<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Joel Robinson

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

By the time S&amp;S Projects began planning <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia</a>, the developer already had three Rainbow Bay projects from which to draw.

Flow, Awaken and Esprit had given <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a> experience developing in the southern Gold Coast enclave, as well as buyer feedback that could be carried into its fourth project, a boutique collection of 38 residences at 271 Boundary Street.

“We have experienced a lot of success in this location and as this was our fourth building we had taken all of the learnings and buyer feedback from previous projects to arrive at a design and apartment mix that we believe had captured all of that experience and remained a true S&amp;S Project in its design and amenity,” the developer said.

That experience has translated into a collection of two, three, four and five-bedroom residences including two penthouses positioned on an elevated corner in Rainbow Bay, where the site opens to multiple coastal view corridors and the area's distinctive north-facing bay.

[smartcode_project:default project_id=140491 project_image_fid=284542]

S&amp;S Projects says the Boundary Street site took years to assemble, having previously comprised six units, a house and a duplex. The developer worked individually with the existing owners to bring the properties together after an earlier attempt to sell the site had been complicated by the number of parties involved.

“We are constantly looking for properties that meet our brand standards of location, views, and sites that are rare with unique aspects that we can develop to maximise the lifestyle of residents who live in our buildings,” S&amp;S Projects said.

The Boundary Street site gave <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a> a different set of conditions to work with.&nbsp;

“Our design brief was to design a building that took advantage of its unique elevated corner siting offering a range of spectacular view corridor opportunities,” Cottee Parker said.

“The design had to reinforce the strong brand pillars of S&amp;S which are quality, luxury and superior resident amenity.”

[smartcode_project:default project_id=140491 project_image_fid=284543]

Cottee Parker responded with a sculptural floorplate and strong horizontal banding, with continuous balconies and landscaped planters wrapping the building. Operable screens along the balcony edges allow residents to manage light and shade while creating an additional layer of pattern across the facade.

The tower rises above a heavily landscaped podium incorporating the entry lobby and recreational level, while the broader architectural expression takes cues from Rainbow Bay's coastal environment through its organic forms and light material palette.

Cottee Parker says the design has also been developed to complement S&amp;S Projects’ three previous Rainbow Bay developments while retaining its own architectural identity.

Inside, the residences continue that coastal response through two interior schemes centred on warm timbers and neutral tones, alongside patterned natural stone and fluted detailing.

Floor-to-ceiling sliding glass doors connect open-plan living areas to wraparound balconies, while natural stone is used across benchtops, splashbacks and bathroom walls. Specifications also include light-washed timber flooring, gas fireplaces, integrated bar and wine fridges, freestanding stone baths and 100 per cent wool carpet.

[smartcode_project:default project_id=140491 project_image_fid=284559]

Cottee Parker Director Sandra Brown said the intention was to create an architectural response closely connected to its surroundings.

“Imagine architecture that breathes with the rhythm of nature, where every curve and line flows seamlessly – creating spaces that dance with the elements, where sunlight kisses every surface and the gentle sea breeze fills every space,” Brown said.

The lessons S&amp;S Projects carried into Radia also extend to its resident amenity, with a substantial collection of shared facilities planned for just 38 residences.

A dedicated Residents Club will include a lap pool and spa, gymnasium, ice bath, sauna, steam room and hot rocks sauna. A residents' lounge, private dining room, outdoor dining and barbecue area and business centre are also planned, along with storage and dedicated surfboard and beach lockers.

S&amp;S Projects Founding Director Paul Gedoun said the facilities were also designed around the project's Rainbow Bay setting.

“Each amenity is designed to capitalise on the lifestyle of Rainbow Bay, ensuring residents can enjoy the relaxed coastal experience the enclave is famous for,” Gedoun said.

[smartcode_project:default project_id=140491 project_image_fid=284555]

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> says purchasers to date have predominantly included local downsizers, interstate lifestyle investors and families, alongside a strong contingent of repeat S&amp;S purchasers.&nbsp;

According to the project sales team, feedback has centred on the natural stone and joinery, generous floorplans, natural light and the ability for residences to capture views in multiple directions. The completed Flow, Awaken and Esprit developments have also provided prospective purchasers with an existing reference point for S&amp;S Projects' delivery in Rainbow Bay.

There has also been interest from high-profile surfers and people connected to the surf community, with the elevated building providing outlooks towards several of the area's recognised surf breaks.

Radia continues S&amp;S Projects' concentration of development in a tightly held part of the southern Gold Coast, close to Rainbow Bay Beach, Snapper Rocks, Duranbah Beach, Greenmount Beach and the Tweed River. The neighbourhood also includes a growing collection of hospitality venues, while Coolangatta Airport provides connections beyond the southern Gold Coast.

Hutchinson Builders is now delivering Radia, continuing the project from early works privately funded by S&amp;S Projects. The $250 million development is expected to reach completion in the third quarter of 2027.

“With our history in Rainbow Bay, we have been fortunate to be heavily involved in how the development landscape has unfolded and this project slides into the property landscape comfortably and will feel like it was always there,” the developer said.

[smartcode_project_cta:default project_id=140491]

How three Rainbow Bay projects shaped S&S Projects' fourth, Radia

Nearly 40 years after <a href="https://www.apartments.com.au/developers/sheida-group">The Sheida Group</a> began working on the northern Gold Coast, the family-owned developer is continuing its involvement in Hope Island with Marina Point Apartments, where apartment scale has been a central part of the development.

Across the 235-apartment waterfront community, the developer has prioritised larger floorplans, substantial open space and marina access, responding to a purchaser base that has predominantly comprised local owner-occupiers and downsizers moving from larger homes.

"Having already delivered Anchorage nearby, we also understood this particular market and how people live here," developer Rick Sheida said.

"<a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Marina Point&nbsp;Apartments</a> gave us the opportunity to build on those lessons and create the next evolution of our work in Hope Island."

