Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Victoria

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Property fund manager, Vantage Property Investments, has raised $17.6 million on an overall passing yield of 7.4% for three Victorian industrial assets in separate deals negotiated by Savills Australia in conjunction with CBRE.
The properties at Epping, Keysborough and Notting Hill, comprising four buildings – office/warehouses and showrooms - totalling 10,421 square metres on 23,475 square metres of land, were sold subject to five to ten year leases with an average WALE of 5.4 years and a combined rental income of $1.318 million.
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Vantage raises $17.6m with industrial portfolio sale

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Foreign property investors being used as 'cash cows' by the Victorian government could potentially impact foreign investment in the state, according to property, finance and immigration firm Ausin Group (Ausin). 
The comments came after the Victorian government announced it is set to impose a 3% levy on purchases by foreign citizens who are not permanent residents along with a 0.5% land tax surcharge to absentee property owners who are not citizens or permanent residents.
Joseph Zaja, the Ausin Group managing director believes the Victorian property industry is currently sustaining the state economy with stamp duty generating the highest tax revenue in the state. 
"Overseas investors are an easy revenue raising target for the government," Mr Zaja said. 
“Foreign property investors are the lifeblood for several major property projects across Victoria.
"Without this cash injection many would not be developed and thousands of jobs would be lost. The State government is sending the message to foreign investors that it is not open for business by introducing new property taxes.
“Overseas buyers are about to be slugged with two new property taxes from both Federal and State governments – a double whammy."
 The Federal government is currently considering introducing a $5,000 levy as part of its Foreign Investment Review Board changes for overseas buyers purchasing in Australia. 
Mr Zaja stressed Australia's enviable reputation as a place that welcomes foreign investment was key to future economic prosperity. 
“The Victorian government’s announcement to slug foreign property purchasers with a new tax is short sighted.
"It is hoped the other states don’t follow their lead.
"We expect our foreign purchasers to start looking for more investment opportunities in others states,” Mr Zaja said.
In the last financial year over 60 per cent of Ausin’s property sales totally almost 2000 were to foreigners buying property in Victoria.  
Over half of those sales were to investors seeking to move here in the near future.
Ausin is one of Australia’s largest privately owned companies providing property, immigration and financial services advice to both Australian and Asia Pacific markets. The company sells properties for Australian Stock Exchange (ASX) listed companies and private property developers in Australia and New Zealand.
It employs over 350 staff across its offices.
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jchancellor-FAypfDUnLy

Victorian government milking foreign 'cash cow'

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Victorian Treasurer budget papers warned that the most likely risk to predicted Victorian tax revenue was posed by ­reduced stamp duty income if ­investor sentiment wanes.
Treasury figures show stamp duty revenue from Victoria's property market rose by 27% in 2013-14.
Property taxes are forecast to contribute $7.7 billion to the state's total $18.2 billion tax revenue in the current financial year.
The higher income from property offsets recent weaker revenue from gambling taxes.
"As the upward momentum of the current cycle builds, so does the likelihood of a correction, as has been the case in past property cycles," Treasury warned.
The strong property has also boosted land taxes forecast to be around $1.8 billion next financial year.
The new 3% land transfer duty surcharge for non-resident Australians is tipped to add a $39.5 million in 2015-16.
Treasurer Tim Pallas said the government was still working through how its new taxes for foreign buyers would be applied. 
A 0.5% land tax surcharge for absentee owners of Victorian property will also be imposed next year, expected to raise $53 million over four years.
“Let’s be frank — the state of Victoria has a very high dependence on the performance of the property market through both land tax and stamp duty,” Pallas said.
“That that is a risk to the budget is, I think, an undeniable fact.”
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Victorian Treasury fears Melbourne property price correction

