<p>A full-scale Sky Homes prototype apartment for <a href="https://www.apartments.com.au/new-apartments/zeste-at-the-orchards-norwest-104-fairway-drive-norwest-nsw-2153">Zeste</a> has been opened by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a>, offering buyers a look at the final residential release within The Orchards masterplan in <a href="https://www.apartments.com.au/developments/norwest-nsw-2153">Norwest</a>.</p>

<p>The prototype launch coincides with buyer demand for larger apartment living continuing across Sydney’s Hills District.</p>

<p>David Lee, Sales Manager, Apartment &amp; Mixed-Use Developments at Sekisui House Australia said it was evident from the preceding four stages at The Orchards that a large number of buyers were local owner occupiers or downsizers specifically looking for oversized apartments with additional living spaces.</p>

<p>“The majority of buyers prefer to touch, feel and physically sight a full-scale completed apartment, rather than imagining the living spaces from floor plans," Lee says.</p>

<p>"The prototype apartment provides greater clarity and buyer confidence. We expect this will increase sales momentum for Zeste and the Sky Homes in particular.”</p>

<p>[smartcode_project:default project_id=150510 project_image_fid=351878]</p>

<p>Positioned within Stage 5’s Zeste project, the Sky Homes form part of the final opportunity to purchase within the award-winning master-planned community, which will ultimately deliver approximately 1,300 apartments.</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, Zeste comprises two residential buildings, Essence and Eden, providing 209 apartments surrounded by extensive landscaping, resort-style amenities and community spaces.</p>

<p>Ben Pomroy, Principal at Rothelowman said Zeste explores a reinvention of the traditional house, in the orchard, synthesising the nostalgic story of the orchard homestead of yesteryear with a contemporary aesthetic inspired by the landscape.</p>

<p>“Natural light and ventilation are key to the design, contributing to a higher quality of life at the human scale. Across all Rothelowman projects, our ethos of ‘a generous eye for life’ drives our consideration of the human experience as the central point of focus of our design process.”</p>

<p>Pomroy says a&nbsp;notable design element is the cathedral glass light boxes incorporated in the joinery, inspired by the idea of wandering the orchard homestead with a lantern in hand, something familiar and nostalgic.</p>

<p>"We took this narrative and gave it a contemporary twist that is both beautiful and functional, creating unique features that unify the kitchen and bathrooms design.”</p>

<p>[smartcode_project:default project_id=150510 project_image_fid=351874]</p>

<p>In addition to the two residential buildings, Zeste comprises a single-story community amenity pavilion nestled in the landscape between Essence and Eden.</p>

<p>“The communal pavilion is a distinctive feature designed to foster a deep sense of community, with nature at its heart," Pomroy added.</p>

<p>"Whether it is watching the football grand final or hosting a family BBQ, the pavilion is designed as a place where residents can create memorable moments with friends, family and neighbours.</p>

<p>Since launching Essence, the first building within Zeste, buyer demand has remained strong with more than 30 per cent of residences already sold. Sky Homes have accounted for nearly 40 per cent of all sales achieved since launch.</p>

<p>“Purchasers are responding positively to the oversized layouts, diverse apartment configurations and the vast range of community facilities that will be available at completion,”David Lee noted.</p>

<p>Zeste Sky Homes represent approximately 35 per cent of the entire Stage 5 offering and are available across both Essence and the yet-to-launch Eden building. Prices for the Sky Homes range from $1,135,000 with one car space through to $1,500,000 for two car spaces.</p>

<p>Apartments across the broader Zeste release start from approximately $715,000, with generous floorplans ranging from 59 to 144sqm. Select residences also feature integrated ‘Max’ spaces, designed to function as flexible areas for home offices, children’s playrooms or additional storage.</p>

<p>Zeste also continues Sekisui House Australia’s sustainability partnership with Altogether Group, delivering integrated water, power and data services alongside passive design initiatives including cross-ventilation, landscaping and water features.</p>

<p>Early purchasers are currently able to access a selection of premium upgrade options, with VIP buyers receiving one complimentary upgrade package. A 2.5 per cent deposit is available for a short time.</p>

<p>Sekisui recently commenced its pre-construction phase. They are expecting an early 2028 completion of Zeste.</p>

<p>[smartcode_project_cta:default project_id=150510]</p>


Joel Robinson

Zeste Sky Homes prototype opens as buyer demand surges for oversized apartment living

<p>Having recently announced its entry into the booming Gold Coast new apartment market with <a href="https://www.apartments.com.au/new-apartments/aere-chevron-island-18-20-mawarra-street-surfers-paradise-qld-4217">Aere Chevron Island</a>, developer Martello™ is offering generous stamp duty savings for buyers before June 30.</p>

<p>Martello™ says the incentive creates a more accessible entry into premium apartment living.</p>

<p>"While incentives in property are nothing new, today’s stamp duty contributions arrive at a particularly important moment," the developer says.</p>

<p>"Buyers are not only seeking quality homes and strong locations; they are also looking for smarter financial entry points. Reducing or offsetting stamp duty can represent tens of thousands of dollars in savings - funds that can instead be directed toward furnishing a home, reducing mortgage pressure, or simply providing peace of mind during the transition into ownership."</p>

<p>[smartcode_project:default project_id=143932 project_image_fid=367517]</p>

<p>Aere is one of the more boutique new developments on Chevron Island, with just 33 apartments across 18 storeys on Mawarra Street</p>

<p data-end="695" data-start="463">The developer has placed a strong emphasis on wellness, briefing architecture firm Raunik Design to embed this philosophy into the project.</p>

<p data-end="1094" data-start="697"><a href="https://www.apartments.com.au/developers/martello">Martello™</a>&nbsp;has positioned Aere as a continuation of its human-centric development approach, with a focus extending beyond amenity to the fundamentals of layout, natural light, and spatial planning.</p>

<p data-end="1094" data-start="697">[smartcode_project:default project_id=143932 project_image_fid=368446]</p>

<p data-end="1094" data-start="697">To bring a heightened level of confidence to the project, <a href="https://www.apartments.com.au/developers/martello">Martello™</a>&nbsp;has already appointed Promax Construction to build the tower. They are expected to start construction in the coming months.</p>

