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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Nick Xenophon (along with other groups, such as the <a href="https://reia.asn.au/wp-content/uploads/2014/08/Super_Homes.pdf">REIA</a>), is advocating a policy that will be responsible for making housing affordability worse. 
He is using the Canadian "Home Buyer Plan" as an example to promote a similar idea in Australia. That is - allowing first home buyers to raid their <a href="https://en.wikipedia.org/wiki/Superannuation_in_Australia" target="_blank">superannuation</a> account – sold under the pretext of ‘helping them get onto the property ladder’. 
The theory goes that to progress up this mythological ladder, buyers must bet their income and in this case, future savings, on a speculative process that translates into higher house prices, without thought for the next generation of required ‘property ladder’ participants, who will no doubt fall dependant on similar schemes, to keep the tide rising.
The procedure in Canada allows eligible buyers to withdraw up to C$25,000 tax-free from their <a href="https://en.wikipedia.org/wiki/Registered_Retirement_Savings_Plan">retirement fund</a>, on the condition that they pay it back over a 15-year period.
If they fail to do this, the amount withdrawn will be taxed as per the income earner's tax bracket. Currently, 35% of Canadians fall into this category however, according to the <a href="https://www.cra-arc.gc.ca/menu-eng">CRA</a>, roughly one out of two – that is, 47% – contributed less than the required repayment amount over the 2011 tax year. 
These means, while the government picks up the added income revenue windfall, buyers, buoyed on by a rent seeking culture that fools the public into believing such policies are designed to be ‘helpful’, overstretch their budget and in weak economic conditions are left to carry the can.
In short - you borrow money from yourself at 0% interest and in doing so; lose 15 years of compounding 'tax free' interest with average returns in the order of 7%. 
It’s notable that many low to middle-income individuals have inadequate funds to draw upon, therefore even assuming the scheme were to be effective, it’s limited in the difference it can make.
But the real ‘nub’ of the issue, which Nick Xenophon has failed to acknowledge, is that the Canadian Home Buyer Plan was never intended to aid affordability. 
It was <a href="https://annualreport.crea.ca/2012/advocacy.php">promoted by the real estate industry</a> as a temporary measure, following the recession in the late 1980s, to stimulate land values and benefit the FIRE sector, along with it's economic offshoots - renovations, furniture, appliances, moving costs, tax revenue to government and so forth.
The FIRE sector has lobbied to keep in place ever since and also pushed for the threshold to be raised.
This is because most Western economies have constructed their tax and supply policies to reward real estate speculation over and above productive enterprise.
The process is assisted and abetted by a banking industry that seeks to lend against land as collateral, favouring the extraction of economic rent, over and above extending loans for the purpose of productive enterprise 
<img src="/images/2014/08/06/cashmore%20aug%206%20one.png" alt="">
Canadian residential real estate tripled from an estimated C$1.3 Trillion in 2000, to <a href="https://in.reuters.com/article/2014/06/19/canada-economy-debt-idINL2N0P00FG20140619" target="_blank">C$3.8 trillion in 2014</a>, however, only C$550 billion of this was for renovation projects or new home building - the rest was pure inflation.
By the end of 2011, the Home Buyer plan had been used <a href="https://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/why-the-home-buyers-plan-should-be-wound-down/article8211010/">2.6 million times</a>, with total withdrawals adding up to around $27.9-billion – that’s $27.9 billion of additional credit, feeding into existing house prices.
Between 2005 and 2011, Canadian house prices rose 58%, while average income for 25-34 year olds, increased by just 6%.
The <a href="https://www.rbc.com/economics/economic-reports/pdf/canadian-housing/house-november2013.pdf" target="_blank">Royal Bank of Canada</a> reports that detached housing now requires more than 80% of the median household income for mortgage payments in some of the country’s major cities.
Household debt to disposable income in Canada is currently 163.2%, up from 129% at the peak of the boom in 2006 and sitting only a few degrees lower than the recorded level in Australia. 
SIZE OF HOUSEHOLD DEBT COMPARED WITH ANNUAL INCOME in Australia, Canada, France and Italy. (ABS)   <img src="/images/2014/08/06/cashmore%20aug%206%20two.png" alt="">
Mainstream economists like to focus on government debt as a barometer of the heath of the economy. However, high and rising levels of private debt, as a consequence of such policies, <a href="https://www.propertyobserver.com.au/https://www.amazon.com/The-Next-Economic-Disaster-Coming/dp/0812247043">constrain demand</a> and eventually exceed the income and economic activity they helped create.
Nick Xenophon cites the <a href="https://www.demographia.com/dhi.pdf" target="_blank">Demographica Housing Affordability Report</a> in his press release, however it’s clear he has not read it. 
If he had, he would know that like Australia, Canada's largest major markets are also rated as “severely unaffordable” – and by studying the ‘affordable markets’ such as <a href="https://www.macrobusiness.com.au/2014/04/australian-property-through-foreign-eyes/">Texas</a>, or areas of <a href="https://www.bizjournals.com/pittsburgh/news/2014/07/28/pittsburgh-recovers-from-recession-better-than">Pittsburgh</a> for example, Mr Xenophon would have a better understanding why these states avoided the harsh consequence of the GFC, and continue to generate healthy levels of economic growth. 
Significantly, both cities have land tax and liberal supply policies that deter speculation – helping to keep real estate affordable, while investment is channelled into other areas of the local economy.
While, Australia rewards speculation, allowing the geo-rent (the unearned gains) from rising land values to capitalise into the land price, year upon year, taxing income earners, instead of resource rents, which by design, distorts economic activity, housing supply policy, and subverts social justice.
<img src="/images/2014/08/11/cashmore%20aug%2011%20one.png" alt="">
(90% of taxation revenue has distortionary effects, pushing up prices 23% higher than need be, while economic rents from land and natural resources have no such deadweight loss.)
Never, throughout the course of history, has such a policy been sustainable. 
At some point the productive capacity of the economy can no longer support the boom and the consequences, particularly for first home buyers, can be particularly severe, as <a href="https://www.worldeconomicsassociation.org/files/Bubble_Economics_Egan_Soos.pdf" target="_blank">Australia’s history of land induced financial crises reveal</a>.
However, when you appreciate how <a href="https://blog.australiaboomtobust.com/2014/08/propertied-federal-political-class/" target="_blank">lucrative</a> and wide spread this activity can be, it is very easy to see how policy fails us, and it’s additionally easy to see why a country with a plentiful supply of land like Australia, submits its younger generation to a life time worth of debt slavery, just to get onto the ‘property ladder’.
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catherinecashmore-6LXia3pPQj

