Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

Queensland

<html><body>
Parramatta has long been seen as one of the most significant growth areas in Sydney.
It’s on a major train line, has every amenity that can be thought of – serviced by a huge Westfield – and takes just 25 minutes to get to Sydney’s Central station.
Attracting big name developers, such as <a href="/expert-insights/buying/slab-to-be-set-on-highest-residential-tower-in-parramatta-v-by-crown-today">Crown Group with their recent V by Crown development</a>, and many offshore developers taking their first steps into the Sydney market, it’s a behemoth.
The bullish growth-orientated council in July 2010 released a report called <a href="/news">Parramatta – Australia’s next CBD</a>, and many would agree that four years on they’ve achieved that aim or are close to it.
In fact, turning to their property prices a clear picture of growth emerges. In January 2010, <a href="/news">RP Data recorded the median house price at $544,000</a> and the median unit price at $350,000. Those medians have now risen to $712,500 and $471,125 respectively. This is indicative of both increasing demand and willingness to buy in Parramatta, and high standard developments bringing prestige apartments to the market. Median weekly advertised rent sits at $460 for a house and $440 for an apartment.
It’s not even done yet – with several more billions of dollars to be poured into developing Parramatta, and the tallest residential tower in Australia slated for the city.
This wasn’t a surprise hotspot. While some were suspicious of the area 10 years ago, the last five years have seen many buying in, suggesting that it’s a worthwhile place to consider and many a property industry pundit has recommended it to their nearest and dearest in the past.
Yet, with prices becoming too high for the majority of investors, understandably, this has many turning elsewhere for opportunities – particularly as growth has already occurred and discussions of Sydney’s slowdown are being heard.
At the Sydney Home Buyer and Property Investor show, Property Queensland Pty Ltd had the slogan ‘Ipswich – Brisbane’s Parramatta’ on their stand, boasting strong yields and opportunities for investors.
<img src="/images/2014/07/21/home-show-july-21-two.jpg" alt="">
Taking it to the data first, <a href="/news">RP Data currently puts Ipswich’s median house price at $309,000</a>. In 2010, this was $332,000. The data for units is statistically unreliable (across the statistical area of Ipswich, the latest available data from the Australian Bureau of Statistics notes that less than 2.5% of the dwellings are apartments).
It’s worth remembering the floods that ravaged the area in 2011, and are likely behind some of the subdued prices. Median weekly advertised rent sits at $280.
Todd Hunter, director and buyer’s agent for Cronulla, Sydney agency wHeregroup, has been buying in Ipswich for several years.
This property (pictured below) was purchased by Hunter for a client in 2012. It was bought at $274,000, settling in September of that year, and is currently rented at $340 per week – or 6.45% rental yield.
<img src="/images/2014/07/23/P1180862.JPG" alt="">
Unsurprisingly, he’s keen on the area for his clients as it fits his investing model – below $300,000, high yielding properties in his discovered growth areas.
“Ipswich offers the ability for those who live there to work in the Ipswich CBD as well as the new developing Springfield Lakes Business Park,” he explained to Property Observer.
“Now with the new train line opened in Springfield and Springfield Lakes, this will attract those access to travel into the are for work.”
Yet he concedes it’s not as big as Parramatta, despite both attracting more businesses caring for lifestyle, as well as business and corporate-type industries.
“NEC is one company that sees the benefits of what the area has to offer. And with Orion shopping centre across the road, it allows those working there to enjoy the benefits of having nice places to enjoy their lunch and shopping,” he explains.
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
But can Ipswich really be equated to Parramatta?
