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

Joel Robinson

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

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

First look: Ceerose doubles down in Leichhardt with adaptive reuse of former warehouse site

Canberra

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EG, the real estate fund manager, has settled on another Canberra asset for their High Income Sustainable Office Trust (HISOT).
It cost $15.6 million for the property set a kilometre from Parliament House, on a prominent corner site in Barton, ACT. 
The 4,054 square metre building has a current NABERS rating of 3.0 with a vacancy rate of 38%. 
The Australian Medical Association will be remaining on site as the primary tenant.  
“EG will deliver a repositioned, sustainable building in the heart of Canberra’s most attractive office markets,” said Michael Noblet Associate Director, Capital Transactions.
“We are targeting to improve the NABERS rating to 4.5 stars or higher through operational improvements and an active capital works program.” 
EG has already planned to align themselves with technology partners to improve energy efficiencies in the building, in line with the HISOT mandate. 
Key investors in the fund include Uniting Financial Services and the Clean Energy Finance Corporation.  
CEFC Investment Funds Lead Rory Lonergan said through upgrading the 30-year-old building, EG will demonstrate how underperformers can be reinvigorated to provide dynamic workspaces that are valued by tenants because they are equipped to handle the demands of a clean energy economy.
The vendor was the Australian Medical Association and the sale was brokered by Tim Mutton of Colliers International.  
Earlier this year, EG settled on the $15.4 million East Block asset in Canberra’s Parliamentary Triangle, which was the first asset in the HISOT fund. 
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j.ballantyne1990-6AQqhLzZaK

EG settles on $15.6 million Canberra property

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A buoyant Canberra housing market is leading to healthy long-term investment options for savvy home buyers, according to RiskWise Property Research.
While the Sydney market goes flat, many Sydney-based investors and buyers’ agents are looking to Canberra as a solid long-term property market that delivers both capital growth and solid rental return.
Less than 300 kilometres south-west of Sydney, Canberra has enjoyed solid capital growth of 23% over the past five years and 10% in the past 12 months.
<a id="LPlnk756628" href="http://www.riskwiseproperty.com.au/" target="_blank">RiskWise Property Research</a> CEO Doron Peleg believes it is a trend which is set to continue, particularly for houses.
"This will be driven by ongoing population growth due to the strength of the local labour market and its growing status as a city of choice for a growing number of Australians,” Peleg said.
"Canberra is a rapidly expanding city with a stable property market that offers relatively affordable housing (in house-to-income terms). In addition, ongoing infrastructure projects, such as the Canberra Light Rail Network, will bring significant benefits to the area.”
RiskWise assessed the risks and opportunities in the ACT property market to help investors and professionals better understand it.
Peleg said while housing in the ACT was enjoying healthy capital growth, the same could not be said for off-the-plan units which carried a higher degree of risk in the short-term.
However, he said, the impact of the additional supply was likely to be reduced in the medium and long-term which showed capital growth of 4% in the past five years and 5% in the past 12 months.
Detailed report on the property market for both houses and units:
Canberra Property Market Under the Microscope - Strong labour market and population growth the major growth drivers
<ul>
<li>Employment</li>
</ul>
The ACT has a strong labour market. The unemployment rate of 3.9% is low - even below the NSW average. This is unsurprising given the strength of its labour market and that the Federal Government is a major direct and indirect employer. This is also supported by the relatively low underemployment and the low effective unemployment rate across the ACT.
<ul>
<li>Population growth</li>
</ul>
The ACT enjoys consistently strong population growth, particularly over the past six years. It also recorded a population growth rate of 1.7%, the second highest rate growth across the country according the latest ABS data. The attractiveness of the local labour market has been a key driver force behind this population increase and this growth trajectory is likely to continue.
<ul>
<li>Capital growth – houses v units</li>
</ul>
While both houses and units enjoy good demand, the demand for houses is very strong and houses enjoy, consistently solid capital growth of 23% in the past 5 years and 10% in the past 12 months. That has significantly exceeded the capital growth of units that delivered 4% in the past 5 years and 5% in the past 12 months.
<ul>
<li>Median rental return</li>
</ul>
The rental return for houses and units are 4.2% and 5.1%, respectively - these rates of returns are significantly higher than the rental return in Sydney.
<ul>
<li>Units in the pipeline – short term risk</li>
</ul>
The number of units in the pipeline for the next 24 months is 5290, being an addition of 8.1% to the current stock.
Investors who purchase off-the-plan properties are exposed to risk of poor capital growth and lower rental returns than expected in the short to medium-term as the area adjusts to the additional supply level. However, general high demand for units across the area is likely to reduce the impact of the supply increase in the medium and long-term. This is primarily driven by the strong labour market and population growth in the ACT.
In conclusion, the ACT delivered strong property price growth over the past few years and is likely to deliver strong growth, particularly for houses.
This will be driven by ongoing population growth due to the strength of the local labour market and its growing status as a city of choice for a growing number of Australians. While off-the-plan units carry a higher degree of risk in the short term, the impact of the additional supply is likely to be reduced in the medium and long term.
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jonathanchancellor-7SQnKwU6yx

