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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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.

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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.

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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.”

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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.

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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.

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"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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The former Wallabies and Brumbies captain Ben Mowan has listed his Holland Park investment property in Brisbane's southeast.
Mowan paid $667,000 in 2008 for the 1930s property which <a href="https://www.realestate.com.au/property-house-qld-holland+park-122605326" target="_blank">goes to auction June 4</a> through Space Property agent Adam Nobel.
The flanker played in Brisbane for most of his career but headed to France to play for Montpellier in 2014.
The renovated three bedroom, three bathroom contemporary home has two home office spaces and an extensive covered patio beside the fully fenced terrace garden.
Mowan rented the home listing it for $650 a week in 2013.
He said that the home is a "cracking property".
“It really is a great home for a family or people who love spreading out their living over two levels,” Mowen told the local paper.
“Our favourite space is definitely the open kitchen and servery window onto the large deck.
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Ben Mowen lists Holland Park investment

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Generation Y are driving demand for apartments in Brisbane's middle-ring suburb of Upper Mount Gravatt for both rentals and purchase.
According to research from Urbis, the suburbs links to education, employment hubs and public transport is creating the appeal.
Urbis associate director Paul Riga said off-the-plan apartment activity in Upper Mount Gravatt had increased notably over the past 12 to 24 months due to proximity to key employment nodes, a comprehensive education offer and an abundance of established infrastructure and lifestyle.
“The Upper Mount Gravatt catchment is likely to see continued growth in the investor market spurred by the high proportion of young people residing in the area," he said.
"Generation Y was attracted to the area’s proximity to Westfield Garden City, Sunnybank, Griffith University’s Nathan and Mt Gravatt campuses, the M1, and the South East Busway.
“This youth demographic will contribute to rental demand in Upper Mount Gravatt and its surrounding catchment, with the downsizer market also potentially a contributor."
The $96 million Avion Residences, the soon-to-be launched debut project of Brisbane’s Raying Property will comprise 174 two and three-bedroom apartments across two 15-level towers in Cremin Street, which is just 200m from nearby Westfield Garden City.
 
 
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Gen Y demand sparks Brisbane's apartment surge

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Listed developer Villa World has unveiled a collection of business residences within the Fitzgibbon Chase community in Brisbane’s north side as a response to more people working out of homes.
Economic Development Queensland (EDQ) has engaged Villa World to deliver 12 unique terrace-style homes which fuse residential and commercial uses, and they will be called <a href="https://www.villaworldliving.com.au/thenest/" target="_blank">The Nest</a>. 
The homes have ground floor professional suites with a street presence, and a one or two-bedroom residence on the upper level. 
Homes range in size from 90sqm to 139sqm and will be priced under $400,000.
The homes will rise on the corner of Carselgrove Avenue and Dorrigo place on the doorstep of the 1300-home Fitzgibbon Chase community. 
Villa World general manager - Communities and Business Growth, Carl Bruhn said The Nest was a response to the shift in the way people used their homes. 
“Increasingly, professionals are working from home or in smaller teams and this style of home gives them a commercial street presence for their business as well as a private residence,” he said. 
“The idea is to create distinct and separated zones for living and working, but under the same roof."
The project is close to schools, public transport and shopping centres. 
The Nest falls within the Fitzgibbon Priority Development Area which covers 295 hectares of land in the northern suburbs of Fitzgibbon, Carseldine, Bald Hills, Taigum and Deagon. 
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A Nest both for work and to call a home in Brisbane's north

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The trophy Brisbane home at 10 Morgan Street, Ascot is on the market for the first time.
Built on the side of a hill in Ascot, it is a <a href="https://www.realestate.com.au/property-house-qld-ascot-122627518" target="_blank">quintessential Queensland home</a> with privacy and views over Brisbane river and the city.
The current vendors have a professional background in commercial building and property development in the hotel space.
Architect James Forbes was commissioned. 
It is listed through Ray White New Farm agent Matt Lancashire.
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Brisbane Ascot trophy home listed for first time