Property Queensland Pty Ltd managing director Graeme Shiels provided Property Observer with the following points as to why he considers Ipswich equitable to Parramatta.
<ul>
<li>Their CBDs are both "cities within their city" 
</li>
<li>They are both in the western suburbs 
</li>
<li>Decades ago, those who lived in Sydney's western suburbs were known as "westies" and lived in low-priced properties 
</li>
<li>Parramatta CBD then emerged to what it is now and some dwelling are well over the $1m mark 
</li>
<li>Ipswich CBD has commenced this emergence with new buildings going up and is the hub of this region which is about half the km2 of the ACT 
</li>
<li>The Qld govt is transferring thousands of public servants from Brisbane to the Ipswich CBD 
</li>
<li>North Ipswich now has the equivalent of a Westfield regional shopping centre 
</li>
<li>Amberley has the RAAF's biggest air base in Australia 
</li>
<li>A 188 hectare aerospace business park commences construction this year next to the RAAF base, to become the biggest maintenance facility in Australia</li>
</ul>
He also believes that the distance from Parramatta to Sydney, and that from Ipswich to Brisbane, is crucial – he provided the image below expressing this.
<img src="/images/2014/07/23/IpswichOverlaidOnSydney%20L.jpg" alt="">
Shiels' research, which he notes has been his ongoing project for 10 years, also cites well-known property commentator Michael Matusik, as does the Ipswich council.
In 2003, Matusik's 'The Matusik Snapshot' said: "Ipswich has the capacity to be the Parramatta of SEQld ... has large tracts of relatively cheap land and now, with a pro-active local council and state government incentives, Ipswich looks set to deliver."
Ipswich's potential has clearly been on the radar of many for some time - despite 2003's Parramatta being vastly removed from that we see today. 
However, Ipswich was recently seeing many people making a loss. <a href="/expert-insights/buying/losses-seen-in-all-brisbane-regions-for-march-quarter-with-ipswich-the-biggest-loser">RP Data’s Pain and Gain report saw no Brisbane municipalities escape losses</a>, and in fact Ipswich saw the most loss making sales – with 19.2% of those sold in the March quarter doing so at a loss. The median loss was recorded at $21,000. Painful numbers indeed.
And yet, from previous research, it <a href="/news/qld/suburb-spotlight-ipswich-picks-up">does seem the area is picking up</a>.
Observer <a href="/news/qld/ipswich-dominates-brisbane-property-market-and-is-poised-for-strong-growth-terry-ryder">Terry Ryder has also put his thoughts to the area</a>, some two years ago, suggesting growth would be strong.
“The Ipswich corridor is well-known around Australia as a growth region. It became popular with investors in the mid-noughties for its cheap prices and above-average yields, and prices rose strongly in the five years to 2010,” he explained in 2012.
“Big infrastructure developments like the $2.8 billion upgrade of the Ipswich Motorway (officially opened in May) and the $1.5 billion rail link to the Springfield master-planned community are adding to the area’s appeal, as is the ongoing emergence of major jobs nodes, such as the commercial components of Springfield, big industrial estates like Citiswich and the expanding RAAF Base at Amberley, just outside Ipswich,” he said.
Taking the debate to Twitter, it saw some warning of floods in the region. Certainly something to avoid, and <a href="https://www.ipswichplanning.com.au/flood-map-information" target="_blank">easily done using these Council flood maps</a>. It's also notable that there's a distinct lack of higher density dwellings than seen in Parramatta - something that has recently come to define Sydney's second CBD.
So does it offer potentially good investment prospects? If you buy well, it does seem to offer lower priced, higher yielding prospects.
But is it able to be equated to Parramatta just yet? The jury is out.
{module Do you think Ipswich has the potential to be Brisbane's Parramatta?}
Picture courtesy of Wikimedia Commons/Clarebear/ <a class="mw-mmv-license cc-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank">CC BY-SA 3.0</a>.
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jduke-EHk3XBmHkn

