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

Cbd Property

EXPERT OBSERVER

It&rsquo;s long overdue for real estate consumers to let go of the notion that proximity to the CBD matters.

Long before the pandemic and its impact on the Central Business Districts of our major cities, the relevance of the CBD in choosing where to live or invest was diminishing year by year.

The fallacy persists that most people work in the CBD. The reality is that, in all our capital cities, the vast majority work in suburban employment nodes.

There are, for example, over 2.1 million people employed in the Greater Melbourne area, but only about 20% work in the City of Melbourne (the CBD and near-city suburbs).

[smartcode_project:default project_id=100322 project_image_fid=163036]

For most people, when it comes to choosing a place to live, the CBD is irrelevant.

They don&rsquo;t work there, they don&rsquo;t shop there and their kids don&rsquo;t go to school there.

The average person has little reason to ever visit a CBD, although they may occasionally go to a CBD for entertainment or leisure.

But I still have people regularly raising, as an objection to a particular location, that it&rsquo;s a long way from the CBD.

Like many myths in real estate, this one just refuses to die.

In Sydney, the suburbs closest to the CBD are greatly under-valued, with median house prices well under $2 million (which is miserable by Sydney standards), like Redfern ($1.45 million), Newtown ($1.42 million), Glebe ($1.7 million) and Camperdown ($1.6 million).

The most prestigious suburbs, the ones with median prices above $3 million, are in many cases a long way from the tall office buildings &ndash; suburbs like Cremorne, Killara, Lindfield and Manly.

The Sydney locations with the best long-term capital growth rates, those where price growth has averaged more than 8% per year over the past decade, include many which a great distance from the Sydney CBD.

They include humble suburbs a long, long way from the City, like &hellip;

<ul>
	<li>St Marys out at Penrith,</li>
	<li>Minto and Macquarie Fields in the far south-west,</li>
	<li>Parramatta and North Parramatta,</li>
	<li>Marsden Park out near Blacktown,</li>
	<li>Middleton Grange in the precinct around Liverpool,</li>
	<li>Smithfield in the Cumberland LGA,</li>
	<li>Canley Vale in the Fairfield LGA,</li>
	<li>Kogarah in the Georges River LGA</li>
</ul>

They also include Northern Beaches suburbs like Seaforth, Avalon Beach and Dee Why, as well as north-of-the-harbour locales like Cremorne, Lindfield, North Willoughby and West Ryde.

[smartcode_project:default project_id=32227 project_image_fid=93952]

In Melbourne, if you want to find superior capital growth over time, you need to head a long way from the City centre, in most cases.

The greatest concentration of suburbs with long-term growth averages above 7% per year in the Greater Melbourne area is the Mornington Peninsula, where Bittern, Mt Martha, Tootgarook and Sorrento all have outstanding growth records.

The distance between Sorrento and the Melbourne CBD is over 100km, around an hour and a half by car. The median house price for Sorrento has risen almost 30% in the past 12 months. Nearby Tootgarook is a lot less expensive, despite a 20% rise in the median price in the past year.

Only slightly closer to the tall buildings is the new development suburb of Clyde North in the City of Casey, with a long-term growth rate close to 9% per year.

The suburb of Williams Landing down in Wyndham City in the far south-west also has a long-term growth rate above 8% per year &ndash; as does the suburb of Mickleham in the City of Hume in the far north of the Melbourne metro area.

Middle-ring areas with great growth rates include Box Hill, Brunswick East and Derrimut.

[smartcode_project:default project_id=94542 project_image_fid=160729]

All those places out-perform Toorak, Elwood, Elsternwick, Glen Iris, Kew and Malvern on capital growth rates.

Upmarket near-city locations which have outstanding growth rates &ndash; these are the exceptions rather than the norms &ndash; include Hawthorn, South Yarra and South Melbourne.

The key message is that the elements that drive values higher, because they attract buyers in large numbers, include affordability, infrastructure and lifestyle. Proximity to the CBD doesn&rsquo;t feature prominently.

So, if you&rsquo;re a home buyer or investor with a budget that forces you to buy in middle or outer ring areas, don&rsquo;t worry about it. There are way bigger things it&rsquo;s good to be close to, other than the CBD.

