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

Joel Robinson

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

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

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

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

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

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

New Apartments

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Buying your first apartment can seem like a daunting task and entering the property market is <a href="/guides/how-to-buy-a-house-in-2021-a-guide-for-first-time-home-buyers">expensive and confusing</a>. Finding affordable housing in Melbourne is even harder, especially when you don't know where to look.

If you're a first home buyer or your budget is on the tighter side, here are five residences you can get for $500,000 in Victoria's capital. 

1. <a href="/buildings/australia-108-southbank-70-southbank-boulevard-southbank">Australia 108, Southbank</a>

One-bedroom apartments from $469,000 
Address: 70 Southbank Boulevard, Southbank VIC 3006

<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/amenities_01_1.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="327" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/amenities_01_1.jpg?itok=iLizfUPz" width="580"></a>

For less than $500,000, you could find yourself living in the landmark Melbourne building, Australia 108. Located on the prime location of 70 Southbank Boulevard, Southbank, the development is just a short walk from the promenade, the Yarra River and the bars and restaurants that line it.

Home buyers can enjoy a one-bedroom, one-bathroom apartment for $469,000, giving them access to residents-only facilities on the 70th floor, the building’s golden protrusion named the Star Club. Amenities

 

2. <a href="/buildings/collins-bates-19-25-collins-street-chadstone">Collins &amp; Bates, Chadstone</a>

One-bedroom apartments from $420,000 
Address: 72-76 Batesford Road, Chadstone VIC 3148

Located close to the Southern Hemisphere’s largest retail and lifestyle hub, Collins &amp; Bates brings you city convenience alongside crafted courtyards for natural surrounds. Designed by Point Architects and C&amp;C Interiors, Collin &amp; Bates offers residence private outdoor balconies, oak timber flooring and timeless interiors.

Estimated for completion this month, the project offers one-bedroom, one-bathroom residences, with a private car space from $420,000.

 

3. <a href="/buildings/folia-59-stables-circuit-doncaster">Folia, Doncaster</a>

One-bedroom apartments from $400,000 
Address: 59 Stables Circuit, Doncaster VIC 3108

<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/folia-59-stables-circuit-doncaster-f5461f57f0abf5e886a22b59c0d72e62.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="326" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/folia-59-stables-circuit-doncaster-f5461f57f0abf5e886a22b59c0d72e62.jpg?itok=ieWte2uc" width="580"></a> 

For just $400,000, Folia offers home buyers the change to live in the newest chapter at Apartments of Tullamore. Nearby amenities include health and lifestyle clubs, resort-style tennis courts, indoor and outdoor heated pools and manicured landscaping.

Designed by Mirvac’s design team, Folia will offer a collection of one, two and three-bedroom apartments, featuring greenery-fringed balconies, a rooftop conservatory and a kitchen garden.

 

4. <a href="/buildings/east-tower-melbourne-quarter-628-flinders-street-docklands">Melbourne Quarter, Docklands</a>

One-bedroom apartments from $458,000 
Address: 628 Flinders Street, Docklands VIC 3008

<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/melbourne-quarter-628-flinders-street-docklands-9c8fc67545c7c1d2be2aa1f41646b01c.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="682" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/melbourne-quarter-628-flinders-street-docklands-9c8fc67545c7c1d2be2aa1f41646b01c.jpg?itok=sKusi0Ym" width="580"></a>

Bordered by the renowned Collins and Flinders Streets, Melbourne Quarter offers residents the convenience of living in Melbourne’s vibrant CBD at affordable prices for first home buyers or investors. The project includes a hotel-style lobby, concierge and three floors of resort-style amenities.  

Home buyers can enjoy a one-bedroom, one-bathroom apartment for $458,000. Amenities include a 25-metre indoor swimming pool, spa, multi-purpose gym, function rooms and a 20-seat theatrette.

 

5. <a href="/buildings/palladium-tower-southbank-251-city-road-southbank">Palladium Tower, Southbank</a>

One-bedroom apartments from $476,000 
Address: 251 City Road, Southbank VIC 3006

<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/palladium-tower-251-city-road-southbank-9b29456eb9d9b8680f6a316f435753fa.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="304" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/palladium-tower-251-city-road-southbank-9b29456eb9d9b8680f6a316f435753fa.jpg?itok=U3mrnKt3" width="580"></a>

Located in Victoria’s Southbank Precinct and set over 51 storeys, Palladium Tower offers incredible amenities and communal facilities at an affordable entry-point. Designed by Squillace, the vertical village includes 400sqm of indoor and outdoor space, a residents’ lounge, a bar and private dining room, a pool and a gym.

