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

Joel Robinson

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

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

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

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

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

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

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

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

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

Mcgrath

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While McGrath has improved its market share during FY16 in around two thirds of the localities it serves, the vendor hibernation had caught the listed estate agency by surprise.
That was the major takeout from the first annual general meeting held by the listed ASX company.
But the issuing stockbroker Bell Potter expressed disappointment at the paucity of guidance.
The share price hovers at near lows.
Bell Potter said no trading update or guidance was provided at the company’s first AGM as a listed company.
"We were hoping or expecting that at least one would be provided," Bell Potter analyst Chris Savage noted.
"It is therefore somewhat disappointing that neither has been provided and this obviously does not help with regard to short term earnings visibility."
Bell Potter also noted there was also "no mention of potential staff departures which has been mentioned in the press."
The issue however came up with shareholder questions.
When questioned on why two key executives, Matt Lahood and Steven Chen, had departed recently, the chief executive Cameron Judson said the two men "wanted a change after 20 years in the business".
The chairman Cass O'Connor advised the company had experienced unprecedented market conditions.
"Our first-half performance was on budget. Then, it was as though every vendor woke up in the New Year and made a resolution not to sell," she said.
"Listing volumes as a per cent of total property stock are currently at levels we have not seen since the data set began ... We share your disappointment."
She told investors at the McGrath shareholder meeting on Wednesday that rocketing real estate prices have created "an environment in which vendors are reticent to sell, fearing they will not get back into the market."
She cited data showing volumes as a percentage of total property stock are at levels not seen since the industry started collecting the data. 
In 2005 homeowners in Australia's capital cities would move every 6.7 years - today that is 10.7 years, said Ms O'Connor.
For apartments it was every 5.9 years, which was now nine years. 
Its founder and executive director John McGrath was confident property listings would pick up early in 2017, confident the listing drought would not be permanent.
Though he was of the view things would improve post the July federal election.
"I was of the view things would improve post election, but it didn't.
"We are seeing anecdotally it will improve early in the year," he said.
Mr McGrath also said state governments had a responsibility to fix the reluctance of homeowner to sell given stamp duty costs.
On its first day of trading, the $2.10 share price fell to $1.83. Then in April, due to falling listings and concern about a residential price bubble, the price lowered to 90¢.
It has since bounced around this level. 
Bell Potter noted its had recently downgraded its forecasts for McGrath "when it was clear that there was going to be no late surge in Sydney auction volumes this spring.
"With no trading update or guidance provided at the AGM there is no further change to these forecasts and we now wait to see if any 1HFY17 or FY17 guidance is provided between now and the 1HFY17 result in February."
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jchancellor-FAypfDUnLy

2017 will see end to vendor hibernation: John McGrath hopes

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The first McGrath annual general meeting as a listed company takes place this afternoon.
The company has yet to provide any guidance for 1HFY17 or FY17.
Stockbrokers Bell Potter advised the well publicise lower auction volumes in Sydney was likely to be significant.
<a href="/images/2016/11/23/image002.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/23/image002.png" alt="">
"We expect the 1HFY17 result to be well below 1HFY16.
"We also expect volumes to remain subdued next Autumn (the next key auction period) but similar to those this year so at this stage we forecast the 2HFY17 result to be similar to 2HFY16. 
"The combination of a weak 1HFY17 result and a flat 2HFY17 result means overall we forecast the FY17 result to be below FY16."
Bell Potter issued its revenue, EBITDA and NPAT forecasts for both 1HFY17 and FY17.
"The 1HFY16 and FY16 results are shown on a pro forma basis so that a like-for-like comparison can be made," Bell Potter analyst Chris Savage noted.
 