Sydney's flattening pushes investors to Canberra: RiskWise

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Is there a case for revisiting the idea of new cities for Australia in the light of recent population projections and resurgent debate about the implications of a big Australia?
By big we’re talking in the order of <a href="http://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/3222.0Main%20Features62012%20(base)%20to%202101?opendocument&amp;tabname=Summary&amp;prodno=3222.0&amp;issue=2012%20(base)%20to%202101&amp;num=&amp;view" target="_blank">another 12 million people by mid-century</a>. That’s said to be <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-03-12/australia-is-struggling-to-handle-its-swelling-population/9535116" target="_blank">equivalent to adding a Canberra every year</a> for the next 30 years. But, on business-as-usual projections, three-quarters of that growth will be accommodated in our four biggest cities: Sydney, Melbourne, Brisbane and Perth. <a href="http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/3222.0main+features72012%20(base)%20to%202101" target="_blank">According to the Australian Bureau of Statistics</a>, this could mean a Sydney of almost 9 million people and Melbourne of almost 10 million by just after 2050.
The last time the nation seriously confronted the reality of sustained and accelerated population growth was in the early 1970s. And there was a mood to do something decisive. In 1972 an Australian Institute of Urban Studies task force emphatically <a href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/work/9420956?selectedversion=NBD1633419" target="_blank">recommended</a>:
efficient and humane alternatives to overconcentrated growth … A massive new-cities program needs to be started NOW.
Benjamen Gussen’s proposal for a ‘charter city’ in the Pilbara stimulated this imaginary depiction (above). Justin Bolleter.
The Whitlam government obliged with a <a href="http://www.johncainfoundation.com.au/wp-content/uploads/2015/11/lyndsay-neilson-presentation.pdf" target="_blank">national growth centre program</a>. Undertaken jointly with the states, this produced some positive outcomes. These included an expanded Albury-Wodonga and systematic longer-term planning for Campbelltown in southwest Sydney and eventually Joondalup in northwest Perth. Admittedly there were some duds, such as the tri-city <a href="https://www.propertyobserver.com.au/https://www.smh.com.au/articles/2002/11/29/1038386312281" target="_blank">Bathurst-Vittoria-Orange</a> and Monarto outside Adelaide, now a free-range zoo.
Funding and enthusiasm trailed off. This more or less reflected trends globally, certainly in the UK, <a href="https://www.theguardian.com/society/2002/may/15/communities.guardiansocietysupplement" target="_blank">heartland of new town thinking</a>, where the Commission for New Towns was abolished by 1998.
But <a href="http://www.newtowninstitute.org/spip.php?article420">Paris carried on</a> and even the private sector in the US developed new communities, <a href="http://www.baltimoresun.com/news/maryland/howard/howard-magazine/ph-mg-ho-columbia-planned-cities-20170606-story" target="_blank">bringing innovation to the design process</a>. Other nations with high population growth, such as <a href="https://www.forbes.com/sites/wadeshepard/2017/12/12/why-hundreds-of-completely-new-cities-are-being-built-around-the-world/#4ad64fc514bf" target="_blank">China, maintained engagement</a>. Now even <a href="https://www.nic.org.uk/news/adonis-new-infrastructure-can-bring-first-new-towns-half-century-billions-national-economy/" target="_blank">Britain is returning</a> to <a href="http://researchbriefings.files.parliament.uk/documents/SN06867/SN06867.pdf" target="_blank">new-look garden cities as models of sustainable growth</a>.
<h2>So what’s going on in Australia?</h2>