Priced at $476,000 for a one-bedroom, one-bathroom apartment, first home buyers will be offered contemporary design, views of the city and ocean, and the choice between two colour palettes to style their home.
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Here are five residences you can get for $500,000 in Victoria's capital

urban.com.au

December 2020: New apartments you can buy in Melbourne for under $500,000

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90 per cent of stage one sell-out at newly completed Erskineville’s Park Sydney as residents move in. Stage one of the joint venture by Greenland Australia and GH Australia launched last week with the developers confirming that over 297 residences in the 330-apartment project have sold to date. A limited mix of apartments remain, spread across two eight-storey buildings at the corner of Mitchell Road and Ashmore Street.

<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/erskineville_park_sydney_3.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="388" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/erskineville_park_sydney_3.jpg?itok=q0VyQwko" width="580"></a>

Designed by WMK Architecture and Alexander &amp; CO, residences in Botany and Cascade offer large sliding doors, natural timber finishes and high ceilings. The timber composite panels express verticality, the project’s marketing reads, with angled feature balconies and concrete slabs offering exteriors with a strong sense of character. Upon completion of the project’s additional stages, Park Sydney is expected to comprise approximately 1,400 apartments. Park Sydney is one of Sydney’s largest urban renewal projects, with stage one including the development of 5,000 sqm of retail, including 1,600 sqm Woolworths Metro, plus future food, beverage and lifestyle retail.

<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/erskineville_park_sydney_2.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="322" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/erskineville_park_sydney_2.jpg?itok=OZr0Pxda" width="580"></a>

“Park Sydney’s first stage is an indicator of what is to come for this new community, which will revitalise this part of Erskineville and eventually provide homes for nearly 3,000 people”, said Greenland’s managing director, Sherwood Luo. Once the project’s future stages have been completed, Park Sydney will offer 10,000 sqm of retail amenities.
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The Erskineville development Park Sydney has seen its recently completed Botany and Cascade towers nearly sell out

Park Sydney Erskineville nears first stage sellout as residents move in

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Buying a new home is always an exciting process, especially for first home buyers. As with any industry, real estate professionals will often reference terminology that you may not be familiar with unless you have bought property in the past. To help you <a href="/guides">buy off-the-plan with confidence</a>, we’ve compiled a list of 46 real estate glossary terms that will be helpful when navigating the off-the-plan purchasing process. 

Auction: At an auction, the auctioneer kicks the bidding off with a reasonable starting price, which is followed by counter-offers among bidders, creating a highly competitive environment. If the property does not meet the reserve, the property will be likely to go to a Tender, but in Australia auction clearances are high, meaning many homes will sell on auction day.

Adjustments: Adjustment is a way of calculating who pays what in regards to the outgoing costs of the property during the sale period.

Ballots: Many off-the-plan properties in high-demand (such as the likes of Nightingale Housing) are opting for a ballot system, whereby interested buyers will put down their name for the opportunity to purchase an <a href="/new-apartments">apartment</a> at the fixed sale price.

Capital Value: Capital Value = recommended land value + property value (which also takes into account the valuation of other properties in the area). A specialist property valuer provides this information as a guide for prospective home buyers.

Caveat: A legal ownership of a property by a third party.

Chattels: Fixtures and fittings within a home. It’s essential to identify chattel inclusions within the property before signing contracts.

Contingency Clause: A legal document which provides you with a grace period to finalise your decision to purchase your property.

Contract: A Contract of Sale is the agreement made between the buyer and the seller which details terms and conditions, price, caveats, completion dates etc.

Conditional sale: Is a restriction on the purchase made by the buyer. The property will not change ownership until the seller has actioned the caveat.

Conveyancer: A conveyancer is a lawyer who draws up the legal documents, including the offer and contract of sale.

Cooling Off Period: The period following the signing of contracts where the buyer may be able to forfeit the sale.

Covenant: A covenant is a set of rules and restriction around what changes to a site or property are permitted.

Deposit: A percentage of the property value, paid upfront to secure the sale. This amount often ranges from 5% upwards.  

Due Diligence: Is the research required to be undertaken before placing an offer on any property. Due diligence can help you to identify whether construction of a property is of a high standard and a great way to figure out how much you believe the home is worth.

Easement: Shared paths, driveways, communal spaces, which others have access to for servicing and maintenance.

Final Inspection: Before the property changes hands, one last property inspection will help to ensure it meets all standards outlined in the contract agreement.

