Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

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[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

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[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils signature penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

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Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

Brisbane

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Pellicano and Perri Projects have announced $190m in sales across the first three buildings at the $600m masterplanned Woolloongabba precinct, in Brisbane's South City Square. 
Construction of the first two sold out towers is moving ahead with basement excavation of the third building starting soon.
Nando Pellicano, Pellicano managing director,  said they have just sold the 370th apartment from a total of 398 apartments across the first three residential buildings, including 80 percent of apartments in the latest third release.
“We’re also 12 months ahead of the original construction program schedule," he said.
"This success indicates a stable market in which buyers are showing a preference for well-planned, amenity- rich developments of a high architectural standard." 
David Scalzo, Perri Projects’ managing director,  said Woolloongabba has undergone a period of intense gentrification in recent years and South City Square is set to become a key part of this process, delivering a truly liveable, productive and sustainable community which has been designed with the future in mind.”
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When complete, the precinct will feature seven architecturally designed buildings – six residential towers and one 5-star hotel.
South City Square is located on the corner of Logan Road and Deshon Street, positioned less than a three-minute walk from the Gabba and a seven-minute drive from the CBD.
For more information <a href="https://www.southcitysq.com.au%20" target="_blank">click here</a>.
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jonathanchancellor-7SQnKwU6yx

South City Square announces $190m in sales

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A service station and car wash in Marsden, south of Brisbane, has been sold for $4.49 million to a Melbourne-based investor through Ray White Commercial.
The Freedom Service Station site at 502 Browns Plains Road is leased for $313,000 per annum, and the yield worked out to almost 7 per cent.
It was sold through an offer to purchase campaign and the deal was struck by Tony Grbcic of Ray White Commercial.
“The location was seen as a big attraction to many buyers as well as the fact it is next door to a recently developed Woolworths supermarket,” Grbcic said.
The service station is on a land area of 7,181 sqm with frontage to Browns Plans Road.
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Freedom service station site near Brisbane sold for $4.49 million

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Brisbane home values have fallen by 0.9 percent over the past three months and are 3.9 percent higher over the past year according to CoreLogic.
CoreLogic's Housing and Economic Chart Pack for August noted over the past five years, Brisbane home values have increased by a total of 12.9 percent.
According to the August residential market report from analyst firm Herron Todd white, this issue with the Brisbane property market is that while there is a sizeable gap in property values between Brisbane and Sydney/ Melbourne, job numbers are down and our property prices have remained relatively uneventful. 
"Interstate migration has been in negative territory over the past 12 months to two years and while inner city blue-chip property has seen attractive gains, mid- priced, mid-distance suburbs have seen their homes remain fairly steady in value," HTW noted.
<a href="/images/2016/08/10/Screen%20Shot%202016-08-10%20at%201.44.28%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/10/Screen%20Shot%202016-08-10%20at%201.44.28%20PM.png" alt="">
"If you travel further a eld to the high-rent fringes of our capital, then these markets are even softer.
"When we do start to see numbers of residents increase, the rising tide floats all boats. Given the relatively small size of the Brisbane property market, everyone gets a boost, although we traditionally see prices rise fastest in those suburbs close to town rst with our pebble-in-the-pond approach becoming rmly established over the past few cycles now.
"As far as we can tell, there’s no great interstate rush to Queensland as yet, and while we continue to be a steady, solid performer compared to other property markets in the nation, not many are predicting runaway price growth in the near future."
 
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Brisbane home values fall 0.9 percent over the past three months: CoreLogic

