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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The Melbourne-based developer Villawood has secured another south-east Queensland development site.
It is a 233-hectare site with approval for 150 plus rural-residential lots at Kingsholme in the Gold Coast hinterland.
Lots will be typically 5,000 square metres.
The sixth acquisition by Villawood over the past year is close to the 86-hectare Gold Coast Country Club in Helensvale which Villawood acquired earlier this month.
The Helensvale site has potential for 1,200 dwellings. 
Established by Rory Costelloe in Bendigo in 1989, the private developer turns over between $200 million and $250 million a year, securing about $23 million in pre-tax profits, according to a recent Australian Financial Review article.
The developer has an active and future land bank of over 19,000 lots.
Villawood Properties’ co-executive director Tony Johnson said that the site in Kingsholme was an opportunity the company "couldn’t pass up."
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“This stunning property is elevated, meaning our buyers will benefit from incredible views to the Gold Coast, Stradbroke Island and the Hinterland, making it one of the most enviable locations in this region.
“Located half way between Brisbane and the Gold Coast, makes this land very appealing to those who want the best of both worlds – to work in the Brisbane CBD, but still be able to come home and be close to the beach on the Gold Coast," he said.
There are six schools all within a seven kilometre radius of the site and the Ormeau Train Station is two kilometres away.
Works are expected to commence in mid-2015. 
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Villawood buys another south-east Queensland development site

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The 100 diner East Brunswick premises of Hellenic Republic has been sold for $2,375,000.
The initial price guidance was around $1.9 million for the recent auction.
There were five interested parties for the 340 square metre property at 434 Lygon Street.
It has been listed by Made Establishment through the Killen Thomas agent John Camilleri in conjunction with <a href="https://www.fitzroys.com.au/property/8757/sale/434-lygon-street/brunswick-east-vic-3057/investment-(retail)" target="_blank">Chris Kombi at Fitzroys</a>. 
It is just the premises that sold as the popular 273 square metre eatery will continue to trade after a newly signed 10-year lease.
Hellenic Republic, with its new 10 year plus five and five year lease, was offered returning $120,000 per annum plus outgoings and GST.
Made Establishment is jointly owned by celebrity chef George Calombaris, restaurant entrepreneur George Sykiotis, and steel industry barons Joe Calleja and Tony Lachimea.
The property traded at $824,000 in late 2007 when bought by George C Pty Ltd and Cerberos Pty Ltd.
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Hellenic Republic premises sold by George Calombaris syndicate

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A 60% surge of the funds outlaid by foreign investors for Australian commercial property has been recorded, with $5.9 billion spent in the last financial year, according to Savills Australia.
In the 12 months prior the funds totalled $3.5 billion.
Savills’ national head of research Tony Crabb said that the current figures are “unprecedented” and there's more to come.
Asian investors totalled $3.9 billion, or 67%. Meanwhile, North Americans and Europeans made their presence felt, with 18% and 15% of the spend respectively.
“The last 12 months buying activity is off the charts as far as recent history is concerned. It is almost as if they have been dipping their toe in the water, they like the temperature and now they are just diving right in,’’ Crabb said.
Australia’s reputation for stability, both in terms of the political and economic climates, remain the typical drivers according to Crabb.
“What has happened in the last 12 months for foreign investors is that circumstances at home are not as attractive in terms of returns – official interest rates are well below Australia’s - political and economic conditions may not be as stable, and property investment markets may not be as mature as Australia’s including restrictions on domestic investment,” he explained.
“In order to maintain growth and dynamism, companies, developers and investors are increasingly turning overseas to find new opportunities”.
Currently, 84% of foreign purchases are occurring in office markets, with 14% buying retail and 2% industrial. Asian investors make up two thirds of the spend in office markets. In total, foreign investors accounted for nearly 50% of CBD office market transactions in the last 12 months.
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“Unprecedented” 60% surge in foreign investment in Australian commercial property

