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

Joel Robinson

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

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

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

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

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

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

The apartment price gap drawing Sydney buyers west

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

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

Financial Results

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Rental platform Rent.com.au grew its annual revenue by 121 percent to $1.65 million over the previous financial year but made a net operating loss after tax of more than $8.5 million for the year ended June 30.
The group, which allows renters to make online rental applications, said its short-term goal was for the cashflow to break even. 
It also guided for positive revenue growth expected to be derived from renter products and third party arrangements.
It aims to achieve that by focussing on its Renter Resume online rental application system and cost cuts.
Renter Resume was launched in October 2016 and is a user-managed online profile that allows renters to automatically generate property enquiries and applications.
Agents and landlords can check the applicant’s rental history, ID verification and a tenancy database screening (via RENT’s RentCheck product).
Rent.com.au said its resume creation averaged a 500 resumes per day, totalling nearly 130,000 by June 30.
<a href="https://www.propertyobserver.com.au/images/2017/08/24/RentEarnings.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/24/RentEarnings.png" alt="">
Net operating loss after tax was $8,513,631, down from $12,820,585 in the previous financial year. The loss included included a non-cash share based payments expense of $2.24 million associated with performance based convertible securities issued to advisors, shareholders and employees. 
Earnings Before Interest, Tax, Depreciation, and Amortisation (and excluding non-cash share based payments) was a loss of $5.8 million, down from $7.2 million in the previous year.
Cash reserves decreased from $6,080,209 at 30 June 2016 to $3,254,380 at 30 June 2017.
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Rent.com.au posts loss, but grows revenue on renter resumes

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Property fund manager Centuria Capital Group’s operating earnings per share dropped 31 percent to 10.3 cents per share while funds under management more than doubled to $4.2 billion for the full year ended June 30.
It said the results were in line with its guidance.
Centuria also announced distribution of 7.5 cents per share for the financial year and up 43% on FY16 results. 
Since financial year 16, Centuria has purchased 10 properties for $721 million across the listed and unlisted businesses, with $517 million acquired by unlisted funds.
Centuria said total shareholder returns were 24% and the group expects its operating EPS to grow nearly 5% during FY18.
Group CEO John McBain highlighted the acquisition of the $1.4 billion 360 Capital real estate platform.
“This acquisition was a very significant contribution to growth in funds under management and our consequent increase in scale and market presence. The result has been a step-change for Centuria Capital, bringing our business to scale and this activity should enable near-term ASX 300 inclusion.”
“In addition, the majority of 360 Capital’s funds were listed funds which were highly complementary to our platform which was previously skewed toward unlisted property funds,” McBain said.
He said the group’s unlisted business "had a bumper year", growing by 106% and has property assets under management worth $1.6 billion. It made the largest purchase in the group’s history – the Zenith office tower in Chatswood for $279 million in a joint venture with global investor BlackRock.
Last month, Centuria Property Funds said its listed office fund, Centuria Metropolitan REIT (ASX: CMA), has bought three commercial properties in Perth and Melbourne for a total of $150 million. 
In Perth, Centuria acquired two new commercial assets: <a href="https://www.realcommercial.com.au/property-offices-wa-perth-502267250" target="_blank">The Hatch Building</a> at 144 Sterling Street (above), and 42-46 Colin Street, for a total of $91.8 million. 
<a href="https://www.propertyobserver.com.au/images/2017/08/23/Centuria.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/23/Centuria.png" alt="">
During the year, Centuria merged its two office Real Estate Investment Trusts: Centuria Metropolitan REIT (CMA) and Centuria Urban REIT (CUA); and acquired the management of Centuria Industrial REIT (CIP).
As a result, CIP is now Australia’s largest pure rent-collecting REIT, with a market capitalisation of $563 million. 
Metropolitan office REIT CMA has a market capitalisation of $420 million.
Meanwhile, Centuria Property Funds has announced two leasing deals for its listed industrial trust, Centuria Industrial REIT.
“We are very pleased with the performance of both funds this year. The merger of CMA and CUA resulted in a larger and more efficient fund, which went on to acquire a further $150 million in assets since the merger,” said McBain.
The company will look to grow both funds with asset acquisitions, it said.
The Centuria Diversified Property Fund (CDPF) was also launched this year. It is an open-ended, unlisted diversified property fund which invests in office trusts.
McBain said the group would use its balance sheet strength to accelerate growth across its listed and unlisted property businesses.
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jonathanchancellor-7SQnKwU6yx

