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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Realestate.com.au has released a list of 10 suburbs that are most in demand by potential buyers, based on the most people looking per listing.
Balgowlah, New South Wales, which secured top spot in the last list has fallen spectacularly to number nine on this quarter’s seller’s list.
Ormond, Victoria, which appeared for the first time on the last ranking, has vanished again from the list.
Of the total, Victoria secured two spaces, South Australia netted three top suburbs, New South Wales scored four and Queensland managed to scrape in one suburb at number 10 on the list. It’s notable that the Queensland suburb, Holland Park, is down two places from its last ranking.
<ol>
<li>
<a href="/news">Albert Park</a> (Victoria) Median house price: $1,380,000 
</li>
<li>
<a href="/news">Parkside</a> (South Australia) Median house price: $614,000 
</li>
<li>
<a href="/news">Freshwater</a> (New South Wales) Median house price: $1,362,500 
</li>
<li>
<a href="/news">Belair</a> (South Australia) Median house price: $511,500 
</li>
<li>
<a href="/news">Blackburn North</a> (Victoria) Median house price: $692,000 
</li>
<li>
<a href="/news">Kirrawee</a> (New South Wales) Median house price: $765,000 
</li>
<li>
<a href="/news">Cherrybrook</a> (New South Wales) Median house price: $880,000 
</li>
<li>
<a href="/news">Norwood </a>(South Australia) Median house price: $800,000 
</li>
<li>
<a href="/news">Balgowlah</a> (New South Wales) Median house price: $1,312,500 
</li>
<li>
<a href="/news">Holland Park</a> (Queensland) Median house price: $544,750
</li>
</ol>
Of those on the list, Cherrybrook, Norwood, Balgowlah and Holland Park have actually decreased in demand over the last quarter, while Albert Park was the only suburb that calculated an increase.
General manager of sales and operations at realestate.com.au, Arthur Charlaftis, said that the position indicates increased buyer interest.
“Top Sellers’ Markets look at supply and demand in each suburb and ranks the suburbs based on ratio of buyer demand. A position in this list suggests that it could be a good time for property owners in these areas to consider selling as there are a high number of buyers looking for property in that area,” he said.
Greg Hocking Real Estate’s Greg Hocking said that Albert Park’s attraction remains its “village like” atmosphere.
“For families, the primary schools are bursting at the seams because they’re so highly regarded. Albert Park Secondary College is attracting lots of people who are keen to be in the school zone. Parents are deciding to send their kids there rather than sending them to private schools across town,” Hocking said.
Property Observer wonders if The Block has had any influence on Albert Park’s ranking, clearly driving some interested parties to this suburb. Whether or not they’re prospective buyers is less easy to ascertain.
Albert Park did get a mention in second place <a href="/expert-insights/investing/the-top-10-most-viewed-suburbs-realestate-com-au">on the previous quarter’s list</a>.
Tom and Joy Williams, who bought Kyal and Kara's apartment on The Block Albert Park television series, sold their nearby home in May. The<a href="/expert-insights/buying/albert-park-former-1896-bakery-listed-in-the-block-aftermath"> former 1896 bakery at 1a College Place snapped up $3,705,000 at its May 21 auction</a> – having been tipped to fetch “more than $2.9 million).
Here are some <a href="/news/what-are-the-block-albert-park-contestants-up-against">more examples of offerings in Albert Park</a>.
Albert Park has, however, always been a list topper. Back in October 2012 it ranked number one as one of the<a href="/news/vic/albert-park-heads-top-10-rental-growth-suburbs-in-melbourne"> top 10 rental growth suburbs in Melbourne</a>.
Picture courtesy of Tim Serong/<a href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank">Creative Commons</a>.
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jduke-EHk3XBmHkn

The 10 most in-demand markets, Albert Park tops list: REA

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The 47-room Newport Mirage Hotel on Sydney’s northern beaches has been sold for $10 million to a Chinese buyer.
The deal was struck on a 9% yield through CBRE hotel agents Andrew Jackson and Paul Kapiris.
It was sold by the Bayfield family at the lower end of the estimated $10 million to $12 million reported sale prospect.
The Bayfields also own the Newport Arms Hotel, The Dee Why Hotel and Bayfields Liquor Superstore.
The family has owned the four-star hotel and function centre on the water since 2000.
It was the first hotel purchase for the undisclosed Chinese group.
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jchancellor-FAypfDUnLy

