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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GUEST OBSERVER
Are you looking to buy property off the plan? Buying a property is likely to be one of the largest purchases you will ever make so making sure you buy the right property is really important.
Buying a property on your own can be extremely difficult and stressful and you might not have access to all the correct data and latest information available. How do you know that this property will be a solid investment? Is your data correct? Which suburb should you be investing in for capital growth? 
To help take the stress and complications out of buying a property, it is important that you seek the help and guidance of property specialists such as iBuyNew who are experts in this field. However, you should not just go with the first company you come across – it is essential that you thoroughly research the company as well to ensure that they are reputable, trustworthy and have your best interests at heart. 
There are plenty of cowboys out there who only care about lining their own pockets and can be quite pushy with their sales techniques. You can rest assured that our property consultants are not like this and we also work with reputable developers to give you peace of mind that your property is of the highest quality.  
SO, WHY SHOULD YOU BUY PROPERTY WITH IBUYNEW?
When it comes to buying property off the plan, iBuyNew isn’t your average real estate agent.
We pride ourselves on our exceptional customer service alongside our extensive range of high quality projects, allowing you to review, compare and make an informed decision all under one roof utilising one of our professional property consultants.
As mentioned previously, buying a property on your own can be a challenging and stressful experience. This is because you might not have access to the correct data or even have access to the most up to date research. Buying a property can also be costly and making sure you have the right advice when you’re making such a large purchase as a property is extremely important. There’s nothing worse than paying a substantial amount of money for a property that will drain your pockets rather than line them.
WHY CHOOSE IBUYNEW?
There are a number of reasons as to why you should buy a property with iBuyNew. HERE ARE OUR TOP 7 REASONS: 
<ol>
<li>INDEPENDENT AND IMPARTIAL ADVICE - We offer independent and impartial advice and our consultants are paid a flat fee irrespective of whether you’re spending $300,000 or a million dollars. Many other real estate agents are paid a commission, so the more you spend, the more they gain.</li>
<li>ACCESS TO THOUSANDS OF PROPERTIES – No one else in Australia has access to the properties we have. We have the largest variety of off the plan apartments across Sydney, Melbourne and Brisbane. This gives you an extensive choice of properties to view and compare and we have offices in Sydney, Melbourne and Brisbane where you can come in and speak to our Property Consultants face to face.</li>
<li>ACTIVELY SEEKING NEW PROJECTS - We’re always on the lookout for exciting new properties and developments and developers are coming to us before they’ve even launched to the market. If you want to be in first you really should be talking to us. The earlier you get in, the greater choice of apartments you have and you might even have the opportunity to choose your preferred colour scheme and finishes.</li>
<li>FLEXIBLE - We’re small enough to be flexible and make sure that we look after you, but big enough to be respected in the marketplace. We realise that every client is different so we can tailor the right property to suit your needs and requirements.</li>
<li>VARIETY OF BACKGROUNDS - Our property consultants come from very different backgrounds including financial planning, accounting and mortgage broking. This allows us to provide you with extra advice on building that property portfolio you’re looking for, especially if you are a first time buyer or investor.</li>
<li>WE ARE PROPERTY CONSULTANTS - One thing that makes us really different from other real estate agents is that we’re not real estate agents, we’re Property Consultants. We’re here to hold your hand all the way through the journey, from the time that you’re looking at a property, through to exchange, over to settlement and beyond. Once you have been assigned to a Property Consultant they will work with you every step of the way to meet your end goals and even help you with your future property purchases.</li>
<li>WE DON’T JUST SELL YOU A PROPERTY – we actually tailor the experience for your needs. We make sure that what you’re looking for is what we are able to offer you and if we can’t we’ll let you know that we can’t help and point you in the right direction of someone that can.</li>
</ol>
We have hundreds and hundreds of clients who are very happy with us so if you want to find out more about what the service is like from iBuyNew, then let us know and we will be happy to pass on more information to you.
Technology investment company Disruptive Investment Group Limited has decided to increase its stake in off-the-plan property marketplace iBuyNew.com.au to 100% for $5.9 million. Read the full story <a href="/news/disruptive-investment-group-to-increase-stake-to-100-in-property-marketplace-ibuynew-com-au">here</a>. 
Mark Mendel is founder and chief executive officer of iBuyNew and can be contacted <a href="https://www.ibuynew.com.au/">here</a>.
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jchancellor-FAypfDUnLy