Fixed-Rate: is where the interest rate remains stable for a specified period.

Freehold: The buyer will own the land and property until they decide to on-sell.

Gazumping: When the vendor has already agreed to a sale (and has not yet signed contracts) but then goes ahead and accepts a higher offer from another buyer.

Heritage Overlay: Buildings which fall under a state’s heritage overlay require sensitive development, and often require retaining some or all of the building’s structure/façade.

Home Loan Pre-Approval: Is the ability for a buyer to secure finance before placing an offer on a property.

Interest-Only Loan: Interest-only loans will often reduce the amount you pay weekly by not contributing towards the Principal.

Lender: Provider of the capital to secure the property (such as a bank).

Off-The-Plan: Buying an unbuilt property based off of viewing the plans.

Owner’s Corporation: The Owner's Corporation is a committee made up of residents within an apartment building. Homeowners attend meetings to discuss financial decisions regarding collective maintenance projects, events, renovations and more.

Mortgage: Sum of money loaned to cover the cost of the property, which is paid off over years of property ownership.

Negative Gearing: The use of <a href="/guides/18-ongoing-rental-property-costs-and-which-ones-are-tax-deductible">rental income</a> to invest in an additional property, when the rental return is less than the total amount of annual interest paid on the secondary property.

Permit: A permit is granted for a developer to commence construction on a project.

Personal Letter: A note provided to the vendor, often stating why the buyer would like to purchase their home.

Principal + Interest Loan: This type of loan will mean you are paying both the principal (the amount you borrowed to purchase the property) and interest at the same time.

Principal Place of Residence Statutory Declaration (PPR): This document identifies that the buyer is going to live in the home they are purchasing. PPR documentation is often required for Stamp Duty Concessions or <a href="/guides/how-to-navigate-australias-first-home-buyer-grants">First Home Buyer Grants</a>.

Private Treaty: (Also known as Sale by Negotiation) This type of sale is where the vendor identifies the price they want for their property, which can start a bartering process among interested buyers and the vendor. There is no set sale date, so this open can mean a longer sale process.

Reserve Price: During an auction, when a bid meets the reserve price, the property will be guaranteed to sell.

Residue: Difference between purchase price and deposit.

Settlement: This marks the day of sale finalisation and homeownership is granted to the buyer.

Stamp Duty: Tax associated with buying property in Australia. For a new property that will be the buyer's primary residence, they may be eligible for an off-the-plan stamp duty concession. Stamp Duty concession rules vary state to state.

Strata: (Also known as Body Corporate) An external company responsible for general maintenance of communal areas within an apartment building.

Strata Fees: (Also known as Body Corporate Fees) <a href="/guides/how-to-make-strata-fees-work-in-your-favour">Strata fees</a> are paid quarterly or annually, to cover general maintenance costs within your apartment building.

Sunset Clause: The ‘expiry date’ of an off-the-plan agreement. This gives both the buyer and the developer an opportunity to break the contract if construction is not completed on time.

Tender: Often referred to as a 'silent auction.’ A Tender invites buyers to place an offer without knowing what price the vendor is willing to sell for.

Title Deed: (Also known as the Certificate of Title) A title deed outlines the information about the property and its owner(s).

Townhouse: A <a href="/new-townhouses">townhouse</a> is a dual storey home, attached to other properties in a development block.

Unconditional Sale: An unconditional sale is where the buyer makes an offer on a home without needing approval on finance, or any remedial work is done on the property prior to purchase.

Variable Rate: Your repayment rate fluctuates at the same time your interest rate does.

Vendor: Seller of the property.

Zoning: Outlines the use of land and the buildings situated within the ‘zoned area’.

Want to learn more about buying off-the-plan? Find out <a href="/guides">how buying off-the-plan works</a>, <a href="/guides">what to ask the sales agent</a> or <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">20 things to look out for</a> when buying your first home. 

