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.

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"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.

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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

Apartment Oversupply

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Publicity seekers love a bandwagon, preferably one that’s already travelling at a fair pace so that they can just leap on board and be carried along by the existing momentum.
A popular bandwagon to hitch a ride on is the Brisbane inner-city apartment market. Everyone, it seems, has noticed that something is afoot and wants to be the latest and loudest to issue a “warning”.
But the time to be warning about this was about three years ago. And November 2014 was when Property Observer published my column on this subject, the first of several I’ve written about this issue.
Way back then, this is what I wrote on Property Observer:
There will be repercussions from the over-building of apartments in Brisbane …
In Brisbane, as in Melbourne, Sydney, the Gold Coast and other major unit markets, the inspiration for the high level of new building is the Chinese investment market. Everyone is targeting Chinese investors. 
Developers and their marketing stooges don’t care about the vacancy rate figures. That’s someone else’s problem. If they can flog their apartments to Asian buyers, nothing else needs to be considered. 
The people who will feel the most pain in the future will be the investor buyers. High vacancies will push down rents and the returns they will earn from their investment. That in turn will undermine values. 
Others will suffer. Owners of existing properties in or near the inner-city will also find it hard to tenant their properties and will have to cut rents. Their values will fall also. Home-owners in those areas will be equally affected by falling values.
An investor contacted me recently to tell me that he had just read that column, but only after having signed a contract to buy an off-the-plan apartment in the Brisbane inner-city market. Horrified, and after doing further research, they sought to exit the contract.
The big problem for investors like this is that the industry keeps pumping out propaganda which talks up this market and individual high-rise projects - and lots of media outlets keep publishing it.
Back in November 2014, I wrote:
A media release this week was positively gushing in its eulogy of the Brisbane inner-city apartment market. Sales are surging, it said, and the level of new construction in the pipeline was a cause for celebration. The market, apparently, “continues to shine”.
That kind of dishonest press release material is still muddying the waters. The REIQ has been a particular culprit. If the institute can be believed (generally they can’t), vacancies are acceptable, there are lots of buyers and tenants, and all is well in central Brisbane.
But independent sources disagree. Louis Christopher’s SQM Research has vacancies at 5% or higher in the CBD, Fortitude Valley, New Farm, South Brisbane, West End and Woolloongabba. Kangaroo Point is slightly better off, at 4.4%, but that’s still too high.
The key factor is that the situation will worsen as new projects are completed and their apartments are added to the rental pool.
BIS Oxford Economics is the latest to issue a dire warning. It predicts Brisbane’s median unit price will fall 7% between now and 2020. I would suggest the decline will be greater than that.
Research data published recently shows that owners already are losing money on re-sales – and this is reinforced by median price data from CoreLogic. In the past 12 months, median unit prices have dropped 7% in Fortitude Valley, 8% in South Brisbane and 11% in both West End and Woolloongabba.
Fortitude Valley, South Brisbane and West End all have median prices lower than three years ago.
Long-term growth rates in this market are fairly dismal as well. The average annual growth in median prices over the past decade have been 1.4% per year for the CBD, 1.1% for West End and a little over 2% per year for Kangaroo Point, Fortitude Valley and South Brisbane.
Those rather bleak growth rates will fall further as values continue to decline in the wake of the current over-supply.
 
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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terryryder-YECXbqmri2

