<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Joel Robinson

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

By the time S&amp;S Projects began planning <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia</a>, the developer already had three Rainbow Bay projects from which to draw.

Flow, Awaken and Esprit had given <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a> experience developing in the southern Gold Coast enclave, as well as buyer feedback that could be carried into its fourth project, a boutique collection of 38 residences at 271 Boundary Street.

“We have experienced a lot of success in this location and as this was our fourth building we had taken all of the learnings and buyer feedback from previous projects to arrive at a design and apartment mix that we believe had captured all of that experience and remained a true S&amp;S Project in its design and amenity,” the developer said.

That experience has translated into a collection of two, three, four and five-bedroom residences including two penthouses positioned on an elevated corner in Rainbow Bay, where the site opens to multiple coastal view corridors and the area's distinctive north-facing bay.

[smartcode_project:default project_id=140491 project_image_fid=284542]

S&amp;S Projects says the Boundary Street site took years to assemble, having previously comprised six units, a house and a duplex. The developer worked individually with the existing owners to bring the properties together after an earlier attempt to sell the site had been complicated by the number of parties involved.

“We are constantly looking for properties that meet our brand standards of location, views, and sites that are rare with unique aspects that we can develop to maximise the lifestyle of residents who live in our buildings,” S&amp;S Projects said.

The Boundary Street site gave <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a> a different set of conditions to work with.&nbsp;

“Our design brief was to design a building that took advantage of its unique elevated corner siting offering a range of spectacular view corridor opportunities,” Cottee Parker said.

“The design had to reinforce the strong brand pillars of S&amp;S which are quality, luxury and superior resident amenity.”

[smartcode_project:default project_id=140491 project_image_fid=284543]

Cottee Parker responded with a sculptural floorplate and strong horizontal banding, with continuous balconies and landscaped planters wrapping the building. Operable screens along the balcony edges allow residents to manage light and shade while creating an additional layer of pattern across the facade.

The tower rises above a heavily landscaped podium incorporating the entry lobby and recreational level, while the broader architectural expression takes cues from Rainbow Bay's coastal environment through its organic forms and light material palette.

Cottee Parker says the design has also been developed to complement S&amp;S Projects’ three previous Rainbow Bay developments while retaining its own architectural identity.

Inside, the residences continue that coastal response through two interior schemes centred on warm timbers and neutral tones, alongside patterned natural stone and fluted detailing.

Floor-to-ceiling sliding glass doors connect open-plan living areas to wraparound balconies, while natural stone is used across benchtops, splashbacks and bathroom walls. Specifications also include light-washed timber flooring, gas fireplaces, integrated bar and wine fridges, freestanding stone baths and 100 per cent wool carpet.

[smartcode_project:default project_id=140491 project_image_fid=284559]

Cottee Parker Director Sandra Brown said the intention was to create an architectural response closely connected to its surroundings.

“Imagine architecture that breathes with the rhythm of nature, where every curve and line flows seamlessly – creating spaces that dance with the elements, where sunlight kisses every surface and the gentle sea breeze fills every space,” Brown said.

The lessons S&amp;S Projects carried into Radia also extend to its resident amenity, with a substantial collection of shared facilities planned for just 38 residences.

A dedicated Residents Club will include a lap pool and spa, gymnasium, ice bath, sauna, steam room and hot rocks sauna. A residents' lounge, private dining room, outdoor dining and barbecue area and business centre are also planned, along with storage and dedicated surfboard and beach lockers.

S&amp;S Projects Founding Director Paul Gedoun said the facilities were also designed around the project's Rainbow Bay setting.

“Each amenity is designed to capitalise on the lifestyle of Rainbow Bay, ensuring residents can enjoy the relaxed coastal experience the enclave is famous for,” Gedoun said.

[smartcode_project:default project_id=140491 project_image_fid=284555]

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> says purchasers to date have predominantly included local downsizers, interstate lifestyle investors and families, alongside a strong contingent of repeat S&amp;S purchasers.&nbsp;

According to the project sales team, feedback has centred on the natural stone and joinery, generous floorplans, natural light and the ability for residences to capture views in multiple directions. The completed Flow, Awaken and Esprit developments have also provided prospective purchasers with an existing reference point for S&amp;S Projects' delivery in Rainbow Bay.

