Repeat buyers are one of the strongest measures of confidence in any apartment development.

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.

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.

<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>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“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.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

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.

"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."

Today, Keith says the move has completely changed how he experiences Newcastle.

"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."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"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."

For Aimee and Lyle Goodman, the journey started almost by chance.

<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>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

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.

"We actually catch up more as a family now," Aimee says.

"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."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"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."

That confidence only grew throughout the buying process.

"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."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"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."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

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.

[smartcode_project:default project_id=135096 project_image_fid=356822]

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;

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;

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.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

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.

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.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

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

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.

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.

"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.

"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."

[smartcode_project:default project_id=4661 project_image_fid=372549]

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.

"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.

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."

[smartcode_project:default project_id=4661 project_image_fid=314259]

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.

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.

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.

[smartcode_project:default project_id=4661 project_image_fid=372550]

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.

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.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"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."

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.

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.

[smartcode_project_cta:default project_id=4661]

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

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.

<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.

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.

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.

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.

[smartcode_project:default project_id=102717 project_image_fid=355297]

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.

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.

"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.

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.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

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.

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;

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;

[smartcode_project:default project_id=102717 project_image_fid=355303]

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.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"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."

[smartcode_project:default project_id=102717 project_image_fid=355304]

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.

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.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

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.

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.

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.

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.

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.

[smartcode_project:default project_id=5743 project_image_fid=372394]

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.

"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.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

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.

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.

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.

[smartcode_project:default project_id=5743 project_image_fid=925]

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.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"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."

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.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

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.

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.

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.

"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."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

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.

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.

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.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"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."

<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" />

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.

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.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"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.

"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."

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.

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>.

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

Melbourne

<html><body>
Melbourne’s former Duke of York Hotel at Prahran, renamed The Smith after renovation by the owners including Lucy Liu, has been listed for auction with expectations of a $9.5 million plus price tag.
The Smith at <a href="https://www.realcommercial.com.au/property-retail-vic-prahran-502562654" target="_blank">213 to 219 High Street</a> recently reopened following a multi-million dollar renovation, expanding into the building next door and doubling the size of the venue to 1,045 sqm. 
The upgrade includes a retractable glass roof that creates a closed piazza style atrium, a 120-seat dining and bar area and a first floor function room.
The property current earns a net annual rental of $520,000 and will be sold subject to a new 10-year lease with two further ten-year options.
The asset is being marketed by Teska Carson’s Michael Taylor and Michael Ludski.
The auction is scheduled for October 20.
In occupation for the past seven years, the lessees are celebrated Melbourne restaurateurs Michael Lambie and Scott Borg of Lucy Liu, Taxi Dining Room, Lamaro’s and Circa fame, and business partner and current The Smith executive chef, Brad Simpson. 
The business operates a general 3 am liquor licence for 307 patrons.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/26/Smith2.jpg" alt="">
Listing agent Taylor said the corner (Clifton Street) location would attract both investors and developers due to its commercial 1 zoning and with potential for a high rise residential development.
“The Smith ticks all the boxes for a solid investment with a secure lease to very successful tenants in an unrivalled location, but it also offers an exceptional landbank opportunity should the buyer wish to pursue future development options down the track,” said Taylor.
“Prahran has been and will continue to be a strong property performer as Melbourne’s population grows over the next 20 years and more, and the demand for apartments grows with it.’’ 
According to Ludski, it is the entertainment element that has been a key driver of property values in Prahran in recent times.
 “Put simply, ‘The Smith Prahran’ is an anchor hospitality destination situated within the epicentre of Melbourne’s hottest entertainment precinct,” he added.
 
