IPM Property is progressing plans for its third development in Mona Vale in Sydney's Northern Beaches, and its latest will be the biggest yet.

IPM, led by Steven Sroba and Chris Webster, has filed a State Significant Development Application to the NSW Government's Housing Delivery Authority for 82 apartments on a prime 6,122 sqm site stretching across <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and just under 800m from Mona Vale town centre.

They've had <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> draw up the plans for the three-building development which will offer a mix of 26 two-bedroom units and 56 three-beds with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a>.

According to the Design Report by PBD, the built form "responds to the site’s natural fall, solar orientation, and established vegetation, creating a layered architectural expression that balances scale, materiality, and landscape”.

<img alt="159-167 Darley Street West, Mona Vale" data-entity-type="file" data-entity-uuid="44040ed2-13c6-4f18-8326-a51467cb8532" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Mona%20vale%20pers.png?VersionId=4H1gEiyyCX2yT_fYV6kAdWaaVlCttC6P" />

The proposal aims to maximise passive design outcomes, with the site’s northern orientation supporting solar access and cross-ventilation. Building footprints have been shaped to preserve high-retention trees and accommodate an overland flow path, which runs diagonally through the rear of the site.

The development includes several sustainability initiatives, such as full electrification, EV charging provisions, and generous communal open spaces integrated across the ground and rooftop levels. As outlined in the planning documents, the buildings have been stepped in both plan and elevation to reduce bulk and provide separation to adjacent dwellings, in line with the Apartment Design Guide and local controls.

The project site falls just within the 800-metre radius covered by the NSW Government’s Low and Mid-Rise Housing Reforms, which entered their second stage in February 2025. These reforms introduce specific planning controls that significantly increase the potential for medium-density housing growth within 800 metres of the Mona Vale town centre.

<img alt="159-167 Darley Street West, Mona Vale" data-entity-type="file" data-entity-uuid="5df61e6d-0696-4c1e-81c2-8d3535228878" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_9.png?VersionId=vWjI2oCZhAkCPKv4xMEVLdVNkn.keD6_" />

IPM has been active in the local market for several years. Its recent projects include Maya on Bungan Street near the town centre, a 33-apartment development completed in late 2024, and Iluka on beachfront Golf Avenue, a boutique project of just 14 apartments. Iluka set a local record in 2021 when a full-floor, three-bedroom apartment sold off the plan for $4.775 million.

Nearby in Palm Beach, IPM is also delivering Snappermans, a collection of just five luxury apartments designed by Koichi Takada Architects, located steps from Pittwater. The developer has also recently completed Como Coogee, a 20-apartment development on Carrington Road.

Joel Robinson

First look: IPM plans third Mona Vale project

With demand for high-quality family homes in the inner west continuing to rise, young families are increasingly turning to new forms of multi-generational living.

At <a href="https://www.apartments.com.au/buildings/ashbury-terraces-ashbury-165-171-milton-street-ashbury-nsw-2193">Ashbury Terraces</a>, Nikki Pham and Danny Lai are among the growing number of residents choosing the precinct for its space, design integrity and strong sense of community.

For Nikki and Danny, purchasing a three-storey terrace was about securing a long-term home for their young family. Having spent most of their lives in the inner west, they first discovered the project while it was under construction.

“We walked past and had a look during the build and instantly felt the vibe. It had everything we were looking for,” said Nikki.

A return to green, open spaces was a major drawcard after living closer to the CBD.

“We like going for walks, and here it feels like a mini oasis while still being central to everything we need,” she said.&nbsp;

[smartcode_project:default project_id=112253 project_image_fid=354944]

Inside, the couple were immediately drawn to the craftsmanship.&nbsp;

“I love the Calacatta marble and timber detailing. If I’d designed it myself, these are exactly the fittings and fixtures I would have picked,” Nikki said. “There’s actually very little I’d change.

“We’ve found the craftsmanship has been great and I believe the beautiful arches and curves, including on our stunning staircase, are all made by hand.”

Since moving in with their seven-month-old baby in mid-August, the family has been making the most of the amenities, especially the pool.&nbsp;

“We love using the shallow area with the baby. It’s great for kids, and the sunbeds are perfect when it’s not too hot,” Danny said.

[smartcode_project:default project_id=112253 project_image_fid=354939]

The home features kitchen, living and dining areas on the ground floor with courtyard access to the pool, two bedrooms and a study on the middle level, and a master suite on the top floor. The proximity to local parks, childcare, and schools also made it an easy choice.