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Claims that thousands of Brisbane apartments are at risk of not settling over the next 24 months due to tighter lending conditions and the large number of units involved are being rejected by researchers, according to Lachlan Walker, director of Place Advisory and Place Projects. 
The claim did not give consider decisions by the major banks to pull out of development funding throughout inner Brisbane, says Diana Howes, director of Resolution Research, according to his recent writeup in www.therealestateconversation.com.au.
Furthermore, claims that banks are no longer lending to overseas buyers as a blanket statement are also generalised claims, with banks willing to lend, however at a higher 60 per cent LVR.
Howes does not anticipate settlement valuations falling short of the contract prices for off-the-plan units.
“We reject the notion that the market is currently on the cusp of a major valuation risk phase – with developers still reporting valuations at, or close to contract values,” she said.
“With negligible price growth across the off-the-plan market over recent years, apartments currently under-construction should, in theory, be valued in line with their recently completed counterparts.
“Although we have seen an estimated 15 per cent rise in construction costs over the past three months, which has translated into lifts in off-the-plan values, many of these apartments are yet to even start construction and given the pull back in development finance, a large proportion are unlikely to. This further strengthens our argument that thousands of apartments within inner Brisbane are NOT at valuation risk.”
Howes said investor sentiment in the Brisbane market remained solid and there was no evidence of a trend towards speculative investment; in fact quite the contrary.
Resolution Research's research examined the mind and mood of the investor market and revealed the following key opinions and attitudes:
* Buyers have an average hold strategy of 5 years
* Buyers are risk averse and shop the market to ensure they are securing a solid value proposition
* Speculative (short-term) investments are felt to be more likely to have upside in the share market as opposed to the property market
An analysis of resales across six major high density developments over an 18-year period (1997 through to 2015) in Fortitude Valley and Brisbane’s CBD reveals an average annual rate of capital appreciation of 6% across the market. This is a healthy rate of appreciation and clearly highlights a long-term hold strategy for inner Brisbane apartment developments yields high returns, it says. 
Importantly, although resales do fluctuate over both the medium (five-year) and long terms, average annual median price growth has been recorded. It is equally important to note that across these timeframes owners of these apartments have been through the GFC and two periods of speculation of market oversupply (in 2003 and again in 2007).
In essence, a conservative approach to purchasing in inner Brisbane, on average, results in an appreciation in values. This study shows that ownership spanning across the GFC and speculative times of oversupply in 2003 and again in 2007 have failed to have a negative impact on market values over a longer term hold period.
The claim by CoreLogic RP Data  that 81,696 apartments would be delivered into Brisbane’s market over the next two years was unfounded. This figure assumes that 100 per cent of all stock will be funded which is not the case in an environment where three of the big four banks state that they are no longer funding apartment developments within inner Brisbane.
"Brisbane’s apartment market is heavily influenced by lending conditions and we expect to see the future supply environment contract considerably," it said.
Inner Brisbane’s current pipeline of new apartments was 20,456 including those yet to be approved.
If we use inner Brisbane as the benchmark, which is where the overwhelming majority of stock is to be developed, we currently have 3,886 apartments which are now deferred.
 
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Brisbane's apartment settlement fears not credible: Lachlan Walker

