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>.

Joel Robinson

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

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

Off the plan

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Around $11 million has been paid for an off-the-plan penthouse in St Leonard’s The Landmark development.
It was secured in the second stage release of the complex by Chinese developer New Hope and VIMG.
The sales included four two-storey penthouses on levels 55 to 58 priced at $3 million to $10.9 million.
The median sale price for units in the suburb is $915,000, according to CoreLogic.
The mixed use development is at 500 Pacific Highway, the tallest residential tower in St Leonards.
A range of studios, one, two and three-bedroom properties are currently available, with prices ranging from $661,000.
For more information, <a href="https://thelandmarksydney.com.au" target="_blank">click here</a>.
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jchancellor-FAypfDUnLy

St Leonard's $11 million penthouse sale

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Considering and discussing, the purchase of an investment property opens up all sorts of arguments, discussions and from time to time, polarizes the parties involved.
This is not to mention also spoiling a friendly neighborhood BBQ or coffee catch-up with a friend.
One of the many and current topics of discussion is whether we should buy new and off-the-plan apartments in one of the main three capital cities of Australia; namely Brisbane, Melbourne or Sydney?
I have taught and have written about off-the-plan purchases. The following reason for buying can be used as a blanket approach when considering a new apartment purchase. Notwithstanding, this strategy may be considered across any city or development, as a matter of course.
The main beneficial reason why an investor would buy a new apartment, before completion, was simple to understand in previous years. Developers needed pre-sales to support their construction application for the banks.
Pre-sales which are now predominantly called off-the-plan sales, had one major attraction in the past, which now appears to be lost. As an off-the-plan purchaser, there was a benefit; we bought early and saved from 5 and up to 10 percent the value “at the time” off the purchase price. This was measured against prices of similar completed apartments, on the day.
The current trend and market for off-the-plan purchases.
The current trend however, has bucked the reasoning behind the support given to developers with pre-sales.
On the one hand, developers have become greedy and with the support of the financial sector, have increased the asking price.
In other words, we now pay tomorrow’s market value for the apartment and with no added discount as a benefit. The underlying question is “but why?” This is all because of the highly speculative new client base: the overseas investors that have come in and in large numbers. As well as the Self-Managed Super Fund (SMSF) vehicles, set up for local speculators and investors.
Both overseas and SMSF investors are fueling the new-apartment development bubble as has never been seen before. With this in mind, developers and marketing companies have been able to increase:
<ul>
<li>The end property values to account for market forces that has seen a huge upswing in prices; and</li>
<li>To pay for the high commissions paid out to marketing agents and the financial sector. Commissions in the tune of 8-10 percent.</li>
</ul>
The repercussion of industry greed
The outcome of the high prices charged for new-apartments and higher commissions than the industry norm is a no-brainer; the losers are the buyers, most of the time.
For years, I have been discussing the need for the Real Estate Industry and watchdogs to tighten controls against this push, but my calls have fallen on deaf ears and the outcome is:
1)     We now have an understated over-supply of apartments across Brisbane, Melbourne and Sydney;
2)     The rental market cannot and will not effectively absorb the new supply, which will have an increase in rental vacancies; and
3)     The inevitable, valuers will value down apartments to safeguard their client’s interest, the banks.
We may well see drops of 20-30 percent in values and in the near future. Likewise, rental yields will diminish to 60-70 percent off what they are today.
Supply chart of apartments to be completed in the next 12-24 moths
<a href="/images/2016/08/10/Screen%20Shot%202016-08-10%20at%208.31.56%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/10/Screen%20Shot%202016-08-10%20at%208.31.56%20AM.png" alt="">
Where to from here?    
I have been asked by friends, clients and family; where to from here? I have shared the following with them for over 12 months and only now the mainstream are coming to the party.
1)     Hold and wait; wait for another 6-12 months before looking to buy, if you need to buy new.
2)     Most of the new apartments are under-engineered, badly built and come with a lot of issues.
3)     Have you noticed that most spruikers try and only sell you, new and off-the-plan apartments? and
4)     Communicate as much as possible with local real estate agents that don’t have invested interest in the new development. After all, they may be the ones that will manage the property for you.
The caption below is an article recently posted by a colleague of mine. It is a timely argument of what is to come. This is all due to the huge oversupply of high-rise development. When we match this information with the number of apartments currently under construction; it appears to be the makings of a nightmare for investors in high-rise developments. 
<a href="/images/2016/08/10/Screen%20Shot%202016-08-10%20at%208.31.43%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/10/Screen%20Shot%202016-08-10%20at%208.31.43%20AM.png" alt=""> 
The full article may be found on: https://mortgageeproperty.com/foreign-investor-settlement-risk-soaring.html
Tips in managing your investment
If you do find yourself in a position that you have bought an off-the-plan apartment and your property is in the final stages of settlement; I recommend the following tip, to minimize long term vacancy.
Don’t rely on the selling agent’s “marketing company” to lease your apartment, particularly if they were the leading agency in the sales phase. You only have to ask; how many other investor’s apartments are they also trying to lease out? 
Now if you are looking to invest in new apartments, our old and proven theory remains steadfast. Invest in low set building blocks and preferably one’s that have no more than three levels.
More importantly, be sure to and look out for the next article on: buying in low set building blocks, versus high rise apartment blocks; winners and losers.  
EDWIN ALMEIDA is licensee in charge of <a href="https://www.just-think.com.au/" target="_blank">Just Think Real Estate</a>.<a href="https://www.just-thin.com.au/"> </a>
He is also the creator of <a href="https://www.youtube.com/user/JustThinkProperty" target="_blank">Oz Real Estate.TV</a> and a presenter for <a href="https://propertyinvestingvault.com/" target="_blank">propertyinvestingvault.com</a>.
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ealmedia-arK4DBYLjS