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Fewer auctions to impact 2017 McGrath revenue: Bell Potter forecast

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McGrath Estate Agents has been appointed by Property NSW as the exclusive agent to market the sale of a further 24 properties as part of the next phase of the Millers Point program.
The appointment followed a tender process in accordance with NSW Government procurement guidelines.
McGrath was first engaged by Property NSW in 2014, before being appointed as the exclusive agent to market the sale of up to 50 Millers Point properties in January 2016.
In May the company was again appointed as the exclusive agent for the sale of a further 175 dwellings.
McGrath's Kon Stathopoulos said the company has now sold 91 properties achieving a total value of $282 million as part of the Millers Point Sales Program.
He said that some buyers were already seeing a strong return on their investment. “The first property to be sold in August 2014 was 119 Kent Street for $1.911 million and has since resold for $2.52 million in June 2015.
“We are delighted to have been awarded the next tranche of properties to be delivered under this program.
"To date we have achieved a 100 percent clearance rate which is reflective of the continued demand for quality properties in the Millers Point precinct. We look forward to continuing our strong partnership with Property NSW through the successful delivery of tranche six,” said Mr Stathopoulos.
The marketing of the initial four terraces in the latest tranche has commenced, with an auction date scheduled for November 30.
The properties will be marketed by Lorraine Crawford, Peter Starr and Andrew Stewart of McGrath Edgecliff.
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-124013970" target="_blank">15 Lower Fort Street</a>, Millers Point (pictured above): $4.5M - $4.7M
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-124016126" target="_blank">36 Argyle Place</a>, Millers Point: $3M - $3.3M
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-124016218" target="_blank">66 Bettington Street</a>, Millers Point: $2M - $2.2M
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-124015758" target="_blank">61 Kent Street</a>, Millers Point: $1.8M - $1.98M
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j.ballantyne1990-6AQqhLzZaK

McGrath to sell 24 Millers Point properties after winning NSW tender

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McGrath Limited has announced the appointment of Nigel Dews and Cath Rogers as non-executive directors of the estate agency.
McGrath initiated the search for these candidates after director Daniel Petre (pictured above) indicated he wished to step down.
His AirTree Ventures has recently expanded funds under management from $60 million to over $300 million, necessitating he reduce some of his external commitments.
“I am very sorry to have to leave the McGrath Board, but have to ensure I get back more time to focus on AirTree’s expansion.
"I am very happy to have been able to use my limited time to help McGrath establish a strong management platform for the future and I have great faith in Cameron, John and the team.
"The real estate industry is facing similar changes to service based industries globally, driven largely by technology and I am delighted Cath and Nigel will assist it navigate its future.
"I look forward to tracking its future.”
Board chair Cass O’Connor said Dews’ professional experience encompasses more than 15 years in corporate leadership roles, often leading high-growth start-ups, as well as eight years in strategy consulting. He has been a leader in the digital media and telecommunications industries in Australia as CEO of Vodafone Hutchison Australia, 3 Mobile, and as Chief Executive of the Fairfax Media digital business.
Rogers brings more than 15 years of global experience in venture capital and private equity, investment banking, strategy consulting and technology ventures with firms including Credit Suisse, The World Bank, Accenture, ABN Amro and Anchorage Capital Partners.
As investment director at AirTree Ventures, she has worked closely with outgoing McGrath director Daniel Petre. 
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Daniel Petre departs McGrath Estate Agents board

