h2>
Start by:
<ul>
<li>checking the internet and local papers to find agencies, the services they offer and sale price information </li>
<li>speaking to friends about their experiences </li>
<li>reading promotional material from a range of agencies including local agents, who are more likely to be familiar with the local market </li>
<li>talking to several agents and arranging to meet them. </li>
</ul>
When you meet with agents, discuss:
<ul>
<li>their knowledge of the market in the area </li>
<li>comparable local sales </li>
<li>their marketing plan for the property </li>
<li>their estimated selling price </li>
<li>their commission, or how much they will charge </li>
<li>the cost of advertising and other outgoings. </li>
</ul>
Ask the agent to provide quotes for their services in writing.
Do not choose an agent just because they give you the highest estimated selling price.
Get several agents to appraise your property and give you an estimated selling price. Ask them to justify their price by showing you similar properties sold at similar prices in the area.
Take into account the agent’s overall marketing plan when making your decision.
Do not sign anything, including a sales authority, unless you are prepared to engage the services of that agent. You do not have a cooling-off period (time to change your mind) after signing a sales authority.
<h2>
<a name="estimated-selling-price" href=""></a>Estimated selling price</h2>
This is the price the agent estimates your property will attract, based on their experience and knowledge of the market.
The estimated selling price:
<ul>
<li>is not a valuation or a guaranteed selling price </li>
<li>does not have to be the same as your reserve price </li>
<li>must be recorded in the sales authority as either a single amount or a price range. </li>
<li>If recorded as a range, the difference between the top and the bottom figures must not be more than 10 per cent of the bottom figure. For example, a quoted range of $400,000 to $440,000 is $400,000 plus 10 per cent. </li>
</ul>
Price misrepresentation
The practice of deliberately overstating the estimated selling price to get your business is known as overquoting.
It is illegal for an agent to:
<ul>
<li>mislead you about the estimated selling price of your property </li>
<li>advertise or advise a prospective buyer of a price that is less than your asking price, or if there is no such price, the agent’s estimated selling price. This is known as underquoting. </li>
</ul>
<h2>
<a name="commissions-and-commissions-selling" href=""></a>Commissions and commission sharing</h2>
Commissions
Most agents are paid by commission on completion of the sale. An agent cannot claim a commission unless you sign a sales authority.
An agent must advise you that the commission is negotiable, before you sign the sales authority.
There will be costs associated with marketing and advertising a property, on top of the agent’s commission.
The commission:
<ul>
<li>is not a set amount. You can negotiate the amount with the agent </li>
<li>can be paid as either a fixed fee or a percentage of the sale price, or as a combination </li>
<li>must, when agreed, be recorded on the sales authority. If you agree to a percentage, the commission must also be shown in dollar terms on the sales authority. The dollar amount is calculated on an approximate sale price to give you an indication of the amount of commission you will owe. </li>
</ul>
If the agent is using a commission scale, make sure you are clear about how much you may have to pay. For example:
The agent’s commission may be 3.3 per cent (including GST) on a scale up to $500,000 and 3.85 per cent (including GST) if the sale price is more than $500,000.
You might interpret this as only the amount above $500,000 having a 3.85 per cent commission. However, if the sale price exceeds $500,000, the agent may interpret this as the entire sale price having a 3.85 per cent commission.
Check the dollar amount stated in the sales authority and, if you are still unsure about how the commission is to be calculated, ask your agent to provide examples based on various possible sale prices.
At settlement, your agent will deduct their commission from the deposit, pay you the balance and give you an account for the sale. If you dispute the amount of commission your agent has charged because it is excessive, you can:
<ul>
<li>
<a href="https://www.consumer.vic.gov.au/contact-us/make-a-complaint">make a complaint to Consumer Affairs Victoria</a>. You must make the complaint within 28 days of receiving the agent's account </li>
<li>apply to the Victorian Civil and Administrative Tribunal for a decision on the dispute. </li>
</ul>
Commission sharing
An agent must advise you in writing if they will be sharing the commission with someone outside their own agency, such as a legal practitioner, conveyancer or another agent.
They must provide a written list of the people who will share the commission, before you sign the sales authority.
If a commission-sharing arrangement is entered into after the sales authority has been signed, the agent must:
<ul>
<li>update the sales authority with the relevant details </li>
<li>ask you to approve the arrangement, and sign and date the amendments. </li>
</ul>
<h2>
<a name="marketing-and-advertising" href=""></a>Marketing and advertising</h2>
Ask for a comprehensive, written marketing plan. This:
<ul>
<li>will be based on the agent’s experience, the nature of the property and your preferences </li>
<li>should include advertising methods and costs, and the price or range at which the property will be advertised. </li>
</ul>
Even if the property fails to sell, you will have to pay for marketing and advertising costs that you have authorised. You can avoid this expense by negotiating a ‘no sale, no fee’ arrangement in the sales authority, but make sure there are no hidden charges.
To be clear what you are paying for, ask the agent to provide a written schedule outlining advertising and other outgoings. All expenses are negotiable and must be recorded in the sales authority.