Lead image: L-R Marina Tower and Banksia, Credit: Nicholas Failla
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Olivia Round

A-Z real estate glossary terms to know before buying off-the-plan

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Bronwyn Weir, the co-author of a report on how to fix Australia's defect ridden building industry, has said she would not buy a newly built apartment.
"If I was going to be investing in an apartment, I'd buy an older one. It's common sense, isn't it? It's just logical," Bronwyn Weir told Four Corners.
"I wouldn't buy a newly built apartment. No."
Ms Weir, and the former senior public servant Peter Shergold, co-wrote the Building Confidence report commissioned by Australia's federal, state and territory building ministers.
The report was delivered in February last year.
It made 24 recommendations including a crackdown on private certification of buildings and registration of every person involved in the building process.
Finally at a meeting in July this year, the <a href="/news/how-the-nsw-government-gutted-tougher-laws-on-non-conforming-building-products-four-corners">building ministers committed to implementing the reforms</a>.
But Ms Weir told Four Corners that it would not fix the legacy of decades of inaction.
"Probably the prevalence of noncompliance has been particularly bad, I would say in the last say 15 to 20 years. It's gotten worse over that period. And that means there's a lot of existing building stock that has defects in it.
"[The new reforms] won't improve existing building stock unfortunately. So there'll be legacy issues for some time and I suspect there'll be legacy issues that we're not even fully aware of yet."
Ms Weir said for those looking to buy an apartment, it was more prudent to opt for a building "that maybe is, say, five years plus [of age]".
"You would like to think that if there are major issues with that building, they'll have started to show," she said.
"So I think if people are looking at investing, there are ways to do good due diligence. Buying off the plan is a really tricky proposition at the moment."
But she hoped some better builders would give people assurances it was safe to buy "and try to salvage what has been a pretty damaging impact of these latest news stories".
Watch Sean Nicholls' investigation, Cracking Up, on Four Corners on iview.
 
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j.ballantyne1990-6AQqhLzZaK

Building defects report author Bronwyn Weir wouldn't buy a newly built apartment

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A common misconception with apartment living is that you have to give up having a garden. The beauty of modern developments today is that many developers employ award-winning landscape architecture firms to design world-class outdoor living spaces for residents to enjoy. 

We took a look at 5 of Australia's most beautiful gardens on the market right now.

#1 BURWOOD BRICKWORKS, VIC

Developer: <a href="/developers/frasers-property">Frasers Property</a>

Landscape Architect: GROUP GSA, OCCULUS

<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/burwood-1.jpg" rel="gallery-all" title="Credit: Frasers Property"><img alt="Credit: Frasers Property" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/burwood-1.jpg?itok=R8cUdqti" style="width: 580px; height: 319px;" title="Credit: Frasers Property"></a>

<figcaption>Credit: Frasers Property</figcaption></figure><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/burwood-2.jpg" rel="gallery-all" title="Credit: Frasers Property"><img alt="Credit: Frasers Property" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/burwood-2.jpg?itok=XiPSaA5J" style="width: 580px; height: 326px;" title="Credit: Frasers Property"></a>

<figcaption>Credit: Frasers Property</figcaption></figure>Burwood Brickworks is the exciting new development planned for Melbourne, which is also <a href="/expert-insights/burwood-brickworks-set-to-become-the-world-s-most-sustainable-retail-development">set to become the world’s most sustainable retail development</a>. For those who plan to buy one of the 700 off-the-plan homes within the precinct, they will be able to enjoy 2.5 hectares of open space and parklands, featuring sprawling lawns, native trees, expansive boardwalks and even a rooftop urban farm.

<hr>
#2 <a href="/buildings/live-brighton-1-bryson-avenue-brighton">NO. 1 BRYSON</a>, VIC

Developer: Circa Property Group

Landscape Architect: CBG Architects

<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/no1bryson-1.jpeg" rel="gallery-all" title="Credit: Circa Property Group"><img alt="Credit: Circa Property Group" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/no1bryson-1.jpeg?itok=GpOiY_Fs" style="width: 580px; height: 327px;" title="Credit: Circa Property Group"></a>

<figcaption>Credit: Circa Property Group</figcaption></figure><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/no1bryson-2.jpeg" rel="gallery-all" title="Credit: Circa Property Group"><img alt="Credit: Circa Property Group" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/no1bryson-2.jpeg?itok=bohZCSfh" style="width: 580px; height: 327px;" title="Credit: Circa Property Group"></a>

<figcaption>Credit: Circa Property Group</figcaption></figure>No.1 Bryson is a luxury collection of eight boutique apartments in Brighton, Melbourne. The development features delicate creeper vines, lush mature trees, manicured lawn and shaded seating area complete with a brazier. A dynamic range of shrubs, hedges and tall trees provide optimum privacy, shelter and create a restful environment for residents to enjoy year-round.