</body></html>

jonathanchancellor-7SQnKwU6yx

Melbourne's former Duke of York Hotel on the block with $9.5 million price tag

<html><body>
ANZ economists have raised their expectations for dwelling price growth in 2017 to 5.8 percent from their previous forecast of 4.4 percent.
The housing market update, authored by authored by ANZ senior economists Daniel Gradwell and Joanne Masters, say Melbourne and Sydney will continue to be the main drivers of this growth in line with their expanding populations.
They point to Melbourne’s recent resilience as a reason they “have nudged our 2017 price forecasts higher, and now expect nationwide prices will finish the year 5.8 percent higher, followed by growth of 2.2 percent in 2018”.
They economists wrote that the “Melbourne market has recently been more resilient than the Sydney market, perhaps reflecting an element of ‘catch-up’ after Sydney outperformed in previous years”.
"Note that while we expect price growth will slow, there is no suggestion that prices will fall outright,” adds the report.
The report suggests that weaker auction results point toward a slower price growth through the remainder of 2017, while tighter borrowing conditions, and higher interest rates for investors are likely to weigh on growth through 2018.
However, the revised forecast for Melbourne of 5.8 percent, up from the 4.4 percent ANZ predicted,  reflects the continued population growth in the Victorian capital, the latest Australian Housing Update says.
On a national level, price growth has slowed across most capital cities and regional areas and across detached houses and the unit/apartment market over the three months, it said. Prices are now 9.7 percent higher than a year ago, down from the peak of 11.4 percent y/y growth recorded in May this year.
</body></html>

ANZ economists raise home price growth for 'resilient' Melbourne

<html><body>
Current pre-lease rentals on offer to lease new warehouses in Melbourne and Brisbane offer a good opportunity for tenants to upgrade, according to forecaster BIS Oxford Economics.
Leasing incentives in both markets have pushed effective rents to around their lowest levels in 10 years, with little change in stated rents over the 10-year period. Since 2007, average prime net effective rents in Melbourne’s South-East and Brisbane’s TradeCoast have fallen by 15 to 18%. 
Compounding the situation, stated rentals for a new lease are substantially below the rent being paid by tenants coming to the end of a long term lease, said BIS Oxford Economics.
For a tenant who signed a lease over a prime property in Melbourne’s South-East in 2007, with annual escalations of 3%, would be paying 25% above the current market rent for existing space. 
In Brisbane’s TradeCoast, the situation is even worse, with the tenant ending their lease paying an estimated 35% above market rents. It makes sense that companies would find the option to upgrade to newer, more efficient facilities at a much lower rent very appealing. 
The findings were carried in the BIS Oxford Economics’ latest reports on the sector, Melbourne and Brisbane Industrial Property, Market Forecasts and Strategies, 2017 to 2027.
<img src="https://www.urban.com.au/images/2017/09/11/ChartBIS.png" alt="">
However, the forecaster says the pre-lease deals on offer will not last indefinitely.
Over the last five years, major developers in Brisbane and Melbourne were able to use firming yields and rising capital values, underpinned by the strength of the investment market, to fund leasing incentives, whilst keeping a lid on pre-lease rents. The competition in the pre-lease market kept market rents subdued. 
But developers’ calculations will change when yields stop firming and start to soften, as forecast over the next five years. Without firming yields, developers will no longer be able to fund such generous leasing incentives and will need higher rents to underwrite project feasibility. Rising pre-lease rents will then filter through to the existing market. 
According to report authors, Lee Walker and Christian Schilling, the key trigger for the change in developer behaviour will come from rising Australian 10-year bond rates, which have a positive correlation to industrial yields. 
Even so, the forecast rise in bond rates will take time to change developer behaviour and the pre-lease deals they offer. 
Whilst BIS Oxford Economics consider it will be business as usual for the next 12 to 18 months, the generous leasing deals will gradually start to evaporate. With leases typically involving a long term commitment, tenants looking to upgrade would be advised to take advantage of the generous leasing incentives and rents whilst they are still around. 
</body></html>

Industrial tenants should capitalise on pre-lease offers in Melbourne, Brisbane: BIS Oxford Economics

<html><body>
The original Melbourne Savings Bank office in Carlton has been listed for auction with expectations of more than $2.5 million.
The building at <a href="https://www.realcommercial.com.au/property-offices-vic-carlton-502550550" target="_blank">208 Elgin Street</a> has come to market at a time office rates in Melbourne CBD are reaching record heights, in some instances pushing $12,000 per sqm, according to Colliers International, which is marketing the property.
It will be auctioned on October 6.
The 298 sqm property has triple frontage to the intersection of Lygon and Elgin streets.
The two-storey freehold includes the bank’s original safe and has a net lettable area of about 400 sqm, comprising nine offices or residential spaces with double-height ceilings and modern appliances. 
The listing agents are Oliver Hay, Daniel Wolman and David Sia.
“The short-term holding income provides flexibility for investors, owner-occupiers or value-add players, and the commercial use enhances the asset’s versatility,” Hay said.
Wolman added that its location, close to the University of Melbourne, was a key selling point.
“With Carlton office space starting at about $8,000 per square metre on building rates, buyers are seeing significant value for money in what is a highly convenient, lifestyle-driven suburb with extensive CBD synergies,” Hay added.
“At a more affordable rate, purchasers can make the move to Carlton, literally metres from the CBD, and invest in significant parcels of land among Melbourne’s best education institutions and amenity.”
</body></html>

