<p data-end="256" data-start="0"><a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.</p>

<p data-end="446" data-start="258">The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.</p>

<p data-end="645" data-is-last-node="" data-is-only-node="" data-start="448">Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.</p>

<p><img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.</p>

<p>The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.</p>

<p>The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”</p>

<p data-end="626" data-start="350">Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.</p>

<p data-end="928" data-start="628">“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”</p>

<p data-end="1147" data-start="930">Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.</p>

<p data-end="1510" data-start="1149">“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”</p>

<p data-end="1510" data-start="1149"><img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" /></p>

<p>&nbsp;</p>

<p>The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.</p>

<p>Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.</p>

<p>The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.</p>

<p>The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.</p>

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
<p data-end="305" data-is-last-node="" data-is-only-node="" data-start="0">The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.</p>
</section>


Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

<p style="text-align:start">The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;</p>

<p>The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.</p>

<p>The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.</p>

<p>Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.</p>

<p>The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.</p>

<p>As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.</p>

<p><img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" /></p>

<p>The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.</p>

<p>An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;</p>

<p>The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.</p>

<p>The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;</p>

<p>It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.</p>

<p>Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.</p>

<p>“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.</p>

<p>“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;</p>

<p>Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.</p>

<p>“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.</p>

<p>“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”</p>


Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

<p>Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.</p>

<p>A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.</p>

<p>Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.</p>

<p>“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.</p>

<p>Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.</p>

<p>“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.</p>

<p>The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.</p>

<p>It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.</p>

<p>The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.</p>

<p>One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.</p>

<p>Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.</p>

<p>The developer is also exploring the potential for additional affordable housing outcomes.</p>

<p>Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.</p>

<p>Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.</p>

<p>Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.</p>

<p>“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”</p>

<p>Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.</p>

<p>Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.</p>

<p>Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.</p>


400 new homes planned for Adelaide's former West End Brewery site

<p>Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.</p>

<p>The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.</p>

<p>Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" /></p>

<p>“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.</p>

<p>The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”</p>

<p>The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" /></p>

<p>The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.</p>

<p>According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.</p>

<p>“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.</p>

<p>A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.</p>

<p>Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" /></p>

<p>All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.</p>

<p>The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.</p>


Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

<p>Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.</p>

<p>The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.</p>

<p>Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.</p>

<p><img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" /></p>

<p>Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.</p>

<p>The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.</p>

<p>"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.</p>

<p>The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.</p>

<p>The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.</p>

<p><img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" /></p>

<p>Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.</p>

<p>Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.</p>


First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Melbourne

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<p>Mirvac's Olderfleet, at 477 Collins Street is now 88 per cent leased, with the signing of property consultants, Urbis. </p>
<p>Urbis has leased 4,100 sqm across levels 10, 11 and parts of 12 in the premium-grade commercial building.</p>
<p>They are joining other tenants the such as Norton Rose Fulbright, Lander and Rogers and anchor tenant Deloitte.</p>
<p>Mirvac’s Development Director, Frank Lonetti said, “We’ve experienced strong momentum in interest for office space at Olderfleet, allowing us to lease 88 per cent of the building earlier than expected and well ahead of practical completion in 2020. </p>
<p><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/2018/10/29/12145-09-477CollinsSt%20VIEW01%20-03.jpg" alt=""></p>
<p>Urbis is relocating their Melbourne head office from the Paris end at 120 Collins Street to Olderfleet in the mid-city block between William and King Streets. </p>
<p>Urbis CEO, Ben Pollack has said, “Our workplaces of the future will facilitate greater levels of collaboration, innovation and flexibility for our people and clients and we are very excited by the new workplace strategy that we have developed in partnership with WMK which will be progressively rolled out through all of our offices” </p>
<p>“Collins Street in Melbourne is undergoing a major transformation with a number of commercial developments revitalising the highly sought-after location. Olderfleet will be a key feature of the area, providing the perfect balance between modern architecture and functionality, with the beauty and history of the restored heritage façade,” added Frank.</p>
<p>Olderfleet is on schedule to be completed by 2020, the structure is in place up to Level 26 and the façade at Level 20 is finished. </p>
<p>The building is committed to a 5 Star Green Star rating, a 5 Star NABERS energy rating and a Platinum WELL Certification.</p>
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j.ballantyne1990-6AQqhLzZaK