There has also been interest from high-profile surfers and people connected to the surf community, with the elevated building providing outlooks towards several of the area's recognised surf breaks.

Radia continues S&amp;S Projects' concentration of development in a tightly held part of the southern Gold Coast, close to Rainbow Bay Beach, Snapper Rocks, Duranbah Beach, Greenmount Beach and the Tweed River. The neighbourhood also includes a growing collection of hospitality venues, while Coolangatta Airport provides connections beyond the southern Gold Coast.

Hutchinson Builders is now delivering Radia, continuing the project from early works privately funded by S&amp;S Projects. The $250 million development is expected to reach completion in the third quarter of 2027.

“With our history in Rainbow Bay, we have been fortunate to be heavily involved in how the development landscape has unfolded and this project slides into the property landscape comfortably and will feel like it was always there,” the developer said.

[smartcode_project_cta:default project_id=140491]

How three Rainbow Bay projects shaped S&S Projects' fourth, Radia

Nearly 40 years after <a href="https://www.apartments.com.au/developers/sheida-group">The Sheida Group</a> began working on the northern Gold Coast, the family-owned developer is continuing its involvement in Hope Island with Marina Point Apartments, where apartment scale has been a central part of the development.

Across the 235-apartment waterfront community, the developer has prioritised larger floorplans, substantial open space and marina access, responding to a purchaser base that has predominantly comprised local owner-occupiers and downsizers moving from larger homes.

"Having already delivered Anchorage nearby, we also understood this particular market and how people live here," developer Rick Sheida said.

"<a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Marina Point&nbsp;Apartments</a> gave us the opportunity to build on those lessons and create the next evolution of our work in Hope Island."

[smartcode_project:default project_id=136992 project_image_fid=293151]

The Sheida Group acquired the Marina Point land around 2018. Its appeal, Sheida says, went beyond having a waterfront address.

"What attracted us was not simply that the site was waterfront, but the way it meets the water," he said.

"It sits at the junction of broad waterways, creating long sightlines, changing views and a sense of movement throughout the day. Its shape also allowed us to orient the buildings outward, improve privacy between residences and make better use of natural light and breezes."

The buildings have subsequently been positioned around the perimeter of the site, allowing most apartments to take in water views while others look across the resort amenity or hinterland. Once all four buildings are complete, approximately one hectare of the site is expected to remain as open space.

The waterfront also provides the potential for up to 50 marina berths, with berths ranging from 15 to 24 metres and options designed to accommodate wider vessels including catamarans. Access from the marina to the Gold Coast Seaway is bridge-free.

[smartcode_project:default project_id=136992 project_image_fid=293149]

The developer says purchasers to date have predominantly been owner-occupiers and downsizers from <a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Hope Island</a> and elsewhere on the Gold Coast, generally aged between 45 and 70. Many have sold larger family homes or properties requiring significant upkeep.

That purchaser profile informed a design brief centred on retaining the space and functionality of a larger home within an apartment format.

"Many of our buyers are coming from large, well-appointed homes in Sanctuary Cove and the surrounding area," the project team said.

"They are accustomed to generous spaces and thoughtful design, so it was important that the apartments delivered the same sense of comfort and functionality.

"Every room needed to feel well proportioned, every space needed a clear purpose and nothing could feel compromised."

Residences range from 139 sqm through to 319 sqm penthouses, with two car spaces provided to apartments and three to penthouses. Minimum 2.7-metre ceilings, floor-to-ceiling glazing, entertainer's kitchens with butler's pantries, substantial storage and balconies ranging from 18 sqm to 37 sqm further reflect the emphasis on space.

One purchaser from Sanctuary Cove has taken the concept further, combining two of Marina Point's largest apartments to create a 552 sqm residence with raked ceilings reaching up to 4.5 metres.

[smartcode_project:default project_id=136992 project_image_fid=293155]

With Building 1 now complete, the developer is also seeing its original design assumptions tested against purchaser feedback.

