<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

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The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Brisbane Apartments

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<div>
Sunland managing director Sahba Abedian and wife Nava are selling their penthouse in the luxury Abian Residences that Sunland developed.
The couple, who moved in once the building was completed in 2017 from their Newstead base, custom fitted the 325 sqm Alice Street penthouse.
They paid $3,448,750.
<img src="https://www.urban.com.au/images/2019/10/21/abedian%203.png" alt="">
It features opulent laser-cut Italian Travertine, Calacatta natural stone and the finest European inclusions. It even has a control room with built in safe.
Two art galleries flow from the main entrance to the main living and dining wing that opens to a timber decked alfresco.
The master suite in its own wing has an ensuite and custom dressing room, while a guest wing comprises an ensuite, walk in wardrobe and media room. private library space.
<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/2019/10/21/Abedian%202%20jpg.jpg" alt="">
Place Woolloongabba agent James McKinley has the listing in the tightly held building where prices have peaked at $4.95 million.
Sahba Abedian has been managing director of Sunland since 2001. He joined three years earlier as the legal counsel and company secretary.
</div>
<div>This article was first published in the Weekend Australian.</div>
 
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firstname1-iYD4UYzvBa

Sunland boss Sahba Abedian lists Brisbane skyhome

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Brisbane apartment prices are expected to perform better than houses in the medium term, according to Moody's Analytics.
They forecast the Greater Brisbane area's apartment values to increase by 5.6% in 2020 after a 0.7% decline in 2019. 
Moody's said growth in Brisbane apartment market has been crimped by high supply in recent years.
Between 2013 and 2016 apartment approvals outnumbered housing approvals on an average three to one.
Recently approvals have been more aligned which is set to drive apartment prices. 
<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/2019/6/24/Brisbane%20Apartments%20Recovery%202.jpg" alt="">
The increase is forecast to be led by Ipswich and the Moreton Bay North areas which are expected to see prices increase over eight percent in 2020.
"Apartment prices are expected to perform better than house prices for Brisbane (and Greater Brisbane) in the medium term", Moody's advised.
"We forecast home values to underperform throughout the forecast period, while apartment values are expected to reach a trough in 2018-2019 followed by a pronounced recovery in 2020 
Moody's 2021 forecast for Brisbane apartments is similar to how they expect it to perform in 2020, however there are areas of concern in the inner city areas.
Ipswich and the Moreton Bay regions will remain strong, however Moody's believe there will be declines up to 5.4% for apartments in the inner city. 
<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/2019/6/24/Brisbane%20Apartments%20recovery.jpg" alt="">
 
 
 
 
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jrobinson-rf4aSBido9

Brisbane’s apartment market forecast to rise 5.6% in 2020: Moody's Analytics

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The Brisbane apartment market will continues to stabilise, a new report from JLL said.
The firm’s Australia Residential Research - April 2019 said that as supply and demand recalibrate, the Inner Brisbane apartment market will continue to stabilise throughout 2019 and into 2020.
“Inner Brisbane’s apartment supply has been steadily declining since 2016,” it said.
“In 2018, supply was around 27% below that peak.”
Supply forecasts for 2019 are estimated at 40% below 2018, and less than half of the 2016 peak.
“As poor sentiment and apprehensions around oversupply receded, the medium-term outlook for Brisbane’s inner city apartments is increasingly bright,” JLL said.
“While credit conditions and the Federal election will keep activity subdued in the short-term, a rapidly improving supply/demand balance should see Brisbane lead the next residential cycle.”
<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/2019/5/31/New%20Project%2014.jpg" alt=""> 
<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/2019/5/31/New%20Project%2015.jpg" alt="">
<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/2019/5/31/New%20Project%2016.jpg" alt="">
Underlying demand will continue to be boosted by robust population growth, particularly net interstate migration.
“Increased infrastructure investment and an improving labour market should both support the local economy,” the report said.
“Steady population growth will continue to support underlying demand and aid the absorption of excess apartment stock.”
<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/2019/5/31/New%20Project%2017.jpg" alt="">
<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/2019/5/31/New%20Project%2018.jpg" alt="">
<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/2019/5/31/New%20Project%2019.jpg" alt="">
While development conditions remain challenging, supply is expected to remain subdued for several years.
“Developers are unlikely to pursue high density projects over the next few years,” JLL said.
“Instead, they are more likely to focus on ‘less-is-more’, luxury and boutique developments.”
<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/2019/5/31/New%20Project%2020.jpg" alt="">
<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/2019/5/31/New%20Project%2021.jpg" alt="">
Apartment values and rents are expected to stabilise as the market rebalances into 2020.
“Negative price growth continues, but the pace of decline is decelerating,” the report said.
“The rental market is showing strong signs of improvement, with vacancy and rents stabilising.”
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jonathanchancellor-7SQnKwU6yx