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Leasing activity in the Brisbane CBD office market grew nearly 30 percent in the 12 months to June 2016, and the CBD now comprises around 2.27 million square metres of lettable space, according to Savills research.
Two new prime grade office buildings (180 Brisbane and 480 Queen St) were added to the stock recently.
Of the total lettable space, Premium Grade accounts for around 11 percent of office space. A Grade quality offers 41 percent of space and is now the largest category, while B Grade accounts for 36 percent. C and D Grades offer the balance 13 percent.
Savills' CBD Office Market Briefing for the second quarter of 2016 has identified 117,437 square metres of leasing activity (&gt; 500 sq m) in the Brisbane CBD in the 12 months to June 2016, up 27 per cent from a year earlier but down on the five year average (123,357 square metres). The majority of these leases (nearly 60 per cent of space leased) were in the Uptown precinct.
The Brisbane CBD office leasing market looks to have turned a corner with 2016 showing encouraging signs of improved tenant demand. Competitive rents and incentive packages on offer are continuing to attract smaller businesses from the Fringe and Suburban precincts of metropolitan Brisbane.
The Queensland State Government has been quite active in the take up of space in the CBD, which is boosting overall business confidence. With 1 William Street nearing completion some government agencies have started to review their space requirements and taking up addtional space around the CBD.
Overall leasing activity in the Brisbane CBD is trending upwards with direct leases almost double that recorded 12 months ago. Of the 117,437 square metres of leased space, 86 per cent were direct leases, followed by sublease deals accounting for 7 per cent for the year ending June 2016.
Renewals accounted for 6,150 square metres or 5 percent of reported leases for the year.
The competitive rental environment continues to see increased demand for A Grade stock, while secondary stock also continues to attract tenants with a number undergoing refurbishments improving the overall amenity the building. 127 Creek Street is one such example of a B Grade building that has undergone a major refurbishment which included transforming full floors into small suites to accommodate demand from smaller businesses moving to the CBD.
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While Deloitte’s predict soft employment growth over 2016, tenant demand from businesses relocating to the CBD will likely contribute to absorption levels.
Latest figures on total absorption will not be available until the Property Council release their Office Market Report in August however Savills Prime Full Floor availability report suggests approximately 32,000 square metres of prime office space has been filled since the start of 2016.
Demand for office space continues to come from varied sources such as child care, health, education and incubator businesses as well as an expanding State Government.
Of the 118,937 square metres leased in Brisbane CBD (&gt;500 sq m) in the last 12 months, the ‘Government &amp; Community’ sector was the dominant sector, leasing 26 percent of the stock, or 31,170 square metres.
<a href="/images/2016/08/05/BrisbaneCBDchart.png" target="_blank">Click to enlarge</a>
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Compared to 12 months ago, the tenant profile of reported leases has changed. The ‘Government &amp; Community’ sector, which has typically held a large share of the market, businesses involved in the ‘Education &amp; Training’, and ‘Healthcare’ sectors are increasing their take up of space in the CBD, while the ‘IT &amp; Communications’ sector is also beginning to show increased activity.
The largest number of transactions however was in the ‘Property &amp; Business services’ sector which recorded 21 transactions.
Of the 31,170 square metres of space leased to the ‘Govt &amp; Community’ sector, 55 per cent was taken by the Queensland State Government.
‘IT &amp; Communication’ recorded 14,242 square metres of leased space for the 12 months ending June. At 12 per cent of total reported leases, this is the highest level of activity in over ten years. Historically, this sector has accounted for less than five per cent of office leasing activity in the Brisbane CBD. SMS Management &amp; Technology are one such firm who secured 1,230 square metres in 259 Queen Street, while Red Hat renewed their space over four levels in 193 North Quay.
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prateek24-ezbwHMbNAk