Is Ipswich the next Parramatta?

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The luxury Gold Coast beachfront property, 241 Hedges Ave on Mermaid Beach, sold at $4 million yesterday, representing a $4.7 million loss.
There were four bidders.
The four bedroom Mediterranean style house on a 405 square metre block last traded in 2008 when bought by cotton farmer Alan Frost for $8.7 million from the Ray family.
<a href="https://www.realestate.com.au/property-house-qld-mermaid+beach-117224899" target="_blank">The opening bid was $3.8 million</a> for the house with 650 square metre internal space with the auctioneer Colin Banks declaring the home on the market at $3.95 million. 
Its unimproved land value was recently put as $2.9 million, reflecting a $7,150 a square metre land value as against the market price at $9,900 a square metre.
The News Ltd local paper, the Gold Coast Bulletin said it sold to a Brisbane buyer.
It was marketed by the former high-flying agent Harry Kakavas in conjunction with Tony Velissariou.
The cotton farmer Alan Frost recently paid $6.6 million for 103-105 Hedges Avenue, Mermaid Beach – his third home on the exclusive strip known as millionaires’ row. <a href="https://www.realestate.com.au/property-house-qld-mermaid+beach-116934287" target="_blank">It was an 810 square metre double block </a><a href="https://www.realestate.com.au/property-house-qld-mermaid+beach-116934287" target="_blank" style="line-height: 1.3em;">holding</a>, reflecting $8,150 a square metre. 
The latest $4 million sale join the long list of loss takers with the delayed onset of the global financial crisis still playing havoc with prices
In late 2011 Property Observer recorded a 57% price drop at 199 Hedges Avenue on its 2007 pre-global financial crisis sale price.
The 199 Hedges Avenue property was bought by Parkdon Pty Ltd, a company associated with Avi Silver from Caulfield. The vendor, Max Twigg, also came from Melbourne.
It cost $17.5 million in 2007 and resold at $7.7 million in 2011, meaning the price dropped by about $50,000 a week during his four-year ownership.
Another $10 million plus loss on the Gold Coast's "Millionaires' Row" was incurred by the internet-billing company high flier Daniel Tzvetkoff, who splashed out $27 million in early 2008 on the unfinished mansion of fallen tourism entrepreneur Tony Smith and his wife, Simone.
At its mortgagee sale in 2009 it resold at $17 million to drilling tycoon Peter Mitchell, who was cashed up after selling his business for $150 million. Given the Ipswich-born internet whiz-kid spent $8 million on almost completing construction, Tzvetkoff's foray actually translated to an $18 million loss.
"As well as a reduction in the volume of sales, prices since the GFC have fallen by anywhere between 35% and 50%, with the most expensive homes generally suffering the greater price drops," HTW noted at the time in 2011. 
But losses have still been reoccurring with 237 Hedges Avenue selling last year at $3.35 million, which was down on the $3.65 million paid in 2011, and the $6.75 million peak paid in 2008.
Eight Mermaid Beach price collapses (compiled by Property Observer)
<ul>
<li>199 Hedges Avenue (pictured below), sold in 2011 for $7,700,000, last sold for $17.5 million in 2007, a loss of 57%.</li>
</ul>
<img src="/images/stories/hedgesave199use.jpg">
<ul>
<li>247 Hedges Avenue (pictured below), sold in 2010 for $5 million, last sold for $10.25 million in 2007, a loss of 51%.</li>
</ul>
<img src="/images/stories/hedgesave247.jpg">
<ul>
<li>31 Hedges Avenue (pictured below), sold in 2011 for $5.4 million, last sold for $11 million in 2008, a loss of 50%.</li>
</ul>
<img src="/images/stories/hedgesave31.jpg">
<ul>
<li>19 Albatross Avenue (pictured below), sold in 2010 for $6 million, last sold for $11 million in 2008, a loss of 45%.</li>
</ul>
<img src="/images/stories/albatross19right.jpg">
<ul>
<li>31 Albatross Avenue (pictured below), sold in 2009 for $5.35 million, last sold in 2008 for $9 million, a loss of 40%.</li>
</ul>
<img src="/images/stories/albatross31.jpg">
<ul>
<li>49 Hedges Avenue (pictured below), sold in 2000 for $9.5 million, last sold in 2008 for $16 million, a loss of 40%</li>
</ul>
<img src="/images/stories/hedgesave492.jpg">
<ul>
<li>89A Albatross Avenue (pictured below), sold in 2010 for $6.5 million, last sold in 2006 for $10 million, a loss of 35%</li>
</ul>
<img src="/images/stories/albatross89.jpg">
<ul>
<li>33 Hedges Avenue (pictured below), sold in 2009 for $17 million, last sold in 2008 for $27 million, a loss of 37%</li>
</ul>
<img src="/images/stories/hedges33.jpg">
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jchancellor-FAypfDUnLy

Backwards at $2,000 a day: Millioniare's Row Hedges Avenue, Mermaid Beach still at half price

