For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Canberra

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The first half of the 2016 calendar year in the Canberra residential property market has seen linear growth and a further shift in demand towards detached established dwellings, says the July residential market report from valuation firm Herron Todd White in its discussion on properties around or below $500,000.
While modern and centrally located unit stock is available in abundance in the sub-$500,000 bracket, numerous changes in lending criteria for investors, poor rental performance and product oversaturation in particular segments are the main drivers leading this shift. When coupled with less than desirable capital growth, the market has been responding accordingly. 
“The lazy half million can still achieve reasonably good value in both the north and south of Canberra,” says the report. 
Two suburbs which highlight this are Ngunnawal (Gungahlin region) and Wanniassa (Tuggeranong region). 
“$500,000 will secure a 1990s, four-bedroom, two-bathroom, two-garage home on a 600 square metre block in Ngunnawal and a similar home in Wanniassa albeit 18 years older and on a larger parcel of land.
“With the median house price in the ACT hovering around the $560,000 mark, the lazy half million doesn’t stretch as far as it used to when chasing solid capital growth. Gone are the days of being able to crack the inner south or even the Woden Valley region, both desired for solid capital performance.” 
This is evidenced by several recent sales of vacant land (remunerated loose fill asbestos blocks) for well over $500,000. 
With the aforementioned regions being prohibitively expensive, focus has transferred to the Weston region (specifically suburbs geographically close to Woden, Waramanga and Weston) with strong growth observed in the past 18 months. The market has realised this potential and sales of three-bedroom, one-bathroom ex-government stock has increased, with new owners electing to renovate and play the waiting game.
As an example, Property Observer found a three-bedroom house at <a href="https://www.realestate.com.au/property-townhouse-act-wanniassa-122450138" target="_blank">4/35 Lansell Circuit, Wanniassa, ACT 2903</a> which recently sold for $410,000.
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jonathanchancellor-7SQnKwU6yx

Canberra's north and south offer property value for $500,000: HTW

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<div class="reported-auctions">
<div class="num">The ACT has a clearance rate of 50 percent from 26 total scheduled auctions for the week ending July 3, according to realestate.com.au.</div>
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Realestate.com.au reported 2 properties sold prior to auction, 7 were passed in, 6 sold at auction and one was withdrawn.
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ACT's clearance rate at 50 percent: Realestate.com.au

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Real estate website onthehouse has compiled a list of Canberra's most affordable suburbs, with Hughes, Curtain and Downer making up the top three affordable suburbs.
The comparison table, below, features median values, capital growth and rental yield.
 
Suburb Postcode Dwelling Region Median Value Capital Growth Last 12 Months Rental Yield Median Rent
Hughes 2605 Units Metro $280,000 9.79% 5.74% $310
Curtin 2605 Units Metro $292,000 -2.98% 5.49% $305
Downer 2602 Units Metro $302,500 4.91% 5.52% $320
Lyons 2606 Units Metro $303,500 4.13% 5.48% $320
Crace 2911 Units Metro $320,500 5.12% 5.72% $350
Fisher 2611 Units Metro $337,500 -3.18% 5.02% $325
Theodore 2905 Units Metro $339,500 -4.28% 5.49% $355
Macgregor 2615 Units Metro $340,500 -1.06% 5.57% $365
Franklin 2913 Units Metro $344,000 2.51% 5.49% $360
Ngunnawal 2913 Units Metro $344,000 -2.28% 5.44% $360
Holt 2615 Units Metro $347,500 4.87% 5.50% $365
Gordon 2906 Units Metro $349,000 -3.93% 5.34% $355
Phillip 2606 Units Metro $350,000 -0.54% 5.35% $360
Palmerston 2913 Units Metro $352,000 -2.64% 5.46% $370
Melba 2615 Units Metro $354,500 -1.40% 5.82% $395
Calwell 2905 Units Metro $357,000 -2.48% 5.41% $370
Isabella Plains 2905 Units Metro $362,000 -3.75% 5.28% $365
Kambah 2902 Units Metro $362,000 -0.11% 5.25% $365
Belconnen 2617 Units Metro $362,500 0.61% 5.26% $365
Watson 2602 Units Metro $369,000 1.95% 5.28% $375
Casey 2913 Units Metro $371,500 4.50% 5.47% $390
Harrison 2914 Units Metro $371,500 0.77% 5.12% $365
Conder 2906 Units Metro $373,000 -0.28% 5.22% $375
Wanniassa 2903 Units Metro $373,500 1.67% 4.98% $355
Page 2614 Units Metro $385,000 1.73% 5.14% $380
Macquarie 2614 Units Metro $386,500 1.64% 5.10% $380
Hackett 2602 Units Metro $388,000 4.42% 4.81% $355  
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jchancellor-FAypfDUnLy

