<p>Repeat buyers are one of the strongest measures of confidence in any apartment development.</p>

<p>At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.</p>

<p>Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe></p>

<p>"I had some boxes I wanted to tick," he says.</p>

<p>Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.</p>

<p>“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.</p>

<p>He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356818]</p>

<p>After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.</p>

<p>"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."</p>

<p>Today, Keith says the move has completely changed how he experiences Newcastle.</p>

<p>"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356828]</p>

<p>Beyond the location, he says it's the sense of community that has surprised him most.</p>

<p>"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."</p>

<p>For Aimee and Lyle Goodman, the journey started almost by chance.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe></p>

<p>The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.</p>

<p>"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."</p>

<p>As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.</p>

<p>"We actually catch up more as a family now," Aimee says.</p>

<p>"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356829]</p>

<p>Lyle says their confidence came from GWH's reputation within Newcastle's building industry.</p>

<p>"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."</p>

<p>That confidence only grew throughout the buying process.</p>

<p>"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351104]</p>

<p>Aimee says one moment stood out.</p>

<p>"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."</p>

<p>The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.</p>

<p>Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356822]</p>

<p>ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;</p>

<p>The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=356826]</p>

<p>For Keith, the appeal remains straightforward.</p>

<p>"You feel at home even before you've moved into your home."</p>

<p>For Aimee, the change is measured in time.</p>

<p>“I just felt like I had more time,” she says.</p>

<p>[smartcode_project:default project_id=135096 project_image_fid=351102]</p>

<p>Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.</p>

<p>ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.</p>

<p>[smartcode_project_cta:default project_id=135096]</p>


Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

<p>Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.</p>

<p>Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.</p>

<p>"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.</p>

<p>"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372549]</p>

<p>Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.</p>

<p>"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.</p>

<p>The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=314259]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.</p>

<p>According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.</p>

<p>Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.</p>

<p>[smartcode_project:default project_id=4661 project_image_fid=372550]</p>

<p>Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.</p>

<p>The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.</p>

<p>The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.</p>

<p>"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."</p>

<p>The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.</p>

<p>With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.</p>

<p>[smartcode_project_cta:default project_id=4661]</p>


Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

<p>Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.</p>

<p><a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.</p>

<p>The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.</p>

<p>Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.</p>

<p>Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355297]</p>

<p>The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.</p>

<p>Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.</p>

<p>"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.</p>

<p>The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355293]</p>

<p>The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.</p>

<p>According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.</p>

<p>The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;</p>

<p>Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355303]</p>

<p>The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.</p>

<p>"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.</p>

<p>"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."</p>

<p>[smartcode_project:default project_id=102717 project_image_fid=355304]</p>

<p>Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.</p>

<p>Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.</p>

<p>[smartcode_project_cta:default project_id=102717]</p>


Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

<p>New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.</p>

<p>It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.</p>

<p>With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.</p>

<p>The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.</p>

<p>Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=372394]</p>

<p>Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.</p>

<p>"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.</p>

<p>"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=953]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.</p>

<p>Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.</p>

<p>That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=925]</p>

<p>Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.</p>

<p>Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.</p>

<p>"The Lennox is where aspirational living becomes attainable," Hamblett said.</p>

<p>"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."</p>

<p>Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.</p>

<p>"At The Lennox, lifestyle is not an afterthought, it is the foundation."</p>

<p>[smartcode_project:default project_id=5743 project_image_fid=5374]</p>

<p>The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.</p>

<p>Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.</p>

<p>That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.</p>

<p>"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."</p>

<p>[smartcode_project_cta:default project_id=5743]</p>


The apartment price gap drawing Sydney buyers west

<p>A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.</p>

<p>The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.</p>

<p>The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.</p>

<p>The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.</p>

<p>Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.</p>

<p>"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.</p>

<p>"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."</p>

<p><img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" /></p>

<p>Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.</p>

<p>Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.</p>

<p>Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.</p>

<p>"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.</p>

<p>"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."</p>

<p>Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.</p>

<p>Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.</p>


Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Melbourne

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<p>An undisclosed international and local restaurateur has signed a lease for 349-351 Flinders Lane, Melbourne with plans for a Japanese fusion style offering.</p>
<p>The deal for the 690 square metre ground floor and basement areas which have been operating as Bluestone Bar &amp; Restaurant in the heritage listed building since 2000 was brokered by Teska Carson agent, Richard Munday.</p>
<p>The new tenant will pay $216,500 per annum and plans to refurbish much of the property and offer a menu of Japanese fusion.</p>
<p>"Melbourne has an excellent reputation for its international laneway dining experience and Flinders Lane is one of the most highly sought after with a consistent trading pattern established over several decades and offering very positive growth prospects based on upward trends in both population and tourism,’’ Munday said.</p>
<p>The lessor is a Melbourne based private investor.</p>
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j.ballantyne1990-6AQqhLzZaK