Former bank building in Melbourne's Carlton listed with $2.5 million hopes

<html><body>
Investec Australia Property Fund (IAPF) has announced the acquisition of an industrial property in Hallam, Melbourne for $22 million on an initial yield of 6.3%. 
The property at <a href="https://www.realestate.com.au/property/11-siddons-way-hallam-vic-3803" target="_blank">6-8 and 11 Siddons Way</a> comprises two separate buildings with a gross lettable area of 15,504 sqm.
It is split into warehouse and distribution facilities along with office accommodation.
The site area is 32,701 sqm.
The property is 33 kilometres south east of the Melbourne CBD in one of the city’s most established industrial precincts. The property has easy access to major arterials and freeways including the South Gippsland Highway, Eastlink and the Monash Freeway. 
IAPF chief executive Graeme Katz said the acquisition would take the value of the fund’s total portfolio to $801 million.
“The property is located in one of Melbourne’s most tightly held industrial precincts which is home to other significant companies such as Ceva Logistics, Australia Post and TNT. In addition, Amazon has just announced it will locate its first Australian distribution facility in the adjoining suburb of Dandenong South. 
Settlement of the property is expected by mid-October, said IAPF.
The Johannesburg-listed IAPF, which helps South African investors access Australia’s commercial property market, said the acquisition is accretive for the fund and will be funded by utilising its existing debt facility.
The property is 100% occupied by Australian retailer Focus on Furniture, which uses the property as their national office and main distribution warehouse. 
Focus on Furniture has been operating for 15 years and specialises in lounges, dining and bedroom suites. 
It currently has 33 stores in Victoria, NSW, ACT, South Australia and Queensland with more than 150 staff. 
Focus on Furniture is on a long lease, expiring in 7.8 years with annual rent increases of 3%.
Following the acquisition, IAPF will be geared to 35% with a weighted average cost of debt of 3.67% and hedged to 87% for an average of 7.2 years, it said.
“The acquisition aligns well to the Fund’s strategy of investing in well-located, high quality assets that provide a sustainable income stream for investors,” Katz said.
He added that though the property had a strong tenant, it has flexible future uses and could potentially be split into two separate units to accommodate multiple users. It is also split over two titles which could be sold separately.
 
</body></html>

prateek24-ezbwHMbNAk

Investec Australia Property Fund acquires Melbourne industrial property for $22 million

<html><body>
The Melbourne apartment market is still at its peak, according to Herron Todd White’s latest report.
The property data firm says that it has not changed since last month’s report.
Melbourne is the only major capital city at its peak.
It is joined by Coffs Harbour, Gold Coast and Newcastle.
Sydney's market is beginning to decline.
Brisbane's unit market is in decline.
 
<a href="https://www.propertyobserver.com.au/images/2017/09/07/Screen%20Shot%202017-09-07%20at%202.15.09%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/07/Screen%20Shot%202017-09-07%20at%202.15.09%20pm.jpg" alt="">
A two bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-vic-flemington-126288362" target="_blank">7/106 Ascot Vale Road</a>, Flemington (above) has been listed for $259,000.
A one bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-vic-clifton+hill-126413166" target="_blank">11/109 Heidelberg Road</a>, Clifton Hill (below) has been listed for $339,500.
It last sold in 2007 for $307,500.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/14/11_109%20Heidelberg%20Road.jpg" alt="">
On the other hand Albury has now moved to a rising market.
Units in Bathurst, Orange and south west Western Australia are starting to recover.
Units in Alice Springs remains at the bottom of the market.
A one bedroom unit at <a href="https://www.realestate.com.au/property-unit-nt-alice+springs-109123501" target="_blank">5/26 Palm Place</a>, Alice Springs (below) has been listed for $159,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/13/5_26%20Palm%20Place.jpg" alt="">
A two bedroom unit at <a href="https://www.realestate.com.au/property-unit-nt-desert+springs-126146306" target="_blank">3/4 Caterpillar Court</a>, Desert Springs (below) has been listed for $375,000.
Built in 1995 the 216 sqm property last sold for $185,000 in 2005.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/13/3_4%20Caterpillar%20Court.jpg" alt="">
</body></html>

j.ballantyne1990-6AQqhLzZaK

Sydney unit prices declining, Melbourne apartments at peak, Alice Springs units at bottom of market: HTW property clock