It’s long overdue for real estate consumers to let go of the notion that proximity to the CBD matters.

terryryder

Nothing wrong with buying property away from the CBD: Hotspotting's Terry Ryder

<html><body>
A detailed survey on the current state of the CBD Office markets by Jones Lang LaSalle was recently reported in the Australian Financial Review (16 July 2015). 
And as you can see from the table below, there are now significant disparities among the CBD Office markets around Australia.
<a href="/images/2015/08/06/CBD-Offices.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/06/CBD-Offices.jpg" alt="">
 
Although Brisbane, Perth and the Canberra each have (total) vacancy rates of 15% or more … there was a healthy 205,000 sqm of space taken up by Business  and Government nationally, during the past 12 months.
<h3>Rental Movements</h3>
Even so, you will notice rentals only rose in Sydney (+2.3%) and Melbourne (+5.2%) — where momentum and confidence have clearly now started to return.
Whereas, the other states have all shown a decline in their office rentals, as space requirements have contracted.
Sydney has been experiencing strong demand for A-grade space — where that vacancy rate has now fallen to 5.2%.
Likewise, Melbourne has seen a solid take-up. Although its vacancy rate rose marginally, to reflect the availability of some backfill space.
 Interestingly, there has been strong demand by smaller tenants seeking space under 1000 sqm.
The general consensus is that conditions will continue to improve through 2015-16; and the vacancy rates in the underperforming capital cities will hopefully stabilise.
CHRIS LANG is an advisor to commercial property investors, sell-out author and regular speaker on how to invest in commercial property. You can contact Chris <a href="https://commercialpropertymadeeasy.com/" target="_blank">here</a>.
</body></html>

chrislang-EQKojcgJPV

Significant disparities among the CBD office markets: Chris Lang

<html><body>
A total of 313,700 sqm of Premium and A-Grade projects in the past six months has given Melbourne’s CBD a new milestone of the largest CBD office market in Australia, according to JLL Research.
In Q2 2020, JLL Research found that the Melbourne CBD’s total office stock was 4,953,033 sqm. Now, with the practical completions of three new major developments this month, the Melbourne CBD reaches a new stock total of 5,107,840 sqm. Sydney’s total office stock for Q2 2020 was 5,024,240 sqm.
The three office completions crowning Melbourne as the largest office CBD in Australia include the following developments:
1. Cbus Property and Keppel REIT’s Victoria Police Centre at 311 Spencer Street, including 65,000 sqm of office space.
2. The Lendlease Two Melbourne Quarter at 697 Collins Street, including 46,350 sqm of office space.
3. Dexus 80 Collins Street, including 42,960 sqm of office space.
JLL’s Managing Director (Victoria) - Craig Shute said, “The completion of these three projects marks a real inflection point in the dynamics of Australian CBD’s.'
Melbourne is now the largest Australian city in terms of commercial office space and this status is unlikely to change. This rapid rise is testament to Melbourne’s balanced economic drivers and will result in an increase of national and global investment capital seeking a foothold or looking to expand their portfolios in the city."
"We are confident Melbourne will rebound relatively strongly as we recover from the current COVID-19 restrictions and re-open for business,” He added.
Other projects completed in the Melbourne CBD earlier this year include Mirvac and Suntec REIT’s Olderfleet building at 477 Collins Street (56,584 sqm), Charter Hall’s Wesley Place at 130 Lonsdale Street (55,000 sqm) and Cbus Property and ISPT’s Collins Arch at 447 Collins Street (47,517sqm).
Whilst a large amount of supply is being delivered to the market, there is very little vacancy, with 94% of the 313,700 sqm office stock being delivered in 2020 already pre-committed, according to JLL Research.
JLL’s Senior Research Director (Victoria) - Annabel McFarlane said, “JLL has been tracking office stock in Melbourne’s CBD office market since 1970, when the size of the market was just 1.45 million sqm."
"The most significant contribution to this growth has been Docklands as a new CBD precinct, delivering just over 1 million sqm of new, high quality office stock and pushing Melbourne to now Australia’s largest CBD office market, just larger than Sydney’s CBD office market,” she said.
Ms McFarlane continued, “Significant momentum and strong demand throughout the last 20 years has supported office market development. Melbourne’s CBD office market has accounted for 40% of all CBD net absorption (1.7 million sqm) in the six CBD markets we track. This compares to Sydney (739,900 sqm), Canberra (647,600 sqm), Brisbane (542,850 sqm), Perth (293,700 sqm) and Adelaide (291,300 sqm).”
Melbourne and Sydney’s CBD office markets are comparable in size to several major international CBD office markets including Madrid which stands at 6.5 million sqm, Barcelona at 4.9 million sqm and Berlin at 4.5 million sqm.
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j.ballantyne1990-6AQqhLzZaK