[smartcode_project:default project_id=136992 project_image_fid=293151]

The Sheida Group acquired the Marina Point land around 2018. Its appeal, Sheida says, went beyond having a waterfront address.

"What attracted us was not simply that the site was waterfront, but the way it meets the water," he said.

"It sits at the junction of broad waterways, creating long sightlines, changing views and a sense of movement throughout the day. Its shape also allowed us to orient the buildings outward, improve privacy between residences and make better use of natural light and breezes."

The buildings have subsequently been positioned around the perimeter of the site, allowing most apartments to take in water views while others look across the resort amenity or hinterland. Once all four buildings are complete, approximately one hectare of the site is expected to remain as open space.

The waterfront also provides the potential for up to 50 marina berths, with berths ranging from 15 to 24 metres and options designed to accommodate wider vessels including catamarans. Access from the marina to the Gold Coast Seaway is bridge-free.

[smartcode_project:default project_id=136992 project_image_fid=293149]

The developer says purchasers to date have predominantly been owner-occupiers and downsizers from <a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Hope Island</a> and elsewhere on the Gold Coast, generally aged between 45 and 70. Many have sold larger family homes or properties requiring significant upkeep.

That purchaser profile informed a design brief centred on retaining the space and functionality of a larger home within an apartment format.

"Many of our buyers are coming from large, well-appointed homes in Sanctuary Cove and the surrounding area," the project team said.

"They are accustomed to generous spaces and thoughtful design, so it was important that the apartments delivered the same sense of comfort and functionality.

"Every room needed to feel well proportioned, every space needed a clear purpose and nothing could feel compromised."

Residences range from 139 sqm through to 319 sqm penthouses, with two car spaces provided to apartments and three to penthouses. Minimum 2.7-metre ceilings, floor-to-ceiling glazing, entertainer's kitchens with butler's pantries, substantial storage and balconies ranging from 18 sqm to 37 sqm further reflect the emphasis on space.

One purchaser from Sanctuary Cove has taken the concept further, combining two of Marina Point's largest apartments to create a 552 sqm residence with raked ceilings reaching up to 4.5 metres.

[smartcode_project:default project_id=136992 project_image_fid=293155]

With Building 1 now complete, the developer is also seeing its original design assumptions tested against purchaser feedback.

Three completed display residences allow prospective purchasers to compare apartment sizes, layouts, finishes and outlooks in person. The sales team says one of the most consistent responses has been to the scale of the apartments, with visitors describing them as feeling more like homes than conventional apartments.

The first stage of resident amenity is also operational, including a 25-metre heated lap pool, Technogym-equipped gym, infrared sauna, golf simulator and yoga room. Future facilities are set to include a resort-style pool and spa, waterfront barbecue area and a residents' lounge with a library, fireplace, pool table, kitchen and bar.

Rather than treating the four buildings independently, the design brief called for a complete waterfront neighbourhood, balancing private residences with landscaping, open space, marina access and shared amenity.

[smartcode_project:default project_id=136992 project_image_fid=293152]

For Sheida, Marina Point Apartments is ultimately an extension of the developer's longer-term involvement in Hope Island and its view of how the suburb is evolving.

"We were equally interested in the long-term future of Hope Island," he said.

"Its position between Brisbane and the central Gold Coast gives residents access to both, while improving transport connections are making the northern Gold Coast increasingly attractive as a permanent place to live."

Hope Island Marketplace is 1.3 kilometres from Marina Point, while Sanctuary Cove and Paradise Point are within six kilometres. Links Hope Island, The Pines and The Palms golf courses are also nearby, and the new Hope Island train station is under construction around five kilometres from the development.

Building 2 is under construction, with completion scheduled for 2027.

[smartcode_project_cta:default project_id=136992]

Marina Point Apartments continues The Sheida Group's 40-year Hope Island story

Sydney-based fund manager and developer EG is seeking to turn part of the former Roche pharmaceutical campus in Cromer into a 130-home residential community, introducing a mix of low-rise apartments, townhouses and duplexes to the tightly held Northern Beaches market.

The SJB-designed masterplan has been prepared for the 3.2-hectare site at <a href="https://www.apartments.com.au/new-apartments/100-south-creek-road-cromer-nsw-2099">100 South Creek Road</a>, part of the former Roche landholding that EG acquired for $55 million in 2017 through its Yield Plus Infrastructure Fund No. 2.

EG is proposing what SJB describes as a new "urban village" set within the site's significant existing tree canopy.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="482c9a58-49f1-4c53-a12e-aaa02336229f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.20.57%E2%80%AFAM.png?VersionId=hZP8_XfPnfNq500dbcjlpVwYU1ebhF9_" />

Around three hectares of the site is considered developable, with the balance incorporating a riparian corridor that would be rehabilitated and revegetated as part of the proposal.

The indicative masterplan comprises approximately 72 apartments in low-rise residential buildings and another 58 townhouses and duplexes.

The apartment component would include around five one-bedroom, 37 two-bedroom and 30 three-bedroom residences, while the townhouse and duplex component would be spread across several different housing typologies. The overall scheme would deliver around 19,500 sqm of gross floor area at an FSR of 0.6:1.

Parking for the apartment component is currently estimated at around 112 resident spaces and 14 visitor spaces, while the townhouse and duplex component would have 116 resident and 12 visitor spaces.

A significant part of the masterplan revolves around retaining the established landscape character of the former Roche campus.

SJB's plans show heavily treed setbacks along both Campbell Avenue and South Creek Road, a centrally located collection of significant native and exotic trees retained as communal open space, and the regeneration of the northern bushland area.

The existing creek corridor along the site's western edge would also be rehabilitated and revegetated, creating additional separation between the new homes and the neighbouring Northern Beaches Business Park.

A heritage-listed cottage and its garden setting would be retained and restored, with SJB flagging its potential adaptive reuse as communal space.

The proposal also includes new communal recreation areas, pedestrian connections to Campbell Avenue and South Creek Road, and a contribution toward improvements to the adjoining Michele Reserve.