Newport Mirage Hotel sold to Chinese buyers

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I think the beginning of a new financial year brings much hope and optimism, a bit different perhaps to the start of a calendar year when we are usually still in holiday mode.  
Now is a good time to reflect on our investments and think about how we can continue to grow our property portfolios.
This week I've received a few depreciation reports that I'd ordered for clients, as we'd recently completed their property development projects. I love reviewing a project on completion. As part of our project management process, as a development nears completion we arrange rental appraisals, order market valuations and analyse the project. We check the builder's final payment and the credits or variations received during the build phase then we add the actual build cost to our Project Analysis.
I love watching my spreadsheet change as we add the actual results. We remove any contingency we had left in the project and see the real cost. The actual rents are included and we can see the real yield and when the valuations come back, we replace our estimated end values with the market valuations to see how much equity has been created. 
The final costs and the handover date is confirmed with our quantity surveyor so they can finalise the depreciation reports. In the last dual occupancy project there was  $20,340 in year one using the diminishing method. This combined with the rental return will almost always make a dual occupancy project cash flow positive for our clients as gross yields are around 6-7%.
Did you know that these items are also taken up in the depreciation schedule?
<ul>
<li>Preliminaries such as architect and engineering fees;</li>
<li>Contractors margin;</li>
<li>Authority fees; and</li>
<li>Consultants fees.  A project management fee can also be included here.</li>
</ul>
Once we determine our final project management fee, we ensure that it is also reported to the quantity surveyor to include in the depreciation schedule.
In this dual occupancy project, our client was pleased with the $107,782 of equity created in 11 months and the high depreciation benefits and decent rental yield....well who wouldn't, considering they have never even seen the land or completed villas and let us project manage all the work for them?
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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jochivers-wq5Bp59R5a