Nikki has noticed the project is sparking interest from the extended families of new residents.&nbsp;

“Several of our neighbour’s parents have now bought here too. It’s ideal for multi-generational living because everyone has their own space but you’re still close by.”

<h2>A growing trend in the inner west</h2>

Aras Labutis, Head of Urban Transformations at <a href="https://www.apartments.com.au/developers/coronation-property">Coronation Property</a>, said families like Nikki and Danny’s reflect a broader shift.

“Ashbury Terraces was designed for families at different life stages who want to stay connected to the inner west, including multi-generational households," Labutis said.

"Some terraces even include lifts, which make them ideal for older residents who want to remain independent while living close to children or grandchildren."

[smartcode_project:default project_id=112253 project_image_fid=354936]

Recent ABS data shows around one in five Australian households is now multigenerational, following a 22 per cent rise in the five years to 2021.

“The demand we’re seeing aligns with broader national data showing ongoing growth in multi-generational living as families look for practical, long-term solutions in well-connected suburbs.”

<h2>Milton Estate launches as the precinct’s next chapter</h2>

Following this strong response, Coronation is now registering expressions of interest for Milton Estate, the next evolution of the precinct. Strong sales and sustained interest in family-focused inner west homes have underpinned the decision to bring this next stage to market sooner than anticipated.&nbsp;

[smartcode_project:default project_id=112253 project_image_fid=358839]

The new collection continues the same design principles, quality materials, heritage sensitivity and family-focused layouts, and its launch reflects demand from both local buyers and extended families who want to remain part of the growing community at Ashbury Terraces.

<h2>A new neighbourhood taking shape</h2>

Designed by award-winning architects <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, and brought to life with landscaping by <a href="https://www.apartments.com.au/landscape-architect/360-degrees-landscape">360 Degrees</a>, Ashbury Terraces comprises 136 residences across five low-rise buildings, supported by amenities including a pool, gym and landscaped communal spaces.

For Nikki and Danny, it already feels like a place to grow for years to come.

“We’ve found great childcare nearby, and Ashbury Primary and Trinity Grammar are within easy reach. There are other excellent public and private school options too,” Nikki said.

“It’s hard to find something like this in the Inner West,” she added. “It’s certainly unique in <a href="https://www.apartments.com.au/developments/ashbury-nsw-2193">Ashbury</a>. We’ve got everything we need here and it already feels like home.”

[smartcode_project_cta:default project_id=112253]

Staff Writer

Ashbury Terraces proves a perfect fit for growing families and multi-generational living

An exclusive collection of luxury Sky Homes featuring sweeping water views, each with their own private rooftop terrace and marina berth, are part of the latest release at Lewis Land’s visionary <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplanned community.&nbsp;

The Sky Homes, which sit within the Signature Collection, have been designed by&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>&nbsp;and&nbsp;feature contemporary light-filled coastal interiors, accented by natural textures of timber and stone. The homes range from 282 sqm to 367sqm and offer three bedrooms, three bathrooms, multiple living zones, three car parks, large private balconies, and their own rooftop terraces. &nbsp;

[smartcode_project:default project_id=113271 project_image_fid=359204]

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the three double-storey Sky Homes occupying the &nbsp;upper levels of The Waterline apartment building formed part of the masterplan’s Signature Collection of &nbsp;luxury residences. &nbsp;

“The exclusive Sky Homes are more than penthouses, they are double-storey homes featuring expansive living spaces and outdoor terraces,” Mr Long said.&nbsp;

“Located on levels five and six of The Waterline, each Sky Home includes its own private marina berth with direct Broadwater access and carefully curated high-end finishes throughout.”&nbsp;

&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=359206]

The launch of The Signature Collection coincides with the milestone topping out of The Waterline, the first of three residential collections being delivered in the first stage of Harbour Shores.&nbsp;

Residents will also have access to a private pool and other resident-only amenities including a large &nbsp;lagoon pool, social clubhouse, tennis court, gym, yoga and sauna facilities. &nbsp;

Prices for the Sky Homes start from $3.65 million. &nbsp;

&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=290031]

The Signature Collection also features The Residences, an exclusive release of six premium waterfront villas, positioned directly on the 1.2km waterfront boardwalk.&nbsp;

The Residences offer more than 350 sqm of contemporary living with premium finishes throughout and &nbsp;dining spaces that flow seamlessly to the outdoor entertaining area on the ground floor. Each have their own private plunge pool overlooking the water, and a private marina berth.