Restaurateur leases Flinders Lane premises with Japanese fusion plans

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<p>Over the March 2018 quarter, resales of Melbourne properties generated $3.865 billion worth of profits.</p>
<p>There were $33.3 million in losses with the inner Melbourne having the highest number of loss takers, $8 million plus in losses, each property sold at a loss averaged minus $48,000.</p>
<p>According to the latest Pain &amp; Gain report from CoreLogic, Melbourne generated 26% of total resale profits nationally over the quarter as well as producing 7.8% of total resales losses.</p>
<p><img src="https://www.urban.com.au/images/PG%20Graph%203-1.JPG" alt=""></p>
<p>Over the quarter; there were no resales at a loss in a number of council regions; Cardinia; Macedon Ranges; Mitchell; Moorabool; Murrundindi and Nillumbik.</p>
<p>The council regions with the highest proportion of resales at a loss were Melbourne, Stonnington and Yarra.</p>
<p>With dwelling values now starting to fall, particularly for houses, the share of houses and units resold for a loss rose over the quarter.</p>
<p>Click to <a href="https://www.propertyobserver.com.au/images/PG%20Graph%203-2.JPG" target="_blank">enlarge</a></p>
<p><img src="https://www.urban.com.au/images/PG%20Graph%203-2.JPG" alt="" width="732" height="708"></p>
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Melbourne resales have generated billions of dollars in profit: CoreLogic Pain & Gain

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<div>EG has sold its 277 William Street, Melbourne offices to an undisclosed Hong Kong investor.</div>
<div> </div>
<div>EG, a large Australian hedge fund, exchange contracts for the sale at $93.88 million.</div>
<div> </div>
<div>The Australian Financial review suggested it was bought by one of Hong Kong's richest families, the Fu family's KHI Holdings Group at a yield of 4.65 per cent.</div>
<div> </div>
<div><span>The acquisition was the first in Australia for the company that dates back to 1947 when Y.C. Fu established the Tak Kee Shipping &amp; Trading Company, then later branching out in hotel development with Furama Hotels.</span></div>
<div> </div>
<div>The 12-storey office building was originally acquired by the EG Core Plus Fund No.1 in November 2015 for $45.9 million.</div>
<div> </div>
<div>EG re-let over 70% of the property and undertook significant cosmetic and plant and machinery upgrades during the hold period. </div>
<div> </div>
<div>The WALE of the property was also increased from 3.3 years to 3.9 years.</div>
<div> </div>
<div>After a number of unsolicited approaches, EG decided to put 277 William Street on the market.</div>
<div> </div>
<div>The building has a net lettable area of 12,080 sqm, 32 car bays and is located nearby Flagstaff Train Station and the Queen Victoria Markets.</div>
<div> </div>
<div>EG's Daniel Farley said rhe property has been "much improved during our hold period," to become a quality B grade asset boasting a strong leasing success rate and excellent environmental credentials.</div>
<div> </div>
<div>The purchaser was represented by Vantage Investments through CBRE and JLL.</div>
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EG doubles its money in 277 William Street, Melbourne office sale

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<p>The latest batch of Melbourne planning applications revealed for public consumption includes hundreds of new apartments and a hotel development for a long-forgotten Cremorne site.</p>

<p>A combined 250 apartments are earmarked for Southbank and Oakleigh sites.</p>

<p>The former sees a Rothelowman-designed apartment development for 153-159 Sturt Street on Southbank. Having gone through a heavy redesign relative to what was initially submitted for approval during 2017, the tower now sports a new exterior dynamic.</p>

<p>Initially laden with greenery, the towers rebirthed design is stripped of plant life in favour of a more typical exterior finish. Other significant changes to the building include a height reduction to 56 metres or 18 levels, apartments numbers falling to 145 and the inclusion of arts studio spaces within the podium.</p>

<p>As it stands, the project for entity Sturt St Pty Ltd is headed for VCAT. Had this not been the case, Melbourne City Council indicated earlier this week that the project would have gained support in its revised form.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image85_2.jpg" rel="gallery-all" title="Initial and revised designs for Sturt Street. Planning images: Rothelowman"><img alt="" class="image-article-full-width-580px" height="296" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image85_2.jpg?itok=OZDG8l8w" title="Initial and revised designs for Sturt Street. Planning images: Rothelowman" width="580"></a>

