<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Sydney

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The property developer and investor Theo Onisforou has shown confidence in his Oxford Street, Paddington fashion precinct.
He had added a Glenmore Road corner terrace (pictured above) to his property portfolio.
Theo Onisforou is the founder of The Intersection, a vibrant shopping location at the junction of Glenmore Road and Oxford Street.
In 2011, the SMH fashion writer Georgina Safe wrote the intersection had blossomed into one of the country's premier destinations for local designers.
Onisforou says streets like Oxford Street, Paddington, King Street in Newtown, Campbell Parade at Bondi Beach and the Corso at Manly have the potential to benefit of having tourist traffic.
He suggests these streets benefit by having local, interstate and international tourists adding to their catchment market.
Visiting shopping celebrities have included Katy Perry and Reese Witherspoon.
He was inspired by Brompton Cross, an upmarket corner of Chelsea in London.
<img src="/images/2014/07/30/paddington%20july%2030%20one.jpg" alt="">
He says his Paddington retail strip provides cafe lifestyle, people watching and shopping as "entertainment."
Shopping centres do not provide this outdoor feeling, Onisforou says. His anchor tenant is Jackie's Cafe surrounded by a strong suite of fashion outlets.
<img src="/images/2014/07/30/paddington%20july%2030%20three.jpg" alt="">
List of tenants at  The Intersection, Paddington.
Onisforou's latest acquisition is being earmarked for cafe usage is on an expansive corner block at the corner of Glenmore Road and Hopewell Lane.
It is a four level terrace with 325 square metre space which sold through Bradfield Cleary this week zoned 3(c) business neighbourhood.
It will be the Intersection's 30th tenant.
<img src="/images/2014/07/30/paddington-july-30-floor-plan.gif" alt="">
Floor plan for 18 – 18a Glenmore Road, Paddington.
Onisforou's first fashion tenant, Scanlan &amp; Theodore, opened at the corner of Glenmore Road in early 2004.
At one point Onisforou proposed a change in council control over the nearby street's hardest-hit retail tenancy area from Woollahra Council to Sydney Council.
The call has prompted a joint effort between the two especially in regard to car parking clearway desires by Sydney Lord Mayor, Clover Moore and Woollahra Mayor Toni Zeltzer.
Moore has asked for the clearway to be removed completely in mayoral minute last Monday night.
The clearways operate from 6am to 10am in the westbound direction and 4pm to 7pm in the eastbound direction given bus lanes. 
City of Sydney Council also seeks to introduce a 40 kilometre an hour speed limit on the street.
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Theo Onisforou's The Intersection Paddington expands

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Not for profit vegetarian eatery Lentil as Anything have expanded to a new Sydney address – 391 King Street, Newtown.
The unusual paying method sees patrons give what they think the food is worth, or what they can afford, as a donation – rather than having set costs – known as the “honesty policy”.
“We would like to let you all know that Lentils Sydney is moving to our own premises this coming Monday, July 28th,” the company recently announced. “Very excited to have a place to call our own, and still right in the heart of the inner west.”
The restaurant seems to be doing well despite facing hefty competition on the other end of vegetarian-friendly King Street, with popular Green Gourmet, Basils Pizza and Green Palace up the road.
After opening their first Sydney store further up the road at 531 King Street in April this year, the switch in venue brings them closer to highly trafficked Newtown Station.
Their tagline is ‘Food, Culture, Community’ and they have been operating for approximately 13 years.
Originally established in St Kilda in 2000, the chain offers hospitality experience to people in need. It was founded by former Sri Lankan refugee Shanaka Fernando.
They are currently fitting out the store and shared the news with their <a href="https://www.facebook.com/lentilasanything" target="_parent">Facebook fans</a> using the picture below.
<img src="/images/2014/07/29/newtown%20july%2029%20one.jpg" alt="">
Image courtesy of Facebook. 
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Newtown's Lentil as Anything upsizes to new address

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High density urban redevelopment is needed to improve housing affordability and ensure community access to amenities is fairly distributed around Sydney as the city grows, according to the chair of the Committee for Sydney and director of Turnbull and Partners, Lucy Turnbull.
