Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Joel Robinson

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <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> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

Darwin

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Over the March 2018 quarter, resales of Darwin properties generated $31.8 million in profits and $9.1 million in losses.
Based on these figures, Darwin generated 0.2% of national profit and 2.1% of the total value of losses.
Each region of the city has recorded a high proportion of resales at a loss.
<img src="https://www.urban.com.au/images/2018/7/5/PG%20Darwin%201.JPG" alt="">
Both Darwin and Palmerston recorded a share of loss in excess of 30% of all resales while Palmerston was only slightly below the 20% mark.
The share of houses resold at a loss was quite steady over the quarter while there was a rebound in losses across the unit market.
With a recent steadying of dwelling value declines, CoreLogic suggest it will be interesting to see how losses perform over the coming quarters.\
Click to <a href="https://www.propertyobserver.com.au/images/2018/7/5/PG%20Darwin%203.JPG" target="_blank">enlarge</a>
<img src="https://www.urban.com.au/images/2018/7/5/PG%20Darwin%203.JPG" alt="">
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j.ballantyne1990-6AQqhLzZaK

Darwin dwelling value declines remain steady: CoreLogic Pain & Gain

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The quickest path for first home buyers to purchasing a house in Greater Darwin is Berrimah, according to a report released by Domain.
<img src="https://gallery.mailchimp.com/b16c0b957ea98f662ab985606/images/3c2bfe62-6996-4bdd-b052-948574a94f5c.png">
The time needed to save for a house or unit has dropped over the past year in Greater Darwin.
 It’s now 11 months quicker to save for an entry price house deposit and nine months quicker to save for an entry price unit deposit.
 Along with Greater Perth, Greater Darwin is the only other city where the savings journey is shorter for both houses and units than the previous year. The market has softened in Greater Darwin shaving significant time off the journey to saving a deposit, which is a positive for first home buyers.
The fastest path to unit ownership is Nightcliff
<img src="https://gallery.mailchimp.com/b16c0b957ea98f662ab985606/images/cdad63bf-caef-4784-9015-2bb290f63258.png">
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Berrimah ranked the quickest FHB path to house ownership in Greater Darwin: Domain

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Darwin’s median house price has now fallen by 19 per cent after peaking at $620,800 in June 2014, according to a report released this week by BIS Oxford Economics.
This has taken the median to an estimated $505,000 at June 2018 and the upturn to 2014 was driven by the ramp up in resource sector investment led by the Icthys LNG project.
However, construction work on this project has been winding down, while lower commodity prices have also seen other mining facilities mothballed.
“The boom in mining investment was accompanied by a boom in new dwelling construction,” said Angie Zigomanis, head of BIS Oxford Economics' Residential Research Unit
“However, dwellings were being completed as mining investment was retreating and population growth contracting, which in turn saw Darwin’s vacancy rate rise to a peak of 7.8 per cent in December quarter 2016.”
House price falls in Darwin are expected to have bottomed out in 2017/18 and although quarterly median house prices have still been patchy, it appears that the downward trend has at least stopped, noted the BIS Oxford Economics economists.
Nevertheless, the oversupply means house prices are forecast to remain flat in 2018/19, before limited growth comes through over the subsequent two years.
The collapse in new dwelling construction is expected to see excess stock steadily absorbed in this period.
The report forecasts that Darwin’s median house price is to rise by a total of only five per cent in the three years to June 2021, which will result in a real house price decline of three per cent over the period.
Unit prices have retreated further than house prices, with the median being 33 per cent off its peak at June 2018 reflecting the high level of unit supply that has been added to the market.
BIS Oxford economists forecasts are that unit price growth over 2018 to 2021 to be slightly lower than for houses at a total four per cent, or a four per cent decline in real terms.
For a look at our take on the BIS Oxford Economics report for the national market check out, "<a href="/expert-insights/buying/melbourne-house-prices-forecast-to-tread-water-through-to-2020-21-bis">Melbourne house prices forecast to tread water through to 2020/21</a>".
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Downward Darwin housing market trend has stopped: BIS Oxford Economics