Brisbane CBD office leasing market turns corner, tenant demand improves: Savills

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The REIQ June quarter data has revealed inner-city dwelling vacancy rate has hit 3.7 percent, but the middle ring has tightened a fraction, while most other markets, including regional centres, have improved. 
For the first time, the REIQ is able to provide a breakdown between houses and apartments in most markets.
The data has revealed that the apartment vacancy rate in the 0-5km ring of Brisbane is weak, at 3.7 per cent, but the middle ring, 5-20km ring, is healthy at 2.7 per cent. 
The vacancy rate for houses in the 0-5km ring is 3.4 percent and in the middle ring is tight at 1.8 percent. 
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REIQ CEO Antonia Mercorella said this new data provided greater clarity around the house and apartment markets. 
“One of the most commonly asked questions around the inner city property market is regarding a perceived oversupply in the apartment market and now we have a more detailed survey in order to provide more information and more data to help us answer this question,” she said.
“Brisbane’s inner city vacancy rate for the June quarter for apartments in 3.7 per cent and while the REIQ classes this as just outside the healthy range of 2.5 per cent to 3.5 per cent, it’s important to remember that recent projects coming online have not yet been absorbed by the inner city population growth.
"With major projects, such as Queens Wharf and Howard Smith Wharves, creating thousands of jobs over the next few years in Brisbane's inner city we are confident demand for housing will continue to grow. 
“We are seeing steady levels of supply and equally steady levels of demand for inner-city apartments and we expect vacancy rates will hover around these levels for some time to come,” she said.  
Redcliffe has tightened from 2.4 per cent to 1.4 per cent, which is consistent with a long-term trend of hovering between 2.0 per cent and 1.5 per cent. 
Regional centres
The weak regional centres of Gladstone, Rockhampton, Mackay and Townsville all showed improvements. 
Gladstone has tightened from 11.3 per cent to 10.2 per cent and the REIQ sees this market as relatively consistent for the past three quarters.
“While the vacancy rate is high, the good news is that it has not worsened in three quarters so we’re optimistic that the bottom of the Gladstone market has been met and this market is now stabilising,” Ms Mercorella said. 
The Rockhampton vacancy rate continues to hover around six per cent, falling from 6.9 per cent in the March quarter to 6.5 per cent in the June quarter. 
“These tiny movements should not be overanalysed, Ms Mercorella said. “What this essentially means is the market is holding steady.”
“Mackay has fallen slightly from 8.1 per cent to 7.7 per cent and this represents a steadily tightening trend over the past seven quarters, which we’re cautiously optimistic will continue,” Ms Mercorella said. 
Mackay’s vacancy rate peaked at 9.8 per cent in December 2014 and since then had fallen steadily to reach 7.7 per cent in the June 2016 quarter. 
“Local agents tell us that this market is showing good signs of improvement and we’re hopeful this market is looking at a brighter prognosis for the rest of the year.”
The Townsville market vacancy rate fell from six per cent to 5.7 per cent and this is the second consecutive fall for this centre. 
“Our agents in Townsville feel strongly that the market is performing reasonably well and with two quarters of falling vacancy rates they are confident this is the start of a stabilisation trend. 
“We don’t expect it will return to 2013 levels of 3.5 per cent vacancy rate in the near future, but we think further tightening in the next quarter is a realistic expectation,” Ms Mercorella said. 
The only unexpected result was Bundaberg’s lift from 5.2 per cent to 6.3 per cent. 
“The selling market is holding steady in Bundaberg with the median house price at $276,000. 
“Local agents are reporting strong interest from pre-retirees in southern states who are buying now while conditions are good with the intention of renting for another few years until they are ready to retire into the property themselves,” Ms Mercorella said. 
“It’s this activity that has possibly boosted the level of stock in the rental pool and added a few vacancies to the data. 
“We expect this to normalise over the next few quarters and the rental market to contract again soon,” Ms Mercorella said. 
Areas in the southeast corner of the state that have consistently performed well over the past few quarters have continued to perform strongly. 
Tourism centres
“The Cairns rental market is tightening further and this will put pressure on weekly rents as stock levels become scarce,” Ms Mercorella said. 
“The Cairns vacancy rate has contracted for the fourth quarter in a row, dropping to 1.9 per cent from 2.1 per cent in the March quarter. 
“This is a tight rental market and the sales market for houses and apartments is also going ahead in leaps and bounds – a very exciting time to be in Cairns!” Ms Mercorella said. 
Whitsunday has dropped from 10 per cent to six per cent, which is a significant improvement. Local agents report some construction projects and improved tourism numbers are creating jobs and attracting new residents who are taking up rental accommodation. 
The Gold Coast and the Sunshine Coast continue to be tight rental markets, both slightly tightening since last quarter, from 1.5 per cent to 1.4 per cent. 
“With significant dwelling construction taking place on the Gold Coast we expect to see some easing of conditions in the medium term future, however for the foreseeable short term, rental conditions will remain tight,” Ms Mercorella said. 
“The Sunshine Coast market is also tight, and with little new construction slated we expect this to continue for some time to come.”
<a href="/images/2016/08/03/Screen%20Shot%202016-08-03%20at%2011.55.11%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/03/Screen%20Shot%202016-08-03%20at%2011.55.11%20AM.png" alt="">
The tightest rental markets are Caloundra and Maroochy with just one per cent vacancy rate and the highest is Livingstone Shire (Yeppoon) with 12.3 per cent. 
 “Overall, there has been more good news than bad in this vacancy rate report and we’re optimistic that the state is moving towards healthier rates across the board,” Ms Mercorella said.
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Inner Brisbane vacancy rate hits 3.7 percent: REIQ

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The month of June saw more than $6 million in residential sales in Brisbane's Ecco Ripley masterplanned community, a total of 19 transactions for house and land packages and land-only sales in the $500 million Sekisui House development in Ripley Valley.
Ecco Ripley state sales manager Scott Blaney said Ecco Ripley is already a thriving community with over 500 residents now living here or with their homes under construction. 
"Sekisui House expected sales to accelerate further with the first home buyer grant having risen to $20,000 on July 1," he said.
“It makes our already affordable, quality offering here at Ecco Ripley even more accessible and attractive for first-time buyers.
“The town centre will become the commercial and social hub of the region as all of the surrounding communities and developments will feed into it.
“It will offer a major regional shopping centre, a transit centre, health and education facilities, cafes, restaurants, parks and community facilities to cater for this region’s projected population of 120,000 people over the next 20 years.”
Buyers at Ecco Ripley presently can choose from duplex, Fit &amp; Finished homes, house and land packages and land-only options.
Land lots are currently available from $158,000 with house-and-land packages, including new duplexes available from  $325,000.
For more information <a href="https://www.eccoripley.com.au" target="_blank">click here</a> or contact 1800 RIPLEY (741 593) for more.
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$6 million in home sales on Ecco Ripley, the Brisbane valley project by Sekisui