Canberra's most affordable suburbs: Onthehouse

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Belconnen’s Wayfarer development is 90 percent sold, with a mix of one, two and three-bedroom apartments still available.
One-bedroom units range from $332,900 to $418,900, two-bedroom are priced from $452,400 to $622,400 and three-bedrooms are priced from $503,900 to $701,400.
Completion is expected before the end of the year on the 27-storey building.
<img src="/images/2016/06/16/Screen%20Shot%202016-06-16%20at%2011.52.57%20AM.png" alt="">
The Wayfarer apartment kitchens were designed by renowned chef Tetsuya Wakuda who was engaged by Geocon managing director Nick Georgalis.
The complex was designed by Cox Architecture, with the top two levels of the 88-metre tall building including an infinity pool.
<img src="/images/2016/06/16/Screen%20Shot%202016-06-16%20at%2011.53.13%20AM.png" alt="">
Level 25 will feature a sky lounge entertaining area with 360-degree views across Canberra.
For more information, <a href="https://geocon.com.au/project/wayfarer-apartments/" target="_blank">click here</a>.
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Belconnen's Wayfarer is 90 percent sold with Tetsua designed kitchens

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Casino Canberra’s $14 million makeover is complete and the gaming floor is open to public, with construction company Hindmarsh finishing the project on time. 
The refurbishment of around 1,500 square metres included a new high rollers’ lounge and is expected to provide a new lease of life for the casino owned by Hong Kong-based Aquis Entertainment.  
Hindmarsh’s contract was valued at nearly $6 million.
The company’s ACT manager-construction David Colbertaldo said it worked with local suppliers on the project.
Hindmarsh says it has delivered more than 4,000 residential units and undertaken construction work, including commercial, hotel, health and education projects, worth $3.5 billion. 
 
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Casino Canberra’s makeover complete

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Heritage properties around Canberra and Queanbeyan, typically Federation and the Californian bungalow, can range between $600,000 to just under $1 million given location according to analyst firm Herron Todd White.
In their latest heritage property report, HTW note Canberra and Queanbeyan have several heritage sites in local suburbs Ainslie, Griffith, Reid, Campbell and Kingston and in the Queanbeyan Town Centre.
"Heritage properties in Queanbeyan can range from $600,000 to $900,000. In Canberra’s inner north, examples include Ainslie at $700,000 plus and Reid at $900,000 plus and inner south, Kingston at $950,000 plus (if in a good location)," it said.
"What makes these dwellings desirable is that they are centrally located and in desirable locations and neighbourhoods (usually close to the city). Renovations of good quality on these heritage dwellings are proving to be quite valuable and naturally command strong prices as they have a unique aspect and a unique building construction (simply, everything old is new again).
"As always, heritage sites have particular restrictions on what owners looking to renovate can do to the property and will most likely experience higher construction costs to achieve renovations that reflect a mixture of the dwelling’s period character and the inclusions of modern features. Over-capitalisation is not much of an issue for these dwellings as the locations of the heritage areas usually already command strong price points."
According to HTW, heritage properties are typically a bit more difficult to value than your stock standard dwellings due to the unique nature of the property, restrictions on potential improvements and the general lack of heritage dwelling sales and advised potential investors historical data for these unique sales and knowledge of the locale are important when finding values. 
 
