Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

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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This story is dedicated to my very best friend Tracey.
She is a real fighter and I think what she has proven recently can be applicable to us all. Today's message is: When you want something badly enough, you fight for it.
Trace and I go back a long time, we met in our early 20's playing sport and we went on to buy property together under a joint venture agreement, but mostly we've just hung out and had lots of fun times.
She's recently had to fight hard to win a battle with a large government agency. You see she missed out on a promotion after spending about a year preparing for it.
There was a dispute in her application that led to her just missing out by only one placement. This had massive implications on her career path, not to mention her emotions.
She didn't miss out because she wasn't good enough. She was aware of a discrepancy that meant that she actually should have been accepted but due to certain circumstances I can't talk about, she didn't make it.
She could have gone one of either two ways.
She could have accepted 'fate', moved on and forgotten about her dream of making it to this level.
Or, she could be very brave, speak up and expose the person and agency for the error that had occurred and fight for what she knew she deserved. This was not the easier option.
I'm proud to say Tracey took the second option. She spend a crazy amount of time researching the applicable Acts and becoming very familiar with her rights.
After her initial complaint fell on deaf ears, she engaged the best solicitor she could find who specialised in this area. She worked with him to ensure that the correspondence sent out truly represented her and what was in her heart.
It wasn't too long before the agency virtually admitted guilt (in a roundabout way) and she received a personal phone call from the 'big guy'. He offered her a chance at the role she was so focussed on achieving. She still has a lot of work ahead of her before she can be awarded this role.
All she wanted was an equal chance, one she had fairly won but was not given.
I have no doubt in my mind that she will not only achieve accreditation but exceed all expectations because she is determined.
My friend has drive. She is focussed on what she wants and she will get it. I know she will.
I can't help use Tracey's story as inspiration. I think to achieve our goals, there is nothing better than having a very focussed mind, a firm understanding of why we want to get there and  then, if we can add in a sprinkling of emotional energy we have a very powerful force.
So what is it that you are trying to achieve and do you want it badly enough? What are the emotions behind your goal? Is it to set up your financial future so you can spend more time with loved ones? Is it to know that the people you love will have enough? Is it to retire early and have more fun?
Many people I speak to want property investing to be their financial saviour.  It can be, but what you need to bring to the table is focus, determination and a strong passion to stay on track and drive your investment strategy.  If you want it badly enough, are focussed and have done your homework, you can achieve anything.
<a href="https://www.propertybloom.com.au" target="_blank"> www.propertybloom.com.au</a>
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jochivers-wq5Bp59R5a

Drive and determination can equal great achievement

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Property group Mirvac is buying the Birkenhead Point Shopping Centre and the adjoining 187 berth marina in the Sydney harbour side suburb of Drummoyne for $310 million.
It was sold by Abacus Property Group and the Kirsh Group who had upgraded the site after paying $174 million in 2010. McVay Real Estate acted on behalf of Abacus and Kirsh Group, the third time the estate agency has sold the property.
It represents a passing yield of 6.6% for the 3.7 hectare site.
In a statement today Mirvac said the Birkenhead Point shopping centre had well-performing national tenants and delivered total moving annual turnover (MAT) of $228.5 million in the year to 31 August 2014, representing 13.8% growth in specialty MAT.
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Mirvac’s group executive, retail, Susan MacDonald said Mirvac will use the opportunity to convert the recently expired David Jones tenancy into more productive specialty space.
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Birkenhead Point Shopping Centre has 174 tenancies, with a total gross floor area of 33,136 square metres. There is car parking for 1,395 cars.
 