<figcaption>Initial and revised designs for Sturt Street. Planning images: Rothelowman</figcaption></figure><p>Oakleigh too is in for another noteworthy apartment project as 35-41 Dalgety Street makes its way through planning.</p>

<p>RotheLowman features once more as project architect, this time on behalf of Gaffney Properties Pty Ltd. Taking the Dalgety and Atkinson Streets intersection the 3,520 square metre site is slated for 105 apartments and townhouses, split between 8 single, 60 double and a substantial 28 triple bedroom options.</p>

<p>Currently a dated brick office and warehouse complex, 35-41 Dalgety Street finds itself in a pocket of Oakleigh adjacent to Dandenong Road, that is increasingly turning to medium and large sized apartment projects. <a href="/buildings/oros-807-811-warrigal-road-oakleigh">Oros</a> is the prime development nearby currently at sales, with 300 plus apartments and a serviced apartment component planned.</p>

<p>From a design perspective, Rothelowman assert "the size of the site and its Commercial 1 Zoning allows for a more intensive form of development that will make a positive contribution to the public realm. The replacement of the existing low-grade brick building will introduce a high quality contemporary architectural language to the area."</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image87_4.jpg" rel="gallery-all" title="The rear aspect of 35-41 Dalgety Street. Planning image: Rothelowman"><img alt="" class="image-article-full-width-580px" height="291" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image87_4.jpg?itok=uIqKcRXG" title="The rear aspect of 35-41 Dalgety Street. Planning image: Rothelowman" width="580"></a>

<figcaption>The rear aspect of 35-41 Dalgety Street. Planning image: Rothelowman</figcaption></figure><p>Perhaps even more of a design statement is a new hotel proposal for a long disused site opposite the carsales.com.au head office. Adjacent to CityLink and covering a triangular site at 1-3 Harcourt Parade, Idle Architecture Studio has come up with a novel design for what is currently an at-grade car park.</p>

<p>Key to the design is a mid-building electronic advertising void that would replace two existing major promotion signs on the corner of Punt Road and Harcourt Parade. Either side of the signage, 104 hotel rooms have been included whilst the levels accommodating the signage are handed over to conference and ancillary hotel facilities.</p>

<p>Mantello Holdings are behind the project which at 11 levels would be shorther than the adjoining Nylex Sign on the Richmond Maltings site directly behind. Heritage advice put forward by advisory Trethowan notes that the "subject site does not interfere with this landmark status (of the Nylex Sign) and has less visual impact than the existing advertising billboards and the approved redevelopment of the Maltings site itself."</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/image91_5.jpg" rel="gallery-all" title="Cremorne corner. Planning image: Idle Architecture Studio"><img alt="" class="image-article-full-width-580px" height="392" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/image91_5.jpg?itok=icxGulWZ" title="Cremorne corner. Planning image: Idle Architecture Studio" width="580"></a>

<figcaption>Cremorne corner. Planning image: Idle Architecture Studio</figcaption></figure>
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silvermb

Oakleigh, Cremorne and Southbank in line for significant developments

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<span><span lang="en-GB">Mirvac Group</span></span><span><span lang="en-US"> has announced the signing of global law firm Norton Rose Fulbright to its Olderfleet building at 477 Collins Street Melbourne. </span></span>
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<span><span lang="en-US">Norton Rose Fulbright will occupy the top floors of the 'cutting-edge' commercial building, with t</span></span><span>he firm committed to 5,100 square metres on levels 35 to 38.</span>
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<div><span><span lang="en-US">Mirvac is working closely with Grimshaw Architects and Carr Design to bring Olderfleet to completion, with construction on the first of the office floors well underway.</span></span></div>
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<div><span><span lang="en-US">Mirvac has secured a partnership to provide smart lighting throughout the building with Enlighted, a world-leading provider of IoT platforms for smart buildings, and Honeywell, a global Fortune 100 software-industrial company, to deliver workplace performance monitoring technology.</span></span></div>
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<div><span><span lang="en-US">Olderfleet will be the first commercial building in Australia to roll out this new system to help tenants and building managers track activity in the workplace, leading to 'cost efficiencies and better performance'.</span></span></div>
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<div><span><span lang="en-US">As part of the system, the Enlighted sensors will be placed in each LED lighting fixture to capture data on power, temperature, motion and ambient lighting via bluetooth beacons.</span></span></div>
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<div><span>By pairing this with smart data analytics, tenants can gain a deeper understanding of workplace efficiency.</span></div>
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<div><span>All data will be available via a tenant portal to allow tenants, employees and building managers to make changes to the office environment in real time.</span></div>
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<div><span><span lang="en-US">“We are proud to announce our partnership with Enlighted and Honeywell, to deliver on our promise to create a building with world-leading technology that provides the optimum environment for our tenants. It’s an exciting development for us,” added Mr Healy.</span></span></div>
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<div><span style="font-family: arial;"><span lang="en-US">Norton Rose Fulbright will be joining anchor tenant Deloitte, who has committed to over 26,000 square metres of office space, upon completion in 2020.</span></span></div>
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<div><span style="font-family: arial;"><span lang="en-US">Mirvac successfully sold down a 50 per cent interest in the development to Suntec REIT in 2017</span></span></div>
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477 Collin Street's Olderfleet to be model for the "technologically optimised workplace" 