Not a super idea: Raiding superannuation accounts will make affordability worse

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Today I drove around a new land estate in the Hunter Region of NSW where we now have a couple of dual occupancy projects planned.
It was early morning - I'd left Sydney by 6am to get an early start on my day. As I pulled up to the site we are looking to secure for a client - it had just turned 8am, my eye was caught by a ruckus across the road.
It was still a paddock as this estate was expanding and not yet complete. There a horse seemed to be rounding up the six or seven calves he shared the paddock with. My love of horses and animals lured me over and I caught a quick pat before the horse turned on his hind quarters and I snapped a quick photo of their frolics.
It reminded me that this estate, whilst carefully planned for by NSW Planning as an integral land release area due to the proximity to major economic hubs, transport and infrastructure, used to be pastoral land. So living here gives you a sense of country life but within 20 minutes you can be in the CBD of the sixth largest city of Australia - Newcastle.
In this masterplanned estate, there is a very good co-educational day school for students from preschool to Year 12. Kids can easily and safely walk to and from school. There is a fabulous state of the art sporting ground which includes two professional football fields, a cricket pitch, tennis courts and netball courts.  There is also a new community centre. There's a great kids play park with a massive climbing structure and wonderful bike and walking paths that take you around the estate, with areas to sit and ponder whilst looking out to natural wet lands or bushland.
One of the spaces I love it the Aboriginal heritage conservation area where you can learn and connect to the original lands owners. This area has a lovely peaceful feel and includes 'footprints' in the concrete that are reminders of the 'ghosts' of the original people. There's a sitting area and recycled water runs across a large sandstone flat rock with grooves typical of areas where once Aboriginal tools were worked. 
Just up the road, within 1 kilometre is an Aldi store under construction and within the same area in the opposite direction in a new village shopping centre including a Coles supermarket, lovely cafe and other essentials shops such as a hair salon, bottle shop and community bank.
Most importantly for investors, there was good sales references, the median price is well above neighbouring suburbs and a strong rental demand. With a high percentage of owner occupiers within this estate tenants would want a piece of the action. People loved living here for all the benefits the estate offered but also because of the quick drive time into the CBC of Newcastle.
To top it off, this area has the largest and fastest population growth within the north and south of Greater Sydney, up 3,000 people or 35%, according to the ABS NSW Regional Population Growth 2011.
I needed to report back to our client so he could move forward in securing the land. As I stood on our dual occupancy site, taking photos of the surrounding homes that were very nicely presented and looked after, I thought, 'hey I would really like to live here myself'.  Now that could be a very good indication.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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jochivers-wq5Bp59R5a