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Developers in South East Queensland faced with the double whammy of increased construction costs and a challenging lending market are shifting their focus to lower risk projects, says construction finance group HoldenCAPITAL.
The stricter lending regime from the big banks and increased costs is forcing many developers to go for boutique apartment projects and townhouses in the middle ring suburbs of the Brisbane CBD as high rise inner-city apartment projects come under increasing cost pressures, according to HoldenCAPITAL director Daniel Holden.
“Developers are finding construction costs have risen significantly for some projects during the planning stages and this has had a severe impact of forecast profit margins," he said.
“HoldenCAPITAL has had a surge of inquiry from developers seeking funding for that type of product,” he added in reference to boutique apartment and townhouse developments.
Leading Queensland quantity surveying and construction experts firm Mitchell Brandtman partner, Darryl Bird, said construction costs rose about five per cent over the past year with a similar trend expected through the remainder of 2016. 
“Construction cost increases of this scale, combined with a distinct shift in the development product mix and amenity, have seen the cost per unit rates for inner city apartments soar,” Bird said.
“In a market where there is little sign of sales price growth, these changes are significantly impacting project feasibilities. However, we are continuing to see new projects that still stack up from both a market and a finance risk perspective."
Brisbane-based HoldenCAPITAL, which specialises in deal structuring and the sourcing of debt and equity solutions, was named best commercial broker in Australia at the 2016 Better Business Awards. 
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Brisbane developers choosing boutique apartments, townhouses over risky inner-city units: HoldenCAPITAL 

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Pizza maker Don Meij has upsized Brisbane homes. 
Following the $3.125 million sale in Clayfield, the Domino's Pizza head secured the former matrimonial home of the Fone Zone co-founders David McMahon and Maxine Horne in Ascot. 
Meij paid $8.615 million for the <a href="https://www.raywhite.com/qld/ascot/1425508/?lang=en" target="_blank">Hamptons-inspired home</a> (above). 
McMahon and Horne, who had paid $7.25 million in 2009, have also recently sold their Mermaid Beach weekender to former Hockeyroo Louise Dobson for $4.75 million.
Set on a sprawling 2024 sqm, the grand-scale Ascot entertainer features resort-style gardens with an infinity edge pool, pool house with bbq kitchen and expansive north-east verandahs.
The homes six bedrooms are all designed as private retreats, each with their own marble ensuites.
Architecturally designed, the property also has a billiard room with wet bar and cellar plus an executive home office.
Meij has been in the pizza industry since 1987, starting out as a lowly delivery driver for Silvio’s Dial-a-Pizza in Brisbane’s north east suburb, Redcliffe.
In May 2005, Meij led Domino’s to become Australia’s first publicly-listed pizza chain on the Australian Stock Exchange.
Leigh Kortilang of Ray White Ascot sold the 1,619 square metre Clayfield property to buyers from Greenslopes.
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Domino's Pizza head upsizes home