<p>Martello™ says that in any market cycle, confidence matters.</p>

<p>"Buyers who may have been waiting on the sidelines are now reassessing their timing as developers and vendors introduce meaningful incentives designed to support decision-making. For owner-occupiers, it creates an opportunity to secure a premium residence with reduced upfront costs. For investors, it can improve the overall acquisition equation at a time when rental demand remains exceptionally strong across many key markets."</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=143932 project_image_fid=367507]</p>

<p>Aere offers a mix of two-, three-, and four-bedroom apartments, the latter of which occupy half a flor. These layouts prioritise separation between living and sleeping zones, along with increased privacy and storage, features more commonly associated with detached housing than traditional apartment product.</p>

<p data-end="2059" data-start="1790">Aere’s private resident amenity spaces centre on wellness. A rooftop level will incorporate a heated swimming pool, sauna and spa, alongside a residents’ lounge, dining areas and barbecue spaces, while additional shared facilities throughout the building include a gym and yoga area.</p>

<p>[smartcode_project:default project_id=143932 project_image_fid=367515]</p>

<p>&nbsp;</p>

<p>"What we are seeing now is a market that rewards readiness," Martello added.</p>

<p>"Buyers who are informed, financially prepared, and willing to act decisively are finding opportunities that may not exist once conditions shift again. Incentives such as stamp duty contributions are typically limited in duration and allocation, particularly within tightly held developments where demand remains high.</p>

<p>&nbsp;</p>

<p><em>Offer available on selected residences at Aere Chevron Island only. Stamp duty contribution provided by the developer at settlement and cannot be exchanged for cash or combined with any other offer unless approved by the developer. Offer valid for contracts signed on or before 30 June 2026. The developer reserves the right to amend or withdraw the offer at any time without notice. Terms and conditions apply.</em></p>

<p><em>[smartcode_project_cta:default project_id=143932]</em></p>


Martello™ offers limited time stamp duty concessions at Aere Chevron Island

<p data-end="200" data-start="0">New development specialists Lachlan Cottee and Ben Dalgleish have unveiled their new development firm, Dalcott, following several successful projects delivered under the Pyco banner across the region.</p>

<p data-end="376" data-start="202">Pyco is currently delivering Atelier in nearby West End, Nouveau in Albion, and Onde at Kirra, its debut Gold Coast apartment development in the booming Kirra Beach precinct.</p>

<p data-end="583" data-is-last-node="" data-is-only-node="" data-start="378">Its first plans under the new Dalcott banner are in South Brisbane, which has been Brisbane’s most enquired-on suburb so far in 2026, while neighbouring West End has also continued to record strong demand.</p>

<p data-end="1091" data-start="626">The developer already has approval for an 11-storey building with 65 apartments on Browning Street, however has recently acquired the adjoining 910 sqm site at the rear, creating a combined 2,746 sqm footprint that will now allow for two 11-storey buildings with 92 large-scale apartments, a configuration Cottee and Dalgleish have focused on across their local portfolio.</p>

<p data-end="1244" data-start="1093">The project, known as <a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a>, will comprise 84 three-bedroom apartments, 16 of which will include an additional multipurpose room, and just eight two-bedroom residences.</p>

<p data-end="1383" data-start="1246">DAH Architecture has led the design of Marrone, which will include more than 330 sqm of communal open space and rooftop recreation areas.</p>

<p data-end="1383" data-start="1246"><img alt="Marrone" data-entity-type="file" data-entity-uuid="7eeea1a0-be23-47c8-80fb-3409428241fd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-21%20at%209.36.38%E2%80%AFAM.png?VersionId=pZW7o.tB7oJovYCRIFSxrZbMr6QdpHy." /></p>

<p data-end="1473" data-start="1385">Cottee told Apartments.com.au the project reflects a gap in Brisbane’s apartment market.</p>

<p data-end="1571" data-start="1475">"It is an area we know well with Atelier, another development which focuses on large apartments, less than 300 metres away," Cottee says.</p>

<p data-end="1824" data-start="1573">"There's limited supply of large-scale apartments of this size in a single building in Brisbane. The majority of apartments in this category are in considerably smaller buildings, on the water, and are only really accessible to the deepest of pockets.</p>

<p data-end="1953" data-start="1826">"Marrone will offer the same size and scale, but with greater amenity and at a much more realistic price point for the market."</p>

<p data-end="2256" data-start="1955">The architectural approach reflects the continued evolution of South Brisbane’s higher-density residential character. Renders show a heavily landscaped façade composition with curved balconies, textured brickwork, deep recesses, and integrated planting aimed at softening the scale of the twin towers.</p>

<p data-end="2486" data-start="2258">The revised proposal builds on the design narrative established in the original scheme. In the earlier submission, Gatehouse Architects described the project as a continuation of Browning Street’s long-term urban transformation.</p>

<p data-end="2691" data-start="2488">“The proposal echoes the spirit of early developments like Watson Terrace (built in 1888), by contributing to the growth and diversification of the local population,” the original design statement noted.</p>

<p data-end="2918" data-start="2693">“Just as Watson Terrace played a role in the area’s early gentrification, this development continues that trajectory, delivering contemporary housing that addresses the evolving needs of South Brisbane’s expanding community.”</p>

<p data-end="3297" data-start="3024">The updated proposal, designed by DAH Architecture, spans a 2,746 sqm corner site with frontages to Browning and O’Connell Streets. The development will comprise two 11-storey residential buildings delivering 92 apartments, replacing the previously proposed 65-unit scheme.</p>

<p data-end="3673" data-start="3299">The apartment mix has shifted further toward larger owner-occupier residences, continuing Dalcott’s established strategy across South East Queensland. The plans include 68 three-bedroom apartments, 16 three-bedroom apartments with multipurpose rooms, and eight two-bedroom residences. Two basement levels will provide 142 car spaces, alongside bicycle parking for 115 bikes.</p>

<p data-end="3950" data-start="3675">The larger Marrone proposal arrives amid sustained redevelopment momentum across South Brisbane and the wider Kurilpa precinct, where developers are increasingly targeting owner-occupiers seeking larger apartments close to the CBD, cultural precincts, and riverfront amenity.</p>

