Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

[smartcode_project:default project_id=134873 project_image_fid=376196]

Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

Joel Robinson

The Maybelle brings 27-storey parkside tower to market near North Strathfield

Melbourne developer <a href="https://www.apartments.com.au/developers/pdg-corporation">PDG</a> has unveiled its vision for the former Water Tank Site in Ivanhoe, which would see it transformed into a thriving residential neighbourhood, complete with a 2000 sqm public park.&nbsp;

Delivered in partnership with <a href="https://www.apartments.com.au/developers/development-victoria">Development Victoria</a>, the proposal would transform the prominent corner of Bell Street and Upper Heidelberg Road into a connected community comprising two residential buildings, generous public open space and shared amenities.&nbsp;

The vision includes 287 one, two and three-bedroom apartments, with a minimum of 10 per cent allocated to affordable housing, alongside a 2,000-square-metre publicly accessible park featuring a children's playground, activity lawn, indigenous planting, timber climbing logs, seating areas and a rock gathering circle.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a>, the proposal draws on the site's industrial heritage, using a robust architectural language that references the former water tank through expressive structural elements and durable, self-finished materials.&nbsp;

Extensive landscaping has been woven throughout the development, creating a living landscape that strengthens connections to nature while responding sensitively to the surrounding neighbourhood. Two residential buildings ranging from three to 12 storeys are linked by a landscaped forecourt, creating a welcoming arrival experience and improving pedestrian connections through the site.&nbsp;

Residents would also enjoy more than 1,000 square metres of communal open space, including barbecue and dining facilities, vegetable gardens, landscaped seating pavilions and a dedicated coworking space.&nbsp;

PDG Founder and Managing Director Vince Giuliano said the vision reflected an opportunity to transform one of Ivanhoe's most recognisable sites into a place that balanced housing, community and landscape.&nbsp;

"This is an opportunity to reimagine an important site and create a neighbourhood that delivers lasting benefits for Ivanhoe," Giuliano said.&nbsp;

"We're creating much more than new homes. The vision brings together affordable housing, quality architecture, meaningful public open space and shared places that encourage people to connect, while respecting the site's history and its place within the local community."&nbsp;

Development Victoria’s Executive General Manager Precincts, Niall Cunningham, said the application is an important step for the government-owned site.&nbsp;

“This is about delivering more homes in a well-connected location, along with public open space that the Ivanhoe community will benefit from for years to come,” Cunningham said.&nbsp;

PDG was selected as development partner in late 2025 following a competitive tender process.&nbsp;

A planning submission for the project is currently being progressed through the Victorian Government's Development Facilitation Program, with positive early engagement from both Banyule Council and the Department of Transport and Planning.

PDG unveils plans to transform landmark Ivanhoe Water Tank Site

Shane Wilkinson's <a href="https://www.apartments.com.au/developers/pace-development-group">Pace Development Group</a> has lodged plans for a major residential precinct on the former Presentation College site in Windsor, with an eight-building masterplan ultimately rising to 10 storeys.

The proposal at <a href="https://www.apartments.com.au/new-apartments/167-dandenong-road-windsor-vic-3181">167–187 Dandenong Road</a> spans a substantial 19,027 sqm site and is being progressed across six stages, with the first residential stages comprising 170 homes across four buildings designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>.

Stage Two will deliver the bulk of the initial housing, with Building A comprising 81 apartments and Building B 49 apartments, both rising to six storeys.

Stage Three will deliver a further 40 homes. The heritage Nagel Building, identified as Building C, will be converted to 12 dwellings, while a new five-storey Building D will comprise 28 apartments at the Hornby Street and Dandenong Road corner.

The 170 homes across Stages Two and Three will include a mix of one, two and three-bedroom apartments, including townhouse-style dwellings.<img alt="First look: Pace plans landscaped housing precinct on former Windsor school site" data-entity-type="file" data-entity-uuid="83c56e3e-dfb9-4e12-b172-c3f18513ec32" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_9.png?VersionId=xRcRpSZsxX.UX_NDDGcRZktw7HVrzx7u" />

&nbsp;

The longer-term masterplan points to considerably greater density across the site.

Indicative plans show Building E accommodating around 80 dwellings across up to 10 storeys, while Building F is earmarked for around 120 dwellings and also up to 10 storeys. Building G is planned to range between four and 10 storeys, however its apartment yield is yet to be determined. That means the masterplan currently identifies at least 370 dwellings across Buildings A to F before any apartments within Building G are counted.

Across the 1.9-hectare site, that represents an indicative density of at least 194 dwellings per hectare, with the final figure to increase once the yield of Building G is established.