Bumpy ride buying new apartments in Melbourne, Brisbane and Sydney: Edwin Almeida

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An off-the-plan purchase of an apartment near Monash University in Melbourne by a Chinese based buyer is caught up in the emerging settlement risk scenario.
The off-the-plan sale for $600,000 is keeping the buyer up at night. Liu Jiabing planned for his daughter’s education when he helped her to get an offer to enrol next year, and then bought an apartment in Melbourne that is due to settle next month.
“At the very first, I was told I only had to pay 20 percent downpayment,’’ said the buyer, Mr Liu, who works at a prestige foreign language school in Nanjing, in China’s east.
He told The Australian the financiers then told him to pay 30 percent, "and later 40 percent, as the banks won’t lend and we have to borrow from small ­financial organisations.
“Last night I was told I have to pay 55 percent for down-­payment.
"But how am I supposed to find so much in cash in such a short time? I still have to pay my daughter’s university fees.”
Mr Liu is among the Chin­ese parents who buy new off-the-plan apartments before sending their children to Aus­tralian universities.
AC Property, a Melboune-based property portal, has been taking four or five calls every day from buyers who seek to resell their off-the-plan apartments after finding it hard to settle, the newspaper reported.
“We have been referring our clients to mortgage brokers to see if they can get alternative finance, but we haven’t seen a single case of success so far,” said AC Property ­director Esther Yong.
In once case parents, based in Guangzhou, in China’s south, have already missed the settlement deadline of July 18 for the apartment they bought for $440,000.
The developer is now charging them about $150 a day as penalty, which is pushing Mr Li to resell as soon as possible.
The Australian columnist Robert Gottliebsen wrote today the Chinese link to the looming apartment glut puts the education sector and Australia's international reputation "in peril."
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Higher equity required for offshore Chinese buyers settling off-the-plan apartments

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One in 20 off-the-plan buyers walked away from their Melbourne apartment purchases in June, according to the law firm, Maddocks.
The law firm processed over 800 apartments contracts in June.
They recorded that 5 per cent of the purchases did not settle on their apartment.
The historical average was about 3 percent.
It record of default rates sat at 2 percent between February and April, when volumes were lower.
Of those buyers who did not settle in June, roughly two-thirds were foreign-based, The Australian Financial Review noted.
The Maddocks firm handles about 15 percent of all off-the-plan sales in Melbourne each year worth around $3 billion.
Its development practice partner, Nick Holuigue, played down the rise in defaults.
"Our figures don't show any dramatic increase in settlement defaults, despite the usual big rise in settlement volumes in June," he said.
"They show that despite the banks changing or tightening their lending policies and the media talking up the risk of rising defaults, buyers – including foreign buyers – are still settling their contracts and sourcing finance where required.
"The only thing we are hearing from developers and experiencing ourselves is that foreign buyers are perhaps taking a little longer to settle.
"Nothing we are experiencing in our dealings with a variety of buyers' representatives give us cause for concern that our developer client's FIRB-approved buyers are going to be unable to settle."
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One in 20 fail to settle Melbourne OTP purchases

