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 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 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.
The Gungahlin district near the ACT and NSW border is considered a fringe location by many locals due to its relatively new development and up until 2010 consisted of only five suburbs which were developed in the mid 1990s. Gungahlin is now a thriving area with half a dozen new suburbs emerging in the past five years.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%209.35.44%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%209.35.44%20AM.png" alt="">
One of the newest suburbs to be developed is Moncrieff which is still under construction. Local demand for vacant land in Moncrieff was so high that 77 residential blocks were sold within three minutes and many potential purchasers missed out. The average price of a vacant land in Moncrieff was $280,000. Naturally one of the factors causing such high demand in the fringe areas is the high prices being achieved in areas closer to the CBD.
In the past 24 months, we have seen a massive hike in prices for older stock within the Inner north and inner south precincts. For example, buyers have been purchasing older dated homes for $700,000 plus and then knocking them down in order to build a more modern custom-designed home, which essentially means they are paying $700,000 just for land.
For entry-level buyers it is hard to compete in these areas therefore they have ventured to areas such as Gungahlin which allows them to buy vacant blocks and build their dream homes at a much more affordable price. Gungahlin is tipped for strong growth in the next decade with the first stage of the light rail designed to cater to the Gungahlin region and due to be complete by 2020. With transport being a key factor in the success of a fringe area the long-term expectations for Gungahlin are strong in relation to other fringe areas in Canberra.
Property Observer found a few examples of recent sales in Canberra's fringes:
<img src="/images/2016/04/11/700_canberra.jpg" alt="" width="550" height="334">
1. A two-bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-act-gungahlin-120611081">24/80 Gozzard Street Gungahlin ACT 2912</a> (above) sold for $331,000
<img src="/images/2016/04/11/main-1.jpg" alt="" width="656" height="492">
2. A three-bedroom villa at <a href="https://www.realestate.com.au/property-house-act-gungahlin-121991866" target="_blank">78 Mary Gillespie Gungahlin ACT 2912</a> (above) sold for $522,000 recently.
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.
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.
The median price for a house in Forrest is $2,150,000, according to CoreLogic RP Data.
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Canberra's fringe suburbs seeing spike in home prices: HTW

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Eclipse House in Canberra City, sitting directly opposite the ACT Legislative Assembly, has sold for $13.525 million to a local investor. 
The 197 London Circuit place in Canberra City was sold via an international expressions of interest (EOI) campaign managed by Colliers International's Tim Mutton.
Eclipse House is an 11 storey B-Grade office building of 6,567sq m net lettable area and is tenanted by the ACT government until November 2016.
Local property investor Zapari Group purchased Eclipse House with long-term plans to convert the property into a hotel due to its prime CBD location.
The sale of Eclipse House, along with the sale of 20 Allara Street late last year, will see further urban renewal of tired office buildings in the CBD, added Mutton.
 
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Eclipse House in Canberra sold to local investor with plans for hotel

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The historic Canberra Brickworks site has been put up for sale by the ACT government with plans for a mixed-use project that includes residential.
The 16 ha property is a key infill site in Yarralumla, one of Canberra’s top suburbs which is also home to embassies and the Governor-General’s residence.
Up to 380 homes could come up on the site, in addition to retail, cafes, restaurants, recreational and health facilities, aged care and retirement living, said a press release by CBRE, which has been appointed by the Land Development Agency (LDA) to market the offering.
 CBRE’s Andrew Stewart, who is managing the campaign with Mark Nicholls, said the residential component alone could unlock more than $500 million.
“The ACT government is seeking developers who understand the opportunity juxtaposed with the significance and history of the site, with the vision being to repurpose this highly valued landholding and create a vibrant new community,” Stewart said.
The Canberra Brickworks was established in 1913 and has played a significant role in the building of the nation’s capital, with the iconic red bricks featured in many of the city’s homes and significant government buildings, including Old Parliament House and the Hyatt Hotel Canberra.
When construction of Old Parliament House began in 1923, the project was so large that a rail system was established to transport more than four million bricks to the site.
Production rates hit an all-time high in the 1950s as Canberra experienced its first population boom. However, by the mid-1970s, technology and housing trends had changed and the brickworks closed in 1976.
Stewart said the site’s location, just 3.5 kilometres from the CBD, would be a key drawcard for developers.
“Situated on the southern shore of Lake Burley Griffin, next to the Parliamentary triangle, Yarralumla is one of Canberra’s most recognisable and prestigious suburbs with a median property price of $1,135,000 compared with the Canberra median of $620,000,” Stewart noted.
The sale will be a two-stage process. The first stage will invite submissions through a Request for Proposal (RFP) while the second will see shortlisted companies invited for a Request for Tender (RFT) process.
CBRE’s Nicholls said the government’s vision was for the site to be transformed along the lines of urban renewal projects such as Sydney’s Carriageworks, the Midland Railway Workshops in Perth and Yorkshire Brewery in Collingwood, Melbourne.
The Carriageworks was converted from a rail construction hub into a multipurpose art centre, which has become a highly successful collaborative space. More than 500,000 people visited the site in 2014.
The 1887-era Yorkshire Brewery has been resurrected as luxury apartments, while the cluster of 19th century buildings that make up the Midland Railway Workshops are being revitalised to feature a large public square, surrounded by a diverse mixture of residential, commercial, health and entertainment buildings.
 