Pace is pursuing the project through the Victorian Government's Development Facilitation Program, with Urbis lodging a combined Section 96A planning scheme amendment and planning application on behalf of the developer, which secured the site earlier this year.

The application seeks detailed approval for Stages One, Two and Three, alongside approval of the broader masterplan framework that will guide the later residential stages. Stage One will see an existing heritage building adaptively reused for a wellness and fitness-related facility, while the broader precinct will retain several significant heritage buildings and established trees as part of the redevelopment.

A minimum 10 per cent affordable housing contribution is proposed across both the initial residential stages and the later masterplan stages, delivered through a discounted rental model.

The project comes immediately after a major change to the site's planning controls.

The site was rezoned to the Housing Choice and Transport Zone through Planning Scheme Amendment GC285, gazetted on July 22, 2026, and now sits within the inner catchment of the Windsor Station precinct under the State Government's Train and Tram Zone Activity Centres Program.

While the new controls identify large sites within the inner catchment for buildings of up to six storeys, Pace's masterplan pushes height to 10 storeys in parts of the site, with the taller buildings concentrated toward the centre and along the Sandringham railway corridor.

Lower-scale built form is proposed toward the site's more sensitive residential and heritage edges, with Buildings A and B generally stepping from three storeys at their interfaces to six storeys at upper levels.

Cera Stribley's masterplan breaks the development into a collection of separate buildings rather than a continuous built form, with landscaped spaces, new pedestrian links and a new publicly accessible road forming part of the precinct.

The planning report says the development will create new pedestrian connections to Elm Place and along the railway corridor, as well as a new publicly accessible road linking Elm Place with Dandenong Road. The proposed buildings will occupy around 54 per cent of the site, leaving a substantial portion available for landscaping, communal areas and permeable surfaces.

Urbis said the scale of the project reflected the site's strategic location close to Windsor Station, tram services and the Chapel Street Activity Centre, with the former school campus identified as a significant opportunity to increase housing supply on an underutilised inner-Melbourne site.

&nbsp;

First look: Pace plans landscaped housing precinct on former Windsor school site

<a href="https://www.apartments.com.au/developers/jl-place">JL PLACE</a>'s Veil Brighton is approaching its final months of construction, with the nine-townhouse development at 17 Rooding Street expected to complete in December 2026.

The milestone is bringing the boutique project closer to becoming a finished part of the <a href="https://www.apartments.com.au/developments/brighton-vic-3186">Brighton</a> streetscape, with much of Brighton's everyday amenity within a short walk.

Palace Cinema, Coles Supermarket and North Brighton Station are all around five minutes on foot from <a href="https://www.apartments.com.au/new-townhouses/veil-brighton-17-rooding-street-brighton-vic-3186">Veil</a>, alongside numerous cafés, restaurants and bars. The station provides a direct rail connection toward Melbourne's CBD, while Bay Street and the wider Brighton retail and dining network add to the range of services accessible without relying on a car for every trip.

"The location was fundamental to the project. Brighton is an established suburb where many buyers already have strong connections to the area and want to remain close to the people, places and amenities that form part of their everyday life," the developer said.

"Veil sits in a highly walkable part of Brighton, with a Walk Score of 90/100."

For buyers looking to right-size within Bayside, that level of walkability adds to the appeal of a more manageable way of living. Everyday shopping, dining, entertainment and public transport can be accessed without relying on the car for every trip, while residents remain connected to the places and routines that make Brighton familiar. It allows buyers to simplify day-to-day life without giving up the convenience, amenity and connections they already value.

[smartcode_project:default project_id=7877 project_image_fid=355754]

As completion approaches, the architecture, landscaping and material palette are progressively becoming visible on site, giving prospective purchasers a clearer view of the finished development beyond its plans and renders.

Veil comprises nine townhouses, predominantly three-bedroom homes with between 2.5 and 3.5 bathrooms, two car spaces and, depending on the residence, study areas and private outdoor space. Selected homes include a bedroom on the ground floor.

Veil occupies a middle ground between detached housing and apartment living, retaining private gardens, storage and secure parking within a more manageable residential format.

<a href="https://www.apartments.com.au/architects/schmidt-pang-architects">Schmidt &amp; Pang</a> designed the architecture around natural light, ventilation, privacy and practical use of space. From Rooding Street, the façade has been composed to read as a cohesive residential building rather than nine individual townhouses, with landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick Landscape Architects</a> integrated throughout the site.

Inside, natural stone, oak flooring, integrated joinery and brushed nickel finishes establish a restrained material palette, while kitchens include Miele appliances and substantial storage such as pantries. Walk-in robes and dedicated study spaces have also been incorporated across the collection.