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The South Australian state government's decision to extend stamp duty concessions for off the plan apartments in the 2016-2017 State Budget has been warmly welcomed by the local development sector.
Pat Gerace, executive director of the SA branch of the Urban Development Institute of Australia said the UDIA has been urging the Government to continue stamp duty concessions for off-the-plan apartments, which will now be extended by 12 months until June 30 next year and include off-the-plan apartment properties across the state.
“These stamp duty concessions will make apartment properties more affordable and help more homebuyers into the market. Importantly, it will also allow more choice for those who are downsizing or trying to get into the market but don’t want to live in the city,” he said.
"We also requested the Government remove land tax on undeveloped residential land, which would reduce the land tax impost that is ultimately applied to pricing when the land is eventually ready for purchase by homebuyers. 
"The Government also needs to provide funding to establish proposed infrastructure schemes and an e-planning system by mid-2018 – as outlined in the recently passed Planning, Development and Infrastructure Bill 2015. There’s been good progress in recent times to reform the state’s planning system, so it’s important the Government provides the necessary funding to establish new initiatives such as infrastructure schemes and an e-planning system to help unlock new investment and generate economic growth."
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jonathanchancellor-7SQnKwU6yx

SA extend tax concessions for off the plan apartment buyers

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South Sydney Rabbitohs prop George Burgess has snapped up a garden apartment in Randwick's Epoque boutique development.
Recently engaged to model Joanna King, Burgess paid about $2 million for the MHNDU designed three bedroom apartment. <a href="https://epoqueliving.com.au/" target="_blank">There's eight in the block</a> listed through D'Leanne Lewis at Laing &amp; Simmons Double Bay. Prices range up to $2.6 million with 2017 completion.
They currently own in a Chifley duplex, where he lived next door to former team mate Tim Grant who recently sold for around $1.65 million through McGrath agent Marnie Seinor.
George clearly didn't fancy buying brother Sam's apartment, who took his Bondi Beach apartment off the market last week having decided to lease it out with a $1950 a week asking price. It was also available at $2600 a week furnished.
This article was first published in the Saturday Daily Telegraph.
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George Burgess buys off the plan in Randwick's Epoque

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SPONSORED POST
If you have bought an off-the-plan property, assessing that property post construction is an important part of the settlement process.
Of course, you want to ensure that the property you agreed to purchase is the same that is being delivered so that you’re getting what you’re paying for!
The most cost effective way to make sure your property is delivered just as your purchase contract promised, is to have your contract documentation reviewed and the property physically inspected and assessed by an appropriately qualified Building Consultant.
An NBtax Condition Assessment, completed by a Napier &amp; Blakeley Building Consultant will take note of the ‘as built finish’ of your property. From our initial review of purchase documentation, contract of sale, agreed finishes and specifications, we have a unique understanding of what was agreed to be built.
We will inspect your property on your behalf, asses and document the condition of the finishes within the property, good or bad.
Following an inspection a Condition Assessment will be completed by NBtax and will provide a concise summary of the condition of the property. It will list defects that the developer and or builder should address to deliver the property that is consistent with expectations, including but not always limited to, the agreed plans and specifications, good building practice and expected industry standard.
Our assessment will give you a clear understanding of any potential issues or defects before you take possession, move in or put the property up for lease.  It also gives you peace of mind, providing you with a document that will ensure agreed items between you, the purchaser, and the vendor are installed or rectified prior to settlement.
The best time to have a Condition Assessment completed is as close as possible to the planned settlement date. It is important to note that you still have a contractual obligation to settle your purchase on time. However, under normal circumstances having a condition assessment completed on your property will make you a more informed purchaser and provide you with a written report to enable you to highlight to the developers identifying items requiring attention.
This service is especially valuable to those offshore purchasers who are not present at the time of settlement. We are able to act on their behalf during settlement inspections to ensure relevant conditions are met within the sale contract.
Our specialised teams are ready to help, contact us today.
For more information, <a href="https://nbtax.com.au/" target="_blank">click here</a>.
 
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Be sure to get what you paid for!