Brisbane apartment market warning should have been three years ago: Terry Ryder

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A development site in inner Brisbane on which an apartment tower was planned, is being sold by the mortgagee.
It comes as the city’s oversupply concerns loom large.
The RBA has in recent months voiced its concerns over the apartment oversupply in Brisbane. Thousands of completed apartments are set to hit the market this quarter.
The marketing for <a href="https://www.realcommercial.com.au/property-land+development-qld-woolloongabba-502516766" target="_blank">the 1,012 sqm holding on Carl Street</a> in inner-city Woolloongabba is being handed to Cushman &amp; Wakefield by the lender.
The site is two blocks of three that won development approval from the Brisbane City Council for a 91-apartment tower to be called Dietrich on Carl in 2015, according to The Australian.
Situated in the heart of Woolloongabba, the 91 units were to be spread across 12 levels, with a roof top pool and recreation areas.
Close to transport and shops and with a rich heritage, the property was marketed as offering lifestyle and location benefits that would appeal to both owner/occupier and investor alike.
Unit supply in greater Brisbane is scheduled to grow by 20 per cent over the next two years, with 39,420 apartments and townhouses hitting the market, according to property analytics firm CoreLogic.
With more than 2,200 new apartments remaining for sale, developers are under pressure to settle their stock despite tightened lending conditions for foreigners and investors.
Cushman &amp; Wakefield agent Joe Kennedy said there was reasonable interest in the two sites, which is within Brisbane’s eastern corridor zoned for high-density residential.
“The development site market in Brisbane is not what it was two years ago, with all the doom and gloom, but it is starting to pick up again,” Kennedy said. 
“This is certainly the first (mortgagee-in-possession) site we’ve had. It’s not something I’ve seen a lot of.”
The entire three block site was bought in two purchases for a $5 million total in 2014 by Sandton Pty Ltd, a Canberra company trading as Precision Living. The company could not be reached for comment, according to The Australian.
Developers have deferred around 43 per cent of apartments in major projects across inner Brisbane due to a decline in sales, higher construction prices and tighter lending conditions, a report by Place Advisory’s June Quarter said.
Smaller development sites were still scoring deals, Kennedy said, citing site sales for 12 to 20 units within their office totalling $12 million in the popular western suburb of Indooroopilly.
The oversupply story is true for established Brisbane developers. Metro Property Development last year sold a site on Brunswick Street in Fortitude Valley and Montpelier Road in Bowen Hills for a combined loss of $11.2m.
The company later sold their Manning Street site for $13 million, making a loss of $7 million, to Aria Property Development.
Metro has also put the final two stages of its Central Village apartment complex in Fortitude Valley up for sale through JLL.
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j.ballantyne1990-6AQqhLzZaK

Mortgagee Brisbane development site on the market

<html><body>
The chief executive of development and construction group John Holland, Joe Barr, says there is a massive oversupply of apartments in some areas.
"I think in some areas there is massive oversupply [of apartments] and that is going to be problematic for values," Mr Barr told The Australian Financial Review.
"Most of the economic commentary on that is fairly on the money."
"You look at the amount and sustainability of the demand supply equation in some areas and there are so many apartments. How do you differentiate yourself?"
"[The market] has got to come off and I think most of the mainstream media has got the commentary going."
Mr Barr warned that the constant roll out of apartments without proper infrastructure was dangerous.
"Apartments need to be integrated with public transport and a good community- you can't create a void of just mass residential without the community," he said.
"The Metro [in Sydney] is a gamechanger. It is a no brainer to take cars off the road and volumes of people into town. We want to make the most of this infrastructure boom - it is a huge opportunity to change the shape of cities."
He noted that the Chinese parent company's approach to developing thousands of apartments in China was to ensure there was plenty of infrastructure supporting new development.
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Massive apartment oversupply warning comes from John Holland boss

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The most popular property options available within the Melbourne CBD and inner city for first home buyers are apartments, according to HTW’s Month in Review: March 2017. 
But the valuation firm says the expected oversupply of city apartments and lack of capital growth can mean "they are not a wise long term investment."
“Apartments can appeal to disenchanted first home buyers who can’t afford an inner city dwelling but want the inner city lifestyle,” the report says.
“Inner city apartments can be desirable to young home owners as location means minimal travelling to work or social events and they often have common facilities such as gymnasiums, pools and saunas which are an incentive for lifestyle.”
The First Home Owners Grant of $10,000 offered by the Victorian government make off the plan apartment purchases appealing to first home buyers, HTW suggests.
“In the Melbourne CBD, $500,000 can get you a two bedroom, one bathroom apartment with a basement car space which would appear to be an affordable purchase point for most first home buyers,” it says.
A one bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-124950238" target="_blank">1805/27 Little Collins Street</a>, Melbourne (above) has been listed for between $390,000 to $410,000.
Similarly a two bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-124673078" target="_blank">2006/280 Spencer Street</a>, Melbourne (below) has been listed for $550,000.
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HTW warns first home buyers inner Melbourne apartments are not a wise investment

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Brisbane’s first home buyers should be very wary of off-the-plan developments, according to HTW’s Month in Review: March 2017. 
The valuation firm says an overabundance of stock make them a poor investment considering current market conditions.
“If you’re an entry-level investor looking to be part of Brissie, then you’re probably considering units and townhouses at the moment – but as we’ve been warning for some time now, be careful!” the report says.
“Off-the-plan investor stock that has limited appeal to owner occupiers is at oversupply and the potential for capital gain is limited.”
New units in large inner city developments be available at a more achievable price, but given current and proposed supply there is significant risk of a softening in values, the firm says.
“Also avoid units and townhouses that are selling at a premium price point throughout the Ipswich area.”
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Stay clear of Brisbane off-the-plan, HTW warns first home buyers