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<p dir="ltr">Teska Carson is marketing a warehouse/showroom property leased to Carpet Call on the Nepean Highway at Bentleigh in Melbourne’s south-eastern bayside suburbs.</p>
<p dir="ltr">The property will be auctioned on June 29 on site at 909 Nepean Highway.</p>
<p dir="ltr">The property comprises a single level, solid brick, 435 square metre facility with rear roller door access and eight designated car spaces within a 46 space car park.</p>
<p>It is located on a very well established showroom strip with Autobarn.</p>
<p>Bob Jane T-Marts, Forty Winks, Beacon Lighting, Kennards Hire and Hungry Jacks among others, the property is commercial 2 zoned.</p>
<p>The property will be sold subject to a three year lease from April 2017 to Carpet Call at $122,620 per annum net.</p>
<p>According to marketing agents, Teska Carson’s Luke Bisset and Michael Ludski, the high profile location is exposed to approximately 60,000 passing cars per day, making it an ideal position for showroom businesses.   </p>
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Carpet Call, Bentleigh premises listed for sale

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<p>The slowdown in house price growth that emerged through 2017/18 is expected to continue into the 2019 financial year, according to leading industry analyst and economic forecaster, BIS Oxford Economics.</p>
<p>BIS believe house prices in Melbourne will tread water through to 2020/21, rising below the pace of inflation.</p>
<p>They suggest that one of the biggest factors in the lack of median house price growth is the new supply which is continuing to rise.</p>
<p>They are forecasting just a one percent per year increase in the median house price, before an emerging downturn in new dwelling construction results in the city’s deficiency starting to trend upwards by 2020/21, which in turn will see a modest pick up in price growth.</p>
<p>A six percent growth in the median house price in the three years to June 2021 is what BIS are forecasting.</p>
<p>The median house price soared 65 percent over the five years to June 2017, with a further growth of two percent in the six months to December 2017, before a 0.2 percent drop in the first half of 2018.</p>
<p>Population growth and new dwelling supply have been cited as the biggest drivers in the median increase.</p>
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<p>Investors drove the strength of the market in Melbourne, although not to the same extent as in Sydney.</p>
<p>Loans to owner occupiers in Victoria were also at record levels in the year to March 2018, which has helped to offset the weakening investor demand. Consequently, the house prices in Melbourne have held up better in 2017/18 compared to the decline in Sydney.</p>
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<p>Sydney’s median house price is forecast to still be lower that its June 2017 peak by 2021.</p>
<p>The weaker investor demand is coinciding with rising supply and an erosion of the city’s dwelling deficiency, which has alleviated pressure on prices.</p>
<p>Although the market is expected to remain in undersupply, the drop in investor demand is expected to override the undersupply of dwellings, which in turn is forecast to result in modest price declines.</p>
<p>Angie Zigomanis, BIS Oxford Economics senior manager, said more downside is forecast for Sydney.</p>
<p>“In New South Wales and Victoria in particular, where the strength of investor demand has been a key driver of the Sydney and Melbourne residential markets respectively, the decline in investor activity has impacted price growth,” said Zigomanis.</p>
<p>“More downside is forecast for Sydney as it has had a much greater dependence on investors through the most recent upturn.”</p>
<p>“Similarly, greater downside is expected in the unit market, which is more reliant on the investor market to drive sales and price growth.</p>
<p>"Without the same level of investors and without the same growth in new supply, the detached housing market should hold up better compared to units.”</p>
<p>BIS suggests Brisbane is expected to see the greatest upside to house prices over the next few years due to Queensland's net interstate migration increasing.</p>
<p>Price rises are expected to be modest over the next two years, however BIS see a price growth acceleration in 2021.</p>
<p>Perth and Darwin have bottomed out, and any recovery in prices will be a slow grind.</p>
<p>Excess stock, low population growth and weak economic and employment growth are the biggest drivers, suggests BIS.</p>
<p>They find a similar story in Adelaide, with a subdued economic environment and limited population growth also having a dampening effect on prices.</p>
<p>Hobart and Canberra are expected to continue their strong growth in 2018/19.</p>
<p>The lack of supply in Hobart is continuing to drive their price growth upwards.</p>
<p>Price growth in Canberra began to slow in 2017/18, but BIS expects that, due to the relatively high incomes in the capital, there will be further house price growth over the next two years.</p>
<p>Both markets are expected to decelerate through to 2020/21 as new dwelling supply rises and affordability becomes more strained.</p>
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<p>Zigomanis says that with the banks tightening the screws on investors, the increased restrictions on their borrowing capacity have reduced the likelihood of investors bidding up prices.</p>
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<p>This has caused all markets, with the exception of Hobart, to record a slowdown in price growth performance over 2017/18.</p>
<p>Notably, after experiencing strong gains since 2012/13, house price growth is on track to have recorded a negative number in Sydney and Melbourne through the year.</p>
<p>Both these markets benefited most from booming investor demand, and the tightening credit conditions are now having an impact.</p>
<p>However, the prospect for a major correction will be mitigated by low interest rates and a relatively stable, albeit subdued, economic environment.</p>
<p>Very strong population growth nationally is also underpinning occupancy, which in turn should help investors generate rental income, albeit perhaps at a discounted rate in some cities.</p>
<p>This will prevent excessive forced sales coming to the market to drive down prices.</p>
<p>“Supply is running at record levels, having risen above 200,000 dwelling completions per annum in 2015/16, and expected to stay above this level through to 2018/19,” said Zigomanis.</p>
<p>“Demand has also risen, with population growth expected to exceed 400,000 persons in 2017/18, its highest level since the peak in net overseas migration in 2008/09, although this will still not be sufficient to meet supply.”</p>
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jrobinson-rf4aSBido9