<hr>
#3 <a href="/buildings/riverlight-320-macarthur-avenue-hamilton">RIVERLIGHT</a>, QLD

Developer: <a href="/developers/frasers-property">Frasers Property</a>

Landscape Architect: Lat27

<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/riverlight-1.png" rel="gallery-all" title="Credit: Frasers Property"><img alt="Credit: Frasers Property" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/riverlight-1.png?itok=bj4jTcEA" style="width: 580px; height: 388px;" title="Credit: Frasers Property"></a>

<figcaption>Credit: Frasers Property</figcaption></figure><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/riverlight-2.png" rel="gallery-all" title="Credit: Frasers Property"><img alt="Credit: Frasers Property" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/riverlight-2.png?itok=7mZAP7AW" style="width: 580px; height: 329px;" title="Credit: Frasers Property"></a>

<figcaption>Credit: Frasers Property</figcaption></figure>Riverlight apartments are situated within the Hamilton Reach precinct in Queensland, which has been designed with a sustainable focus and to reflect the area's natural surroundings. The grounds of Riverlight feature a fantastic selection of raised moss beds, creating a quirky and unique aesthetic, as well as plenty illuminated concrete garden beds which double as seating areas. The development also draws inspiration from its coastal setting with tall palm trees, shingle pathways, wooden boardwalks and decorative pier pilings.

<hr>
#4 <a href="/buildings/the-langston-epping-12-22-langston-place-epping">THE LANGSTON TOWER</a>, NSW 

Developer: <a href="/developers/cbus-property">Cbus Property</a>

Landscape Architect: Arcadia

<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/langstontower-1.png" rel="gallery-all" title="Credit: Cbus Property"><img alt="Credit: Cbus Property" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/langstontower-1.png?itok=nSUyG0cq" style="width: 580px; height: 306px;" title="Credit: Cbus Property"></a>

<figcaption>Credit: Cbus Property</figcaption></figure><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/langstontower-2.png" rel="gallery-all" title="Credit: Cbus Property"><img alt="Credit: Cbus Property" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/langstontower-2.png?itok=k0Jx9z4p" style="width: 580px; height: 342px;" title="Credit: Cbus Property"></a>

<figcaption>Credit: Cbus Property</figcaption></figure>The Langston Tower in Epping, New South Wales features multiple beautifully curated areas of greenery with plenty of designated zones for residents to connect. The aesthetic combines a stunning fusion of an English garden (bright blue an purple wildflowers, raised garden beds, delicate vines and flowering trees) with beach-style succulents and natural wooden decking.

<hr>
#5 <a href="/buildings/one-248-flinders-street-adelaide">ONE</a>, SA 

Developer: <a href="/developers/guavalime">Guavalime</a>

Landscape Architect: Loucas Zahos

<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/one_1.jpg" rel="gallery-all" title="Credit: Guavalime"><img alt="Credit: Guavalime" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/one_1.jpg?itok=lSrGerNX" style="width: 580px; height: 812px;" title="Credit: Guavalime"></a>

<figcaption>Credit: Guavalime</figcaption></figure><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/one_2.jpg" rel="gallery-all" title="Credit: Guavalime"><img alt="Credit: Guavalime" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/one_2.jpg?itok=bvf99XQx" style="width: 580px; height: 359px;" title="Credit: Guavalime"></a>

<figcaption>Credit: Guavalime</figcaption></figure>ONE apartments are located at 248 Flinders Street in Adelaide and feature a stunning rooftop garden with panoramic views extending out across the city. The urban oasis features soft ferns which border the periphery of the deck and vertical greenery to create a lush forest effect, while mature trees in wooden planter boxes act as a centrepiece as well as a place to sit and relax amongst nature.

Lead image: No.1 Bryson
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5 of Australia's top apartment gardens