[smartcode_project:default project_id=7877 project_image_fid=355852]

The project team said the planning of the homes has been informed by how the spaces function for both daily routines and larger gatherings.

"Our new homes owners at Veil have enjoyed the attention to detail in creating efficient layouts that use every space well. Hosting Christmas lunch and large family gatherings is an ease when care is taken to consider how people really live and entertain."

Private landscaped gardens extend the living spaces outdoors, while secure basement parking and bicycle parking are provided below. The homes have also been designed to achieve a 7-star energy rating, supported by double glazing, high-quality insulation, natural ventilation, LED lighting, water tanks and water-efficient fittings. Each residence is backed by a 10-year building guarantee.

Veil is being built by <a href="https://www.apartments.com.au/builders/jeniton">Jeniton</a>.&nbsp;Limited-time stamp duty savings are also currently available on selected purchases at Veil, adding another consideration as the project moves toward completion.

[smartcode_project_cta:default project_id=7877]

Veil Brighton nears completion in one of the suburb's most walkable pockets

<a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a> has recorded 134 sales worth just over $400 million in two months of pre-release activity at The Riversdale, as the developer brings its $750 million South Brisbane riverfront project to the broader market.

The sales represent more than 60 per cent of the project's 213 apartments, with Mosaic reporting the majority of purchasers have been local owner-occupiers and downsizers.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale</a> will rise 39 storeys from its north-facing site at 91 Montague Road, delivering a mix of two, three and four-bedroom apartments alongside a collection of Mosaic's premium Masterpiece Series Sky Homes.

[smartcode_project:default project_id=151614 project_image_fid=371872]

The early buyer response comes ahead of the wider evolution of the northern end of Montague Road, where The Riversdale will be one of the first major residential projects delivered within an emerging riverfront precinct.

Directly adjoining the development is a planned 7.1-hectare mixed-use precinct, set to introduce new residences, parkland and public realm along the river's edge. The Riversdale's position directly on the Brisbane River gives it a relationship with the waterfront that Mosaic says cannot be replicated by future buildings within the precinct.

The site is also the result of a years-long pursuit by Mosaic. The developer first earmarked the <a href="https://www.apartments.com.au/developments/south-brisbane-qld-4101">South Brisbane</a> property in 2018, reflecting what Founder and Managing Director Brook Monahan has described as a deliberately patient approach to acquiring development sites.

[smartcode_project:default project_id=151614 project_image_fid=372083]

"We aren't opportunistic," Monahan previously told Apartments.com.au.

"Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau Proberts</a>, The Riversdale has been shaped around the qualities of the riverfront site, with apartments oriented to capture northern light and uninterrupted Brisbane River views.

Generous floorplans and expansive balconies extend the living spaces towards the river, while natural materials and a restrained interior palette have been selected with longevity in mind.

[smartcode_project:default project_id=151614 project_image_fid=371890]

Residents will have access to a level of amenity more commonly associated with world-class hotels and private members' clubs, with almost 3,000 sqm dedicated to wellness, connection, recreation and everyday convenience.

At ground level is a business lounge, private meeting rooms and dedicated workspaces. Mid-tower is a wellness sanctuary featuring magnesium hot and cold plunge pools, sauna, steam room, infrared therapy facilities, a Pilates and yoga studio, and a commercial-grade gymnasium.

Crowning The Riversdale is a rooftop featuring a 35-metre swimming pool with lap lane and spa, outdoor dining and seating terraces, firepit lounges and views of the city, river and Mount Coot-tha.

A private members' club-inspired retreat offers private dining rooms, a whisky lounge, media rooms and immersive entertainment experiences. Completing the amenity offering are two hotel-style guest suites and a resident-exclusive electric vehicle fleet and car-share program.

[smartcode_project:default project_id=151614 project_image_fid=371877]

The Riversdale sits at the northern end of Montague Road between South Bank and West End, around 1.3 kilometres from the Brisbane CBD, providing access to the city's major cultural, dining and recreation precincts.

It becomes Mosaic's largest Brisbane project to date and adds to a pipeline already under construction across the city.

In Brisbane, the developer is currently delivering The Bedford and The Carter at Kangaroo Point, both of which are approaching sell-out, with a further four projects being delivered on the Gold Coast. Mosaic has completed more than $2 billion in projects since 2012 and has a further development pipeline exceeding $2 billion across South East Queensland.

Early works are underway at The Riversdale, which will be delivered by Mosaic's in-house construction division. Completion is anticipated in late 2029, with remaining apartments priced from $1.98 million.