Rebates
Agents can be offered significant discounts or rebates by newspapers for buying bulk advertising.
It is illegal for agents to keep advertising or any other rebate, even if you agree.
<ul>
<li>An agent must pass on to you any rebate or discount they receive, such as for advertising. </li>
<li>If benefits are received in a form other than money, such as gifts, then the monetary value of the gift must be passed on to you. If the exact price is not known, then the agent must estimate the value. </li>
</ul>
The amount of any rebates or benefits must be stated in the sales authority.
<h2>
<a name="sales-authority" href=""></a>Sales authority</h2>
When you choose the agent, you will be asked to sign a ‘sales authority’ appointing that agent. This is a legally binding contract, which sets out all details of your agreement with the agent, including:
<ul>
<li>whether the property is to be sold by private sale or auction and, if by auction, the auction date </li>
<li>the negotiated commission and marketing expenses with GST set out separately </li>
<li>the circumstances under which commission is payable. This will depend upon the type of authority signed, whether it is an ‘exclusive’ or ‘general’ authority </li>
<li>the agent’s estimation of the likely selling price </li>
<li>the authority period or amount of time given to the agency to sell the property. </li>
</ul>
The authority must also include two statements:
<ul>
<li>a rebate statement, completed if the agent is to receive any rebates from the advertising expenses </li>
<li>a complaints statement, which explains that you can lodge a complaint at Consumer Affairs Victoria if there is a dispute over commission or outgoings. </li>
</ul>
If the agency is to share commission for the sale, either:
<ul>
<li>the sales authority will include a commission-sharing statement </li>
<li>you may be given a separate statement before signing the authority, informing of commission-sharing arrangements. </li>
</ul>
If you want to make any changes after the authority has been signed, they must be made in writing on all copies of the sales authority and initialled by both you and the agent.
Authority types
<h3>Exclusive authority:</h3>
This is the most common type of sales authority. It means you appoint one agency to market your property.
The agency is entitled to commission when the property is sold, and can claim commission even if you sell your property without their help.
You should not sign more than one exclusive authority, as you may have to pay more than one commission in certain circumstances.
<h4>General authority:</h4>
This is less common. You list with more than one agency but only pay commission to the agency that sells your property.
What can be negotiated?
You can negotiate many aspects of the sales authority with the agent, including:
<ul>
<li>the method of sale: </li>
</ul>
There are two main ways of selling a property: by auction or private sale. Both methods have advantages and disadvantages. An agent will be able to recommend the best method of sale for your particular circumstances
<ul>
<li>the authority period: </li>
</ul>
The period of time the authority is in force with the agent. Once you sign the authority, you will not be able to cancel it during this period unless the agent agrees. There is no cooling-off period with an authority. We recommend your authority period does not exceed 60 days.
If no period is stated on an exclusive authority, the default period for sale by auction is 30 days after the date of the auction. For a private sale, the default period is 60 days after the sales authority was signed.
If the authority period expires and the property has not been sold, you should notify the agent in writing if their services are no longer required
<ul>
<li>the commission: </li>
</ul>
The commission or agent’s fee is completely negotiable. You may wish to negotiate a ‘no sale, no fee’ contract, meaning you will not have to pay any commission or outgoings unless the agent completes the sale of the property. Check that there are no hidden charges.
<ul>
<li>advertising and other outgoings: </li>
</ul>
The amount spent on marketing and advertising is negotiable.
<ul>
<li>other terms and conditions: </li>
</ul>
Make sure you understand and agree upon all terms and conditions before signing. These conditions are negotiable. Any changes (deletions, amendments or additions) must be made on the authority and initialled by both parties.
All verbal agreements should be confirmed in writing on the authority and signed by both parties. If you have specific instructions for the agency, attach them to the authority.
<h2>
<a name="unfair-contract-terms" href=""></a>Unfair contract terms</h2>
The sales authority is a legally binding consumer contract.
Victoria has laws to prevent unfair terms in consumer contracts. A term is unfair if it:
<ul>
<li>causes a significant imbalance in the rights and obligations of both parties to the detriment of the consumer </li>
<li>was inserted in the contract intentionally. </li>
</ul>
Agents must make sure their sales authorities comply with the law.
If you believe there is an unfair term in a sales authority, contact the Estate Agents Resolution Service at Consumer Affairs Victoria on 1300 73 70 30.
<h2>
<a name="selling-property-without-an-agent" href=""></a>Selling property without an agent</h2>
Selling property without an agent involves:
<ul>
<li>deciding the sale price or range. Consider engaging a qualified valuer to assess the property </li>
<li>advertising the property </li>
<li>negotiating the price </li>
<li>obtaining a deposit </li>
<li>providing the contract of sale with the Section 32 statement attached and arranging for it to be signed </li>
<li>handling settlement. </li>
</ul>
You will need to engage a conveyancer or legal practitioner to prepare a Section 32 statement (vendor's statement) and contract of sale.
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jonathanchancellor-7SQnKwU6yx

