One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

&nbsp;

&nbsp;

fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

&nbsp;

FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Mcgrath

<html><body>
Property NSW, on behalf of Family and Community Services, has listed a further seven properties for sale in Millers Point.
The new listings include two apartment blocks and five terraces:
· 42- 44 High Street – 1 block of four apartments (to be sold as a single property)
· 66 Bettington Street terrace
· 46- 48 High Street – 1 block of four apartments (to be sold as a single property)
· 61 Kent Street terrace
· 15 Lower Fort Street – the last terrace to be sold on Milton Terrace row
· 75 Windmill Street terrace (pictured above)
· 36 Argyle Street terrace
The properties will be sold via auction through McGrath Estate Agents on 30 November.
The new listings follow the sale of 3 and 9 High Street, which sold late last week for $3.28 million and $3.44 million respectively.
105 Millers Point properties have sold so far, delivering circa $287 million for reinvestment in social housing across NSW.
Proceeds from the Millers Point sales program will fund 1,500 new social housing dwellings across the State, with more than 600 new fit-for-purpose social housing dwellings funded to date.
All purchasers of properties in the Millers Point sales program are required to adhere to NSW Heritage Council-endorsed Conservation Management Plans (CMPs), which set out in extensive detail the purchasers’ heritage maintenance obligations and the types of works that are permitted on the properties.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Seven properties at Millers Point for auction

<html><body>
A significant off-market sales trend has emerged in Australian prestige property due to an undersupplied market, better use of database marketing, the rise of the buyers’ agent and increased opportunity for wealthy clients to maintain total privacy, according to McGrath's latest report.
Most popular in East Coast capital city markets, off-market selling is where a property is sold without any public advertising.
Instead, the McGrath report noted owners quietly list with a trusted professional who then introduces their home to pre-selected clients without ads or open homes.
Off-market selling is happening across all price brackets but particularly the prestige sector, where privacy is a priority for high profile clientele.
Impressive record prices have been set off-market, none more so than the $70 million Australian record for a single residence set in 2015 when Chinese-Australian developer, Dr Chau Chak Wing purchased James and Erica Packer’s former home in Vaucluse, Sydney.
This year, suburban records have also been set off-market in <a href="https://www.realestate.com.au/property/28-lucretia-ave-longueville-nsw-2066" target="_blank">Sydney’s Longueville ($11.88 million) </a>and Rozelle ($4 million); in Melbourne’s Northcote ($4.3 million); and in Brisbane’s New Farm ($10.5 million) – the city’s highest sale in 2016.
Lack of stock has been a major contributor to stronger off-market selling in 2016. Frustrated buyers are asking agents for early notice of new listings and making premium offers to snap them up and avoid open market competition.
Agents are approaching home owners directly off the back of clients’ requests for a particular street or a home with very specific criteria. This proactivity has given many owners the chance to sell for a premium, avoid marketing costs and remain off the radar.
In Brisbane, off-market selling is occurring more so because vendors are worried they won’t achieve their price in this current market.
They don’t want to pay for marketing then potentially face the risk of not selling.
The report noted agents are orchestrating deals using their databases to match listings to buyers in a far more discreet and personalised way.
Database marketing has facilitated the rise in off-market selling. In terms of sales strategy, database marketing is nothing new but today’s technology is enabling agents to do it better.
The size of agents’ databases, built up over many years as our industry has shifted to a more personalised style of marketing as part of the mix, means agents can create real competition and achieve solid prices while also meeting their vendors’ desire for privacy.
Agents are dedicating more time to developing personal relationships with buyers especially in the high end market, as our industry evolves from a largely transactional to relation relationships-based business.
Some agencies in Sydney and Melbourne have introduced password-protected online platforms that allow pre-qualified buyers to log in and view properties not advertised on the major portals.
The proliferation of buyers’ agents has also led to more off-market selling. Clients of buyers’ agents are time poor and looking for a more efficient way of finding a new home.
Selling agents often introduce new listings to buyers’ agents first and quick sales can ensue.
Chinese social media, particularly the Facebook equivalent WeChat is also enabling effective international marketing to buyers willing to move quickly to secure the best homes on offer.
"We believe prestige property will be the next growth story in Australian real estate. This sector did not move as much during the boom and the price growth is overdue," the report stated.
Demand for prestige property improved this year, with Chinese buyers continuing to move here for lifestyle and expats purchasing future homes in suburbs delivering solid rental yields until they relocate back home.
Growing demand from foreign buyers, expats and local upgraders should move prestige prices forward as long as the global economy remains stable
Volatility in the share market, which is directly and immediately hit by events such as Brexit, might also attract more investment into Australian real estate over coming years.
It also wouldn’t be surprising to see more people investing greater capital into their homes due to changes to superannuation and the opportunity for tax-free capital gains.
</body></html>