[smartcode_project_cta:default project_id=151614]

Mosaic records more than $400m in two months at South Brisbane's The Riversdale

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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NAME: Anton Lawrence <img src="/images/2015/01/28/anton-lawrence.jpg" alt="" align="right">
POSITION: Senior Consultant
COMPANY: Atchison Consultants
OFFICE LOCATION: Melbourne
How long have you been in the industry?
26 years.
What's happening in the area you specialise in?
I specialise in helping property fund managers and other related fund managers build their businesses. It's an exciting time with many new players post the GFC and a large number of foreign entities wishing to participate in the Australian market.
Describe the most interesting commercial property you have worked on?
A shopping centre in Chicago which was having issues with a frozen river nearby that was causing the land (and by extension the walls of the centre) to buckle. Being able to view the problem while standing on the ice in the middle of the river provided an interesting perspective.
What are the ingredients to being successful in your job?
Having integrity and being honest in everything you do. Following through for your client. Your name always precedes you.
What aspects of your role do you enjoy the most?
Face to face communication. Technology is making this skill a challenge for some people.
Where would you invest a spare $750,000?
Anywhere but Australian residential property. I don't know when it will undergo a major correction but it will.
Which football team do you support?
I'm a rugby nut and was born in New Zealand. The All Blacks.
What's your favourite app or techno gadget?
I'm pretty boring. Most apps revolve around international news websites.
How do you use social media?
Very sparingly. As mentioned earlier I prefer face to face communication.
You can't read someone's body language too well on Twitter...
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po-LsXgBTHBmX

In Profile: Atchison Consultants' senior consultant, Anton Lawrence

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Guest observation
Every year for the last 11 years, we have sent a letter to the leaders within our top 20 clients predicting key trends in the year ahead, and reviewing those from last year’s letter. So here is an edited version.
In our letter last year, we forecast that:
In 2014, our economy would be funded via shoppers’ shopping.  For houses, and things to go in houses. For cars made cheaper by the normalising of our prices with the rest of the world, and the exit of government subsidised manufacturing. Clothes prices would drop as new global retailers launch on day 1 with cross-channel retailing, allowing Australians from Melbourne to Mildura, Sydney to Sawtell, Brisbane to Bundaberg to buy goods in or outside a store.
We also opined that:
Our productivity gains would be driven by lower interest rates and a lower dollar, our cost of living dropping, and new jobs being created by new retailers.
Looking back over the year, much of the forecast was accurate, though we still have much more to do to create a more productive Australia.
As we enter our 12th year of predictions, 2015 is proving a tough one to predict. Whilst the US, UK and New Zealand have all been through transformational change since 2008, delivering more flexible and nimble economies, creating new jobs in old and new sectors, our own pace of economic and social change has been glacial.
So in 2015 we face the full impact of the loss of the ecosystem of our car manufacturing industry, plus a slowing in the mining sector. Our lower dollar and low interest rates will help our omni-channel retailers to compete against global omni-channel retailers, creating jobs in the retail sector. Our tourism industry will grow aided by our weaker dollar keeping cautious Australians at home and increased confidence and spend amongst European, North American and Asian travellers, creating jobs in hospitality and tourism services.
Once again, but this time with a very weak tail wind, our lucky country should grow, for the 24th consecutive year.
Kevin Moore is a retail expert and the chairman of <a href="https://crossmark.com.au/">Crossmark Asia Pacific Holdings</a>.
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A weak tail wind to temper Australia’s strong growth in 2015

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The ANZ Bank premises at Puckle Street, Moonee Ponds has been sold for $7.475 million.
It last sold for $2.6 million in 2004.
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The <a href="https://www.realcommercial.com.au/property-retail-vic-moonee+ponds-501362547" target="_blank">corner property</a> has a land area of 510 square metres.
The existing lease to ANZ Banking Group Limited is for 10 years with five-year options. The sale price represented a 5.7% yield of the rental of $430,207.44 per annum as at February, 2015.
 