Finding a great location to invest in the future

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There's one less player on the Australian property scene with the Singapore-based Frasers Centrepoint tycoon Charoen Sirivadhanabhakdi winning the $2.6 billion takeover battle for Australand Property Group.
Global hedge funds accepted Frasers $4.48 per security all-cash offer taking total acceptances to more than 50% some three hours before the 7pm cut off.
It was at 46% by 2.30pm and 56% at 5pm.
It is speculated that the rival bidder Stockland will now tender its 19.9% stake in Australand over the two week extension period 
Frasers, advised by Deutsche Bank and Standard Chartered Bank, made its all-cash $4.48 per security offer trumping a previous scrip bid by Stockland.
The offer period has automatically been extended until 7pm, 21 August.
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jchancellor-FAypfDUnLy

Frasers secures 50% Australand takeover acceptances 

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Investors secured two south east Queensland 7-Eleven service stations at auction yesterday, at an average 6.1% yield.
<a href="https://www.7eleveninvestments.com.au/queensland-properties/" target="_blank">JLL’s Sam Byrne and Sam Hatcher marketed the properties on behalf of the Withers Barlow Property Trust.</a>
The Robina store fetched $4.3 million and the Nerang store sold at $4.7 million.
The 15-year lease terms that commenced between 2010 and 2012, come with three five-year options; guaranteed fixed 4% annual rent increases, with the tenant responsible for all outgoing costs except land tax.
The 4,032 square metre Robina outlet (pictured above) at 48 - 56 Commerce Drive had a current rental of $291,340+gst.
The 4,100 square metre Nerang outlet at 70 Beaudesert-Nerang Road had a current rental of $321,149+gst.
One of the buyers had missed out on his selection at the <a href="/expert-insights/investing/yields-tighten-in-latest-7-eleven-sydney-service-station-offering">auction of seven offerings in Sydney on the day prior</a>.
Six more 7-Eleven service stations in Melbourne, will be auctioned today.
Russell Withers, worth an estimated $665 million according to the recent BRW Rich list, jointly owns the rights to 7-Eleven in Australia with his sister, Beverley Barlow.
Chairman Russell Withers introduced the 7-Eleven concept to Australia, opening the first store in Oakleigh in 1977.
His grandfather, George, had a grocery store in South Yarra, in 1912 which became a chain of grocery stores.
The 7-Eleven chain operates more than 600 outlets and has recently expanded into Western Australia
Jones Lang LaSalle has been selling the stores in tranches on behalf of 7-Eleven since early 2011.
The purchasers have been attracted by land rich investment properties in prime locations with secure long-term leases and fixed rental increases.
Many of the buyers were self-managed super fund retirees looking for passive cash flow investments, seeing the opportunity as ticking the box for a premium tenant on long-term lease, high underlying land value, rental growth guarantee, and high-profile exposure locations.
 
The franchisee occupies the site under licence meaning the landlord has no exposure to the franchisee, only to 7-Eleven directly.
 
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JLL secures 6% yields in SE Queensland 7-Eleven offerings