But local resistance to high density development is creating barriers to urban improvement, Turnbull said at the 2014 HIA Building Better Cities Summit in Sydney last week.
“There is a fundamental break down between professional and industry understanding, and community understanding, of the benefits of smart growth,” said Turnbull, who among other board and executive positions is Chair of the Committee for Sydney and former Lord Mayor of the City of Sydney.
“Communities often have the default position that doing nothing is the best thing,” she said.
Resistance to development was often based on a fear of a loss of access to services such as healthcare, car parking, childcare, local schools and public transport.
This was exacerbated by the small size of Sydney’s local government areas which led to attitudes at a local level that managing wider national and metropolitan population and economic growth was someone else’s problem, Turnbull said.
With a population of around 4.5 million, Sydney has 38 local government areas. In contrast, Brisbane has one local government area covering a population of one million. Overseas, London has a population of 8.2 million and one city council that sits above 33 local government areas. New York City, with 8.3 million people, has one city council and five boroughs.
Turnbull said higher density developments in Sydney could deliver benefits to the community by improving the vitality of town centres and access to public transport.
She said the Central Park development near Sydney’s central station and Stockland Balgowlah on Sydney’s northern beaches should be held up as good examples of urban development done well.
She identified Parramatta, Liverpool and Penrith as areas in which higher density centres should be developed.
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Resistance to high density development creating barriers to urban improvement: Lucy Turnbull

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The Summit aged-care industry boss Peter Wohl and his wife Jennifer have listed their cliff top Dover Heights home following their recent $38 million<a href="/news/aged-care-entrepreneur-peter-wohl-buys-ron-medich-point-piper-mansion"> purchase of property developer Ron Medich's Point Piper mansion</a>. 
The residence is tipped to exceed the Dover Heights record of $8.02 million which was surprisingly set earlier this year when a newly-built house on busy Military Road sold for more than $1 million over the reserve.
Offers are<a href="https://www.domain.com.au/property/for-sale/house/nsw/dover-heights/?adid=2011333144" target="_blank"> due by August 29</a> for the Douglas Parade listing.
Title Tattle recalls the Wohls bought the 970 square metre property in 1993 for $1,775,000 from US-based art critic heiress Sandra McGrath which was renovated by Frank Grill, who is reputedly indicated his latest Bellevue Hill project will be his last commission.
With interiors by Archer+Wright, the two-storey residence is built around a large deck with pool and spa, creating a dramatic backdrop of north-east facing ocean views to the rest of the house. The courtyard Michael Snape sculpture, which was installed by McGrath, is not included in the offering.
The house has reclaimed Versailles parquetry floors imported from France. 
There is a double garage with internal access and approved plans for a triple garage. 
Apparently there is a meditation retreat carved within the clifftop itself.
Martin Schiller of Savills and Bill Malouf, of LJ Hooker Double Bay have the trophy home listing.
The colourful McGrath cut a swathe through Sydney while raising her family with banker husband, Tony McGrath.
She critiqued art for The Australian and The Bulletin.
She also wrote both the The Artist And The River and The Artist And The Desert (with John Olsen) and then a 1979 <a href="https://users.tpg.com.au/waldrenm/whiteley" target="_blank">book on Brett Whiteley</a>.
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Dover Heights trophy home, but Michael Snape sculpture not included

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The Vaucluse waterfront property Green Gables has been sold to the Malek family.
The Coolong Road residence has been home to the Mayo family for 33 years having been bought for $1.15 million in 1981.
The asking price was $20 million, though no price has been revealed following the 8 July exchange of contracts.
It actually appeared as withdrawn from sale on its <a href="https://www.homehound.com.au/listing/withdrawn/nsw/sydney-region/eastern-suburbs/vaucluse-eastern-suburbs/29-coolong-road-vaucluse-nsw-2030/" target="_blank">Homehound</a> listing in May. It had been very very close to sale in 2011 at around $18 million.
Prior to the Mayo family, it was owned by the late merchant banker Frank Nugan, who paid $450,000 for it in 1976.
The 1,659 square metre property comes with 1920s five-bedroom, four-bathroom home with beach, pool and jetty.