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Canberra’s historic Brickworks site put up for sale

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The ACT-government’s goal of promoting Canberra as an international destination has received a boost with the completion of the Canberra Airport’s first luxury hotel.
The Bates Smart-designed Canberra Vibe Hotel, operated by Toga Far East Hotels, has a  circular form inspired by the geometry of Walter Burley Griffin’s Canberra.
The hotel has 191 rooms, including 12 suites over six levels and nine apartments. Other features include conferencing facilities, a restaurant and bar and lounges. 
The $50 million, 4.5 star hotel is close to the airport terminal and Parliament House and is part of a resurgence of new hotel developments in Australia.
Canberra Airport Group CEO Stephen Byron said the hotel’s completion was a key piece of the puzzle in attracting international flights. 
He said as the only 24-hour airport between Brisbane and Melbourne, Canberra Airport was strategically positioned to expand internationally and expected to draw its first international carrier in 2016.
“This hotel is on a key strategic site of great importance to the future growth of the airport and is why we held a major design competition to arrive at the perfect outcome,” he said.
“In terms of expanding internationally, it is a question of when not if. Our strategy is to connect to a key Asian hub and every day we get closer to that. We expect it to become a reality in 2016.”
Appointed to the project after winning the 2013 design competition, Bates Smart based the design around a dramatic full height circular atrium that draws references from Griffin’s plan for Canberra with its circular and radial geometries.
“We have created a unique destination for travellers to be, one that will attract visitors with its timeless design that combines circular and axial geometries to create a distinctive form, drawn from its context,” Bates Smart director Philip Vivian said.
“A signature space for the hotel is its striking black and white atrium rising above a large-scale ground floor entertaining space catering for intimate gatherings as well as large-scale events.”
Vivian said Bates Smart had a number of hotel projects on the cards, including a new hotel at Barangaroo in collaboration with the UK’s Wilkinson Eyre Architects.
“It’s no secret that new hotel developments have been scarce in recent years due to the expense associated with purchasing sites in Australia,” Vivian said.
“New hotel developments are on the increase and we’ve been looking at a number in the Sydney CBD. The economy here is performing well, stimulating business travel, and the lower dollar is attracting the tourist market. Consequently, hotel occupancy rates are up, stimulating the need for new supply.”
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Bates Smart unveil new Canberra Vibe Hotel, as new build hotel industry gains momentum

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It appears that confidence is slowly returning to the Canberra housing market after conditions were relatively sedate since the 2010 federal election.
Last year the Canberra housing market recorded the strongest housing market conditions since 2011, with dwelling values rising 4.1% over the full twelve months to be 5.6% higher over five years.
Growth conditions have been concentrated within the detached housing sector, with house values rising 4.5% over the year compared with a 0.8% fall in unit values.
<a href="/images/2016/03/11/Screen%20Shot%202016-03-11%20at%203.30.06%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/11/Screen%20Shot%202016-03-11%20at%203.30.06%20PM.png" alt="">
Dwelling investment likely to increase due to improving labour market and population growth 
The relative size of the housing market, limited data and the overall significance of the public sector to the local economy makes it difficult to reliably produce forecasts for property values in the ACT. 
Nevertheless, the ACT economy is gradually recovering from the recent fiscal tightening and public sector job cuts. NAB Economics expects economic growth to gradually improve and unemployment to stay low. With the improving labour market and population growth, dwelling investment is likely to improve as well in line with higher building approvals.
Similarly, an improving economy will provide underlying support to property values, the latest NAB housing insights report suggests.
 