Three completed display residences allow prospective purchasers to compare apartment sizes, layouts, finishes and outlooks in person. The sales team says one of the most consistent responses has been to the scale of the apartments, with visitors describing them as feeling more like homes than conventional apartments.

The first stage of resident amenity is also operational, including a 25-metre heated lap pool, Technogym-equipped gym, infrared sauna, golf simulator and yoga room. Future facilities are set to include a resort-style pool and spa, waterfront barbecue area and a residents' lounge with a library, fireplace, pool table, kitchen and bar.

Rather than treating the four buildings independently, the design brief called for a complete waterfront neighbourhood, balancing private residences with landscaping, open space, marina access and shared amenity.

[smartcode_project:default project_id=136992 project_image_fid=293152]

For Sheida, Marina Point Apartments is ultimately an extension of the developer's longer-term involvement in Hope Island and its view of how the suburb is evolving.

"We were equally interested in the long-term future of Hope Island," he said.

"Its position between Brisbane and the central Gold Coast gives residents access to both, while improving transport connections are making the northern Gold Coast increasingly attractive as a permanent place to live."

Hope Island Marketplace is 1.3 kilometres from Marina Point, while Sanctuary Cove and Paradise Point are within six kilometres. Links Hope Island, The Pines and The Palms golf courses are also nearby, and the new Hope Island train station is under construction around five kilometres from the development.

Building 2 is under construction, with completion scheduled for 2027.

[smartcode_project_cta:default project_id=136992]

Marina Point Apartments continues The Sheida Group's 40-year Hope Island story

Sydney-based fund manager and developer EG is seeking to turn part of the former Roche pharmaceutical campus in Cromer into a 130-home residential community, introducing a mix of low-rise apartments, townhouses and duplexes to the tightly held Northern Beaches market.

The SJB-designed masterplan has been prepared for the 3.2-hectare site at <a href="https://www.apartments.com.au/new-apartments/100-south-creek-road-cromer-nsw-2099">100 South Creek Road</a>, part of the former Roche landholding that EG acquired for $55 million in 2017 through its Yield Plus Infrastructure Fund No. 2.

EG is proposing what SJB describes as a new "urban village" set within the site's significant existing tree canopy.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="482c9a58-49f1-4c53-a12e-aaa02336229f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.20.57%E2%80%AFAM.png?VersionId=hZP8_XfPnfNq500dbcjlpVwYU1ebhF9_" />

Around three hectares of the site is considered developable, with the balance incorporating a riparian corridor that would be rehabilitated and revegetated as part of the proposal.

The indicative masterplan comprises approximately 72 apartments in low-rise residential buildings and another 58 townhouses and duplexes.

The apartment component would include around five one-bedroom, 37 two-bedroom and 30 three-bedroom residences, while the townhouse and duplex component would be spread across several different housing typologies. The overall scheme would deliver around 19,500 sqm of gross floor area at an FSR of 0.6:1.

Parking for the apartment component is currently estimated at around 112 resident spaces and 14 visitor spaces, while the townhouse and duplex component would have 116 resident and 12 visitor spaces.

A significant part of the masterplan revolves around retaining the established landscape character of the former Roche campus.

SJB's plans show heavily treed setbacks along both Campbell Avenue and South Creek Road, a centrally located collection of significant native and exotic trees retained as communal open space, and the regeneration of the northern bushland area.

The existing creek corridor along the site's western edge would also be rehabilitated and revegetated, creating additional separation between the new homes and the neighbouring Northern Beaches Business Park.

A heritage-listed cottage and its garden setting would be retained and restored, with SJB flagging its potential adaptive reuse as communal space.

The proposal also includes new communal recreation areas, pedestrian connections to Campbell Avenue and South Creek Road, and a contribution toward improvements to the adjoining Michele Reserve.

Vehicular access would be restricted to South Creek Road, with no vehicle entry proposed from Campbell Avenue. The main internal road would largely follow the site's existing driveway to minimise the impact on established trees.

SJB said residential redevelopment presented an opportunity to retain the majority of the site's heritage-listed mature trees while delivering a broader range of housing types than typically seen across the Northern Beaches.