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Bartinon, the seven-bedroom waterside mansion in Sorrento on the Gold Coast has finally sold. It has been bought by a Chinese buyer for $7.22 million.
The sale of the mansion, located at <a href="https://www.realestate.com.au/property-house-qld-sorrento-112672807" target="_blank">26 Marseille Ct, Bundall</a>, fell short of its 2009 price when the Melbourne transport tycoon Doug Kefford paid $8 million.
It sold earlier this year, settling last month to buyers, Guanghan Chen and Yi Zhao of Tallai.
Bartinon sold through Lucy Cole, having been on and off the market since the highest bid of $7.25 million offered at 2011 auction.
Transport tycoon Douglas Kefford bought it from Cameron Davis, from the Samtay Group, and his wife, Lynette..
The seven-bedroom early 1980s home was built by tycoon Sir Justin Hickey and his wife, Lady (Barbara) Hickey.
The name of the one-hectare Riviera estate incorporates the initials of their five children.
Hickey, the Marrickville-born insurance magnate who started his career cutting lawns, moved to the 250-squares house in the early 1980s after selling his Emerstan Drive, Castle Cove, house to businessman Phil Cave.
With 85 metres of frontage, it is one of the largest residential blocks on the Nerang River on the coast.
Davis paid $6,665,000 in 2006 to buy it from former Fraser Island tourism operators Sidney Melksham and Angela Burger.
The 6,500-square-metre riverfront Sorrento property <a href="/news/qld/sorrento-mansion-bartinon-back-on-the-market">previously sold for $4.25 million in 2001</a> when offloaded by Indonesian industrialist Alimin Soenario.
Soenario had set a $3,125,000 record in 1994 when he bought it on its then 9,000 square metres.
Kefford spent only four or five weeks a year at the house on Marseille Court.
Lucy Cole, of Lucy Cole Prestige Properties suggests it was one of the most significant sales of the past five years.
Bartinon has an illustrious history having been visited by the likes of Frank Sinatra, the Rolling Stones, the King of Tonga, the Sultan of Brunei, Whitney Houston and Dr Henry Kissinger.
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The Gold Coast trophy home Bartinon sells to Chinese buyer

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Though eclipsed in confidence by New South Wales, the Queensland property industry remains positive about the next financial year, according to the Property Council/ANZ Property Industry Confidence Survey.
In a national poll of 2,300 property and construction professionals, the Property Council and ANZ found that Queenslanders had a bullish perspective this quarter, with confidence measuring above the national average.
Chris Mountford, Queensland deputy executive director of the Property Council of Australia, says Queensland's outlook has remained stable, despite "a turbulent period of state and federal budget announcements".
“This quarter Queensland sentiment rose one point, up to 136 on the scale – five points above the national index,” says Mountford.
“Queensland’s bullish outlook is second only to New South Wales which continues its run as the most positive state in the country.
“There is a sense of optimism about the financial year ahead with respondents upbeat about the state’s economic growth prospects for the next 12 months."
He says the state's confidence levels parallel state budget forecasts.
“The industry is anticipating positive increases in capital values across the residential, retail, industrial, hotel and retirement property sectors.  
“This aligns with the Queensland State Budget projections which rely heavily on the property industry to support a predicted 3 per cent growth over the next 12 months.
“This is further evidence that a healthy property industry is the foundation of a strong Queensland economy," he explains.
ANZ Senior Property Analyst, David Cannington, says some sections of the state's economy have shown promise, despite a downturn due to the decline of the mining sector.
“In particular, improved global economic conditions and a lower AUD have provided a boost to Queensland’s tourism industry, with international tourism arrivals increasing in recent months," says Cannington.
"Housing market conditions have also broadly improved, although remain divergent across the state, with upbeat conditions in Brisbane and south east Queensland, while regions exposed to the mining and resources sectors are underperforming.
“The outlook for Queensland’s commercial property sectors also reflects divergent conditions across industries, with the secondary office sector in particular weighed down by weak office employment and elevated vacancy rates," Cannington says.
"In contrast, the outlook for employment and capital growth in the retail, hospitality and health sectors are more buoyant.”
Mountford also singles out the office sector as a source of concern.
“The only segment that remains in negative territory is the office sector due to a unique and challenging blend of issues confronting the Brisbane CBD and Fringe office markets," says Mountford.
“Tackling these challenges will require a collective focus from industry and government in the coming months to ensure growth and prosperity in Brisbane’s CBD," he explains.
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jrichardson-uRX5hFdKfN

Queensland's property industry the country's second most confident: PCA/ANZ

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A real estate agent in Redcliffe, Queensland, has been fined $10,000 and ordered to pay more than $39,000 by QCAT over wrongful conversion of trust monies, following multiple charges brought by the Office of Fair Trading.
The real estate agent, Jason Hoppner, was found guilty of the multiple charges.
The funds in the trust account were due to be paid to five landlords, but the money was then diverted into three separate bank accounts. Each of these were owned by Hopper. In total, thirteen payments were diverted to his accounts from December 2010 and April 2011.
The funds totalled over $12,000, and 23 affected consumers saw themselves paid $30,368.21 by the Office of Fair Trading, with another five currently owed $8668.11.
Hopper has been ordered to pay $39,036.32 and has been disqualified from holding a real estate agent’s license for 15 years.
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Redcliffe, Queensland agent fined $10,000 for trust account abuse