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jchancellor-FAypfDUnLy

Moonee Ponds ANZ bank $7.475m sale

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Monash University has expanded its Parkville holdings.
<a href="Knight%20Frank%20Commercial%20Sales%20is%20pleased%20to%20offer%20an%20exceptionally%20rare%20opportunity%20to%20acquire%20this%20magnificent%20property%20on%20the%20fringe%20of%20the%20Melbourne%20CBD,%20within%20the%20tightly%20held%20university/hospital%20precinct.%20%20Key%20features%20of%20this%20strategic%20acquisition%20include:%20%20%E2%80%A2%20Outstanding%20site%20of%202,428%20sqm*%20with%20dual%20street%20frontages%20%20%20%E2%80%A2%20Existing%20improvements%20provide%20a%20high%20quality%20office%20building%20of%201,859%20sqm*%20over%20two%20levels%20+%2038%20car%20parks%20%20%E2%80%A2%20Highly%20coveted%20location%20just%20minutes%20from%20the%20Melbourne%20CBD,%20surrounded%20by%20protected%20parklands%20and%20in%20very%20close%20proximity%20to%20major%20universities%20and%20hospitals%20%20%E2%80%A2%20Prized%20opportunity%20for%20developers,%20owner-occupiers%20and%20land%20bank%20investors%20%20%20*approx.%20%20%20Land%20Area%20:%202428%20sqm%20%20Floor%20Area%20:%201859%20sqm%20-%20See%20more%20at:%20http:/search.knightfrank.com.au/1561447#sthash.h88nHa3c.dpuf" target="_blank">The office bloc</a>k on 2,428 square metres cost $10.9 million.
The office building at <a href="https://www.realcommercial.com.au/property-offices-vic-parkville-500164131" target="_blank">407 Royal Parade</a> has 1,859 square metres over two levels with 38 car parks.
Monash University also has a <a href="/news">Parkville</a> campus at 381 Royal Parade, home to the Monash Institute of Pharmaceutical Sciences.
Knight Frank marketed 407 as a prized opportunity for developers, owner-occupiers and land bank investors. 
It last sold for $6 million in 1989.
Another site in Parkville's tree-lined Royal Parade, The Parade Inn motel, on 3221 square metres at <a href="https://www.realcommercial.com.au/property-land+development-vic-parkville-501252367" target="_blank">535-541 Royal Parade</a>, sold last year at $12.5 million (pictured below).
<img src="/images/2015/01/28/parkville2.jpg" alt="">
The University of Melbourne paid the Salvation Army $26 million for a 4500-square-metre landholding at 303-305 Royal Parade.
 
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Monash University buys 407 Royal Parade, Parkville

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The future supply pipeline for Sydney offices remains relatively constrained over the short to medium-term, despite a number of large commercial towers commencing construction during the last 12 months, Savills Research has noted.
 With almost 70% of this new stock already committed to, there will be an increased amount of backfill space in the market over the medium-term. That said, Simon Hemphill, Savills NSW Research director, advised a large amount of that backfill space will be removed from the market for short-term refurbishment, medium-term redevelopment or removed from the office market altogether for conversion to residential or hotel uses.
The Sydney CBD office January 2015 report noted there is currently just over 247,000 square metres of new and refurbished stock in the supply pipeline under construction and due to complete by the end of 2016, 68 percent of which is already committed. Almost 90 percent of this supply is new space, with construction underway at 5 Martin Place (30,300 square metres), and International Towers T2 (89,000 square metres) and T3 (78,000 square metres) as well as a number of smaller projects.
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Gross supply over the next five years (2015-2019) is expected to total approximately 875,500 square metres; however, during the same period almost 510,500 square metres of stock will be withdrawn from market. This will result in 365,000 square metres of net additions in the Sydney CBD, on a per annum basis this is way below the long-term average. 
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There are a number of buildings within the Sydney CBD that have already been withdrawn from the market or are earmarked to be withdrawn for conversion to residential or hotel use over the next three years. The potential future withdrawals over the next decade add up to almost 256,000 square metres and would shrink the current size of the Sydney CBD by 5.2%. 
The resultant spill of tenants, which totals 217,000 square metres, would place considerable downward pressure on the overall vacancy rate. 
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The bulk of the future supply pipeline is expected to be delivered by the Barangaroo project located at East Darling Harbour, with three commercial buildings known as International Towers Sydney T1, T2 and T3. 
According to the latest information available, the project is valued at over $6 billion. Barangaroo is Sydney's largest redevelopment project this century and will evolve over the next 10 to 20 years, injecting more than $1.5 billion into the NSW economy annually.
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The first of these towers (T2 – approx. 89,000 square metres) is almost 80% precommitted and due to complete in late 2015, this will be closely followed by T3 (approx. 78,000 square metres) which is 77% precommitted and due in early 2016. The final, and at approx. 101,000 square metres the largest, building is known as T1. 
This building is currently only 34% precommitted and is due to be delivered to the market in early 2017. 
The Barangaroo Delivery Authority has also announced that Crown and Lend Lease have signed an exclusivity deal for the development of a hotel at Barangaroo South. 
The Authority will continue to work with Lend Lease, and now their exclusive rights partner Crown, to negotiate a new location for the hotel in Barangaroo South and oversee the appropriate planning applications that must be approved before any concept moves ahead. 
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Sydney's office pipeline supply constrained: Savills Reseach