Centuria boss says unlisted funds had bumper year

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Developer Sunland Group said its full-year revenue jumped 67 percent while profit rose 12 percent from the previous year to $35.3 million, helped by a rise in revenue from property sales.
The result was in line with the group’s outlook.
Sunland managing director, Sahba Abedian, said the improved earnings was due to its focus on the luxury multi-story sector.
“The strategic repositioning of the portfolio three years ago to return to the luxury multi-storey sector, and our expansion in to south-east Queensland residential markets, has delivered a strong financial performance for the year,” Abedian said. 
“This has been balanced by the continuance of our conservative capital management strategy and share buyback program, which has enhanced earnings per share and contributed to Net Tangible Asset per share growth consistently over the past eight years.”
The group announced a final dividend of 4 cents.
In addition, Sunland also announced a special dividend of 2 cents following the settlements at its luxury Abian residential tower (picture above) in the Brisbane CBD.
Sunland said it has a solid pipeline of 18 projects along Australia’s east coast, with 14 residential projects under construction in Queensland, New South Wales and Victoria.
“Throughout the course of the 2018 financial year we intend to launch a further eight projects, pending planning approvals and market conditions,” Abedian said.
During the financial year ended June 30, Sunland said it had launched three residential projects — Marina Concourse and The Lakes Residences on the Gold Coast, and 18 Macpherson Street in Warriewood in Sydney’s Northern Beaches. 
Its $3.9 billion portfolio comprises 5,601 land, housing and multi-storey housing.
Sunland’s revenue from property sales jumped 67% to $394.3 million from $235.6 million in 2016, generated from 597 settlements (2016: 443 settlements). 
“A major contributor to revenue was the luxury Abian residential tower in the Brisbane CBD, which commenced settlements in June 2017 and has increased the average revenue per lot due to the higher average contract price,” Sunland said in a media release. 
Other contributors to revenue include Magnoli Residences, The Heights, and Ancora on the Gold Coast; Carré Residences and The Gardens in Victoria; and Dahlia Residences in New South Wales. The portfolio achieved an average return of 20%, in line with Sunland’s target development margin.
Sales volume increased 23% in FY17 with new project launches in Queensland and New South Wales, in addition to sales from the existing portfolio, with 524 sales completed to the value of $376.4 million (2016: 426 sales to the value $261.3 million). 
Contracted pre-sales for projects that have been released across the development portfolio total 641 as at 30 June 2017, with a combined value of $534.4 million.
Sunland’s multi-storey portfolio is primarily located in premium, high-growth locations across the Gold Coast.
Construction of the twin six-storey, mid-rise apartment buildings at Marina Concourse, located adjacent to the Royal Pines Marina, is scheduled for completion in mid-2018. 
Other multi-storey projects in the preliminary design and approval stages include 272 Hedges Avenue (high-rise), Greenmount Residences (medium-rise), One Marine Parade (high-rise), The Lakes (medium-rise), and Palm Beach (medium-rise). 
It has also acquired sites in Sydney (Mount Annan), Brisbane (Everton Hills), and the Gold Coast (Coolangatta and Mermaid Beach) totalling $65.5 million and added 579 allotments to the portfolio with an estimated end value of $689 million. 
The two site acquisitions on the Gold Coast, at Coolangatta and Mermaid Beach, are earmarked for luxury multi-storey residential developments which, pending planning approvals, will be launched in 2018.
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Sunland revenue jumps 67, boosted by Abian tower settlements