It has been bought by Michelle Malek, the wife of Ron Malek, a co-founder of the corporate advisory firm, Caliburn Partnership who sold his stake in 2010. He remained as the joint head of the boutique corporate advisory firm Greenhill Australia, enjoying a stock windfall as part of the three year delayed payment for the sale of the Caliburn Partnership business to the Wall Street firm in 2010.
The Malek couple are based in Bellevue Hill.
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Green Gables, Vaucluse sells to Malek family

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A short drive out of the city are a number of apartment blocks, just a few years old, that Property Observer recently visited.
The apartment blocks are investor dominated, rumours say by mainly offshore buyers and were built to attract high-paying investor clients – some around the $800,000 to $1 million plus mark.
Despite these price tags, however, the buildings are crumbling.<a href="https://www.just-think.com.au/%20" target="_blank"> Just Think Real Estate</a>’s Edwin Almeida was shocked with the state the properties were in when he received a management from an offshore landlord.
Waterproofing issues, render coming away, broken lights and potentially compromised electrical work were just some of the issues he noticed in his first visit to the apartment block.
“Most of these property investors have never attended the property nor seen it, other than on glossy brochures and via the internet photos,” said Almeida.
“Sydney has made headlines as being the gateway into making the booming property market, a sure way to double your money and be in a safe political haven at that.”
When Property Observer visited, the issues were numerous and hugely visible. Readers are asked to remember that this apartment block is about four years old, and that achievable market rent on individual two-bedroom apartments was initially around $690 to $720 per week, despite some agencies asking for much less than this. Now, they're sitting around $620 plus per week.
Almeida explains that it was initially bought by an investor for $550,000 off the plan five years ago. Similar apartments in the area are now selling for $840,000 off the plan. Initially, the apartment was appraised at $720,000, however offers are not even being made at $680,000 due to the strata report detailing the issues in the apartment block. Almeida expects this will see the re-sale value drop to $650,000, which will affect comparables for new apartments in the area.
The one we visited originally cost $550,000 off the plan but this was five years ago. Like apartments are now selling for $840,000 off the plan.
In the bathroom of one apartment in the complex, the ceiling had previously collapsed (see photos below).
<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/2014/07/28/cracks-july-28-one.jpg" alt="">
It's worth noting that while the tenant complained about this, the previous property manager did not fix the problem until the tenant stopped paying rent and the management was passed on.
<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/2014/07/28/cracks-july-28-two.jpg" alt="">
Now in the bathroom, with the ceiling fixed for sale, the floor is starting to show signs of damage (see below).
This is a sign of compromised waterproofing, where the water pushes through from the shower towards the door - and brings sediment along with it. The metal rim that has been moved here, when you try to move it yourself, is solid - and quite incredible that leaking could have caused it to move away from the tiles.
<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/2014/07/28/cracks-july-28-three.jpg" alt="">
Internally, cracks can also be seen appearing.
<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/2014/07/28/cracks-july-28-four.jpg" alt="">
Outside the building, the issues were also obvious. Cracks and marks in the render had begun to appear - signs of movement and water leakage from the walls inside - and in some cases the render was coming right off the wall.
Heading to the basement car park, somewhere investors are urged to look at whenever considering buying an apartment block, the dampness is overwhelming. There are puddles, and there hasn't been rain for a couple of days. In fact, it's clear that it has been wet for a long time - the cement is coming away to the touch (see below) and the dipping is causing signs of rust.
<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/2014/07/28/cracks-july-28-nine.jpg" alt="">
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Almeida said that there are hidden liaisons between the real estate agencies and the developers that are a recipe for these ‘million dollar ghettos’.
To explain this, he draws a diagram before taking Property Observer to the apartment block.
In the centre, he draws a circle, which he calls the “developer”. He then draws a line out from this circle to the selling agent, to whom a commission is paid. Another line is drawn to the property management team, who offer the development with a 12 to 18 month rental guarantee – often insuring the investor will stay with them. He then draws a third line out to the strata management team.
Then he circles these three. They’re all from the one real estate agency, and this, says Almeida, is the ‘dangerous liaison’ making it possible.
“All such parties more than likely are a part of the same office,” he explains.