<p data-end="4211" data-start="3952">The site sits within walking distance of South Bank, the Queensland Performing Arts Centre, Brisbane State High School, and several major transport connections, while nearby Fish Lane and West End continue to drive demand for higher-end inner-city apartments.</p>

<p data-end="4458" data-is-last-node="" data-is-only-node="" data-start="4213">Cottee is expecting Marrone to launch around August with Realm Projects.</p>


Exclusive: Dalcott doubles down on South Brisbane with twin-tower Marrone plans

<section data-scroll-anchor="false" data-testid="conversation-turn-2" data-turn="assistant" data-turn-id="request-WEB:9894702f-d5ab-4186-930d-8f794421c3c4-0" data-turn-id-container="request-WEB:9894702f-d5ab-4186-930d-8f794421c3c4-0" dir="auto">
<p data-end="437" data-start="182"><a href="https://www.apartments.com.au/developers/doma-group">DOMA Group</a> has unveiled plans for Newcastle Quay, a major waterfront precinct set to reshape Newcastle’s harbourfront and further cement the city’s evolution into one of Australia’s fastest-growing urban destinations.</p>

<p data-end="707" data-start="439">Positioned on a prominent site within the Honeysuckle Precinct, Newcastle Quay will span both sides of Honeysuckle Drive, connecting directly to the Foreshore Promenade and sitting within walking distance of Newcastle Interchange.</p>

<p data-end="1068" data-start="709">The mixed-use precinct is planned to include around 1,000 apartments, more than 28,000 sqm of commercial office space, 6,000 sqm of retail, and a 180-room hotel anchored by a 500-seat conference and exhibition centre, a move expected to significantly lift Newcastle’s ability to attract major business and tourism events.</p>
</section>

<p><img alt="DOMA Group unveil Newcastle’s future with transformative Newcastle Quay Precinct" data-entity-type="file" data-entity-uuid="0642ca09-67cc-4920-8a7e-d18df9729b4e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/%3D.png?VersionId=CnDmZxQnOV5LN0ePu7jaFBXC9tPGTrWm" /></p>

<p data-end="1381" data-start="1070">The proposal builds on DOMA’s growing Newcastle pipeline, where the developer has already delivered 866 apartments and more than 19,000 sqm of commercial and retail space since entering the market in 2013. A further $2 billion pipeline is also in the works across the city.</p>

<p data-end="1756" data-start="1383">The masterplan and executive architecture are led by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, with building concepts developed alongside Stewart Architecture, Architecture AND and Curious Practice, and landscape design by <a href="https://www.apartments.com.au/landscape-architect/turf-design">Turf Design Studio</a>. More than 11,000 sqm of open space is planned, including a new waterfront park known as Honeysuckle Green, upgrades to Tree of Knowledge Park, and new pedestrian and cycling links throughout the precinct.</p>

<p data-end="2022" data-start="1758">At the centre of the development will be the heritage-listed Wickham School of Arts, which DOMA plans to reposition as the civic and cultural heart of the precinct through restaurants, bars, events and public gathering spaces.</p>

<p data-end="2254" data-start="2024">The broader vision is to create a genuine day-to-night precinct, blending residential, hospitality, retail, commercial and cultural uses in a way Newcastle has yet to experience at this scale.</p>

<p data-end="2407" data-start="2256">DOMA Group Managing Director Jure Domazet said the aim was to create a precinct that becomes synonymous with Newcastle itself.</p>

<p data-end="2644" data-start="2409">“Our vision is to create a precinct that not only delivers high-quality commercial, residential, and cultural spaces, but also defines Newcastle’s waterfront for generations to come,” Domazet said.</p>

<p data-end="2752" data-start="2646">DOMA’s Chris Farrington said the project would fundamentally change how Newcastle is perceived nationally.</p>

<p data-end="2868" data-start="2754">“Newcastle Quay is more than a waterfront precinct, it is a national announcement for this city,” Farrington said.</p>

<p data-end="3111" data-start="2870">“A world-class Conference and Exhibition Centre will open Newcastle and the Hunter Region to a national and international audience for the first time, delivering something this city has long deserved.”</p>

<p data-end="3360" data-is-last-node="" data-is-only-node="" data-start="3113">The project is expected to generate more than 4,000 full-time equivalent jobs and act as a major economic driver for the Hunter region through tourism, business events, hospitality and commercial investment.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>Minister for Planning and Public Spaces Paul Scully said the final parcel of harbourfront land will be a "true mixed-use precinct destination that includes housing, hospitality and entertainment, commercial spaces, retail, economic and social outcomes."</p>


DOMA Group unveils 1,000-apartment Newcastle Quay precinct

<p data-end="262" data-start="143">ASX-listed developer Stockland is continuing to ramp up its return to the apartment market.</p>

<p data-end="451" data-start="264">In late 2024, <a href="https://www.apartments.com.au/developers/stockland">Stockland</a> announced it would resume apartment development after a 13-year absence, launching with Stanton Place in Rosebery, a 144-apartment project now under construction.</p>

<p data-end="560" data-start="453">Last week, the developer unveiled plans alongside the NSW Government for a <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-nsw-gov-unveils-plans-for-3-300-home-waterloo-south-renewal">3,300-home precinct in Waterloo</a>.</p>

<p data-end="797" data-is-last-node="" data-is-only-node="" data-start="562">Now, Stockland has shifted its focus in St Leonards, lodging a State Significant Development Application (SSDA) to replace an approved 42-storey office tower with a 52-storey residential development comprising more than 500 apartments.</p>

<p><img alt="Stockland" data-entity-type="file" data-entity-uuid="8979095e-9072-432b-a7da-58b180cf994d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-20%20at%204.27.36%E2%80%AFPM.png?VersionId=_jbRXYOafCSHjwsz.yQCNIymMyCj8zkF" /></p>

<p>An existing 14-storey commercial office building would make way for a 264.5-metre tower designed by <a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a>. The project would deliver 538 apartments, including 30 affordable housing units, alongside retail and commercial uses at the podium and ground plane.</p>