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“Buying off the plan” refers to buying property in a plan of subdivision that has not been registered, or a unit that has not been built.
Buyers enter into a contract with a developer to buy property in a development which may not be completed for some years.
Marketing and selling property off the plan can enable land to be developed in an efficient, cost-effective way. Buying property in this way can also allow buyers to future-plan their housing. However, there are particular risks in this type of sale.
Contracts between the buyer and seller usually contain a number of conditions. These conditions may outline matters including:
<ul>
<li>the agreed time-frame for the developer to complete the project;</li>
<li>the agreed standards to which the project should be delivered; and/or</li>
<li>how the contract can be varied or terminated, and by who.</li>
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Legislation has recently been amended to provide additional protection for purchasers of property, off the plan. Learn more about these changes and the consultation process, below.
What change has been made to the law? 
The law has been strengthened to help stop developers from unreasonably using sunset clauses, provided in their contracts for off the plan residential property sales, to bring those contracts to an end. 
Under the Conveyancing Amendment (Sunset Clauses) Act 2015, a developer that is the vendor under a contract is now required to give notice to each purchaser under the contract, before ending the contract. This notice must state why the developer proposes to end the agreement and give reasons for delay with the project.
For the contract to be terminated, the purchaser would need to agree.
If the purchaser does not agree, and the lot has not been created before the sunset date, then the developer will need to obtain an order from the Supreme Court permitting the contract to be rescinded.
The new legislation will apply to all off the plan contracts that have not been completed - that is, contracts that are still in operation on 2 November 2015; and, also, to any off the plan contracts entered into on or after 2 November 2015.
So, for example, if a developer has sought to use a sunset clause to rescind a contract made on or after 2 November 2015, the contract would attract the protection of the new law and the developer would need to obtain a Supreme Court order to end that contract.
More information is available at <a href="https://www.lpi.nsw.gov.au/" target="_blank">www.lpi.nsw.gov.au</a>.
Why was this change needed? 
Amendments to legislation have been passed by the NSW Parliament to protect consumers in response to an emerging concern that certain developers may be terminating contracts specifically for financial gain, through the use of ‘sunset clause’ provisions.
A sunset clause can be used by either party to end the contract, if the project is not completed on time. This clause in a contract can help buyers by giving them the right to end a contract and pursue other property options, if the building project is delayed.
However, some NSW consumers have reportedly had their contracts rescinded by developers using sunset clauses, only for the land or apartment that has been the subject of those contracts to be re-sold shortly after, for a higher price.
In some other instances, developers have used delay with a project to activate the sunset clause.
This practice creates uncertainty and disappointment for would-be buyers, who may have been waiting to settle the purchase for many months or years.
To respond to these concerns, NSW Fair Trading and NSW Land and Property Information (LPI) consulted on the extent of the problem and considered a range of measures to address this issue. Those consultations have resulted in the new legal procedures outlined here and as set out more fully in the Conveyancing Amendment (Sunset Clauses) Act.
Response to the buying property off the plan survey 
In considering changes to the current laws, the NSW Government conducted a survey to obtain feedback about off the plan property sales. 639 people responded to that survey over a three week public consultation period. The survey closed on 14 October 2015.
Fair Trading and LPI assessed the results of that survey to help identify and respond to key issues related to this type of property sale in NSW. Industry stakeholders and consumer representatives were also separately consulted, to consider possible changes to the law.
For more information, <a href="https://www.fairtrading.nsw.gov.au" target="_blank">click here</a>.
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Property 101: NSW buying off the plan

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iBuyNew, the online marketplace connects prospective property buyers with off-the-plan properties, whether it's apartments or townhouses.
The company had marketed more than 650 new residential projects around Australia as of September 2015, according to its CEO Mark Mendel.
Some of the recent properties featured on iBuyNew include projects in NSW's Gosford, Merrylands, Melbourne and Brisbane. The developments are priced in the range $435,000 to $490,000. 
iBuyNew has more than 2,700 new and Off The Plan (OTP) properties.
Starting in 2013, iBuyNew sold more than $170 million worth of properties and generated more than $600,000 in profit last year, according to an article in the Australian Financial Review late last year.
Mendel plans to grow his team to 30 by the end of 2016 as the company begins to expand its offerings and user base.
Recently, technology investment company Disruptive Investment Group Limited increased its stake in iBuyNew to 100 percent from 50 percent for $5.9 million. 
The deal is expected to be completed before July this year subject to approval from shareholders.
Mendel said in a recent media post that iBuyNew are property consultants, helping buyers zero in on the right property through reach, advice and insights. 
The company pays its consultants a flat fee irrespective of whether it's a $300,000 or a million dollars. 
"Many other real estate agents are paid a commission, so the more you spend, the more they gain," said Mendel.
He also said many developers were approaching the company even before launching their projects to the market.
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iBuyNew helping buyers with off-the-plan properties

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The Chinese purchasing of offshore property will increase in 2016, according to an industry survey.
According to Investorist, an online platform for off-the-plan sales, a poll of China-based real estate agencies found 149 of 150 of them expect to see a spending spree exceed that of 2015.
Australia was nominated by 60 percent of those agents as their most preferred market for property investment, The Australian Financial Review has reported.
Those agents will sell up to 11,000 offshore properties to their Chinese clients this year.
China is now Australia's largest foreign investor, with $46.6 billion in proposed investment in 2015, according to the Foreign Investment Review Board.
Real estate investment comprised the bulk of Chinese investment, with $24 billion spent in 2015, double that of the previous year.
The Investorist survey suggests that risk mitigation is the main reason Chinese investors are looking abroad.
The devaluation of the Chinese yuan against the US dollar has reduced the buying power of Chinese investors in the US and Britain, whilst the Chinese government has been attempting to put the brakes on offshore investment in a bid to shore ip its waking currency. 
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