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]

Joel Robinson

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

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

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>
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<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>
<div> </div>
<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>.
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