If Australia had a fair dinkum national urban and population policy, then future patterns of national settlement would be firmly in its sights. But we don’t, and those <a href="https://theconversation.com/hopes-of-a-new-urban-age-survive-ministers-fall-52975" target="_blank">hopes of a new era</a> under Prime Minister Malcolm Turnbull just haven’t ignited. Instead, we mostly have a scattershot of initiatives, incentives and deals on offer within an overall economistic rhetoric of smartness and value capture.
Infrastructure Australia’s recent report, <a href="http://infrastructureaustralia.gov.au/policy-publications/publications/files/future-cities/Future-Cities-Summary-Report-2018.pdf" target="_blank">Future Cities: Planning for our growing population</a>, is not much help. It concentrates on the largest cities only, and reiterates the conventional wisdom of their evolution towards higher-quality, higher-density cities.
It is worth asking why existing – and presumed inevitable – patterns of growth are the equivalent of a new city, but new urban places are not tabled as viable options.
<a href="https://images.theconversation.com/files/210047/original/file-20180313-30983-q1df03.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/210047/original/file-20180313-30983-q1df03.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Australia created a new city for its capital and annual population growth is now being equated to ‘new Canberras’, so why not consider more new cities? <a class="source" href="https://www.shutterstock.com/image-photo/aerial-view-canberra-city-center-1040423728?src=iwImnPPAC2OgKnPtvdHwYg-1-18" target="_blank">Yicai/Shutterstock</a>
There is nothing approaching a coherent vision of national urban system planning. This scale of thinking has largely dropped out of the policy realm. The rise of design-driven planning has brought many benefits in balancing public and private interest, but these are usually played out at the local scale.
Metropolitan planning strategies display more comprehensive thinking but are jurisdictionally constrained. They also inevitably converge on the same suite of aspirations – growth management, housing supply and affordability, employment, density, mixed-use activity centres and transit-oriented development. And, as we see in Melbourne, the progressive liberalisation of urban growth boundaries to allow greater expansion <a href="https://theconversation.com/australian-cities-and-their-metropolitan-plans-still-seem-to-be-parallel-universes-87603" target="_blank">misses opportunities for more radical rethinks</a>.
<a href="https://theconversation.com/all-the-signs-point-to-our-big-cities-need-for-democratic-metro-scale-governance-92417" target="_blank">Metropolitan governance is the order of the day</a>, without doubt, but what spatial framework does that sit in? The <a href="https://www.greater.sydney/" target="_blank">Greater Sydney Commission</a> is proving its worth in this direction and organising local authorities into a co-ordinated assemblage. But its strategy has almost nothing to say about the rest of the state.
There is no spatial state plan. Wollongong, Newcastle, the Central Coast (contributing over 200,000 daily return commuter trips into Sydney) and regional areas lie out of view.
Where state planning strategies do exist (such as Western Australia) these tend to be toothless and lacking in vision.
Since mid-2017 some bigger-picture thinking has surfaced in submissions and presentations to the House Standing Committee on Infrastructure, Transport and Cities, which is conducting a timely <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/House/ITC/DevelopmentofCities" target="_blank">inquiry into the Australian government’s role in city development</a>. The message is that there are no quick fixes, single solutions or optimum city sizes. There is also an awareness that the path dependency of growth in metropolitan areas will ensure their continuing primacy.