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The purchase of the five-hotel Ayers Rock Resort, overlooking Uluru, by the Indigenous Land Corporation (ILC) is to be investigated by the federal government. 
Fairfax Media reported that Finance Minister Mathias Cormann has been convinced of the need for an inquiry into the $317 million acquisition in 2010.
After lobbying by the new board of the ILC, the minister has asked Indigenous Affairs Minister Nigel Scullion to take charge of a review.
The new board of the ILC has complained that the acquisition has burdened the corporation with debts of $200 million.
After two write downs it is worth nearly $120 million less than when it was bought from the listed GPT group. 
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Inquiry set for $317 million Ayers Rock Resort purchase 

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A $7.8 million development site at Bundoora has been sold by Savills International at 33 Janefield Drive.
It last sold at $5.5 million in 2010.
<a href="https://www.realcommercial.com.au/property-land+development-vic-bundoora-501343339" target="_blank">The 1.64 hectare site</a> has zoning which allows for a range of uses, including townhouses, apartments and student accommodation.
The current permit allows for 45 luxury townhouses within proximity of the University Hill Town Centre.
Given its proximity to the wetlands it was marketed as offering water views, something of a rare Melbourne marketing option.
Elsewhere in Bundoora, Dealcorp has onsold parts of the former Larundel Hospital site, including the Woolworths and Dan Murphy stores for $22.5 million reflecting a 7 per cent yield. 
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Bundoora site with student accommodation potential sold

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The federal government is to shortly release a white paper on taxation reform. 
Plenty of recent inquiries and taxation documents have specifically noted that the taxation treatment of property should be reviewed and if ever there was a good time to look at changes to stamp duty it would be now.
Given where the property market now stands any changes to stamp duty should be implemented sooner rather than later especially given home value growth is slowing and transaction volumes are trending lower.  Of course, state governments are heavily reliant on stamp duty revenue and are therefore reluctant to have it removed although we will discuss how these issues can be overcome.
Stamp duty is a tax which is payable when someone chooses to purchase a home.  Home owners will generally move home because their current home is too big or too small for their needs or because they have changed jobs and need to move elsewhere to be closer to employment.  The impost of stamp duty discourages people from moving to more appropriate accommodation. 
If you don’t yet own your home and are considering purchasing your first home, stamp duty is an additional upfront cost which can make purchasing a home even more difficult.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/01/Chart-12.jpg" rel="wp-prettyPhoto[g4183]"><img class="aligncenter size-full wp-image-4184" src="https://blog.corelogic.com.au/wp-content/uploads/2015/01/Chart-12.jpg" alt="Chart 1" width="500" height="183"></a>
Source: CoreLogic RP Data
The above chart tracks home sales over time and as you can see, after transaction activity peaked in the boom of 2001 to 2004 it has trended much lower ever since. 
Although home values have been increasing over the past two and a half years and sales volumes have increased, the rise has been moderate.  When sales hit a low point in October 2011 there had been 409,582 house and unit sales nationally over the year.  Transaction volumes rose to as high as 490,326 sales over the 12 months to July 2014 which represents an increase of 19.7%. 
The recent peak in sales was -22.9% lower than the all-time peak of 635,661 sales over the 12 months to May 2002.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/01/Chart-22.jpg" rel="wp-prettyPhoto[g4183]"><img class="aligncenter size-full wp-image-4185" src="https://blog.corelogic.com.au/wp-content/uploads/2015/01/Chart-22.jpg" alt="Chart 2" width="500" height="176"></a>
Source: CoreLogic RP Data 
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While increasing home values may make home owners feel wealthier, when you buy your next home stamp duty is calculated based on the purchase price so you have to also pay a higher amount of stamp duty. 
Over the past, two and a half years, home values have increased by a total of 20.7% across the combined capital cities.  Most of that growth has occurred in Sydney and Melbourne however, values have risen across all capital cities. 
What this means is that when people are buying homes the increase in value is also increasing the stamp duty burden for the next purchaser and subsequently providing additional taxation revenue to government.
The impost of stamp duty is also a further barrier to market entry for first home buyers despite some states offering discounts and incentives to first time buyers. 
Furthermore, stamp duty is acting as a disincentive for home owners from moving (eg. upgrading or downsizing) to more suitable or appropriately located housing.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/01/Chart-32.jpg" rel="wp-prettyPhoto[g4183]"><img class="aligncenter size-full wp-image-4186" src="https://blog.corelogic.com.au/wp-content/uploads/2015/01/Chart-32.jpg" alt="Chart 3" width="500" height="182"></a>
Source: CoreLogic RP Data
Data released last year by the Australian Bureau of Statistics (ABS) showed that across the state and territory governments there was almost $36 million in taxation revenue from property (note this is both residential and other property types) over the 2012-13 financial year. 
Stamp duty was the second largest source of tax revenue at $12.841 billion with only municipal rates at $14.192 billion being higher. Over the year, as home values and sales rose, stamp duty revenue increased by 16.9%.  
Home values moved even higher during the 2013/14 financial year and sales rose further so it is reasonable to expect a further significant increase in stamp duty revenue.  
At CoreLogic RP Data we have noted a reduction in sales over recent months and the rate of capital city home value growth is slowing, while this may not be enough to impact stamp duty revenue in 2014/15 it will probably start having an impact by 2015/16 (of course different states will see the impact at different times).  
The point is because stamp duty is a tax collected on the purchase of a home it is collected from a relatively small proportion of the population and is an unreliable source of tax reliant on demand for homes at any given time which can ebb and flow substantially.
Although I am an advocate for stamp duties removal I do realise that state government will need to raise that revenue elsewhere. 
I am also not an advocate for more taxes however, a blanket land tax, paid by all home owners, would seem to make more sense.  It is a way of guaranteeing revenue each year as well as broadening the tax base for this revenue rather than just relying on those purchasing properties. 
Over the 2012-13 financial year $12.841 million was collected in stamp duty, the ABS estimates that as at June 2013 there were 9,226,900 residential dwellings.  Based on this dwelling count, land tax of $1,391.69 annually per residential dwelling would cover the cost of this foregone revenue. 
Keep in mind that stamp duty is collected from any property transaction so revenue would be higher when you include land sales and sales of other property types. 
This would potentially allow for a reduction in the overall land tax rate per household.
By broadening the base of tax collection governments would provide themselves greater surety of revenue as well as assisting the housing market by reducing the costs associated with those who consider it necessary to move home. 
Given the concerns about investor activity in the market and considering they already reap the benefits of negative gearing perhaps a higher rate of land tax for investment properties should also be a consideration for any stamp duty reform.
With home value growth slowing and sales volumes falling, now would seem like the right time to reform stamp duty. 
Although the impact of a slowing market won’t be felt straight away, no doubt that in years to come governments will be left with a revenue hole as the effects of the housing market slowdown hit their tax revenue. 
Providing governments with a higher level of guaranteed revenue would seem like a good idea even if it unfortunately would mean an additional tax for everyone rather than for just those buying property.
Note that the ACT is already going down the track of removing stamp duty.  In last year’s budget the government announced a plan to phase out the tax over the next 20 years with rates gradually increasing to make-up for the revenue shortfall. 
Over the period stamp duty rates continue to fall.  While the phasing out is commendable I still feel that now is the time to remove stamp duty across the board.
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ckusher-ujnxiKuFQs