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ACT dwelling investment likely to increase due to improving labour market and population growth: NAB

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The latest research from Canberra Cityscope shows property sales decreased in the past three months. 
Sales recorded in the quarter ending December 2015 totalled $87.7 million, a decrease from the $92.5 million recorded in the three months to September 2015, and a decrease from the $149.8 million recorded in the three months to June 2015. This data brings the 12 month total to $336 million, an increase from the $314.6 million recorded the same time last year.
The table below shows sales recorded for the past eight updates of Canberra Cityscope.
<img class="aligncenter size-large wp-image-6162" src="https://blog.corelogic.com.au/wp-content/uploads/2015/12/Pulse-CASalesGrid-580x311.gif" alt="Canberra Cityscope Quarterly Sales" width="580" height="311">
 
Recent standout sales in Canberra include:
<ul>
<li>The AusAID Building at 255 London Circuit, City; an 11 level, 8,972 sqm office building with parking for 134 cars, was bought for $70,025,000 in a sale handled by JLL Sydney and JLL Canberra.</li>
<li>33 Egan Court Belconnen, a single level, 1,725 sqm medical centre with parking for 60 cars, was bought for $8,650,000 in a sale handled by Burgess Rawson.</li>
<li>Guilfoyle House at 151 Oakden Street, Tuggeranong; a single storey, 1,500 sqm office and warehouse with parking for 130 vehicles, was bought for $4 million in a sale handled by Colliers International.</li>
</ul>
Properties for sale in Canberra in December 2015 include:
<ul>
<li>40 Cameron Avenue, Belconnen, a 5 storey A-grade office building with parking for 221 vehicles; is for sale through Colliers International Canberra. Book value of the building was at $42.5 million in December 2014.</li>
<li>Eclipse House at 197 London Circuit, City; a 10 storey, 6,567 sqm office building is for sale through Colliers International Canberra. The building last traded at $11.8m in April 2002.</li>
<li>14 Wales Street, Belconnen, a 2 storey, 3,800 sqm high-clearance warehouse building with parking for 25 vehicles, is for sale through CBRE.  The building was built as a secure facility for the then Commonwealth Department of Civil Aviation and last traded at $6.4m in January 2010.</li>
</ul>
<img class="aligncenter size-full wp-image-6163" src="https://blog.corelogic.com.au/wp-content/uploads/2015/12/Pulse-CASalesChart.gif" alt="Canberra Cityscope Quarterly Sales graph" width="532" height="321">
Significant leasing opportunities in Canberra in December 2015 include:
<ul>
<li>40 Cameron Avenue, Belconnen, a 5 storey A-grade office building with parking for 221 vehicles; has office space of 500 to 9,470 sqm through Knight Frank and JLL Canberra.</li>
<li>33 Allara Street, City, an 8 storey, 9,900 sqm commercial building with retail on the ground floor and basement parking for 131 vehicles; has office space of 650 to 9,215 sqm for lease through Knight Frank and Colliers International.</li>
<li>14 Moore Street, City, a 14 storey, 11,100 sqm B-grade office building with basement parking for 79 cars; has office space of 6,060 sqm through Colliers International and Raine &amp; Horne Commercial Canberra.</li>
</ul>
 
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Canberra property sales decrease in three months: CoreLogic RP Data Cityscope

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<div>The retired politician Joe Hockey has reportedly listed his house in the nation’s capital after becoming Australia’s new ambassador to the United States.</div>
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The three-bedroom home in the prestigious inner suburb of Forrest was bought by the former Treasurer and his wife Melissa Babbage back in March 1997 for just $320,000. It had sold at $375,000 in 1996.
Reportedly the home could sell for easily more than $1 million, according to the Australian Financial Review, although two years ago the Daily Telegraph suggested it was worth $1.5 million, given Forrest is one of the most expensive suburbs in Canberra. The realestate.com.au website price estimate suggests $1.7 million plus.
The unimproved value of Hockey’s property was $1,207,000 as of 2015-2016, according to Allhomes, based on a 1350-square-metre block.
The 1930s property features nine-foot ceilings on Furneaux Street. The property was reportedly due for auction this weekend through LJH Civic, according to the Rear Window column of the Australian Financial Review, but does not appear on any online websites. It has actually been listed for <a href="https://www.propertyobserver.com.au/https://www.allhomes.com.au/ah/act/sale-residential/25-furneaux-street-forrest-canberra/1317187186511" target="_blank">April 9 auction</a>.
<a href="https://www.domain.com.au/25-furneaux-street-forrest-act-2603-10319234" target="_blank">It was however also listed for rent</a> recently at $990 a week, down from the initially desired $1100 when it was listed in January. It was marketed as an "original executive home."
In his biography Not Your Average Joe, a former Liberal MP Ross Cameron boasts that Mr Hockey struck a golden deal, spotting the house when driving in Canberra.
Biographer Madonna King writes that the seller wanted “no part in lawyers or agents."
“So Joe, the lawyer, called his father, the real estate agent, who took the owner out for a beer,’’ Ms King writes.
<div id="unruly-publisher-marker__inArticle">“The Hockey’s scored the house for land value. Joe’s father didn’t mention he was a real estate agent, buying the property on behalf of his lawyer son.’’</div>
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<div>Joe Hockey was listed on the purchase documents as owning five per cent, his wife Melissa Babbage 61 per cent and his father Richard Hockey 34 per cent.</div>
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A group of Liberal MPs including Ross Cameron, Bob Baldwin and Brendan Nelson moved and paid rent to stay at the property. 
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jchancellor-FAypfDUnLy