The <a href="https://www.economicshelp.org/blog/glossary/agglomeration-economies/" target="_blank">agglomeration economies</a> favouring non-metropolitan locations are admitedly weaker but a strengthening narrative relates to the links between 21st-century transportation and settlement. <a href="https://theconversation.com/high-speed-rail-at-200-billion-wed-better-get-it-right-62541" target="_blank">High-speed rail</a> is not just an inter-city technological marvel but – done well to an integrated spatial plan – becomes a nation-building instrument for expanding key regional centres.
Think longer term, think big
Long-term thinking compels bigger vision. The 2013 book <a href="http://www.publish.csiro.au/book/7215/" target="_blank">Made in Australia</a> by Richard Weller and Julian Bolleter attempts this, by daring to imagine a future beyond the conventional wisdom of low-density spread and urban consolidation. Guided by ABS national population projections – <a href="http://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/3222.0Main%20Features52012%20(base)%20to%202101?opendocument&amp;tabname=Summary&amp;prodno=3222.0&amp;issue=2012%20(base)%20to%202101&amp;num=&amp;view" target="_blank">70 million by 2101</a> – its sights are firmly <a href="https://www.propertyobserver.com.au/https://www.parksleisure.com.au/documents/item/2693" target="_blank">set on a whole new conception of megaregions and new cities</a>. Northern Australia, in particular, comes into view as a new urban frontier.
There are various scenarios to explore within a new city paradigm:
<ul>
<li>the polycentric city (think: Hunter to the Illawarra in NSW)</li>
<li>integrated planning for regional centres and expanded towns (a more targeted <a href="http://regional.gov.au/regional/programs/regional-growth-fund.aspx" target="_blank">Regional Growth Fund</a>)</li>
<li>regional satellites (network city regions focused on metropolitan cores)</li>
<li>upscaled master plan communities set within a regional vision (<a href="https://www.greaterspringfield.com.au/" target="_blank">Springfield</a>)</li>
<li>“new cities in cities” (<a href="https://theconversation.com/flying-into-uncertainty-western-sydneys-aerotropolis-poses-more-questions-than-answers-73682" target="_blank">Western Sydney aerotropolis</a>).</li>
</ul>
The contemporary new city idea cannot be a tired rerun of town and country planning policies from the past. These elevated post-war welfare-state British new towns as the benchmark and ignored their many shortcomings as urban environments.
The population tap is unlikely to be turned off even if politically leveraged downward. Humanitarian migration is also likely to grow. This means we need to have a debate that is not just about population size but also about its distribution.
<img src="https://counter.theconversation.com/content/92990/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Australia is a post-colonial country built largely through relatively new, planned cities. We have a capital city famously built from scratch. Australians should be able to engage with a more nuanced evaluation of the role of new cities in delivering the desired triple bottom line of urban productivity, liveability and sustainability.
<a href="https://theconversation.com/profiles/robert-freestone-168551" target="_blank">Robert Freestone</a>, Professor of Planning, Faculty of Built Environment, <a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>; <a href="https://theconversation.com/profiles/elizabeth-taylor-97922" target="_blank">Elizabeth Taylor</a>, Vice Chancellor's Post-Doctoral Research Fellow, <a href="http://theconversation.com/institutions/rmit-university-1063" target="_blank">RMIT University</a>, and <a href="https://theconversation.com/profiles/julian-bolleter-292111" target="_blank">Julian Bolleter</a>, Research Fellow, Australian Urban Design Research Centre, <a href="http://theconversation.com/institutions/university-of-western-australia-1067" target="_blank">University of Western Australia</a>
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/new-cities-its-an-idea-worth-thinking-about-for-australia-92990" target="_blank">original article</a>.
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Should Australia be thinking about a new city?