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Major projects are in the planning pipeline for Darwin and the Northern Territory and Darwin’s real estate market desperately needs some of them to proceed.
The local economy lacks activity, jobs creation and population growth – and, as a consequence, property market statistics remain highly negative. 
The regular data on prices and rents continue to show the Darwin market in reverse. Unit prices in Darwin, for example, are down 10.6% (CoreLogic) or 11.7% (SQM Research) in annual terms. The trends also remain negative for house prices and rentals.
Unlike the other downturn capital city, Perth, there are as yet no signs of recovery for Darwin.
The Darwin market downturn has coincided with the end of the resources investment boom and the consequent decline in the Northern Territory economy. As a result, jobs creation and population growth has suffered.
This inevitably has fed through to Darwin real estate, with sales activity falling away dramatically. In Darwin City, residential sales totalled between 435 and 565 in every quarter of 2014 and 2015. But in 2017, quarterly sales been regularly below 330. 
In the apartment market, the rate of sale in 2014 and 2015 was well over 200 sales per quarter, but in 2017 the average was less than 150 per quarter.
The slump has been even more dramatic in the Palmerston LGA adjoining Darwin City. Residential sales totalled over 1,200 in 2014 and 1,100 in 2015, but below 500 in 2017. 
Given that Palmerston is where most of the new residential suburbs have been emerging, these figures illustrate the slump in buyer demand for new homes in the Darwin market.
This has pushed down prices markedly. Virtually every suburb in the Darwin metropolitan area has recorded price decline in the past quarter, the past year and the past three years. 
Most suburbs in the Darwin region have house price levels lower than five years ago.
Examples include the suburb of Alawa, where the median house price has dropped 9% in the latest quarter, 10% in the past year and 22% in the past three years. Its median house price is now $465,000.
In Karama, the median price has dropped 6% in the past quarter, 11% in the past year and 22% in the past three years, and is now $430,000. The Moulden median house price is down 2% (quarter), 11% (12 months) and 20% (three years) to reach $310,000.
There are similarly negative results in the apartment market.
There are two exceptions to this story of decline: the upmarket suburbs of Nightcliff (median house price $770,000) and Rapid Creek ($720,000) have each recorded growth in the past quarter, year and three years - and, unlike most Darwin suburbs, have median prices higher than five years ago.
Significantly, Nightcliff and Rapid Creek show up in Hotspotting’s quarterly surveys of sales activity as suburbs with fairly consistent sales performance. This is in contrast to our overall findings, where most suburbs are classified as danger markets (which means sales activity has dropped markedly and remain well below the peak levels). 
Beyond the Darwin metropolitan area, Alice Springs continues to be the strongest market in the Territory, based on the consistency of its sales performance. It has recorded between 100 and 130 dwelling sales in most of the past 12 quarters - and lately has shown an upward trend.
The Alice house market was at its strongest in 2015 and now quarterly sales (rising from 62 to 73 to 77 to 88 house sales in the past four quarters) are approaching those levels again.
As a result, and in sharp contrast to Darwin, most suburbs in Alice Springs have shown solid growth in median house prices. Braitling, East Side, Larapinta and Gillen have all recorded growth in the past quarter, year and three years.  
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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terryryder-YECXbqmri2

Darwin sales falling away dramatically

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The architecture firm The Buchan Group, has designed a retail hub located in the heart of a new Northern Territory master-planned suburb, Zuccoli at Palmerston.
Zuccoli plaza, which is now completed, comprises 3400 sqm of retail space with additional covered areas.
The shopping centre features 14 shops including a supermarket, gym, medical centre, chemist, local MP office, liquor store, newsagent, land sales office and cafe. It is located on the corner of Zuccoli Parade and Crosby Street.
The Buchan Group was appointed by The RR Morriss Group to provide master-planning, architectural, interior, graphics branding and signage design services to the project.
Buchan Group architect Rhys Maxwell said Zuccoli Plaza was "a village plaza which connected, integrated, and extended the adjoining park into the site."
“It seemed logical to integrate the surrounding parkland into the site to complement the Zuccoli masterplan concept of providing a natural edge to village life.
“A flowing and open park transition with flanking arbour structures connects the adjoining WKJ Memorial Park to the plaza to provide shade and cover to the pedestrian walkways."
 <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/2018/2/28/Buchan%20Group%20Zuccoli%20Plaza%20Darwin%202.jpg" alt="">
The centre was opened by the family of the late Guido Zuccoli, after whom the suburb was named. A design competition was held for local artists to paint a mural in Mr Zuccoli’s honour, on the park-facing side of Zuccoli Plaza.
 