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Capital values for office property in Australia’s major cities will rise as tenant demand increases and investors becoming more willing to accept lower yields, experts have forecast.
Competition for commercial properties in Australia is already strong with institutions such as sovereign wealth funds from Europe and Asia, real estate investment trusts and foreign private investors drawn to the markets by higher yields than available elsewhere.
“That influx [of investors] is really chasing high sustainable yields particularly in the office market,” Australian Unity head of property funds Mark Lumby said.
Office assets in Australia’s capital cities are producing yields of 6.5% to 7.5%, whereas similar assets in cities such as London, England yield only 3.5%, Lumby said at the manager’s quarterly outlook presentation to financial planners last week.
When global property market recover following economic downturns, yields on properties in gateway cities such as New York and London fall, and capital values rise, before that happens with similar properties in Australia and Asia, he said.
“Australian cities are late recovery markets and they will follow the gateway markets ... There’s still a lot of room for Sydney and Melbourne [office property yields] to tighten and as they tighten property prices will increase.”
Factors such as increasing supply and low tenant demand due to the weaker economy over the past few years had limited capital values in Australia’s cities, Lumby said.
However, foreign owners such as <a href="/news/the-ngs-singapores-richest-family-spend-425-million-on-sydney-trophy-property">Singapore-based Far East Organization have been buying office buildings in Sydney and Melbourne</a> and converting them into residential apartments. 
“By converting office space to residential they are effectively taking some stock out of the market and that’s keeping a lid on vacancy rates,” he said.
Vacancy rates nationally for office buildings are 10.7% on average, ranging from 8.4% in Sydney to 14.7% in Brisbane.
“As we see tenant demand come back from office tenants we should see some good growth in capital values from office,” Lumby said.
His views are echoed by forecasts made by Colliers International in its second half Research and Forecast Report for CBD office, released last week.
Colliers International predicts that based on new supply, withdrawals, pre-commitments, backfill and demand, the Sydney CBD office market is experiencing a prolonged recovery in vacancy rates.
Vacancy rates in Melbourne’s CBD office market fell in the first half of 2014, but Colliers believes this is only temporary as 67,000 square metres of new office space will be completed in the second half of the year which will push vacancy rates higher.
Despite the forecast increase in vacancy rates, Colliers International predicts strong rental growth for offices in Melbourne’s CBDs, or around 3.7%.
Sydney's market is expected to have the strongest rental growth with of 7.7%, driven by growing demand from information technology and telecommunication companies.
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zfielding-GvX3Uq9KTa

Foreign investors chasing high yields set to drive office capital values higher

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No longer are Australia's main capital cities' office markets in sync.
During the last century, the CBD markets seemed to operate within a fairly regular 18-year cycle — in other words, from "peak to peak".
However, all at ceased when the global financial crisis hit in 2008.
In the lead up to that, developers in Sydney and Melbourne had predominantly undertaken projects with significant tenant pre-commitments.
Brisbane and Perth had seen a huge amount of speculative development occur — driven by the hype of the mining boom.
<img src="https://his-best.biz/assets/2014/08/CBD-Offices.jpg" alt="CBD-Offices">
Source: Property Council of Australia, via Fairfax.
The Wash Up?
As the table above confirms, there is now a massive disparity between the various capital city office markets.  
<blockquote>
Sydney and Melbourne were the only cities to improve their vacancy.
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As you can see, the latest PCA survey shows Sydney and Melbourne were the only cities to improve their vacancy for office space, over the past six months.
For Brisbane and Perth, vacancy rates have clearly blown out, while demand is actually falling.
Over the period, you saw the vacancy rate for Sydney decline from 9% to 8.4%. Similarly, the rate for Melbourne dropped from 8.7% to 8.5% and sits at around just 4%, for Docklands.
The Mining States
By contrast, the vacancy rate in Brisbane rose from 14.2% to 14.7%. It will most likely hover around this level for the next few years.
The Perth market is not far behind — with its vacancy rate rising from 9% to 11.8%, over the past 6 months. As with Brisbane, demand for space has declined; and Perth's vacancy rate may creep even higher, over the next few years.
Looking Forward
Since late last year, the Sydney and Melbourne markets have certainly improved. And you are already seeing major investment from overseas buyers — keen to capitalise on the upturn, and rising prices.
Unfortunately, Brisbane and Perth are probably lagging between three to four years behind — because of the huge amount of vacant space needing to be absorbed.
Bottom line: You can expect the Sydney and Melbourne office markets to grow solidly over the next four or five years — and are likely to peak around 2019/20.
That may well be the time for you to switch your investing to Brisbane and Perth — as they will then be enjoying their recovery phase.
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chrislang-EQKojcgJPV