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The Canberra office market has been historically characterised as having one of the strongest supply pipelines nationally.
Over the past few years it has delivered high levels of stock, against a background of strong net absorption.
In the 12 months to December 2017, Savills Research identified approximately $571.7 million worth of office transactions (greater than $5 million) in the Canberra office market.
However, as a result of falling leasing demand from the Commonwealth leading up to, and following from, the election of the Coalition to Government in 2013, the speculative development phase that had been experienced in Canberra ended in 2015-2016, Savills said.
Over 2015/2016, developers were largely reluctant to build speculatively, following weaker economic conditions and moderating leasing demand driven by cost cutting measures initiated by Commonwealth tenants.
But following two years of negative net supply, 2017 saw new additions amounting to 51,364 square metres. Improving market conditions and a strengthening economy are providing the impetus for an increase in developments.
According to the latest research report from Savills Australia, the commencement of two new speculative developments in the CBD will add approximately 35,000 square metres of new accommodation in the 2019/20 period.
A further 20,000 square metres of space in the CBD and 15,000 square metres in Dickson have been pre-committed by the ACT Government and are due to be completed over the same period.
Anecdotal evidence from current leasing campaigns on these developments suggest a significant upward revision of rents.
Andrew Stewart, managing director of Savills ACT said this level of activity is well beyond the 10 year average of $416 million and can be traced to a single transaction; the sale of 50 Marcus Clarke Street, City. 
“The asset was sold for $321 million to South Korean asset management firm, Mirae Asset Global Investments at an equated yield of 5.75% by Malaysian vendor CIMB Trust &amp; Malaysian Employees Provident Fund. It is important to note that traditionally, these larger assets are tightly held with only four trading in the past five years," said Stewart.
“Demand for Canberra assets are being driven by domestic and foreign investors focused on secure income streams and long Weighted Average Lease Expiry’s (WALEs) owing to the majority of office space being leased by Government tenants.” 
Stewart said that large funds and trusts that rely on both income growth as well as capital growth are certainly attracted to the Canberra market. 
“We are also seeing a trend towards more privatisation which has led to a greater diversity in tenant base as more consulting firms relocate to Canberra for jobs that are being outsourced by the Federal government off the back of cost cutting measures implemented by the Liberal government.”
There was a notable increase in local institutional funds and private investors purchasing office assets in Canberra.
One noteworthy transaction was the sale of 44 Sydney, Forrest in November 2017 for $64.70 million on an equivalent yield of 6.24%, purchased by Australian based fund manager Charter Hall.
Anecdotal evidence is suggestive of increasing demand for new or new-near buildings with long-WALE’s, with current owners of such properties reluctant to divest themselves of their properties.
According to Shrabastee Mallik, Senior Analyst - Capital Strategy at Savills Australia, market yields in Canberra Civic, as at December 2017, are estimated to range between 5.50% and 7.25% for A grade, and between 7.50% and 10.50% for B grade buildings.
“The average yield for A grade office buildings in the quarter to December 2017 is 6.40%, representing a 35 basis point firming over the year.
“Capital values in the Civic precinct in Canberra, as at December 2017, are estimated to range from $5,265 per square metre to $8,350 per square metre for A grade buildings, and between $3,500 per square metre and $5,400 per square metre for B grade buildings” she said.
Ms Mallik believes that fewer projected public service job cuts and a more relaxed budget looks likely to lead to a resurgence in office leasing demand and an increase in developments.
“Rents for new and near-new ‘A’ Grade stock have been maintained at a stable level, with a small level of face rent growth at the top end of the market” she said. 
Pip Doogan, Director of Office Leasing at Savills ACT said the level of incentives on offer for this class of property have stabilised, and are trending down gradually in those areas with low vacancy rates, which should result in a rise in effective gross rents in this market sector.  
“Net face rents in the Canberra Civic precinct range from $340 to $400 per square metre per annum for A Grade and from $290 to $325 per square metre per annum for B Grade, as of Dec 2017”.
 