Olderfleet now 88% leased with Urbis signing

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<p>The Northcote-based former ALP politician turned private citizen David Feeney and his lawyer wife Liberty Sangar are selling their East Melbourne investment apartment.</p>
<p>The couple paid $2,875,000 for the apartment in the 150 Clarendon block in 2007, a year before Feeney was elected Labor member for the division of Batman in Melbourne's north.</p>
<p>It was 2007 that Feeney said he'd taken steps required to relinquish any British and Irish citizenship by descent, but was unable to produce documentation confirming the British renunciation had taken place.</p>
<p>Feeney was also caught in a controversy over his declaration of his property interests, which morphed into a political attack over Labor's negative gearing policy.</p>
<p>The couple were living in the 2009 built, two bedroom apartment while they were renovating their Northcote house, a house which Feeney failed to declare on his register of interests.</p>
<p><img src="https://www.urban.com.au/images/2019/2/22/east%20melbourne%202.jpeg" alt=""></p>
<p>Kay &amp; Burton South Yarra agents Monique Depierre and Julian Standish have a guide of $4 million to $4.4 million for the apartment with a fitted study and a 25 metre entertainers terrace with views across Fitzroy Gardens.</p>
<p><img src="https://www.urban.com.au/images/2019/2/22/east%20melbourne%203.jpeg" alt=""></p>
<p>It had been a $2,350 a week rental.</p>
<p><em>This article was first published in the</em> Weekend Australian.</p>
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firstname1-iYD4UYzvBa

Former ALP politician David Feeney lists East Melbourne investment apartment

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<p>EXPERT OBSERVATION</p>
<p>Victoria continues to be the State of choice for Australian property investors, backed by strong levels of government infrastructure spending, robust population growth and an enviable performance record.</p>
<p>According to CoreLogic’s recently released Home Value Index tracking property price movements over the last 20 years, Melbourne has outperformed other Australian cities.</p>
<p>Over the past 20 years Melbourne has witnessed a 274.6% increase in property prices, the highest growth of any Australian capital city. This is also significantly higher than the average national dwelling increase of only 197.4%.</p>
<p>Sydney saw only a 201.9% change during the same 20 yea But it also stacks up as a star performer over the shorter term. Zooming in on the last five years, Melbourne remains a strong performer with 29.6% growth in property prices according to CoreLogic.</p>
<p><img src="https://www.urban.com.au/images/2019/3/11/Nihill%201.JPG" alt=""></p>
<p>Melbourne will continue to remain a prime investment location supported by strong population growth, stable political leadership and a high level of government investment in infrastructure.</p>
<p>2018 saw a boom in population growth with Victoria taking out the number one in CommSec's "State of the States" economic rankings, outranking New South Wales for the very first time.</p>
<p>In fact, Victoria experienced Australia’s largest population growth between 2016 and 2017 with Melbourne experiencing the largest and fastest growth of all capital cities.</p>
<p>According to the Australian Bureau of Statistics, Melbourne grew by approximately 144,400 people at a growth rate of 2.7%. This record population growth continues to fuel demand for housing maintaining an overall undersupply in the market.</p>
<p>It is predicted that Melbourne could become Australia’s largest city as early as 2030 with its population expecting to reach 6.1 million.</p>
<p><img src="https://www.urban.com.au/images/2019/3/11/Nihill%202.JPG" alt=""></p>
<p>The Victorian economy has arguably been the best managed State across both sides of government for decades providing a resilience unseen in other states. The Victorian Government is committed to ongoing investment in world-class transport infrastructure including the $11 billion Metro Tunnel Metro Tunnel and the $1.75 billion Regional Rail Revival program.</p>
<p>It is undeniable that the housing market slowdown will dominate the headlines for the foreseeable future, but the reality is that the property market is dynamic and there are always opportunities if you know where to look.</p>
<p>As always, investors need to do their homework and seek professional advice and ensure decisions are backed by strong fundamentals before leaping into any investment opportunity.</p>
<p><em>JAMES NIHILL is the Managing Director of Patrick Leo, a <span>Sydney based property advice and services company</span></em></p>
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Melbourne a surefire bet for long-term gains: James Nihill