All villas include two secure car parks and residents have access to the extensive amenities within the broader precinct. Prices start from $3.05 million. &nbsp;

[smartcode_project:default project_id=113271 project_image_fid=290030]

Harbour Shores is a resort-style community focused on lifestyle and wellness where neighbourhoods &nbsp;are connected by extensive landscaping, green spaces and pedestrian networks, including a 1.2- kilometre waterfront boardwalk.&nbsp;

Boasting a 6 Star Green Star Communities V1.1 rating, the highest level of sustainability of any project &nbsp;on the Gold Coast, Harbour Shores will deliver more than 2,000 homes over the next decade.&nbsp;

Colliers is marketing Harbour Shores, and has seen significant demand from local owner-occupiers.

[smartcode_project_cta:default project_id=113271]

Lewis Land unveils Harbour Shores’ double-storey sky homes with private marina berths

PERIFA's Rozelle Village in Sydney's Inner West is the first project to receive funding as part of the&nbsp;Minns Labor Government’s Pre-sale Finance Guarantee program, a programme aimed at fast tracking new homes across the state.

More than 225 new apartments, including 59 affordable homes, will now start construction sooner as part of the $285 million Rozelle Village revamp of the derelict former Balmain Leagues Club site on Victoria Road, which received state significant development approval last year under the Infill Affordable Housing pathway.

The mixed-use precinct also includes retail spaces, community facilities, and a public plaza.

[smartcode_project:default project_id=8142 project_image_fid=335]

The Guarantee is supporting 32 affordable homes off the plan, giving developer PERIFA confidence to secure construction finance and deliver much-needed homes in the Inner West.

This arrangement gives the developer time to lock in a community housing provider to purchase and manage the project’s affordable homes, with a guarantee the Government will buy the 32 units if the level of qualifying pre-sale requirements is not met prior to project completion expected in 2028.

Since the launch of the program in October, 31 expressions of interest have been received from developers across the state, with a third of these already invited to submit full applications.

[smartcode_project:default project_id=8142 project_image_fid=325]

In addition to the <a href="https://www.apartments.com.au/new-apartments/rozelle-village-rozelle-152-victoria-road-rozelle-nsw-2039">Rozelle Village</a> project, over $100 million worth of pre-sale commitment requests have been received and are currently under assessment. If approved, this support will unlock the construction of over 350 new homes across metropolitan Sydney and regional NSW.

Under the Pre-sale Finance Guarantee, the Government may commit to buy, off the plan, up to 50 per cent of homes in approved developments, valued at up to $2 million each. Support can range from $5 million to $50 million per project, the Guarantee then allows developers to achieve commercial construction finance.

Up to $1 billion in pre-sales over the next five years will be supported through the revolving fund, making sure more projects can move from approval to construction.

The challenge of meeting pre-sale requirements is one of the most common issues cited by stakeholders in securing finance, and has been outlined as a key hurdle for industry in the NSW Productivity and Equality Commission’s Review of housing supply challenges and policy options for New South Wales. Only developers and projects that meet strict criteria for credibility, capability, and capacity to deliver are approved and invited to participate in the program.

&nbsp;

Treasurer Daniel Mookhey said the program is a "smart use of the State's balance sheet."

“This is exactly what the $1 billion Pre-sale Finance Guarantee was designed to do - move approved projects from paper to construction," Mookhey said.

“By providing a targeted pre-sale guarantee, we’re giving the market the confidence it needs to secure finance and start construction, without the Government having to spend a dollar upfront."

Minister for Planning and Public Spaces Paul Scully said Rozelle Village is a great example of how Labor's housing reforms and initiatives are working together to deliver great results.

“The Pre-sale Finance Guarantee uses the Government’s strong credit standing to help bring to life prime housing developments, including sites like this one in Rozelle that sat dormant for years. It allows more new homes to be delivered faster, creating jobs, and easing housing pressure for families across NSW.

&nbsp;

“This project was approved under the Infill Affordable Housing Pathway to deliver 59 affordable homes and now, through the Pre-sale Finance Guarantee, we’re making sure those homes are built sooner.

“By removing planning and financial roadblocks, we’re giving developers and lenders certainty, boosting housing supply, and creating vibrant communities where people want to live which means more people in more new homes quicker.”

PERIFA Group Managing Director Fabrizio Perilli said Rozelle Village is set to become the Inner West’s most vibrant, mixed-use precinct catering to the local community and residents.