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Inner Brisbane projects a picture of surging demand for off–the–plan apartments since 2013, creating record supply in future, while units rented out occupy a major share of all apartments in the area, according to the latest findings from research firm BIS Shrapnel.
Demand for Inner City apartments from investors shows little signs of abating in the short term despite its impact on rents, with completions to peak in 2016/17 at more than 7,000 apartments. Also, Brisbane's relative affordability compared with Sydney or Melbourne means more investors will choose Inner Brisbane apartments (IBA), says the paper titled Inner Brisbane Apartments Market Brief 2016.
The research focuses on indicators relating to demand, supply, rents and prices.
The major locations in Inner Brisbane to see developments on a large scale are CBD/Spring Hill, Inner East, Inner North, West End, Toowong, Woolloongabba and Hamilton.
APARTMENT PROFILE
Rental apartments account for 58 percent of total apartments in the IBA area, considerably higher than the 29 percent share for all dwellings across Greater Brisbane. This highlights the preference of investors to purchase properties close to good transport links and major commercial, retail and entertainment centres, where tenant demand is likely to be greatest.
Owner occupied dwellings represent 31 percent of IBA area stock, with a slightly greater share of these having a mortgage (being purchased). Conversely, a significantly higher 63 percent of Greater Brisbane dwellings are owner occupied.
Unoccupied dwellings—those that are held as second homes or kept empty as a speculative investment— comprise 11 percent of total apartment stock in the IBA area, compared to 8 percent across Greater Brisbane. It is expected that this level will increase from 2014/15, given the level of overseas demand and the potential that many may be held and not released to the rental market.
<a href="/images/2016/05/23/Screen%20Shot%202016-05-24%20at%209.23.52%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/23/Screen%20Shot%202016-05-24%20at%209.23.52%20AM.png" alt="">
DEMAND PROFILE
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The age profile of apartment residents suggests that people first rent when moving into the IBA area, with 47 percent of occupants in rental households aged 20 to 29 years old. If people remain in, or move into, the IBA area beyond 30 years of age, there is a higher propensity to purchase an apartment.
Households with a mortgage are mostly younger, with 50 percent of people occupying an apartment being purchased aged 30 to 54 years old. Within fully owned apartments in the IBA area, the demographic is older, with 59 percent of occupants in these apartments aged 55 years old and over. 
<a href="/images/2016/05/23/Screen%20Shot%202016-05-24%20at%209.26.16%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/23/Screen%20Shot%202016-05-24%20at%209.26.16%20AM.png" alt="">
Demand Drivers
An analysis of the age profile of apartment residents suggests three main groups driving occupier demand: students, younger adults, and older empty nester adults.
Students account for 17 percent of the IBA population, with 56 percent being overseas students. Overseas students create instant demand for accommodation, opting to reside close to their place of study. After a post-GFC decline, overseas student enrolments have been in recovery mode since 2014, driven by a lower Australian dollar. The improvement has occurred across all education sectors. 
The young adult apartment population is typified by those in white collar employment. Inner Brisbane employment growth has been weak in recent years due to State Government cost cutting and a reduction in mining services jobs. There is evidence that the decline may have bottomed out, although the recovery is likely to be slow (Chart 4).
Empty nesters are classified as those aged 45 years old and over, being either singles or couples without children. Empty nesters comprised 28 percent of the non-student adult population in the IBA area at the 2011 Census. 
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<img src="/images/2016/05/23/Screen%20Shot%202016-05-24%20at%209.30.13%20AM.png" alt=""> 
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INVESTMENT
Rental Vacancy Rates
Vacancy rates in Inner Brisbane remained below the balanced market rate of 3 percent from June 2004 through to June 2013, except at June 2009, when a rapid reduction in standard variable rates and the introduction of boosted incentives to first home buyers during 2008/09 encouraged existing and potential tenants to become owner occupiers.
Unlike Middle and Outer Brisbane, vacancy rates in Inner Brisbane have increased since 2013/14, reaching 3.8 percent at December 2015. While some of this rise may reflect the rate of new stock coming to the market and the time required to fill the stock, the steady rise in vacancy rates through 2014 nevertheless suggests that an excess of rental stock is emerging within Inner Brisbane. 
<a href="/images/2016/05/23/Screen%20Shot%202016-05-24%20at%209.32.16%20AM.png" target="_blank">Click to enlarge</a>
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Table 1 (main picture) outlines the weighted median two bedroom (the most common type of unit) rent and weighted median unit price of the IBA area post codes, along with an indicative yield representing the rent divided by the price.
Unit rental yields increased to a peak of 5.52 percent at June 2012, and remained at a similar high level over the following year. Combined with the low interest rate environment, investor demand strengthened and drove solid unit price growth of 5.9 percent in 2013/14.
Relatively low borrowing costs also reduced cash outflows for investors and diminished the necessity for landlords to increase asking rents, particularly with low borrowing costs making it easier for tenants to shift to owner occupation. As a result, rental growth remained below 1 percent per annum since 2012/13. Unit yields eased to a low of 5.08 percent at June 2015.
Rising vacancy rates will limit rental growth in 2015/16 to an estimated 0.1%. Moreover, preliminary data suggests unit prices may have declined, as the record level of apartment completions in 2015/16 creates increased competition and has a negative impact on resale prices. With a decline expected in prices of 2 percent in 2015/16, the indicative yield for a two bedroom apartment in the IBA area will improve slightly to 5.19 percent at June 2016. 
SUPPLY PIPELINE
Off–the–plan apartment demand within the IBA area has escalated from 2013, attributed to attractive yields, low or volatile returns for other investments and low interest rates. The rise in off–the–plan sales has allowed a greater number of projects to reach sufficient pre-commitment levels to obtain finance and begin construction. As a result, the IBA Area experienced a sharp increase in apartment completions in 2014/15 to 2,920 apartments. The period between peak demand and the subsequent lag of pipeline supply reaching the market has apartment completions set to soar to record levels over the next few years. In 2015/16, we estimate that approximately 3,250 apartments will be completed, surpassing the record high set just the year before.
In the short term, demand for Inner City apartments from investors shows little signs of abating despite the potential impact on rents and prices of further sizeable new additions to the rental stock across Inner Brisbane. Based on the current pipeline, completions are on track to peak in 2016/17 at over 7,000 apartments, of which investor owners will continue to form the bulk of underlying demand. Relatively less expensive apartment prices, and more attractive rental yields compared to their respective home markets, is likely to sustain demand for IBA stock from investors in Sydney and to a lesser extent, Melbourne. Similarly, this should also see overseas investors increasingly favour Inner Brisbane apartments over Sydney or Melbourne with demand from other countries also underpinned by a preference to invest in more transparent and stable political environment. 
Consequently, IBA Area completions are on track to escalate above the record levels in 2015/16, increasing to a peak of 7,182 apartments in 2016/17, 6,468 apartments in 2017/18 and 5,497 apartments in 2018/19. The West End and Inner North precinct will be the mainsource of new apartments in the IBA area over the three years to 2018 accounting for 60 percent of all new supply. Apartment completions as a proportion of total IBA area is expects to be next greatest in CBD/Spring Hill (13 percent) and Toowong (10 percent).
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Inner Brisbane apartments a huge draw with investors in spite of record supply: BIS Shrapnel 