“Coupled with this, is the office relationship with the developers themselves. These are relationships that have created an underlying weakness in what I believe to be the catalyst that will inevitably crack the dam, and usher in the property bubble burst,” he says.
The selling
In his opinion is that the resales and valuations when the property purchases are funded by the local banks will see those who bought the new properties outright lose huge amounts of money.
He warns that for investors who do not visit the property post-purchase, who, in fact, buy sight unseen, are at danger in these situations.
He also warns that Home Owners Warranty Insurance is not in place when the complex is four levels and higher, and that he has still heard selling agents incorrectly tell buyers that their apartment will have their insurance for seven years.
The property management
After purchase, he says that the same agency then rents the apartments out. He warns that in some situations the properties are overcrowded and the tenants are not correctly screened – something he seems regularly when he takes over the management.
“Periodic inspections are next to non-existent,” he explains, saying that tenants have confirmed to him that the property manager has not seen the apartment since they moved in.
Bad management, and a lack of notice of any defects in the units – which would normally be fixed by the developer within 30 days if the investor claims – affect the maintenance of the property. The investor, after this time, will then have to bear the cost.
The strata management
Often, again, the strata management team is also part of the same real estate agency.
Checks for defects in common areas within timeframes required are not undertaken so cannot be claimed to the developer. This is then a bill footed by the Owners Corporation, again the investors.
But why do some agencies allow this to happen? It comes back to the developer.
The developer
Almeida notes that the developer gives high sales commissions to real estate agents to sell at high prices. These commissions could be in the range of 8% to 10% when sold off the plan.
When rectification works notices are not provided to the developer by the aforementioned professionals on behalf of the investor in the timeframes required, then they can make a good case that the damage is wear and tear.
A developer may also be able to liquidate their Special Purpose Vehicle (SPV) company.
Where is this happening in Sydney?
The locations identified are largely where there is a high concentration of highrise development. From the balcony of the apartment visited by Property Observer, there were others being built visible through cranes on the skyline.
<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/2014/07/28/cracks-july-28-twelve.jpg" alt="">
Areas identified by Almeida as having these sorts of properties include:
<ul>
<li>Mascot 
</li>
<li>Hurstville 
</li>
<li>Chatswood 
</li>
<li>Strathfield 
</li>
<li>Zetland 
</li>
<li>Homebush 
</li>
<li>Parramatta</li>
</ul>
Source: Just Think Real Estate
Not every development in these areas is going to fit the profile, and there may be good investment opportunities. However, Almeida specifically warns about apartment blocks where the vast majority are offshore investors.
How can you avoid buying into one of these apartment blocks?
Five top tips to help you avoid these situations:
<ol>
<li>Do a background search of development/building company before purchasing 
</li>
<li>Find out what Strata Management company takes care of the developments previously built by developer/builder 
</li>
<li>Walk through other developments that the developer/builder has constructed and check for wear and tear as well as construction integrity 
</li>
<li>Avoid buildings that are 4 stories and above as they do not have HOWI (in NSW) 
</li>
<li>Avoid where and when possible, developments that are primarily rendered; they may be colourful and look good at first, but maintenance is costly.</li>
</ol>
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What are Sydney’s “million dollar ghettos” and where are they?

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The historic 1919 Hotel Bondi has been put up for sale by the family of the late hotelier, Cyril Maloney.
<a href="https://www.hotelbondi.com.au" target="_blank">The family have owned it for 44 years</a>, bought by the third-generation hotelier Cyril Maloney, who was born in 1919, in Henty, NSW.
After leaving school at 14 to help the family after the Great Depression, Maloney's beginnings as a hotelier began with his wartime savings kitty of £3,000 to buy the Railway Hotel in Orange.
Then came the Regent Hotel at Broadway in the Illawarra, the Wallerawang Hotel, the Freemasons Hotel in Broken Hill, the Railway Hotel in Parramatta, the Great Northern Hotel in Chatswood, the Shellharbour Hotel, the Olympic Hotel in Moore Park, the Bondi Astra, Cronulla's Cecil, the Hornsby Hotel, the Metropole Hotel in Cremorne and the Hampton Hotel in Kings Cross.
The jewel in the crown was the Hotel Bondi.