 
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Buchan Group's design of Zuccoli Plaza, Darwin

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Darwin property owners seeking a sale in the first quarter of 2018 should recognise the city’s housing values have bottomed, according to leading real estate group, Raine &amp; Horne. 
“Investment firm AMP Capital l<a name="x__ednref1" href="x-webdoc://DC3B27C2-F28F-4666-9E47-11992185BC89#x__edn1" title=""></a>ast week indicated that the Darwin real estate market has bottomed, which means that local owners should feel less pressure to take the first offer from a buyer,” said Glenn Grantham, general manager at Raine &amp; Horne Darwin.
“The Darwin property market in fact reached the bottom of the price cycle a few months ago, yet there still seems to be many owners believing they must take the first offer that comes their way.”
The failure by owners to recognise that prices have bottomed can be as costly as paying too much at the top of the market cycle, advised Grantham.
“We have heard of instances where some owners at the end of 2017 were accepting auction bids that were considerably lower than the going market rate.
“With the Darwin property market now at the bottom of the cycle, it’s critical that owners work with real estate agents, such as Raine &amp; Horne, who will put their interests first, and secure them the best price possible.”
Markets such as apartments in central Darwin and houses in Palmerston are set to be major buying hotspots in 2018.
“If you recognise that Darwin has reached the bottom of the price cycle, then you need to look at the sub-markets where prices have been most affected,” said Mr Grantham.
“In this regard, it’s hard to go past apartments in the centre of Darwin and houses in Palmerston.”
<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/2018/1/17/darwin3.jpg" alt="">
The median 3-bedroom house price in Palmerston is $300,000 and mid-$400,00s for a four-bedroom house, according to Raine &amp; Horne Darwin.
“Inner city, two-bedroom apartments start from around $300,000, and this is the market where we’re seeing more investor activity,” said Mr Grantham.
The wet season which extends to April coincides with an influx of interstate workers moving to Darwin for government and defence work.
“Many of the transient workers buy a Darwin property to live in, before transitioning it to the rental market when they leave,” noted Mr Grantham
“Almost 90% of investors are from interstate who move to Darwin for short to medium periods and recognise its property market offers the prospect of immediate price affordability and long-term growth. 
“Workers from interstate often purchase Darwin properties with an understanding that when they leave, they’ll keep it as an investment asset that can produce growth and income yields significantly higher than the southern capitals.”
Raine &amp; Horne Darwin has 66 properties on their books.
Their priciest is an apartment in the <a href="https://www.realestate.com.au/property-apartment-nt-darwin+city-119146115" target="_blank">Evolution on Gardiner</a> building in the city which has views of the water (top and above).
Agents Glen Grantham and Dan Campbell are asking for $985,000 for the three bedroom, two bathroom apartment.
<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/2018/1/17/darwin2.jpg" alt="">
Grantham and Campbell are also marketing an off the plan townhouse in the <a href="https://www.realestate.com.au/property-townhouse-nt-the+gardens-123840718" target="_blank">Terrace Gardens project</a> (above).
The three bedroom, two bathroom townhouse is priced at $825,000.
There has only been one Darwin sale by the Raine &amp; Horne Darwin team this year. That was an <a href="https://www.realestate.com.au/sold/property-apartment-nt-darwin+city-120654785" target="_blank">apartment in the Marrakai complex</a> (below) which sold for $350,000.
<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/2018/1/17/marrakai.jpg" alt="">
The ninth level apartment with two bedrooms and two bathrooms last traded for $245,000 in 2000 and had been on the market for over two years.
It initially sought a price between $520,000 and $550,000.
A unit Raine &amp; Horne sold in Cullen Bay went back in price late last year when it sold for $485,000.
The two bedroom apartment overlooking Cullen Bay Marina last sold for $620,000 in 2008, and even $500,000 in 2007, still above its price today 10 years later.
 