Selling a property in Victoria without an estate agent

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<div>Well, the Reserve Bank of Australia (RBA) went ahead and did it anyway, with no telegraphing needed!</div>
<div> </div>
<div>With global interest rates and inflation remaining stubbornly low, the Official Cash Rate was cut by 25 basis points at 2.30pm to its lowest level in history, on the back of much softer than expected inflation figures.</div>
<div> </div>
<div>The cash rate is now at a historic low of 1.75 percent. Obviously this is unbelievably happy news for homeowners who can probably barely believe the affordability dividend that has been slung their way since the financial crisis.</div>
<div> </div>
<div class="separator"><a href="/images/2016/05/03/A4.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/05/03/A4.jpg" alt=""></div>
<div> </div>
<div>
<div>This will pull forward demand for homebuyer loans, although restrictions on investor credit will mean that this interest rate cut may be somewhat less stimulatory than some of those delivered previously. </div>
<div> </div>
It will be interesting to see who passes on what from the three major lenders that haven't yet announced, but it wouldn't be a surprise to see some of the major banks holding back a few basis points of the 25bps cut. </div>
<div> </div>
<div>That said with the guillotine threat of a Royal Commission hovering above their respective heads, perhaps the majors will need to pass on a minimum 22bps...lol.</div>
<div> </div>
<div>Interestingly National Australia Bank (NAB) immediately announced that it would pass on the full 25 basis points to variable rate homeowners. </div>
<div> </div>
<div>It is interesting to remember that an interest rate cut is rarely a "lone wolf", and this potentially makes it much more likely that we'll see a "double tap" (i.e. interest rates only tend to be cut if significant action is deemed necessary).  Counting against this, however, the wording of the statement's final paragraph which noted that "at this meeting" growth prospects would be improved by monetary easing. Does this mean that no further cuts are expected? Perhaps so, though that's open to interpretation. The RBA's policy decision is <a href="https://www.rba.gov.au/media-releases/2016/mr-16-10" target="_blank">here</a>.</div>
<div> </div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
</div>
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pwargent-M4siyDbqQY