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jchancellor-FAypfDUnLy

Mirvac buys Birkenhead Point shopping centre and marina

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Over the September quarter, most of Australia’s capital cities recorded flat or falling rents for units and houses, according to the Domain Group Rental Price Series Quarterly Report.
The September quarter’s national median asking rent for units dropped 0.4%. However, this does bring it up 1.9% over the past 12 months.
A similar trend was seen for houses’ median asking rent, down 0.3% over the quarter and up 0.7% over the year.
Darwin’s house median asking rent over the quarter increased from $645 to $660 per week, bucking the trend.
Perth’s house rent dropped from $460 to $450 per week.
House rents across the other capitals were steady.
Meanwhile, units were more split, falling in Sydney, Perth and Canberra. Hobart, Melbourne, Adelaide and Darwin were all stable.
Brisbane saw a jump from $365 to $370.
Senior economist for Domain Group Andrew Wilson said that Brisbane’s unit rents and Darwin’s house rent were the only positive results.
“Unit rents weakened in Sydney over the September quarter, however, the median asking house rent remained steady at the June quarter’s record level of $510 per week despite record levels of investor activity in the local market. Although, we’ve seen a pause in rental growth over the September quarter, demand will continue to put upward pressure on rents in Sydney,” he said.
“In Sydney, yields are holding, asking rents are still strong and there is currently no signs of overshooting market fundamentals.”
Rental growth in Melbourne for houses and suburban units will also be impacted by demand drivers.
The other capitals are expected to move sideways as a best case scenario.
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jduke-EHk3XBmHkn

Most capital cities’ rents falling or flat: Domain Group

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Guest observation
As a buyer's agent, when talking to potential clients, we engage in a series of qualifying questions to ensure that we aren't wasting time by taking on buyers who are unrealistic or unprepared.
Though some buyers may believe they're ready and committed to purchase, this can be far from the truth. As part of our initial interview, one of our questions is: "How long have you been searching?"
If the response is more than 12 months, the warning bell sounds and I dig a little deeper. In most cases, buyers have been looking "on and off" over a period a time, or their definition of "looking" has only been restricted to surfing Domain and RealEstate.com.au - hardly definitive research to build up knowledge of an area and its values.
At least wearing out some shoe leather to attend opens and auctions is a start and a necessary part of any serious property search.
However, every now and then a buyer who has been searching for a longer period of time approaches us, hoping that we can find something that they haven't been able to. Unfortunately, some buyers simply cannot make a decision as the "ideal property" is an unrealistic utopia, especially for those buyers on limited budgets or searching in restricted areas.
We call this analysis paralysis. 
It can be a very frustrating process if you are inflexible or unrealistic, unwilling to make simple modifications or allowances for the perfect home.
Most of us enjoy putting our own "stamp" on our home, no matter how small, so it's important to remain open when searching, and view alternative possibilities as well as striving for perfection.
Investors can also suffer from analysis paralysis, as they can become so caught up in pinpointing the "perfect location" that they can let buying opportunities pass them by.  While it's fine to concentrate on criteria such as minimum rental yield, proximity to preferred amenities and position of property, the age-old goal of buying a property in a suburb with potential for great capital growth is certainly something all of us, as investors, strive for.
However, none of us have a crystal ball and while it’s fine to draw educated conclusions on factors including historical growth, demand and supply figures for a particular area and infrastructure and development updates, there is no such thing as a guaranteed return when it comes to property.
We all know this. Investors who are smart enough to understand this, and yet are still willing to take risks, eventually make a buying decision, secure in the knowledge that there is no one perfect suburb or type of residential investment.
Buying well entails research, but overanalysis results in confusion and indecision.
I often suggest to buyers, when embarking on a purchase for the first time, to write two shortlists.
One with a list of six "essentials" and another with six "preferables".  Ensure that your budget is sufficient for the essentials list before you embark on a search, and maintain a checklist of the first five to 10 properties you inspect, to verify that you are indeed on the road to reality.
Buying property shouldn’t be without its challenges, but the search for that perfect property needs to involve compromise, no matter what the budget.  
Jacque Parker is director of <a href="https://www.housesearchaustralia.com.au">House Search Australia</a> and the president of the <a href="https://rebaa.com.au/" target="_blank">Real Estate Buyers Agents Association of Australia</a> (REBAA).
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JacqueParker-uBQkZrvXSL

Are you suffering from analysis paralysis?