 
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jonathanchancellor-7SQnKwU6yx

Darwin housing values have bottomed

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Darwin was the weakest capital city for prices in 2017, according to CoreLogic.
CoreLogic's Tim Lawless believes Darwin's housing downturn is "entrenched" given prices have fallen by 21.5 per cent since May 2014.
But there is a silver lining for the Northern Territory capital as the substantial fall in values has pushed Darwin City rental yields higher.
Darwin's rental yields are 5.9 per cent, the highest out of all capital cities.
For Darwin, Lawless noted Darwin values down 6.5 percent during 2017.
Its rental prices were down too - by 1.5% over the year. 
Sales last year where vendors look a loss included a three bedroom, two bathroom 2003 apartment at $375,000. <a href="https://www.realestate.com.au/sold/property-apartment-nt-darwin+city-125224626" target="_blank">The Carey Street apartment </a>had sold in 2005 at $399,000.
The rental estimate was given as $550 to $600 per week for the recently repainted apartment with leafy aspects from all bedrooms and water views from the balcony. It sold through Rhiannon Oakhill and Karl Secondis at One Real Estate after 100 days on the market.
It has council rates of $1,395 per annum and body corporate fees of $2,560 per quarter.
A three bedroom, two bathroom apartment sold at around the same time for $400,000 was quickly snapped up after becoming available at $550 a week rental.
Situated in Vantage Point, with sweeping views across Frances Bay towards Bayview, a seventh floor apartment in White Tower, sold at $395,000, after three years on the market.
 The rent was $650 per week with a DHA lease due to run until June 2017.
It was available for rent in July at $545 a week.
It had sold at $450,000 in 2005, so fell $55,000 in price.
There was a big price drop at <a href="https://www.realestate.com.au/sold/property-apartment-nt-darwin+city-124708002" target="_blank">19/96 Woods Street</a>, when a $450,000 sale was achieved for a 2009-built three bedroom apartment (below).
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It sold off the plan at $466,000 then onsold at $560,000.
The rental asking price was $750 in 2013, then $650 in 2015, and then a $610 asking price in 2016. The selling agent, Stuart Rodda at Territory Real Estate advised the current tenant was paying $560 per week. 
At the prestige end of the market, a 320 sqm penthouse in the Arkaba complex sold for $1.25 million.
<a href="https://www.realestate.com.au/sold/property-apartment-nt-darwin+city-117516567" target="_blank">The 25/13 Esplanade offering</a> had previously sold at $1.7 million in 2009. It had been on and off the market since 2014, at one stage rented out at $1400 a week.
The four bedroom penthouse had body corporate levies of $4,826.25 per quarter. The rates were $2,200pa.
There are currently around 185 units for sale in the 0800 Darwin postcode.
Offers over $700,000 are being sought for <a href="https://www.realestate.com.au/property-apartment-nt-darwin+city-125395458" target="_blank">a two level 26th floor penthouse</a> that sold at $785,000 in 2015.
With the growing demand for executive style living in a central location, the spectacular apartment was a hot pick for anyone working in the CBD, the FIFO worker or Defence personnel tenant, the Raine &amp; Horne listing agent suggests.
A two bedroom 1980s unit last sold at $365,000 in 2014 that was seeking offers over $299,000 has been pulled from sale.
It was then available for rent at $280 a week, having been previously listed at $330 a week asking rent in 2016.
First National agent Michael Keith is offering what he has marketed as a long-term 5% net yielding property, "providing a genuine set and forget investment."
It is in the tightly held City Garden Apartments in the Darwin CBD which consists of 16 two bedroom self-contained serviced apartments.
The apartment is 70sqm in size on the 1st floor overlooking a resort style pool. The income was listed as $1,735 per month fixed for two years with 3% increase annually thereafter. There is a rent review every five years adjusted at 5% on valuation. There is an option for three additional five year rental periods. The council rates are $1,400 per annum and the body corporate fees are $500 per quarter.
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jchancellor-FAypfDUnLy