The long slow march to zero? Pete Wargent

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Whilst there has been so much commentary this week on the Federal Budget, I thought we could talk about a different type of Budget - one that’s just as important to property developers as the Budget is to the politicians.
Budgeting well for your building or construction works is crucial to the success (or not) of your development. 
Property developing can throw many different challenges at you but one thing I have learnt in this industry is there is always a solution to a problem. The trick is to understand what possible problems may arise and preparing yourself for them. This comes with experience but sometimes things don’t always go to plan and as a project manager it’s our responsibility to make sure a development is completed as efficiently as possible.
When pricing a development and running feasibilities, it is important to understand that your building estimate is an organic creature. By this I mean the building estimate you start with will nearly always be different to the one you end with.  It will evolve throughout the process as you obtain more and more details.  Once you have all the fine details, the building estimate can be finalised and a fixed price builder’s contract issued. 
When architecturally designing our villas, we follow this process:
<ol>
<li>Once the site has been secured, a Concept and Yield Plan is designed – this shows the number of units we can get onto a site and the size of each, but not much more detail.</li>
<li>After we are happy with the Concept Plan and we’ve received a Detailed Contour Survey and Geotech Report, then we progress to the more detailed Development Application (DA) plans. These include enough information to satisfy council requirements.</li>
<li>When the DA Consent is received, we finalise Construction Certificate (CC) plans – these include more detail, including engineering detail for the stormwater drainage and slab design.</li>
</ol>
Before a Concept Plan is available, the starting point in assessing the development potential is our construction estimate.  This is based on similar projects that we have recently completed and includes any allowances for differences in the sites.
The builder is asked to run their first quote based on the Concept Plan.  This is still a ‘loose’ estimate as there is not enough detail on the Concept Plan for the builder to give a finite cost.  The build estimate we have at this stage will tell us whether we are tracking within budget.  If not, we can make the necessary changes required, perhaps reducing the size of the units working with both our builder and architect to design the right dwellings for our project to be successful.
Once the Concept Plan is approved, the architect will proceed to full DA plans.  Using the information received on the Contour Survey and soil test results, there is much more detail added to the plans.  Our builder will then price the DA plans and we will review the costs against our initial estimates and make sure they are within our range for the project to be successful. At this stage we still do not have the final build cost but we will be getting closer to the expected outcome.  Once approved by our client, the DA plans are finalised and the DA is lodged with council.
During the DA process, council may request some changes to the plans, so it is important to understand we are still ‘evolving’ at this stage. Then once approved, we need to review the Conditions of the DA Consent before we have more detail to finalise the build costs.
Next we move to preparation of the CC plans.  Engineers will be briefed and a stormwater drainage and engineered slab design or footings for the foundations will be produced. More detail is added to the CC plans, finalising levels and double checking schedules. 
Before we lodge the CC plans with our private certifier we will have our builder issue a third costing. It is this costing that will give us the final build costs...well almost.  We still need to have the CC approved and ensure there are no further revisions to the plans required.  
After we have the CC stamped plans, our builder will issue their final tender and the building contract. This will be a fixed price contract; however, there may still be a few items that will be ‘provisional’. They are usually some site works, removal of fill and retaining walls.  The builder may mark these items as provisional as they won’t know until works proceed exactly what the cost is. For instance, if rock is hit during the site cut, this will increase the site costs. If the site cut differs slightly to the plans, this may impact on the height of retaining walls.  So these ‘provisional’ items will be charged at actual cost whether it is lower or higher.
So you can see how the build budget must evolve through the development process and until your development is completed, you really won’t know the exact cost.  It’s important you allow a contingency amount for any variations that may arise along the way. 
As a developer, you will embark on a challenging journey from start to finish and the development budget is a very important part of your work. If you don’t have experience, then consider using the help of an experienced project manager to guide you along the way.
And always take the time to have builder’s estimates updated at each stage of your development planning process to avoid any nasty surprises. 
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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jochivers-wq5Bp59R5a

Building a better Budget: Jo Chivers

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A tenanted pharmacy in Melbourne's Diamond Village Shopping Centre in Watsonia has sold to a local investor for $635,000. 
The 108 sqm pharmacy at 9/78-92 Nepean Street Watsonia was sold by Brett Diston of Ray White Commercial Victoria. 
He said there was keen interest in the investment opportunity, which is returning net rental income of approximately $34,466 per annum on a long term lease 
A tenanted retail investment in the growing suburb of Watsonia in Melbourne’s north-east has been sold by Ray White Commercial for $635,000.
The retail property was sold behalf of a private owner for a yield of 5.4 percent.
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Tenanted pharmacy in Melbourne's Watsonia sold