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ANZ Bank has listed the 12,000-hectare farming aggregation in the Condamine owned by Rowell Walton, who chaired Rural Finance Roundtable. 
The CBRE sales campaign for the <a href="https://cbre.realcommercial.com.au/property-commercial+farming-qld-condamine-501205159" target="_blank">Condamine aggregation in the Western Downs</a> area is likely to attract offers of about $15 million when it concludes later this month.
It was in April, when the empire of one of Australia’s largest grain-growers and influential farm leaders, collapsed with debts of more than $30 million on his five Queensland cropping properties.
The ANZ Bank sent in the financial receivers KordaMentha to their 2400 hectare home, ­Yullabilla station and adjoining Mt Pleasant, Wyola and Undulla stations near Tara.
At the time The Australian reported Mr Walton said he had probably borrowed too much for expansion in the three years between 2006 and 2009.
His farms were then worth $27 million with land values rising and the major banks, prior the global financial crisis, were lending freely.
Floods hit Mr Walton’s properties in 2010-11, wiping out crops worth more than $7.5 million a year.
His properties subsequently suffered two years of drought.
Walton was active in Katter's Australian Party and before than in the Queensland Nationals.
Offers are due by 25 July.
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Rowell Walton's Condamine aggregation farm offering

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Gladstone has entered a downturn.
<a href="https://matusikmissive.com.au/wp-content/uploads/2014/06/Image.png"><img class="alignnone size-full wp-image-7346" src="https://matusikmissive.com.au/wp-content/uploads/2014/06/Image.png" alt="Image"></a>
Yesterday
The market peaked in 2012, with values, rents and new supply overshooting the local area’s property fundamentals.
Much of this overshoot was influenced by the need for workers for the construction of gas and coal-related infrastructure.
Also the area, about five years ago, was undersupplied with new stock. Exaggerated rents were being paid by energy and construction workers. Many were desperate to find accommodation, often at almost any cost.
This mismatch between supply and demand, in concert with the lacklustre outlook for the markets in South East Queensland post 2008, saw investment sellers oversell Gladstone’s potential.
New supply increased and future investment returns detached from reality.  A real estate bubble formed and a much needed correction has now taken place.  A rapid fall in weekly rents, and in many cases, prices and sales, has occurred over the last 12 months.
Many property commentators and investors – as a result – have written Gladstone off.
Today
That is premature, and shows a distinct misunderstanding of how a property cycle, especially in a regional city, works.
At today’s prices, the city has the potential for price growth in the short-to-medium term.  However, we believe that this is unlikely to happen over the next 12 to 24 months, given the current misconception of the Gladstone market and the area’s current oversupply.
Yet, now is a great time to buy investment property in Gladstone.
Prices are negotiable, rents are at the bottom of their cycle and sales volumes are likely to increase in coming years.  In addition, there is a lot of stock from which to choose.  Counter-cyclical investors, with the mindset to hold for a full cycle or more, should seriously look at Gladstone.
Tomorrow
<a href="https://matusikmissive.com.au/wp-content/uploads/2014/06/Gladstone-Page-12.jpg"><img class="alignnone size-full wp-image-7349" src="https://matusikmissive.com.au/wp-content/uploads/2014/06/Gladstone-Page-12.jpg" alt="Gladstone Page 12"></a>
Our mid-to-long term outlook for Gladstone is very positive – a rising Matusik Property Pulse™; strong population growth; high and growing underlying demand and the need for more rental property.
Job creation – despite what is reported – is improving and the area has a much lower unemployment rate when compared to the Queensland average.
Gladstone has a young demographic profile – this will drive the need for affordable homes and more attached property.
What to buy
Investors, for mine, need to buy close to the Gladstone CBD.  They are better off buying attached product or small-lot homes in prime locations.  In most cases, limit expenditure to $400,000 for second-hand stock and under $500,000 for a new property or off-plan purchase.
Up to $600,000 for high quality, furnished, downtown property is also worth considering.
Furnished apartments – again in the CBD – are likely to find a tenant more quickly than unfurnished product.
Final word
Price and rental growth will return to Gladstone, but this is likely to take some time.  Also, when it returns, the growth tangent is likely to be much less than what the region experienced between 2009 and 2012.
A 5% per annum growth rate is more realistic and sustainable.
Visit Michael's <a href="https://www.matusik.com.au/" target="_blank">website</a>, read <a href="https://www.matusikmissive.com.au/" target="_blank" rel="nofollow">his blog</a>, follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" target="_blank" rel="nofollow">Facebook</a> and <a href="https://www.twitter.com/michaelmatusik" target="_blank" rel="nofollow">Twitter</a>, or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.
<a href="https://matusik.com.au/products/gladstone-market-outlook-report/" target="_blank">Go here</a> for the full Matusik Market Outlook Report on Gladstone.
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michaelmatusik-49YzLvdmNv