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The East Coast capital city suburbs with the highest price growth prove that lifestyle options, strong or improving infrastructure, good schools, local jobs or proximity to employment hubs, public transport and a vibrant ‘village’ atmosphere are key factors in driving prices skyward, according to McGrath's latest report.
Figures compiled by CoreLogic RP Data reveal the suburbs with the greatest house and apartment price growth over the 12 months to June 30, 2016.
A key element in the price growth of many suburbs this year has been a lack of stock, which has intensified competition.
In Sydney, Westmead recorded the strongest house price growth for FY2016 at 33.2 percent.
"We attribute this to the $900 million Westmead Hospital redevelopment project currently underway and a growing resident population of well-paid health service professionals," the report stated.
Westmead is also home to an expanding campus of the University of Western Sydney and is situated right next door to Parramatta, Sydney’s second CBD.
Fairlight recorded the strongest apartment price growth at a staggering 46%.
A shortage of stock combined with a large difference between house and apartment prices and the ripple effect from its beachside neighbour, Manly all contributed to this phenomenal price rise.
In Melbourne, St Kilda East house prices rose 35.4 percent due to improved amenities, gentrification and increased demand from buyers priced out of Albert Park, Middle Park and Elwood.
Carlisle Street in Balaclava, a small suburb in the St Kilda East postcode, has been transformed over the past decade into a buzzy café village where locals love to hang out.
There are shops, major supermarkets, schools, the recently upgraded train station and easy access to the city and St Kilda foreshore.
There are beautiful period houses and apartments protected by heritage order. It’s a great place to live and gaining appeal as a destination suburb.
Brighton had the second highest apartment price growth at 27.3%, reflecting demand from downsizers who have lived and loved the location for 30 years and are now selling their family homes and moving into apartments and townhouses in the same area.
<a href="/images/2016/10/28/Top%205%20house%20growth.jpg" target="_blank">Click to enlarge</a>
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In Brisbane, house price growth was greatest in Robertson at 25.6%; while beachside Woody Point on the Redcliffe peninsula achieved the best apartment price growth at 24.2%.
Wilston recorded the third best house price growth at 20.3% over FY2016. Wilston is a highly regarded area with a great café village, excellent schools and spectacular homes – many with city views due to the suburb’s elevated position.
Camp Hill enjoyed the second best apartment price growth at 18.9% due to strong demand from first home buyers.
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In the nation’s capital, it’s all about O’Connor, which had the highest price growth for both houses at 21.5 percent and apartments at 15.3 percent in FY2016.
O’Connor is close to everything and has a great café and shopping precinct. Families love the tree-lined streets and good sized blocks and it is in the catchment areas for Turner School and Lyneham Primary School. Being walking distance to the CBD and the Australian National University is also a major drawcard for young buyers and investors.
Identifying Price Growth Hot Spots
Macro Factors
• Strong population growth
• Good local employment or access to job hubs
• Gentrification of housing stock
• Growing household incomes
• Lifestyle amenities – cafes, shops, entertainment and recreation
• Schools and catchment zones
• Presence of big retail brands
• Public transport and walkability
Market Factors
• Rising tenant and buyer demand
• Low or falling days on market
• Low or falling vacancy rates
• More auctions and rising clearance rates
• Reduced vendor discounting