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In a break from previous years’ advice, HTW is advising first home buyers in Brisbane to also be careful when buying well located second hand units, according to its February 2017 update.
The valuation firm says this type of stock in the Queensland capital usually offers an affordable option in a great location, and despite moderate capital gains, good tenant demand ensures mortgage servicing with little stress.
“There is, however, a very real oversupply risk looming for investor units in our city as new stock struggles to find demand,” the firms says.
“This is having a negative flow on to our traditionally solid second-hand unit market.
“If you buy investor-grade unit stock in particular – new or old – please tread with caution in 2017.” 
A two bedroom unit at <a href="https://www.realestate.com.au/property-apartment-qld-brisbane+city-124514982" target="_blank">43/82 Boundary Street</a>, Brisbane City (above) has been listed for $659,000.
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/property-unit-qld-brisbane+city-124529122" target="_blank">96/26 Felix Street</a>, Brisbane City (below) has been listed for over $535,000.
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HTW warns Brisbane first time buyers against second hand units

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The oversupply of units caused by diminishing yields and possible increased borrower costs could be a major factor for the Sydney unit market, according to HTW's February 2017 update.
The valuation firm noted minor price declines in 2016.
It said Waterloo’s median price fell 0.3% after three years of double digit growth, according to data from pricefinder. com.au.
"This decrease in the median price in developments in the Waterloo area such as Rosebery and Zetland are from a lack of quality and size in each individual unit," HTW's report suggested.
"As these areas are highly driven by investors, the changes the Australian Prudential Regulation Authority (APRA) made to investor borrowing in 2016 will continue to slow the investor market," it forecast.
The APRA changes slowed investment in these areas more than a highly owner occupied market, such as the detached housing market in the $1.5 million to $3 million price point.
HTW predict strong growth for the detached housing market as high demand and low stock drive the market upwards and push affordable housing further out of reach within this region. It expects the $1.5 million to $3 million detached housing market to remain strong with the continued issue of limited supply throughout all suburbs in the inner west.
The report says the firm is seeing many up-sizers active in this price range, especially families who want to remain within the inner west. Traditionally these up-sizers would relocate to further out suburbs that represented far better value.
"However, these suburbs are now matching price points to the inner west suburbs closer to the CBD mainly due to now been linked by improved infrastructure such as the Inner West Light Rail.
"Purchasers may get slightly more land by up-sizing to these suburbs, but the gap seems to have closed over the past few years."
Burwood, Strathfield and Homebush are on HTW’s watch list for 2017 as unit oversupply and more development proposals are predicted.
It has seen longer selling periods in some of these completed new unit complexes compared to 12 months earlier.
"There also tends to be a trend towards the construction of smaller, low quality units which heightens the already talked about concerns in this new unit market sector."
An oversupply of units in certain inner city suburbs represents the greatest threat to Sydney property investors, according to HTW's February 2017 update. However, the general overview is rosy.
The firm says it has noticed a number of valuations for new units upon settlement not meeting their off the plan prices when purchased during stronger market conditions. It says this is more commonly in some second tier suburbs in western Sydney and additionally in some pockets of the northern suburbs particularly with concentrated new stock and a distinct difference in value ranges between the new and original older style unit prices.
Whilst mostly occurring for overseas buyers, this could trigger a flow of sales post settlement due to difficulties obtaining finance and rental yields not meeting expectations to service mortgage repayments thanks to high investor participation, HTW say.
The areas with the lowest predicted growth for the inner city are where there may be an oversupply of new units around the city fringe areas, as it appears there will be less demand and more supply in these areas so more completion for the purchaser dollar. Developments that have been completed to cash in on demand will fall short in quality and therefore appeal to both owner occupiers and potential tenants.
Other areas we believe are at risk of oversupply or heavily investor led include Wentworth Point, Carlingford, Epping, Olympic Park, Macquarie Park and Parramatta. The supply of new units in these areas is well above long-term averages.
On average, HTW considers that 2017 will see a steady growth across all areas with buyer confidence generally high. The areas it will be watching with the most growth potential appear to be the $2 million plus price bracket which in some pockets will represent land value and opportunity to develop or value add and in some will be properties with a high standard of finish and high appeal to just unpack the family bags.
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Burwood on oversupply watchlist as APRA changes to slow investors in Sydney: HTW

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The 2016 December quarter showed lower conditions for residential construction nationwide according to the latest NAB Quarterly Business Survey.
The survey said this downturn may reflect concerns relating to costs and apartment oversupply.
"Business conditions for the construction industry took a step back in the December quarter, driven by a deterioration in non-residential building – which had previously been surprisingly strong," it said.
"Conditions elsewhere in the construction sub-industries were relatively steady, but continue to show somewhat weaker-than-expected conditions for residential construction – perhaps reflecting concerns about costs and an oversupply of apartments.
"As expected, engineering construction conditions remain weak, in line with falling mining investment, although the trend has been positive – the commodity price rally may have also contributed to improvements in confidence for the sub-sector."
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