Significant prestige off-market sales occuring: McGrath

<html><body>
Australian home owners are staying put longer, with the average number of years that capital city residents hold their homes trending up since 2005 from 6.7 years to 10.7 years for houses and 5.9 years to 9 years for apartments, according to McGrath's latest report.
It noted the number of sales transactions has declined in line with this trend according to CoreLogic.
"Essentially it boils down to financial reasons and changes in the way we live today," John McGrath suggested.
Affordability and the costs of buying and selling are major factors.
"Stamp duty and agents’ fees alone currently run to about $55,000 on a median priced house in Sydney today."
Renovating is also on the rise, which tends to happen at the end of a boom when affordability falls. Instead of trading up, owners draw on new equity to renovate and extend instead.
"t’s not surprising that Melbourne and Sydney are our renovating hot spots right now," the report noted.
<a href="/images/2016/10/31/Renovation%20spending.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Renovation%20spending.jpg" alt="">
"A strong economy is also encouraging people to stay put.
"Despite the GFC, it’s been 25 years since our last recession so the biggest economic factors that prompt people to sell – unemployment and financial stress – are less at play. People in secure jobs can stay put until personal circumstances demand a change of address.
"Which brings us to the second major element affecting hold periods – changes in the way we live.
"There has always been a strong correlation between people’s life stages and their housing needs, however in today’s modern world the traditional trends in the way we live are shifting and this is reducing the necessity to move," it noted.
Couple-only households and people who live alone are the fastest growing types of households in Australia today and they don’t need to move as much as growing families.
Recent Australian Bureau of Statistics figures show 46% of couple-only and lone person households have lived in their current home for 10 or more years compared to 28 percent of families with kids.
Young people are staying home longer, prompting many parents to delay their downsize or seachange.
When they buy their first home or rent with friends or a partner, they can stay there longer because they are delaying marriage and kids until much later in life.
Previously, as people’s incomes grew, they would look to upgrade to a better property but wage growth is not nearly keeping pace with property prices, so there are plenty of couples staying put in apartments or small houses until their first or second child comes along.
The average family size is also getting smaller, with a steady decline from 3-4 kids in the 1960s to 1-2 kids today.
"This means many families can stay put longer in properties with fewer bedrooms."
<a href="/images/2016/10/31/East%20Coast.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/East%20Coast.jpg" alt="">
We’re also seeing a rise in multi-generational households with couples and in-laws pooling funds to buy a large home that will suit them for the long term.
ABS data shows the majority of multi-family households stay put for 10-20 years or more.
The ageing population is also contributing to longer hold periods.
Mortgage-free home ownership is highest amongst older Australians and they prefer to stay put long term if they can, with 47% of owners without a mortgage living in their homes for more than 20 years.
<a href="/images/2016/10/31/Twin%20graphs.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Twin%20graphs.jpg" alt="">
Staying put means avoiding moving costs and preserving pension arrangements, which can change after selling.
The GFC also prompted many empty-nesters to delay retirement and stay put while they continued working to replenish lost superannuation.
<div>
Buying and holding is the key to success in Australian real estate.
Although owner-occupiers are primarily motivated by lifestyle factors, it’s important to remember that your home is your greatest financial asset and the best capital growth always occurs over the long term.
</div>
</body></html>