Melbourne takes crown as the largest CBD office market in Australia: JLL

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GUEST OBSERVER
Globally, there is intense discussion about the future of urban life through the World Urban Campaign.
The central proposition is that the battle for a more sustainable future will be won or lost in cities.
Presumably, this is predicated on the fact that 54% of the world’s people live in cities, where 70% of global GDP is generated. By 2050 the urban population will have risen to 66%.
In parallel, following the Paris climate agreemen<a href="https://theconversation.com/the-paris-climate-agreement-at-a-glance-50465">t</a>, major cities are committing to measures designed to significantly reduce greenhouse gas emissions. The poster for this campaign should read “Coming to your city soon".
It is clear 2016 will be the “urban year” as the global community prepares for the Habitat III summit in Quito, Ecuador, this October.
At Habitat III, governments will agree an urban agenda to guide global urban development over the next 20 years. The agenda is taking shape through preparatory meetings (the next one is in Indonesia in July), as well as regional and thematic meetings.
A series of 28 urban thinkers campuses has been organised across the globe, running until February 2016. One of the last of these is in Melbourne, Australia.
<h2>A world of challenges</h2>
We are all too familiar with the problems cities commonly face. These include rising house prices putting ownership beyond the reach of many, suburban sprawl, long commutes, traffic congestion, social problems, isolation and polarisation.
<div class="enlarge_hint">At the same time, Australian cities have real strengths. This is reflected in their performance in various rankings on liveability and quality of urban life. But we ought not assume that this situation is sustainable, or that we can lock in liveability.</div>
Globally, cities face even greater challenges. In the global south, if you live in a city there is a one-in-three chance that you live in a slum.
Also, despite progress on the Millennium Development Goals, poverty is still our greatest urban concern. It is not limited to the south and has been growing across cities globally since the global financial crisis. Limited financial resources constrain the capacity of city administrations to respond to these challenges, especially in the face of austerity measures.
While that may seem like a pretty glum picture, there are reasons to be hopeful.
In a survey of 20 cities last year for the UN Global Compact Cities Program we identified many examples of civic leadership and urban innovations.
Related to this, in the US, Bruce Katz and Jennifer Bradley at Brookings have described these innovations as a “metropolitan revolution”. They argue that local leaders are doing the hard work of growing the job market and making their communities more prosperous. They cite examples in New York, Portland, Houston and Miami.
In Europe, the Norwegian city of Oslo plans to be fossil-fuel-free by 2030. Utrecht is the first of several cities in the Netherlands planning trials in which they pay citizens a universal basic income.
<h4> </h4>
<div class="enlarge_hint">Across the English Channel, Bristol is seeking to transform the economy by introducing a local currency. The Bristol pound is designed to strengthen business relationships within the city and to build trust.</div>
What these cities and their leaders have recognised is that “business as usual” will not get us to where we need to be.
Technological innovation, institutional reform, financial investment and regulatory change are all part of the answer, especially as we seek to achieve development goals while ensuring we do not undermine our environmental sustainability. However, we may need to dig deeper. Something that we neglect is the need for changes in values at both the societal and individual levels.
Twisting Einstein’s famous quote somewhat, it is possible to assert that “we can’t solve problems by using the same value system that created them".
Here is where the notion of the ethical city comes in.
<h2>What is the ethical city?</h2>
Ethics is concerned with what is “right, fair, just or good”, not necessarily what is most accepted as normal or expedient.
Most people will have heard of the term ethical corporation. It suggests that such businesses place certain key values and practices at the centre of their operations. This could include fairness, integrity, respect for the environment, elimination of discrimination, and so on.
Internationally, some of these key values are elaborated in the ten principles of the UN Global Compact. Thousands of companies have signed up. Mayors of cities and governors of regions can also sign up to these principles by sending a letter to the UN secretary-general.
Yet the term ethical city is rarely used, even though ethical considerations underpin how we plan and manage our cities. And the ethical values underpinning the vast majority of our decisions about city life are rarely made explicit.
Even so, in most cities we already see various measures designed to support ethical governance. These range from internal commissions to audit and check on performance through to measures to promote transparency and community participation in decision-making.
Urban leaders, administrators, planners, engineers and others are aware of the ethical ramifications of their work, have guidance to refer to and training when needed. Although sometimes people fall foul, the vast majority do not because they are seen to be doing the right thing.
But we must recognise that there is a dominant view of “business as usual” based on an embedded set of values. Good examples include how most cities are designed primarily to accommodate the car, how we work in the CBD and live in the suburbs, or how homelessness is seen as a fact of life in many cities.
<h2>How do we create a more ethical city?</h2>
Thought leaders like Peter Singer have done a lot to elaborate the importance of ethics in everyday life, especially with his book Practical Ethics. However, we live in utilitarian times.
More than ever, our cities need ethical leadership – good governance, transparency, public trust building and fairness. They need ethically based planning to deal with the complex challenges facing our communities. This depends on our willingness to tackle the tough questions around sustainability, resilience, economic vibrancy and inclusiveness.
There is also our role as citizens. What are our expectations of ourselves as ethical, engaged citizens? What do we expect and deserve, and what are we prepared to commit to each other in the ethical city? What kind of citizens do we need to be?
Most of all, if we end up agreeing that we need a city that cares, how do we navigate to this end in a world where private profit and consumption are kings and where the tenets of the ethical city – social inclusion, climate action, gender equity, rights of children and youth, and myriad other rights and needs – are lacking?
If this sounds like a new year dose of utopianism, think of cases that you could envisage in your city – from participatory budgeting, to crowd-funded social enterprises, to any number of people who decided “what should we do?”, then acted on it.
 
Brendan Barrett is research fellow, RMIT University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/brendan-barrett-179124" target="_blank">here</a>.
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