Melbourne house prices forecast to tread water through to 2020/21: BIS

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<p>Melbourne's median house price is set to be largely flat until 2020, while apartment values are likely to decline, according to the latest forecast from BIS Oxford Economics.</p>
<p>BIS have predicted declines in the apartment market, suggesting there are likely to be pockets of oversupply across Melbourne.</p>
<p>They believe unit prices will fall by a total of two percent in the three years to June 2021.</p>
<p>Angie Zigomanis, BIS Oxford Economics senior manager, said the supply is meeting the high population growth.</p>
<p>“Soaring population growth in Victoria is expected to be a key to house prices in Melbourne as investor demand continues to weaken, by supporting owner occupier demand,” said Zigomanis.</p>
<p>“While new dwelling completions are forecast to continue to rise through 2018, as the large pipeline of apartment buildings under construction work their way to completion, supply will be largely met by population growth.”</p>
<p>They have a stronger forecast for the housing market, although expect prices to remain relatively flat.</p>
<p>BIS expect just a one percent per year in the median house price, before an emerging downturn in new dwelling construction results in the city’s deficiency starting to trend upwards by 2020/21, which in turn will see a modest pick up in price growth.</p>
<p>They anticipate a six percent growth in the median house price in the three years to June 2021.</p>
<p>The median house price soared 65 percent over the five years to June 2017, with a further growth of two percent in the six months to December 2017, before a 0.2 percent drop in the first half of 2018.</p>
<p>Population growth and new dwelling supply have been cited as the biggest drivers in the median increase.</p>
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<p>Investors drove the strength of the market in Melbourne, although not to the same extent as in Sydney.</p>
<p>Loans to owner occupiers in Victoria were also at record levels in the year to March 2018, which has helped to offset the weakening investor demand. Consequently, the house prices in Melbourne have held up better in 2017/18 compared to the decline in Sydney.</p>
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BIS see greater weakness in Melbourne apartment market