"The site being 3.27 hectares in area represents one of the largest vacant sites in common ownership in the Cromer and Dee Why area capable of residential renewal," SJB noted in the masterplan.

The architect said the proposal would particularly target housing diversity through townhouses and other "missing middle" typologies suitable for singles, young families, downsizers and retirees.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="e3f5d841-8491-427e-8ada-c70d3d03d6bc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.21.02%E2%80%AFAM.png?VersionId=xTV7r.q8lrTzC9vKzMS9zMbjm9wKwhgm" />

The site emerged following the subdivision of the former Roche campus into eastern and western parcels.

EG has already transformed the western portion into the Northern Beaches Business Park, which incorporates heritage-listed office space, modern warehouses and indoor recreation facilities.

The proposed residential community, referred to as Cromer East in SJB's plans, adjoins established housing to the north, east and south-east, while the business park sits beyond the creek corridor to the west.

It is also within 250 metres of Pittwater House School and Northern Beaches Secondary College, while bus stops within a three-to-five-minute walk provide connections to Dee Why, Brookvale and express services to the Sydney CBD. Cromer Park and the South Creek open space corridor are also nearby.

EG acquired the broader 7.5-hectare former Roche campus in 2017 for $55 million through its Yield Plus Infrastructure Fund No. 2. The campus at the time comprised more than 25,000 sqm of industrial and office buildings set within landscaped grounds.

The current residential site represents the eastern portion of that original holding.

EG's investment strategy for the fund has centred on acquiring income-producing real estate with longer-term rezoning and repositioning potential, particularly assets benefiting from infrastructure and changing land-use patterns.

EG also has an established residential track record across Sydney, including Bosco in Five Dock, Tempo in Drummoyne, The Flour Mill in Summer Hill and Pindari in Randwick.

The developer says it has delivered more than 1,000 homes to date, with a further 3,000-plus residences across its development pipeline.

First look: EG plans 130 apartments on former Roche pharmaceutical campus in Cromer

<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Ipswich

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The St Ives Shopping Centre in East Ipswich, southwest of Brisbane, has sold to the Sydney-based Mintus for $30,450,000.
The deal, negotiated by Savills agents Peter and Jon Tyson in conjunction with Shane Sax of Pace Property, included six adjacent properties.
The 38,200 square metre shopping centre with parking for over 500 cars includes a Woolworths as well as food outlets including Domino's, Red Rooster and Subway.
There are 49 speciality tenants in total.
Jon Tyson said that the sale followed an expressions of interest campaign conducted late last year.
"The centre attracted strong interest from the market. The sale was well contested resulting in multiple bids, primarily from private investors," he said.
The main centre was marketed with six adjoining properties included an 11 shop strip retail centre, two freestanding commercial buildings, two vacant mixed use development sites and a vacant house, each on separate titles.
The combined sites total over 6.25 hectares, situated alongside the Ipswich Motorway in Brisbane's western growth corridor. The Woolworths Supermarket is the only full line supermarket in an expansive trade area.
Peter Tyson said that the St Ives Shopping Centre and the adjoining holdings were amalgamated over many years.
“The Centre has been tightly held with the transaction following over two decades of ownership by the same group," Tyson said.
"Buyers were attracted to the value-add potential of the large scale land holding which featured significant embedded real estate value and a flexible "Major Centres" zoning which allows for mixed use development up to 12 storeys.”
Mintus director Mel Hazzouri said that the St Ives Shopping Centre and its land holding was the perfect fit for their portfolio.  
“The centre allows for plenty of value add and redevelopment for the future. We look forward to significantly adding value in the short term, working with the retailers and the community to bring St Ives back to its full potential,” Hazzouri said
“The market is showing ongoing demand in early 2018, with tighter stock levels expected to ensure competition from cashed up investors and drive momentum well into the New Year,” Tyson said.
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jonathanchancellor-7SQnKwU6yx