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<div class="cq-article-content-paras section">
Melbourne apartment developer Jonathan Hallinan, a Financial Review Rich Lister, has called time.
"I am pulling out of the residential space," Jonathan Hallinan told the press this week. "Policy makers have repeatedly hit our industry with several regulatory changes, which are now compounding to result in what is likely to be a devastating effect on housing supply and affordability in the long term," he had previously blogged. "Over my 22-year career as a property developer, I have had to remain nimble enough to withstand changing market forces. "I have not tried to forecast economic swings or predict fluctuations in the housing economy, but rather create a formidable business model that can endure the inevitable peaks and troughs of the property cycle. "However, the last 12 months of successive government restrictions on the property industry have put insurmountable pressures on many developers that are far beyond most local developers’ ability to restructure their business models and adapt. "It would appear that our policy makers, who evidently believe that their actions are alleviating the pressures of an over-heated housing market, are, with great success, crippling the very industry that has the power to ease the housing affordability crisis." Hallinan lists the recent adverse changes:
</div>
<div class="cq-article-content-media section">
1. Introduction of APRA regulations on banks and financial lenders which resulted in changes to investment lending, reducing the borrowing power of investors.
2. Removal of the stamp-duty concession from off-the-plan purchasers for investors
3. Introduction of plot ratios to the Melbourne planning scheme, hugely lessening the number of dwellings that could be built on a development site.
4. Implementation of apartment design guidelines, forcing developers to build fewer larger and more expensive apartments.
5. Limitations on foreign purchasers to not more than 50% ownership in a given apartment project
6. 7% foreign surcharge on all offshore purchasers
7. Enforcement of minimum $5,000 FIRB application fees
8. Increase of 5.5% stamp duty fees on foreign purchasers
9. Enforcement of absentee surcharges on purchasers with properties vacant for six months or more
10. Proposed introduction of a new tax on the four banks as part of the 2017 Budget.
"Since the [stamp duty] changes have been implemented, foreign sales have been almost non-existent," Hallinan told the Australian Financial Review. He reaffirmed that supply of new apartments would "fall off a cliff" as more developers followed suit.
"Supply is about to fall of the cliff, so my predictions are that rental occupancy will decrease when this happens.
"You will see price growth and yet another boom over and above the one we already are witnessing," he suggested in his blog post.
One of BPM's most recent acquisitions was a two-storey commercial King Street building in the centre of Melbourne for $12.35 million with a plans for a new hotel as part of a mixed-use development.
Jonathan Hallinan founded BPM in 1995 securing early success with luxury townhouses in Melbourne’s bayside areas.
In 2015 BPM was working on its first high-rise luxury development, Shadow Play, a $300 million project of 494 apartments which is shortly due for completion.
Designed by Ellenberg Fraser, with interior finishes from designers Hecker Guthrie, the project is at the corner of City Rd and Clarendon St, previously home to King Furniture.
</div>
<div class="cq-article-content-paras section">
<div>
There was a $10 million plus penthouse sale secured in 2015. By August 2016 there'd been a 75% sales success.
The marketing included a $350,000 bespoke promotional short film, which billed Shadow Play as “elegant hedonism”.
Hallinan suggested there was "a misconception in the media that foreign buyers are our enemy in this crisis, creating more competition for local buyers."
He advised his Shadow Play project of 500 apartments relied on the sale of 150 apartments being sold to international purchasers to get out of the ground.
"Without these 150 sales, the project would not have gone ahead, and certainly would not have been able to develop the additional 350 apartments, which were all sold to local buyers.
"And of the 150 foreign purchasers, the majority are investors providing further supply into the over-heated local rental market."
Only last year when the AFR asked Hallinan to describe his life philosophy he said: "Love the fight, not just the victory. The victory for me is developing buildings that contribute to the skyline of Australian cities. But in signing up for that dream more than 20 years ago, I also signed up for the costs and the pain. I made a conscious choice."
At its peak BPM had more than 2,600 apartments across 16 projects under development with a combined value in excess of $1.4 billion.
There was even speculation of $US300 million site acquisitions in Los Angeles as he signalled he did not want to be exposed to the ups and downs of just one country’s real estate market.
“I am not prepared to have a business that is in one property cycle,” he told The Australian in 2015.
</div>
<div>
Back home, last October Hallinan advised only two apartment settlements failed to proceed in two of his completed projects in the Melbourne and Brisbane apartment markets.
<div class="cq-article-content-paras section">
They were the 40-unit Black Fold project in Brisbane's West End and the 30-unit Light Edge project in Melbourne.
"We've settled 70 in the last two months," Hallinan told Fairfax Media.
"Over two projects, we've had two fall over. Those two were very quickly resold."
Black Fold was a collaboration between BPM, Noel Robinson Architects and Hecker Guthrie with one and two bedroom apartments.
The <a href="https://www.facebook.com/bpmdevelopment/photos/a.1599677896987160.1073741834.1586943561593927/1599677926987157/?type=3&amp;theater" target="_blank">27-29 Bank Street project</a> was a sellout after its 2015 marketing.
Black Fold is situated 1.5 kilometres south west of the CBD.
</div>
<div>
Jonathan Hallinan won The CEO Magazine’s Construction Executive of the year award in 2015.
His first property was in the south-east Melbourne suburb of Bentleigh at age 19, following the completion of my carpenter's apprenticeship.
He purchased the property for $90,000, with just $12,000 of his own equity. 
"Through managing the renovation and subdivision process, I turned a $12,000 investment into $220,000 in 18 months," he once advised.
</div>
</div>
</div>
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jchancellor-FAypfDUnLy