“The location provides excellent access to local employment and the critical Infrastructure that key workers rely on every day.&nbsp; Strong demand for our development is already evident, with pre-sales for market homes exceeding expectations. As the first developer to be accepted into the NSW Government Pre-Sale Finance Guarantee, we are now able to accelerate construction of these much-needed homes, while working to secure the right Community Housing Provider, ensuring long-term social impact and community benefit.”

[smartcode_project_cta:default project_id=8142]

Are more homes on the way? NSW Gov backs first project in Pre-Sale Finance Guarantee program

Fresh off completing Pienza Neutral Bay, developer <a href="https://www.apartments.com.au/developers/central-element">Central Element</a> is preparing its next move in the coveted Lower North Shore suburb.&nbsp;

Central Element (CE) has lodged plans for an eight-storey apartment building at <a href="https://www.apartments.com.au/new-apartments/54-64-barry-street-neutral-bay-nsw-2089">54–64 Barry Street</a>, a 1,659 sqm site just south of Military Road and the Neutral Bay town centre.

The $52 million development will involve the demolition of four detached homes across four lots to deliver 45 apartments, including eight affordable housing units to be managed by Bridge Housing. The mix will comprise six one-bedroom apartments, 24 two-beds, and 15 three-beds. The apartments will sit above three basement levels with 62 car parking spaces and 50 bicycle spaces.

<a href="https://www.apartments.com.au/architects/mhn-design-union">MHN Design Union</a> (MHNDU) has returned as architect following its work on Pienza, again shaping a mid-rise form with a clear street presence. The design features a lower four-storey podium element that responds to surrounding context, with upper levels recessed to reduce perceived bulk. Communal open space is proposed both at ground level and on the rooftop, the latter including an outdoor kitchen and swimming pool.

“The building has been designed with a lower four-storey element and with building materials commensurate with the character of the area,” Beam Planning noted in its submission to the North Sydney Council.

<img alt="Barry Street, Neutral Bay Nsw 2089" data-entity-type="file" data-entity-uuid="3a28ab3a-b8ba-4476-81cd-e4a8bb84f3a7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Barry-Street-Neutral-Bay-1327x742.png?VersionId=hlgvxszAWXIHgHtdR5HiwIKiSli2lLZV" />

Bridge Housing will manage the affordable units for a period of 15 years, as required under the Housing SEPP’s incentive provisions.

MHNDU’s design report further highlights the site's strategic location just 250 metres from key bus stops and 1.3 kilometres from North Sydney CBD, positioning it for transit-accessible housing supply. In their planning justification, the design team emphasised the site’s compatibility with emerging local character and scale.

Central Element has a solid apartment pipeline spread all over Sydney. They recently completed&nbsp;Pienza, 37 apartments just 500 metres away from the new project, and are currently building Ethos Chatswood, Ballamac House in Coogee, and Bianca on the harbour in Drummoyne.

They have plans for future projects in Mosman, Bondi Beach, Greenwich, Lavender Bay, along with a tower on the edge of Hyde Park.

First look: Central Element unveils second Neutral Bay apartment project

Commercial News

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The most active segment of construction in the June 2017 quarter was civil engineering, with 1,020 projects entering construction at a value of $8.9 billion over the period. 
This also reflects government owned projects, particularly in transport infrastructure, the latest Market Movement report by Cordell noted.
In the private sector, renewable energy project applications and commencements have also led in the civil engineering space. 
<a href="https://www.propertyobserver.com.au/images/2017/10/26/ConstructionOverview.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/26/ConstructionOverview.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/10/26/CivilEngg.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/26/CivilEngg.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/10/26/ConstbyVal.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/26/ConstbyVal.png" alt="">
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Cordell charts civil engineering as highly active