Why buy new? iBuyNew.com.au's Mark Mendel

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Technology investment company Disruptive Investment Group Limited has decided to increase its stake in off-the-plan property marketplace iBuyNew.com.au to 100% for $5.9 million. 
DVI owns a 50% stake in Find Solutions Australia Pty Ltd (FSA), the owner of iBuyNew, with an option to acquire the remaining 50% in 2019.
DVI's Board recently announced that DVI has entered into a binding term sheet (Term Sheet) to accelerate the exercise of this option to acquire the remaining stake. 
The FSA stake of $5.9 million (comprising both cash and DVI stock) implies an enterprise value of $11.8 million for <a href="https://www.ibuynew.com.au/" target="_blank">iBuyNew</a> (IBN). Additionally, the vendors of FSA have warranted that IBN has at least $2 million in deferred cash income comprising expected commissions to be paid on settlement of various contracted property purchases.
The deal is expected to be completed before July this year subject to approval from shareholders.
iBuyNew connects prospective buyers of property in Australia with more than 2,700 new and Off The Plan (OTP) properties.
Founder and CEO Mark Mendel will continue to lead the business and has agreed to accept nearly 75% of the purchase price ($4.4m) in DVI scrip. The cash of $1.5 million will be paid in three tranches.
He will also join the DVI board as an executive director subject to shareholder approval. 
“We are very pleased to have entered into this binding Term Sheet. iBuyNew is a technology business disrupting a huge industry in a remarkable way, and Mark Mendel has proven to be a strong and capable operator. Revenue is increasing rapidly, the business is delivering earnings, and we have a huge market to conquer,” said Dr Adir Shiffman, non-executive director and chairman. 
DVI will issue 245.75 million shares at 1.8c per share which will be subject to escrow restrictions for 24 months post completion.
Andrew Jensen, currently a non-executive director of DVI, will become an executive director of DVI.
 Mark Mendel is founder and chief executive officer of iBuyNew, recently wrote there’s nothing worse than paying a substantial amount of money for a property that will drain your pockets rather than line them.
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Disruptive Investment Group to increase stake to 100% in property marketplace iBuyNew.com.au

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Demand for off the plan units is expected to continue within Darwin, with first home buyers expected to drive continuing growth through to 2016, according to Herron Todd White.
Herron Todd White's September Month in Review found while the pace of demand is less than 2012 and 2013 peaks, development across Darwin is steady.
"With the continuance of very healthy incentives available for new stock we would expect that the demand for off the plan units will continue," the report noted.
"The existing unit market is very largely dependent on the next move from the NT Government. It is widely considered that a reinstatement of FHOGs on existing property, particularly entry level units, will help boost this section of the market through late 2015 and into 2016. 
"The most recent data as produced by the REINT highlights that the overall Darwin median unit price is $480,000 which remains quite stable only falling 1% year on year to June 2015."
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Darwin's off the plan demand to continue: Herron Todd White

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Entry level property investors and first time buyers, cashed up older downsizers buying an executive unit following the sale of the family home and international investors are keen for off the plan apartments in Sydney, according to Herron Todd White.
The Herron Todd White residential month in review for September found significant growth for high-rise and high density apartments within the inner Sydney area in suburbs such as Barangaroo, Central Park, Ashmore Precinct, Green Square, Harold Park, Wolli Creek Precinct and Mascot.
Typical price entry points for off the plan below for Zetland, Wolli Creek and Mascot.
<a href="/images/2015/09/04/Screen%20Shot%202015-09-04%20at%209.36.12%20PM.png" target="_blank">Click to enlarge</a>
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The report said many Sydneysiders are buying units off the plan and waiting up to three years before occupation is available which is risky in the current market.
"Buyers have seen prices rise from when they originally purchased the unit to when they settle," the report noted.
"Risks associated with buying off the plan is if the market declines they are stuck at the higher price and have to wait it out until the market settles and catches up. In some cases this can take years.
"This has been seen in areas where supply has flooded the market and values have stalled or dropped."
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Sydney's Central Park, Wolli Creek and Green Square units in strong demand: Herron Todd White