Gladstone in a downturn, but positive medium outlook means it could be a great opportunity for investors

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A 4,047 square metre Queensland industrial property has been purchased for $1.3 million plus GST.
The site, at 67 Radley Street, Virginia, was purchased by Corbsmoothy Investments Pty Ltd from S &amp; B Carew Pty Ltd.
It is a vacant industrial land site, with general industry zoning, of regular shape and providing 40 metres of frontage to Radley Street.
JLL’s Brendan Delahunty and Chris Davis negotiated the sale.
“The property presents one of the last remaining land parcels within the tightly-held Northern Industrial precinct of Virginia,” according to Delahunty and Davis.
“It has been purchased by a local owner and developer with the intention to speculatively build a circa 2,200 square metre industrial facility.”
It was noted that there is a very limited supply of prime grade buildings in the 1,000 to 3,000 square metre size range on the north side of Brisbane, so strong interest was received for the listing.
Back in 2012, the property was sold for $1.15 million plus GST to an owner occupier with apparent plans to develop a cold storage facility for dairy products.
Raine &amp; Horne Commercial, who organized the previous sale, noted that it had been occupied by Arrow Caravans since 2002, when they expanded from 38 Radley Street, which had been their premises since 1988. In 2012 they sold due to a Sandgate Road relocation opportunity.
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Queensland industrial site snapped up for $1.3 million

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A vacant development site in Caloundra’s CBD is going to auction this month, through Ray White Commercial Caloundra’s Alan Gray and Len Greedy.
The 22 Omuz Avenue site was formerly the Tesch brothers’ timber and hardware business.
Greedy said that it is a slice of Caloundra’s history, and the owner is selling due to changed circumstances of Pipi Holdings Pty Ltd.
“For around 50 years the Tesch family enterprise supplied timber and associated hardwares from their Ormuz Avenue and Bulcock Street lands for a majority of homes being built in the Caloundra area,” he said.
“The Tesch enterprise through its outlets in Ormuz Avenue and Bulcock Street made an enormous contribution in a practical sense to the establishment of Caloundra, Golden Beach and the environs of Caloundra.”
The buildings that were previously on the site were damaged by vandals in the 1980s and subsequently levelled.
The 2,588 square metre site is one of the last remaining vacant blocks in the area, said Gray.
“The land is being offered in one line or alternatively in two portions of approximately 1,340 sqm and 1,248 sqm,” he said.
It has 72 metres of frontage of Omuz Avenue and is zoned to Caloundra Regional Business Centre with general zoning commercial.
“This is an opportunity to enter a thriving commercial area in one of Australia’s fastest growing cities,” he said.
The auction takes place at 11am on 19 July at the Caloundra Events Centre.
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Piece of Caloundra history for sale as development site

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Brisbane-based Sentinel Property Group has purchased the Tuggeranong Homeworld Centre for $31 million, with their plans to expand their retail property sector presence further south.
The Sentinel Tuggeranong Retail Trust acquired the property with a forecast year one distribution of 10.25% per annum, paid monthly. The sale was undertaken by Carl Molony and Phil Gardtland of Stonebridge Property Group.
The Homeworld, at 150-180 Soward Way, Greenway, is on a single-level and attached to an office. It covers 21,945 square metres, or one street block, and includes multiple car access point.
The centre covers 12,245 square metres and there is a central carpark with 333 spaces.
Tenants include Aldi Foods, Dan Murphys, Dick Smith, Jetts Fitness, Cash Converters and the Department of Human Services.
This brings Sentinel Property Group’s total portfolio to 24 retail, office and industrial assets, and to a combined $500 million in value.
Sentinel’s Warren Ebert says that the centre is prominent in position, has a strong tenancy profile, and includes future development potential.
“The retail centre is well established in the local community and features a strong lease profile with 72.4% of income provided by national tenants,” he said.
“The property comprises an expansive entire street block within Tuggeranong Town Centre with potential mixed-use redevelopment potential, including residential apartment development.”
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