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Last month residential property stock on the market decreased to the lowest level seen since February 2011, according to SQM Research.
Nationally, there were 334,683 unsold properties last month, down 3.6% from the month before and 4.8% from July last year. <a href="https://www.sqmresearch.com.au/" target="_blank"></a>
<a href="https://www.sqmresearch.com.au/" target="_blank">SQM Research</a> says the market "remains in favour of sellers", with low stock levels pointing to an active market. However, the research firm also notes the rate of decrease has slowed, particularly in Sydney, which saw a yearly stock decline of 8.7%. There, annual stock declines between 15% and 25% were previously recorded.
Of the results, SQM Research managing director Louis Christopher says: "The national housing market overall remains buoyant with real estate listings being absorbed at a fairly fast pace and buyers moderately outnumbering sellers.”
<table border="0"><tbody>
<tr>
<td>City</td>
<td>July 2013 total </td>
<td> June 2013 total</td>
<td>July 2014 total</td>
<td>Monthly change %</td>
<td>Yearly change %</td>
</tr>
<tr>
<td>Adelaide</td>
<td> 16,453</td>
<td> 15,819</td>
<td> 14,593</td>
<td> -7.8%</td>
<td> -11.3%</td>
</tr>
<tr>
<td>Brisbane</td>
<td> 26,150</td>
<td> 26,624</td>
<td> 25,615</td>
<td> -3.8%</td>
<td> -2.0%</td>
</tr>
<tr>
<td>Canberra</td>
<td> 3,555</td>
<td> 3,250</td>
<td> 3,140,</td>
<td> -3.4%</td>
<td> -11.7%</td>
</tr>
<tr>
<td>Darwin</td>
<td> 1,302</td>
<td> 1,531</td>
<td> 1,582</td>
<td> 3.3%</td>
<td> 21.5%</td>
</tr>
<tr>
<td>Hobart</td>
<td> 4,280</td>
<td> 4,137</td>
<td> 4,063</td>
<td> -1.8%</td>
<td> -5.1%</td>
</tr>
<tr>
<td>Melbourne</td>
<td> 46,748</td>
<td> 43,237</td>
<td> 41,432</td>
<td> -4.2%</td>
<td> -11.4%</td>
</tr>
<tr>
<td>Perth</td>
<td> 19,353</td>
<td> 21,220</td>
<td> 20,049</td>
<td> -5.5%</td>
<td> 3.6%</td>
</tr>
<tr>
<td>Sydney</td>
<td> 23,207</td>
<td> 22,504</td>
<td> 21,179</td>
<td> -5.9%</td>
<td> -8.7%</td>
</tr>
<tr>
<td>National</td>
<td> 351,397</td>
<td> 347,074</td>
<td> 334,683</td>
<td> -3.6%</td>
<td> -4.8%</td>
</tr>
</tbody></table>
 Source: SQM Research
The largest monthly decrease was recorded in Adelaide, where stock on market fell by 7.8% to 14,593 homes. On a yearly basis, Canberra had the greatest decline, with an 11.7% decrease to 3,140 homes on the market. Darwin was the only capital city where a monthly increase in stock levels was recorded. Stock on market climbed 3.3% in July to 1,582. The city also saw the biggest yearly jump of stock on market, of 21.5%. The firm also recorded a small month-on-month decrease in asking prices for houses, of 0.2%. Unit asking prices saw an increase of the same proportion on a national level for July.
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jrichardson-uRX5hFdKfN

National stock levels down to three year low in July: SQM

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I think there’s a strong argument that the strongest property market in Australia right now is not Sydney, nor Melbourne, but the Queensland regional city of Toowoomba.
This is the market which has not only delivered outstanding growth in the past year but has the credentials to keep on doing it. It has one of the nation’s most vibrant local economies, it has the lowest unemployment in the land, it’s affordable, it has above-average rental yields and there is a massive infrastructure spend under way.
That’s an investment cake with lots of tasty ingredients. And the icing on the cake is the resources activity in the nearby Surat Basin.
A question I always ask when a location is being boosted by exceptional circumstances is this: if all that activity suddenly stopped, would the location still be a good investment?
In the case of Toowoomba, this means: would the cake still be tasty without the icing? If all the coal seam gas and related activity stopped tomorrow, would Toowoomba still be a good buy?
The answer, unequivocally, is yes.
Toowoomba has long been an important regional centre. It’s Queensland’s largest inland city and it has that most important of ingredients, economic diversity – including agriculture, tourism, manufacturing, health &amp; community services, construction and government administration.
I’ve been shouting about Toowoomba for several years now and recently the city has been widely recognised for its many qualities.
A 2012 report by the Queensland Chamber of Commerce and Industry rated the <a href="/news">Toowoomba</a> region as the backbone of the state economy. The chamber’s Queensland Pulse Report ranked the south-west region, centred on Toowoomba, as the leader in all key criteria except one. The region led the state on business confidence, general business conditions, sales and revenue, employment levels and capital spending.
A 2013 report by Suncorp Bank rated Toowoomba as the employment capital of Australia. It had the lowest unemployment rate at 1.9%, ahead of Darwin 2.1% and Canberra 2.9%. This was reinforced in a September 2013 report which found Toowoomba’s unemployment rate was 1.5 percentage points below the national average. Toowoomba was also rated the third most “family friendly” of Australia’s 30 largest cities.
Affordability and strong rental returns are a big part of the Toowoomba appeal for invesetors. The standard house purchase is something in the high $200,000s or low $300,000s, with apartments in the mid to high $200,000s. It’s fairly easy to find 6% gross yields on houses and 6.5% on units. Vacancies are consistently low.
According to Australian Property Monitors, there has been exceptional capital growth in the past 12 months. Most suburbs have had double-digit growth in their median prices, with several recording 15% to 18%.
Prospects for ongoing performance are strong. The infrastructure spend is considerable and there is the bonus of resources activity via the coal seam gas which is feeding the new processing plants at Gladstone.
The Wellcamp Airport is well advanced in construction, there is massive investment in roads (including the $1.6 billion second range crossing, which has state and federal funding), there are plans for two major new rail links to serve the resources sector, a $300 million convention centre is in the offing and there are upgrades to medical facilities including Toowoomba Hospital.
Property developers are active, with projects that include a $350 million re-development of inner-city retail facilities, major industrial estates and an array of housing and apartment projects.
In terms of what many investors would see as the ideal investment venue – affordable prices, strong rental returns and great future prospects, underpinned by a vibrant local economy – it doesn’t get much better than Toowoomba.
You can contact Terry via <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>.
 