• Limited supply of future housing
<a href="/images/2016/10/28/Top%205%20suburbs.jpg" target="_blank">Click to enlarge</a>
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Westmead takes top spot for strongest house price growth in FY16: McGrath

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Since the advent of internet marketing and mobile technology in the 1990s, the nature of buying and selling has been turned on its head, according to McGrath's latest report.
A huge range of digital platforms continue to change the method and pace of real estate transactions, with buyers and sellers more informed and better prepared than ever before and the best agents harnessing innovation to improve their marketing power and service style.
Specialised apps, price predictors, social media, free market research and cheap independent property reports available for purchase online have all worked to benefit the consumer.
Email, SMS, database marketing and big data has enabled agents to better engage with buyers and global property portals have expanded their audience.
A raft of business software and bluetooth gadgetry has increased their efficiency and shortened response times to enquiries.
Real estate technology began with search and has now extended to service.
Consumers want a less stressful experience and are intolerant of agents who can’t provide it.
For example, the experience of opens is changing, with names and numbers still taken at the door but on an iPad that syncs with the agent’s phone and database for more effective follow-up.
Buyers can use apps to pre-register their attendance and skip the queue; and can request and receive a contract via email before they have even left the property.
Scores of small innovations are often quickly superseded.
The evolution of the signboard provides an example – once a simple board, it was then given an overhead light, a QR code, then full background lighting and now touch screen.
Photos on a webpage are no longer enough, with 360-degree photography and fly-through technology providing a more complete perspective and the opportunity to inspect every part of a room.
Location analytics are helping buyers purchase in unfamiliar locations with greater confidence.
Buyers can discover an area’s demographics, traffic data, property developments, points of interest, drive times, walk times and street and aerial views with ease.
And there is so much more to come.
According to CoreLogic’s Future of Real Estate Report, push technology, artificial intelligence, virtual reality and blockchains will be the next big tech trends in real estate.
Push technology will alert home hunters to nearby properties for sale and unlock special content to heighten their engagement.
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Virtual reality will provide an on site experience for off site clientele. VR stations in real estate offices will make open inspections an everyday convenience for buyers.
Artificial intelligence will use algorithms to help buyers search, all the while learning from each interaction to understand what the user really wants in their next home.
Blockchain technology and smart contracts will simplify the transaction process and automate procedures traditionally undertaken by intermediaries like banks and inspectors.
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Platforms allowing customers to send a single loan request to a multitude of lenders will result in more competition and a better deal on finance for borrowers.
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Technology will undoubtedly continue to raise clients’ expectations and the best agents are meeting this challenge through a more holistic approach, including building long term relationships with their clients and focusing more on ‘outcomes’ over simple sales transactions, the report concluded.
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Technology changing the way real esate is viewed: McGrath