<html><body>
Malaysian developer SP Setia has sold 80 per cent of the apartments in its luxury twin-tower Melbourne project on Exhibition Street, contrary to concerns of a slowing in the apartment market.
The developer paid a record $101 million for the former Telstra Exchange site at 308 Exhibition Street in 2016.
SP Setia’s mixed-use development project, which will also feature a five-star hotel, is estimated at $640 million.
The developer did not say how many of the roughly 280 apartments in Sapphire By The Gardens sold so far were to overseas buyers, but according to The Australian Financial Review, foreigners made up a high proportion of buyers.
Recent reports from Chinese-based real estate agents suggested a sharp fall in interest from offshore buyers for Australian apartments due to restrictions on capital outflows imposed by Beijing, new stamp duty surcharges and a tighter lending market in Australia.
Jon Ellis, who runs off-the-plan marketplace Investorist, recently said demand was down 40 per cent, but that developers of quality projects were still making sales in Asia.
Last year, the developer also bought an 850 sqm development site in Melbourne’s Prahran.
"Quality high-rise developments in Victoria, like Sapphire By The Gardens, will continue to attract a healthy mix of offshore, interstate and local interest" said Tim Storey of Colliers International Residential, the lead selling agent on the project.
The project has a residential tower with 345 apartments and a second tower that will be house a five-star hotel Shangri-La hotel with about 500 rooms. Overlooking Carlton Gardens, the project is expected to be complete by 2021.
The project includes a $29 million penthouse with the remaining apartments priced from $1.085 million, to just under $1.9 million.
The developer is holding events to launch the sale of the remaining 20 per cent apartments in the coming weeks in Sydney and Melbourne.
</body></html>

Malaysian developer SP Setia says 80 percent units sold in luxury Melbourne tower

<html><body>
BRW Rich Lister George Kepper has listed an outer Melbourne development site with expectations of more than $110 million.
The “Eastridge" at <a href="https://property.cbre.com.au/properties/266-268-maroondah-hwy-chirnside-park-vic-3116/" target="_blank">266-268 Maroondah Hwy</a> is a 21.4 hectare mixed-use site along the Maroondah Highway in Chirnside Park, was once due to be home to a new Masters store.
The site has a residential-zoned component spread over  9.55 hectares and a commercial  area on 11.86 hectare. 
The latter includes the headquarters of Kepper's property investment business KFT, in addition to ground floor restaurants, a cafe and bar.
In December 2015, KFT got a permit for a Masters home improvement store and a Dan Murphy's liquor store on the site, but the plan came undone when Woolworths decided to pull the plug on the struggling DIY chain in 2016, according to The Australian Financial Review.
Work on the the Dan Murphy's store is on and is expected to provide a 15-year income stream when completed alongside rental income from the existing commercial buildings. The site also comes with a permit for a 13,400-square-metre large format retail centre.
The properties generate a net passing income of $1.06 million p.a. 
Architects DKO have drawn up plans for a mix of office, retail, high-rise residential, retirement and aged care on the commercial-zoned portion of the site with a large townhouse and medium-density development in the residential portion.
The site is being sold through an an international expressions of interest campaign run by CBRE's Mark Wizel, Julian White, Lewis Tong and Nathan Mufale.
Its offering to the market comes following a number of major infill site sales in Melbourne with the likes of Stockland seeking townhouse development opportunities.
"Development of the site is perfectly timed to cater for strong demand for master planned product in established areas that have vast retail amenity, employment drivers, educational institutions and other infrastructure," said White.
Eastridge is opposite the Chirnside Park Shopping Centre, due to undergo a $52 million expansion and a 176-townhome development called The Enclave.
</body></html>

Rich lister George Kepper lists Melbourne mixed-use site with $110 million expectations