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terryryder-YECXbqmri2

Strongest property market right now isn't where you think

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GUEST OBSERVATION
“With more and more Australians finding it difficult to break into home ownership, adopting the Canadian scheme would make a difference to thousands of Australians each year,” <a href="https://www.mortgagebusiness.com.au/breaking-news/7542-xenophon-to-introduce-fhb-changes">Senator Xenaphon said</a>.
“As HomeStart Finance said this week, there’s something strange about being able to access your super fund if you are about to default on your housing loan, but you can’t access it to put a deposit on a home in the first place,” he said.
Australia is in the midst of a <a href="https://housingstressed.org.au/get-the-facts/">chronic housing affordability crisis</a>. Housing price inflation has outstripped both rents and household incomes for over a decade, leading to a residential property market considered unaffordable both historically and internationally. Yet, instead of helping to resolve the crisis, Australia’s political class is apparently determined to maintain world-beating prices with poorly but purposefully designed policies to <a href="https://www.publicresearchinstitute.org/reportfiles/Economic/KeenTheGreatResidentialHousingDebateFinal.pdf">maximise prices</a>.
The public should ask “Are the property holdings of our federal politicians negatively influencing policy and causing them to ignore evidence?” The parliamentary register of members’ interests may help to answer this question, allowing for a summary report of real estate holdings for each Australian federal politician (which may be jointly owned with their spouse).
It is evident that politicians are heavily invested in the property game, with the 226 members in both houses of parliament with an ownership stake in a total of 563 properties – an average of 2.5 properties per member, conservatively estimated at around $300 million (563 multiplied by the median dwelling price of $530,000 as of <a href="https://www.macrobusiness.com.au/wp-content/uploads/2014/08/RP-Data-Rismark-Home-Value-Index-1-August-2014-FINALMK.pdf">July 2014</a>).
The real total is probably higher considering well-off politicians are likely to purchase real estate in prime suburban and coastal areas above the median (and not all property holdings are residential such as farmland and commercial properties). Property investment is popular across the political spectrum and is a common thread binding the normally divided and bickering politicians together.
<img src="/images/2014/08/06/Table1-1.png" alt="">
 