Jonathan Hallinan calls time saying foreign buyers are a necessity not "our enemy"

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Property developer Crown Group’s development in Sydney’s Waterloo has sold more than $300 million worth of apartments at its launch, which the company said is a new sales record.  
The off-the-plan project, Waterfall, at 18 O’Dea Avenue will comprise 331 apartments ranging from studios to three bedroom units and even courtyard apartments and double-storey penthouses.
Prices start from from $650 000. Construction of Waterfall is expected to be completed in 2020.
Buyers snapped up $120 million worth of apartments in the first hour itself, topping the previous one-hour record of $100 million at the launch of its Infinity project in 2015, Crown Group said. 
By close of business, sales had reached $300 million globally with apartments sold in Sydney, Jakarta, Hong Kong and Singapore. The majority of apartments were sold to buyers in Sydney.
Three penthouses worth $12 million were also snapped up.
Crown Group made the decision to release additional apartments worth $100 million originally allocated for a later release, after the initial $200-million allocation of apartments were sold.
Crown Group chairman Iwan Sunito said the sales on Saturday reflected the building’s extraordinary design and exceptional location.
“We saw more people come to the launch on Saturday than we ever anticipated, many of whom were past purchasers of Crown Group apartments,” Sunito said.
Designed by Sydney-based architects SJB, Waterfall will comprise three seven-storey buildings and a 20-storey tower overlooking lush landscaping and a water garden.
A seven-storey waterfall is a focal point; set to become Australia’s tallest man-made waterfall, the media release said.
Public art by Mika Utzon Popov, grandson of Sydney Opera House architect Jørn Utzon, in the form of a large-scale artwork is integrated in the design.  
Among the amenities will be a rooftop pool with a sky garden and terrace, gym, rooftop cinema, function room with a catering kitchen and music room with grand piano. 
“This is evidence of the strong demand for high-quality apartments in the right location,” Sunito said.
Project director Prisca Edwards said buyers on Saturday were a mix of investors and owner-occupiers.
The $400 million mixed-use development will be home to six retail outlets. 
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jonathanchancellor-7SQnKwU6yx

Crown Group Waterloo project Waterfall sets sales record at launch

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A developer is offering apartments with free stamp duty till June 30 in Adelaide.
East End Apartments, located at 293 Pirie Street, are positioned with the CBD and come with all the lifestyle benefits of living in the city, according to the description on their website.
Located on the edge of Rymill Park, the apartments are close to the food and wine mecca of Rundle Street. The are close to venues of all the festive events and activities that Adelaide enjoys and is known for on the world map – Clipsal 500, Adelaide Fringe and so much more, it says. The development is also close to schools and universities.
A partnership project from developers Wellstone and Regional Pacific Capital (RPC), East End offers 145 apartments in combinations of one bedroom, two bedroom and three bedrooms with or without car parking. 
Prices start from $379,000 for a two-bedroom, one bathroom apartment and go up to $599,000 for a three-bedroom, two bathroom apartment.
East End Apartments were also named in the national top 10 of most clicked-on apartments, according to a post on www.realestate.com.au.
Colliers International, which is marketing the project, said the free stamp duty offer is for apartments at or below level 8.
Not just that, the ad says there are rental guarantees on some apartments.
The campaign says rental yields are expected to go up to 6.11 percent in the years to come as Pirie Street evolves.
The marketing for East End Apartments is by Colliers’ Nick Pelvay and James Polacek.
The project is expected to be completed by 2018 end.
 