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Leading property group Mirvac said it achieved a record high lot settlements for the year ending June 30, while maintaining less than 2 per cent defaults. 
The developer’s 3,311 lot settlements was 17 per cent higher than last year. It secured $2.7 billion in residential pre-sales.
Sydney was the strongest market for apartments, with prices holding stable and also rising while the pace was the slowest in Brisbane and Melbourne.
Mirvac said its statutory profit after tax increased by 13 per cent to $1.16 billion from $1.03 billion, helped by a rise in property values in the investment portfolio and strong operational earnings. 
Mirvac said it expects strong residential profits despite a forecast slowdown in apartment pre-sales and a drop in foreign buyer numbers.
“Buying at the right time and in the right locations has ensured we have strong embedded margins across a number of our residential development projects, particularly those in Sydney and Melbourne,” said Mirvac CEO  Susan Lloyd-Hurwitz. 
<a href="https://www.propertyobserver.com.au/images/2017/08/18/MirvacBuyerProfile.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/18/MirvacBuyerProfile.png" alt="">
“We also expect to benefit from the substantial investment in infrastructure the New South Wales and Victorian governments are making, with a number of our residential projects located near proposed major transport lines.”
Mirvac guided for an operating earnings per share of between 15.3 to 15.6 cpss for FY18, which represents an increase in earnings of between 6 to 8 per cent, and distribution guidance of 11.0 cpss, which represents DPS growth of 6 per cent. 
<a href="https://www.propertyobserver.com.au/images/2017/08/18/MirvacOperatingRes.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/18/MirvacOperatingRes.png" alt=""> 
Lloyd-Hurwitz concluded, “Our focused and disciplined urban strategy has consistently delivered stable earnings and distribution growth over the past few years, and we expect FY18 to be another successful year, driven by a secure yield from our high-quality, modern investment portfolio, embedded rental growth, and attractive returns from our high-quality development pipeline.
Shaw and Partners' analyst Peter Zuk was quoted by the Australian Financial Review as saying that Mirvac's growth outlook was "better than expected".
Zuk said strong settlement volumes eased fears on defaults while the group's Melbourne office pre-sales should generate strong profits. 
In June, Mirvac’s stock was downgraded to a "hold" by Deutsche Bank analysts, who say a likely slowdown in the apartment development market would hurt the company.
There could be a 20 per cent fall in new apartment project starts in the 2019 financial year.
Mirvac will make a full-year distribution of $386 million, representing a 10.4¢ stapled security, which is at the top end of guidance. 
 
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Mirvac reports record settlements, defaults below 2 percent

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Diversified developer Stockland expects deposit cancellation rates to stay below the long-term average and further improve in WA.
The developer’s forecast came at its earnings announcement for the year ended June 30.
Stockland made a higher higher-than-expected profit on the back of a record number of settlements for new residential lots and strong performance on the eastern seaboard.
Full-year revenue from ordinary activities was $2,744 million, up 17.9 percent. 
Net profit after tax attributable to security holders rose 34.4% to $1.2 billion.
Stockland said cancellation rates of deposits paid at the exchange of a conditional contracts were well below the long-term average of 13 per cent.
"The eastern seaboard at the moment is below 10 per cent and trending lower in Victoria, NSW and Queensland over the last 12 months," Stockland's head of residential Andrew Whitson was quoted as saying by the The Australian Financial Review.
He said deposit cancellations in WA had dropped to 20 per cent from 28 to 30 per cent a year back.
In Victoria, deposit cancellations stayed flat over the year at a "historically low" 5 per cent, Whitson said.
Analysts displayed cautious optimism.
"While consensus forecasts are likely to be revised higher the market may begin to question if this is as good as it gets given strong residential volumes, expanding margins and 3 per cent comparable retail funds from operations growth," Citi analyst David Lloyd wrote. "We believe this could be premature."
However, Whitson was upbeat, saying Stockland's expansion into the urban infill market extended its reach beyond the core house and land market.
"Traditionally, being a greenfield community developer, we've only touched about 15 per cent of the market," he said.
"But the other 85 per cent we're starting to talk to now. Our infill developments give us the opportunities to set the business up for further growth."
The developer recently confirmed its acquisition of a 3.3 hectare waterfront site at Hope Island for $13.5 million.
Stockland expects operating profit margin to pick up to 17 per cent before settling at a level above 15 per cent. 
Whitson said the outlook for cancellations was strong with further improvements in WA.
The WA improvement reflected a stabilisation of the housing market there and and a slight rise in sales is expected over the next 12 months, he said.
Some analysts were cautious, however.
"Stockland have a more favourable view on Perth than our expectations with prices to stay flat and volumes improve," UBS analyst Grant McCasker said.
"What we're seeing in WA is a better outlook for the WA economy in the next 12 months," he said.
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Stockland says deposit cancellations improve, expects WA to pick up 