Vehicular access would be restricted to South Creek Road, with no vehicle entry proposed from Campbell Avenue. The main internal road would largely follow the site's existing driveway to minimise the impact on established trees.

SJB said residential redevelopment presented an opportunity to retain the majority of the site's heritage-listed mature trees while delivering a broader range of housing types than typically seen across the Northern Beaches.

"The site being 3.27 hectares in area represents one of the largest vacant sites in common ownership in the Cromer and Dee Why area capable of residential renewal," SJB noted in the masterplan.

The architect said the proposal would particularly target housing diversity through townhouses and other "missing middle" typologies suitable for singles, young families, downsizers and retirees.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="e3f5d841-8491-427e-8ada-c70d3d03d6bc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.21.02%E2%80%AFAM.png?VersionId=xTV7r.q8lrTzC9vKzMS9zMbjm9wKwhgm" />

The site emerged following the subdivision of the former Roche campus into eastern and western parcels.

EG has already transformed the western portion into the Northern Beaches Business Park, which incorporates heritage-listed office space, modern warehouses and indoor recreation facilities.

The proposed residential community, referred to as Cromer East in SJB's plans, adjoins established housing to the north, east and south-east, while the business park sits beyond the creek corridor to the west.

It is also within 250 metres of Pittwater House School and Northern Beaches Secondary College, while bus stops within a three-to-five-minute walk provide connections to Dee Why, Brookvale and express services to the Sydney CBD. Cromer Park and the South Creek open space corridor are also nearby.

EG acquired the broader 7.5-hectare former Roche campus in 2017 for $55 million through its Yield Plus Infrastructure Fund No. 2. The campus at the time comprised more than 25,000 sqm of industrial and office buildings set within landscaped grounds.

The current residential site represents the eastern portion of that original holding.

EG's investment strategy for the fund has centred on acquiring income-producing real estate with longer-term rezoning and repositioning potential, particularly assets benefiting from infrastructure and changing land-use patterns.

EG also has an established residential track record across Sydney, including Bosco in Five Dock, Tempo in Drummoyne, The Flour Mill in Summer Hill and Pindari in Randwick.

The developer says it has delivered more than 1,000 homes to date, with a further 3,000-plus residences across its development pipeline.

First look: EG plans 130 apartments on former Roche pharmaceutical campus in Cromer

<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Perth

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The median house price of Hillarys recorded in the March quarter was $750,000, a two per cent fall compared to the previous year, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
Hillarys is a suburb 23 kilometres north-west of the Perth CBD and is located along the coastline of the state.
It includes the attraction of Hillarys Marina consisting of popular cafes and restaurants.
The report notes the suburb consists mainly of dwellings at 88.9 per cent of the suburb’s property types, with some dated from circa 1970 onwards.
Sections of the suburb have recently undergone zoning changes, which have seen developments and subdivisions increase within the suburb.
For example, <a href="https://www.realestate.com.au/sold/property-house-wa-hillarys-132693562" target="_blank">3 Nash Street, Hillarys </a>(pictured below) sold for $740,000 in February.
The property is a circa 1972 renovated four-bedroom, two-bathroom dwelling with a double carport situated on a 754 square metre block.
The dwelling has 248 square metres of living area and externally there is a below ground pool and gable patio.
The land is zoned Residential R20/60 and has confirmation from the local council that the property has subdivision potential of four to five lots.
Along with the subdivision potential, the existing house is also in a good condition to rent out for a set period of time and benefits from parkland access to the rear of the property.
Currently the median rental for a four-bedroom property in Hillarys is $560 per week as at 15 June.
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Scarborough is a suburb located 13 kilometres north-west of the Perth CBD and is the location of one of Perth’s most iconic beaches. 
In 2017, a redevelopment was undertaken on the Scarborough foreshore area with over $54 million being spent by the state government and local council to revitalise the area in order to improve its reputation and create a new family oriented destination. 
The suburb has a diverse range of options for property types for people looking to enter the suburb, which mainly consists of villas and townhouses covering over 50 per cent of all properties.
Old character dwellings that have been completely renovated to a modern standard,  circa 1940s onwards, are also available and would represent the best value currently for $700,000 in this market.
The median house price for the suburb for the March quarter was $736,000, which was only a 0.8 per cent decrease from the previous year.
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129 Burniston Street, Scarborough (pictured below) sold in April for $727,500, having been on the market for 40 days. 
The dwelling is a fully renovated circa 1948 street facing survey strata three-bedroom, two-bathroom dwelling with a secure double carport situated on a 370 square metre block.
The renovations completed on this property retained the character of the home and provide a modern and traditional style of living that is highly sought after in this pocket of the suburb.
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Located 17 kilometres north-west of Perth, Duncraig is a suburb that will offer buyers an abundance of options for the $700,000 budget, with a number of four-bedroom, two-bathroom family homes being offered in the market. 
The March quarter had the median house price of the suburb at $656,000 which was a 2.8 per cent decrease compared to this time last year. 
"In the suburb you can find properties dating back to circa 1970s that have been renovated and are on generous sized blocks perfect for families," the valuation firm said. 
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In January, 8 Mohonia Place, Duncraig sold for $722,000 having been on the market for 12 days. 
The property is a circa 1987 renovated four- bedroom, two-bathroom dwelling with a double garage situated on a 705 square metre block.
It offers 170 square metres of living area with a recently renovated kitchen and master bathroom as well as a spacious entertaining area outside with a gable patio and below ground pool. 
"This is just one of many examples of four-bedroom, two-bathroom dwellings offered within the suburb at an affordable option in a great location," the valuation firm said. 
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j.ballantyne1990-6AQqhLzZaK