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<div>Quest Apartment Hotels has started building its $16 million 68 apartment complex Quest Griffith in the Riverina region of south-western New South Wales.</div>
<div> </div>
<div>Developed by Joss Group, the property will feature a mix of studios and one, two, and three bedroom apartments and is set to open January 2017.</div>
<div> </div>
<div>Quest Griffith has opened the expressions of interest for franchisees.
</div>
<div> </div>
<div>L-R: James Shields, Shaun Deaton, Mayor John Dal Broi, Richard Stamp</div>
 
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Quest begins $16 million construction in NSW's Griffith

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The quarterly update of Pyrmont-Ultimo Cityscope shows a large decrease in sales value even though sales activity has increased.
The most recent quarter had a total of 41 sales at a value of $29.6 million, compared to 37 sales at a total value of $201.5 million for the quarter ending January 2016. The 12 month total sales figure stands at $540.3 million for the year ending April 2016, with 165 sales recorded over that period.
This is in comparison to the previous 12 months when the year ending April 2015 had 162 sales totalling $681.8 million.
Notable sales in the areas covered by Pyrmont-Ultimo Cityscope for the April 2016 update include:
<ul>
<li>Suite 127, 26-32 Pirrama Road, Pyrmont, a 601 sqm office suite comprising a 332 sqm office suite plus a 106 sqm courtyard on level 1 and a 269 sqm office suite on level 2, which was bought for $3.4 million through Hartigan Bolt and Fringe Commercial and</li>
<li>82 Harris Street, Pyrmont, a two storey sandstone building, built circa 1870, which was originally a bakery with a residence above and which was bought for $3 million through Richardson &amp; Wrench Pyrmont/Glebe.</li>
</ul>
<a href="/images/2016/04/29/Screen%20Shot%202016-04-30%20at%201.04.23%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/29/Screen%20Shot%202016-04-30%20at%201.04.23%20AM.png" alt="">
Properties for sale in the latest update of Pyrmont-Ultimo Cityscope include:
<ul>
<li>The Terminus Hotel, 61 Harris Street, Pyrmont, a two storey brick heritage building with a rendered parapet, built in 1915 and on a site area of 489 sqm, available through JLL and Ray White Hotels and</li>
<li>315-317 Glebe Point Road, Glebe, a two storey brick building with three ground floor shops and residential on the upper floor, available through CMS Real Estate.</li>
</ul>
Leasing opportunities listed in the April 2016 update of Pyrmont-Ultimo Cityscope include:
<ul>
<li>The Cooperage, 56 Bowman Street, Pyrmont, a five level brick warehouse building originally constructed in 1901 and later converted for use as offices, which has 200 sqm to 2,500 sqm for lease through Deans Property and Ray White Commercial Inner West and</li>
<li>City West Office Park, 35 Saunders Street, Pyrmont, three office buildings grouped around a central landscaped courtyard which has 1,330 sqm for lease through CBRE and Knight Frank Sydney.</li>
</ul>
 
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prateek24-ezbwHMbNAk

Pyrmont-Ultimo commercial sales fell in value in quarter to April: Cityscope

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Vicinity Centres (Vicinity) and Perth Airport Pty Ltd (PAPL) are to developer Western Australia's first Outlet Centre at Perth Airport in a joint venture.
The $145 million centre will be branded DFO, Vicinity's brand for its Outlet Centre portfolio, which will increase to five across the country.
The portfolio currently includes DFO Homebush in New South Wales and DFO South Wharf, DFO Essendon and DFO Moorabbin in Victoria.
The DFO's have generated an internal rate of return of 14.5 percent since acquisition in 2010.
The proposed Outlet Centre development will have over 110 stores across 24,000 sqm and provide parking for over 1,600 cars.
Construction is expected to commence in mid-2017, with completion forecast for 2018.
CEO and managing director of Vicinity Angus McNaughton said they identified Perth as a prime location due to its low representation of Outlet Centre space.
"This joint venture provides a unique and exciting opportunity for Vicinity to further solidify its market leading position in Outlet Centres," he said.
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