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Some $101 million in off the plan sales were secured at Penrith in western Sydney on the weekend.
The sales were in <a href="https://thorntoncentral.com.au/" target="_blank">the Thornton Central project</a> where a further 191 apartments were sold. 
Construction commenced last month on the DKo project.
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The $62.5 initial stage of Thornton went to the market in late 2014 with all 151 apartments set over four buildings selling out very quickly through Home and Land Direct, an independent boutique real estate agency that specialises in residential property development, land and home sales and new apartments in Western Sydney. 
The $101 million stage will be built over one five-storey and two nine-storey buildings.
"We had strong interest from first-home buyers as expected, because the pricing is below the stamp duty threshold and attracts the first-home buyers grant," First Point Projects' executive director Mark Hovey said.
The developer, First Points Projects and St Hilliers First Point are developing the Thornton project with a mid-2016 completion schedule. 
Thornton apartments start at $395,000 for a one-bedroom, from $495,000 for two bedrooms and around $640,000 plus for a three-bedroom unit.
The 500-plus apartment and 5,500 sqm commercial precinct adjacent to Penrith train station is the first multi-level residential apartment precinct to be built in the heart of Penrith.
The precinct is part of the wider Thornton community, masterplanned by UrbanGrowth NSW.
St Hilliers executive chairman, Tim Casey, said there was an increasing demand for quality residential developments throughout Western Sydney.
“An apartment precinct in the Penrith city centre is unprecedented. This is a game changer and reshapes how people will live.
“The proposed retail precinct with its cafés, restaurants, a gymnasium, a supermarket, hotel and medical centre will give residents inner city living at their doorstep.
“The new community of around 5,000 residents will have high quality residential, commercial and retail amenity adjacent to the train station with recreational features, a water canal, village green and other open spaces,” said Mr Casey.
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Penrith's Thornton Central secures further off the plan apartment sales

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I fear for investors enticed into buying generic off-the-plan apartments at over-the-top prices.
It’s happening in and around the CBDs of all our biggest cities but, increasingly, it’s also happening out in the suburbs. It’s not going to end well for many buyers.
Reports suggest people were clamouring at the weekend to buy units in a proposed development in central Blacktown, paying up to $775,000. 
Nothing wrong with the location – I’ve been advocating the Blacktown area for a long time and it’s delivered handsomely with price growth averaging 13% per year over the past three years.
Blacktown is consistently the most popular suburb in Sydney in terms of sales numbers and the Blacktown City LGA is the leading municipality in NSW for population growth. 
There were 940 homes sold in the suburb of Blacktown in the 12 months to May, according to Australian Property Monitors, with the median house price rising 19% and the unit median up 13%.
But paying the prices reportedly achieved in the Blacktown unit project is beyond reckless. 
The median price for a Blacktown house on land is $545,000 and the mid-range unit fetches $385,000. To pay double the suburb’s median price for an off-the-plan unit flouts basic investment rules and defies common sense.
A couple of years from now, after all the heat and hysteria has evaporated from Sydney markets, I would hate to be the vendor trying to find a buyer for a Blacktown at $800,000-plus, assuming they’re hoping for some capital gain.
Apparently buyers queued up to “snap up” 106 units in Altitude Tower, a planned 24-storey building on the edge of Blacktown’s CBD. Most of them sold at the weekend, reportedly, to a mix of first-time buyers, next-time buyers and investors.
Prices ranged from $395,000 for a one-bedroom unit to $775,000 for a three-bedder on one of the upper levels.
One newspaper report featured a first-home buyer who paid $425,000 for a one-bedroom unit. The median price for all units sold in Blacktown in the past 12 months is $385,000, so where is the value in a one-bedroom unit at $425,000? 
A couple of weeks ago I received an email from a consumer who was thinking of buying in the project. She was considering a two-bedder for around $600,000. I suggested it made no sense to buy a small unit at a price well above the suburb median for a three-bedroom house on land. A view over Blacktown does not justify the price distortion. 
It’s a common phenomenon – new developer product marketed off-the-plan at prices that bear no relationship to established pricing levels in the location. It’s simply bad investing.
I was presented with a Melbourne example recently: a townhouse project in South Morang with two-bedroom townhouses for $443,000, when you could buy the typical house on land for less than that. When the suburb’s unit median price is $310,000, a small townhouse for $443,000 is over the top. 
I urge all investors considering purchases like this to ask themselves this question: is this the best buy I can find in Australia at this moment? 
When buyers are considering off-the-plan developer product at inflated prices, the answer almost certainly is NO. 
TERRY RYDER is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a> 
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Paying some top off the plan prices is just reckless: Terry Ryder