Buying discounted property in Darwin, Australia's weakest capital city

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A new retail and commercial precinct in Casuarina is heading for completion in February 2018, with six operators already committing to long term leases within the centre.
Developed and owned by Bruce Coulson, ‘The Commons’ is located between Casuarina Way and Grande Parade in the heart of Casuarina.
On completion, it will have 12 food, medical, health and general retail services as well as a childcare centre with 175 places. 
Rents range from $450/sqm to $725/sqm.
The project is being marketed by Kelly Buxton and Luke McGrath of Colliers International.
The leased six tenancies within the centre to date have tenancy sizes ranging from 40sqm to 227sqm and leasing terms ranging from 5 to 10 years.
The businesses include: Blackboard Coffee - a licensed café and coffee roaster; The Crafty Cow – a smokehouse and bar; Nikkou - women’s and kids fashion; Child psychologist and speech therapist; Chiropractor; and F45 – a fitness training studio.  
The owners of The Crafty Cow are two couples that will be relocating their families from Brisbane to Casuarina to follow the relaxed beach lifestyle and their passion for food. 
One of the owners, Jodie Daley, whose background is in hospitality said that they are very excited about bringing a new concept to the area, a smokehouse and bar that will serve craft beer, tapas, burgers, finger food and platters. 
“Considering Casuarina is one of favourite holiday destinations, we always knew we were going to relocate one day and set up a business here.” 
Buxton of Colliers said the remaining tenancies within the centre range in size from 41sqm to 147sqm and would suit fast food operators, general retail, real estate agency, medical centre, dentist or another health practitioner. 
The main trade area includes about 24,000 residents, made up of mostly retirees, young families and first home buyers, with the annual population growth rate projected at approximately 3.6 per cent.
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Soon-to-be completed retail centre 'Commons' in Casuarina has six leases already

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This inner Darwin city belt is popular with both owner-occupiers and renters alike, being ideally positioned close to shopping facilities and the Darwin CBD, according to valuation firm Herron Todd White.
Dwellings of this type in this segment start from $700,000 and generally have large allotment sizes starting from 800 square metres. 
Substantial land values are the main value component in this area, HTW noted.
 Most of these dwellings were constructed in the 1960s, which is noted for Darwin’s rebuild and subsequent expansion in a post-World War 2 era. This type of property is distinguished by being built on stilts (masonry or metal), cross-ventilation cooling, banks of louvred windows and usually a large balcony.
Tropical living is a desired aspect of the living in the Territory and elevated properties facilitate this quite effectively, the report noted.
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"When mentioning classic dwellings in Darwin, we have to include the large scale ex-government housing from the late 1970s and early 1980s which are predominantly found in the northern suburbs. 
"This type of dwelling is generally a detached, ground level, 3-bedroom, 1-bathroom dwelling of brick construction or an elevated, 3-bedroom, 1-bathroom metal clad dwelling on an 800 square metre block. 
"They make up a significant proportion of the second hand stock which is majority owner-occupied. 
"On average, an ex-Government house in this area will range from the low $400,000s to mid $500,000s depending on renovations."
Inner city locations closer to the CBD and the CBD itself have seen a significant change over the years following Cyclone Tracy, mainly in terms of higher density living. 
Driven by the booming Darwin economy on the back of large gas projects, 2006 brought with it a substantial increase in units and townhouses offering a lower price point for those trying to enter the property market. 
A 2-bedroom, 1-bathroom attached unit in this area can range from $250,000 to $300,000 and a 3-bedroom unit from as low as $300,000. Currently this segment is experiencing a noticeable downturn, with a large over-supply for inner city units on the back of substantial unit construction in 2012 to 2014 flooding the market.
HTW noted investors have some reason to remain positive, with rental yields remaining relatively stable at 4% for units and 4.7% for dwellings.
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Changes outside the inner city area can be identified predominantly in the newer master planned subdivisions of Muirhead, Lyons and further afield in the satellite city of Palmerston. 
These newer areas feature rendered dwellings on smaller allotments, with covenants in place to increase the overall amenity and homogeneity of the suburb. 
These types of dwellings are considered to have a higher energy efficiency rating, with superior insulation and are comparably cheaper to build than more traditional style dwellings.
The Muirhead development is in its final stages of land release, with 490 square metre allotments currently starting from $295,000.
Recently, a three-bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-muirhead-125551010" target="_blank">42 Blackburn Street, Muirhead</a> sold for $585,000. The selling agents were Jennifer Wardell and Robert Higgins from LJ Hooker.
 <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/2017/11/9/DarwinEx1.jpg" alt="">
Many of these dwellings are sold with Defence Housing long term leases in place, exhibiting rental yields of approximately 6% and are therefore considered quite attractive for investors.
A <a href="https://www.realestate.com.au/sold/property-house-nt-muirhead-122453726" target="_blank">four-bedroom house in Muirhead</a> (picture above) sold in July 2016 for $695,000. It had a Defence Housing Australia lease in place with a rent of $470 per week. The other major land release in the Palmerston region is the suburb of Zuccoli. Allotments can be purchased from $100,000 for 300 square metres and all dwellings built must abide by the covenants set out by the developer. This segment is popular with rst home owners looking to enter the market, taking advantage of government incentives in the form of stamp duty concessions.
New shopping developments including the Gateway Shopping Centre in Palmerston and Coolalinga Shopping Centre provide this area with adequate shopping facilities.
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HTW noted the latest land release announced in 2017 is the Northcrest subdivision, located 13 kilometres from the Darwin CBD in what was originally the Berrimah Farm site. 
"This new suburb is currently in the civil works phase, with an expected life of the project ranging from 13 to 15 years based on demand. 
"Allotments on 405 square metre can be purchased from $225,000, ranging to allotments in the high 700 square metre range for almost $400,000.
"These modern subdivisions are a good example of how the Territory market has moved from a traditional suburb with larger allotments to higher density, homogenous style living." 
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Darwin Defence Housing rental yields of 6 percent attractive for investors