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<p><span><span>EXPERT OBSERVATION</span></span></p>
<p><span><span>While Sydney and Melbourne remain at the centre of the current housing correction there are some significant differences between the two, in terms of the timing, scale and spread of price declines.</span></span></p>
<p><span><span>Melbourne’s price correction started later in the piece but has gathered pace since mid-2018. Prices are now down 8.7% from their peak but have been tracking closer to a 10%+ annual pace of decline over the last 6mths.</span></span></p>
<p><span><span>Notably, the price correction has shown much bigger differences across segments and tiers. For Sydney, there is about a 4ppt wedge between price declines across houses and units, and across different market tiers. For Melbourne, it’s a much larger 8-12pt wedge with units and bottom tier areas holding up much better (indeed, prices across the bottom 25% properties are essentially flat).</span></span></p>
<p><span><span>This theme is also apparent across sub-regions. The big movers over the second half of 2018 were Melbourne’s Inner East and Inner South, with the Inner City and West holding up considerably better. Prices are also performing better across the regional Victoria.</span></span></p>
<p><span><span>Some of this difference may relate to differences in the supply-demand balance across part of Melbourne. Overall, the city’s rental market remains tight with vacancy rates holding around 2%. However, parts of the city are seeing a significant surge in apartment completions, from around 10k a year mid-decade to 17-18k a year currently. </span></span></p>
<p><span><span>Meanwhile, rental vacancy rates are extremely tight across Victoria’s regions, having fallen from 2% in late 2017 to just 1.2% in early 2019. This in turn suggests the uneven performance is likely to continue.</span></span></p>
<p><img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/Housing_Pulse/Housing_Pulse_Bites/2019-02/Housing-pulse-bite-2019-02-6.jpg" alt="">  </p>
<p><em>MATTHEW HASSAN is a Senior Economist for Westpac</em></p>
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Matthew_Hassan-HHWHptmrw4

Melbourne's uneven price correction: Matthew Hassan

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<p>Quest Apartment Hotels has opened its latest hotel, Quest St Kilda Road, just weeks before Melbourne’s Australian Grand Prix.</p>
<p>Located between Commercial and Toorak roads, the apartment hotel is a short walk to the nearby Albert Park Lake circuit.</p>
<p>It provides access to Melbourne’s central business district and the bay-side suburb of St Kilda.</p>
<p>The apartment hotel was developed by EBG Development.</p>
<p>It features 104 serviced apartments including studio, one and two bedroom apartments.</p>
<p>The site forms part of the New Charsfield development, a mixed-use development integrating the heritage listed Charsfield Mansion.</p>
<p>Catherine Mapperson, has been appointed as the franchisee by the apartment hotel operator.</p>
<p>It is her third Quest franchise.</p>
<p>Quest St Kilda Road features complimentary WiFi, business lounge, a gymnasium and wheelchair accessibility.</p>
<p>Additional services include room service powered through Deliveroo, on-site carparking, valet dry cleaning and concierge, housekeeping and business administration services.</p>
<p>Quest St Kilda Road is one of eight new properties scheduled to open across Australia, New Zealand and the United Kingdom over the next two years including Burwood East (VIC), Joondalup (WA), Orange, North Sydney (NSW), Quest Tauranga Central, Quest on Tuam, Quest Mount Eden (NZ) and Liverpool (UK)</p>
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Quest St Kilda Road opens its doors