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With a loan tally of more than $520 million, George Giovas of Axius Partners has been named Australia’s top commercial broker for 2017 in MPA’s Top 10 Commercial Brokers Report, sponsored by Westpac.
The Sydney-based Giovas wrote 15 loans totalling $520,345,00 over the 2016-17 financial year, a record for an individual commercial broker. 
Giovas, who found Axius Partners in 2011, says it is an “old-fashioned merchant bank”, split between funds management and advice and broking. 
It specialises in development finance, including apartments and hotels.
Previously, Giovas was ANZ’s global head of property, managing more than 150 people and a $40 billion balance sheet. 
The Top 10 list was dominated by brokers specialising in development finance.
The top brokers all noted that banks are reducing their appetite for development finance owing to pressure from the Australian Prudential Regulation Authority.
The watchdog has asked banks to reduce their exposure to residential developments through tougher conditions and reluctance to lend to inexperienced developers, but this has resulted in more non-bank lending.
The second place went to Ben Wardley of Right Angle Group while Kevin Wheatley of Bayside Residential &amp; Commercial mortgages was third.
Both Right Angle Group and Bayside Residential &amp; Commercial are in the development finance industry in Brisbane and Sydney respectively.
2017's Top 10 Commercial Brokers: 
<ol>
<li>George Giovas,    Axius Partners Pty Limited, $520,345,000 </li>
<li>Ben Wardley,    Right Angle Group, $201,326,183 </li>
<li>Kevin Wheatley, Bayside Residential and Commercial Mortgages, $198,682,654 </li>
<li>Marwan Rahme, Kanebridge, $147,692,010 </li>
<li>Jamie Giles, Astute Financial – Springhill, $125,034,502 </li>
<li>Jason Arnold, Quattro Finance &amp; Advisory, $118,615,199 </li>
<li>Daniel Green, Green Finance Group, $100,026,764 </li>
<li>Mark Churchill, Allfin Financial Services Pty Ltd, $99,559,979 </li>
<li>Danny Luu, Pagoda Finance, $91,666,508 </li>
<li>Glen Barnes, Barnes Finance Solutions Pty Ltd, $91,559,000</li>
</ol>
The list includes business lending brokers Jamie Giles of AstuteFinancial, Daniel Green of Green Finance, Mark Churchill of Allfin Finance and Glen Barnes of Barnes Finance Solutions.  
 
 
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Australia’s top commercial broker writes 15 loans totalling $520,345,000

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Brisbane is approaching the peak of the retail market cycle, according to valuation firm Herron Todd White's recent property clock.
The clock is a simple broad brush means to suggest where property markets are as at February 2016 - and what direction prices are moving in, with an accompanying analysis.
Neighbourhood and convenience grade shopping centres were the flavour in Brisbane in calendar year 2015, with a large volume of transactions.
The high levels of demand and active market was seen across all market sectors, and has seen investment yields compress by up to 100 basis points over the course of the year, a significant shift in such a short time period, says the HTW report.
Among the neighbourhood centres, there were a number of transactions involving newly developed supermarket-based centres in growth areas.
Convenience centres are also in strong demand and many such properties in the inner ring suburbs are also now benefiting from expectations that they may offer future redevelopment potential.
Prime grade freestanding retail assets were realising yields in the range of 5% to 6%, whilst non-institutional grade retail properties attracted slightly softer yields of between 6% and 7%. Convenience centres were showing yields of between 6.5% and 8.0%.
Recent evidence indicates that yields are probably nearing the bottom at these ranges, however, there is no indication as yet of any likely upward movement. Certainly, retail assets are generally being tightly held due to the lack of yield in alternate investment classes, says the HTW report.
Second tier assets saw compression of yields, though these remain some 100 to 200 basis points higher than premium grade assets.
Rental growth remains patchy with very little growth evident in current markets. There has however been a gradual decline in vacancies in the higher quality centres. Future rental growth, however, is still likely to only keep pace with inflation at best.
Large format retail properties have been coming back into popularity with a significant compression of yields since the difficult post-GFC days. Vacancies are generally declining, however rent growth remains largely stagnant, it concludes.
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Neighbourhood and convenience shopping centre deals flourished in Brisbane in 2015: HTW