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mick.cee-iDmgDDAmu8

Strong prices in Canberra's old made new heritage market

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Canberra was at the bottom of the market position in April, but in the latest Herron Todd White's property clock for units -- a simple broad brush means of indicating where property prices are in May 2016 - the capital city was back to a market in decline.
<a href="/images/2016/05/13/Screen%20Shot%202016-05-16%20at%208.12.37%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/13/Screen%20Shot%202016-05-16%20at%208.12.37%20AM.png" alt="">
 
Meanwhile, NSW's Coffs Harbour was the only one to drop out from the peak of market position in April. Melbourne, Dubbo, Horsham and Newcastle are still rooted there in May.
Other notable changes included Queensland's Toowoomba improving from approaching the bottom of market cycle in April to a starting to decline position.
The maximum number of cities/towns in the May property clock for units, numbering 16, were again at the start of recovery cycle, much like April's property clock, which had 17. Only Tamworth had dropped out from the list and made its way into the rising market cycle. 
May's property clock also deals with heritage properties. 
Property Observer had covered Canberra's fringe property market from HTW's April property clock, mentioning it has undergone much development within the past 24 months. The once greenfield sites on the fringes of the city are now being developed into well planned and flourishing suburbs providing opportunity for owner-occupiers, investors and government housing alike.
<a href="/images/2016/05/18/Screen%20Shot%202016-05-19%20at%2010.35.53%20AM.png" target="_blank" style="line-height: 1.3em;">Click to enlarge</a>
<img src="/images/2016/05/18/Screen%20Shot%202016-05-19%20at%2010.35.53%20AM.png" alt="" width="765" height="592">
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Canberra springs back from bottom of market for units: HTW property clock

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GUEST OBSERVER
The front-page headlines generated this week by Prime Minister Malcolm Turnbull’s promise to link Australia’s major eastern cities by fast rail may be seen by many voters as yet another major infrastructure pledge made hurriedly in the run-up to a federal election that is likely to evaporate just as quickly afterwards.
Fast intercity rail certainly has form when it comes to being put on the table only to be whipped away again. Linking Australia’s two biggest cities by rail would be in the same nation-building category as the Snowy Mountains Scheme, yet we have been talking about it for decades without actually doing it.
How different might things be now if Australia had built the Very Fast Train (VFT), first proposed in 1984 by the then CSIRO chairman, Paul Wild. The plan (on which I worked) attracted the support of leading companies of the day, including BHP and Elders IXL, but was bogged down in taxation issues and eventually scrapped in 1991.
If it had gone ahead, we would have had an infrastructure capable of shaping the new century for Australia’s densely populated east coast, instead of still waiting for it today.
<h2>The route</h2>
The first choice was a coastal route running from Melbourne through the Latrobe Valley (and what a boost that would have been to a region that even then was struggling with its over-reliance on brown coal), the Gippsland lakes (with a branch line to the mountain resorts), the southern New South Wales coastal towns and into Sydney via Wollongong (a rust-belt city at that time that would also have benefited from this investment).
This was later replaced by an inland route identified by the CSIRO and the VFT consortium, after a series of localised environmental protests. Canberra became one of the designated stations on the inland route and the rest is history – there has never been a return to the original route, despite the fact that more than 90 percent of Australians live near the coast.
<h4><a href="/images/2016/04/19/image-20160413-18122-w2r2vx.png" target="_blank">Click to enlarge</a></h4>
<img src="/images/2016/04/19/image-20160413-18122-w2r2vx.png" alt="">
<h4>
Fast rail route proposed in 1987, after being diverted inland via Canberra. <a class="source" href="https://www.repositoryofideas.com/resources/VFT-route-map-from-June-1987-pre-feasibility-report.pdf" target="_blank">VFT consortium</a>, Author provided
</h4>
<h2>The funding</h2>
Perhaps unsurprisingly, finance was the original project’s downfall. It became a private-sector joint venture in 1987 but collapsed in 1991 when the federal government decided against easing the tax burden on the project’s initial major outlays in return for higher tax overall.
Australian governments have struggled ever since to find ways for public-private partnerships to fund big projects. Until now, perhaps.
This time around, Turnbull has touted the prospect of “value capture”: the financial benefit that the private sector could gain from the boost to urban development around stations – as seen, for example, near Japan’s Shinkansen (bullet train) stations.
In tax increment financing (TIF) schemes, which are more common in the United States for financing infrastructure projects, value capture by governments via increased property rates and taxes has provided a basis for public sector funding. But this has not proved popular in Australia.
<h2>The challenge</h2>
We have even more urban and regional challenges than we did three decades ago. Sydney and Melbourne are each facing rapid population growth and will need to avoid the damaging consequences of urban sprawl and car dependence. Both cities will need to redirect growth inwards, to brownfield and greyfield sites.
Another consideration is how to disperse the population into regional cities, so these areas can also benefit from improved economic activity. Fast rail can potentially help regional cities become part of a “mega-metropolitan” economic region.
For example, a 350 km per hour service connecting Melbourne with Geelong, Ballarat, Bendigo and Warragul would transform these provincial centres into the equivalent of Melbourne’s middle-ring suburbs, where 30-minute commutes are the norm.
<h4><a href="/images/2016/04/19/image-20160413-15868-hprsf4.png" target="_blank">Click to enlarge</a></h4>
<img src="/images/2016/04/19/image-20160413-15868-hprsf4.png" alt="">
<h4>
Travel times in minutes from Melbourne. CSIRO/Australia State of the Environment Report, 1997, Author provided
</h4>
This route would also be the beginning of an inter-capital fast rail route, from Melbourne to Canberra (possibly via Shepparton), and then running through various population centres, via Badgery’s Creek (Sydney’s proposed second international airport) to the Sydney CBD.
<h2>The carbon case… and a bump in the track</h2>
Almost 8 million passengers flew between Melbourne and Sydney in 2015, making this route the world’s fourth busiest (ahead of Beijing-Shanghai). The carbon savings from a Melbourne-Sydney fast rail link therefore represent a major potential reduction in greenhouse emissions, especially if it is powered significantly by renewable energy.
This obviously wasn’t part of the business case back in the 1980s. But in 2016 it is surely a candidate for the federal government’s Emissions Reduction Fund.
The government’s proposed value capture funding model has a sting in the tail. Privately held land near the rail link and its stations will need to be rezoned and handed to private firms to build facilities (and surrounding developments) that they would then own and operate.
Land acquisition, even with compensation at market value, is generally not welcome in Australian cities. This is just one example of what makes transformational urban change so hard. But this kind of transformation will be critical to the creation of 21st-century cities that are productive, competitive, sustainable and liveable.
 