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<p>House values in Melbourne's inner south are set for the biggest price drop over the next two years, according to Moody's Analytics CoreLogic's Hedonic House Value Index.</p>
<p>The latest figures suggest the area will see a 2.5 percent house price value drop, followed by a 5.5 percent decrease in 2019.</p>
<p>House values in the inner south area fell in April for the first time since the end of 2012.</p>
<p>Housing supply has ramped up significantly in recent years and remains elevated by historical standards, with a strong pipeline of completions ahead.</p>
<p>This correction in the housing demand/supply balance is likely to see home values in Melbourne’s inner suburbs continue to decline, CoreLogic suggest. </p>
<p>The weakness is expected to be most acute in the inner south, where home values are projected to fall until mid-2020.</p>
<p>Similarly, apartment prices in the Inner South are projected to start falling from mid-2018, before firming by mid-2019.</p>
<p>For Melbourne-Inner and the Inner East, home values are expected to fall until the first half of 2019, after which a modest recovery is likely to take hold.</p>
<p>Apartment prices there are expected to hold up relatively well, with the price gains likely to continue.</p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/6/21/vic-home-value.jpg" target="_blank">to enlarge.</a></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/2018/6/21/vic-home-value.jpg" alt=""></p>
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<p>Melbourne's house price growth has slid for 11 consecutive months and fell in April to a 62-month low of 3.1 percent y/y.</p>
<p>The slowdown is most pronounced in Melbourne’s inner suburbs. House values in Melbourne's inner east edged up just 0.3% y/y, a 11⁄2-year low.</p>
<p>Apartment price growth is also cooling. Apartment values in Greater Melbourne were up 5.7% y/y in April, a 15-month low, with the Inner South leading the slowdown.</p>
<p>The downswing has not been confined just to Melbourne’s inner suburbs, with house values across Victoria generally rising at a slower pace.</p>
<p>In Melbourne’s outer suburbs, where house prices recorded stellar double-digit growth through 2017, growth has also decelerated markedly.</p>
<p>Annual house price growth is down at a 38-month low in the North East; a 35-month low in the North West; a 19-month low in the Outer East; a 16-month low in the South East; a 34-month low in the West, and a 20-month low in the Mornington Peninsula.</p>
<p>Geelong is bucking the trend in the rest of Victoria. </p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/6/21/rest-of-vic.jpg" target="_blank">to enlarge.</a></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/2018/6/21/rest-of-vic.jpg" alt=""></p>
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<p>It saw a 10.6 percent house price value increase in 2017, and is set to see those prices soar another 12.3 percent this year and then a further 11.2 percent in 2019.</p>
<p>Ballarat is set to see consistent house price growth, as is the north west region.</p>
<p>Sydney's biggest drops are predicted to be in Ryde and the inner city and south areas while Brisbane has seen off the worst of its price falls.</p>
<p>Nationally there's set to be a cool, but no crash.</p>
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Melbourne's inner south property values to fall the most: Moody's Analytics

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<p>When he returns from the World Cup in Russia, veteran Socceroo Tim Cahill may be landing at a different airport.</p>
<p>The Sydney-born midfielder looks to be jacking in his life in Melbourne with a move back to New York on the horizon.</p>
<p>He'll no doubt be wanting to spend more time on his hobby farm in Byron Bay that he acquired late last year.</p>
<p>He was forced to leave Melbourne City in search of game time before the World Cup, which he found back in England where he made his name as one of Australia's greatest ever footballers.</p>
<p>He's listed the <a href="https://www.realestate.com.au/property-house-vic-lower+plenty-128639154" target="_blank">Lower Plenty home</a> he bought in late 2016 having signed for Melbourne City when returning from China. </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/2018/6/20/cahill2.jpg" alt=""></p>
<p>It's been renovated under his interior designer wife Rebekah.</p>
<p>Cahill is looking to take advantage of Melbourne's strong property market in the last 18 months.</p>
<p>Having paid $2,775,000 18 months ago, he's now seeking offers between $3.5 million and $3.85 million through Morrison Kleeman agents Rocco Montanaro and Malcolm Perkins who sold him the home.</p>
<p>There's a nod to Cahill's ownership in the marketing.</p>
<p>The renovated living room with flat screen TV has the Russia 2018 World Cup on the screen (below).</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/2018/6/20/cahill3.jpg" alt=""> </p>
<p>The home has six bedrooms, five bathrooms, a state of the art theatre room and a swimming pool on its 4,180 sqm parcel</p>
<p>Cahill is in Russia hoping to become just the fifth player to score at four different World Cups.</p>
<p>He is Australia's highest ever goal scorer and helped the Socceroo's through qualifying with crucial goals against Syria.</p>
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