There are now massive disparities between capital city office markets

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NAME: Charles Farru-Hill<img src="/images/2014/08/27/Charles-Farru-Hill-profile.jpg" alt="" style="float: right;">
POSITION: Associate director, facilities and commercial property management
COMPANY: Raine &amp; Horne Commercial
OFFICE LOCATION: Subiaco
How long have you been in the industry? 
17 years
What’s happening in the area you specialise in?
We are having to work harder in retaining tenants and owners are still reticent about upgrading their properties to make them more sustainable.
Describe the most interesting commercial property you have worked on? 
An old office building in Freo, Did a NABERS Energy assessment and a tenancy lighting assessment as the property was going up for sale. Because of its age the building performed badly and I put forward a plan of action to improve the buildings performance. In the end the property was sold before we could actually start the project.
What are the ingredients to being successful in your job? 
Patience, good humour, numerous and being analytical
What aspects of your role do you enjoy the most? 
Undertaking NABERS assessments on buildings and advising clients how the performance off their buildings can be improved to benefit both them and their tenants. Then working to achieve those goals.
Where would you invest a spare $750,000? 
In one of the new industrial estates in northern suburbs of Perth
Which football team do you support? 
Western Force and The Harlequins (Rugby Union is the only real football code!)
What’s your favourite app or techno gadget? 
Leasa by RICS, an excellent comparison tool for determining energy costs of larger buildings and tenancies.
How do you use social media?
I utilise both Twitter and <a href="https://au.linkedin.com/pub/charles-farru-hill/23/60/b1b" target="_blank">LinkedIn </a>to maintain a professional presence on social media
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jrichardson-uRX5hFdKfN

In profile: Raine & Horne Commercial's associate director, facilities and commercial property management, Charles Farru-Hill

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The $1.425 billion Westfield World Trade Center in New York continues to make good progress, now over 70% pre-leased. 
The landmark project<a href="https://wtc.westfield.com/index" target="_blank"> is expected to open in late 2015</a>. Its aim is 150 global brand tenants.
Westfield, together with the Port Authority of New York and New Jersey, is developing a 365,000 square foot shopping and dining complex in Manhattan’s iconic World Trade Center. 
The project will feature multiple levels including the WTC Transportation Hub and concourses that run throughout the <a href="https://www.westfieldcorp.com/new-developments/" target="_blank">entire World Trade Center site in</a><a href="https://www.westfieldcorp.com/new-developments/" target="_blank"> Lower Manhattan</a>.
The development leasing is being overseen by David Ruddick who sits on the Global Leasing Committee of Westfield. 
His experience in the shopping center industry extends over 25 years, having led leasing in Westfield Sydney. He has also headed the leasing of Westfield Brazil, and held senior roles in London and Italy.
It was 2011 when the Port Authority of New York and New Jersey struck a deal with shopping centre operator Westfield which won the rights to redevelop that retail in mid-2001 but sold its stake in the property back to the Port Authority after the terrorist attack.
The New York leasing advisory was contained within today's half year announcements which indicted the newly formed company outlook and forecasts are consistent with the information contained in the security holder booklet for the recent restructure.
 
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Westfield Corporation was formed on 30 June 2014, following the restructure of the Westfield Group.
“We are very pleased with the performance of both Westfield Corporation and Scentre Group since the announcement and completion of the restructure," Westfield Corporation chairman Frank Lowy said.
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"As of today, with the new entities combined market capitalisation of approximately A$35bn, the restructure has created A$4.5bn of value for the shareholders of the former Westfield Group and Westfield Retail Trust.” 
WFD has assets under management of $27.7 billion, with balance sheet assets of $19.2 billion and a gearing ratio of 35.1% at 30 June 2014.
WFD’s portfolio of 40 shopping centres in the United States and United Kingdom has a strategy to focus on creating and operating iconic assets in major markets that deliver great experiences for consumers and retailers. 
"We aim to achieve this with an increased focus on digital technology and by bringing together the best of fashion, food, entertainment and leisure.”
WFD’s portfolio achieved comparable net operating income growth of 5.3% for the six months ending 30 June 2014. 
WFD’s flagship portfolio of 11 centres representing 66% of the total portfolio (by value), achieved comparable net operating income growth of 5.5% for the six month period. WFD’s Regional portfolio of 23 centres representing 30% of the total portfolio (by value), achieved comparable net operating income growth of 5.0%.
Portfolio specialty sales productivity was $681 per square foot with comparable specialty retail sales up 4.2% for the year ending 30 June 2014. The flagship portfolio achieved specialty retail sales of $954 per square foot, up 5.8% with the Regional portfolio achieving specialty retail sales of $467 per square foot, up 2.1%. 
“Specialty sales performance in our flagship portfolio is pleasing. We continue our focus on investing in high quality assets, introducing a diverse range of global retailers in our portfolio and, through Westfield Labs, digital innovation,” Steven Lowy said. 
At 30 June 2014, the portfolio was 94.4% leased, slightly up from June last year, with the flagship portfolio at 95.9% leased and the regional portfolio at 93.1% leased. 
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New York's Westfield World Trade Center 70% pre-leased 