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<p>Crown Resort’s plan to build a new $2 billion hotel and luxury apartment tower in Melbourne are in limbo after the Victorian government turned down its request to extend construction permission.</p>
<p>Crown, backed by billionaire James Packer, this morning said it had been denied an extension to the construction start time of the planned One Queensbridge hotel and apartment complex opposite the Crown Towers hotel on Southbank.</p>
<p>The state government approved the 90-storey tower two years ago under the condition construction started by this month.</p>
<p>Crown and joint-venture partner Schiavello Group applied for a planning extension two weeks ago while they continued to seek financing.</p>
<p>“Crown and Schiavello have been informally notified by the Victorian government that an extension to the construction commencement date for the proposed One Queensbridge project has been denied,” Crown said in a statement to the ASX.</p>
<p>“No formal notice has been received from the Victorian Government but it is expected shortly. As previously announced, the project was subject to obtaining financing arrangements that were satisfactory to Crown and Schiavello. Unfortunately these arrangements could not be achieved before the construction commencement date under the planning approval.</p>
<p>“Crown retains a 50% ownership interest in the land and will consider the next steps for the property in conjunction with Schiavello.”</p>
<p>Plans for One Queensbridge include a 388-room hotel and 708 residential apartments and a walking bridge linking it to the casino across the street.</p>
<p>The developers had previously said that the project was “subject to obtaining financing arrangements”.</p>
<p>“Unfortunately these arrangements could not be achieved before the construction commencement date under the planning approval,” Crown said.</p>
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Crown Resort's $2 billion tower One Queensbridge in planning limbo