It's time to reform stamp duties: Cameron Kusher

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Maybe it's those bloody power lines. Property investor Richard Moseley’s Bonnie Doon holiday shack near Lake Eildon in Victoria – which featured in the 1997 comedy The Castle as the serene holiday home of the Kerrigan family – has had its recent asking price lowered in the new year.
<a href="/expert-insights/buying/the-kerrigans-the-castle-bonnie-doon-holiday-shack-back-for-sale">It was listed last November at $240,000</a>, but now comes with a $225,000 asking price.
Moseley proudly secured the property for $169,950 in 2006 but then first wanted out, unsuccessfully, in 2011.
The two-bedroom cottage – located 165 kilometres from Melbourne <a href="https://www.realestateview.com.au/Real-Estate/3491-maintongoon-road-bonnie-doon/Property-Details-buy-residential-7906790" target="_blank">at 3491 Maintongoon Road</a> – was listed then at $195,000. After no doubt being told that he was "dreamin", the asking price eased to $169,950.
John Canavan First National agent Ryan Daykin is the latest agent told he's dreamin on ambitious asking prices.
Moseley, a Sydney telecommunications technician, bought it sight unseen – other than of course having viewed the iconic movie.
Until recently it has been a popular rental on the back of featuring as the original holiday home of the Kerrigans in the classic Australian comedy. The home consists of two bedrooms, open plan kitchen, dining and living area, bathroom and laundry.
It is situated on a good-sized block opposite the lake and approximately 500 metres from the boat ramp.
Actor Michael Caton headed the cast including Sophie Lee as his daughter Tracy, Eric Bana as son-in-law Con and Bud Tingwell as Lawrence Hammill, the QC who helped them save their cherished home under the flight path.
The cast only spent one day there - with the entire film shot in just 11 days.
Buyers are advised to bring their own modern mozzie zapper.
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Dreamin, so The Castle Bonnie Doon holiday shack gets cheaper