<p>It will rise from&nbsp;<a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">601 Pacific Highway</a>, a prominent 2,844 sqm triangular site adjoining Mitchell Plaza and fronting Pacific Highway.</p>

<p>The development is being pursued under the Housing Delivery Authority pathway after Stockland’s proposal was declared State Significant Development earlier this year.</p>

<p><img alt="First look: Stockland plans 52-storey mixed-use tower with 538 apartments in St Leonards" data-entity-type="file" data-entity-uuid="67f40f35-0458-47ab-80c0-a4e98a31838a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%201.png?VersionId=rxXe3njr.auuGDuiR0k42uI8Zr4K.gZA" /></p>

<p>The apartment mix includes 217 one-bedroom apartments, 191 two-bedroom apartments, 122 three-bedroom apartments, and eight four-bedroom residences. Six basement levels would accommodate 300 car spaces, bicycle parking, loading areas, and building services.</p>

<p>Bates Smart said the project has been shaped around a series of urban design principles intended to improve the pedestrian experience and respond to the evolving character of St Leonards.</p>

<p>“With a boundary length of almost 75m along Pacific Highway and 70m along Atchison Street to the north, complying simply with the LEP envelope and required setbacks would result in a very wide tower form on the skyline,” the architects noted in the Design Report.</p>

<p>“We propose breaking the tower form into two defined volumes rather than a singular form.”</p>

<p>The podium has similarly been articulated into separate forms to reduce perceived bulk and create a finer-grain response to Mitchell Plaza and Atchison Street. Retail tenancies would activate the lower levels, while commercial space is proposed across the podium floors.</p>

<p><img alt="First look: Stockland plans 52-storey mixed-use tower with 538 apartments in St Leonards" data-entity-type="file" data-entity-uuid="90149990-0551-40d2-bd48-14b69a015d12" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%202.png?VersionId=MJC2KIIWFvU9FPGr3IVq09gkRN_gX3m8" /></p>

<p>The design also places a significant emphasis on communal amenity and environmental performance. Residents would have access to landscaped terraces, wellness areas, flexible workspaces, and rooftop communal facilities, while the all-electric building is targeting an average 7-star NatHERS rating. Bates Smart said the project incorporates passive design measures including natural ventilation, integrated shading, and lightweight façade systems.</p>

<p>Planning documents note the site is around 350 metres from St Leonards Station and 400 metres from the metro entrance, placing it within one of Sydney’s most connected emerging residential precincts.</p>

<p>The project arrives amid a wave of large-scale redevelopment proposals reshaping the St Leonards and Crows Nest skyline. Several nearby sites have recently been approved, lodged, or declared under the Housing Delivery Authority pathway as the precinct absorbs significant residential density uplift tied to transit-oriented development policies.</p>

<p><img alt="Stockland" data-entity-type="file" data-entity-uuid="7805bd7c-dfd7-4b35-8e15-ec4a8bf8e61b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-20%20at%204.27.26%E2%80%AFPM.png?VersionId=iY12K2m2bQ6EeDnshqfZC9rbLx_oEugP" /></p>

<p>Bates Smart’s report describes St Leonards as transitioning away from its historical commercial identity toward a more mixed-use urban environment.</p>

<p>“In recent years, the character of St Leonards has started to evolve, driven by new development trends along the Pacific Highway corridor,” the report said.</p>

<p>“These projects have increasingly focused on residential accommodation, marking a shift from its purely commercial roots.”</p>

<p>Sekisui House Australia is currently selling Waterstone down near Newlands Park, in a pocket being branded "St Leonards South." Hyecorp recently completed Audrey in the same pocket.</p>


First look: Stockland plans 52-storey, 538-apartment St Leonards tower

<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

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<p><span>We’re now seeing home sales trend below </span><span>$400,000 which is making it much harder for price-sensitive buyers to purchase into capital city markets.</span></p>
<p><span>37.4% of all home sales nationally were at less than $400,000 compared to 52.0% between $400,000 and $1 million and 10.6% over $1 million over the 12 months to June 2015. </span></p>
<p><span>Sales below $400,000 were at a record low over the past year and sales above $1 million were at a record high.</span></p>
<p><a href="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.35.28%20AM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.35.28%20AM.png" alt=""></span></p>
<p> </p>
<p><span>Across capital cities, 25.1% of home sales were under $400,000, 60.1% were between $400,000 and $1 million and 14.8% were in excess of $1 million. </span></p>
<p><span>Twenty </span><span>years ago 95.2% of all capital city houses and 96.7% of units sold for less than $400,000. Meanwhile, only 0.4% of all houses and 0.3% of all units sold transacted for more than $1 million.</span></p>
<p><a href="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.37.04%20AM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.37.04%20AM.png" alt=""></span></p>
<p><span> </span></p>
<p> </p>
<p><span>Ten years ago, the proportion of sales under $400,000 had fallen </span><span>sharply relative to 10 years earlier. At this time, 66.2% of houses and 73.8% of units had sold over the year for less than $400,000. In comparison, 4.0% of houses and 2.3% of units across the capital cities sold for more than $1 million. </span></p>
<p><span>Five years ago, around one third of all capital city house sales </span><span>(34.1%) and 46.4% of units sold for less than $400,000. At the same time, 10.1% of capital city houses and 3.8% of units sold for </span><span>more than $1 million</span><span>.</span></p>
<p><a href="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.38.05%20AM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.38.05%20AM.png" alt=""></span></p>
<p> </p>
<p><span>Looking at the activity over the past year: </span></p>
<p><span>Canberra (7.4%) and Sydney (7.8%) recorded the lowest proportion of house sales under $400,000. </span></p>
<p><span>Hobart (61.2%) was the only city to have more than half of all house sales below $400,000. </span></p>
<p><span>Currently, the unit market offers more opportunity to purchase below $400,000 however, each of Sydney (16.3%), Melbourne (35.9%), Perth (38.5%), Darwin (29.7%) and Canberra (43.3%) recorded a majority of unit sales above this price point. </span></p>
<p><span>CoreLogic RP Data reported a record high proportion of houses and units sold for more than $1 million over the past 12 months. In Sydney, more than a third of all houses (36.8%) sold for more than $1 million. Melbourne had the second highest proportion of sales over $1 million (17.7%). </span></p>
<p><span>Although Melbourne had a record high proportion of houses sold over $1 million it was less than half the proportion of sales in excess of $1 million recorded in Sydney. </span></p>
<p><span>For units, Sydney had the highest proportion of sales over $1 million (11.6%) and was the only capital city in which more than 10% of unit sales were in excess of $1 million. In fact, Sydney had a higher proportion of unit sales over $1 million than each of Brisbane, Adelaide, Hobart, Darwin and Canberra had for houses. </span></p>
<p><span>Although we anticipate that the rate of capital growth will slow </span><span>over the coming year we still expect values to generally rise. As a result we would expect a further decline in the proportion of homes </span><span>selling below $400,000</span><span>. </span></p>
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<p><em>Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/author/cameron-kusher/" target="_blank">here</a>.</em></p>
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ckusher-ujnxiKuFQs