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/3/14/canberra%202.jpg" alt="">
 
 
 
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Investors looking to Canberra office market for long-WALE's: Savills

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Many homes nowadays have a cinema room, but fresh on the market is an award-winning Canberra home complete with a fully fledged theatre.
It has been the passion of Steven Gerakedis.
The <a href="https://www.realestate.com.au/property-house-act-reid-127739702" target="_blank">art deco Reid home </a> with classic cottage facade reflects 1920s heritage, all the way down to the sub-ground cinema. 
Bring the popcorn! The theatre has tiered leather recliner seating, a curved wide screen projector, dedicated projector room and a separate lounge area for pre and post-movie socializing.
The walls are filled with classic movie posters.
The home set in Dirrawan Gardens on 1,300 square metres was awarded the Master Builders Association House of the Year.
"You have to see it to believe it," the judges noted.
It has three bedrooms, three bathrooms, a glass reception gallery and a climate-controlled cellar.
Peter Blackshaw Manuka agents Alec Brown and Andrew Chamberlain are marketing the home until March 28.
This article first appeared in The Weekend Australian. 
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jchancellor-FAypfDUnLy

The award goes to... Canberra trophy home with full theatre listed

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The former Mr Fluffy, ACT asbestos land blocks that went under the hammer last Thursday in the first mass auction of the year, mostly failed to sell.
Allhomes reported at least 100 people attended the auction of the blocks remediated by the ACT government.
The auction came two days after a Canberra family revealed they'd uncovered bricks that tested positive for loose-fill asbestos on a $1.6 million block they'd bought at auction last year which has since had delayed work costs.
The first 21 blocks auctioned off saw more than 80% passed in, The Canberra Times reported.
Properties included a 2099 square metre block in Arthur Circle, Forrest which was passed in at $2.2 million.
Colliers International auctioneer Dan McAlpine read disclaimers that preceded the auction including a clause that stated: "By participating in the auction, registrants warrant that they have made their own inquiries regarding the land, its value and its suitability for development and have not bid on reliance on the material included in the auction documentation."
But there was no mention of the risk of residual contamination.
Suburban Land ACT auctions hosted by Colliers International are scheduled for March, April and May, which will see about 200 parcels of land offered.
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Canberra auction clearance rate down as Mr Fluffy blocks still possibly contaminated 

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The National Capital Authority is seeking expressions of interest for the sale of The Lobby restaurant.
The Canberra landmark has been closed for more than a year.
The authority said it would ensure that its heritage values are protected after the sale, NCA chief planner Andrew Smith said.
"Once sold, the NCA and the Commonwealth will remain committed to protecting and preserving the heritage values of The Lobby as well as the Commonwealth Heritage listed landscape which it forms part of," the authority's chief planner, Andrew Smith, said in a statement.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/21/lobby2.jpg" alt="">
Development of The Lobby would need parliamentary approval.
Smith expects that The Lobby be a hospitality venue, remaining as a restaurant or possibly becoming a bar or cafe.
The restaurant opened in 1968, mostly for politicians who wanted somewhere to dine near Old Parliament House.
The tender process is through Civium Property Group until March 15.
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The Lobby, Canberra for sale

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EG, one of Australia’s leading real estate fund managers, has acquired the first asset for the High Income Sustainable Office Trust (HISOT). 
The East Block asset is a strategically located heritage asset in the Parliamentary Triangle, Canberra. 
EG will improve the energy efficiency of the building by leveraging technological advances and active asset management under the HISOT mandate. It will form a key part of the future revitalisation of the Canberra precinct.
“EG are pleased to see the compelling sustainable investment fund launch with a strongly placed asset that will benefit from the uplift in energy savings and active asset management strategy,” say EG's Aurelio di Napoli.
The property has a net lettable area of approximately 4,958 sqm and has an eight year WALE following the completion of Lessor works. The current tenant is the National Archives of Australia.
EG’s HISOT fund had its first close in 2016. The fund mandate is to target assets that will benefit from raising the NABERS rating. It is underpinned by a strong ethical and environmental commitment by the unit holders that will reduce the overall impact of a building while driving a significant increase in the asset value.
The Clean Energy Finance Corporation was a cornerstone equity investor in HISOT.
 CEFC Investment Funds Lead Rory Lonergan said the CEFC is delighted to see their investment in HISOT contributing to energy efficiency improvements in this iconic precinct.
"This is another demonstration of the flexibility and suitability of clean energy across our built environment.
"It’s absolutely vital that new buildings are built to the highest energy standards as we move to zero carbon emissions.
"It’s equally important that we make these improvements to existing buildings, extending their life as well as ensuring they benefit from latest technologies which reduce energy costs and lower their carbon footprint.
“Through our investment in the HISOT, the CEFC is keen to see the development and refurbishment of older buildings. 
"Energy efficient buildings have lower operating costs and have the potential to provide higher net operating income with lower vacancy rates, providing clear benefits to building owners, investors and tenants.”
The vendor was Commonwealth of Australia and the deal was brokered by Tony Massaro and the PwC Real Estate Advisory Team in Sydney.
 