East Ipswich shopping centre sells for over $30 million

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Last weekend's Ipswich offering of 38 Bassett Lane, Rosewood was the nation's cheapest capital city result.
The <a href="https://www.realestate.com.au/property-house-qld-rosewood-127285694" target="_blank">38 Bassett Lane</a> five bedroom house on 1320 sqm sold for $200,000.
It had traded at $315,000 in pre-gfc 2008.
Vacant land nearby sold at $160,000 recently, just $100 more than its $159,900 in 2010 for the 850 sqm 48 Upper John Street offering.
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j.ballantyne1990-6AQqhLzZaK

Nations cheapest auction sale goes backwards in price

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When compared to Brisbane, Ipswich is relatively affordable, according to Herron Todd White’s latest July report.
The property data firm says that $500,000 can buy you property in a well established Ipswich area.
“Ipswich is a relatively affordable market, particularly in comparison to nearby Brisbane, therefore a lazy half million could buy you a semi renovated character style home in an established area of Ipswich or a modern house and land package on circa 500 square metres in a new estate.
“However we would be more inclined to seek the larger block of land with the character home in the established older suburb of Ipswich as the better performing property in the region.
“At this price point you could afford to purchase two properties in the Ipswich area, however a single property of the highest quality possible is more desirable, with features such as large land and character style home.
“This price point is likely to remain relatively stagnant in the short to medium term in line with the broader market for Brisbane.
“The market remains relatively affordable with rental returns in the order of 5% gross.
“Should there be improvement in interstate migration, this could in turn have a positive impact on the Ipswich market.
“A newly renovated four bedroom house at <a href="https://www.realestate.com.au/property-house-qld-brassall-125908930" target="_blank">76 Bradfield Drive</a>, Brassall (above) has been listed for $549,000.
“Built in 1996 it was last sold in 2013 for $469,000 while the land was sold in 1995 for $43,000.
“Similarly a newly renovated four bedroom house at <a href="https://www.realestate.com.au/property-house-qld-camira-125538654" target="_blank">102 Meier Road</a>, Camira (below) has been listed for $569,000.
It was last sold in 2004 for $215,000,” the report stated.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/11/102%20Meier%20Road.jpg" alt="">
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Ipswich more affordable than Brisbane: HTW

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Renovation flipping in Ipswich property market is not a dominating factor, according to Herron Todd White’s (HTW) latest report.
The property investment firm says that owner-occupiers make up the majority of renovators.
“The renovation revolution is an element of the Ipswich property market, however by no means a dominant activity,” the report stated.
“The majority of renovators are owner-occupiers.
“Ipswich is a price sensitive market and accordingly home owners should be very mindful of expenditure versus added value.
“For that reason the majority of renovations in this location are limited to painting, a new bathroom, new kitchen and floor coverings.
“With the low price point of units in the Ipswich market, it is somewhat difficult to undertake renovation projects with a view to capitalising on works completed.”
HTW comments that popular and highly regarded areas are where renovations are more likely to occur.
“The suburbs of Ipswich that contain a number of character dwellings are typically the most popular and more highly regarded areas in which to undertake renovations,” the report commented.
“These include Woodend, Saddliers Crossing, East Ipswich, Newtown and Ipswich Central.”
Presentation of the property are the primary aim of renovations HTW says.
“The most prudent approach is to undertake renovations that enhance the presentation of the property,” the report advised.
“For example some minor carpentry work and painting can convert a residence with enclosed verandah to something that resembles a typical character dwelling that is very welcoming and has enhanced street appeal.
“Painting throughout, floor coverings and modern kitchen and bathrooms are always the best for achieving capital value improvement.
“We would however recommend staying away from locations that do not typically attract renovators and that generally comprise dated or original housing.
“It is difficult to achieve top price for your renovated property when so many around you are well below the standard. This often leads to over capitalising.
“The most important component of buying and renovating, particularly in a price sensitive area such as Ipswich, is the purchase price.
“Astute buying is so often where risk can be somewhat nullified to place yourself in the best possible position.”
A renovation-ready two bedroom house at <a href="https://www.realestate.com.au/property-house-qld-east+ipswich-124689670" target="_blank">49 Blackall Street</a>, East Ipswich (above) has been listed for $209,000.
Similarly a four bedroom ready for renovation at <a href="https://www.realestate.com.au/property-house-qld-woodend-125707854" target="_blank">8 Pryde Street</a>, Woodend (below) has been listed for sale.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/20/8%20Pryde%20Street.jpg" alt="">
A three bedroom Queenslander, <a href="https://www.domain.com.au/31-salisbury-road-ipswich-qld-4305-2013626041" target="_blank">31 Salisbury Road, Ipswich</a> (below) is on the market with expectations above $455,000.
<img src="https://www.urban.com.au/images/2017/06/23/Screen%20Shot%202017-06-23%20at%2010.26.06%20AM.png" alt="">
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Majority of Ipswich renovators are owner-occupiers: HTW