Australia’s federal political class own an enormous property portfolio, with only 13 of the 226 members (6 per cent) not holding any real estate. In the Senate, 76 members own a total of 202 properties – 2.7 properties per Senator – estimated to be worth around $107 million.
Further, 91 per cent of all Senators own real estate (57 per cent investment/commercial property/vacant land, 41 per cent owner-occupied and 2 per cent recreational), 75 per cent have a mortgage, and the top ten control a colossal 95 properties.
Senator Xenophon maintains an impressive portfolio of eight investment properties, along with Senator Barry O’Sullivan from the National Party who owns an incredible fifty properties (see Table 2). The high concentration of landed gentry in the Senate acts as a vested interest to pass policies which inflates housing (land) prices.
<img src="/images/2014/08/06/Figure1-1.png" alt="">
<img src="/images/2014/08/06/Figure2-1.png" alt="">
The 150 members in the House of Representatives also have substantial property interests. In total, they own 361 properties – 2.41 properties per member – estimated to be worth around $191 million. 
Moreover, 95 per cent of all Representatives own real estate (54 per cent investment/commercial property/vacant land, 43 per cent owner-occupied and 3 per cent recreational), 86 per cent have a mortgage, and the top ten own an astonishing 92 properties. Double-digit property holdings are maintained by David Gillespie (NP, 18 properties), Clive Palmer (PUP, 13 properties), Natasha Griggs (CLP, 12 properties) and Karen Andrews (LIB, 10 properties) (see Table 2).
<img src="/images/2014/08/06/Table2-1.png" alt="">
The trends in the data suggest a sizeable majority of federal politicians have a vested interest in maintaining high housing prices, particularly since most have mortgages over their own investments. A fall in housing prices may cause many politicians to fall into negative equity, providing a strong incentive for politicians to enact legislation which has helped fuel a <a href="https://www.australiaboomtobust.com/">housing bubble</a>, enriching owners.
When the top twenty members of the landed gentry in federal parliament own 191 properties, it is difficult to believe that politicians will address the real causes of housing unaffordability, despite the recommendations from <a href="https://www.propertyoz.com.au/library/A%20good%20house%20is%20hard%20to%20find%20report%20JUNE%202008.pdf">government reports</a>.
If federal senators like Xenophon are <a href="https://www.worldeconomicsassociation.org/books">looking for solutions</a>, the focus should be on negative gearing, capital gains tax concessions and exemptions, liberalised SMSF and foreign property investment, first home owner grants and boosts, deregulated bank lending, land-banking, town planning, local infrastructure and development levies and the absence of a uniform land value tax.
The property-rich Senate and House of Representatives cannot be trusted to act in good faith on matters concerning real estate. Aversion to evidence-based housing policy has a long and tortured history, owing to federal politicians’ interest in maintaining the value of their collective real estate bounty, and also fearing a voter backlash following any substantive reforms that reduces prices, let alone the corrosive lobbying (legalised bribery) by the <a href="https://en.wikipedia.org/wiki/FIRE_economy">FIRE sector</a>.
Politicians regularly demonstrate flagrant ignorance of policies which lead to more affordable housing, having consistently implemented flawed reforms that actually increase prices. Negligence and indifference has become par for the political course, suggesting the direction of housing policy must be freed from the vested interests of an unrepresentative parliament.
 
<a href="https://www.australiaboomtobust.com/buy-now" target="_blank" title="Australia: Boom to Bust. Buy Now">Click Here</a> to purchase a copy of the book ‘Australia: Boom to Bust’ from your preferred book retailer. 
<a href="https://www.worldeconomicsassociation.org/books" target="_blank" title="Bubble Economics">Click Here</a> for a copy of Bubble Economics by Philip Soos and Paul Egan.
Lindsay David is a co-founder of clean technology company GreenRigCo and a former strategy &amp; business development consultant. Lindsay holds an MBA from IMD Business School.
Philip Soos is an economist and post graduate candidate at Deakin University. He has recently co-authored <a href="https://www.worldeconomicsassociation.org/files/Bubble_Economics_Egan_Soos.pdf" target="_blank">Bubble Economics: Australian Land Speculation 1830-2013 </a>with Paul D Egan.
Paul D. Egan was previously employed as a supervisor and policy officer at the state government level.
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po-LsXgBTHBmX

The propertied federal politicians: Pollies and their $300 million property portfolio