End of financial year is a good time to reflect on your investments

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GUEST OBSERVATION
What are the risks in the economic outlook for Australia?
Typically, prognosticators take a scenario-based (aka “story-telling”) approach to answering this sort of question. And usually these scenarios end up as a litany of woes about what the future holds (such as weak productivity growth, unfunded fiscal liabilities, and highly unfavourable demographic trends).
But for most economists gathering at the Joint Econometric Society Australasian and Australian Conference of Economists Meeting in Hobart this week, the more natural approach to answering this question is to consider formal econometric analysis of the macroeconomic data.
Without going into the gory details of how to do this, I want to provide a sense of what such analysis says about the short-run and long-run risks in the economic outlook for Australia.
I consider two key indicators of economic activity: output growth and inflation. The short-run risks are captured by statistical distributions for these indicators, while the long-run risks relate to possible changes in these distributions.
Short-Run Risks for Australian Output Growth
The graph below plots output growth for Australia and the United States.
Click to open in new window:
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/51838/area14mp/xrcxbypn-1403487244.jpg" target="_blank"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/51838/width668/xrcxbypn-1403487244.jpg" alt=""></a>
Source: James Morley
It’s clear from the graph that output growth for both countries has been much less volatile since the mid-1980s. Economists, who like to label everything as “Great” (e.g., the “Great Depression” and the “Great Recession”), refer to this stabilization as the “Great Moderation”.
Even a casual glance at the graph makes it clear that the Great Moderation was not a myth, as has been asserted by some commentators, but is very real. Yes, the US economy had large negative growth rates in 2008. But since then, output growth has been stable, if lacklustre. Australian output growth also remained stable throughout this period.
The reasons behind the Great Moderation are highly contested. But at least a couple of leading explanations suggest it should persist in the future. The most compelling explanation is that the economy now faces “smaller shocks” due, in part, to a changing structure towards services and away from manufacturing (although the reduced volatility occurs within services and manufacturing, not just due to their shifting importance).
Also, monetary policy likely played some role by stabilising inflation, leading to fewer movements along the “Phillips curve” (i.e., the short-run link between inflation and output). Note, however, that US output growth remained stable after the global financial crisis, despite the US Federal Reserve facing a “zero lower bound” constraint on interest rates. So a paramount role for monetary policy in stabilising output growth is doubtful.
Consistent with the visual impression in the graph above, formal tests suggest the statistical distribution for Australian output growth has remained fixed since the mid-1980s. Based on this distribution, the short-run outlook has real GDP growing at a 3% annualised rate, with a standard deviation of 1.5 percentage points for year-on-year growth summarising the risk in this prediction. In words, output growth could well be 1.5% or 4.5%, but there is a low probability that it will be less than 0% or greater than 6%.
Notably, a major recession along the lines of what happened to the United States in the global crisis is extremely unlikely based on this distribution, although other statistical modelling suggests the probability of some sort of recession for Australia is less remote, but still small, at close to 15% over the next two years.
Short-Run Risks for Australian Inflation
The graph below plots inflation for Australia and the United States.
Click to open in new window:
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/51839/area14mp/kc5x29v5-1403487244.jpg" target="_blank"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/51839/width668/kc5x29v5-1403487244.jpg" alt=""></a>
Source: James Morley
This graph shows that Australian inflation has been lower and less volatile since the early 1990s, especially in comparison to the 1970s. This pattern of stabilisation roughly mirrors that of US inflation, also plotted in the graph, although the timing is a bit later in Australia.
The stabilisation of US inflation in the early 1980s coincides with major changes in the Federal Reserve’s monetary policy at the time, while a link to monetary policy for Australia is strongly supported by the anchoring of inflation expectations (such as the measure also reported in the inflation graph based on the difference between yields for 10-year nominal and real Australian government bonds) at the start of the inflation-targeting era in the early 1990s.
Consistent with the visual impression in the inflation graph and similar to output growth, formal tests suggest a fixed statistical distribution for Australian inflation in recent years, albeit since the early 1990s only when inflation targeting was put in place.
Based on this distribution, the short-run outlook has inflation at a 2.5% annualised rate (exactly the midpoint of the RBA’s target range), with a standard deviation of 1.3 percentage points for year-on-year inflation summarising the risk in this prediction. In words, the headline inflation rate could well be 1% or 4%, but it is unlikely that it will be much more extreme than that.
A major recession might push Australian interest rates to the zero lower bound, along the lines of what has happened in Japan, the United States, and Europe. However, if the RBA were to follow similar unconventional policies to those conducted by the Federal Reserve in recent years, the US experience suggests that inflation volatility should remain contained.
Long-Run Risks for the Australian Economy
The main long-run risks for the Australian economy are that the statistical distributions of output growth and inflation could change in some fundamental way, as they have in the past.
Given the reasons for the past changes discussed above, it seems unlikely that output growth and inflation will return to their pre-Great Moderation patterns. A downside of this is that long-run output growth now appears to be lower than it was in the 1960s and 1970s. Furthermore, there is always a risk that long-run output growth could fall further.
It is notable that the average growth rate for the Australian economy was as high as 5% in the 1960s when worldwide productivity growth was high, but has only been 2.8% over the last decade. At the same time, average growth has been reasonably steady since the mid-1980s. So an imminent end to economic growth, as might be suggested by the most dire scenario-based analysis, is quite unlikely.
The key point is that to really understand the risks in the economic outlook, it is important to step back from a story-telling approach, no matter how compelling, and take an objective look at the data. Doing so provides some encouraging bounds on the likely risks for the Australian economy.
James Morley is professor of economics and associate dean (research) at <a href="https://www.asb.unsw.edu.au/" target="_blank" style="line-height: 1.3em;">Australian School of Business</a>.
Professor James Morley will present an assessment of risks in the outlook for the Australian economy for the “Chief Economists Session” at the Joint Econometric Society Australasian and Australian Conference of Economists Meeting in Hobart on 1-4 July. James Morley receives funding from the Australian Research Council.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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Understanding the risks to the Australian economy through data