<html><body>
Melbourne’s North West region had the highest weekend auction clearance rate, according to CoreLogic’s latest report.
The property data firm says that 86.6% of its 82 auctions were cleared.
This is followed by Outer East with 77.8% and Inner South with 75.7%.
<a href="https://www.propertyobserver.com.au/images/2017/09/11/Screen%20Shot%202017-09-11%20at%2010.22.29%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/11/Screen%20Shot%202017-09-11%20at%2010.22.29%20am.jpg" alt="">
The South East region had the lowest auction clearance rate with only 67% cleared.
A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-keilor+east-126170170" target="_blank">20 College Parade</a>, Keilor East (above) was sold for $1.21 million.
It last sold for $212,000 in 1997.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-keilor+east-126140582" target="_blank">11 David Avenue</a>, Keilor East (below) was sold for $1.188 million.
Built in 1960 it last sold in 2012 for $648,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/11/11%20David%20Avenue.jpg" alt="">
</body></html>

Melbourne's North West scores highest weekend auction clearance rate: CoreLogic

<html><body>
<div>There have been many predictions of a Melbourne property crash over the past decade.</div>
<div> </div>
<div>The crash was variously to be triggered by Baby Boomers retiring, China, falling iron ore prices, the mining cliff, spiralling bank funding costs, slowing population growth, apartment oversupply, budget deficits, the loss of the AAA-rating, rising unemployment, higher interest rates, the Ebola virus, and dozens of other things. </div>
<div> </div>
<div>I've been pretty bearish on a few of these points myself - in particular I worried about the overbuilding point a few years back. </div>
<div> </div>
<div>And yet, Melbourne's housing market is powering on harder than ever. </div>
<div> </div>
<div>One of the biggest hurdles in recent months has been how the housing market would respond to additional levies on foreign investors and a crackdown on interest-only loans domestically.</div>
<div> </div>
<div>July's housing finance figures delivered an emphatic answer: record homebuyer commitments of $6.12 billion in a single month, for a crunching +12 per cent year-on-year increase. </div>
<a href="https://www.propertyobserver.com.au/images/2017/09/11/A3.jpg" target="_blank">Click to enlarge</a>
<div class="separator"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/11/A3.jpg" alt=""></div>
<div> </div>
<div>Stock absorbed</div>
<div> </div>
<div>The iron ore price didn't crash in the end, and bank funding costs have remained very low - discounted home loans are now available from just 3.65 per cent, and lenders are busily dropping their rates to entice new business.</div>
<div> </div>
<div>Meanwhile, the Baby Boomer cohort became net buyers of property in search of return on their capital. </div>
<div> </div>
<div>One of the surprising outcomes through this cycle has been the sheer pace of population growth in Melbourne, which just got faster, and faster, and faster, at the expense of Perth, Adelaide, and any number of regional centres. 
</div>
<div>Until this rate of population growth turns down in Melbourne, even record building activity can barely keep pace, and vacancy rates have fallen to their lowest levels in about 7 years. </div>
<div> </div>
<div>Median asking rents for apartments in Melbourne are now about +12 per cent higher over the past 3 years, according to SQM Research, while asking rents for houses have increased by about +11 per cent. </div>
<div> </div>
<div>Unlike Sydney, Melbourne has affordable suburbs, and this is even helping to attract migrants internally from the harbour city. One of the most vociferous property bears of the past decade, Philip Soos of LF Economics, now predicts that the next property correction won't happen for another 9 year, in 2026 (not that I'd reach too much into that). </div>
<div> </div>
<div>Jobs outlook</div>
<div> </div>
<div>The global economy generally looks set for a stronger period ahead, with all regions now delivering growth. </div>
<div> </div>
<div>Australia's economy has added full time jobs at a tremendous pace in 2017. </div>
<div> </div>
<div><a href="https://www.propertyobserver.com.au/images/2017/09/11/A1.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div class="separator"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/11/A1.jpg" alt=""></div>
<div> </div>
<div>However, that dream run looks set to slow a little as we head in 2018, once residential building slows down, while the inflation figure will be re-weighted for the December 2017 quarter, probably reducing the inflation rate even lower than it already is. </div>
<div> </div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank">Four Green Houses and a Red Hotel</a>.
</div>
</body></html>

Melbourne

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Melbourne

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News