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Global property portal Lamudi have shared their 10 tell-tale signs that you are ready to start building a property portfolio.
Here are their 10 indicators to look out for:
<ol>
<li>
You are financially ready You have saved enough for the down payment and you have also established your emergency fund. You have taken into account home maintenance expenses. Your credit history is good and you are able to meet all the financial obligations. 
</li>
<li>
You have set your long-term goals You have a clear picture in your mind of the purpose of your investment and you are flexible enough to adjust to changing circumstances. You are not hesitant and when the timing is right, you are able to adapt to the market needs and the development of technologies. 
</li>
<li>
You have done your research You know the neighborhood of your future property well enough to foresee the coming trends and the possible changes in the community. You have researched all the schools in the area as well as the best commuting means and you are able to predict the next home buyers needs. 
</li>
<li>
You have chosen a stable economy The area is financially stable, economic trends are promising and equities are surging. No demographic fluctuation or no irregular variation of population have been recorded in the area. 
</li>
<li>
You understand the country’s policies regarding real estate The policies of the region promote and encourage a positive, innovative environment as well as drive further economic growth. The tax policy in the country is positive for homeowners. Global innovation index is rising in the area. 
</li>
<li>
Infrastructure projects are underway and likely to lead to an increase in property values The infrastructure of the area is being developed with a focus on: transport, energy, solid waste and water management developments. 
</li>
<li>
The region is moving toward sustainable development The region’s awareness of global and local environmental issues is increasing, the demand for eco-friendly homes as well as for sustainable rural and urban development is rising. As more and more people head toward sustainable living, investing in sustainable property will increase its value in the future. 
</li>
<li>
The location draws a lot of interest Whether it is the best travel destination or the hot jobs spot, the location is always on the top of the search engine. It has become a successful startup hub already or is planning to do so in the coming years, driving a lot of job seekers into the area. The number of enrolled students is increasing every year, the area draws interest of international students. 
</li>
<li>
You have found a reliable real estate agent If you are an overseas buyer, it is particularly crucial to make sure you have a good representative on the ground. Your real estate agent is trustworthy and knows the local market well enough to be able to help you make the choice. 
</li>
<li>
You have researched local differences in the property market Whether you plan to invest in a residential property and turn it into a rental or an office space, you are fully aware of all cultural differences that might occur when you deal with a property seller.
</li>
</ol>
You may want to balance them out with <a href="/expert-insights/buying/the-10-signs-that-you-may-not-be-ready-to-buy">these 10 signs that you may not be ready to buy a property yet</a>.
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The 10 signs you’re ready to start investing in property: Lamudi