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The first stage of a $180 million master-planned residential village in the rapidly growing Ripley Valley region in the Ipswich growth corridor of South East Queensland has attracted strong demand, with more than 50 percent of lots already under contract.
Monterea Ripley residential village is the newest land release and will feature 900 home sites on a land area of approximately 146 acres within the picturesque Ripley Valley.
Ray White Land Marketing Director Jamie Martin said significant sales have been achieved in the first stage of the project, with particularly strong interest from local buyers.
“The enthusiasm for Monterea Ripley has been very pleasing and we have already sold more than 50 per cent of the 53 lots available,” Mr Martin said.
“The land prices start from $166,000 and lots range in size from 300 sqm to 523 sqm. We have had keen interest from local buyers, especially first home buyers wanting to secure the $20,000 first home buyers grant before the June 30 deadline.
“Buyers were asking for a value proposition and Monterea Ripley has answered by giving buyers a good range of lot sizes and affordability in the Ripley Valley.”
Mr Martin said stage two of the development is about to commence construction of another 53 lots, while a new five-acre parkland is nearing completion.
The park will be known as John Michels Reserve and will feature lush corridors of over 30,000 new plantings.
“Monterea Ripley's Green Space Master Plan will dedicate more than 22 acres to green open space,” he said.
“The market appetite for affordable lots in a high-quality master-planned village which features large areas of parklands, close to recreational and retail amenities including sporting ovals, supermarket, cafes and retail specialities has been a major attraction for buyers.”
Latest data from the Queensland Statisticians Office for the year to September 2016 has identified the Ipswich City region as having a record 1,813 vacant lot sales.
“Values achieved have shown considerable uplift growing 5.50 per cent over this last year on a per sqm basis although keeping an affordable median of $195,000,” Mr Martin said.
“The region also boasts its highest lot registrations on record over this 12-month period with a total of 2,504 standard lots, which highlights the ongoing demand in this location.
There is a strong pipeline of supply which will assist in keeping affordability in check with this annual period (to September 2016) recording an additional 3,188 lots approved across 96 projects, bringing the total closing stock level for Ipswich City at 15,270 lots.”
Monterea Ripley forms an integral part of the Monterea Neighbourhood Village and will be located directly next door to a proposed 8,000 sqm shopping centre including a major supermarket, speciality retail shops and commercial precinct with a total of 636 car parks.
About 120,000 people are expected to call the Ripley Valley home over the next 20 years and construction is underway on the $1.5 billion Ripley Town Centre.
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Strong demand for Monterea Ripley