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Property developers have concerns local investors and home buyers could struggle to find finance for their off the plan purchases - bought over the past two years - but due now for settlement as banks toughen their lending criteria.  
"This is causing alarm across the industry," said Tim Brown, chief executive of the Mortgage and Financing Association told the Australian Financial Review. 
"Many of these are first-time buyers who will not be able to fulfil their finance obligation under the contract and will lose their deposit as many of the banks will not finance any investment loan over 80% and in some cases will not lend on investment at all," Tim Brown said. 
Having put down a 10% deposit, apartment buyers typically arrange finance for the rest as the apartment nears completion - now set to find that finance has become both more expensive and harder to secure.
Many lenders now require minimum 20% purchaser funding.  
Bank are under pressure from the Australian Prudential Regulation Authority and the Reserve Bank of Australia to cool investment book activity to growth of less than 10%.
An APRA spokesperson said its aim is to "reinforce sound lending practices by setting a threshold of 10 per cent growth in authorised deposit-taking institutions' lending portfolios over a 12-month period".
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Off the plan settlement finance tightening alarm after APRA clampdown

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The entire 100th floor of the southern hemisphere's tallest building under construction was bought by an undisclosed businessman based in China.

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The apartment cost more than $33,000 per square metre,&nbsp;spanning the entire top floor of <a href="/buildings/australia-108-southbank-70-southbank-boulevard-southbank">Australia 10</a>8, with its&nbsp;own grand entrance foyer on level 98 as well as a private glass elevator.&nbsp;&nbsp;
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<img alt="" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/01/15/TPA8467_Australia_108_E01_Hero%20Elevated.jpg" />

The 750 square metre penthouse atop the Australia 108 development at 70 Southbank Boulevard, sold at the off the plan asking&nbsp;price. The building&nbsp;is&nbsp;due for completion in 2019.

<img alt="" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/04/08/southbank%20april%208%20one.jpg" />

It equals the reported sale in <a href="/new-apartments/sydney-nsw">Sydney</a>'s Bondi Pacific at an unconfirmed $25 million last November to Andrew Roberts, the former chief executive of Multiplex.

The Bondi Beach off the plan sale was initially reported as $21 million, then advised it was higher, so still subject to conjecture. Its $25 million price reflected&nbsp;$28,000 for the 900 square metre Sydney beachside property.&nbsp;The average sale rate was $40,000 per square metre in Pacific Bondi Beach&nbsp;and $45,000 in the sold-out Barangaroo apartments.

The off the plan Roberts purchase is next door to the penthouse that set the previous record in 2013 at $21 million when the chief information officer of Caledonia Investments, Will Vicars, bought adjoining penthouses for $10.1 million and $10.9 million with plans to amalgamated them into one apartment.

The previous highest apartment sale was in <a href="/new-apartments/east-melbourne-vic-3002">East Melbourne</a> of a $19.3 million sub-penthouse apartment in the prestige Salta project, 150 East overlooking&nbsp;Fitzroy Gardens.

Over 1,000 apartments of the 1,105 on offer at Australia 108 have been sold.