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Ray White Hotels Asia Pacific managing director Andrew Jolliffe will once again line up against some of the nation’s top chefs and 150 CEOs at this year’s Oz Harvest CEO Cookoff on March 7 to to feed up to 1,300 homeless and vulnerable Australians.
The annual event is in its fifth year and aims to increase awareness on food insecurity, homelessness and food wastage in Australia.
The 50-chef lineup includes Matt Moran, Neil Perry, Guillaume Brahimi and many more.
“I find the thought of the sheer desperation and hopelessness hungry kids in this country must feel, an absolutely abhorrent concept. The people involved in the OzHarvest organisation, from the indefatigable Ronni Khan, right down to the volunteers who regularly lend their time to the movement, are so inspirational,” said Jolliffe.
Asked what his cooking specialty will be on the night, Joliffe said he just wants to complete the cookoff without losing a finger. “As for the dish we'll cook on the night, I'm prepared to take firm instruction from Matt Moran or Guillaume Brahimi or whoever is shouting at me the loudest.”
The <a href="https://www.ceocookoff.com.au/" target="_blank">OzHarvest CEO Cookoff</a> is the food-rescue organisation’s flagship annual event, and in it’s fifth year has raised more than $4 million dollars. This year its target is to raise another $1.5million.
 “I'm so grateful for the support of colleagues and clients who have already made commitments to support what is going on here. It's clearly great to raise money for such a worthwhile initiative, but without also raising the awareness of the issue central to the movement (namely the better utilization of existing resources: financial, human and product) to crush the absurdity of hungry kids in Australia; then I will have failed in meeting my objective,” said Jolliffe.
You can donate by clicking <a href="https://www.ceocookoff.com.au/sponsor" target="_blank">here</a>.
To watch Andrew's introduction, click <a href="https://www.youtube.com/watch?v=phfCRjmoVtM" target="_blank">here</a>.
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Ray White Hotel’s director Andrew Jolliffe swaps deals for meals as he gears up for the Oz Harvest CEO Cookoff

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Australia’s office market offers a mixed bag from one coast to the next.
Demand for space from tenants and level of landlord investment has fluctuated widely between the regions, so choosing the right fundamentals has become ever more important, according to valuation firm Herron Todd White latest property clock for offices.
The March property clock is a simple broad brush means to suggest where property markets are and what direction prices are moving in.
<a href="/images/2016/03/2/Screen%20Shot%202016-03-02%20at%2012.56.15%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/2/Screen%20Shot%202016-03-02%20at%2012.56.15%20PM.png" alt="">
Tamworth in New South Wales retains its place at the peak of the cycle and is the only one occupying the position.
NSW Far North Coast and Coffs Harbour are the new entrants to towns/cities approaching the peak of the market.
Darwin slips into the declining market position while Perth and Gladstone are approaching the bottom of the market, says the HTW clock.
In Coffs Harbour CBD, the demand and supply of office space remains stable and there has been a steady take up of oversupplied space. Rental levels are generally static with the most recent lettings effected at similar passing rental rates or subject to CPI increase. There is evidence of leasing incentives (generally two to three months rent free) within the market. 
The capital value levels for office buildings demonstrated strong demand and firm yields throughout the year.
In Darwin’s case, the outlook for the commercial office market is best described as bleak. The Charles Darwin Centre is now open for business and a number of government departments have moved in, leaving a number of other office buildings in the CBD vacant. HTW estimates that the vacancy rate for CBD office space exceeds 20% and could well climb higher over the next 12 months. 
As for Perth, the official vacancy rate in the CBD office market as at January 2016 was recorded as being 19.2%, up from 16.6% six months earlier and up 4.4% on the January 2015 result. 
Overall, the current state of the Perth office market continues to decline. Forecasts for the following six months will see little respite in vacancy numbers, with predictions as high as 24% by the first or second quarter of 2016.
Lastly, in Queensland’s Gladstone, the office market for 2016 is anticipated to remain relatively in line with 2015, with tenants keeping hold of negotiating power in new leases and when exercising option periods. Over the past 12 months there have been some reductions in rental levels of about 30% and this is expected to continue until rentals begin to flatten out.
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Australia's office market a mixed bag, Perth near bottom, Darwin outlook bleak: HTW March property clock

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The Australian Property Institute's proposal to modernise the organisation has received strong support from members.
At the API's extraordinary general meeting (EGM) in Adelaide, the motions passed with 90% of votes in favour.
At least 66% approval was needed to pass the resolutions, which include:
- the API to become a company limited by guarantee,
- and to adopt the proposed new constitution.
The new structure and governance is expected to come into effect from January 1, 2016.
"This is a real transition, a culture change from 2016 onwards, the API would serve the members, provide advocacy, develop and uphold professional standards," API chief executive Mike Zissler said.
API national president Tyrone Hodge would become chair of the new organisation until the AGM in May next year.
New members would also be nominated for election to the board at the meeting, with some current members staying to ensure continuity.
“There is still a lot of work to be done finalising charters, policies and guidelines, however, the outcome of the EGM is a tremendously positive step forward for the API," said Zissler.
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jchancellor-FAypfDUnLy

API members pass much needed modernisation reforms

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Federation Centres has appointed Michael O’Brien as its chief investment officer.
Angus McNaughton, Federation Centres’ chief said there had been an extensive executive search.
Michael previously held senior roles at GPT Group and at Lend Lease Corporation.
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