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jrobinson-rf4aSBido9

EG pays $15.4 million for central Canberra office asset

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More than 100 registered bidders attended an auction event in Canberra last week.
There were 29 properties for auction with 22 selling under the hammer, reflecting a 76% clearance rate.
Out of the offering only one came without a registered bidder.
Five of the homes had more than seven registered bidders after more than 1000 inspections of the auctioned Ray White homes were undertaken.
Prices ranged from $430,000 to $1,452,500 including 15 Hakea Crescent, O’Connor (pictured above) with the four-bedroom 2009 home the highest result.
The $430,000 sale was a 150 sqm three bedroom Narrabundah apartment that had previously sold in 2003 at $285,000.
It was sold as a $420 a week rental until September. It had been initially listed with $475,000 hopes last year.
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Canberra auctions off to a flier

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House prices growth in Canberra is expected to top other capital cities between now and 2020, according to property expert John McGrath’s recent article in Switzer.
This growth will be drive by a 16% rise in population growth, continuing high incomes and a shortage of detached housing stock, said McGrath, citing data from economic forecaster BIS Oxford Economics.
Canberra also recorded its highest Winter auction clearance rate since 2009 and the fourth highest clearance on record at 69.2%, according to Domain.  
It was the best performing capital last weekend.
However, the capital’s two-tier marketplace: a rise in detached home prices and stagnation in apartment prices, is highlighted by the recent McGrath Report 2018 which says the national oversupply of apartments will see Canberra become one of only two capital cities with any apartment price growth by 2020.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/15/capitals.jpg" alt="">
Median house prices in Canberra grew a solid 6.6% to $650,000 over the year to June 2017, according to CoreLogic, meanwhile apartment price growth was sluggish at just 2.9% to a median $442,500.  
 “Restricted house stock is attributable to a decline in new construction and the ongoing impact of more than 1,000 asbestos affected ‘Mr Fluffy’ blocks being removed from the market under compulsory acquisition by the ACT Government in 2014,” says McGrath in Switzer.
So far, only 400 remediated blocks have been released back into the market.
“Lack of stock is also contributing to a projected pick up in the renovations sector after a contraction of 6.1% in FY17. A lack of choice in the marketplace is driving some home buyers to stay put and renovate instead, with the Housing Industry Association forecasting renovations activity to increase by 5.1% during 2017-18.”   
Apartments and other non-detached housing make up 80% of dwelling approvals in Canberra, according to the HIA, while real estate firm JLL estimates a pipeline of 7,000 new apartments for the city by 2021.  
The apartment market is already in oversupply but a low vacancy rate of 1.7%, coupled with strong yields, is keeping apartment prices in slightly positive growth territory, he adds. 
Canberra’s median rent of $420 per week and median yield of 4.9% is expected to continue rising in the short term due to population growth, low numbers of first home buyers and an underlying shortage of rental accommodation.  
Population grew 11% in the ACT between 2011-2016, the largest of all states and territories and equivalent to more than 40,000 new residents, according to the Australian Bureau of Statistics (ABS).
 The ACT government expects further strong population growth of 6% in Canberra by 2020. About 60% of this growth will be driven by natural increase (births minus deaths) and around 40% through net overseas and interstate migration.    This growth is being supported by major new public projects like the $700 million citywide light rail network, with the first stage connecting the CBD and Gungahlin next year; and a revitalisation of the city precinct.
A big ticket housing project for 2017-18 will be the replacement of the Red Hill public housing units in the prized inner south. The new residential development will include 108 single dwelling sites, four multi-unit sites and six green spaces. Another 92 townhouses and apartments are planned for three blocks in Holder, Chapman and Wright.  
 With its selection of art galleries and vibrant restaurant scene, Canberra is shedding its stuffy reputation and becoming an attractive lifestyle and cultural destination, says McGrath, predicting better times ahead for the capital city.
 
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