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House and land developer Villa World said it had posted its fourth consecutive full-year profit growth.
It guided for a full-year profit after tax of $41.6 million for the 2017-18 financial year,  a growth of 10% over FY17 based on the assumptions that interest rates would stay low and first home buyer grants would remain in place.
Villa World said it made a statutory profit after tax of $37.8 million  for the financial year ended June 30, up 12 percent from the previous year.
Commenting on the results, CEO and managing director Craig Treasure said in an ASX announcement that Villa World’s strategy of maintaining a pipeline of projects, while also “diversifying both geographically and in our product mix within the residential house and land market”, had generated consistent cash flow for Villa World. 
The group said its impressive performance was because of its less exposure to investors, which brings in more volatility.
"We're isolated from a bank shutdown and we only have 20 per cent investors ... as far as international buyers go, there are very few," Treasure told The Australian Financial Review.  
<a href="https://www.propertyobserver.com.au/images/2017/08/16/VillaWorld.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/16/VillaWorld.png" alt="">
Villa World's steady sales, despite a low investor base, show there is a lot of demand left in the local owner-occupier market. 
The property group’s settlements of wholly owned lots rose to 1,116 from the previous year’s 1,073, though revenue from them was flat.
Queensland continued to be the biggest contributor to the group’s performance, making up 71% of sales, slightly down from FY16’s 74%. Victorian projects contributed 21% of sales while New South Wales made up the remaining 8%.
The company acquired 3,454 lots in the financial year in northern Brisbane, Logan, north-west and south-east Melbourne, which it said would provide product continuity for several years. 
The board has declared a fully franked dividend of 18.5¢ per share in 2017. 
Villa World acquires, develops and markets residential land and house and land estates across the east coast.
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Villa World profit up, expects solid 2018 on FHBs, low interest rates 