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The market has improved significantly in Canberra with a 7.6% spike in property values over the first eight months of the year compared to a decline of 0.9% for the same period in 2015, according to the latest McGrath report.
Underpinning this growth is an undersupply of houses for sale; greater stability in the federal government following many years of unrest; and a very low unemployment rate of just 3.6%, boosted by the lifting of a two-year hiring freeze in the public service in mid-2015.
There is a distinct new confidence in the marketplace following the federal election, their latest report advised.
Canberra is always directly affected by elections because one in three workers are employed in the public service.
Unlike the last federal election, there was no threat of mass job cuts on either side of politics, so the market maintained its momentum during the long campaign.
The Coalition’s return meant continuing stability for government employees; no changes to negative gearing or capital gains; and a tax cut that would benefit a large proportion of residents, who are among the highest paid workers in the country.
Opens have been well-attended and auction clearance rates for houses have remained just shy of 70% for the 12 months to June 2016, according to Domain research.
Interest rate cuts are no longer having a stimulatory effect, with buyers now used to record lows.
However, young couples and families are leveraging rates to stretch their budgets further and buy in premium locations close to the best schools.
The $1 billion ‘Mr Fluffy’ buyback and demolition of 1,022 homes across 56 suburbs by 2018 continues having a big impact on the market.
Approximately 260 homes have already been demolished with 176 scheduled for demolition between July and December 2016.
The scheme has displaced hundreds of families who all need to buy or rent.
They have been paid well for their homes and the stamp duty concession on their next purchase is giving them extra buying power and the ability to buy quickly and compete strongly at auction.
Some are staying in their area, others are upgrading elsewhere.
For example, many Mr Fluffy sellers in Belconnen are heading to nearby Gungahlin where they can purchase bigger, newer homes.
Meanwhile, the incredibly rare opportunity to buy vacant land in premium established suburbs following the demolition of Mr Fluffy homes is really exciting buyers.
The first 10 blocks were taken to auction in April. Among the sales was a block in Pearce for $605,000 and one in Chapman for $610,000 – both close to the city’s median house price of $607,000.
This signalled to other home owners just how valuable their land has become due to limited release of new supply in recent years.
<a href="/images/2016/10/31/Canberra.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Canberra.jpg" alt="">
Original housing stock in Canberra’s prized inner north and south is more than 60 years old and due for an overhaul.
Owners are realising the best way to capitalise on their land value is to re-build and families are out in force looking for knockdown opportunities in prime locations.
Downsizers are among these buyers, with many not ready for apartment living.
Townhouses are hard to find so many downsizers are looking to build dual occupancies instead – sometimes in joint venture deals with friends.
The Over 60s Home Bonus Scheme provides downsizers with a market advantage due to a substantial discount on stamp duty.
"On a $660,000 purchase, just $20 is payable. We are finding that many people are still unaware of this opportunity but once informed they feel incentivised to sell," the report stated.
Canberra’s apartment oversupply continues, comprising 51.2% of all homes for sale, according to CoreLogic RP Data. However, property values and rental yields are holding up well.
The median apartment price has risen 1.7% in calendar year 2016 and rental yields are among the highest in the country at 5.1%.
The rental market is being supported by extra demand from Mr Fluffy sellers as well as usual strong demand from young workers, students at two universities and public service contractors who do not want to settle in Canberra permanently.
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John McGrath's top suburb picks in the ACT:
1. Kambah
Underrated and prime for growth, Canberra’s largest suburb with 6,140 homes offers better value than Woden and Weston Creek and a diverse range of properties. Centrally located, it is the most northern suburb of Tuggeranong with good access to arterial roads for the CBD commute.
2. Curtin
Big money is being spent in Curtin, which has undergone a changing of the guard over the past few years. Ex-government housing has been sold off, knocked down and re-built and family buyers priced out of Deakin, Hughes and Garran have bought and renovated.
3. O’Connor
Adjoining Turner where houses are in very short supply, O’Connor offers great value. However, strong buyer demand has made it Canberra’s number one suburb for growth in FY2016, with house prices rising 21.5% to a median of $960,000 and apartment/townhouse values up 15.3% to $490,000.
4. Franklin/Harrison
Sitting on opposite sides of Flemington Road, the main arterial road leading out of Gungahlin to the city, these two suburbs will directly benefit from the new light rail. Both are family-oriented neighbourhoods with good schools and close proximity to the CBD.
5. Cook/Aranda
These two suburbs are well positioned to benefit from Belconnen’s gentrification. A lot of new townhouses and apartments are being built in the area, creating residential precincts with great amenities including shops, restaurants and cinemas.
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Canberra property market significantly improved since federal election: McGrath