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It is quite sad to see what gets promoted as 'investment' advice in the property space these days.
This was again brought to my attention a few weeks' back when a new inner Brisbane apartment project, under the 'investment' tab on their shiny new website, wrote that apartment values in the area in question had risen by over 10% per annum since 2000 and weekly rents had lifted by over 150% over the same time frame.
It also claimed that the local population is projected to increase almost fourfold over the next 25 years.
The price and rent values used were medians and any increase in population will involve much more new housing supply.
Medians are muddied by new developments, which artificially lift values, especially when used on a small- scale, suburban basis. And there have been a lot of new developments in this area over the past 15 years.
When you look at actual apartment resales, you find a 4.5% annual gross capital average gain over the last ten years in the area (we survey 25 select apartment projects in each major Queensland suburb in order to understand what's going on) and over the past four years there has been little to no resale apartment price growth in the suburb in question.
In addition, the vacancy rate has more than doubled – up from 2% to 4% over the past two years &amp; one-bedroom rents are even starting to fall.
Back in 2000, renters in this area were paying, on average, less than 20% of their income on rent. Local tenants, based on the rents promoted by this new project, would have to give up between 35% &amp; 40% of their income to live there.
In addition, local home values are now close to ten times earnings compared to 3 to 4 times in 2000. Keep in mind that interest rates have fallen from close to double figures to record lows since 2000, and up until the last couple of years, wages were growing by over 4% per annum.
Today, most local jobs are part-time. And a record number of new apartments are proposed in the area; the subject site is surrounded by other development opportunities &amp; population growth/migration are lower than historical averages.
In short, the next 10 to 15 years are very likely to be different from the past decade or two. No doubt there is a movement towards inner city living – heck, I was one of the first (in 1988) to outline why such a trend was imminent – but the cranes on the skyline suggest a potential apartment oversupply. Hopefully, it won't last that long.
But this isn't what gets my goat; it's that too few in the development/selling space really seem to give a hoot about the information used to spruik a new property.
I think buyers should challenge the information supplied. "<a href="/expert-insights/what-is-caveat-emptor-and-how-it-affects-you">Caveat emptor,</a>" many will say; while others will suggest that buyers do their own research and due diligence. I agree with both statements, but where to start?
Here are seven things that a property buyer should do or know when looking to purchase an investment property.
<ol>
<li>Question the time period being used.  Best to look at the last cycle – i.e. seven years, and the last year too.  Try to understand where the local market is in the property cycle.</li>
<li>Ask for resale evidence – the same property, without major improvements, selling over time. Not median prices. Median or middle values work as broad indicators and only when used across big areas, like a city or municipality.</li>
<li>Ask who is buying, the proportion of investors versus owner residents, and where the buyers are coming from.</li>
<li>Request rental evidence, and from at least two independent sources. Ring the sources up and ask them about what they wrote. Ask who will manage the property and the intentions regarding tenant tenure – long or short-term stays.</li>
<li>Quiz the developer, selling agency &amp; local council about the immediate development plans around the subject development. Will the view be blocked out? Overshadowing? Little space between buildings? More competition?</li>
<li>Ask for a 'current market assessment' or 'spot' valuation. Valuers often lowball; they can get things wrong, but to their defence, they carry a lot of professional risk and don't get paid enough. That being said, don't pay more than 5% above the valuation price, unless you believe the area has some real upside (for example, a new hospital being build nearby or major university about to open in the area).</li>
<li>Make sure your property has the potential to be bought or rented by three out of six key housing demographic segments.</li>
</ol>
Better still, I think what is needed is a standard set of rules – a formula that is used to measure all passive residential property performance, regardless of location or property type.
This would need to include the same time frame; same resale equation; same base of measurement – i.e. rate per square metre; same calculation of gross rental yields based on the local vacancy factor and a regular and independent audit of the figures.
Now that would make property investment much easier.
 
Visit Michael's <a href="https://matusik.com.au/" target="_blank">website</a>, read his <a href="https://matusik.com.au/missive/" target="_blank">blog</a>, follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" target="_blank">Facebook</a> and <a href="https://twitter.com/michaelmatusik" target="_blank">Twitter</a>, or connect via <a href="https://www.linkedin.com/in/michaelmatusik" target="_blank">LinkedIn</a>.
 