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The song at this stage of the residential property cycle would normally sound something like this:
"Higher prices and price growth, coupled with lower rental returns in both Sydney and Melbourne will see more people move interstate to cheaper and sunnier South East Queensland.”
Well, that doesn’t seem to be happening. The more optimistic would end this sentence, with a ‘yet’.  But I wonder. Yes, investors are crossing the Tweed and the current level investor interest from the southern states reminds me of the early 2000s, but unlike back then, net interstate migration to Queensland still remains low, close to an all-time low in fact.  See our first chart below.
Our second chart shows that Victoria – yes, that old rust bucket – attracts more interstate action than Queensland these days.
<a href="https://matusikmissive.com.au/wp-content/uploads/2014/06/NET-INTERSTATE-MIGRATION-1.jpg"><img class="alignnone size-full wp-image-7443" src="https://matusikmissive.com.au/wp-content/uploads/2014/06/NET-INTERSTATE-MIGRATION-1.jpg" alt="NET INTERSTATE MIGRATION #1"></a>
<a href="https://matusikmissive.com.au/wp-content/uploads/2014/07/NET-INTERSTATE-MIGRATION-2.jpg"><img class="alignnone size-full wp-image-7444" src="https://matusikmissive.com.au/wp-content/uploads/2014/07/NET-INTERSTATE-MIGRATION-2.jpg" alt="NET INTERSTATE MIGRATION #2"></a>
So why are fewer people moving to Queensland?
<ul>
<li>Jobs</li>
</ul>
Most people move interstate for work.  Sure, many might like Queensland’s climate better, especially during winter/spring, but their primary motivation is work. 
Queensland is creating new jobs, but these aren’t really big paying positions, nor are that many full-time. 
It is more than just post-mining influence at work here; the overall ‘casualisation of work’ trend is having an impact.
<ul>
<li>Ageing demographics</li>
</ul>
As people age, they move less and when they move, they don’t move as far as they did when they were younger.They like to stay in the same neighbourhood if they can.  
Yes, they like to be closer to the kids and especially the grandchildren, but given the low cost of air travel, plus the vitality of our older folk (my parents are almost always travelling), they don’t see themselves as ‘baby sitters’ these days.
<ul>
<li>Stamp duties</li>
</ul>
One of the biggest killers of housing movements is stamp duties.  This cost – determined as a percentage of the end price – stops many local moves and a lot of interstate movements as well.
It should be a flat fee; the same for all residential property transactions regardless of location and be say, $1,000 per sale, and not the exorbitant amount that is currently incurred.
If you want free up our larger, underutilised homes and get downsizers/retirees into something more practical for them, then stamp duties must be reduced and dramatically so. 
Otherwise, these two market segments (which are about to grow <a href="https://matusikmissive.com.au/2014/06/03/housings-future/">substantially</a> in size) will age in place; and we will struggle to house, affordably, our younger generations.
<ul>
<li>Perception</li>
</ul>
I don’t care how many times the media try to project Brisbane/South East Queensland as having lost its “red neck” and somehow acquired, magically, a sophisticated aura; most of my interstate friends and relatives don’t buy it, nor do I.  I think we need to really think through what we are and the image we want to convey.  We shouldn’t be competing with Sydney, Melbourne or Perth; we need to find our own voice.
For example, I was in Toowoomba last week giving a presentation for the Chamber of Commerce, where a short promotional video was played outlining why someone should consider living in the Darling Downs.  It wasn’t “resources” this or “infrastructure” that, it was a <a href="https://www.youtube.com/watch?v=pMQ9dPn7IA4&amp;feature=youtu.be" target="_blank">great clip</a> about a bushie and how he lived under a “big sky”.  It worked a treat – so much so that I nearly bought a Toowoomba house.
Anyway, for mine, Queensland needs to work on its image.  It seems lost if you ask me…and it is reducing the number of bums of seats.
Visit Michael's <a href="https://www.matusik.com.au/" target="_blank">website</a>, read <a href="https://www.matusikmissive.com.au/" target="_blank" rel="nofollow">his blog</a>, follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" target="_blank" rel="nofollow">Facebook</a> and <a href="https://www.twitter.com/michaelmatusik" target="_blank" rel="nofollow">Twitter</a>, or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.
<a href="https://matusik.com.au/products/toowoomba-market-outlook-report/" target="_blank">Go here</a> for the full Matusik Market Outlook Report on Toowoomba.
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michaelmatusik-49YzLvdmNv

Why are fewer people moving to Queensland?