Homeowners are staying longer: McGrath

<html><body>
Bell Potter has advised McGrath shareholders with an updated chart on auction volumes and clearance rates in Sydney which includes the results for last weekend.
<div class="x_WordSection1">
<a href="/images/2016/10/27/McGrathListings.png" target="_blank">Click here to enlarge</a>
<img src="/images/2016/10/27/McGrathListings.png" alt="">
"The key take-out is volumes dipped slightly last weekend relative to the weekend before and the clearance rate remained above 80%," broking analyst Chris Savage said.
"There has still yet to be, however, a meaningful uptick in volumes and we are now approaching the end of October (i.e one month of spring to go). 
"The good news, however, is that this coming weekend is looking good for Sydney with CoreLogic RP Data saying there are currently 968 auctions scheduled. 
"If this is correct, it will be the highest level for the half and easily surpass the previous highs of 863 (24th September), 835 (15th October) and 820 (22nd October). 
"Still, it is below the levels achieved last spring when auctions regularly exceeded 1,000 on a weekend. 
"We wait and see if the scheduled uptick in volumes this weekend continues into November and if there is is a late uptick in volumes for the spring selling period," he said.
Expansionary McGrath's volumes are up slightly year on year, against the overall market trend of less auction stock.
Property Observer is aware there were 111 auctions between 10 October 2015 and 12 October 2015. There were 95 McGrath auctions between 17 October 2015 and 19 October 2015. There were 111 auctions between 23 October 2015 and 26 October 2015.
Last weekend McGrath had around 127 weekend auction offerings, up on the prior weekend's 115 listings and around 108 on the October 8 weekend.
Property Observer suggests Saturday November 26 will be a bonanza, with many fresh vendors seeking to get a sale on the last Saturday of November. There is quite likely a busy December ahead too.
</div>
</body></html>

jchancellor-FAypfDUnLy

Good news on weekend volumes for McGrath but still no meaningful uptick in volumes: Bell Potter

<html><body>
Elizabeth Brunton, who described herself as one of McGrath’s high performers with loyal dedication to the company for close to 20 years, has departed the estate agency.
She held the position of associate director projects.
There was no confirmation from the agency on the departure, although her profile no longer appears on the McGrath website.
<a href="https://webcache.googleusercontent.com/search?q=cache:hiSYlOIKQ28J:https://www.mcgrath.com.au/agent/1045-elizabeth-brunton+&amp;cd=1&amp;hl=en&amp;ct=clnk&amp;gl=au" target="_blank">The elite project marketer</a>, who declined to respond to approaches to comment on her intentions, had claims of notching up $2.5 billion of transactions.
Her success spanned the eastern seaboard of Australia with experience in the international markets of Asia and China. 
She was recruited to McGrath in 1995 from Ben Boyd Real Estate where she was a property manager.
Her departure was entirely predictable following the resignation of Stephen Chen, the head of projects.
Chen quit around the time that director of sales Matt Lahood departed after more than two decades at the agency. 
The departures of veteran agents appears at this stage to be mostly quarantined to a few of the eastern suburbs office although Derek Farmer, who had sold some 170 properties on the lower North Shore with his speciality Cammeray, has disappeared from the website recently.
A rumoured agency to be established by Lahood and Chen has yet to emerge. 
Nor has the rumoured "mass departure" which The Australian business gossip column, Margin Call has suggested would see 30 agents leave. The denied rumour was followed today by a slight dip in the share price in opening trade to hover around 99 cents, at three month lows.
Recently the Mark Redhill experiment at McGrath ended with the estate agent moving to another eastern suburbs estate agency.
Mark had been working in real estate for 23 years best known for his tenure at the Wentworth Courier before embarking on agency sales.
Mark worked with wife, Lorraine Crawford who "together leveraged their expertise in marketing and sales to offer a multidisciplinary approach."
Crawford remains at the agency.
The latest hiring at the agency is Walter Burfitt-Williams who is described as professional, reliable and highly experienced, an award winning sales agent. He was at BresicWhitney previously.
The group recently announced the opening of its new office in the bayside Melbourne suburb of Sandringham.
McGrath Sandringham is the sixth franchise office the company has opened since first launching in Melbourne in December last year.
The new office will be led by principals Mark Zammit and Fran Harkin with sales agents at the new office including David Picking, Simone Cumberlidge, Andrew Solomon and Melina Scriva.
Fran Harkin was at hockingstuart, as was Zammit who had a consultancy over the past year. 
It takes the number of McGrath offices to 93 on the East Coast.
</body></html>