 
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michaelmatusik-49YzLvdmNv

Seven ways to improve your investment analysis

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The key to prosperity in property investment is buying in the right places.
It's clear from the figures I presented in my previous column that capital city price growth has been ordinary at best in the past 10 years. Darwin (averaging 8% a year) and Perth (7%) have been okay, but five of the eight capitals have growth rates no better than wages growth or the rate of inflation.
Sydney has averaged just 3.8% per year in the past decade, despite the lift in the past 18 months.
Would you invest in real estate on those numbers? I would suggest no – not if those growth numbers applied everywhere.
The secret is finding places likely to deliver out-performance. To give you an idea of what's possible, here are some of the results of places we identified one to two years ago as good places to buy for future growth.
Toowoomba in regional Queensland is a standout example. In 2012, I started shouting about its prospects to rise from ordinary performance to out-performance. In the past 12 months, the potential has started to be realised.
Many Toowoomba suburbs, which have long-term growth averages of around 6% per year, have recorded double-digit growth in the past 12 months.
East Toowoomba, Harristown, Mount Lofty, Newtown, North Toowoomba, South Toowoomba and Toowoomba City have all registered growth ranging between 12% and 19% in 12 months.
You would not have poured money into Toowoomba based on its historic performance, but with real estate investment it's the future that matters.
Another Queensland regional city with a poor recent history but a glittering future is Cairns.
Some Cairns markets, particularly unit markets, still have pricing lower than five years ago. Others have averaged less than 1% per year in growth since 2009. That reflects weakness in the local economy and developer over-supply.
The future, however, looks very different. Cairns is rapidly transitioning from an economy overly reliant on tourism to a place where a massive infrastructure spend is broadening and strengthening the base.
That, plus previous price decline and the highest rental yields in Australia, has made Cairns an attractive proposition for investors.
In the past 12 months, Cairns has started to deliver. In terms of median price growth (based on Australian Property Monitors data), here are some of the results in Cairns suburban markets:
<ul>
<li>Bungalow houses up 18%</li>
<li>Edge Hill houses up 14%</li>
<li>Woree houses up 16%</li>
<li>Yorkey's Knob houses up 15%</li>
<li>Cairns City units up 19%</li>
<li>Earlville units up 19%</li>
<li>Edge Hill units up 12%</li>
<li>Holloways Beach units up 27%</li>
<li>Manunda units up 30%</li>
<li>Woree units up 27%</li>
<li>Yorkey's Knob units up 23%</li>
</ul>
In 2012 and 2013, I suggested the Swan City precinct of Perth as a place with appeal from the collective viewpoints of location, lifestyle, affordability and infrastructure spending. It's shown pretty solid growth in the years since - including, in the past 12 months, double-digit growth in Aveley (14%), Ballajura (11%), Caversham (15%), Lockridge (12%) and The Vines (13%), well ahead of city averages.
Monash City has appealed as a middle market location with growth prospects in Melbourne. About a year ago we included it in our Top 10 reports and since then multiple suburbs in this municipality have delivered double-digit growth in median prices, ranging from 12% in Clayton to 23% in Glen Waverley – well above the average (about 8%) for metropolitan Melbourne in the past 12 months.
There are many other examples, spread across the major cities and regional Australia.
It serves to highlight the shallowness of most commentary about Australian real estate, especially by economists who continue to speak in terms such as: "Australian house prices have risen 9% in the past year".
In most places, the growth has been less than that – but in select locations with the right growth drivers, the upside has been considerably more.
Finding them is the essence of good investing.
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terryryder-YECXbqmri2