What a lazy $700,000 can buy in north-west Perth: HTW residential 

What a lazy $700,000 can buy in Perth: HTW

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House rents declined marginally from the three-and-a-half year high achieved last quarter, while unit rents held steady at $320 a week, the highest asking price since mid-2016, according to the June Quarter rental report from Domain.
Perth’s rental market has bounced back from the post-mining boom lull, with advertised rentals continuing to shrink, giving landlords ground to raise asking rents in certain areas.
Rental discounting has been concentrated in Perth's inner-city region, and now is time for those looking to move closer to search for a rental bargain.
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June 2020 QoQ change for Perth rental prices
“Perth’s rental recovery looks set to continue. House rents declined marginally by $5 a week from the three-and-a-half year high achieved last quarter. Unit rents held steady at $320 a week, the highest asking rent since mid-2016.”
“The market has improved considerably from the post-mining boom lull. The number of advertised rentals continues to shrink, down 19 per cent from March and has dropped 32 per cent over the year. Tenants will find rental conditions have tightened. The number of vacant rental properties is steadily shrinking, providing landlords greater grounds to raise asking rents in certain areas.”
“During the height of the pandemic lockdown, rental discounting lifted marginally, although consistently fewer rentals are being discounted compared to last year. Discounts have been largely concentrated in Perth’s inner-city which has more plentiful apartment rental supply,” said Domain Senior Research Analyst, Dr Nicola Powell.
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Perth's rental recovery is set to continue: Domain

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The COVID-19 restrictions have given homeowners the chance to review their living spaces, with many people looking at ways to further improve their homes, according to the June Herron Todd White (HTW) residential report. 
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The valuation firm suggests that in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month's HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
Corelogic recorded a 0.2 per cent price increase in the Perth median house price to $477,000 throughout April, indicating that values remained steady in the initial impact stages of COVID-19.
The number of listings decreased five per cent compared to the previous month with 11,670 properties recorded for sale at the end of April, which is below historical numbers and indicates that the market is moving towards a period of undersupply – depending on where demand levels out.
When home open inspections were temporarily banned due to the Coronavirus restrictions, the Real Estate Institute of Western Australia (REIWA) recorded under 300 sales transactions per week during April compared to recording over 500 transactions per week over the same period last year. 
The week ending 10 May recorded a 32.7 per cent increase in sales activity with 527 sales recorded in the Perth region compared to the previous week. 
Confidence within the market is slowly beginning to recover which has been helped by home opens being reinstated with a maximum of 10 people allowed and a further maximum of 20 people allowed as of 18 May.
Within Perth, the REIWA recorded 5420 properties for rent as of 10 May, which is a four per cent decrease in comparison to four weeks before and 23 per cent lower than this time last year.Leasing activity has increased by 31.5 per cent from the end of April to the start of May.
Until recently, agents across south-west Western  Australia were experiencing very few enquiries and were frustrated by the inability to interact with potential purchasers due to restrictions on home opens.As a result of the lack of sales transactions, it has been difficult to get any firm idea as to the effect on values.
"The easing of Coronavirus restrictions has seen a flurry of new enquiries however it is not yet back to the pre- pandemic levels," the valuation firm said. 
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Prior to the world pandemic, Western Australia’s property market was improving consistently with consecutive levels of growth being recorded, the report noted. 
 Senior Research Analyst for Domain, Nicola Powell, said that houses in Perth were being discounted at an average rate of 7.85 per cent during April, compared to 11.9 per cent recorded last year.
One real estate agent reported that 60 per cent of their transactions were between one and three per cent of the original asking price.
"Many believe that Western Australia will perform stronger than other states given its stage of the property cycle before the impact of COVID-19, however many industry experts have stressed concern that the government incentives are only a short term solution and that we could be in for more pain in the long run," the valuation firm said. 
Renovations
The Coronavirus pandemic has produced very few upsides, however one positive outcome has been the increased time spent with our families, friends and loved ones, the report noted. 
The extended homestay period has brought boredom to a whole new level for some. The COVID-19 restrictions have given stir-crazy homeowners the chance to review their living spaces, with many people looking at ways to further improve their homes.
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"Renovating is well known for increasing the value of property as well as bringing new life to dated dwellings, however we do know that alterations almost never boost value at a one-to-one ratio with cost," the valuation firm said. 
With many experts tipping the Australian property market to plummet between one to twenty per cent over the coming year, renovating could look like a fine prospect to offset some of that damage for people with job security.
Though solid statistics are sparse, one article by 9 News suggests that Australian renovation jobs were down 15.55 per cent in April 2020 compared to March, however this is not in line with the anecdotal evidence we are seeing on the ground.
Commonwealth Bank of Australia economist, Gareth Aird, recently said that “there has been a 25 per cent increase in credit and debit spending on household furnishings and equipment compared to a year ago”.
Simon Bligh, Chief Executive Officer of credit bureau Illion, said the average Australian spent 38 per cent more per week on home improvement compared to before the lockdown (Sydney Morning Herald, 2020).
"Although renovation work generally drops when there’s a dip in consumer confidence, this has never been combined with residents having spare time around the house, so it will be interesting to see which way the pendulum swings over the June quarter, especially since restrictions appear to be changing almost weekly," the valuation firm said. 
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In the early stages of the pandemic, much of the expectation was for renovation work to slow down as the supply chain for home improvement parts and equipment was halted and product availability from China was lacking, the report noted. 
On top of this, looming social distancing restrictions posed a threat to tradespeople working in close quarters. Fortunately, as of 18 May, restrictions were relaxed to allow gatherings of up to 20 people. 
This should provide some relief to developers, builders and tradespeople alike, however applying the four square metre rule may still be tricky in some work sites.
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Many building and renovation businesses have had to change the way they operate alongside the rest of the country by adding services such as video call consultations, where consultants take a virtual tour through the home as the owner shows them around.
Small projects such as updating blinds and carpets, landscaping, gardening and painting have seen Bunnings and other outlets quickly run out of stock and many residents have become keen DIYers during long stretches at home.
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In terms of what we have experienced here in Western Australia, chatting with agents, property managers, investors and homeowners suggests that renovation work has in fact increased, particularly in the upper middle price bracket of circa $700,000 plus. 
This may be due to hierarchal employment and the fact that younger and older, lower income earners have (generally) been hit the hardest or are not in a financial position to be thinking of renovating.Historically low interest rates have clearly been enticing homeowners into refinancing to top up their borrowings.
Historically low prices provide fantastic opportunities for anyone willing to tackle a new renovation here in Western Australia.
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/6/parkwood.jpg" alt="">
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The Parkwood property at 23 Romney Way (pictured above) is under contract for $370,000.
The circa 1974 build comprises four bedrooms, one bathroom and a single garage with an attached carport, built on a 713 square metre allotment.
This shows exceptional value for money if you are willing to get your hands dirty and renovate, as the same block of land ten kilometres further from the CBD can cost substantially more – minus the hous
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/6/piara%20waters.jpg" alt="">
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This Piara Waters property at 7 Artisan Pass (pictured above) sold in February 2020 for $810,000.
The circa 2009 build comprises four bedrooms, two bathrooms and a double garage on a 713 square metre allotment.
Despite the glaringly obvious difference in the quality of improvements, it really does demonstrate the value for money in older suburbs where you can give properties a new life.
"If you spent $350,000 demolishing and rebuilding the Parkwood property, or less on a smaller scale renovation, then you could have a similar quality build on the same amount of land for cheaper and ten kilometres closer to the city," the valuation firm said.  
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The cost of renovating during the Coronavirus pandemic has seemingly remained stable (though it is hard to tell as prices fluctuate significantly from builder to builder), only increasing if time is a major factor or if products aren’t available from the usual suppliers.
"We have however heard of projects being quoted with extended completion times due to social distancing restrictions. This should ease up as restrictions are loosened over coming months."
Generally, the cost of a major kitchen renovation starts from circa $20,000 and can increase upwards of $50,000 depending on the size of the kitchen, whether you are removing walls or choosing high quality, unique fixtures and finishes. For bathrooms, major renovations start at circa $15,000 and can carry on upwards of $30,000 (again depending on several factors).
These costs can of course be lower if you are only completing minor works, spend wisely or assist in the works yourself.
As noted in previous editions, Houzz Australia’s 2016 Houzz and Home Report states that homeowners spent an average of $31,000 on major renovations of a large kitchen (more than 12 square metres) where all appliances and cabinetry were replaced and $21,840 for a small kitchen (less than 12 square metres).
The Houzz and Home Report also showed that the average spend on major bathroom renovations was $16,440 for a large bathroom (more than five square metres) and $14,770 for a small bathroom (less than five square metres) (Domain, 2017).
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"Entry prices for new dwellings come in at circa $190,000 plus for a completed product.If you add in the cost of a potential demolition ($15,000 to $25,000), then you’re looking at a minimum of $200,000 to $250,000 for a standard project style build.Consider renovating if your home is looking a little dated, but you love the area you live in.
"You can get a completely new look and fresh feel for easily under $100,000, or if you live in an older character home, finished renovations can look amazing and can be highly contested when put up on the market," the valuation firm said. 
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Suburbs such as Mount Hawthorn, Wembley, and Mount Lawley, all being within five kilometres of the CBD, have seen a flurry of action recently. 
Further out of central Perth, suburbs such as Canning Vale and Atwell are creeping towards the ripe renovation age of between 30 and 35 years old - this is the median dwelling age for renovations.
"Canning Vale was zoned rural under the Metropolitan Region Scheme until 1994, making the residential development’s age around 25 years old, so we should start to see an influx of renovation projects in these areas throughout the pandemic and beyond," the valuation firm said. 
The main areas ripe for renovation in the south- west tend to be older character homes in South Bunbury and East Bunbury, the report noted. 
A character home in need of renovation can be picked up for mid- $300,000s and once renovated, can sell for mid to high $500,000s, with higher values achievable after extensions or additions.
Other areas such as Busselton can see older homes renovated, usually as the front lot of a strata development however they are usually demolished to make way for modern units.
The cost of renovations and additions are such that it is often just as affordable to construct a project style home as is the case in many of the smaller country towns.
"In summary, there are many areas throughout Western Australia where renovation projects are a worthwhile exercise – however there are also areas that are ripe for gentrification, where the value add of a new dwelling easily outstrips the prospects of a renovation.
"Part of our service offering is the ability to offer before and after valuations based on your project plans. When weighing up where to spend your hard earned savings, it’s well worthwhile paying for some professional advice."
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Are renovation projects worthwhile in Perth? HTW renovation 