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Sydney remains Australia’s strongest and most enduring property market, according to McGrath's latest report.
It's powered by long-standing fundamentals of undersupply and population growth, providing every type of lifestyle possible including beachside, harbourside, CBD living and suburban neighbourhoods for almost 5 million residents.
"Sydney real estate is like gold and in my opinion, despite the phenomenal boom of 2012-2016, Sydney property prices will continue to rise," the report stated.
Latest figures from CoreLogic RP Data tell us that Sydney property prices have risen 64% in four years.
This is spectacular growth and well ahead of the second best result in Melbourne at 44%.
For many Sydney property owners, the boom has delivered extraordinary gains for those in the market. But how do you best capitalise on this newfound wealth?
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Meantime, the market is showing signs of plateauing but price growth has continued due to a significant undersupply of stock and strong demand buoyed by further falls in interest rates.
According to CoreLogic RP Data, the pace of price growth in Sydney has halved this year but median property values are still up 12.8% to $880,000 for houses and 7.5% to $665,500 for apartments over the first eight months of 2016. Pretty impressive for a slowing market.
Record low listing numbers have contributed to very strong auction clearance rates between 70% to above 80% all year.
Local upgraders have been the greatest buying force, aiming to use new equity to upgrade their homes and potentially refinance while interest rates are so low. However, fear of selling and not being able to buy back in is resulting in a determination to buy first, so stock remains low.
Many would-be upgraders are staying put and renovating instead, with Sydney and Melbourne owners spending more than twice the money of owners in other capital cities, according to the ABS and Domain research.
While investors are still out there, we have definitely noticed a drop-off due to tighter lending criteria. The APRA-led changes introduced in early 2015 aimed to limit growth in the banks’ property investment lending to less than 10% per year and this has now been achieved.
The top end of the market improved this year. The lower dollar has encouraged expats and foreign buyers; and locals who purchased wisely post-GFC are now looking to cash in and upgrade.
In Sydney, Eastern Suburbs owners who bought in the $2 million-$4 million bracket are now selling for $7 million and upgrading to $10 million. In the Lower North Shore harbour suburbs, young families are selling for $4 million -$5 million and upgrading to $8 million-$10 million.
Affordability remains an issue across Sydney. The traditional migration west for cheaper housing continues, with the greatest population growth over the next 20 years expected in Camden, Parramatta, The Hills and Liverpool regions, according to new figures from the NSW Department of Planning.
However, limited greenfield development space on Sydney’s western fringe means we need to get creative in housing a predicted 1.7 million new residents over the next two decades. Among the options is subdivision of traditional blocks in established suburbs to enable more terraces, townhouses and dual occupancies; and more high rise apartment living around suburban CBDs.
Meantime, a growing cohort of young families are leaving Sydney altogether in favour of affordable lifestyle locations, with ABS figures showing the most popular spots are the Richmond-Tweed region, Mid-North Coast, Central Coast and Hunter Valley.
Chinese buyers remain a force in Sydney, however new fees levied by both federal and state governments on top of tighter lending criteria for foreigners has resulted in reduced demand and settlement risk on new apartments.
There’s a two-year pipeline of 82,000 new apartments to be completed in Sydney, according to CoreLogic RP Data. To put that in perspective, 43,500 apartments are sold in Sydney per year but that includes established apartments, which represent a bigger share of the pie.
This wave of new supply will be concentrated around the inner city and suburban employment and shopping hubs such as Strathfield, Parramatta and Ryde.
This is where young people want to live and over the next few years, they will be spoilt for choice and finally have some negotiating power on their side.
We see a bright future for the Sydney property market. There is plenty of long term price growth ahead even as we approach a major affordability hurdle for younger buyers today.
We believe the burgeoning global audience for Sydney real estate will be a key contributor to future price growth; and the long term stability of the market and opportunity to create significant personal wealth will sustain the aspirations of Sydneysiders to own their own homes for generations to come.
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John McGrath’s top picks:
1. Canterbury
Once an average suburban precinct best known for its equine interests; Canterbury is fast becoming an Inner West bolthole attracting young families and professionals alike. Buy, sit and watch your asset grow in value.
2. Hunters Hill
We still can’t work out why the values here for some of the country’s best real estate are materially below her peers in the East and North? This attractive garden enclave is private and discreet with beautiful homes and perfumed gardens. If you want to see some of the best homes in the country, you better check it out.
3. Rouse Hill
Follow the money. At the minute it’s all heading to the North West ahead of the soon-to-be-completed new rail line. The surrounding areas are equally as attractive for both lifestyle and capital growth but the Rouse Hill Town Centre is worth seeing for that address alone.
4. Sans Souci/Dolls Point
Surrounded by water and with all the appeal and benefits of Sydney’s southern suburbs yet only minutes to the bay and airport with easy access to the CBD. Leaves little doubt that this area will continue to be one of the most desirable in Sydney.
5. Forestville
This has been a favourite suburb for several years now. If you crossed the leafy North Shore with the vibrant Northern Beaches, Forestville would be the outcome. Relatively easy access to the CBD, just 7 minutes to the surf and surrounded by trees, its ideal for homemakers.
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Sydney remains the top city for strongest and enduring property market: McGrath