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<p>A leading Melbourne buyers' agent Mal James described the weekend Melbourne prestige auction results as "awful."</p>
<p>The agency attended 33 auctions, with only four houses sold, meaning, he suggested, that prices are continuing to fall.</p>
<div id="x_divtagdefaultwrapper" dir="ltr">
<div>"27 of the 33 auctions we covered had zero or one bidder," James said.</div>
</div>
<div id="x_divtagdefaultwrapper" dir="ltr">
<div> </div>
<div>"One or less is not an auction – it’s a charade."</div>
<div> </div>
<div>The Bayside offerings were "holding up surprisingly well .....but Boroondara's Scotch Hill was like a cemetery."</div>
<div> </div>
<div>An auction offering at <a id="LPlnk821905" href="https://www.marshallwhite.com.au/property/64-66-berkeley-street-hawthorn-756872/" target="_blank">64-66 Berkeley Street, Hawthorn</a> (pictured above), with a price guide of $8.7 million to $9.5 million, passed in on a vendor bid of $8.3 million, with no bids.</div>
<div> </div>
<div>The Marshall White marketing said the three level home had a distinctive, vine-clad Mount Gambier limestone facade over two titles.</div>
<div> </div>
<div>"It represented the pinnacle of Scotch Hill living and entertaining," agent James Tostevin suggested.</div>
<div> </div>
<div>There was also an unsuccessful auction five doors away at <a id="LPlnk546864" href="https://www.propertyobserver.com.au/https://www.jelliscraig.com.au/property-details-54-Berkeley-Street-Hawthorn-3122/757534" target="_blank">54 Berkeley Street</a>. It now has a $2,975,000 asking price, having had a $3 million to $3.3 million pre-auction price guide through Jellis Craig.</div>
<div> </div>
<div>Melbourne's top disclosed sale was in South Yarra, where a four bedroom 1920s home was only sold after auction.</div>
<div> </div>
<div>The 5 Gordon Grove offering was sold for $4 million having been passed in at $3.925 million, the only bid after the opening $3.9 million vendor bid.</div>
<div> </div>
<div>The pre-auction price guide had been $3.9 million to $4.29 million.</div>
<div> </div>
<div>There was an undisclosed post-auction sale at South Melbourne where the property was passed in on its only bid of $4.95 million.</div>
<div> </div>
<div>The <a id="LPlnk167861" href="https://www.marshallwhite.com.au/property/46-howe-crescent-south-melbourne-757388/" target="_blank">46 Howe Crescent</a> auction vibe was described as "quiet" by one buyers' agent. </div>
<div> </div>
<div>The price guide had been $5 million to $5.5 million.</div>
<div> </div>
<div>The renovated Hazelwood Terrace offering dates back to its 1864 design by Charles Webb, the architect of the Hotel Windsor.</div>
<div> </div>
<div>There had been an update by Anna Vaughan Architects.</div>
<div> </div>
<div>The highest auction sale in Sydney a house at <a id="LPlnk536597" href="https://chadwickrealestate.com.au/property/house-nsw-wahroonga-10584/" target="_blank">8 Braeside St, Wahroonga</a>, which sold for $5.02 million through Chadwick Real Estate agent Lynette Malcolm.</div>
<div> </div>
<div>Set on almost 2,000sqm of gardens, the double brick five bedroom P&amp;O-style home had 409 sqm of internal living space. There was oversized double lock-up garage designed to house a boat.</div>
<div> </div>
<div>Sydney's next highest sale was <a id="LPlnk615130" href="http://www.ppdre.com.au/selling/NSW/Eastern-Suburbs/Bellevue-Hill/House/1P4474" target="_blank">69A Drumalbyn Road, Bellevue Hill</a> which sold for $5 million through PPD Real Estate.</div>
<div> </div>
<div><img src="https://www.urban.com.au/images/2019/3/4/Clearance%204-03-2019.JPG" alt=""></div>
<div> </div>
<div>There were fewer capital city homes taken to auction week-on-week and year-on-year, Corelogic noted.</div>
<div> </div>
<div>There were 2,204 capital city homes taken to auction returning a preliminary clearance rate of 55 per cent.</div>
<div> </div>
<div>It was slightly lower than last week’s 2,293 auctions, which was the busiest week so far this year.</div>
<div> </div>
<div>Volumes are significantly lower than the 3,026 homes taken to auction over the same week in 2018.</div>
<div> </div>
<div>"Given the combined capital cities posted another month on month decline in home values in February, its expected vendors will remain reluctant to auction their property while selling conditions remain challenging," Corelogic auction analyst Kevin Brogan noted.</div>
<div> </div>
<div>"Year on year volumes will continue to trend lower throughout the year," he added.</div>
<div> </div>
<div>Melbourne's preliminary auction clearance rate of 54.9 per cent was recorded across 1,046 auctions this week, up from the 50.6 per cent final clearance rate last week when</div>
<div>volumes were 1,128.</div>
<div> </div>
<div>Melbourne had the cheapest property reported sold at the weekend, a two bedroom unit at <a id="LPlnk106300" href="https://www.obrienrealestate.com.au/listing-details/residential/28P0433/" target="_blank">5/562 Pascoe Vale Road, Pascoe Vale</a>, which fetched $241,000 through O’Brien Real Estate. There had been $200,000 to $220,000 price guidance.</div>
<div> </div>
<div>It last sold in 2006 at $168,000.</div>
<div> </div>
<div>There were 799 auctions held in Sydney returning a preliminary auction clearance rate of 61.3 per cent, increasing from the 50.1 per cent final clearance rate last week when 801 Sydney homes were taken to auction.</div>
<div> </div>
<div>Adelaide was the best performing smaller capital with a 47.9 per cent success rate.</div>
<div> </div>
<div>There was 44 percent in Canberra and 33 percent in Perth.</div>
<div> </div>
<div>Brisbane was the weakest performing auction market with only 32.9 per cent of homes selling.</div>
<div> </div>
<div>Brisbane saw a post-war house on 810 square metres at<a id="LPlnk116377" href="https://www.domain.com.au/55-alderley-avenue-alderley-qld-4051-2014925055"> </a>Alderley<a id="LPlnk383241" href="https://www.domain.com.au/55-alderley-avenue-alderley-qld-4051-2014925055"> </a>sell for $1,015,000.</div>
<div> </div>
<div>There were nine registered with the opening bid at $915,000 for the tenanted <a id="LPlnk313714" href="https://www.propertyobserver.com.au/https://raywhitealderley.com.au/properties/residential-for-sale/qld/alderley-4051/house/2045272" target="_blank">55 Alderley Avenue</a>.</div>
<div> </div>
<div>It was a $355 rental in 2015. </div>
</div>
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jchancellor-FAypfDUnLy