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Commercial suites in award-winning developer Stirling Capital’s brand new development, <a href="https://www.realestate.com.au/property/26-charles-st-south-perth-wa-6151" target="_blank">26 on Charles in South Perth</a>, have hit the market for sale or lease.
The boutique, eight-storey property consists of three floors of office space and a ground-level suite below luxury apartments in the rapidly-transforming Perth suburb.
The new suites are available in sizes spanning 113 sqm to 517 sqm, all with secure parking space and access to modern end of trip facilities.
Ten have balconies, allowing for panoramic views of the Swan River, Richardson Park, and the Perth city skyline, while floor-to-ceiling windows offer an abundance of natural light in an energy-efficient design.
On Charles Street, the development is a stone’s throw from the Perth Zoo, Richardson Park, Royal Perth Golf Club and access to the Kwinana Freeway. 
CBRE’s Ben Younger and Jake Wallman have been appointed to manage the campaign in conjunction with Brian Neo and Jack Bradshaw of LJ Hooker Commercial Perth.
Both agencies expect strong demand in Perth’s CBD fringe suburbs post COVID-19.
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South Perth’s latest boutique offices listed

While the global property market is facing some of its most strenuous times amidst the COVID-19 pandemic, the&nbsp;Perth real estate industry is experiencing quite the opposite. A surge in demand for apartments has seen some agents making up to <a href="https://www.perthnow.com.au/business/housing-market/apartment-sales-surging-in-the-wake-of-covid-19-c-1109361">$7 million in sales in a day</a>.&nbsp;

In addition to a robust residential market, Perth&#39;s office shortage has been a topic of discussion for years. Experts suggest an additional <a href="https://www.realcommercial.com.au/news/australia-to-face-massive-office-shortage">4.8 million square metres of commercial space is needed</a> in order to accommodate demand.