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South-east Queensland continues to offer "outstanding opportunity" for growth but a sluggish economy, political upheaval, low population growth and an impending apartment oversupply is delaying significant price growth overdue in Brisbane today, according to McGrath’s latest report.
The end of the mining boom has hit Queensland hard, it noted.
Brisbane is no longer experiencing the strong flow of money that came from regional areas where mining workers earning big salaries were investing in Brisbane real estate or buying family homes for a fly-in fly-out lifestyle.
Latest statistics from the ABS and CoreLogic RP Data show Brisbane’s population growth is at its lowest point since 2001.
Continuously strong economic conditions in New South Wales and Victoria and uninspired state management following the Liberal National Party’s removal after one term and now a minority Labor government provides no incentive for big business to set up and expand into Brisbane.
But through all this, the property market is showing resilience, McGrath noted.
According to CoreLogic RP Data, median property values (houses and apartments) along the Brisbane to Gold Coast corridor rose by 5.7% to $482,000 in FY2016 compared to 3.5% growth in FY2015 and 6.7% in FY2014.
Despite all the big picture challenges, the market is currently seen as affordable, safe, steady, reliable and doing well in tough economic conditions.
As always, some suburbs have exhibited exceptional results.
Those with more than 15% house price growth in FY2016 include Robertson (25.6%), Darra (23.9%), Wilston (20.3%), Chelmer (19%), Banyo (17.2%), New Farm (16.8%), Sandgate (16.8%) and Carina Heights (16.2%).
In the apartment market, Brisbane is facing an oversupply with a two-year pipeline of 44,511 dwellings to be completed, according to CoreLogic RP Data.
This is significant when ordinarily about 30,000 apartments would be sold in this timeframe and that includes a combination of old and new.
The oversupply will be primarily around the city and inner ring areas. Investors are increasingly wary of this and some developers have delayed their projects.
"However, it does present an opportunity for owner-occupiers with a long term view," it advised.
The newly boosted first home owners’ grant, up from $15,000 to $20,000 until June 30, 2017 should help young buyers in this market.
On the Gold Coast, plenty is happening – and it’s all positive, the report said.
Locals who bought highly discounted properties in prime areas post-GFC have now renovated or re-built and are selling with a view to buying again in a better location.
They are making money and moving up the ladder through a buy, renovate, sell and repeat strategy.
In the more affordable suburbs, a huge range of buyers including local upgraders, downsizers, renovators, first home buyers and some Sydney and Melbourne lifestyle buyers are targeting up-and-coming areas particularly on the southern Gold Coast.
Buyers are especially drawn to areas such as Miami, Palm Beach and Tugun where good quality houses that are walking distance to the beach are selling for well below $1 million.
These suburbs offer exceptional value and opportunities for growth. A Palm Beach home worth $600,000 is worth $1 million just 9 kilometres up the road in Mermaid Beach.
On the beachfront, Palm Beach buyers are paying $2.5-$3 million compared to $5-5.5 million in Mermaid Beach.
In the prestige market, there have been very few sales above $10 million since 2009 but this year six were recorded over the first three quarters alone, reflecting rising confidence particularly among locals.
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<img src="/images/2016/10/31/Audi%20Brisbane.jpg" alt="">
The biggest deal was the $25 million sale of a Mermaid Beach mansion in September.
There was also the $15.5 million sale of a riverfront Isle of Capri residence to Chinese buyers and two other sales in Mermaid Beach for $13.25 million and $11.45 million.
There was also an $11 million sale on Cronin Island and a $10.9 million sale at Sanctuary Cove.
We remain very optimistic about the Gold Coast. In the lead-up to the 2018 Commonwealth Games, billions is being spent on infrastructure and the economy is becoming more diversified with health and education jobs supplementing the more volatile retail, tourism and construction industries.
On the Sunshine Coast, there is a lot of demand at the upper end in Noosa and Sunshine Beach.
Local upgraders and lifestyle buyers from Queensland, Sydney and Melbourne are spending up to $5 million for properties to either occupy now or use as holiday homes ahead of retirement.
A new record for beach- front homes on the coast was set in September with a $9.3 million sale at Sunshine Beach.
John McGrath’s top picks:
1. Gordon Park
Brisbane’s smallest suburb, Gordon Park offers fantastic value and great infrastructure. Access to the CBD has become much easier with the Clem7 and Inner City Bypass. New cafes are popping up and a ripple effect is occurring from the more established and pricier neighbouring suburbs of Grange and Wilston.
2. Taringa
Situated next to St Lucia and Indooroopilly, Taringa has access to all the same amenities as its blue chip neighbours but offers better value for buyers, McGrath said. According to CoreLogic RP Data, Taringa house prices rose 10.2% in FY2016 but he thinks there is more growth to come.
3. Mermaid Waters
This suburb offers very good value and a mix of waterfront and non-waterfront homes.
“We are seeing at least four to five registered bidders across all auctions in this suburb,” the report stated.
This is an ideal location for second home buyers who don’t have the budget for Mermaid Beach. A lot of buyers are renovating so the suburb is undergoing a facelift.
4. Sunrise Beach
With a median house price of $675,000, it offers better value than neighbouring Sunshine Beach (median $1,015,000) but probably not for long, McGrath suggests. Just a few minutes outside Noosa, Sunrise Beach has had a noticeable kick in activity and 12.5% house price growth in FY2016.
5. Maroochydore
This is a town on the move with its CBD undergoing a complete makeover. Just 2 kilometres from the ocean, there is already a fresh, exciting new vibe on the main street with lots of new roads, retail, commercial spaces and community facilities on the way.
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Brisbane property market resilient despite end of mining boom: McGrath