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Property group Dexus posted a modest 0.3 percent rise in net profit after tax for the financial year ended June 30, although the group expects strong performance in the office markets of Sydney and Melbourne.
The group said it had a positive outlook for the office markets in Sydney and Melbourne due to an increase in business confidence and full-time employment growth. Overall, Dexus is optimistic about the Australian economic outlook.
Dexus chief executive Darren Steinberg said the group takes a long term view and its strategy of office ownership and funds management had paid off.
“We have a positive outlook for FY18 with guidance for distribution per security growth of 4.0-4.5%,” he said.
Dexus said its distribution per security grew 4.5% during the year, while funds from operations rose 1.1% from the previous year to $617.7 million.
Net profit after tax was $1,264.2 million, up just 0.3% on FY16.
<a href="https://www.propertyobserver.com.au/images/2017/08/16/DexusPortfolio.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/16/DexusPortfolio.png" alt="">
It raised $500 million via an institutional placement to partly fund the acquisition of MLC Centre, Sydney, 100 Harris Street, Pyrmont and 90 Mills Road, Braeside.
In the office space, work has begun on 100 Mount Street, North Sydney and 105 Phillip Street, Parramatta. 
It also completed 125,600 sqm of industrial development leasing.
Steinberg said Brisbane and Perth have turned the corner, but the recovery in Perth will take time and depend on the performance of the local economy. 
“We expect to see further support for real estate values into FY18 as a result of the strength of property fundamentals in Sydney and Melbourne combined with persistent investment demand from global and local players attracted to the stable returns from quality well leased properties.”
The group will continue to focus on Australia's major cities.
<a href="https://www.propertyobserver.com.au/images/2017/08/16/DexusDrivers.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/16/DexusDrivers.png" alt="">
“Our market guidance for the 12 months ending 30 June 2018 is to deliver distribution per security growth of 4.0-4.5%,” said Steinberg. 
<a href="https://www.propertyobserver.com.au/images/2017/08/16/Dexus3.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/16/Dexus3.png" alt="">
Dexus manages an Australian property portfolio valued at $24.9 billion. The group owns or manages 21 Sydney CBD and CBD fringe assets valued at $8.7 billion.
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Dexus upbeat on office market growth in Sydney, Melbourne

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Developer Stockland said funds from operations for the financial year ended June 30 grew 8.5 percent to $802 million on the back of its residential projects though growth on the commercial side was moderate.
The residential business delivered an operating profit growth of 17.4 percent, while settling a record 6,604 lots in FY17.
It said more than 50 percent of net deposits were from first home buyers. 
The Victorian government recently approved Stockland’s plan to develop up to 5,000 new homes as part of its Mt. Atkinson project (above), 24 km from Melbourne’s CBD.
“Our Residential and Retirement Living businesses achieved record results, and Commercial Property delivered a good performance across the different asset classes, despite challenging conditions in the retail market,” said Stockland managing director and CEO Mark Steinert.
It also acquired 9,900 lots with the majority in Melbourne.
In the commercial property segment, Stockland said occupancy at its logistics and business parks increased to 99%. 
<a href="https://www.propertyobserver.com.au/images/2017/08/16/Stockland.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/08/16/Stockland.png" alt="">
“We continue to see growth in lifestyle and entertainment tenancies, particularly larger format operators such as JB Hi-Fi, Hoyts and Harris Scarfe, and we’ve recently confirmed that H&amp;M will open new stores at our Townsville and Rockhampton centres,” said CEO Commercial Property John Schroder.
The company expects positive economic conditions to continue, and interest rates to remain fairly stable. It will continue to focus on community projects and town centres. 
Stockland, which also owns and manages shopping centres, said its commercial property business should deliver moderate growth, with comparable FFO growth of 2-3 percent including comparable retail FFO growth of around 3%. 
“We will continue to invest, grow and remix our portfolio, increasing our focus on convenient and desirable town centres, with selected divestments funding much of this activity,” said Steinert. 
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Stockland posts profit, helped by residential projects, commercial muted

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Australiasia’s biggest property group, the Ray White Group, has recorded its biggest ever year with $44.7 billion in sales in 2016-17, up four per cent on the previous fiscal year.
The Ray White Group’s sales market share in Australia and New Zealand improved 0.15 per cent to 10.3 per cent in the year to June.
Ray White Group director Dan White said each of the 1000 businesses that make up the Ray White network were in markets experiencing different conditions.
“While we are happy about our record trading result, what was most pleasing was the overall improvement in profitability for the majority of our individual business owners,” Mr White said.
“Based on our 2016 financial year findings, our offices converted a 12 per cent increase in revenue to a 10 per cent increase in profit."
Ray White continues to list twice as many properties as the next biggest agency group and it remains the largest auction house in Australia and New Zealand with around 15 per cent of the market.
Ray White Group chairman Brian White said there had been much comment during the year regarding tight stock numbers but the Ray White network improved its market share.
“The performance of the property market in 2016-17 highlighted, once again, the critical role that property plays in the wealth of the Australasian community. Property is so important to the vibrancy of our communities,” Mr White said.
“One of the features of 2016-17 was the improved stability of many markets that had been so damaged in the post-mining boom, particularly in some parts of regional Australia.
“Obviously Sydney was a stand out market but the same can be said for Melbourne and Auckland.
“The Gold Coast is also pumping.
“There has been some exceptional growth in that market over the last year which may surprise some people.
“And our network in regional New South Wales has had a great year too.”
 