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The Gold Coast sits at the peak of the market on the unit property clock, according to Herron Todd White’s latest report.
The property valuation firm says there are also five other locations at their peak.
<a href="https://www.propertyobserver.com.au/images/2017/05/03/Screen%20Shot%202017-05-03%20at%201.30.35%20pm.jpg" target="_blank">Click to enlarge</a>
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Sydney is a rising once again.
Meanwhile Melbourne, Coffs Harbour and the Gold Coast remain at their peak.
Last month Property Observer reported on Sydney joining Melbourne at the peak of the housing market.
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The Gold Coast new apartment market recorded 255 unconditional sales in the March 2017 quarter, according to the latest research by property consultants Urbis.
It was a decline on the previous quarter’s sales,  Urbis Senior Consultant Lynda Campbell noted.
She added the Gold Coast apartment market was no longer centred on beach front locations.
“Coastal Fringe suburbs such as Robina, Varsity Lakes, Ashmore and Benowa offer buyers easy access to transport and amenity including shopping centres, university, hospitals – all within easy reach of the beaches the Gold Coast is famous for. On top of that, the lower price point makes this precinct very attractive for both investors and owner occupiers.”
The Gold Coast weighted average sale price across the four precincts decreased by $21,752 from the previous quarter, registering $632,171 – however annually a price increase of 5.9 per cent was recorded.
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“The Coastal Fringe Precinct recorded the lowest weighted average sale price at $473,165, highlighting its affordability and boosting sales in the area,” Ms Campbell said.
For the fifth time in two years the Coastal Fringe Precinct has been the highest performer.
In the March 2017 quarter, 113 sales were recorded in the Coastal Fringe Precinct – this is 44 per cent of total sales.
As well as a move away from the traditionally beach front located high rise precincts, this quarter saw medium rise projects dominate, with medium rise sales out-performing high rise sales by 25 per cent. Sixty-two per cent of medium rise projects are in the Coastal Fringe Precinct.
Only 1,373 apartments remain available for sale at the end of March 2017, which equates to one year’s supply at the current annual sales rate.
“The Gold Coast apartment market is maintaining a good balance of supply and demand,” Ms Campbell said.
“In the March 2017 quarter, four new projects were launched and four projects sold out.”
Once again, two-bedroom apartments dominated the market, making up 74 per cent of total sales, she noted.
The proportion of three-bedroom-plus product dropped to 13 per cent of total sales – equalling one-bedroom product sales.
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Gold Coast apartment market peaking: May HTW Clock

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House and land packages at Sovereign Pocket, Deebing Heights, 10 minutes from Ipswich CBD, are on the market from between $150,900-$472,900.
The Stockland development has a range of land sizes available over 700sqm.
Surrounded by homes built by Queensland’s best builders residents will be able to enjoy the central park, its play equipment and BBQ facilities.
Great shopping and public transport are just around the corner.
Six homes, such as the one above, have already been built and are available on the on-site display village.
One home, <a href="https://www.realestate.com.au/property-house-qld-deebing+heights-124362482" target="_blank">50 Currawong St Deebing Heights</a> (above), is built by Bold and is on 498 sqm. It is on the market for $449,000.
Lot 557, Gem 138, is a <a href="https://www.realestate.com.au/property-house-qld-deebing+heights-124886890" target="_blank">three bedroom home</a> (below) on 280sqm and is on the market for $328,917.
<img src="https://www.urban.com.au/images/2017/03/3/Screen%20Shot%202017-03-03%20at%208.15.17%20AM.png" alt="">
CorelLogic estimate the median price of a home in Deebing Heights in 2016 was $385,000.
For more information, <a href="https://www.stockland.com.au/residential/qld/sovereign-pocket/life-at-sovereign-pocket" target="_blank">click here</a>.
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Affordable house and land in Deebing Heights now available

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Newly unveiled plans for Bellbird Park’s first off-lead dog park in AVID Property Group’s Brentwood Forest will have tails unanimously wagging across the Greater Springfield and Ipswich regions.
The 1,600 square metre, fully-fenced puppy friendly space, to be completed late-2017, will form part of the new 1.3 hectare park being delivered by AVID Property Group and will be one of the largest off-lead dog parks in the Greater Springfield and Ipswich regions.
AVID general manager Bruce Harper said Ipswich City Council was supportive of AVID’s plans for the park.
“Council has been extremely supportive of our plans for the park as they understand the significant health, social and economic benefits dog parks like this one bring,” he said.
“The park will help cater for the needs of the more than 28,000 registered dogs in the region, and with only 14 other off-lead dog parks in the Ipswich local government area, we expect the park will be welcomed by pet loving locals.”
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/23/Dog%20Park%20Render%202.jpg" alt="">
“The community will also be able to access a range of sports, fitness and kids play facilities that will form part of the new broader $1.2 million dollar park planned for Brentwood Forest.”
The park will be located on the doorstep of approximately 1,200 residents already living at Brentwood Forest.
Brentwood Forest’s latest Magpie land release includes blocks with sizes ranging from an easy care 250 square metre to 563 square metre family sized blocks.
The latest Tempo Living house and land release offers architecturally designed homes as turnkey packages at fixed prices.
Land prices at Brentwood start from just $169,000 while Tempo Living house and land packages start from just $302,215.
Brentwood Forest is also home to newly opened high school - Bellbird Park State Secondary College - and has also welcomed plans for a proposed new child care centre within the community, expected to open in late-2017.
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Brentwood Forest to become home to Bellbird Park’s first off-lead dog park