Spotting an out-performer

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The Housing Industry Association’s (HIA) latest Portrait of Australian Home Prices notes the number of investors in the market is being overstated by the reliance on home loan data.
Pointing to the Reserve Bank’s Financial Stability Review comments regarding the housing and mortgage market compositions “becoming unbalanced”, the HIA notes that the home loan breakdown points to 52.9% of owner occupiers and 47.1% of investors in the year to July 2014.
However, they say that this may not be painting an accurate picture of the numbers of owner occupier purchases.
“It is important to stress that this breakdown does not account for home purchases made without recourse to lenders,” the report notes.
They also explain that some investors purchasing with cash, and home purchases by those trading down and using their funds are missed out by the home loan radar.
“Consequently, it can be argued that a reliance on home loan data overestimates the proportion of home purchases conducted by investors.”
{mijopolls 50}
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Home loan data overstating investors in the market: HIA

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Guest observation
Apart from loose monetary policies that lead to toxic lending, such as negative gearing, real estate investments by self-managed super funds (SMSF) and foreign investment, there is another factor behind rapid house price inflation.
Excessive increases in house prices are also caused by unreliable estimates of fair market value price.
To explain in more detail, real estate sales data has its flaws, due to settlement prices not being triggered from actual pre-sale valuations – which remain unchecked throughout the sale process.
What is a pre-sale valuation?   A pre-sale valuation is a comprehensive report put together by a registered valuer. It represents the market value of a property for sale (the price one is expected to get for their property and is subject to any supply and demand curve shifts during the validity period).
During this process, the valuer will look at the land value/ location/aspect, building structure/improvements and condition, building/structural faults, features of the home and recent sales in the area.   For land valuation only, valuers analyse sales of both vacant land and improved properties, making adjustments for the added value of improvements.
When there are unsuitable sales, a valuer will factor in other matters, such as most valuable use of the land, holding costs, taxation, constraints on use such as zoning and heritage restrictions, land size, shape and land features, such as slope and soil type, nearby development and infrastructure and views.
Ignoring the pre-sale valuation
Some results can be triggered from listing prices that may be inflated by matters irrelevant to the value of the property, such as marketing fees, commissions and profits. And yet, banks continue to lend to borrowers and produce flawed valuations to protect their financial position.
The system is obviously skewed towards market manipulation – which in turn has caused rapid increases in house prices and driven the house price values to levels that are economically unsustainable.   The flawed price model system is favoured heavily on the supply and demand side and through rampant speculation – instead of the property's true valuation price. This could easily be addressed by both investors and home buyers gaining access to a pre-sale valuation report (paid for by the seller and part of the contract) as a hedging instrument to minimise the impact of paying too much over the true value price.
This would mean sales data that is relevant and dependable, while dramatically improving bank lending performance.
However, an adjustment valuation for high risk loan to value ratio (LVR) lending, may still be required when the purchase price exceeds the initial valuation price. This would be a shorter version of the report in the sale contract to reflect the purchase price (the new market value price) and to verify that the purchase price was achieved through market demand, than from errors or omissions in the initial report.   As monetary policy makers look for ways to keep the housing market from overheating, it's critically important that the Reserve Bank and Australian Prudential Regulator Authority address the other systemic issues of price inflation.
One is the methodology used to estimate the selling price and the other concerns the reliability of sale price data, but chances of it happening are only likely if house prices come crashing down.
George Rousos is the founder and director of <a href="https://www.itc.nsw.edu.au/index" target="_blank">Industry Training Consultants.</a>  
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jrichardson-uRX5hFdKfN

The other factor behind our skyrocketing prices

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NAB Asset Management, the wealth management division of National Australia Bank, has acquired close to 75% interest in Orchard Street Investment Management, a £4 billion ($7.34 billion) London-based fund focused on investments in commercial property assets within Britain.
NAB Asset Management executive general manager Garry Mulcahy told the Australian Financial Review the acquisition of Orchard Street was a stand-alone investment that is unrelated to National Australia Bank’s existing British commercial real estate loan portfolio.
Founded in 2004, Orchard Street is invested in commercial property assets across the industrial, office and retail sectors.
Chris Bartram will remain as chairman, and Philip Gadsden as managing partner.
Controlling majority interests in 12 investment boutiques with $178 billion in funds under management, the investment in Orchard Street add $5.5 billion to NAB wealth division’s total funds under management.
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