The penthouse deal was reported by Fairfax Media as done between CBRE Residential Projects and Tim Kennan, owner of KM Sales and Marketing, who was representing the project's Singapore-based developer World Class Land.

<a href="/expert-insights/buying/stellar-75-success-rate-in-australia-108-apartment-offerings">CBRE managing director of residential projects Andrew Leoncelli</a> noted&nbsp;three local buyers had shown interest in the penthouse.

Australia 108 penthouse sells at record equalling $25 million asking price

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As crazy as it sounds, settling a new off the plan apartment requires you to be even more organised then when you purchased. It is an exciting time and you are well on your way to reap the advantages of apartment ownership, such as:

<ul>
<li>Freedom and flexibility.</li>
	<li>Predictability and stability.</li>
	<li>Accumulating capital and equity.</li>
</ul>
A quick recap: you have picked your apartment out with Apartment Register, signed the contract of sale and paid your 10% deposit, and the construction of the development has commenced. Now what do I do? Depending on the size of the building, construction will take on average 18 months to two years before you can settle and move in or rent the apartment.

Over the course of the construction of your off the plan apartment, My Real Estate Mate will update you with photos and construction commentary from the builder and developer. It is a fascinating and rewarding time to watch one of your lifetime's largest purchases be built from the ground up.

The settlement process involves every person you interacted with when purchasing the apartment, to ensure the process runs smoothly. The following tasks are required to be completed:

<ol>
<li>Final inspection.</li>
	<li>Certificate of Occupancy.</li>
	<li>Settlement time and date confirmation.</li>
	<li>Valuation report.</li>
	<li>Statement of Adjustments.</li>
	<li>Transfer of funds.</li>
	<li>Registration of the title / transfer of land.</li>
	<li>Handover packet.</li>
</ol>
The handover packet will include your keys, appliance guarantees and other information, such as the appointed body corporate manager. The body corporate will require a number of apartment owners within the development to be on the committee which manages operational matters of the development. The body corporate manager will hold an annual general meeting, which you can attend to be kept up to date with items such as building maintenance.

Effective the day of settlement, Apartment Register recommends connecting all apartment services such as electricity and water and commencing insurances. You don’t want to move in in the dark! As a new owner, you will need to book the time and date to move in. This is to ensure a lift is allocated to ensure smooth, stress free day. Depending on the development move in schedule, you may only be allowed to move in on a weekday.

If you are an investor, you will need to appoint a rental agent. Apartment Register recommends interviewing local agents as they know the area and may have potential tenants ready to move in. You will need to sign a rental agreement with the agent, along with placing an advertisement on various real estate websites.

The rental agent will then hold open days throughout the week to gain interest and take apartment application forms from prospective tenants, who will have to provide information on their current employment status, referees and rental history. You as the vendor choose your tenant from the application pool and then enter into a tenancy agreement.

Your rental agent will provide you with regular apartment inspection reports to ensure the tenant is looking after the apartment, along with monthly or fortnightly financial statements.

My Real Estate Mate hopes you found our summer reading series useful and remember to be nice to your neighbour! Our previous articles in this series:

<ul>
<li><a href="/news/my-real-estate-mate-summer-reading-series-purchasing-off-the-plan-apartments">Purchasing off the plan apartments</a></li>
	<li><a href="/guides">Buying off the plan: the first move</a></li>
	<li><a href="/guides">Buying off the plan: the nitty gritty</a></li>
</ul>
Apartment Register is a value added service offering our clients first pick of apartments in new off the plan developments prior to public launch. Register here and we will be in contact with you straight away.

Cameron Clarke is licensed real estate agent and managing director of My Real Estate Mate and Apartment Register; a joint venture partner of Alamar AV Communications Pty Ltd, publisher of Apartments.com.au. Each Saturday over summer Cameron will provide provide commentary and tips on all things apartments.