Former Treasurer Joe Hockey lists redundant Canberra home

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The February Canberra Office briefing from Savills has noted the local market will continue to grow, albeit slowly, due to the recent completion of 'A grade' buildings in Forrest and Gunghalin.
As a result, according to the report, the recent speculative development cycle has closed with future office supply reduced significantly compared to previous years.
"Less than 10,000 square metres of new and refurbished space is currently under construction and/or due for completion by the end of 2016, with no further development in the immediate pipeline," the report notes, adding there is a significant level of ‘mooted’ supply overhanging the market but dependent on leasing pre-commitment. 
"Rents for new and near-new ‘A Grade' stock have been maintained at a stable level, although there has been a threat to Face Rent levels in the older ‘A’ Grade properties, and an associated volatility in the level of incentives on offer for this class of property.
"Rents for secondary grade stock are forecast to continue to be under pressure during 2016, with upward pressure on the level of incentives required to secure tenants for this class of property."
For more information, <a href="https://pdf.savills.asia/asia-pacific-research/australian-research/australia-office-/savillsresearch-briefing-canberra-office-q4-2015.pdf" target="_blank">click here</a>.
 
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Canberra office market will grow, albeit slowly: Savills

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Over the three months to September 2015, 10.2 per cent of Canberra homes re-sold at a loss compared to 10.9% over the previous quarter and 11.4 per cent a year earlier, according to CoreLogic RP Data's latest Pain &amp; Gain report.
The typical loss was $20,000. It is tipped that most declines were apartments.
The latest data showed prices in the national capital up 2.8 per cent in January pushing it to 6 per cent annual growth. It has a $585,000 median dwelling value.
Tim Lawless, CoreLogic RP Data’s head of research, said in December that the Canberra housing market had been showing tentative signs of growing values, adsding that market conditions have been more volatile from month to month.
The nation’s capital has significant differences in predicted value performance of Canberra’s houses and units.
While houses were up 4.5% over 2015 apartments fell 0.8%.
<a href="/images/2016/01/29/Screen%20Shot%202016-01-29%20at%2011.41.18%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/01/29/Screen%20Shot%202016-01-29%20at%2011.41.18%20AM.png" alt="" width="664" height="190">
Catherine Smith, practice manager of Canberra property investment advisory firm Wholistic Financial Solutions, warns that the city could be “fast heading towards an oversupply of units”.
Among the many apartment blocks under construction is the Wayfarer at Belconnen, which at 88 metres will be Canberra’s tallest residential tower when completed by year's end. 
"If development continues at this rate I wouldn't be surprised to see Canberra listed as the most oversupplied state or territory in Australia," Smith told the mywealth website. 
CoreLogic RP Data reported the city’s gross unit rental yield was 5.2% – equal to Hobart and Darwin and second only to Brisbane.
Construction is due to commence this year on what will be the largest-scale public transport infrastructure project Canberra has ever seen – the $783m Capital Metro.
Starting from Gungahlin in the city’s north, the 12km light rail track will run south along Flemington Road, Federal Highway and Northbourne Avenue to Civic (city centre) and possibly onwards to Russell (as part of a proposed future extension), with stops at the suburbs of Harrison, Franklin, Downer and Braddon and major stations proposed for Gungahlin, Dickson and Alinga Street.
Example of small losses being taken recently include a three bedroom in Lyneham which went from $604,900 to $585,000 in five years and a two bedroom in Braddon which dropped from $540,000 to $500,000 in just nine months.
A property in Kingston traded for $740,000 in 2013 and sold for the same price last year.
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10% of Canberra dwellings selling at a loss: CoreLogic Pain & Gain

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Canberra apartments have joined the other capitals, Brisbane and Melbourne at a market peak, according to the latest HTW property clock.
The valuation firm Herron Todd White has issued its latest property clock for apartments - a simple broad brush means to suggest where property markets are as at February 2016 - and what direction prices are moving in.
The valuation firm has included capital and select regional cities on the property clock for apartments price direction.
The Canberra residential unit market presents its own unique concerns, according to HTW.
The threat of oversaturation is a very real one and continues to be observed in several market segments including the Flemington Road corridor in Gungahlin and the Belconnen Town Centre. 
HTW anticipate 2016 will be a year of flat growth with demand shifting further away from the unit market in most segments and towards new detached houses.
<a href="/images/2016/02/08/700_HTW_units.jpg" target="_blank">Click here</a> to enlarge.
For more information, <a href="https://www.htw.com.au/" target="_blank">click here</a>.
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