Home sales trend below $400,000: Cameron Kusher

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<div>The ABS released its Construction Work Done figures for the June quarter, which showed total construction for the quarter rebounding by +1.6% to a seasonally adjusted $49.8 billion.</div>
<div> </div>
<div>Over the last year total construction remained at historically very high levels at $198 billion, although this is now down from a sky-high annual figure of $211 billion one year ago.</div>
<div> </div>
<div><a href="/images/2015/08/27/A1.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A1.jpg" alt=""></div>
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<div>
<div>As any good politician would, of course, smiling Treasurer Hockey immediately took to Twitter to claim credit for the rebound.</div>
<div> </div>
<div class="separator"><a href="https://4.bp.blogspot.com/-MXXSPCW_nbQ/Vd49Y3e_dTI/AAAAAAAAXz8/ZfZZ5h_X5Ic/s1600/a9.jpg"><img src="https://4.bp.blogspot.com/-MXXSPCW_nbQ/Vd49Y3e_dTI/AAAAAAAAXz8/ZfZZ5h_X5Ic/s640/a9.jpg" width="640" height="178"></a></div>
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<div>But in fact public infrastructure work has been very weak. </div>
<div> </div>
<div>Furthermore, against recent trends the rebound in the June quarter was not driven by residential construction either, rather it was a punchy quarter for engineering (i.e. resources) construction works, with expenditure rebounding by +5.6 per cent to a seasonally adjusted $25.6 billion.</div>
<div> </div>
<div><a href="/images/2015/08/27/a2.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/a2.jpg" alt=""></div>
<div> </div>
<div>
<div>Despite this positive blip, engineering construction work done was -8.8 per cent lower than a year ago, and will doubtless resume its downward trajectory in due course, as considered in more detail below.</div>
<br><strong><span style="text-decoration: underline;">Mining rebound in WA</span></strong><br><div> </div>
<div>The driver of the engineering construction rebound was an increase in spend of nearly +$3 billion in Western Australia to $11.3 billion for the second quarter.</div>
<div> </div>
<div><a href="/images/2015/08/27/A3.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A3.jpg" alt=""></div>
<div> </div>
<div>
<div>In fact, anyone who was paying very close attention might have anticipated this.</div>
<div> </div>
<div>Recall that the so-termed "record trade deficit" in April 2015r actually included an <a href="https://petewargent.blogspot.com.au/2015/06/trade-deficitwtf" target="_blank">anomalous spike</a>in Western Australian imports from Korea. As I <a href="https://petewargent.blogspot.com.au/2015/06/trade-deficitwtf" target="_blank">noted at the time</a>:</div>
<br><div><span><em>"<span>No further detail is provided by the ABS, but given that there was a kahuna $1.5 billion spike in merchandise imports in Western Australia, and we can assume that this was probably related to a major mining project.</span></em></span></div>
<div><span><em> </em></span></div>
<div><span><em>In all likelihood, one might hazard that this was rail capex for Gina Rinehart's Roy Hill iron ore project (which typically a business would treat as an investment in a fixed asset for the generation of revenue streams, rather than trading expenditure)."</em></span></div>
<br><div>In all probability, therefore, the June quarter rebound was capex driven with a large asset purchase accounting for most of the spike.</div>
<div> </div>
<div>Moreover we can expect that the September quarter will see engineering construction work resuming its inevitable decline.</div>
<br><strong><span style="text-decoration: underline;">Building by state</span></strong><br><br><div>At the state level, Victoria has been the king of residential building across recent years.</div>
<div> </div>
<div>However New South Wales is now the one state which is benefitting from a material public sector and non-residential building contribution, thereby thrusting total building work done in the Premier State to its highest ever level in the June quarter.</div>
<div> </div>
<div><a href="/images/2015/08/27/A8.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A8.jpg" alt=""></div>
<div> </div>
<div>
<span>Indeed, the New South Wales economy in generally is in very fine shape at the present time.</span><br><br><strong><span style="text-decoration: underline;">Residential building by state</span></strong><br><br><div>Looking at specifically residential buiding we can see that the +7.4 per cent year-on-year increase has been overwhelmingly a function of "other residential" building - which is to say, the construction of units, townhouses and apartments.</div>
<br><div>As denoted by the green line below, outside Sydney major renovations activity has been very subdued through this cycle.</div>
<div> </div>
<div><a href="/images/2015/08/27/A4.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A4.jpg" alt=""></div>
<div> </div>
<div>
<div>Although new house building has responded to low interest rates almost everywhere to a greater or lesser extent, the trend has been looking increasingly peaky over the past four quarters.</div>
<div> </div>
<div>Victoria continues to lead the way on the house building front, a state which appears to suffer less from greenfield land supply constraints than other states and territories do.</div>
<div> </div>
<div><a href="/images/2015/08/27/A6.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A6.jpg" alt=""></div>
<div> </div>
<div><span>On the other hand the higher density sector building work continues apace, particularly in Melbourne, Sydney and Brisbane, which is a trend you can see everywhere from West End, South Brisbane, Fortitude Valley and Newstead (Brisbane), to Mascot, Wolli Creek and Zetland (Sydney). </span></div>
<div><span> </span></div>
<div><a href="/images/2015/08/27/a7.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/08/27/a7.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div>
<div>The latest building approvals figures suggest that the cycle for unit and apartment approvals may also be set to peak in due course, thoughthe duration of higher density projects from approval to completion may run to several years.</div>
<div> </div>
<div>Consequently the elevated levels of building activity in this sector may have quite some way to run yet.</div>
<br><strong><span style="text-decoration: underline;">The wrap</span></strong><br><br><div>Overal this was a positive result for construction in the June quarter which masks an ongoing decline in resources construction that is locked and loaded for the next few years. </div>
<div>
<br>Residential building remains strong for the time being, but even here Australia can only build new apartment projects for so long.</div>
<div> </div>
<div>Of more significance will be today's capex intentions for the 2015/16 financial year, and specifically whether businesses are becoming more inclined towards investment plans.</div>
<div> </div>
<div>If not, in a nutshell, interest rates will have further to fall.</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