Melbourne's prestige auction results turn awful

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<p dir="ltr">Ray White Southbank secured the sale of $4.11 million in property under the hammer at an-room uction last week.</p>
<p dir="ltr">There were three sales under the hammer with four more selling prior, for a total clearance of seven from eight units.</p>
<p dir="ltr">Ray White Southbank Port Phillip &amp; Projects Victoria agent Andrew Salvo said it was standing room only at the auction.</p>
<p dir="ltr">"All bidders were pre-qualified and everyone we expected to turn up and bid did," said Salvo.</p>
<p dir="ltr">"We knew ahead of time that we created a really exciting competitive environment. </p>
<p dir="ltr">"All 35 seats were filled 15 minutes before auction time and there were another 30 or so stood wherever they could. </p>
<p dir="ltr">"Each property that sold passed vendor reserve prices through natural competitive bidding."</p>
<p dir="ltr">The one that passed in had two bidders.</p>
<p dir="ltr">"We even had significant interest from Sydney buyers look to move down to a cheaper market."</p>
<p dir="ltr"><strong>INNER CITY SELLERS</strong></p>
<ul>
<li>3413/350 William Street, Melbourne - $690,000 (4 bidders)</li>
<li>3409/350 William Street Melbourne - $1,170,000 (4 bidders)</li>
<li>201/565 Flinders Street Melbourne - (Passed in) (2 bidders)</li>
<li>910/152 Sturt Street, Southbank - $350,000 (2 bidders)</li>
<li>81/173 City Road, Southbank - $735,000 (sold prior)</li>
<li>21/6 Williams Road, Prahran - $220,000 (sold prior)</li>
<li>1011/80 Clarendon Street, Southbank - $510,000 (sold prior)</li>
<li>1110/163 City Road, Southbank - $435,000 (sold prior)</li>
</ul>
<p dir="ltr"><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/2019/2/28/182331_3409_350_WilliamSt_West_Melb_1980.jpg" alt=""></p>
<p dir="ltr"><em>Pictured: 3409/350 William Street, Melbourne </em></p>
<p dir="ltr">Salvo said the in-room style of selling was something new for the Melbourne auction market.</p>
<p dir="ltr">"With a huge amount of support and encouragement from the Ray White corporate trainers, we as a team, decided that it's time to turn this largely private treaty market on its head and offer sellers and buyers something new," he said.</p>
<p dir="ltr">"We also believe that buyers and sellers feel more secure due to the transparency of the process."</p>
<p dir="ltr"><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/2019/2/28/Copy%20of%20182331_3409_350_WilliamSt_West_Melb_2065%202.jpg" alt=""></p>
<p dir="ltr"><em>Pictured: 3409/350 William Street, Melbourne </em></p>
<p dir="ltr">A majority of the attendees were Australian citizens or permanent residents, while other nationalities and investors made up about 30% of the crowd, said Salvo.</p>
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In-room auction nets $4.11 million for inner city Melbourne apartments