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On the subject of off-markets, we buy a fair number – but we reject an awful lot more than we buy.
For the inexperienced buyer, many off-markets are not what they are cracked up to be (by the agents). A number of inexperienced buyers are lured by the romance of an off-market – you know that secret listing that only you know about? However, well down the track the inexperienced buyer can often find that the property was not really for sale.
In other words, an off-market home may look like a duck and you may be told that it is a duck, but it doesn’t always walk like a duck or quack like a duck. And if you can’t buy it, then it isn’t a duck.
How can that be? After all, the agent told you this off-market home was for sale and even took you there. That may be so, but he may be using you just to get a future listing. Or the seller may have told the agent that if he can get 50% more than market <a class="st_tag internal_tag" href="https://marketnews.com.au/tag/value/" title="Posts tagged with value" rel="tag">value</a> he may deal. In these two circumstances we consider the home is really not for sale.
To find out whether an off-market home is really for sale, you need to ask four questions.
Question number one: Does the agent have an authority to sell this home and what is written on the authority? If the agent can’t say yes then it’s not a duck. We recommend you are very careful in your dealings with that agent until they have an authority.
Question number two: Can I have access to the home? If the agent replies that the owner wants a really quiet sale and doesn’t want anybody going through the home or anyone else to know about it, that doesn’t sound like a duck. If you can’t get reasonable access for valuers, for buyer agents or for pest and building inspectors or architects, then it isn’t a duck. The off-market is not really for sale, as any reasonable seller would give you reasonable and timely access.
Question number three: Ask to see the contracts. If you want to put in a reasonable offer and the seller won’t prepare a basic contract (which takes no more than 72 hours and less than $1500 on most normal homes), then this deal is not walking like a duck and quite possibly it’s not really for sale. I wouldn’t make my final offer until I had contracts, no matter how time compelling everything seems to be.
Question number four: Is there an asking price? If the agents answers something like: “Well, she wants $3,000,000 I think. She is being very cagey. Why don’t you just put an offer in and we can go from there?”; and then if you put an offer in and the response is: “It’s not enough”, and then you ask the agent: “okay how much is enough, what does the seller want”, and no clear answer comes from the agent, heaps of excuses, but nothing in writing – guess what, it’s not a duck! It’s not really for sale, so move on – you are wasting your time for now.
Read over page for four signs to help you know if an off-market home is truly for sale
<hr class="system-pagebreak">
We do not pursue off-market homes if we have made good offers and nothing concrete comes back to us. The home is not for sale now – the seller may be just bored an looking for entertainment, wanting to get a “free val” or trying to appease the agent who is pressuring him or her.
You can tell whether off-market home is for sale if:
<ol>
<li>The agent has a written authority to sell</li>
<li>You can get good access</li>
<li>There are or will soon be contracts if negotiations get going</li>
<li>It has a price</li>
</ol>
Even though off-markets may appear very attractive because they are “secret”, if you are a real buyer, it’s important that you only spend your emotional efforts on off-market homes that are really for sale. While you are looking to the left at an off-market that is not really for sale, you may be missing out on an on-market that is drifting down your right side.
So remember the four rule duck test for off-markets and quack, quack, welcome back – let the early spring season bloom for all buyers and sellers.
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maljames-vHwm28JUAa

When an "off market sale" isn't really up for sale

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Palram Australia Pty Ltd has leased an industrial premises in the West Park Industrial Estate, and they are now set to open their new Derrimut facility.
The facility, 34 Buys Court, includes a canopy area, a hardstand with truck circulation and external storage, all accessible from the freeway. It spans 5,178 square metres, and Palram has committed to a five-year term with starting rental at $336,570 per annum.
With the property includes an office, signage opportunity and multiple container height RSDs, according to CBRE’s Harry Kalaitzis who negotiated the lease.
Kalaitzis said that there is increased demand for medium industrial sixed buildings in Melbourne’s west.
This was also seen with the leasing of 89 Derrimut Drive, a 3,857 square metre office warehouse with 500 square metre canopy, shutter doors, recessed dock, handstand area and car parking. This deal was also negotiated by Kalaitzis, in conjunction with Todd Grima, achieving $300,000 per annum for the starting rent and a five year lease term.
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jduke-EHk3XBmHkn

New Derrimut facility opening from Palram Australia

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The IT and facilities company Loc8.com is relocating from their Claremont Street, South Yarra premises to a new Richmond location.
Loc8 is moved to 132 Gwynne Street, Richmond offices, a location that for many decades housed the Rosella Preserving Company and has some character features. It is located off Balmain Street.
JLL’s director of office leasing Michael Simonds, who negotiated a new five year lease for the property, said that it allows for a “unique and unrivalled” opportunity.
“There was no vacancy in this space, and in excess of 30 enquiries without even offering it publically,” said Simonds.
It shows that the tenant market is continuing staff retention by rewarding employees with a different workspace,” he said.
The rental amount remains undisclosed, although is understood to be around $350 per square metre net of outgoings and car parking.
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