The property is a four-level hotel with 37 ensuite hotel rooms, bar, gaming room with 30 gaming machine entitlements, bottleshop and 12 car spaces on Campbell Parade.
The hotel is tipped to sell at about $40 million, although the SMH commercial property editor Carolyn Cummins says its real value lies in the development potential of the property.
The Australian Financial Review subsequently suggested $45 million plus.
It sits adjacent to the soon-to-be-completed Pacific Bondi Beach, a luxury apartment and hospitality development.
The Maloney family have yet to sell<a href="/news/nsw/11th-floor-bennelong-trophy-apartment-set-to-test-the-2014-prestige-market"> their prestige CBD penthouse</a>.
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Hotel Bondi listed by the Maloney family after 44 years

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Merrylands secured a new record price last weekend when a commanding two-storey home sold under the hammer for $1,405,000.
It was 64 Belmont St, Merrylands (pictured above) that bettered the previous record by around $130,000.
The modern home on a 714 square metre holding has five bedrooms plus office. It sold through<a href="https://www.realestate.com.au/property-house-nsw-merrylands-117315615" target="_blank"> Laing + Simmons Granville agents Ray Fayad and Anthony Shalala</a> with 10 registered bidders at the auction. It was built after the block cost $370,000 in 2002.
The opening auction offer was $1 million. 
The previous record was at <a href="https://www.realestate.com.au/property-house-nsw-merrylands-116073231" target="_blank">53 Murray Street</a> (pictured below) which sold for $1,271,000 earlier this year.
<img src="/images/2014/07/25/merrylands%20july%2025%20two.jpg" alt="">
There are 509 auctions scheduled this weekend in Sydney well up on last weekend’s 404 and 174 more than the 335 homes auctioned over the same weekend last year.
The south will host 88 followed by the city and east with 63, the inner west with 57, the upper north shore with 54 and the west with 50, according to Australian Property Monitors.
The most popular suburbs for auctions this weekend in Sydney are Blacktown in the west and Surry Hills in the city and east each with nine.
Last weekend's 404 listings will likely prove to be the low point for auction listings this winter with numbers now set to rise through to spring, APM senior economist Dr Andrew Wilson said.
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Merrylands $1.4 million record price as winter auctions soar

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The retired Rooty Hill-raised Rudd/Gillard government minister Greg Combet has somewhat turned silvertail snapping up a $1.84 million rooftop Cremorne Point penthouse.
And it was bought by the former coal miner at a 17% discount.
It was recently sold, price undisclosed, after being marketed as a "house-like penthouse". 
It was marketed at $1.8 million-plus after an earlier marketing campaign failed to secure close to its prior sale price.
Title Tattle recalls the penthouse had previously sold at an over-the-top $2.2 in 2007 when offloaded by Jennie Edgley, of the noted impresario family.
It came with 184 square metres of indoor/outdoor living occupying the top floor in a boutique art deco block.
It has expansive harbour views taking in bits of the Opera House and Harbour Bridge.
It comes with huge entertainers' terrace with a private alfresco living area.
It has three bedrooms, plus study/reading room, two bathrooms and a single lock-up garage.
The former Combet home in the Newcastle district, on the posh part, The Hill, was sold last November for $342,000 having been bought for $285,000 in 2008, shortly after the former trade union boss began his failed federal parliamentary career in joining the first Rudd ministry in December 2007. He retired at the last election.
The son of a winemaker at Penfolds at the Minchinbury Estate, Combet was the member for the Charlton electorate after coming up from Melbourne after 14 years at the ACTU. The lower Hunter Valley electorate  includes the centres of Boolaroo, Cardiff, Cooranbong, Edgeworth, Elermore Vale, Fletcher, Minmi, Morisset, Speers Point, Toronto, Wangi Wangi, and parts of Wallsend and Warners Bay.
His great-grandfather, who migrated to the Hunter from France, once owned a wine bar near Cardiff in the electorate. 
It closed in the 1950s. 
"Imagine my pleasure when a very elderly and frail man came into my Cardiff campaign office and, after seeing my name on the window, asked if this was where the wine bar had moved to. He did say it was a long time between drinks!," Combet mentioned in his first speech to the parliament.
He also maintained a flat in Canberra.