Elizabeth Brunton exits McGrath Estate Agents

<html><body>
Stockbroker Bell Potter suggest the next few weeks are key to the profit for McGrath Estate Agents.
It has advised in an update to clients that the real estate market has yet to see a meaningful rebound in auction volumes.
"The positive is that there has been a rising trend in volumes over the last couple of months and clearance rates have been consistently strong between 70-80 percent," analyst Chris Savage said.
"But the negative is that volumes are still below (in some cases well below) what they were a year ago and we are now almost in the middle of spring.
"The next several weeks are obviously key for how the 1HFY17 result will look for McGrath," the latest update advised.
He said each week we get data on auction volumes and clearance rates for each capital city in Australia and the key focus in the case of McGrath is obviously Sydney. 
"It has been well publicised that, after reasonably strong volumes and clearance rates in Sydney in 1HFY16, volumes then fell away materially in 2HFY16 which caused McGrath to downgrade its FY16 prospectus forecasts.
"The key focus now obviously is what happens to volumes and, to a lesser extent, clearance rates in Sydney in 1HFY17 and whether there is a rebound or not. 
"Spring is a key period for auctions so right now is when we would expect to see a rebound in volumes if there is going to be one."
The report came with an updated chart for auction volumes and clearance rates in Sydney up until last weekend.  
<a href="/images/2016/10/14/Screen%20Shot%202016-10-14%20at%2011.32.56%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/14/Screen%20Shot%202016-10-14%20at%2011.32.56%20AM.png" alt="">
"The key take-out of the chart is that we have really yet to see a meaningful rebound in volumes this half," it concluded.  
</body></html>

Crucial spring weeks ahead for McGrath profit

<html><body>
The McGrath Group has lost another senior estate agent with Steven Chen departing the listed estate agency.
The McGrath veteran Steven Chen's departure was announced internally on Monday.
<div class="upper">
<div class="column left">
He has been the director of its besieged project marketing division. His most recent annual sales tally was $168 million, with a $1.2 million average sale price.
His career spanned over 19 years with the McGrath Group. He was a board member in 2011-12.
"I have to announce the resignation of Steven Chen as director of project marketing, from McGrath Limited," the newly installed McGrath Group chief, Cameron Judson advised staff Monday afternoon.
It followed the departure of the director of sales Matt Lahood.
"Both Matt and Steven have had a long and important history with McGrath. Since joining our business they have built and established lifelong friendships within the McGrath family and both will be greatly missed. Their commitment, contribution and dedication to the success of the McGrath brand, its people and business is immeasurable.They each continue to be shareholders in McGrath, with individual holdings in excess of 2% of the company," 
Chen boasted he had personally transacted in excess of $2.5 billion in projects and residential sales.
Establishing the McGrath Projects division, Steven lead a team of over 60 agents and support staff in Sydney, Brisbane &amp; Gold Coast.
He also directed a specialist team of 20 experienced Chinese agents catering for the local and international Asian market, selling Australian property in Hong Kong, Shanghai, Beijing, Xiamen, Guangzhou and Wuhan-China. 
His division attracted blame in April when the listed real estate group announced a profit downgrade, and lowered its dividend target following a revision to forecast volumes and sales.
Postponed project launches by the project division was one of the reason for the revenue decline.
Last week McGrath lost its Millers Point specialist, Richard Shalhoub, who was also involved in the sale of the former CEO John McGrath's personal portfolio of harbourfront apartments through the years.
In 2014-2015 he sold $92 million worth of property and in 2015-2016 he sold around $117 million, at a $2.5 million average.
Lahood, Chen and Shalhoub have worked a combined 50 plus years in real estate.
</div>
</div>
</body></html>

Steven Chen follows Lahood and Shalhoub out the door at McGrath Group

<html><body>
McGrath Limited has lost its head of sales, Matt Lahood, it announced to the stockmarket on Monday.
It announced the appointment of Kon Stathopoulos into the role.
The company shares slipped to $1.13 today, still well down on its $2.10 float price last December.
Lahood, who declined to respond to Property Observer's query last Thursday on the then rumoured departure, has been with the McGrath business since 1997. He was director of sales for 12 years.
The besieged group acknowledged he had been pivotal in driving the growth of company owned sales, and then leading the sales team through the turbulent period involving the recent listing on the ASX.
McGrath founder John McGrath said Matt has had a long and important history with the business.
Kon Stathopoulos has been with McGrath since the beginning of 2014, currently as McGrath’s general manager of sales, NSW.
Before joining McGrath he was with Neopost, the mailroom digital communications and logistics solutions company.
The new McGrath’s chief executive officer, Cameron Judson said he was looking forward to the "next exciting phase for McGrath.” 
Lahood's company profile advised he was a trusted mentor to a team of 300 inspired sales professionals, adding Matt Lahood had been "a driving force behind McGrath’s continued success in a competitive property industry."
"He is an esteemed real estate expert among colleagues and carries a multi-generational client base where he combines a wealth of experience acquired over 22 years in property sales with a clear passion for helping to generate a personal success for those whom he meets along the way."
Judson in the internal notification advised other staff that Lahood retained his shareholding.
Founded in 1988 by John McGrath, McGrath has been established as one of the leading residential real estate service providers in Australia with a strong market presence in NSW and the ACT, a growing presence in Queensland and entered the Victorian market at the end of 2015.
</body></html>