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prateek24-ezbwHMbNAk

Adelaide's East End development offers free stamp duty on apartments

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<div id="post-body-8750789597338754868" class="post-body entry-content">
<div>If there's a subject that I get more emails about than anything else it's the supply of new apartments in Sydney.</div>
<div> </div>
<div>When prices take off you should generally expect a supply response as more projects become viable, until eventually the new supply kills the up-cycle.</div>
<div> </div>
<div><a href="/images/2016/09/22/8.3%20PROPERTY%20CONSTRUCTION%20CYCLE.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2016/09/22/8.3%20PROPERTY%20CONSTRUCTION%20CYCLE.jpg" alt=""></div>
<div> </div>
<div>And after a period of under-building you only need a working pair of eyes to see that this is taking place in Sydney.</div>
<div> </div>
<div>But instead of drawing conclusions based on emotions or pre-determined 'crashnik' conclusions, let's take a look at what the actual numbers say to see whether we can draw some more specific inferences. </div>
<div> </div>
<div>Approvals boom</div>
<div> </div>
<div>The first thing to note is how far approvals are tilted towards the multi-unit sector in Sydney today, partly as a result of the constrained supply of land close to the city and the Pacific Ocean.</div>
 There were some 55,458 approvals over the year to May 2016 - almost double the level of three years ago - and almost exactly two-thirds of these were multi-units at 66 per cent. <a href="/images/2016/09/22/A2.jpg" target="_blank">Click to enlarge</a>
</div>
<div class="post-body entry-content">
<img src="/images/2016/09/22/A2.jpg" alt=""> <div>When looking at the individual LGAs the most striking point of note is just how many approvals there have been in western areas such as Camden, Blacktown, Parramatta, and Liverpool, as well as in the increasingly populated Hills District.</div>
<div> </div>
<div>Incidentally, the Sydney LGA actually covers an enormous area and more than thirty inner ring suburbs, so it's generally expected that there would be the highest number of approvals in that LGA.</div>
 <a href="/images/2016/09/22/A3.jpg" target="_blank">Click to enlarge</a>
</div>
<div class="post-body entry-content">
<img src="/images/2016/09/22/A3.jpg" alt=""> <div>When the weight of new apartment supply hits home there is likely to be fallout in some of these western suburban localities.</div>
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<div>It's also noticeable how remarkably few approvals there have been in some of the blue chip LGAs such as Mosman, Hunters Hill, Manly, and Woollahra. </div>
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<div>Completions lag</div>
 <div>If the impact of the supply response has been muted to date, then the next chart explains why. </div>
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<div>Despite a 21 per cent year on year increase in annual approvals, annual net dwelling completions have increased by only 3 per cent to 30,901 in the year to May 2016 (with a slightly lower 62 per cent of these being multi-unit dwellings).</div>
<div> </div>
<div>While this is an improvement in completions of about one third over the past three years, it needs to be acknowledged that the Greater Sydney population growth is now tracking at about ~85,000 per annum (while the cyclical low for completions in 2009 was cataclysmically bad, and the lowest nadir since 1953).</div>
<div> </div>
<div class="separator"><a href="/images/2016/09/22/A1.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/09/22/A1.jpg" alt=""></div>
 <div>This implies that as I have concluded here previously the ratio of dwelling completions to population growth in Sydney was still tracking at below its long run average at least until 31 May 2016.</div>
<div> </div>
<div>And although population growth in Sydney is higher today than it was in the past, there have been 10 years since 1950 where more net dwelling completions were notched up than there were over the past year. </div>
<div class="separator"> </div>
<div class="separator">A prime reason for the supply response being slower than through preceding market cycles is that multi-unit projects on brownfield sites requiring land remediation take a great deal longer to complete than turnkey detached housing developments on greenfield land. </div>
<div class="separator"> </div>
<div class="separator">The number of net dwelling completions remains almost comically low in the blue chip LGAs of the eastern suburbs and lower north shore - with NIMBYism clearly alive and well - but supply is starting to hit its straps in some of the aforementioned higher-density LGAs.</div>
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<div class="separator"><a href="/images/2016/09/22/A4.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/09/22/A4.jpg" alt=""></div>
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<div>Where the pipeline will hurt</div>
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<div>The widening gap between approvals and completions means that there are more dwellings under construction in Sydney than has ever been the case before in any Australian city. </div>
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<div>In particular, there is a concentration risk in play with so many of the dwellings under construction being high-rise apartments. </div>
<div> </div>
<div>Take a look at the figures for Parramatta, for example, where there have been 8,646 multi-unit approvals since July 2012 but only 4,946 net dwelling completions. </div>
<div> </div>
<div>That's one heck of a potential supply pipeline, with more units due to come online in adjoining LGAs as well. </div>
 <div class="separator"><a href="/images/2016/09/22/A5.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/09/22/A5.jpg" alt=""></div>
 The wrap <div>These data lag by a few months, and they show that despite having had relatively little impact to date Sydney's supply response is poised like a coiled spring. </div>
<div> </div>
<div>Up until the end of May 2016 net dwelling completions had barely increased from the prior year in tracking at around 30,000. However, there is a record number of dwellings in the under construction phase, so this will be one data series to watch closely. </div>
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<div class="post-footer">
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">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" rel="nofollow">Four Green Houses and a Red Hotel</a>.
</div>
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