This week he revealed the former Labor prime minister Julia Gillard offered to resign in his favour at the height of Labor's leadership instability.
Last December the South Australian Premier Jay Weatherill appointed Greg Combet to oversee the SA government's response to the car maker's plan to close, paid $160,000 annually to manage the rapid transition for the car industry prompted by Holden's departure plan.
Picture courtesy of Richard Taylor/flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>. 
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Greg Combet secures Cremorne Point penthouse at 17% discount

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The first homes and roads at Mirvac’s Harold Park residential Glebe development have been opened, marking the completion of Harold Park’s first precinct, Locarno.
It comprises 298 apartments and terraces in the precinct that will see around 2,500 people live in the 10.6 hectare park side development.
It was August 2011 when Mirvac began marketing its proposed <a href="https://haroldparkbymirvac.com" target="_blank">Harold Park</a> development less than a week after taking ownership of the former harness racing ground. The first sales came in November when prices started from $499,000 for studios, one bedders from $550,000; two bedroom apartments from $775,000; and three bedroom units from $1,245,000.
<img src="/images/2014/07/24/locarno%20harold%20park.jpg" alt="">
Mirvac’s CEO and managing director, Susan Lloyd-Hurwitz, said today that Harold Park set a benchmark for residential development, balancing density, sustainability and quality of life.
“The inner-city will gain a new park that leads right down to the harbour, another two km of cycle paths, easier access to Jubilee light rail station and a new community space with the proposed future restoration and adaptive reuse of the Tramsheds." Ms Lloyd-Hurwitz said.
"Sustainability was at the heart of the way in which Mirvac conducted its business, developing land for housing and employment,” she said.
Harold Park exceeds BASIX targets by 25%.
"That in turn means it offers a better quality of living for residents and becomes an asset for the whole community,” she added.
Lord Mayor Clover Moore said the project was an "achievement for the city".
"The people who will live here will be blessed," she said.
<img src="/images/2014/07/24/harold%20july%2025%20one.jpg" alt="">
Buildings and roads at Harold Park acknowledge the champions of the paceway from 1911 until the final race in December 2010. 
The first precinct, Locarno, was named after the 1980 Miracle Mile Winner, driven by New Zealand owner-trainer Robin Butt, who was at Harold Park for the official opening.
The newly opened streets, Grattan Close and Scotsman Street, were inspired by 1974 Miracle Mile winner Hondo Grattan and the 1979 winner The Scotsman. 
Construction of Harold Park began in 2012, with completion anticipated in 2017. More than 4000 jobs will be generated throughout the life of the project. 
Strong sales have meant that release dates for the six Harold Park precincts have typically been brought forward to meet demand. The most recent precinct release, Altivolo, sold out in a day and Mirvac is currently awaiting DA approval for the fifth precinct.
Some 900 sales have been achieved to date.
With an estimated $30 million cost, the Tram Shed Depot at the northern end of the site, built in 1904 to serve Sydney’s growing network of tram lines, will be adaptively reused to become a market style retail destination and community hub.
HISTORIC TIMELINE FOR HAROLD PARK 
1828 – Suburb of Glebe proclaimed
1890 – Harold Park established with pony racing, trotting, bicycle races and athletics the featured events. 
1904 – Rozelle Tram Depot built to the north of the racecourse and brought punters in their thousands. 
1929 - The racecourse was officially re-named Harold Park 
1939 – US Army commandeered the park for use through the Second World War. 
1958 – Rozelle Tram Depot closed when the Glebe line shut down. 
1967 – Harold Park’s signature race, the Miracle Mile, was introduced. 
1987 – Greyhound racing, which had begun in the inter-war period, ended. 
1987 – Live televising of races which marked the end of the big crowds at Harold Park. 
2009 – The NSW Harness Racing Club moved to Tabcorp Park at Menangle. 
2010 – Site sold to Mirvac 
2010 – On Friday 17 December, the last race meeting was held at Harold Park. 
2012 – City of Sydney Lord Mayor Clover Moore turned the first sod 
2014 – On 24 July, The Lord Mayor and Mirvac CEO and Managing Director Susan Lloyd-Hurwitz declare the first precinct, Locarno, officially open. 
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