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Marshall White auctioneer James Tostevin secured a strong $6.35 million result when <a href="https://www.marshallwhite.com.au/57-broadway-camberwell-235798/" target="_blank">57 Broadway, Camberwell</a> went to weekend auction.
Tostevin was recently<a href="/news/james-tostevin-secures-third-win-as-australias-top-selling-agent"> named Australia's top selling selling agent</a> for the third consecutive year by Real Estate Business.
The auction was held in the park opposite the house, starting with a $5.2 million vendor bid. The 1896 home last sold at in December 2003 at $1,577,500.
Buyer's agent Mal James recalled there was a queue to get in during the open for inspections.
"While different, it had many similarities with the home we bought over $6 million a few doors away with the same agent (James Tostevin), same type (big period), same overseas buyer interest, same locale (Tara estate) a little while ago," James advised.
"Same incredibly strong turnout and result north of $6 million occurred for this brilliantly presented home – the value of fastidiousness and attention to detail was as good as I’ve seen – well done seller."
Ailu (pictured below), the 1885 Camberwell mansion, became the suburb's record price holder at auction last May. It fetched $6.8 million at its Marshall White auction with three strong bidders.
<img src="/images/2014/05/26/camberwell_0000_1.jpg.jpg" alt="Ailu, the 1885 Italianate Camberwell mansion, fetches $6.8 million record price">
The landmark Italianate, slate roofed Victorian residence on a 1,580 square metre block, last sold for $1.1 back in 1996. Locals advise that the earlier Camberwell record was set when lawyers Peter Gordon and partner Kerri O'Toole secured $6.275 million in 2012 for 69 Broadway. It was a five bedroom 1901 home on a 3300 square metre holding sold through Kay &amp; Burton which had likewise sold in the mid-1990s, selling at $1.25 million in 1998.
CoreLogic RP Data puts <a href="/news">Camberwell</a>'s median at a near record $1.38 million. 
CoreLogic RP Data's latest sale advisory gave the cheapest Victorian home to sell as 228 Broadway, Dunolly (pictured below) for $110,000 through Kate Ashton at Ballarat Real Estate. The Central Goldfields Shire district cottage last sold at $78,000 in 2008.
<img src="/images/2015/05/04/dunolly%20may%204.jpg" alt="">
There are 13 Broadway's across Victoria from Altona North to Wycheproof.
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Broadway homes star in recent Victorian sales- both at the cheapest and dearest ends

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The former Lara lockup has been listed for sale.
Known as the Old Lara Police Station, the property is offered for sale for the first time.
The 507 square mere lot is zoned Residential Growth (Schedule 2).
It is close to the train station.
The building consists of a reception area, large waiting room, two office rooms plus a mess area and toilet.
There is a steel garage plus a brick store room and the old lock up too.
The <a href="https://www.realestate.com.au/property-house-vic-lara-119479479" target="_blank">6 Rennie Street</a> holding is set for 9 May auction through Craig Burns at Burns Archer.
"No stamp duty payable," the marketing says.
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Old Lara lockup for sale with no stamp duty

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Recent research shows there is only a $5 difference between median rents in regional Geelong and Melbourne, according to Knight Frank/Residex research.
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Only $5 difference between Geelong and Melbourne apartment rentals: Knight Frank

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A Flinders, Mornington Peninsula rural offering - last sold in 1845 - remains listed having been offered with $7.5 million hopes.
The property, known as The Windmill Paddocks, is at 4407 Frankston-Flinders Road.
It is listed through Blane Paton at Paton Estate Agents Balnarring.
It is 5.6 hectares of vacant land with foreshore frontage.
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The Tuck farming family has owned its <a href="https://www.realestateview.com.au/Real-Estate/4407-frankston-flinders-road-shoreham/Property-Details-buy-residential-6578217" target="_blank">since 1845</a>.
Flinder's latest listing, <a href="/news/clifftop-flinders-rural-icon-pinnacle-park-listed">Pinnacle Park</a> has been listed with offers due 15 June <a href="https://www.realestateview.com.au/Real-Estate/flinders/Property-Details-buy-residential-8683288" target="_blank">with Kay &amp; Burton</a>. More than $15 million is likely.
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Flinders Windmill Paddocks offering for first time since 1845

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The five bedroom Ocean Grove trophy home at 40 Westview Grove has been sold.
It sold at $1.7 million through Hugh McKewan at Hayden Ocean Grove with two buyers competing.
It was the most prestigious home on the Ocean Grove market and fetched one of the highest prices in recent times.
It had been listed with $1.5 million plus hopes.
The block in the Greater Geelong municipality was bought in 2010 for $500,000.
It is on 1.87 hectares overlooking scenic Lake Connewarre, just moments to the beach and town. 
<a href="/news">CoreLogic RP Data put the median house price</a> currently at around $500,000.
The agency's top recorded sale was $3.3 million in 2012 for a house designed by architect John Lochhead on a 2,600sqm to with panoramic views over the ocean and the Barwon Heads bluff. 
The garden (below) has been designed by Jim Sinatra with interiors by Rina Cohen. 
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<div class="innerCont"><a href="https://www.realestate.com.au/photogallery_new.ds?id=107264699&amp;theme=rea.sold" rel="photos" data-id="107264699"><img src="https://i1.au.reastatic.net/456x342/503ee294be6af70603f89bf5caf4ba6d86a80820da6cd70fd153b974bcce3d7c/main.jpg" alt="114 Orton Street, Ocean Grove" title="114 Orton Street, Ocean Grove" data-index="0"></a></div>
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Ocean Grove trophy home sale at $1.7 million