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That first picture of your property understandable needs to be one of the best.
It should be inviting and presentable, the type of photo that makes your prospective buyer just want to click on it. Of course, it must also stand out – when a buyer is browsing through tens, if not hundreds, of similar listings it makes sense that yours needs to command attention.
Real estate photographers and real estate agents are increasingly becoming savvy on how to make that first listings picture pop. While some are making careful choices not to include the front façade in a listing, which makes sense if it’s not much to look at, others are playing with another factor to make them stand out – taking the photos by night.
We’re talking almost full darkness. While plenty take beautiful photographs in the sunset, or when it’s a bit darker to show off the lights of the property (for instance, this<a href="https://www.realestate.com.au/property-house-qld-pullenvale-117619943" target="_blank"> this Pullenvale, Queensland listing</a>, picture above, which plays beautifully with light on the exterior), it’s rarer but often effective to see a house in the late evening.
This South Australia, Northgate property at 5 Kingston Parade is a three bedroom, two bathroom offering for a price guide of $1,049,000 to $1,149,000. It’s being <a href="https://www.realestate.com.au/property-house-sa-northgate-107656001" target="_blank">marketed through Refined Real Estate Plympton</a>.
They made the decision to shoot the brightly-lit up façade in the dark. It matches its name – also called Lightsview – and does actually work to show off the modern lines of the house. Included in the listing is a shot of the home in the light and, comparing the two, we think it’s a wise decision to have used the evening shot as the main listing image.
Shooting the rest of the house at night works for some rooms, although it would’ve been nice to see some inviting sunshine in the garage shot.
Coupled with some descriptive copywriting, that invites you to “Enjoy stunning views of the sweeping city skyline, in the warmer months have a sip of champagne whilst sitting in your spa, alternatively, cosy up with a glass of red next to the huge roaring feature fire,” we think they’ve done a great job at conjuring up a luxury lifestyle with this listing.
<img src="/images/2014/08/26/nothgate%20aug%2026%20one.jpg" alt="">
<img src="/images/2014/08/26/nothgate%20aug%2026%20two.jpg" alt="">
From Spins &amp; Co Residential – Brisbane, a very wise decision was made to include the night-time shot on the listing as the main image. The six bedroom, four bathroom offering, <a href="https://www.realestate.com.au/property-house-qld-upper+brookfield-116644851" target="_blank">654 Upper Brookfield Road, Upper Brookfield</a>, benefits hugely from careful decisions are the light in the photographs. The palatial, stunning façade seems to lose something of its grandeur in the day-time listing.
The rest of the house has been, very thoughtfully, photographed during daylight hours, easily showing off the airy rooms and beauty of the gardens. It really does seem to have been a decision that pays off in terms of the presentation of this home.
<img src="/images/2014/08/26/upper%20brookfiled%20aug%2026%20one.jpg" alt="">
<img src="/images/2014/08/26/upper%20brookfield%20aug%2026%20tow.jpg" alt="">
This Queensland<a href="https://%20http:/www.realestate.com.au/property-house-qld-balmoral-117734083" target="_parent"> listing for 35 Ryan Avenue, Balmoral </a>through Place Bulimba has the main image being of the swimming pool in the night. While the sky is very blue, to the point of being questionably real, the property shines through the dark.
It’s a good choice of image as well, running with the pool, as the actual front façade shot doesn’t quite do the home justice.
It’s up for auction on September 18.
<img src="/images/2014/08/26/balmoral%20aug%2026%20one.jpg" alt="">
Another <a href="https://www.realestate.com.au/property-house-qld-buderim-117093903" target="_blank">Queensland offering, at 4-6 Pacific View Parade, Buderim</a> also uses darkness to great effect in its main photo. Clearly the shoot took place over a late-afternoon and evening, with some lighter than the others, but the cosyness that this property is given from the gloom, coupled with bright lights, is clear.
Looking for $1,175,000, the five-bedroom, four-bedroom property is noted as being under contract. We think the dimness really suits the resort-style home, allowing it to show off some pretty fancy light fittings.
<img src="/images/2014/08/26/buderin%20aug%2026%20one.jpg" alt="">
However, this home’s night time shot is a little questionable. <a href="https://%20http:/www.realestate.com.au/property-house-qld-gatton-117260795" target="_blank">The Gatton, Queensland listing at 72 Highway Avenue</a> could really do with some lights towards the front of the driveway, or a different angle for the photo, particularly for their main image. In fact, some of the other day time shots might actually have been preferable.
<img src="/images/2014/08/26/gatton%20aug%2026%20one.jpg" alt="">
<img src="/images/2014/08/26/gatton%20aug%2026%20two.jpg" alt="">
{module When do you think the best time is to take a feature image for a home?}
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Do atmospheric late-evening listings photos work?

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Yesterday, Property Observer shared Onthehouse’s data for Sydney’s top streets with $1 million plus properties, in regards to the percentage of houses valued at this amount.
In fact, <a href="/news/nsw/23-4-of-sydney-metro-properties-over-1-million-here-s-the-richest-street">almost 25% of Sydney’s metro properties were valued at $1 million</a> and upwards.
We don’t want Sydney to have all the fun. Onthehouse have also shared the mainland states and territories’ top streets with the highest percentages of houses over $1 million.
Here are the seven streets you should know about:
<img src="/images/2014/08/26/onthe-aug-26-one.jpg" alt="">
Source: Onthehouse.com.au
Which street were you most surprised about? 
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