Cameron's published commentary is not designed to be taken as financial advice and should you wish to register with Apartment Register, Apartments.com.au strongly recommends registrants consider their financial position and do their own research before entering into contracts for sale.
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cameron

My Real Estate Mate summer reading series: Buying off the plan - the finished product

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Calculator ready! In our third instalment of Apartment Register’s Summer Reading Series we will identify key investor considerations.

You will often hear the term ‘vacancy rate’ which is a calculation based on tenanted dwelling within an area and is used as a tool to determine rental demand. A 3% vacancy rate is the point at which a market is set to be evenly balance between landlords and renters, that is equilibrium.

Calculating an off the plan property rental yield by taking your property's purchase price, and the yearly rent (weekly rent times by 52). Divide the yearly rent by the purchase price and times the result by 100 to get yourself a percentage. This percentage is your gross rental yield. For example:

<ul>
<li>Purchase Price: $500,000</li>
	<li>Weekly Rent: $465</li>
	<li>Annual Rental Income: $24,180</li>
	<li>Calculation: $24,180 / $500,000 * 100</li>
	<li>Gross Rental Yield = 4.83%</li>
</ul>
In order to calculate the net rental return, you will need to subtract other associated expenses such as the annual body corporate fee.

The body corporate is an annual fee for the maintenance and insurance of all public areas of the building. This may be cleaning the public areas to maintaining the lifts and if the building has a swimming pool or gym, the cost to clean and manage these services.

New off the plan apartment developers will typically provide you with marketing collateral outlining the position and proximity to amenity, as well as independent research information including demographic and infrastructure data and analysis, that presents all the facts and figures to ensure a purchaser can make an informed decision.

Included in the information packet is a deprecation schedule. Inclusions in new off the plan apartments are able to be depreciated; indicative depreciation schedules are supplied by developers at the point of sale and a company such as BMT Quantity Surveyors can provide a depreciation schedule specifically for your apartment.

The Victorian Government offers a stamp duty concession when you purchase property off the plan. Effectively as a purchaser you pay duty on the improved value of the land, that is, the completed construction value including GST as at the contract date. As you are buying off the plan, in most cases construction will not yet have started at the date of contract, therefore the percentage saved by purchasing off the plan versus purchasing the same completed apartment is significant.

Inclusions, also referred to as fixtures and fittings, includes items such as the brand of kitchen oven to the type of benchtop, be it stone or stainless steel. There is no wrong or right appliance type or brand within an apartment, it will have been chosen by the interior decorator and architect to best reflect the apartment building brand and positioning.

When Purchasing a new off the plan apartment you will have to choose an internal colour preference - usually from two colour palates - and this will invriably come down to a choice of a light theme and a dark theme. The colour variations will often include the colour of the carpet or floorboards, kitchen bench and splash back to the bathroom wall tiling.

Ceiling heights will vary from some rooms: this is due to the air conditioning type, ventilation from kitchen and bathroom, all those pipes need to fit somewhere so it is just something to be aware of and is perfectly normal to see a variance in ceiling heights listed.

My Real Estate Mate always recommend you review the Contract of Sale and instruct your solicitor to do so also. Items we recommend to check include the inclusion list, and that the floor plan of the marketing material is the same as in the contract of sale. Also check the nomination clause, as you might purchase the apartment in your own name and when you settle may want to allocate the asset to your superannuation fund. You will need to sign three copies of the contract of sale: a copy will be for your record, the developer and solicitor. Make sure you keep it in a safe place for your records, your bank will also request a copy for settlement.

If you are an investor and searching for healthy rental yield and capital growth off the plan apartment opportunities, feel free to contact My Real Estate Mate through Apartment Register on Apartments.com.au and we will be in contact with you straight away.

Cameron Clarke is licensed real estate agent and managing director of My Real Estate Mate and Apartment Register; a joint venture partner of Alamar AV Communications Pty Ltd, publisher of Apartments.com.au. Each Saturday over summer Cameron will provide provide commentary and tips on all things apartments.

Cameron's published commentary is not designed to be taken as financial advice and should you wish to register with Apartment Register, Apartments.com.au strongly recommends registrants consider their financial position and do their own research before entering into contracts for sale.

Lead image courtesy Pixabay.
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