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The historic Sorrento guesthouse Whitehall, near the back beach on the Mornington Peninsula, has been listed for sale.
The 1904 wide-verandaed mansion with iron-lacework has been offered by agent Lloyd Robinson from RT Edgar.
<a href="https://www.realestateview.com.au/Real-Estate/237-ocean-beach-road-sorrento/Property-Details-buy-residential-8630238" target="_blank">The limestone Whitehall</a> was built as one of the grand guesthouses of its day in Edwardian grandeur.
The Herald Sun report buyers are being told it will most likely fetch under $5 million.
The Carlton Football Club held three pre-season camps at the guesthouse, until 2011 when the club headed to a high-altitude academy in Doha.
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Whitehall, the 31 bedroom Sorrento guesthouse, listed

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Victorian Planning Minister Richard Wynne is being urged to move quickly on a long list of development applications awaiting his decision. 
Since coming to power in November last year, the new minister and his Acting Minister Robin Scott have granted three approvals (as of late March). A fourth application, which drew objections, has been given a “notice of decision” to grant a permit.
These are: a 34,700 square metre office development of $100 million at 2-12 Batmans Hill Drive, Docklands; a notice of decision for a $174 million, 12- and 17-storeys, 275-apartments and 3500 square metres Freemasons headquarters development at 300 Albert Street, East Melbourne; a 15-storeys, 135-apartments, $30 million development at 4 Neilson Place, Footscray and a $240.5 million 52-and 68-storeys, 728-apartments, hotel, office, retail development at 380 Lonsdale Street, Melbourne.
Melbourne Council planning chair councillor Ken Ong said while they expected the three approvals, they were still waiting on others to come through.
These included a Singapore developer’s application for an apartment and hotel complex at Power Street, Southbank and a Grocon application for 85 Spring Street, Melbourne, which was refused in early April. 
Wynne ruled the proposed 46-level Grocon tower at 85 Spring Street was too high and too close to other buildings in the precinct, preferring the advice of city hall over his planning officers, who had recommended in favour of the tower, with conditions.
There is no height limit at 85 Spring Street, occupied now by a 16-storey office tower which Grocon acquired in 2013 for about $45 million.
Wynne confirmed it was his first development refusal since assuming the Planning Minister role.
"I have to balance up advice. In this circumstance there was competing advice," Wynne was reported in the Australian Financial Review.
"If you look at what else is around it, the rest are substantially lower buildings."
Everyone was waiting because there had only been three approvals for four or five months, Ong recently noted.
“Industry’s concern is we need some sort of response and certainty one way or the other.”
“It is important to have some sort of result because we don’t want the industry to come to a grinding halt suddenly because no new projects are approved.”
Melbourne Council planning deputy chair Stephen Mayne said Minster Wynne had been constrained due to ill-health and not having handled the planning portfolio while in Opposition.
Last month Mayne said, it was time for the minister’s “first refusals”.
“There are probably 20 to 30 decisions pending so he needs to let everyone know where he stands,” Mayne said.
“It has really come down to decision time on the large in-tray he has got.” 
Mayne said the previous Planning Minister Matthew Guy (now State Opposition Leader) approved about 100 towers in Melbourne. 
“Matthew Guy only refused five applications. He was far too permissive in hindsight” Mayne said.
“I think we need a period of more consistent decision making in accordance with the planning scheme.”
Wynne said on winning office, his government had 12 outstanding planning permit applications for central city developments. 
“One of these - for the redevelopment of Dallas Brooks Hall by Fitzroy Gardens- had been in the pipeline for over 400 days,” Wynne said.
“We have now issued a permit for this development, and at a height that better responds to the surrounding context and does not overshadow the gardens.” 
Wynne said he had also given approval for a development at 380 Lonsdale Street, Melbourne, where “the developer had worked hard to come up with an amended scheme that achieved better activation at the street level and gave Melbourne a new laneway”. 
“I would like to assure the industry that I am resolving the remaining permits in an orderly and timely fashion,” he said.
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