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Melbourne and Sydney have long been the engine rooms of Australia’s property market, with Sydney traditionally leading the way, according to McGrath’s latest report.
But the southern capital is looking more appealing than ever before due to its superior value for money and glowing reputation as the world’s most liveable city for the past six years, the agency suggests.
The McGrath reported noted Melbourne’s relative affordability is contributing to record high net interstate migration, as well as strong net overseas migration, making it Australia’s fastest growing capital city with an average of 1,760 people moving in per week in FY2015, according to the ABS.
Although Sydney outshone its southern cousin in the boom with 64% growth in home values compared to 44% since 2012, Melbourne arguably offers greater prospects for growth in the future.
It’s median house price is $287,000 cheaper and a projected population surge from 4.61 million in 2016 to 7.91 million in 2053 will see it overtake Sydney as the most populous city in Australia.
Melbourne’s median house price rose by a modest 8.6% in FY2016 to $608,000, with the median apartment price up 2.5% to $485,000.
However, some areas experienced much stronger price growth due to a lack of supply in 2016.
According to CoreLogic RP Data, Melbourne’s top 10 suburbs for house price growth in FY2016 all experienced more than 25% gains in value.
The dominant buyers in Melbourne today are upsizing families, most of whom are targeting the catchment zones of top performing public schools to avoid private school fees.
This trend is so strong that new REIV research shows there is now a significant price difference between homes located within top catchments and those that border them.
In Parkville, homes within the catchment for University High have a median house price of $1,395,000 compared to $799,000 for homes that are 1 km outside the zone.
Similarly, homes in the catchment for McKinnon Secondary College have a $305,000 premium over those outside the zone.
With interest rates continuing at record lows, young buyers are stretching their budgets to get into premium areas.
They’re targeting small inner ring cottages with a bit of character and paying well over reserve to secure a piece of prime land while they can.
Some vendors are leveraging strong selling conditions to upgrade to larger homes in more affordable areas with change to spare.
For example, vendors in Doncaster, Mitcham, Blackburn and Box Hill are selling in the early $1 millions and buying in Croydon for $800,000-$900,000.
Given Melbourne’s tight supply and rising prices, we are seeing the ripple effect in many areas.
It advised uyers priced out of the highly desirable Bayside area are purchasing next door in Bentleigh and McKinnon, leading to several sales above $2 million this year – a price level not thought possible just a few years ago.
APRA restrictions have impacted investor demand but we are still receiving enquiries from Sydney, Perth, Brisbane and ex-Melbourne locals living overseas.
Many investors have now put Sydney into the ‘too hard box’ due to affordability and switched focus to Melbourne.
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<img src="/images/2016/10/31/Melbourne.jpg" alt="">
The southern capital has long been the favoured destination of off shore Chinese buyers but demand has softened this year following changes to lending criteria for foreigners and forced sales of properties purchased in breach of Foreign Investment Review Board regulations.
Despite this, Melbourne’s prestige market remains strong with a new house price record for the city set in Toorak at $24.1 million and Victoria’s highest residential sale ever occurring in South Yarra with the exchange of three homes in one line for $33 million – both this year.
Sales above $25 million are expected for the penthouses in South Yarra’s glamorous Capitol Grand development, which would break the national apartment record.
Melbourne is facing an oversupply of apartments, which currently represent 49% of stock for sale compared to 42% a year ago and 29% in 2011.
CoreLogic RP Data figures show a pipeline of 80,500 new apartments due for completion over the next two years when only 61,500 apartments (old and new) are usually sold over this timeframe.
This presents a great opportunity for owner-occupiers with a long term view but they need to choose wisely.
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<img src="/images/2016/10/31/Audi%20Melbourne.jpg" alt="">
John McGrath’s top picks:
1. Windsor
A hidden gem neighbouring Prahran, Windsor was once considered the grungy end of Chapel Street but now the hipster crowd is moving in.
"We see great potential for this trendy pocket, which has easy access to trains and shops and is conveniently close to the CBD," the report stated.
2. Oakleigh South
Change is on its way with a noticeable uplift in buyer demand over the past 12-18 months. This suburb is full of mid-century homes on big blocks with plenty of potential for knockdown/re-builds and development. Downsizers are capitalising on a 10-15% jump in land values over the past few years and selling to young families and developers.
3. Wheelers Hill
Wheelers Hill has a median house price that is $250,000 less than its neighbours of Glen Waverley and Mount Waverley, yet it is only 5-10 minutes away. Buyers are increasingly looking for better value here and we anticipate solid price growth as a result.
4. Northcote
Just 6 km north of the CBD, Northcote has undergone major change and is now a destination suburb for young professionals and families. High Street village offers many restaurants and the tram runs straight through to the city with a train station also close by. Local schools including Northcote High and Santa Maria College are increasingly popular.
5. Abbotsford
This inner city precinct less than 3km from Melbourne’s CBD has been though significant gentrification over the past decade. With an abundance of leisure and lifestyle amenities, it also has cycling and running routes alongside the Yarra River. Young professionals and families enjoy its walkability and accessibility well serviced by trams and trains, while cashed up downsizers are now discovering this gem.
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