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A shortage of land in Queensland continues to fuel strong buyer interest in new residential communities.
Some $14 million in contracts were secured recently at the Waterlea Walloon community near Ipswich.
The $350 million, 1,500-lot masterplanned community was launched on November 4.
It has now sold more than 90 lots.
Waterlea Development Manager Andrew Cook said the initial demand for the community had been overwhelming with strong interest from the local Walloon community and wider Ipswich area.
“Families have been drawn to the large blocks at Walloon where the average lot size is more than 680 sqm,” he said. 
A full suite of transport, employment, local shopping, restaurants and lifestyle pursuits are offered at the established town of Walloon, he said.
<img src="/images/2016/11/23/Waterlea%20-%20District%20Park.jpg" alt="">
Waterlea is being marketed by leading property services group Oliver Hume.
Oliver Hume Joint Managing Director Queensland Brinton Keath said the bulk of early sales at the estate were the result of substantial interest from local buyers.
Ipswich Mayor Paul Pisasale launched Waterlea Walloon.
<img src="/images/2016/11/23/Waterlea%20-%20Wide%20Angle%20Aerial.jpg" alt="">
The community is located 10 minutes from RAAF Base Amberley which is set to undergo a $1.5 billion upgrade.
The first precinct of Waterlea Walloon, consisting of 300 homes, will be complete by the end of next year, with the next 1,200 lots to be rolled out over the next five years.
Waterlea is located on Rohl Rd, Walloon, and is open for inspection daily from 10am-5pm. Visit <a href="https://www.waterlea.com.au" target="_blank">www.waterlea.com.au</a>.
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New Ipswich community Waterlea Walloon locks in $14 million of sales

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Private property group Citimark has broken ground  on its landmark $85 million Silkstone urban renewal project in Ipswich.
The 14-hectare site, located just 2km from the Ipswich CBD, will comprise a shopping centre, an affordable residential community and parkland.
More than 75 percent of the first residential stage has sold since Citimark secured development approval earlier this year.
Citimark joint managing director Angus Johnson said the start of construction this month represented an exciting milestone for the project.
“Following months of preparation we’ve begun the construction phase on what is one of the most significant residential projects underway in Silkstone,” he said.
“It is a key part of the suburb’s wider rejuvenation and transformation.”  
The community will boast a 4,950sqm state-of-the-art neighborhood shopping centre, a 140-lot housing subdivision, known as Silkstone Residences and six hectares of parkland and sporting grounds, which will be returned to the community as part of the development.
Builders Urbane Homes and QNV Constructions have been appointed to construct the residential element, with Hutchinson Builders awarded the shopping centre contract.
Mr Johnson said the combination of a quality development, convenience and attractive price point was a major draw card for discerning buyers.
“There has been strong pre-sales from local buyers, he said.
 “Silkstone Residences is affordably priced with a high standard of fixtures and finishes that are unparalleled by other developments in the area.
 “The project’s premium location and its proximity to amenities and transport have resonated with buyers.”
The shopping centre will have a 4200sqm full-line Coles supermarket with on-grade parking for 275 vehicles.
The centre will also comprise a mall, food court and central garden-themed atrium, with its fit-out to reflect the heritage of the suburb, designed by award-winning architects Cottee Parker. 
Silkstone Residences will feature 91 traditional houses and 49 terrace homes on lots ranging in size from 185sqm to 500sqm.
All of the homes and terraces will have four bedrooms, two bathrooms and include air conditioning, alfresco verandas, stone benchtops and double lock-up garages, with house and land packages starting from $329,000.
The community will feature tree-lined streets, significant landscaping incorporating native trees, and sweeping parkland views.
For more information <a href="https://citimark.com.au/projects/silkstone-residences-prj-39" target="_blank">click here</a>.
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