Thankfully, several new skyscrapers are in the pipeline &ndash; most of which are mixed-use, catering to both the growing demand for residential housing and office space.&nbsp;

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-06-25_at_2.09.22_pm.png" rel="gallery-all" title="Perth 1880. Credit: RAC WA/YouTube"><img alt="" class="image-article-full-width-580px" height="275" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-06-25_at_2.09.22_pm.png?itok=OIHLknB2" title="Perth 1880. Credit: RAC WA/YouTube" width="580" /></a>

<figcaption>Perth 1880. Credit: RAC WA/YouTube</figcaption>
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<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-06-25_at_2.11.57_pm.png" rel="gallery-all" title="Perth 1990. Credit: RAC WA/YouTube"><img alt="" class="image-article-full-width-580px" height="264" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-06-25_at_2.11.57_pm.png?itok=ys1qgdz3" title="Perth 1990. Credit: RAC WA/YouTube" width="580" /></a>

<figcaption>Perth 1990. Credit: RAC WA/YouTube</figcaption>
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<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-06-25_at_2.15.20_pm.png" rel="gallery-all" title="Future Perth vision. Credit: Urbis/Stephanie Keith"><img alt="" class="image-article-full-width-580px" height="323" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-06-25_at_2.15.20_pm.png?itok=NTvmuze7" title="Future Perth vision. Credit: Urbis/Stephanie Keith" width="580" /></a>

<figcaption>Future Perth vision. Credit: Urbis/Stephanie Keith</figcaption>
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Here are Perth&#39;s 9 future tallest skyscrapers:

<h2>1. ST ANDREWS HOTEL/ST ANDREWS PLACE, 222m</h2>

Architect: Cox Howlett + Bailey Woodland

Status: Approved but on hold&nbsp;

Building type: Hotel/Residential

<figure><img alt="" class="image-article_full_width_580px" height="907" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/07e0643db2ddae9dcf34272315298e25.jpg?itok=-uY7tiHu" title="Credit: Cox Howlett + Bailey Woodland" width="580" />
<figcaption>Credit: Cox Howlett + Bailey Woodland</figcaption>
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A beacon of glimmering gold has been on the cards for Perth&#39;s skyline for a few years now. The approved 222-metre tower has been approved; however, the City of Perth have granted the developer Fragrance Group a two-year extension. Once complete, the $100 million development would become the third tallest tower in Perth, after Central Park (249m) and Brookfield Place (244m). The development would see the existing 114-year-old church retained to be utilised as a 152-seat restaurant for hotel guests and the public. St Andrews is also likely to feature 485 hotel rooms and 60 serviced apartments.

[smartcode_project:default project_id=7864]

<h2>2. PERTH+, 207m</h2>

Architect: REX, HASSELL

Status: Invited competition 2016; first prize 2017; commenced Design Development 2018; completion expected 2023

Building type: Mixed-use

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/e489fdcc77b54444fed013990b2adcb6.jpg" rel="gallery-all" title="Credit: REX"><img alt="" class="image-article-full-width-580px" height="820" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/e489fdcc77b54444fed013990b2adcb6.jpg?itok=W1O2YkLR" title="Credit: REX" width="580" /></a>

<figcaption>Credit: REX</figcaption>
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Two mixed-use towers have been planned for a prominent waterfront site, &nbsp;reaching 19 and 54 storeys tall. The development will incorporate 15,000 square metres of commercial space, and 220 luxury apartments. A cantilevered &#39;plus&#39; shape acts as a striking visual point of difference, similar to Australia 108&#39;s starburst.&nbsp;

[smartcode_project:default project_id=8150]

[smartcode_project:default project_id=26734]

<h2>3. EQ WEST, 180m</h2>

Architect: Kerry Hill Architects

Status: Site works commenced

Building type: Mixed-use

<figure><img alt="" class="image-article_full_width_580px" height="464" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/kerry_hill_architects.jpg?itok=GlJsTJP5" title="Credit: Kerry Hill Architects" width="580" />

<figcaption>Credit: Kerry Hill Architects</figcaption>
</figure>

&nbsp;

Occupying a sought-after Elizabeth Quay site will be EQ West. The $385 million mixed-use development will comprise of two towers, which will feature 300 residential apartments and 170 short-stay properties. The towers will also include a hotel, restaurants and retail facilities. One of the greatest features of EQ West is the stunning high-rise art museum, which overlooks Swan River. Once complete, the museum will become available for public entry.

[smartcode_project:default project_id=8151]

<h2>4. KINGS SQUARE VI + VII, 162m, 144 m</h2>

Architect: Woods Bagot

Status: Approved

Building type: Mixed-use

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/dd23e76d7e14729107d21916d4023376.jpg" rel="gallery-all" title="Credit: Woods Bagot"><img alt="" class="image-article-full-width-580px" height="327" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/dd23e76d7e14729107d21916d4023376.jpg?itok=FehUkw-H" title="Credit: Woods Bagot" width="580" /></a>

<figcaption>Credit: Woods Bagot</figcaption>
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A design competition run by Seven Entertainment led to the design of two striking 42 and 48 storey towers, planned for a 3334 square metre site in central Perth. The site is owned by Seven Group and once complete, the development will offer 563 apartments with retail spaces available on the ground floor.&nbsp;

[smartcode_project:default project_id=9053]

<h2>5. CIVIC HEART, 143m</h2>

Architect: SS Chang Architects

Status: Approved

Building type: Mixed-use

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/civicheart.png" rel="gallery-all" title="Credit: SS Chang Architects"><img alt="" class="image-article-full-width-580px" height="630" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/civicheart.png?itok=CS7mZFsh" title="Credit: SS Chang Architects" width="580" /></a>

<figcaption>Credit: SS Chang Architects</figcaption>
</figure>

After several iterations, Civic Heart has now received approval by council for the construction of a $150 million multi-residential apartment building, with an end value of approximately $365 million. The development will integrate the heritage-listed former police station and post office which currently reside on the site, and will see the construction of two 39 and 22-storey residential towers take place shortly. The original design was going to include an on-site supermarket. However, this was dropped from the design, with a food and beverage outlet to replace the supermarket. &nbsp;More than 200 trees will also be planted to create a 700 square metre green wall.