Brisbane apartment market stabilising as demand and supply approach balance: JLL 

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The Gallery House development in Brisbane’s Northshore Hamilton reported strong sales in the June quarter with 31 sales.
The results put it top of the pile in a recent Urbis Essentials report, with the nest new development recording 12 sales in the same period.
Gallery House features 319 one, two, three and four bedroom apartments across the 20-level Gallery House One and 19-level Gallery House Two towers.
Construction on both towers at the project is being lead by building contractor Multiplex.
<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/2018/9/13/Gallery%20House%202.jpg" alt="">
Brookfield Residential Properties’ Managing Director, Lee Butterworth said more than $173 million of luxury apartments have now sold at Gallery House.
"The opportunities to secure such generously-sized luxury riverfront apartments in the current market are extremely limited, and as a result, we are seeing increasing enquiry from buyers wanting to secure their own private oasis close to the city centre," he said.
"Sales to date have predominately been to owner-occupiers, including empty nesters looking to make the move from a home to an apartment and professionals wanting to be close to the city centre."
Two bedroom apartments are prices from $565,000; three-bedroom from $865,000; and four bedroom from $1,195,000.
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j.ballantyne1990-6AQqhLzZaK

Brisbane development Gallery House reports strong sales quarter

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Purchasers should be ready to take advantage of counter-cyclical opportunities, says property developer Don O'Rorke, citing the Brisbane apartment market as a good opportunity to buy.
"There are multiple indicators that Brisbane's apartment market is at the bottom of its cycle and the good news is that there are already signs of the market moving upwards," he said.
"I encourage buyers to think counter-cyclically and act now before they miss the bottom of the market. Those who wait  for news that the recovery is in full swing will find that it is  too late as prices are expected to rebound.
"We are already seeing a surge in enquiry from local owner-occupiers for our Spire Residences, as the focus is changing from price-led enquiry to a stronger focus on quality and lifestyle from buyers who are taking a longer-term view."
The executive chairman of Consolidated Properties Group was speaking after a recent report from JLL highlighted Brisbane was edging towards an upswing, at the same time other markets are still cooling.  
Click here <a href="https://www.propertyobserver.com.au/images/2018/6/28/cycle.jpg" target="_blank">to enlarge.</a>
<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/2018/6/28/cycle.jpg" alt="">
The JLL Apartment Market report places the Brisbane apartment market as around a trough, meaning apartment values and rents are expected to start moving back into positive territory over the coming years.
Canberra, Melbourne, Sydney and Perth have been charted in a mature growth or downturn phase with continued downward pressure on pricing expected.
Leigh Warner, JLL national director of residential research, says values in the Greater Brisbane apartment market only decreased by 1.8 per cent in the 12 months to December 2017, which is the slowest rate of decline in some years and the market has shown further signs of stabilisation in early-2018. 
By comparison, prices in Melbourne and Sydney continued to grow through 2017, but have slowed sharply in 2018 to date.
"Brisbane has had a relatively soft landing. While sale rates have declined, pricing never grew to the same extent as it did in Sydney and Melbourne over recent years, which has limited the downside in Brisbane," he said. 
“So now as the larger southern markets face an inevitable slowing, Brisbane is already much closer to coming out the other side.
"The stabilisation of the market reflects both demand and supply factors. 
A recovery in local economic and population growth, along with strong infrastructure spending, have all boosted the demand side. On the supply side, tighter lending conditions have meant that new project starts have fallen sharply and the number of apartments completed will fall sharply this year and next.”
Testament to this reduction in supply, apartment approvals fell by 30.8 per cent in the 12 months to January 2018.
"Our view is that while market fundamentals may remain challenging in Brisbane in the short term, the medium-term outlook over a two-three year horizon is now quite good,” said Mr Warner.
"While rental yields in Brisbane are hovering around 4.8 per cent, and remain favourable for investors compared to Sydney (3.8 per cent) and Melbourne (4 per cent), we see this recovery being led predominantly by owner-occupiers who are willing to pay a premium for superior location and finishes."
 
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Counter-cycling Brisbane apartments a good buy: Don O'Rorke