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Baked potato franchise Spudbar is having a second bite at expanding beyond its Victorian base, after two stores previously closed in Western Australia.
In its hometown of Melbourne, the baked potato chain has grown to 11 stores since its initial launch in 2000.
This growth had previously led to Spudbar opening two company-owned stores in Western Australia in a bid to expand its brand, with outlets in the Perth suburbs of Cannington and Joondalup.
However, both stores eventually closed, with the first going out of business 18 months ago, and the second closing in January of this year.
Despite the closures, the company is planning to embark on a second round of national expansion.
SmartCompany understands the company is working with a franchisee in Western Australia ahead of a future store opening.
In addition to the Perth-based store, the company <a href="https://www.franchisebusiness.com.au/c/SPUDBAR/opportunities" target="_blank">is also advertising franchise opportunities</a> in Canberra, Hobart, Adelaide, Perth, Darwin, the Gold Coast, Brisbane and Sydney.
According to the advertisements, an investment of between $230,000 and $290,000 will be required to open each store.
The chain is one of a number of rapidly expanding Melbourne-based fast food retailers in Australia, including <a href="https://www.smartcompany.com.au/leadership/profiles/34482-roll-d-gold-how-bao-hoang-delivered-rice-paper-rolls-to-the-masses" target="_blank">Noodle Box</a> and <a href="https://www.smartcompany.com.au/leadership/profiles/34482-roll-d-gold-how-bao-hoang-delivered-rice-paper-rolls-to-the-masses" target="_blank">Roll’d</a>.
However, there are clear risks to the national expansion of a fast food franchise.
Back in 2010, fast food chain <a href="https://www.smartcompany.com.au/growth/17745-20101203-fast-food-franchise-souvlaki-hut-collapses-into-administration--but-buyers-waiting-to-pounce" target="_blank">Souvlaki Hut collapsed into administration</a> just 10 months after being named one of Australia’s fastest growing franchises.
SmartCompany attempted to contact Spudbar, however, no official comment was available prior to publication.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Melbourne’s Spudbar taking another bite at the Western Australian market

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MAERSK LINE opened a new container depot at Nexus Industrial State in Altona yesterday, taking the spot of anchor tenant at the 40 hectare site.
The Industrial Intermodal Termnius, owned by Salta Properties, sees MAERSK LINE moving in to more than five hectares of the site at its official opening by Victorian Minister for Ports and Major Projects, David Hodgett.
Salta Properties’ executive chairman Sam Tarascio senior said that it is setting a new benchmark for container parks, and that they would work with the company to develop innovative solutions to their business operations.
“The wider community will also benefit from MAERSK LINE shifting to Nexus Industrial in Altona from its previous site at Francis Street in Yarraville where traffic congestion has been an issue,” said Tarascio. 
The Federal and State Government recently contributed to the establishment of Port Rail Shuttle Services, which should improve containerised freight transport system across Melbourne.
MAERSK LINE, Australia and Papua New Guinea managing director Nicolai Noes said that this is a platform for productivity gains for Melbourne-based importers and exporters.
“It presents a future proof platform for a continued optimisation of metropolitan rail solutions, a safe and inspiring work environment for the team on the ground and it is a location chosen with due consideration ensuring no disruption to the local community,” said Noes.
Another Nexus Intermodal Terminal is being developed by Salta Properties in Dandenong South – a 180 hectare site. This is set to open soon, with Bunnings as the anchor tenant.
The Altona Container Depot includes a 20,000 litre container wash bay facility, a first-flush diversion water treatment system, a 2,500 square metre container repair workshop and a 1,500 square metre container survey area. It also has a 43,000 square metre sealed yard.
Configuring the layout of the depot to ensure it optimises the available space and cater for future volume growth was the project for Anthony Randell, operations and customer service manager for MAERSK LINE – Australia.
“We believe that we now have the most sophisticated and technologically advanced container depot set up in Australia,” said Randell.
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MAERSK LINE becomes anchor tenant at 40 hectare Altona industrial site