[smartcode_project:default project_id=30048]

<h2>6. CAPITAL SQUARE, 140m</h2>

Architect: COX Architecture

Status: Approved

Building type: Mixed-use

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/capitalsq_hero.jpg" rel="gallery-all" title="Credit: COX Architecture"><img alt="" class="image-article-full-width-580px" height="373" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/capitalsq_hero.jpg?itok=YN9CW0gM" title="Credit: COX Architecture" width="580" /></a>

<figcaption>Credit: COX Architecture</figcaption>
</figure>

Plans for a $140 million tower has been conditionally approved for the Emu Brewery site. The site is bordered by the Mitchell Freeway (west), Mounts Bay Road (south), Spring Street (east) and Mount Street (north).&nbsp;The recently revised plans include the addition of an 18-storey tower and a 30-storey mixed-use tower, with a hotel and office space.&nbsp;

<blockquote>
&quot;The overarching vision is to create a contemporary living and working precinct that promotes strong visual and physical connections between the CBD, the foreshore and Kings Park.&quot;
</blockquote>

Cox Architecture

<h2>7. CHEVRON HQ, 133m&nbsp;</h2>

Architect: HASSELL

Status: Site works commenced

Building type: Office

<figure><a href="/developments/perth-wa-6000"><img alt="" class="image-article_full_width_580px" height="386" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/hassell_chevron.jpg?itok=2TchSMTi" title="Credit: HASSELL" width="580" /></a>

<figcaption>Credit: HASSELL</figcaption>
</figure>

Chevron HQ is a brand new 29-storey tower which is due for completion in 2023. Architecturally-designed by HASSELL, Chevron HQ includes 57,000 square metres of office and retail space and is likely to accommodate 3,000 residents upon completion. The tower will be located on the corner of Barrack Street and the Esplanade at Elizabeth Quay.

Chevron bought the 6800 square metre site in 2013 for $64 million.&nbsp;

[smartcode_project:default project_id=8337]

<h2>8. GOLD HOTEL, 130m</h2>

Architect: With_Architecture Studio

Status: Approved

Building type: Hotel

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-06-29_at_2.27.25_pm.png" rel="gallery-all" title="Credit: With_Architecture Studio"><img alt="" class="image-article-full-width-580px" height="919" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-06-29_at_2.27.25_pm.png?itok=2Ox1Qry9" title="Credit: With_Architecture Studio" width="580" /></a>

<figcaption>Credit: With_Architecture Studio</figcaption>
</figure>

A brand new business hotel designed by With_Architecture Studio, will offer 266 rooms with views overlooking Perth CBD. The Gold Hotel will house a wide range of state-of-the-art amenities including a spa, gymnasium and wellness centre, as well as a rooftop bar and terrace. Ground floor fine dining restaurants, an art gallery and cafe will be available for public use. Development approval for this project has been granted.

<h2>9. 561 WELLINGTON STREET, 125m</h2>

Architect: MJA

Status: Approved,&nbsp;Under construction

Building type: Hotel

<figure><a href="/new-apartments/perth-hub-600-wellington-street-perth"><img alt="" class="image-article_full_width_580px" height="392" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/wellington_street_.jpg?itok=bJUAuHUI" title="Credit: MJA" width="580" /></a>

<figcaption>Credit: MJA</figcaption>
</figure>

The new development planned for 553-561 Wellington Street is a $38 million student accommodation tower. Designed by MJA, the approved tower will include:

<ul>
	<li>176 single occupant studios</li>
	<li>47 two bedroom studios</li>
	<li>15 four bedroom studios with ensuites</li>
	<li>11 five bedroom studios</li>
	<li>6 six bedroom studios</li>
	<li>86 bicycle parking bays</li>
</ul>

The accommodation will be managed by The Student Housing Company.&nbsp;

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Lead image:&nbsp;Future Perth vision. Credit: Urbis/Stephanie Keith

This article was first published on 29.06.2020. For any construction&nbsp;updates, please feel free to let us know in the comments below.&nbsp;

Olivia Round

Perth's 10 future tallest buildings

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A Claremont home has just been listed with a price guide of low-to-mid $4 million.
The Riley Road residence is situated in the river precinct and was completely restored and extended six year ago. 
It features six-bedrooms and five-bathroom house.
The home is known as Cooringa, and was built 1897.
It is situated on a 1025 square metre block.
It also features a cellar, pool, and fully equipped stand alone granny flat.
Tonia McNeilly, from Ray White Cottesloe, has the listing.
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Cooringa, Claremont home listed with $4 million plus hopes

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A Perth real estate agent, Daniel Gonzalez, founder of Realty Lane, who sells northern beachfront mansions, has been charged with stealing a rival's open home signs.
Police confirmed to the West Australian newspaper that the 41-year-old agent was charged with stealing five open home signs in Sorrento in February and in North Beach in May.
He faced court last week.
<a href="https://www.realtylane.com.au" target="_blank">Realty Lane</a> founder Daniel Gonzalez stands charged with stealing home open signs set up by Ben Rudgeley — who once worked for Gonzales, but is now at Noble Avenue Real Estate.
Gonzalez was recognised in industry awards for selling more property by value than any other agent in 2018, his second year in the industry, selling 119 homes worth $132 million.
He was recognised as WA’s new leading agent on ranking 31st in Australia and 1st for WA for 2019 in the top 100 REB agent list.
His company recently expanded the business into Dalkeith.
The agency initially focused on the upmarket northern coastal areas of Trigg, North Beach, Marmion and Karrinyup.
He had started his own estate agency in 2017 with no prior experience.
He is featured in a real estate training video on YouTube called “Rockstar to million dollar real estate agent in two years.”
In the video, he expresses a spiritual take on sales, referencing a “real estate mother earth” who “keeps an eye on everything.”
He once described himself as “a hippie in a real estate costume.”
He appeared in Perth Magistrate’s Court last week.
Police advised the five counts of stealing home open signs were in Sorrento on February 23 and in North Beach on May 9 this year.
He has not entered a plea.
The case was adjourned until next month for legal advice, including what the signs might be worth.
Prosecutors have amended the value at $200 each initially but that was downsized to $20 each.
The police are looking for recompense for two of the signs — as the other three had been recovered.
 