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A new 15-level residential tower overlooking the heritage-listed Gasometer will come up in Brisbane's Newstead.
Gasworks Residences by Tom Dooley Developments will comprise 182 apartments over 14 storeys. Construction is expected to later this year, said a media release.
Some are two-bedroom apartments, but nearly half boast a multi-purpose room that could be used as a media room, office or third bedroom. Priced range from $525,000 to $1.15 million.
Designed by Shane Plazibat Architects, all of the apartments will have balconies between 16 sqm and 34 sqm, floor-to-ceiling glass and stone benchtops.
The rooftop area on the fifteenth floor features a 25-metre infinity pool, yoga terrace, gym, private sunken courtyards and an outdoor kitchen.
The ground floor will have 1,500 sqm of retail space. 
TDD managing director Tom Dooley said the suburb had strong appeal, particularly for local buyers looking to buy into the urban village lifestyle.
“Gasworks is really the epicentre of urban renewal in Brisbane, which is why we are building our second major development there," he said.
“Our first Gasworks development – Skyring – sold out in weeks. There’s plenty of interest in good quality, well sized apartments, particularly when they’re close to Brisbane’s best food, shopping and nightlife.”
Skyring is currently under construction in Newstead.
Dooley said initial sales were strong, driven by young professionals and downsizers in search of the urban village lifestyle.
More than 70 percent of Newstead households are couples without children or singles, with more than half aged between 25 and 44, said the media release.
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15-level apartment tower set to come up in Brisbane's Newstead 

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Nundah Central, located on Sandgate Road in Brisbane’s inner north, has sold for $4,425,000 in an off-market transaction to a Western Australian investor. 
The site has an area of 1,639 sqm with an office and retail net lettable area of 554 sqm and 491 sqm, respectively.
The tenant profile of Nundah Central includes a strong history of occupancy with several tenants being long-term occupiers of the building; the tenant mix includes Max Employment Solutions, KC Pysch, Worth Real Estate, Jam Café, Siam Sensations, The White Bungalow and Lotus Wellbeing.
The sale reflected a yield of 7.27% and a strong result for the vendor, a locally based private syndicate.   JLL’s Sam Byrne and Christian Sandstrom were behind the deal.
“Competition for quality commercial assets in southern markets, particularly Sydney and Melbourne, is exceptionally strong at the moment, resulting in an increased interest in Brisbane from investors” said Sam Byrne.    
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