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Brisbane (5.7%) and Sydney (4.1%) are expected to lead the market for capital growth in capital cities over this year, followed by Melbourne (2.7%), Adelaide (2.1%) and Perth (1.8%).
Then in 2016 the NAB Group Economics forecast Brisbane (3.8%), Sydney (2.3%) and Melbourne (2.3%) to remain the best cities for capital gains in the year to end-2016, with house prices rising by just 2.2% in Adelaide and 1% in Perth. 
The latest NAB report identified 28 suburbs within the capitals that are tipped to enjoy above average capital growth (click on the suburb name below to go to CoreLogic RP Data suburb data page).
No reasons are given for the selection. The forecast comes from a survey questionnaire on the Australian residential market to around 300 industry panellists. 
NEW SOUTH WALES
<ul>
<li><a href="/news">Eastwood</a></li>
<li><a href="/news">Glebe</a></li>
<li><a href="/news">Manly</a></li>
<li><a href="/news">Marrickville</a></li>
<li><a href="/news">Newtown</a></li>
<li><a href="/news">Oran Park</a></li>
<li><a href="/news">Penrith</a></li>
<li><a href="/news">Ryde</a></li>
<li><a href="/news">Surry Hills</a></li>
<li><a href="/news">Sydney</a></li>
</ul>
QUEENSLAND
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<li><a href="/news">Brisbane</a></li>
<li><a href="/news">Gold Coast</a></li>
<li><a href="/news">New Farm</a></li>
<li><a href="/news">Toowoomba</a></li>
<li><a href="/news">West End</a></li>
</ul>
VICTORIA
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<li><a href="/news">Essendon</a></li>
<li><a href="/news">Glen Iris</a></li>
<li><a href="/news">Ringwood</a></li>
</ul>
SOUTH AUSTRALIA
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<li><a href="/news">Mile End</a></li>
<li><a href="/news">Norwood</a></li>
<li><a href="/news">Parkside</a></li>
</ul>
WESTERN AUSTRALIA 
<ul>
<li><a href="/news">Baldivis</a></li>
<li><a href="/news">Belmont</a></li>
<li><a href="/news">Bentley</a></li>
<li><a href="/news">Kelmscott</a></li>
<li><a href="/news">Mandurah</a></li>
<li><a href="/news">Perth</a></li>
<li><a href="/news">Subiaco</a></li>
</ul>
But with more signs emerging that the residential housing market is loosing steam, NAB Economics expects overall average capital city house prices to cool to around 4% over the year to end-2015 and 2% over the year to end-2016.
"Our assessment of the market remains that house price growth will continue to moderate because of rising unemployment, sluggish household income growth, affordability concerns, cost of living pressures and high levels of household debt," the report said.
"We are also forecasting two further interest rates cuts of 25 basic points in March and 25 bps in August 2015 (bringing the official cash rate down to 2%) which should support house prices a little more than previously expected."
The latest report shows the NAB Residential Property Index falling as house price expectations pared back and rents weaken.
The sentiment was softer in all states and still deeply negative in WA. 
Survey highlights:
<ul>
<li>NAB Residential Property Index fell to +12 points in Q4 (+19 in Q3). NSW overtook QLD as strongest state; sentiment notably lower in SA/NT and still deeply negative in WA. QLD and VIC most optimistic looking forward and WA weakest by some margin. 
</li>
<li>Outlook for house prices over next one to two years pared back in all states (NAB also expects price growth to slow). Expectations for rents unchanged, with mildly stronger expectations in VIC and QLD masking softer outlooks in NSW and SA/NT. 
</li>
<li>Foreign buyers in new property markets less active in all states, except VIC where they accounted for 32.5% (or one in three) of all sales - a new high. Around 17% of first home buyers in the new property market were for owner occupation and 8% for investment. 
</li>
<li>Around 53% of foreign purchases were for apartments, 31% for houses and 16% for re-development. By price point, 40% of purchases were between $500,000 to less than $1 million and 29% less than $500k. Around 5% were for premium property ($5 million plus). 
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<li>Housing affordability, construction costs and a lack of development sites seen as the biggest constraints in new housing market, while employment security and price levels the biggest impediment to buying established property. 
</li>
<li>Established property dominated by owner occupiers (42.6%). Local investors account for 22% of total demand, with FHBs (owner occupier) 16.1% with FHBs (investor) 9.3%. Foreign buyers more active (8.7%), led by NSW (11.3%) and VIC .(12.8%). 
</li>
<li>Prospects for capital growth over the next 12 months were pared back at all price ranges in both the established housing and apartment markets in Q4, except for apartments valued between $1-2 million. </li>
</ul>
 
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