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Sydney’s World Square Shopping Centre has outstripped the Queen Victoria Building, according to the 2014 Shopping Centre News “CBD Guns” survey in a result that is sure to get Sydney retailers talking.
The Brookfield and Arcadia owned World Shopping Centre ranked number one in the survey of highest sales in Moving Annual Turnover – bringing in $17,265 per square metre from a moving annual turnover of $237.94 million. World Square has 16,347 square metres of gross lettable area over three levels.
Ben Davis, precinct manager for World Square, said that they are delighted with the result and achievement in a short time frame. They opened in 2005.
"To be placed in the top five in all ranked categories is a great accomplishment and a result that lays the foundations for an exciting period of change and growth ahead," said Davis.
It has indeed been a busy year, with new brands signing up to World Square, including Guzman Y Gomez and Oliver Brown, and renewals of Hugo Boss, HypeDC and Din Tai Fung restaurant.
"We offer a unique retail proposition in Sydney’s CBD where brands have twice the patronage of Sydney International Airport and have access to a central open space, to engage and motivate customers,” he said.
In total, the centre houses 92 speciality stores, including G Star Raw, Marcs, Cue, Calvin Klein Jeans, Priceline and Coles.
CBRE director of retail services, Leif Olson, said that World Square also includes 90,000 square metres of office space, a 400-room adjoining hotel and a Meriton apartment building.
“World Square is in a unique position to capitalise on the large residential population and workforce surrounding, as well as incorporated, in this asset – all of which has helped leverage this centre to be recognised as one of the country’s best,” said Olson.
Food and beverage turnover experienced 21% growth over the past 12 months, with general retail sales up 11.3% over the period.
“The residential population in this area of the city has flourished in recent years, and this is expected to continue, with increased focus on residential conversion opportunities,” Olson said.
Picture courtesy of Adam J.W.C/<a href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/2.5" target="_blank">Creative Commons</a>
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World Square tops QVB to become Sydney's best performing mall

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Spanish fashion retailer Zara has announced that they will open their first Perth store, which will be their 10th Australian outlet.
The new store will be in AMP Capital’s Garden City Shopping Centre and comes as UK’s Topshop is reportedly looking to open a store in the West Australian capital.
Garden City is in Booragoon, and the Property Council of Australia notes that it has ranked at the top of the list for speciality sales per square metre in the state for over a decade.
The centre is to undergo a $750 million redevelopment and expansion, with the state government recently removing caps on shopping centre expansions.
The mall will be 120,000 square metres, and would become the largest shopping centre development approved across Western Australia. If approval goes to plan, construction is slated for a 2016 commencement date.
However, the Zara store could be in as early as next month.
Zara’s first stores included Sydney’s Pitt Street Mall and Melbourne’s Bourke Street Mall.
However, this isn’t the first time the Spanish brand has eyed Western Australia’s opportunities, with <a href="/news/zara-heading-to-perth-with-topshop-likely-to-follow">plans back in 2013 to open a $5 million Murray Street Mall store</a>. Council documents saw plans for a new two-storey building and one-storey addition to an existing retail building at the mall to house Zara.
These plans are still underway.
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Zara’s 10th Australian store to open in Perth, as WA plans take off

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A 2.37 hectare development site in Western Australia’s Onslow, the LNG hub of the state, is up for sale, according to Raine &amp; Horne Commercial WA.
The Lot 381 Third Street site is at the highest point in the town, with an expected sales result in the seven or eight figure bracket.
Raine &amp; Horne Commercial WA director Anthony Vulinovich said that one of the potential uses for the site is employee accommodation, that he says is particularly suitable due to its proximity to the centre of Onslow and the views over Beadon Bay. This would be allowed under the Shire of Ashburton’s tourism zoning for the site that allows for workforce accommodation.
Discretionary approval is in place for grouped and multiple dwellings, workforce accommodation and commercial uses.
He also noted that there are other land blocks available.
“There is more strategically placed land for industrial subdivision near the airport that will allow for town-based workforce growth among the LNG and associated industry providers,” said Vulinovich.
“Close to the town centre, there is a lack of land zoned for industrial accommodation. When this becomes available, we believe worker accommodation will also be in demand, and our site can cater for a single or multi-stage accommodation development.
“Australia-wide and in particular for WA, this property represents a very rare investment opportunity, being a 23,700 sqm site incorporating elevation, size, access, and viability to develop product with a market that could simply be massive now, while the future scope is unlimited.”
The vendor is a private syndicate.
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