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j.ballantyne1990-6AQqhLzZaK

The Ray White property powerhouse reports record $44.7bn year

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Developer Stockland said its residential business was on track to meet its full-year target of more than 6,000 settlements and would post operating profit margins of 15-16 percent following the announcement of its third-quarter update.
The developer maintained its FY17 outlook for growth in funds from operations (FFO) per security of 6 percent to 7 percent. 
Stockland managing director and CEO Mark Steinert said the company made good progress in its core businesses.
“Our residential business is benefiting from our well-located projects in high growth corridors, our more diverse and affordable product mix, strong market conditions on the East Coast, and the stabilisation of the Perth market,” he said. 
Stockland said 77 percent of its buyers were owner occupiers in the March quarter while 54 percent were first home buyers.
Its residential business achieved 1,891 net deposits in the quarter and 5,984 net deposits in the financial year to date, compared to a total of 4,844 net deposits up to the corresponding point in time last year. Its 
“We remain focused on providing affordable housing solutions for our customers,” Steinert said. “On average, prices for our house and land packages are more than 15% below the established house prices in the surrounding trade area. 
Stockland said it expected to achieve a FY17 Distribution Per Security (DPS) of 25.5 cents, based on the higher of Total Trust Income (TTI) or 75 – 85 percent of FFO, up 4.1 percent on FY16. 
“In our retirement living business, our resale values are benefitting from the quality of our villages and the strength of the broader residential market. We will continue to improve our long term returns by focusing on new development and the provision of additional services to our residents.” 
Stockland’s retirement living business had 244 net reservations in the quarter and was in line with internal forecasts, it said. 
It said retail had a relatively flat quarter, with our figures impacted by Easter and the Victorian and Queensland school holidays falling in April. 
“We encountered the same headwinds that are affecting the sector with some retail price deflation, above average retailer administrations and a weak start to the calendar year for discount department stores,” Steinert said.
“We’ve continued to invest in our portfolio and remix the centres to deliver good growth of 2.7 percent in specialty sales per square metre across our comparable shopping centre portfolio. Total comparable annual sales across all retail categories were relatively flat at -0.2 percent. We remain on track to achieve Retail FFO growth in line with our guidance of 3 – 4 percent for the full year, driven primarily by specialty stores. 
“We’ve also maintained our momentum in the development and leasing of our logistics and business parks, and our predominantly Sydney-based office portfolio performed strongly,” Steinert added. 
Stockland acquisitions and development update – 3Q17 (and post-date) 
-  Acquired 77 hectares in Craigieburn West to extend Highlands community
-  Acquired 11.5 hectare townhouse development site at Braybrook, 10 km west of Melbourne CBD
-  Commenced construction of Stamford Park townhouse and apartment development at Rowville, 26 km south east of the Melbourne CBD
-  Launched Edgebrook residential community at Clyde North, south east Melbourne
-  Completed Stage One of the $412 million redevelopment and expansion of Stockland Green Hills Shopping Centre
-  Completed and opened the $30 million Stockland Kensington Shopping Centre in Bundaberg
-  Achieved practical completion of Oakleigh Logistics Facility, Stage Two, Melbourne
-  Commenced construction of Warwick Farm Logistics Facility, Sydney
-  Completed and opened Stage Two of The Residences, Cardinal Freeman, comprising a new clubhouse and 40 apartments, with all but one apartment pre-reserved
Stockland recently listed a 22,800sqm retail development site in its residential community south of Brisbane, Pallara.
 
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