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The latest Urbis data on new apartment supply indicates the Brisbane market registered a big drop in apartment approvals during the first quarter.
It was down from 2686 in the previous quarter to just 306 new approved apartments.
The number of new Brisbane apartment projects launched plummeted to just 12 in 2017 compared with 57 in 2016.
Urbis director of property economics and research, Mark Dawson, said it was "clear the market is self-regulating".
"Though launches have slowed. the appetite for quality new apartment product is still there, and with the right mix of product, price and marketing, developers are able to successfully launch new developments to the public" he told Fairfax Media.
<div>
Debt investment manager MaxCap Group recently took over Invesco's debt in AMP's Skytower apartment project in Brisbane.
The US funds giant Invesco lent about $160 million in 2016 to develop the city's next tallest tower where the first stage of apartments is currently settling.
The tower will rise 90 storeys with 1128 apartments.
MaxCap's newly appointed investment director for NSW, QLD, ACT Eddie Law said the lender had confidence in the Brisbane apartment market.
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"From a supply perspective, we are seeing a number of projects in the pipeline being pushed back or put on hold.
"New apartment completions appear to have peaked last year, with a reduced forward pipeline helping to stabilise apartment prices."
MaxCap's Eddie Law said the price of Brisbane apartments also remained affordable relative to other cities.
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<div>"Average median apartment prices in Brisbane are 80 per cent more affordable than Sydney apartments and 37 per cent more affordable than Melbourne apartments."</div>
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Brisbane new apartment approvals see big drop in supply

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I've written a lot here about Queensland's record apartment construction boom, which is now rebalancing. See <a href="http://petewargent.blogspot.com.au/2017/10/spirit-in-sky" target="_blank">here</a> and <a href="http://petewargent.blogspot.com.au/2018/02/filling-up" target="_blank">here</a>, for example. 
The number of attached dwellings constructed through this cycle will exceed even the post-recession boom of the early 1990s. 
The number of detached house starts is now rising steadily, but for attached dwellings new commencements are falling fast, especially for the higher-density projects.
And the official numbers are six to nine months old.  
A quick drive around central Brisbane reveals that many projects have been stalled or mothballed, and staged releases pushed out. 
Developers simply can't shift many of them, with unusually 'flexible' terms being offered to prospective buyers in some cases. 
<a href="https://2.bp.blogspot.com/-Rg09ZgLw5Ww/WrdC6jxd5GI/AAAAAAAApGI/QOTtowImShEDYsVAlG0pkYKzK4srDyOcQCLcBGAs/s1600/QLD.jpg" target="_blank"><img src="https://2.bp.blogspot.com/-Rg09ZgLw5Ww/WrdC6jxd5GI/AAAAAAAApGI/QOTtowImShEDYsVAlG0pkYKzK4srDyOcQCLcBGAs/s640/QLD.jpg" width="640" height="390" data-original-height="830" data-original-width="1356"></a>
Below annual dwelling starts for the state are mapped against the estimated change in the resident population. 
I deliberately haven't messed around with the axes on the chart as some are inclined to do.
After all, this cycle has been characterised by record volumes of high-rise apartments, which might house fewer persons per unit on average previously (while there is arguably the issue of Chinese investors and vacant apartments to account for). 
The numbers show total dwelling starts falling fast in 2017, as they needed to. 
Queensland's net overseas immigration and therefore population growth pulled back hard after the peak of resources construction, leading to a dwelling stock overhang, in a similar vein to Western Australia. 
<a href="https://4.bp.blogspot.com/-MyszNFjMdGg/WrdCT_USiBI/AAAAAAAApF4/4K2K3u130jAvs7df950CNpjJjU_GvsVgACLcBGAs/s1600/A2.jpg" target="_blank"><img src="https://4.bp.blogspot.com/-MyszNFjMdGg/WrdCT_USiBI/AAAAAAAApF4/4K2K3u130jAvs7df950CNpjJjU_GvsVgACLcBGAs/s640/A2.jpg" width="640" height="392" data-original-height="828" data-original-width="1347"></a>
Fortunately for local developers, Queensland has become the state with the <a href="http://petewargent.blogspot.com.au/2018/03/where-why-population-growth-is" target="_blank">greatest internal population flows in the country</a>, which is helping to stabilise the ship.
They'll be looking to offload their final apartments quick-sharp and put the shutters up for the remainder of this cycle. 
As ever, lots of variations are apparent when drilling down to the regional and suburb level. 
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
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pwargent-M4siyDbqQY

Queensland's internal population flows stabilising the CBD apartment ship: Pete Wargent