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Home ownership has become more of a reality in Darwin over the past two years, according to the valuation firm, Herron Todd White.
With the market continuing to soften, home owners now have an abundance of choice in regard to what they can purchase, a recent report advised.
Currently home owners are most active in the developing estate of Zuccoli in Palmerston and the newly released Northcrest development in Berrimah.
HTW noted home owners have also started to become active in the northern suburbs and Palmerston dwelling markets.
"However, semi-detached and attached units still seem to be struggling across all sectors of the market,." it advised
Vacant land continues to be a staple for home owners.
As developers continue to release land in both Zuccoli and the Northcrest development which is now starting to come online, home owners continue to gravitate towards this segment of the market.
HTW said although established dwellings have decreased in value, the option of new builds remains attractive to home owners, in particular first home owners.
"This is primarily due to attractive government incentives to purchase new land that is becoming cheaper and builders’ margins decreasing (we have seen rates as low as $1,700 per square metre in comparison to $2,000 and above in the peak periods of the market)."
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Within the established market, home owners are active in the northern suburbs in particular.
Suburbs in this area such as Leanyer, Anula, Wagaman and Karama have had a number of sales transact since the start of 2017 and this has primarily been to home owners.
These suburbs seem to be attractive as they are affordable and allow consumers to purchase a structurally sound dwelling on a decent size block all within close proximity of the Darwin CBD.
"We have seen sales as low as $360,000 for a basic 3-bedroom, 1-bathroom, ex-government dwelling in the less preferred suburb of Karama and basic 3-bedroom, 1-bathroom dwellings sell for $460,000 in the more preferred section of Leanyer."
A three-bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-karama-124464894" target="_blank">44 Wearing Crescent, Karama</a> recently sold for $380,000. The selling agent was Ray White’s Matt Englund.
<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/2017/10/18/Darwin-HTW.jpg" alt="">  
Other areas also active within the established dwelling market in Palmerston are Gunn, Rosebery and Durack. Home owners have taken advantage of the declining value levels.
"We have seen sales as low as $410,000 in Durack for a 3-bedroom, 2-bathroom dwelling. Gunn has also produced some good buying with a basic 3-bedroom, 2-bathroom dwelling selling for $370,000."
A three-bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-durack-124339062" target="_blank">20 Kooyonga Cres, Durack</a> sold for $327,500 (picture above). The selling agents were Kylie Lynch and Paul Bunker of Approved Real Estate.
The report noted the unit market continues to struggle as the Darwin CBD is "completely saturated with stock."
"Potential purchasers are faced with the decision of why buy today when I can buy tomorrow for cheaper. Inner city semi-detached units are tightly held and whenthey come onto the market seem to be received well.
"However, the Palmerston market has continued to struggle as semi-detached units now compete price wise with dwellings in the less preferred sections of Gray, Moulden and Woodroffe.
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HTW suggested the greatest obstacle the NT property market currently faces is the declining population growth.
"As more people decide to move interstate this will continue to have a ripple effect on the property market as buyers do not consider Darwin to be a long term place of residence.
"Until we achieve stronger population growth we will not see a dramatic increase in the level of home occupancy throughout Darwin," it noted. 
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