Construction rebounds...for now: Pete Wargent

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<p>On Wednesday I spoke at seminars in Sydney where I heard about a property investment strategy that is different in many respects to one I would pursue. But it<span>’</span>s a very good and successful one, nevertheless.</p>
<p>It reinforces a point about which I<span>’</span>m constantly aware: there<span>’</span>s no single strategy for property investment that can be called the right one. The best strategy for buying property and building a portfolio differs from one person to the next.</p>
<p>Here<span>’</span>s what David McMillan of Performance Property Advisory does on behalf of his clients. He and his team identify one market which, above all others, stands out as the one that offers the most value.</p>
<p>They focus exclusively on that market and devote big resources there to learn all they can, establish a network of service providers and be ready to move quickly when the right properties become available.<span style="line-height: 1.3em;"> </span></p>
<p>A core plank of the strategy is to buy in areas likely to show good growth in the first three years. Early growth creates the equity that helps to fund the next purchase and build the portfolio.</p>
<p><span>“</span>People can<span>’</span>t stump up a deposit of $100,000 or $150,000 every time they want to buy another property,<span>” </span>McMillan says. <span>“</span>So we buy them something for $500,000 that will be worth $650,000 in three years time. They build their portfolio using the equity that has been created.</p>
<p><span>“</span>Most investors only get as far as one property, because they make mistakes. Those mistakes are leveraged and amplified.<span>”</span></p>
<p>McMillan and his team has a track record of targeting future growth markets well ahead of the pack. They were buying in prime suburbs of Sydney in 2012, in advance of the three years of strong price growth that followed.</p>
<p>Once the temperature rose as the herd stampeded into Sydney, the PPA team exited. The properties bought for their clients in Sydney have grown 40% to 60% in value.</p>
<p>The next focus was Brisbane, with the emphasis on prime suburbs close to the CBD. They started buying there in mid-2013 and have bought close to 300 properties for clients. They<span>’</span>re now on the way out of Brisbane, as more investors come into that market, making it harder to find good-value investments.</p>
<p><span>“</span>We buy established property, not new property. New property is the most expensive way to buy real estate and the least effective way to grow a portfolio. We look for scarcity and we look for good quality property in good areas.<span>”</span></p>
<p>How do they know the right time to focus on a particular market? One of the key research tools is charting the relationship between prices and rents.</p>
<p>When Sydney had gone multiple years without significant price growth, but rents had grown considerably, they knew it was the right time to strike. <span>“</span>We want a location with price stagnation for 5-7 years plus a significant increase in rents,<span>” </span>he said.</p>
<p>An example was the top end suburb of Rose Bay. In 2012, the median price had grown only 15% in the previous eight years. But rents had grown 70%. According to the formula, that meant the suburb and many others like it in Sydney were primed for a growth spurt.<span style="line-height: 1.3em;"> </span></p>
<p><span>“</span>It was very clear what was going to happen in Sydney,<span>” </span>McMillan says.<span style="line-height: 1.3em;"> </span></p>
<p>McMillan offers three keys to successful investment:  buy in markets showing value, buy at or below the median price for the target region, and buy quality.</p>
<p><span>“</span>We won<span>’</span>t recommend a property to a client that we wouldn<span>’</span>t put in our own portfolio. If you don<span>’</span>t like it and wouldn<span>’</span>t live in yourself, then it<span>’</span>s probably not a good property to invest in.<span>”</span></p>
<p><span><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></span></p>
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Charting the relationship between prices and rents: Terry Ryder