McGrath Group loses head of sales Matt Lahood after two decades

<html><body>
There’s generally more gain than pain in property, but John McGrath has reminded investors us that it’s possible to lose money if you make the wrong choices.  
He says the biggest contributing factors to re-sale losses in real estate are: 
1. Selling too soon after purchasing
For the ordinary buyer, real estate should always be a long-term play. Buy it, sit on it, maybe make some improvements along the way and don’t sell for at least 7-10 years. I say this because on average over the past century, Australian property values have pretty much doubled during this sort of timeframe. Given the costs of buying in, you don’t want to get out until you’ve made some really good money, so a good rule of thumb is a minimum 7-10 years because this is usually enough time for a full-growth cycle to occur. 
If you get really lucky and buy just before a boom, you might be able to sell in a shorter timeframe and still make great money, but even so, I still recommend holding for as long as you can to truly maximise your overall gain. 
2. Buying in second-tier locations
This can be avoided through rigorous research.
Don’t buy in towns with declining populations or areas that rely on just one or two major industries, particularly volatile industries such as mining and tourism. When it comes to choosing areas within a suburb, or particular streets, talk to agents and become an expert on your target neighbourhood to ensure you make the right purchasing decision.
3. Stretching your budget too far
When buying, don’t stretch your budget beyond what is reasonable for your circumstances. Look ahead 7-10 years. Can you afford the loan repayments at 7-8 percent interest (the long-term average)? Can you keep up the repayments if you lose your job or take time off to have a baby, for example? Do you have enough savings for other unexpected costs? You need a ‘yes’ answer to all these questions before you buy. If not, the likelihood is you’ll end up selling simply to liquidate funds and that will usually involve a loss.
"Real estate is an expensive asset class, but it’s also one of the safest and most reliable vehicles to wealth creation in Australia," he advised in his Switzer blog.
"If you keep it simple – buy good quality property in good quality locations and hold for the long term, you have every reason to expect a very positive outcome." 
</body></html>

jonathanchancellor-7SQnKwU6yx

The three main reasons behind re-sale losses: John McGrath 

<html><body>
Richard Shalhoub, who was integral in getting the McGrath Group's Millers Point near monopoly sales status, has departed the estate agency.
"After nine years with McGrath, I have decided to take a different direction and continue my real estate career outside of the McGrath brand," he told clients last week.
 "I look forward to continuing to service all of your real estate sales and property management needs," <a href="https://www.richardshalhoub.com.au/" target="_blank">he added</a>.
<div>
<div>Richard Shalhoub's departure comes as 15 further Millers Point properties have been listed for sale by Property NSW, on behalf of Family and Community Services.</div>
<div> </div>
<div>The sales will include two duplex properties, 3 and 9 High Street, each comprising two, three bedroom apartments.</div>
<div> </div>
<div>Another 13 three bedroom terraces on Windmill Street will also be part of the sale program.</div>
</div>
The High Street properties will be offered for sale by auction through Ray White and McGrath Estate Agents on 27 October 2016.  The Windmill Street properties will be sold via an Expressions of Interest process through McGrath Estate Agents, closing 1 November 2016.
Proceeds from the Millers Point sales program will fund 1,500 new social housing dwellings across the State, with more than 600 new fit-for-purpose social housing dwellings funded to date.
The properties for sale present an opportunity for residential living in a coveted waterfront CBD precinct, which also boasts historical significance.
All properties sold in Millers Point are accompanied by strict heritage protections including NSW Heritage Council-endorsed Conservation Management Plans.
The listings are part of the next stage in the Millers Point program involving a new product mix, including a diverse range of lofts and other apartments, and blocks of units, to be listed on the market over the coming months.
A total of 103 Millers Point properties have been sold to date.
 
</body></html>

Mcgrath

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Mcgrath

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News