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<div class="cq-article-content-paras section">
The Reed Brisbane development group is giving buyers five years to settle if they buy any of the 20 remaining apartments in the 228-unit Belise project in Brisbane's Bowen Hills.
His deferred settlement marketing campaign was recognition of the difficult financing environment for investors, director Richard Ash said.
Buyers need to pay a deposit – of $60,000 or more – before they can take possession of a unit.
They will also pay monthly lease fees for five years, when the developer would hand over the title.
It will also sell the remaining units at prices ranging from about $400,000 up to $1 million unconditionally for cash at a lower price than those buying on a deferred basis.
<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/2018/3/1/belise2.jpg" alt="">
Reed has paid back its debts on the project, which completed last year, but has changed its offer.
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<div class="cq-article-content-paras section">
"The world has changed," he told Fairfax Media.
"There is no doubt the availability of debt for home owner-occupiers and investors has changed.
"Purchasers will find it easier to refinance or get finance in five years' time."
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<div class="cq-article-content-paras section">
Unit prices were likely to rise during the next five years, Mr Ash said.
"We think there may be some downside left but probably not a lot," he said.
"We're very comfortable that in the next three to five years there is upside in those prices."
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<div class="cq-article-content-paras section">
The deferred sales weren't a sign of distress on the part of the developer, fellow Reed director Ric Peterson said.
Property Observer wrote in 2014 that with 80% of the apartments sold, Belise would soon see a tower crane on the site.
<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/2018/3/1/belise3.jpg" alt="">
The $120 million<a href="https://www.belise.com.au/" target="_blank"> Belise project</a> had completion expectations for March 2016.
In 2016 the remaining in the development had prices start from $477,000. 
They had been advertised as "cash flow positive investments" from "year one". This would be for the after-tax outcome for a one-bedroom plus study with a 90% lend for assumed household income buyer of $80,000 to $180,000, at a $471,000 purchase price.
Breaking this down for a one-bedroom plus study shows that to get a substantial after tax cash flow, you would be renting it out furnished ($15,000 packages are available from the developer) or the positive cash flow is $1.63 per week after tax in year one. Adding the furniture package alters the numbers by slightly increasing the rent and providing more depreciation deductions. Interestingly, repairs and maintenance are kept equal for both equations. They make 5% annual capital growth rate assumptions. Body corporate is expected at $3,650 for year one and property management is estimated at 8% plus GST. A furnished apartment is projected as bringing in an after-tax positive cash flow of $84.20, according to their equations.
It was a slow start for the project, having launched in October 2010, but in November 2013 was seeing traction.
The median unit price in Bowen Hills peaked at $498,000 several years ago, according to RP Data.
 
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Five year delayed settlements offered at Brisbane's Belise development

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The apartment within the inner city Brisbane precinct of Auchenflower has been sold by mortgagees.
Set in the 2005-built Linear building, the newly painted and re-carpeted third floor apartment was marketed as offering executive living with river views.
It fetched<a href="https://www.realestate.com.au/sold/property-apartment-qld-auchenflower-126919778" target="_blank"> $800,000</a> when sold by Franzwa Van Vuuren from Brisbane West Real Estate.
The developers had sold it in 2006 at $1,150,000. 
The 10/8 Dunmore Terrace apartment, with access via Lang Parade, came with three bedrooms, two bathrooms, and two car tandem basement parking.
The 40 sqm balcony has river views.
According to CoreLogic, the suburb's median unit price sits at $425,000.
There were two sales in Linear last year with a three bedroom sub-penthouse fetching $1,275,000, having previously sold at $1.3 million in 2008.
The developers has sold it off the plan in 2003 at $915,000. 
There was a $485,000 two bedroom sale which had sold at $440,000 in 2006.
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Inner city Auchenflower apartment in Brisbane sold by mortgagee

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<div>It's been a remarkable few years for dwelling construction in Queensland, especially for high-rise apartments, but the boom times for development are drawing to a close. </div>
<div> </div>
<div>The amplitude of this cycle has been on a par with Queensland's dwelling construction boom of 1994.</div>
<div> </div>
<div>Back then about a quarter of dwellings built were multi-units, but the ratio has twice as great this time around, accounting for more than half of the total by 2015. </div>
 
<div class="separator"><img src="https://4.bp.blogspot.com/-7MhuU4n8Ggc/WfWzn4xJomI/AAAAAAAAmyA/YvrztJStUVwwkVCRjAa43TjEd-qySEObwCLcBGAs/s640/QLD.jpg" width="640" height="394" data-original-height="833" data-original-width="1348"></div>
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<div>With lenders now tightening deposit requirements for apartment buyers across a swathe of inner Brisbane postcodes, as well as developer insolvencies peppering the newswires, there's no doubt that dwellings starts for apartments will continue to drop precipitously from the latest reported numbers. </div>
<div> </div>
<div>On the positive side, the most timely population estimates suggest that both interstate and net overseas migration are swinging sharply in Queensland's favour, so this should help to mop up the excesses over time. </div>
 
<div class="separator"><img src="https://2.bp.blogspot.com/-tX9Jeh29NMU/WfWzl4nOREI/AAAAAAAAmx8/TR_pFjdiQs4ngNieF-QEkNeK3RRgei4ZQCEwYBhgL/s640/QLD2.jpg" width="640" height="390" data-original-height="832" data-original-width="1360"></div>
 Tenants are centralising and moving in too, slowly but surely. 
<div>Still, it's clearly going to be a renter's market in 2018, and, if my inbox is any kind of worthy indicator, there's going to be some material discounting on unsold new apartment stock. </div>
<div> </div>
<div>Investors with the means should keep a watchful eye out for bargains next year. </div>
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