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Mason, a brand new five storey residential building in Macgregor, 12 kilometres from the Brisbane CBD, has hit the market.
Comprising 27 one, two and three bedroom apartments, the units start from $359,000.
Designed by Tim Stewart Architects and developer by Brisbane based developer Position Developments, the building is set to enhance the streetscape with its smart exterior.
Position Developments development manager Marvin D'souza says Macgregor is a thriving urban location and is attracting a mix of young professionals and families.
"Young purchasers are tending to gravitate towards city fringe suburbs, with affordability, access to education facilities and public transport, employment, and local infrastructure proving to be key motivators," he said. 
"Price growth in higher density areas has left many inner city locations out of reach for young professionals, families and investors, which is pushing buyers towards more affordable suburbs. 
"With more than $1.4 billion of current and future local infrastructure investment, and a projected 11,000 jobs in the catchment by 2031, Macgregor represents a strong investment opportunity. 
"Mason gives buyers the chance to secure a brand new property in the mid $400,000’s without having to sacrifice dwelling space or proximity to local conveniences."
The apartments range between 64 sqm and 187 sqm and features open plan designs, full galley kitchens and a balcony or terrace area.
The three bedroom apartments offer large 87 sqm terrace with north-east aspect.
Mason also features shared recreational areas and a spacious rooftop terrace with views of Mt Gravatt.
Buyers can choose between two colour schemes, with stone benchtops, feature cabinetry with LED lighting, generous and cleverly concealed storage spaces and built-in wardrobes in each apartment. 
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New boutique apartments launched at Macgregor

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Frasers Property Australia is to release a limited number of one, two and three bedroom apartments as part of its $900 million Hamilton Reach development in Brisbane's inner north.
<img src="/images/2016/07/28/Screen%20Shot%202016-07-28%20at%2011.19.22%20AM.png" alt="" width="556" height="377">
The apartments, in the Riverlight development, feature 1700sqm of landscaped gardens, a 20 metre Olympic edge lap pool, barbecue, sun deck and gymnasium overlooking the Brisbane River and Royal Queensland Golf Club. 
<img src="/images/2016/07/28/Screen%20Shot%202016-07-28%20at%2011.19.01%20AM.png" alt="" width="579" height="363">
The development also includes an exclusive dining room and boathouse.
Cameron Leggatt, general manager residential Queensland, Frasers Property, said since 2011, we’ve achieved more than $240 million in sales and transformed an area into one of the most desirable neighbourhoods in South East Queensland.
<img src="/images/2016/07/28/Screen%20Shot%202016-07-28%20at%2011.19.10%20AM.png" alt="">
The project’s one bedroom + multipurpose room and two bedroom apartments will be priced from $420,000 and $452,500 respectively, while three bedroom apartments will start at $622,500.
For more information, <a href="https://www.frasersproperty.com.au/QLD/Hamilton-Reach" target="_blank">click here</a>.
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More apartments at Brisbane's Riverfront, Hamilton Reach released

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An 1890 Ascot trophy home with classical Colonial architecture has just fetched $3.45 million.
Last traded for $455,000 in 1991, 17 Beatrice Terrace is set on 1249 sqm has six bedrooms, three bathroom and two kitchens.
It's surrounded by wraparound verandahs which overlook the lush landscaped gardens, entertaining deck with built-in barbecue and swimming pool.
The private master bedroom offers its own study, walk in wardrobe and ensuite.
Dwight Ferguson and Alexander Shean at Ray White Ascot secured the sale.
 
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Ascot trophy sells for $3.45 million

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A large, ten-bedroom property in Brisbane's Red Hill on more than one acre of land has been listed for $4,200,000.
Built in 1988, the 4,283 square metre, three-level home has the potential to house multiple families or be rezoned for townhouses.
Seven of the ten bedrooms are double size, there are four bathrooms, one which includes a spa tub, a 90,000 litre pool, a two-car garage and a rainwater tank.
Fruit and ornamental trees line the expansive yard.
The house is listed on <a href="https://www.realestate.com.au/property-house-qld-red+hill-122802250" target="_blank">realestate.com.au</a> by the property owner.
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