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<div class="column"><span style="line-height: 1.3em;">GUEST OBSERVER</span></div>
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<div class="column"><span style="line-height: 1.3em;">Construction work done in the June quarter rose by 1.6%, driven by a 5.6% rebound in engineering work. </span></div>
<div class="column"><span style="line-height: 1.3em;"> </span></div>
<div class="column"><span style="line-height: 1.3em;">Residential work surprisingly fell by 3.0% in the June quarter with commercial building down by 1.8%.</span></div>
<div class="column"><span style="line-height: 1.3em;"> </span></div>
<div class="column"><span style="line-height: 1.3em;">Annual inflation in the building sector (residential and commercial building) eased from a 6-year high of 3.3% to 3.0%.</span></div>
<div class="column">
<br><span style="line-height: 1.3em;">The construction slump in Queensland continues. Queensland construction work has fallen 37% in almost two years.</span>
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<br><span style="line-height: 1.3em;">The data on construction work is important for builders, building material companies and developers.</span>
</div>
<div class="column"><span style="line-height: 1.3em;"> </span></div>
<div class="column"><strong><span style="line-height: 1.3em;">What does it all mean?</span></strong></div>
<div class="column">
<br><span style="line-height: 1.3em;">Overall it is the softest of landings in the construction sector. After soaring by 34% in a three-year period to peak levels in late 2012, construction has since eased by just 8%.</span>
</div>
<div class="column">
<br><span style="line-height: 1.3em;">The ‘baton pass’ from engineering to residential building is proceeding but had a hiccup in the June quarter – engineering building actually soared, not fell, while home building eased. But the outlook is for more home building ahead and less spending on roads, bridges, railways and dams.</span>
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<div class="column">
<br><span style="line-height: 1.3em;">The other good news is that inflationary pressures have not worsened in the high-flying home building sector. Still, residential building costs are up 3.5 per cent on a year ago and need to be watched.</span>
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<br><span style="line-height: 1.3em;">Trends in construction activity in Queensland remain a concern. In just under two years, construction work has slumped by 37% in Queensland – the most of any state or territory. By contrast construction work in the Northern Territory is up 84%. The lack of construction work in Queensland needs to be addressed by the State Government as it is robbing momentum from the economy. </span>
<p style="line-height: 1.3em;"><span style="line-height: 1.3em;"><a href="/images/2015/08/26/Screen%20Shot%202015-08-26%20at%2012.52.10%20PM.png" target="_blank" style="line-height: 1.3em;">Click to enlarge</a></span></p>
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<p><strong>What do the figures show? </strong></p>
<p><span>Construction Work</span></p>
<p><span>Construction work done rose by 1.6% in real (inflation-adjusted) terms in the June quarter after falling in the previous four quarters. Work done is down by 3.3 % on a year ago.</span></p>
<p><span>Public sector construction work fell by 8.4% in the quarter while private sector activity rose by 3.6%.</span></p>
<p><span>Construction work fell in six of the states and territories in the June quarter.</span></p>
<p><span>Leading the falls was ACT (down 14.6%), followed by Queensland (down 11.0%), South Australia (down 8.9%), Victoria (down 2.8%), Tasmania (down 1.4%) and NSW (down 0.1%). Construction rose in Western Australia (up 25.5%), and the Northern Territory (up 2.4 %).</span></p>
<p><span>Engineering work rose by 5.6% in the June quarter, after falling almost 25% in the previous six quarters. Engineering construction is down by 8.8% on a year ago.</span></p>
<p><span>Commercial (non-residential) building fell by 1.8% in the June quarter (private sector up 0.3%) to be down 1.8% over the year.</span></p>
<p><span>Residential building fell by 3.0% in the June quarter (private sector down 3.1%) but was still up by 7.4% over the year. Alterations &amp; additions rose 0.2% in the June quarter while new residential work fell by 3.5%. In trend terms, residential building rose by 2.5% – the eighth quarter of gains.</span></p>
<p><span>The measure of inflation in the construction sector (deflator) fell by 0.1% in the June quarter after rising by 0.3% in the September, December and March quarters. The annual rate of construction inflation fell from 1.5% to a 5-year low of 0.7%. Engineering prices fell by 0.7% in the quarter (down 1.3% over the year) while building prices rose by 0.6% in the quarter. Annual building inflation eased from a 6-year high of 3.3% to 3.0%. Annual inflation in home building remained at a 6-year high of 3.5%.</span></p>
<p><strong>What is the importance of the economic data?</strong></p>
<p><span>The Bureau of Statistics releases quarterly estimates of Construction work done. The estimates are based on a survey and cover around 85 per cent of the construction work done in the period. Revised estimates will be released in coming months. The data is useful largely for historical purposes but the work yet to be done estimates provide an early warning signal of future activity. The residential work figures give a good early guide to the strength of residential investment in the national accounts.</span></p>
<p><strong>What are the implications for interest rates and investors?</strong></p>
<p><span>There is plenty of work in the construction sector. But activity is patchy – soaring in some states and sectors and slumping in others. Builders, tradespeople and construction firms need to be mobile in the current environment.</span></p>
<p><span>The Reserve Bank will be pleased about current trends in construction. Overall activity has not fallen of a cliff, and while there is a sniff of inflation in home building, overall construction inflation is at 5-year lows. The RBA will continue to stay on the interest rate sidelines over coming months.</span></p>
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<span><em>CRAIG JAMES</em></span><em> is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.</em>
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Soft landing for construction work: Craig James

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<p><span style="line-height: 1.3em;">Two Balmain terraces and a warehouse with double street frontage in Sydney's Balmain have sold at auction for a total of $4.13 million.</span></p>
<p><span style="line-height: 1.3em;">The lot comprised four separate titles over approximately 560 sqm and was offered for sale in one line or two and two.</span></p>
<p>Ray White Commercial Inner West principal Tim Morrison said the 77-79 Beattie Street property has <span style="line-height: 1.3em;">two separate buildings, two street frontages and being zoned residential with commercial use rights, it offers a myriad of potential uses for development or conversion.</span></p>
<p><span style="line-height: 1.3em;">“This property was offered at auction as a vacant possession and attracted considerable interested from developers and occupiers during the marketing campaign,” he said.</span></p>
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mick.cee-iDmgDDAmu8

Balmain development possibility sells for $4.13 million

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<p><span style="line-height: 1.3em;">Westfield Corporation </span><span style="line-height: 1.3em;">Funds From Operations (FFO) for the six months ending 30 June 2015 hit </span><span style="line-height: 1.3em;">$380m, representing 18.3 cents per security and in-line with forecast.</span></p>
<p><span style="line-height: 1.3em;">Westfield Corporation Co-CEOs, Peter Lowy and Steven Lowy AM said this year the company expects to commence $2.5bn of projects, having already commenced $1.6bn of redevelopments to-date in 2015 including Century City in Los Angeles and UTC in San Diego, with the expansion at Westfield London expected to commence later this year.</span></p>
<p><span style="line-height: 1.3em;">"The benefits of our restructure last year can be seen in the significant progress being made on our $11.4bn development program,” they said.</span></p>
<p><span style="line-height: 1.3em;"> “The performance of WFD’s pre-eminent portfolio remains strong. </span></p>
<p>“Our investment in the development program, which also comprises Westfield World Trade Center in New York and Valley Fair in Silicon Valley, is expected to create significant long-term value for security holders. <span style="line-height: 1.3em;">Our capital investment is almost entirely weighted towards our Flagship assets, with estimated development yields in the range of 7% - 8%. Upon completion of these projects, we expect WFD’s Flagship assets will represent 85% - 90% of the total portfolio and our business will be more evenly weighted between the US and UK/Europe.”</span></p>
<p><span style="line-height: 1.3em;">Westfield's c</span><span style="line-height: 1.3em;">omparable net operating income growth was 4.2% for the six months with the portfolio 95.0% leased as at 30 June 2015. The Flagship portfolio achieved comparable net operating income growth of 4.3% for the six months with the Regional portfolio growing by 3.9%.</span></p>
<p>Westfield reconfirmed its FFO forecast for the 2015 year of 37.7 cents per security </p>
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Pipeline projects in 2015 worth $2.5 billion: Westfield Corporation