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<p style="text-align: left;" align="center">More than a third of total stock on Melbourne and Geelong’s land market are resale lots, potentially troubling, some of which were bought by speculators now attempting to quickly on-sell, according to RPM Real Estate Group’s Q4 Residential Market Review. </p>
<p style="text-align: left;">Their report found the secondary land market in Melbourne’s growth corridors is now hitting a peak, with 2,415 lots – or 39% - of total stock on the market comprising resale lots.</p>
<p style="text-align: left;">RPM’s head of Communities, Luke Kelly said just over half of these resale lots – 53% – have since settled, which suggests the majority of resales are genuine investors or even owner occupiers who are now unable to obtain finance to complete construction on their settled lot due to tighter lending criteria or a change in circumstances.</p>
<p style="text-align: left;">"It’s possible we’ll see some price reductions on resale lots as settlement approaches.</p>
<p style="text-align: left;">"However, realistically, people are reducing their profit margin to still make a profit but avoid losing their deposit – a $30,000 profit is better than a $10,000 loss."</p>
<p style="text-align: left;">Through data gathered from realestate.com RPM surmised, that of the total resale lots, 42% were located in the Western growth corridor, 34% in the Northern corridor, 18% in the South Eastern corridor and 6% in Geelong and the Surf Coast.</p>
<p style="text-align: left;">Kelly said while the conventional view is that resale stock undercuts retail lots, there is more to the story.</p>
<p style="text-align: left;">'The data (actually) reveals retail stock is cheaper than resale stock, given developers are producing smaller lots throughout their estates at more affordable price points," said Kelly.</p>
<p style="text-align: left;">The report found the downturn in the land market sharpened during the December quarter, with sales declining 42% from the previous quarter and 58% from the same quarter a year earlier.</p>
<p style="text-align: left;">However, the median lot price steadied, increasing 1.1% to $325,000 from the September quarter and 7.5% from December 2017. </p>
<p style="text-align: left;">Kelly said while the overall residential market will take time to recover throughout 2019, some sub-markets, such as vacant land, will likely recover more quickly as first home buyers come back in larger numbers and access to credit improves.</p>
<p style="text-align: left;">“We should start to see higher levels of activity towards the second half of the year after the Federal election once there is more certainty around proposed changes to negative gearing and capital gains tax and the market adjusts to changed lending parameters,” he added. </p>
<p style="text-align: left;"><strong>RPM found:</strong></p>
<ul>
<li>The key driver underscoring the slowdown in the apartment and townhouse market continues to be regulatory-driven credit restrictions for both investors and owner occupiers, which, together with falling prices, has adversely impacted purchaser financing to complete off-the-plan acquisitions.</li>
<li>After showing robust activity in the face of significant headwinds, total other dwellings have finally succumbed to current market conditions. Other dwelling approvals (apartments and townhouses) over December quarter 2018 were down 7.6% to record 5,831 approvals from the previous quarter – the lowest level since June quarter 2017.</li>
<li>More stark was the comparison to the same period a year ago which reveals a 55% fall in approvals.</li>
<li>Despite townhouse approvals picking up 5.6% over the December quarter from the previous quarter, approvals in apartments fell 19.3%.</li>
<li>Compared to the same quarter a year earlier, townhouse approvals fell 15.8% and apartments plunged 71.2%.</li>
</ul>
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Troubling resales 39% of Melbourne and Geelong’s land market stock: RPM Real Estate

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<p>Hong Kong investor Foo Hang Jewellery (FHJ) has bought a Melbourne office complex for $314 million.</p>
<p>The purchase of 595 Collins Street in Melbourne from South Korea's National Pension Service, is the first time FHJ has invested in Australian property.</p>
<p>Comprised of two interconnected buildings, the 20-storey tower spans 3,778 square metres and includes three ground-floor shops and 145 basement car spaces.</p>
<p>Allens advised on all aspects of the purchase, including the contract negotiations and the Foreign Investment Review Board (FIRB) application.</p>
<p>"We were pleased to act for FHJ in one of Melbourne's largest commercial property transactions over the last year," said Allens’ managing associate, Tim Chislett (pictured below).</p>
<p>"Offshore investors are continuing to show strong interest in Australia's premier office towers and we were delighted to support FHJ with this acquisition," he said.</p>
<p><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/2019/2/21/Chislett%20tim.jpg" alt=""></p>
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