Peter Newton is research professor in Sustainable Urbanism, Swinburne University of Technology and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/peter-newton-2278" target="_blank">here</a>.
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Why Australia should have built fast rail decades ago

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The first five Mr Fluffy blocks in Canberra have been put to auction.
Around 30 interested parties registered to bid for the remediated blocks. The majority came from residents within their neighbourhood.
The blocks, which range from 694 to 1059 square metres, sold for between $476,000 and $610,000 through Ray White Phillip.
A 1459 square metre block in Chapman was passed in at $660,000.
Th ACT minister for planning and land management Mick Gentleman said the sales were a “significant milestone."
Mr Gentleman said the government had committed more than $740 million to the Mr Fluffy asbestos issue.
Even after the resales, the cost to the Canberra community would still be $400 million.
Some 1022 homes across 56 Canberra suburbs have been identified as Mr Fluffy homes.
The demolitions will take place over the next few years.
The resale phase includes a first right of refusal which allows the owner to return and rebuild on their remediated block.
Owners of around 690 houses are seeking to return to their blocks. 
Fairfax Media reported under the Mr Fluffy planning rules, blocks over 700 square metres can be divided in two and used for two houses.
52 Collings Street Pearce (729 sqm) – $605,000
40 Serpentine Street Duffy (694 sqm) – $480,000
14 Nangor Street Waramanga (694 sqm) – $476,000
83 Doyle Terrace Chapman (1459 sqm) – passed in
74 Darwinia Terrace Chapman (1059 sqm) – $610,000
 
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Remediated Mr Fluffy, ACT blocks sell at auction

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Over the three months to December 2015, 7.6 percent of Canberra homes re-sold at a loss compared to 11.2 percent over the previous quarter and 10.9 percent a year earlier, according to the latest Pain &amp; Gain report from Core Logic RP Data.
It was Canberra's lowest proportion of loss-making resales since February 2014.
<a href="/images/2016/03/30/Screen%20Shot%202016-03-30%20at%203.38.54%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/30/Screen%20Shot%202016-03-30%20at%203.38.54%20PM.png" alt="" width="813" height="236">
Across Canberra 69 auctions were held this week with a 64 percent sales success including the $1,515,000 sale of the former bolthole of the former Federal Treasurer Joe Hockey.
The fringe property market of Canberra has undergone significant development within the past 24 months, say valuation firm Herron Todd White in their April 2016 property clock.
The median price for a house in Forrest is $2,150,000, according to CoreLogic RP Data.
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