 
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Daniel Gonzalez, Top 100 REB Perth estate agent charged with stealing competitor's open home sign

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A $215,000 Perth apartment has fallen $85,000 in price since its 2007 peak sale price.
Located at 4E/811 Hay Street, the small Paragon unit features a single bedroom, single bathroom, and living area.
It has just 41 square metre of internal floorspace.
The apartment sold for $215,000 earlier this year.
It had previously sold in 2012 for $287,000.
Its peak sale price was in 2007 at $300,000.
The latest sale is comparable to the unit's value in 2003, when it was secured for $210,000.
There was a $206,000 sale in 2000 when sold by developers Westpoint and Paragon. 
Allen Ang and Kennie Chung, from Realestate 88 Inner City, had the 2020 listing.
It was leased for $300 per week until September, so reflected a seven per cent yield.
Its asking rental was $390 in 2014.
  
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One bedroom Paragon, Perth apartment falls $85,000 from its peak 2007 price

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EXPERT OBSERVER
The start of the Perth dwelling market recovery comes at an unfortunate time. In early 2020, the Perth dwelling market had four consecutive months of dwelling value increases, which is the longest stretch of capital growth since 2014.
The Perth dwelling market has a long road to recovery. By the end of April, the house market in Perth was -19.1% below its peak value at June 2014. Unit values have taken a larger hit, down -26.9% below the record high at July 2013.
Prior to COVID-19, most indicators for Western Australia were moving into an upswing. Unemployment had fallen from 6.9% to 5.2%, jobs growth was trending higher, population growth had bounced back to the highest level since 2014, housing supply was contained, and state final demand crept above the decade average.
But instead of momentum continuing from the trend seen at the start of the year, the onset of COVID-19 places it at the cusp of another downswing.
According to the 28-day rolling change in the daily hedonic index, Perth dwelling values have started to fall again. However, value falls have been mild at -0.2%. So far, Melbourne has seen the largest decline in property values in the wake of COVID-19, but even in Melbourne the change is less than 1%.
Weekly payroll data from the ABS, which provides an early preview of labour force conditions, shows job losses across WA have been slightly less severe than that across the rest of the country. The decline in payroll jobs across the state was 5.8% between the 14th of March and 2nd of May, as opposed to 7.3% Australia wide.
Perth has less exposure to industry sectors that have been heavily impacted by COVID-19, with 8.6% of the local workforce employed with the accommodation and food services and arts and recreation services sectors, compared with 9.1% nationally.
Despite heighted economic uncertainty, consumer sentiment levels have been improving. This is in line with a flattening of the curve and relaxation in social distancing policies, especially those specific to housing, new listing numbers are trending higher from their record lows.
Importantly, total listing numbers haven’t trended higher and are at the lowest level in ten years for this time of the year.
The trend towards a rise in new listings and consistently low total listings implies newly listed stock is being absorbed quickly by the market. As of late May, total listings were down 34.7% on where they were at the equivalent period in 2019.
Total listings across Perth counted in the 28 days to May 24th were just 13,962. Though this is a continued headwind to the real estate sector, it may be preserving stability in dwelling values.
What was once a drag on property could be a source of market stability
The strong link between mining and prosperity across WA created boom and bust conditions between 2011 and 2019. This extended to the property market. As mining investment declined significantly following a steel glut in China, job losses and resident departures across the state have left values in a downswing for years.
According to industry reporting, 2020 was the year mining investment would move through a trough, creating more jobs, and subsequent housing demand across WA. In fact, we were already seeing improving labour market and demographic trends through late 2019 and early 2020.
The past few weeks have seen an increasingly optimistic outlook for the mining sector because of a recovery in the Chinese economy. Some high frequency indicators such as coal consumption, traffic congestion and home sales suggest economic activity across China is at 90% of where it was pre-COVID-19.
Unlike recent tensions over trade in beef and barley, China is actually working to reduce barriers to iron ore imports, which is a major source of revenue for WA mining. The reason for rising iron ore demand is that Chinese steel producers expect a rise in government stimulus and infrastructure to spur production (which uses iron ore as an input).
This has contributed to a relatively strong rise in the value of iron ore and plans from some of Australia’s largest miners to boost production. Even without the relatively strong position of mining export commodities, work on mine sites may have been buoyed by long-term contracts and the relatively high liquidity of mining companies.
The mining sector has not been completely untouched by COVID-19. Some operations have been suspended, or capacity has been reduced in an effort to reduce the threat of infection at work sites. This is reflected in mining sector payroll job losses across WA, of 6.4% between the 14th of March and the 2nd of May.
However, mining companies remain optimistic. BHP signalled steel production over 2020 may even be slightly higher than in 2019 if a second outbreak of COVID-19 could be avoided.
Renewed vitality in the mining sector, and the subsequent boost to economic activity, is likely to provide some insulation in demand for the Perth property market. This would make the impending downturn less severe than it may otherwise have been.
Another key factor that should support housing demand across Perth is the sheer affordability of housing. At the end of April 2020, the median value of a house was recorded at just over $465,000 which was the lowest of any capital city.
The blend of affordable housing options and the expectation for more resilient economic conditions is a good recipe for Perth’s housing market to outperform.
ELIZA OWEN is the Head of Research Australia for CoreLogic
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