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<p>Neil Perry’s Burger Project will open in Sydney's MLC Centre this December as part of the building's foodie redevelopment.</p>
<p><span style="line-height: 1.3em;">Eight new retailers have also signed on, including Bun Me, Schnitz<span style="line-height: 1.3em;">, </span>Top Juice, Sumo Salad’s Green Label and Famous Fish Co by Costi.  </span></p>
<p><span style="line-height: 1.3em;">GPT’s head of investment management for office, David Burgess, said </span><span style="line-height: 1.3em;">he Burger Project will take a prime position, facing out towards Martin Place and expects it to be an lunchtime and evening drawcard. </span></p>
<p>Neil Perry said he had been on the lookout for key sites around Australia to expand the Burger Project brand.   </p>
<p> </p>
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Neil Perry's Burger Project set for MLC Centre

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<p><span>Developer Theo Onisforou is telling mates he's set to out do the Melbourne high flier Paul Little when it comes to his proposed turnaround of the former Dairy Bell ice-cream factory in Camperdown.</span></p>
<p>Onisforou secured the two-storey industrial art deco building at <a href="https://www.realcommercial.com.au/property-land+development-nsw-camperdown-501628301" target="_blank">44-50 Australia Street</a> at recent Savills auction, and now has quickly had BresicWhitney's Shannon Whitney move towards relisting them as four separate residential warehouse lots.</p>
<p><span>The four warehouse residential conversion opportunities will be auctioned on the same day, one after the other. </span></p>
<p><span>Dairy Bell founder Andre Razums sold the factory to the Essendon Football Club chairman last October for $4.3 million. </span></p>
<p><em>This article was first published in the Daily Telegraph.</em></p>
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Rich Lister Paul Little sells Dairy Bell Camperdown warehouses

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<p><span>The former Bourke Street shop occupied by exclusive jeweller William Drummond has been listed through Savills.</span></p>
<p><span>Leased to OPSM, the double-storey building at 384-386 Bourke Street is expected to sell for more than $15 million through Savills Clinton Baxter.</span></p>
<p><span>William Drummond &amp; Co, which dates back to 1858, had the owner-occupied building from 1965 until its 2002 closure.</span></p>
<p><span>It is a 514-square-metre block.</span></p>
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Bourke Street, Melbourne retail offering

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<p><span style="line-height: 1.3em;">Property investors have been pampered with an assortment of developments throughout Sydney over the last three years. Developments that have seen in the most part vacancy rates as low as 1.2%. </span></p>
<p>Adding to the investors fortune are almost no-vacancy periods. High capital growth and low vacancy is an investors dream but how long will and can the party last? </p>
<p>As I drive around Sydney in general and meet with clients in coffee shops, I have been noticing the emergence of the For Lease signboard. In some apartment buildings there are two, even three signboards adorning their front landscape. A sight not witnessed for some time.</p>
<p>As many investors have been feasting on the high property yields, many may drop their guard with respect to the upcoming oversupply and less demand for rental property. Current reports are now emerging with vacancy rate figures on the rise.</p>
<p>With the rise in vacancy periods comes the upsurge of the For Lease signboard - a symbol that should bring terror to the property investor. I am of the opinion that these signboards will grow in numbers, as they pop up like mushrooms in the front yards of older buildings. Tenants will migrate from the older apartment blocks to those newly built. </p>
<p>There are other reports floating around that we have 90,000 off-the-plan purchases yet to be completed over the following 12 months. Again, I’m of the opinion the numbers quoted by the mainstream are conservative figures. It will be no surprise to finally calculate 130,000 plus apartments being built in the capital cities along the east coast of Australia. </p>
<p><span style="line-height: 1.3em;">But wait! There is a hell of a lot more in planning and proposal stages. When I say a lot, I don’t just mean tens of thousands; let us just say that the Parramatta Rd corridor will see close to 100,000, if not more. </span></p>
<p><span style="line-height: 1.3em;">What will set the trend for 2016 will be how quickly the tens of thousands of apartments will be occupied as they are completed in the following </span>there<span style="line-height: 1.3em;"> to four months and what rental-incomes or returns are achieved. But not taking into account the rental guarantees promised by agents and developers.  </span></p>
<p>What I foresee will take place in the near future:</p>
<ul>
<li>We will witness a migration of tenants from older unit blocks, to newly completed unit blocks. </li>
<li>Rents will be reduced to those promised to investors. However, although tenants will pay much less, the agents and developers will make up the difference. Happy-days for the renters. </li>
<li>Rental expectations will be adjusted even lower in the older apartment blocks to counter-act the mass exodus of tenants vacating the older dwellings.</li>
<li>Unit blocks that are 3 years and older will begin to creep down in value in some parts of Sydney and in others it will be a sudden drop.  </li>
</ul>
<p>Why is this all important? </p>
<p>If you are an investor and you believe you may be in an area where there is a high level of construction, then it’s time you begin to lock your tenants into a long term tenancy period. Perhaps even drop the rent a little to gain long term peace of mind. </p>
<p>A vacancy-plan strategy will need to be put in place with your property management team - a plan that monitors both rental demand and vacancy periods in the area. </p>
<p>Furthermore, right now is not the time to be looking at increasing rents in most parts of Sydney. There are only a few areas in Sydney that are coping with rental increases. With a smorgasbord of rental property available and more to come, tenants will move to newer and cheaper accommodation. </p>
<p>What's the net result?</p>
<p>The net result for many that moved into the property investment game in the last 18 months will be very painful. Needless to say, a large number of investors that have borrowed equity against established dwellings to grow their property-portfolio will also find the near future somewhat turbulent. </p>
<p> </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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